Judge Delays Ruling On $3.9 Million Gibralt Claim On TravelBrands
The motion by Gibralt Capital Corporation was heard by the judge yesterday, but the decision was not delivered. Gibralt is claiming it was owed $3.9 million by the former owners of TravelBrands and that liability should be transferred to the current owners.
TravelBrands CEO Zeina Gedeon stated, “We would expect a decision to be rendered later this week or early next week and – per our comments in the press release we issued on November 30th – we remain confident in our position. We will provide a formal update following the decision.”
Last month the Ontario Superior Court of Justice ordered that the stay granted to TravelBrands be extended to 29FEB to allow its dispute with Gibralt to be adjudicated by the Court.
Gibralt Capital Corporation paid $3,750,000 to the trustee in bankruptcy in the bankruptcy of Skyservice Airlines Inc. and filed a last minute claim in the present CCAAB proceedings, claiming that it is entitled to indemnity by TravelBrands in the amount of $3,964,319.50.