17 Apr 2023
Badr v. 2305136 Ontario Inc.
The case of Badr v. 2305136 Ontario Inc. dated April 17, 2023, was the third phase of an ongoing trial related to court orders by Penny J., which had involved the Estate of Vincent Wong (the "Wong Estate") and Anthony Chahine Badr. The objective had been to ascertain the sum owed by the Wong Estate to Mr. Chahine Badr due to findings of Vincent Wong's oppression of Mr. Chahine Badr's interests. Crucial determinations had included Mr. Chahine's shareholder loan to 2305 at the valuation date and any outstanding financing fees. The court had examined the amounts outstanding both at the valuation date and at present, impacting fair value calculation and final payment orders.
The key findings from prior court orders had indicated that Mr. Chahine had been a 50 percent shareholder of 2305 and Mr. Wong had been obligated to buy his interest at fair value. Mr. Chahine had had a $2.8 million shareholder loan from 2305 and had been required to be repaid, affecting the final payment. Additionally, Mr. Wong had diverted funds for personal use.
In a comprehensive outcome, the Wong Estate had been directed to pay Mr. Chahine a total of $3,346,901 within 30 days for his share in 2305, outstanding loan balance, and financing fees. Parties had been tasked with negotiating costs or arranging a case conference if an agreement couldn't be reached.