Floriri Village Investments Inc. v. Niazi Holdings Incorporated
Floriri Village Investments Inc.
Law Firm / Organization
Jaffe & Peritz LLP
Law Firm / Organization
Graham Estate Law
Lawyer(s)

Sean Graham

Niazi Holdings Incorporated
Law Firm / Organization
Gowling WLG (Canada) LLP
Korce Group Ltd.
Law Firm / Organization
Gowling WLG (Canada) LLP

Key Issues:

  1. Equalization payment dispute.
  2. Ownership and valuation of shares.
  3. Ancillary issues regarding burial plots, document returns, and estate matters.

Background:

  • Siblings Leroy Bleta and Bertha Aiello have been embroiled in extensive litigation over family-owned corporations following their father’s death.
  • Key trial decisions established ownership of Floriri (Aiello) and Niazi/Korce (Bleta) and mandated equalization payments based on accounting as of December 1, 2014.
  • Appeals upheld prior rulings, with adjustments for intercorporate loans determined in subsequent hearings.

Key Decisions:

  1. Equalization Payment:

    • Court dismissed the Defendants' request to recalculate the equalization payment using updated accounting that included preference shares.
    • Final amount payable to Floriri: $320,713.66, without interest.
  2. Burial Plots:

    • Bleta must transfer two burial plots to Aiello without restrictions.
  3. Document Return:

    • Aiello can retain personal documents; estate-related documents must be submitted to Scotiatrust for equal access.
  4. Preference Shares:

    • Bleta’s application regarding Floriri preference shares dismissed; he must pay $335 in costs.
  5. Mutual Releases and Future Litigation:

    • Parties instructed to finalize a mutual release for estate matters.
    • Further litigation barred without court permission.
Superior Court of Justice - Ontario
CV-21-00655166-00CL
Corporate & commercial law
$ 321,049
Plaintiff
18 September 2018