Court and OSC rules in favour of Talon International
In a July 10 ruling of the Ontario Securities Commission (OSC) and the Superior Court of Ontario, charges against Talon International Development Inc. in relation to the Trump property at the corner of Bay and Adelaide Streets in downtown Toronto, have been dropped. Justice Paul Perell’s 50-page judgment found in favour of Talon Investments, dismissing a motion brought by two of 24 plaintiffs who had purchased hotel units at the property. The judgment concluded that all branches of the claim failed and that any cash flow projections provided to potential hotel unit buyers were neither commitments, guarantees nor forecasts and that Talon had sold the hotel units in the manner as directed by the Ontario Securities Commission.
“The Court further dismissed separate claims against Talon Chairman Alex Shnaider, former company president Val Levitan and Donald Trump, finding there was no basis for a suit against any of them,” said Talon’s lawyer Symon Zucker of Danson & Zucker.