On September 5, 2003, D.M. Firestone sold, through his holding company, G.P. Metal Products Limited, five million Glendale common shares representing approximately 42 per cent of the Glendale common shares to a company owned by Edward Hanna, chairman, president and chief executive officer of Glendale and five other senior managers. The purchase price of the shares was $26.39 million. A special independent committee of directors was appointed to review and provide recommendations to Glendale’s shareholders on various aspects of the transaction involving Glendale.
The senior management group was represented by Erik Fish of Beard Winter LLP in Toronto. The special independent committee of directors was represented by Troy Pocaluyko of Wildeboer Rand Thomson Apps & Dellelee, LLP in Toronto, with a team led by Troy Pocaluyko, and assisted by Derek Sigel and Robert Fonn.
D.M. Firestone and Glendale were represented by Fasken Martineau DuMoulin LLP, with a team that included David Harley, David Carbonaro, Georges Dube, Robert Eberschlag and Bo Crnatovic (corporate/securities) and William Bies (tax). D.M. Firestone was also represented by Cassels Brock & Blackwell LLP, with a team that included Sheldon Plener and Laurie LaPalme.