Paul Rivett and Jordan Bitove have so far been unable to agree on how to split up NordStar’s assets, which also include Metroland Media Group and investment stakes in VerticalScope Holdings Inc. and Blue Ant Media Inc
Mr. Rivett and Mr. Bitove held two mediation sessions in late October, after Mr. Rivett went to court claiming he and his partner were deadlocked and could no longer work together. He asked the court to dissolve NordStar, a private equity firm in which they are equal partners, and proposed an auction process for splitting up its assets. At a brief hearing on Oct.
One complicating issue has been the sharp drop in the share price of VerticalScope, a digital media company that operates some 1,200 online communities. NordStar owns a 37-per-cent stake in VerticalScope, which went public last year, and the value of its shareholding hit more than $260-million in September, 2021. It has since fallen to roughly $47-million amid a deep rout for technology stocks.
But the relationship quickly unravelled, as detailed in a court application Mr. Rivett filed in September through companies he controls. He claimed he and his partner had agreed on cost-cutting measures, but Mr. Bitove refused to carry out the plans at the Toronto Star, where he also serves as publisher.
As the disagreements deepened, Mr. Bitove attempted to sideline his partner by moving to appoint himself to the boards of various subsidiaries in a bid for greater control, according to the court application.
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