Allegiance Capital Corporation Files $41 Million Lawsuit Against Great Canadian Gaming Corporation; Fraud Alleged in Failed Cruise Ship-Based Casino Operation.Business Editors/Legal Writers DALLAS--(BUSINESS WIRE)--April 9, 2003 Allegiance Capital Corporation, a Dallas-based investment banking firm, today announced that it has filed a lawsuit against Great Canadian Gaming The Great Canadian Gaming Corporation (TSX: GCD) is a gaming operator in Canada. It is the largest provider of community casinos in British Columbia. Operations
Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. :GCD gcd abbr. greatest common divisor .V), Great Canadian Casinos, Inc., and two top executives of the Canadian companies, which are based in Richmond, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). , seeking $41 million in damages. The lawsuit, which was filed in State District Court in Dallas, Texas, alleges fraud, breach of fiduciary duty, conversion and conspiracy in connection with the Allegiance Capital's investment in the Hong Kong based cruise ship-based casino venture that was promoted by the defendants in 2000. Allegiance Capital Corporation's claims for damages are comprised of $3.1 million for loss of its original investment, $28 million in lost profits and $10 million in punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. . About Allegiance Capital Corporation Allegiance Capital Corporation is a full-service investment banking firm specializing in the middle-market segment. More information about Allegiance Capital Corporation can be found at www.allcapcorp.com. |
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