You picked it well. BTW....the injunctyion case is today... here is MIG's case
407 ETR's case in Court in Ontario today.
In its affidavit, obtained by the Star, the 407 argues that the provincial government can't have it both ways.
Randy Luyk, the 407's director of business process management, says in the affidavit that the dispute mechanism over the "change request" provision could take up to 10 months to resolve, while the "default" provision takes 60 days.
Luyk says it would cause the 407's owners "irreparable harm" to lose revenue and control of the highway in two months only to prevail 10 months down the road.
"We think its reasonable and fair to first have the dispute resolution conclude before a judgment of default is made," Albers said in an interview.
Luyk goes further to say the government's arguments are "specious," saying the company's right to raise tolls is covered in a separate part of the contract, called the Tolling, Congestion Relief and Expansion Agreement (TCREA).
"It does not require that the MTO approve toll rate increases or otherwise restrict toll rate increases."
Luyk argues if the court rules the dispute is within that part of the contract, "then the 407 ETR would not face termination of the concession, since there are no default provisions in the TCREA." _________________
MIG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
