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Yahoo
9 hours ago
- Business
- Yahoo
Hudson's Bay has repeatedly threatened to end lease deal with B.C. billionaire: docs
TORONTO — New court filings say Hudson's Bay has threatened to end a lease deal it has with a B.C. billionaire who wrote directly to a judge twice — against the retailer's advice — to try to persuade him to view her favourably. In a 50-page package of materials Ruby Liu sent to Ontario Superior Court judge Peter Osborne, she positions her multimillion-dollar agreement to buy 25 leases held by the defunct retailer and its Saks Canada banners as being in jeopardy. 'HBC has repeatedly threatened to terminate our agreement and forfeit our deposit,' she said in the note dated July 10, which was entered into the court record Tuesday. Neither Liu nor Hudson's Bay immediately responded to a request for comment Tuesday on the new filings. Liu, who owns three B.C. malls and a golf course, struck two deals to buy Bay leases in May, about two months after the beleaguered retailer filed for creditor protection under the weight of $1.1 billion in debt. The first Liu deal was valued at $6 million and covered three leases in malls she owns. It was approved by a court last month. The second deal is for 25 more leases. Fifteen of the leases cover properties in Ontario, including Fairview Mall, Sherway Garden, Bayshore Shopping Centre and Bramalea City Centre. The remaining 10 are split evenly between Alberta and B.C. and include West Edmonton Mall, CF Market Mall and Guildford Town Centre. It came with a deposit of $9.4 million, which would equate to a purchase price of $94 million, but has yet to be presented to the court. Osborne has given the Bay until Tuesday to file a motion requesting court approval for the second deal. It has yet to be filed but the deal is being vehemently fought by landlords opposed to her moving into their properties because she has not given them enough information about her plans for their spaces. If she can obtain the leases, Liu has said she will use them to open a self-named department store that will feature retail, dining, entertainment and recreational spaces. The new documents, which were partially redacted, were filed with the court Tuesday. They include two notes sent to Osborne, which warranted a letter from the office of the chief justice reminding Liu that parties in active cases should not, under any circumstances, reach out to judges. "Any further correspondence will be considered harassing communications," the office said. Liu said in one of the two notes sent a day apart that she felt "compelled" to reach out to the judge because she wants him to understand a bit more about who she is. In the first of the letters, she describes her upbringing in China and move to Canada before saying, 'I am a person of great capability, and I ask you — please give me a chance.' 'Through transformation, I will create brilliance again,' she wrote. The second asks him to 'uphold justice' and is appended with several letters from the Bay's lawyers to Liu and her previous lawyers urging her to take action or risk the deal falling apart. The letters show the Bay laid out deadlines by which time the company wanted Liu to have hired the retailer's former CEO Liz Rodbell as a consultant and KPMG as a financial adviser and brought back Miller Thomson as legal representation. It offered to shave $3 million off the price of the leases in exchange for Liu using the cash for Rodbell, KPMG and Miller Thomson's retainers. In one of the notes, the Bay's lawyers say Liu has "continuously failed to use commercially reasonable efforts" to get landlord approval for her deal during meetings with the array of property owners who must consent to her moving in. "The purchaser chose to ignore the vendor's advice and did not prepare any substantive materials or presentation for the landlord meetings and failed to provide adequate responses to basic questions from the landlords regarding the proposed tenant's financial covenant, retail operation experience, capital expenditures plan for each lease location and intended suppliers and product mix," one letter to Liu reads. The letters say the Bay's lawyers have been "impressing upon" Liu the need to provide the landlords with several items, including a finalized business plan with details on renovations, merchandise, marketing and finances her stores will have over the next five years. A lone package Liu sent landlords in early June, which was obtained by The Canadian Press, showed she thought she was capable of opening up to 20 stores within 180 days of signing leases. It offered a broad financial budget and mentioned hiring efforts and meetings with prospective suppliers but did not name the potential vendors. Cadillac Fairview, Oxford Properties and Primaris told a judge last month that they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' This report by The Canadian Press was first published July 29, 2025. Tara Deschamps, The Canadian Press
CBC
9 hours ago
- Business
- CBC
Hudson's Bay has repeatedly threatened to end lease deal with B.C. billionaire, court filings say
Social Sharing New court filings say Hudson's Bay has threatened to end a lease deal it has with a B.C. billionaire who wrote directly to a judge twice — against the retailer's advice — to try to persuade him to view her favourably. In a 50-page package of materials Ruby Liu sent to Ontario Superior Court judge Peter Osborne, she positions her multimillion-dollar agreement to buy 25 leases held by the defunct retailer and its Saks Canada banners as being in jeopardy. "HBC has repeatedly threatened to terminate our agreement and forfeit our deposit," she said in the note dated July 10, which was entered into the court record on Tuesday. Neither Liu nor Hudson's Bay immediately responded to a request for comment on Tuesday on the new filings. Liu, who owns three B.C. malls and a golf course, struck two deals to buy Bay leases in May, about two months after the beleaguered retailer filed for creditor protection under the weight of $1.1 billion in debt. The first Liu deal was valued at $6 million and covered three leases in malls she owns. It was approved by a court last month. The second deal is for 25 more leases. It came with a deposit of $9.4 million, which would equate to a purchase price of $94 million, but has yet to be presented to the court. WATCH | Liu pitches her plan for Hudson's Bay locations: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 22 days ago B.C. billionaire Ruby Liu is hoping to expand her mall empire by taking over 28 former Hudson's Bay retail space leases. She joined CBC's Gloria Macarenko with a translator to share her vision for the department stores, in her first interview with English-language media in Canada. Osborne has given the Bay until Tuesday to file a motion requesting court approval for the second deal. It has yet to be filed but the deal is being vehemently fought by landlords opposed to her moving into their properties because she has not given them enough information about her plans for their spaces. If she can obtain the leases, Liu has said she will use them to open a self-named department store that will feature retail, dining, entertainment and recreational spaces. The new documents filed with the court Tuesday include two notes sent to Osborne, which warranted a letter from the Office of the Chief Justice reminding Liu that parties in active cases should not, under any circumstances, reach out to judges. Liu said in one of the two notes that she felt "compelled" to reach out to the judge because she wants him to understand a bit more about who she is. In the first of the letters, she describes her upbringing in China and move to Canada before saying, "I am a person of great capability, and I ask you — please give me a chance." "Through transformation, I will create brilliance again," she wrote. The second asks him to "uphold justice" and is appended with several letters from the Bay's lawyers to Liu and her previous lawyers, urging her to take action or risk the deal falling apart. In one of those notes, the Bay's lawyers say Liu has "continuously failed to use commercially reasonable efforts" to get landlord approval for her deal during meetings with the array of property owners who must consent to her moving in. "The purchaser chose to ignore the vendor's advice and did not prepare any substantive materials or presentation for the landlord meetings and failed to provide adequate responses to basic questions from the landlords regarding the proposed tenant's financial covenant, retail operation experience, capital expenditures plan for each lease location and intended suppliers and product mix," one letter to Liu reads. The letters say the Bay's lawyers have been "impressing upon" Liu the need to provide the landlords with several items, including a finalized business plan with details on renovations, merchandise, marketing and finances her stores will have over the next five years. A lone package Liu sent landlords in early June, which was obtained by The Canadian Press, showed she thought she was capable of opening up to 20 stores within 180 days of signing leases. It offered a broad financial budget and mentioned hiring efforts and meetings with prospective suppliers, but did not name the potential vendors.
Vancouver Sun
11 hours ago
- Business
- Vancouver Sun
Hudson's Bay has repeatedly threatened to end lease deal with B.C. billionaire: docs
New court filings say Hudson's Bay has threatened to end a lease deal it has with a B.C. billionaire who wrote directly to a judge twice — against the retailer's advice — to try to persuade him to view her favourably. In a 50-page package of materials Ruby Liu sent to Ontario Superior Court judge Peter Osborne, she positions her multimillion-dollar agreement to buy 25 leases held by the defunct retailer and its Saks Canada banners as being in jeopardy. 'HBC has repeatedly threatened to terminate our agreement and forfeit our deposit,' she said in the note dated July 10, which was entered into the court record Tuesday. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Neither Liu nor Hudson's Bay immediately responded to a request for comment Tuesday on the new filings. Liu, who owns three B.C. malls and a golf course, struck two deals to buy Bay leases in May, about two months after the beleaguered retailer filed for creditor protection under the weight of $1.1 billion in debt. The first Liu deal was valued at $6 million and covered three leases in malls she owns. It was approved by a court last month. The second deal is for 25 more leases. It came with a deposit of $9.4 million, which would equate to a purchase price of $94 million, but has yet to be presented to the court. Osborne has given the Bay until Tuesday to file a motion requesting court approval for the second deal. It has yet to be filed but the deal is being vehemently fought by landlords opposed to her moving into their properties because she has not given them enough information about her plans for their spaces. If she can obtain the leases, Liu has said she will use them to open a self-named department store that will feature retail, dining, entertainment and recreational spaces. The new documents filed with the court Tuesday include two notes sent to Osborne, which warranted a letter from the office of the chief justice reminding Liu that parties in active cases should not, under any circumstances, reach out to judges. Liu said in one of the two notes that she felt 'compelled' to reach out to the judge because she wants him to understand a bit more about who she is. In the first of the letters, she describes her upbringing in China and move to Canada before saying, 'I am a person of great capability, and I ask you — please give me a chance.' 'Through transformation, I will create brilliance again,' she wrote. The second asks him to 'uphold justice' and is appended with several letters from the Bay's lawyers to Liu and her previous lawyers urging her to take action or risk the deal falling apart. In one of those notes, the Bay's lawyers say Liu has 'continuously failed to use commercially reasonable efforts' to get landlord approval for her deal during meetings with the array of property owners who must consent to her moving in. 'The purchaser chose to ignore the vendor's advice and did not prepare any substantive materials or presentation for the landlord meetings and failed to provide adequate responses to basic questions from the landlords regarding the proposed tenant's financial covenant, retail operation experience, capital expenditures plan for each lease location and intended suppliers and product mix,' one letter to Liu reads. The letters say the Bay's lawyers have been 'impressing upon' Liu the need to provide the landlords with several items, including a finalized business plan with details on renovations, merchandise, marketing and finances her stores will have over the next five years. A lone package Liu sent landlords in early June, which was obtained by The Canadian Press, showed she thought she was capable of opening up to 20 stores within 180 days of signing leases. It offered a broad financial budget and mentioned hiring efforts and meetings with prospective suppliers but did not name the potential vendors. Cadillac Fairview, Oxford Properties and Primaris told a judge last month that they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.'
16 hours ago
Fugitive ex-Olympian's alleged cocaine courier agrees to U.S. extradition
A Toronto-area man known to associates as the Russian — accused of conspiring to smuggle cocaine on behalf of a former Olympic snowboarder — has agreed to be extradited to the U.S. Rakhim Ibragimov appeared in a downtown Toronto court Tuesday morning, for what was scheduled to be an hours-long extradition hearing. Instead, Ibragimov's lawyer Harval Bassi told the judge his client was consenting to his surrender to the U.S. That is correct, Ibragimov told Ontario Superior Court Justice Peter Bawden. Enlarge image (new window) An estimated 201 kilograms of suspected cocaine, seized as part of the U.S. federal law enforcement operation targeting Ryan Wedding's alleged transnational criminal enterprise. Photo: U.S. District Court, Central District of California The Uzbekistan-born Ibragimov, 48, faces conspiracy charges in Los Angeles, where he's expected to stand trial early next year alongside several other associates of Ryan Wedding. Wedding, who competed for Canada as a snowboarder at the 2002 Olympic Games in Utah, is listed as one of the FBI's 10 most-wanted fugitives. Born in Thunder Bay, Ont., he's suspected of living in Mexico, while leading a cartel-linked drug-trafficking organization tied to multiple murders. Kiran Gill, a lawyer representing the Attorney General of Canada told court Ibragimov had been identified as a courier for Wedding's network. According to U.S. investigators, Ibragimov was caught near L.A. in April 2024 as he loaded boxes filled with 375 kilograms of cocaine – apparently destined for Canada – into his rental car. Wedding's network is accused of using the area as a logistics hub for its $1-billion US cocaine and fentanyl smuggling operation. At the time, Ibragimov was detained and then allowed to return to Ontario. He was again arrested last fall, this time by Toronto police, as U.S. authorities moved in on more than a dozen of Wedding's alleged co-conspirators in Canada, the U.S, Mexico and Colombia. WATCH | From Olympian to fugitive: Sporting a hoodie and a grey goatee in the prisoner's box on Tuesday, Ibragimov smiled and waved at a woman in the public gallery. According to the U.S. indictment, his co-defendants referred to Ibragimov as the Russian in encrypted messages later intercepted by investigators. He acknowledged to the judge that by consenting to his surrender, he's waiving his right to a 30-day delay before extradition. You're ready to go any time, correct, sir? Bawden asked. Yes, Ibragimov said. Enlarge image (new window) Four of the 9 Canadian men charged alongside Ryan Wedding appeared by video link in Superior Court in Toronto on Oct. 23, 2024. The U.S. is seeking their extradition. Photo: Radio-Canada / Alexandra Newbould/CBC Ibragimov and several co-defendants are scheduled to stand trial next February in federal court in L.A. Ten Canadians are among those indicted, including an uncle and his nephew accused of co-ordinating drug shipments, a Toronto-based alleged hitman known as Mr. Perfect, and Wedding's top lieutenant, Andrew Clark (new window) . Between them, Wedding and Clark are charged with orchestrating four murders in Ontario. A spokesperson for the U.S. Attorney's Office told CBC News next year's trial is set to proceed even if Wedding — the lead defendant — is not captured by then. The RCMP has said the 43-year-old poses one of the largest organized crime threats to Canada, even as a fugitive. The U.S. State Dept. is offering a $10-million US reward for information leading to Wedding's arrest.
Yahoo
17 hours ago
- Yahoo
Fugitive ex-Olympian's alleged cocaine courier agrees to U.S. extradition
A Toronto-area man known to associates as the "Russian" – accused of conspiring to smuggle cocaine on behalf of a former Olympic snowboarder – has agreed to be extradited to the U.S. Rakhim Ibragimov appeared in a downtown Toronto court Tuesday morning, for what was scheduled to be an hours-long extradition hearing. Instead, Ibragimov's lawyer Harval Bassi told the judge his client was consenting to his surrender to the U.S. "That is correct," Ibragimov told Ontario Superior Court Justice Peter Bawden. The Uzbekistan-born Ibragimov, 48, faces conspiracy charges in Los Angeles, where he's expected to stand trial early next year alongside several other associates of Ryan Wedding. Wedding, who competed for Canada as a snowboarder at the 2002 Olympic Games in Utah, is listed as one of the FBI's 10 most-wanted fugitives. Born in Thunder Bay, Ont., he's suspected of living in Mexico, while leading a cartel-linked drug-trafficking organization tied to multiple murders. Kiran Gill, a lawyer representing the Attorney General of Canada told court Ibragimov had been identified as a "courier" for Wedding's network. According to U.S. investigators, Ibragimov was caught near L.A. in April 2024 as he loaded boxes filled with 375 kilograms of cocaine – apparently destined for Canada – into his rental car. Wedding's network is accused of using the area as a logistics hub for its $1-billion US cocaine and fentanyl smuggling operation. At the time, Ibragimov was detained and then allowed to return to Ontario. He was again arrested last fall, this time by Toronto police, as U.S. authorities moved in on more than a dozen of Wedding's alleged co-conspirators in Canada, the U.S, Mexico and a hoodie and a grey goatee in the prisoner box on Tuesday, Ibragimov smiled and waved at a woman in the public gallery. According to the U.S. indictment, his co-defendants referred to Ibragimov as the "Russian" in encrypted messages later intercepted by investigators. He acknowledged to the judge that by consenting to his surrender, he's waiving his right to a 30-day delay before extradition. "You're ready to go any time, correct, sir?" Bawden asked. "Yes," Ibragimov said. Ibragimov and several co-defendants are scheduled to stand trial next February in federal court in L.A. Ten Canadians are among those indicted, including an uncle and his nephew accused of co-ordinating drug shipments, a Toronto-based alleged hitman known as "Mr. Perfect," and Wedding's top lieutenant, Andrew Clark. Between them, Wedding and Clark are charged with orchestrating four murders in Ontario. A spokesperson for the U.S. Attorney's Office told CBC News next year's trial is set to proceed even if Wedding – the lead defendant – is not captured by then. The RCMP has said the 43-year-old poses "one of the largest organized crime threats to Canada, even as a fugitive." The U.S. State Dept. is offering a $10-million US reward for information leading to Wedding's arrest.
