Press release from Marketwire
InterRent Successfully Defends Appeal by NorthWest Value Partners Inc.
Tuesday, June 08, 2010
InterRent Successfully Defends Appeal by NorthWest Value Partners Inc.13:18 EDT Tuesday, June 08, 2010TORONTO, ONTARIO--(Marketwire - June 8, 2010) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESInterRent Real Estate Investment Trust (TSX:IIP.UN)(TSX:IIP.DB) ("InterRent") announces it has again successfully defended litigation commenced by NorthWest Value Partners Inc. On June 7, 2010, the Court of Appeal released its decision in the appeal by NorthWest of the Order of the Honourable Justice Marrocco. In September 2009, Justice Marrocco held that it was in the ordinary course of business for the trustees of InterRent to close the $14 million private placement of trust units on September 3, 2009 and to permit the new private placees to vote at InterRent's AGM on September 30, 2009.NorthWest appealed that decision and sought, among other things, to have the Court undo the private placement. The Court of Appeal dismissed the NorthWest appeal and ordered costs against NorthWest. The Court of Appeal confirmed the validity of the private placement noting that the trustees were contractually bound to complete same.Mike McGahan, CEO of InterRent, stated "We are very pleased to have once again successfully defended litigation commenced by NorthWest against InterRent and we look forward to getting on with business."About InterRentInterRent is a real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,033 apartment suites under ownership.FOR FURTHER INFORMATION PLEASE CONTACT: InterRent Real Estate Investment Trust Mike McGahan Chief Executive Officer (613) 569-5699 (613) 569-5698 (FAX) email@example.com www.interrentreit.com