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David Zitzerman quoted in "CRTC To Vet $2.3B Deal: Goldman Sachs partner: Key is who is in charge of mergedcompany", National Post


Lawyer David Zitzerman
Area Entertainment


Excerpt from "CRTC To Vet $2.3B Deal: Goldman Sachs partner: Key is who is in charge of merged company", by Paul Vieira:

Mr. Zitzerman said the CRTC will look at whether CanWest or Goldman has "control in fact" -- a concept that deals with the relationship between the Canadian operator and the foreigner. This will be spelled out in the shareholder agreements, and it will likely give Goldman a say over normal corporate events, such as a change of business strategy or the issuance of shares.

But if the CanWest-Goldman agreement gives the New York banker control over, for instance, money spent on properties such as the specialty channels, the CRTC may raise concerns.

"When you get into those issues, then the concern is that the foreigner may have de facto control," Mr. Zitzerman said. "Everyone will be careful in trying to structure this agreement, but, at the end of the day, it has to withstand scrutiny."