Dispute over stake in Colliers’ predecessor settled for $4M

TRD New York /
May.May 20, 2013 10:00 AM

Updated, 5:40 p.m., May 20: A five-year legal battle involving top executives from commercial firm Colliers International has been settled for $4 million, the Wall Street Journal reported.

Candace Carmel Barasch, the daughter of one of the principals at Williams Real Estate, sued Colliers’ principals including Andrew Roos, Michael Cohen and Robert Freedman in 2009, claiming that she didn’t get her fair share of proceeds stemming from the sale of Williams to FirstService Corp. Williams was rebranded as Colliers International after the $27 million sale.

Barasch, who inherited her stake in the firm from her father, voted against the sale to FirstService but it was approved anyway. She sued claiming she had a 10 percent stake in the firm and it was worth at least $4 million, according to court papers seen by the Journal.

Instead, Barasch was offered about $1 million with the possibility of more payments depending on performance, sources told the Journal.

“Honestly, the whole thing is very sad,” Barasch told the Journal last week. “This is not something that one would have ever wanted to happen.”

A spokesman for Cohen and Roos told the Journal that “the sale of any business with multiple shareholders frequently causes disputes to arise.” The matter “was further compounded,” the spokesman added, by Cohen’s absence from the firm on account of his wife’s terminal illness. [WSJ]  – Hiten Samtani

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

A rendering of 1 St. Marks Place

New boutique office building headed for East Village’s St. Mark’s

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

131-01 39th Avenue in Flushing (Credit: Google Maps)

Another megaproject coming to Flushing

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B