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New: Former New York Rangers All-Star Mark Messier alleges he lost a $500K investment in Alberta cannabis company Destiny Bioscience.
Messier says in a lawsuit vs Destiny CEO Ed Moroz that Destiny used his celebrity to raise $30M in funding.
Messier says in a lawsuit vs Destiny CEO Ed Moroz that Destiny used his celebrity to raise $30M in funding.
According to Messier’s claim, he is one of the greatest hockey players in history, former NY Rangers captain, 6X Stanley Cup winner, and among “the most famous celebrities in New York."
"His investment & endorsement would therefore give Destiny and Moroz instant credibility…”
"His investment & endorsement would therefore give Destiny and Moroz instant credibility…”
According to a “personal and confidential advisory agreement” signed May 31, 2019, Messier was willing to be a “’good will’ ambassador for Destiny…. [helping build] business relationships with potential partners of Destiny…”
While Destiny’s other investors may have taken their chances, Messier says he was given a personal guarantee he wouldn't lose money after his holding company Mar-Lyon USA Inc. bought 400K shares of Destiny for $1.25 apiece.
Messier: “Moroz ...represented that the investment was a sure thing—Messier could not lose money on it. Messier ultimately agreed to invest … but only on the condition that Moroz do more than tell him it was a sure thing."
Messier alleged Moroz agreed to give him a personal guarantee and pay Messier the difference between $750K and the value of 200K Destiny shares on Dec. 31, 2019.
[Meaning if value of Destiny shares fell to 0$, Messier would presumably have been paid $750K.)
[Meaning if value of Destiny shares fell to 0$, Messier would presumably have been paid $750K.)
Messier: “Destiny was not a sure thing. Quite the opposite. It was a worthless company propped up by nothing more than Moroz’s grandiose promises.”
Messier's claims have not been proven in court and Moroz has not filed a statement of defence.
Messier's claims have not been proven in court and Moroz has not filed a statement of defence.
Destiny was placed in receivership in May 2020 with $42M in debt.
Its assets, including organics and cannabis cultivation buildings in Nisku and Leduc, AB, are now up for sale. https://www.bowragroup.com/destinybiotechinc
Its assets, including organics and cannabis cultivation buildings in Nisku and Leduc, AB, are now up for sale. https://www.bowragroup.com/destinybiotechinc