Monday, May 12, 2008

PNC Originator Awarded $184,000 Finders Fee

PNC Initiator Owed
Finders Fee By Triarc and Suro

It is reported in the Daily News that the man who introduced Triarc and Suro to the City of Nanaimo 'players' has been awarded a finders fee in court of $184,710.

James Stevenson of J.D. Stevenson and Associates took Triarc International, Suro Development and Millenium Properties to court to collect a finders fee he claimed was owed to him.The court found that Triarc and Suro indeed did owe Stevenson the fee, but found Millenium did not.

The fee was based on the money earned by Triarc and Suro from development costs, free land, free parking and the city paying for the structural deck for the building. It was claimed this was worth $8,000,000 to Triarc & Suro.

Saying he had contacts with the 'players' in the City Stevenson said he could introduce Triarc to the decision makers and if something came out of the deal whereby Triarc could make a buck, then all well and good.

The reason Stevenson initiated the discussions was to repay a debt he had with Triarc for some $30,000, which he hoped to clear with his finders fee.

It is noted that the civic arena and foundry land came into the deal in 2004, which would further increase the value of the deal to Triarc.


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