A bitter legal war is brewing between Williams Industries Inc., headed by prominent businessman Ralph “Bizzy” Williams, and Rowe Holdings Inc., owned by supermarket entrepreneur Neville Rowe.
At stake is a 75 per cent share claim of NSR Limited, a subsidiary of Rowe Holdings which includes two supermarket buildings at Bridge Street in The City (the old Julie’N) and Trimart at Haggatt Hall, St Michael, estimated to be worth in excess of $100 million.
Rowe has reportedly failed to sign certain related documents which would legitimize Williams Industries’ controlling interest of Rowe Holdings, and this has triggered the court battle.
Last month, a high court ruled in favour of Williams Industries indicating that, as per agreement, Rowe should sign the relevant documents.
But a legal team consisting of attorneys Hal Gollop and Ernest Jackman has given notice of taking the matter before the Court of Appeal.
In a Press release issued yesterday Williams Industries said it decided to take the matter to court after several months of frustrating attempts to get Rowe to honour an obligation to sign documents relating to the agreement.
“We at WII [Williams Industries Inc.] personally have been extremely disappointed and frustrated by Mr Rowe’s refusal to communicate with me or any of our team effectively since December 2010 regarding the agreement, or even to simply explain why after reaching an agreement that was projected to earn him over $500 000 per annum, he [Rowe] refused to sign off the final documents,” Williams said in the Press statement.
Efforts to contact Rowe for comment yesterday proved futile.
Among the documents short of Rowe’s signature are: a deed of release from original shareholding company BCGSST (a company set up in 2002 to rescue the Julie’N businesses), a certificate regarding corporate authority, a consent of amendment to the agreement between BCGSST and Rowe, and a termination agreement.
The controversy has since escalated with the exchange of strongly worded correspondence between the two parties over Rowe’s failure to complete the deal.
According to information obtained by the WEEKEND NATION, Williams Industries Inc. entered into an arrangement with Rowe Holdings shortly after its subsidiary company NSR Limited went into receivership in June last year.
