ARCHIVED - Broadcasting Decision CRTC 2002-188
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Broadcasting Decision CRTC 2002-188 |
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Ottawa, 15 July 2002 |
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Inner Peace Television Network Inc. |
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Application Nos. 2002-0203-6, 2002-0225-0 |
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Transfer of effective control |
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1. |
The Commission has received applications by Inner Peace Television Network Inc. (IPTN) to effect a two-step transfer of effective control of a category 2 specialty service, approved in Inner Peace Television Network, Decision CRTC 2001-687, 9 November 2001. |
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2. |
The Commission notes that as the service has not yet commenced operations, it has not yet been licenced. |
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3. |
The applicant proposed a two-step transaction as follows: |
| a) to transfer all of the issued and outstanding common voting shares of IPTN, which are currently held by Canbo Broadcasting, a corporation owned equally by Paolo Canciani and Bhupinder (Pip) Bola, to the following family trusts: Canciani Trust (34.7%), Bola Trust (34.7%), Maniaci Trust (20.4%) and Marchi Trust (10.2%); and | |
| b) to issue 510 additional common voting shares of IPTN to St. Joseph Printing Limited (SJPL)/Imprimerie St-Joseph Limitée, which would result in SJPL holding 51% of the voting interests of IPTN. | |
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4. |
As a result of these transactions, the control of IPTN will reside with SJPL, which will nominate four of the seven members of its board of directors. SJPL is wholly owned by St. Joseph Corporation which, in turn, is controlled by twelve members of the Gagliano family. Under the terms of the unanimous shareholders agreement, no single family member has the ability to exercise control over the company. |
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5. |
In its application, IPTN stated that the value of the proposed undertaking is nominal, as reflected by the subscription price of $102 paid by SJPL for 51% of the outstanding common shares. It also stated that the transfer would allow for additional resources, thereby enabling the successful launch of IPTN. |
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6. |
The Commission considers the nominal value of the undertaking to be a reasonable value for the transaction. Accordingly, any tangible benefits would be negligible in this case. |
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7. |
Based on the particular circumstances underlying this transaction, the Commission approves the applications by IPTN. |
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8. |
The Commission notes that the licensee has fulfilled all requirements with respect to the issuance of its licence, as set out in Ownership and launch requirements for Category 1 and Category 2 specialty services, Public Notice CRTC 2001-98, 30 August 2001. |
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9. |
Accordingly, the Commission will issue a licence to Inner Peace Television Network Inc. and will modify its ownership records to reflect the attached appendix. |
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Secretary General |
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| This decision is to be appended to the licence. It is available in alternative format upon request, and may also be examined at the following Internet site: www.crtc.gc.ca |
Appendix to Broadcasting Decision CRTC 2002-188 |
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Inner Peace Television Network Inc. |
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Name |
Type |
# held |
% vote |
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St. Joseph Printing Limited |
Common |
510 |
51% |
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Canciani Trust (Paolo Canciani) |
Common |
170 |
17% |
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Bola Trust (Pip Bola) |
Common |
170 |
17% |
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Maniaci Trust (Anthony Maniaci) |
Common |
100 |
10% |
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Marchi Trust (George Marchi) |
Common |
50 |
5% |
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St. Joseph Printing Limited/Imprimerie St-Joseph Limitée |
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Name |
Type |
# held |
% vote |
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St. Joseph Corporation |
Common |
10 |
100% |
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Frances Colacci |
Class A Special |
500,000 |
-- |
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Mary Jane Deina |
Class A Special |
500,000 |
-- |
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Pina Desiato |
Class A Special |
500,000 |
-- |
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Anthony Gagliano |
Class A Special |
500,000 |
-- |
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Frank Gagliano |
Class A Special |
500,000 |
-- |
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Gaetano Gagliano |
Class A Special |
500,000 |
-- |
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Giacinto Gagliano |
Class A Special |
500,000 |
-- |
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Giuseppina Gagliano |
Class A Special |
500,000 |
-- |
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Jesua Gagliano |
Class A Special |
500,000 |
-- |
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John Gagliano |
Class A Special |
500,000 |
-- |
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Joseph Gagliano |
Class A Special |
500,000 |
-- |
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Maria Gagliano-Veiga |
Class A Special |
500,000 |
-- |
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St. Joseph Corporation |
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Name |
Type |
# held |
% vote |
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Gaetano Gagliano |
Class A Special |
1,750,000 |
49.7% |
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Giuseppina Gagliano |
Class A Special |
1,750,000 |
49.7% |
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Frances Colacci |
Class B Special |
1,000 |
.06% |
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Mary Jane Deina |
Class B Special |
1,000 |
.06% |
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Pina Desiato |
Class B Special |
1,000 |
.06% |
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Anthony Gagliano |
Class B Special |
1,000 |
.06% |
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Frank Gagliano |
Class B Special |
1,000 |
.06% |
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Giacinto Gagliano |
Class B Special |
1,000 |
.06% |
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Jesua Gagliano |
Class B Special |
1,000 |
.06% |
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John Gagliano |
Class B Special |
1,000 |
.06% |
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Joseph Gagliano |
Class B Special |
1,000 |
.06% |
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Maria Gagliano-Veiga |
Class B Special |
1,000 |
.06% |
Date Modified: 2002-07-15
- Date modified: