Newcap settles legal battle for $3.5 million

DARTMOUTH, N.S. – Radio station owner Newfoundland Capital Corporation said today that it has reached a settlement with Halterm Limited over a recent legal dispute. Back in 1997, NCC sold its interests in a container terminal to Halterm and the Halterm Income Fund and, “the company indemnified Halterm for any material increases in the base rental fee payable by Halterm to the Halifax Port Corporation (now the Halifax Port Authority) for the first ten years of the first lease renewal term which commenced January 1, 2001,” says a press release. The indemnity was only applicable to the extent, if any,...