TORONTO, March 9 (UPI) -- A high-profile Toronto developer has filed for bankruptcy protection after a $10 million dispute with a theater producer over a condo-hotel development.
Harry Stinson and prominent producer David Mirvish have locked horns over a 51-story condo-hotel that Mirvish financially backed.
The building -- claimed to be the "narrowest building in the world" on the basis of its height-to-footprint ratio -- was allegedly not built to specifications and Stinson owed Mirvish money he said he could not pay, The Toronto Star reports. He also said the amount owed was closer to $2 million.
Two Stinson companies involved in the building owe more than $17 million, the filing for Canada's equivalent of Chapter 11 protection states, with a Mirvish company the main secured creditor, The Toronto Star reports.
The filing was triggered because Mirvish demanded the $10 million, which was overdue, Stinson said.
Stinson is also competing against Donald Trump to build a 90-story residential tower in Toronto's financial district. Trump wants to develop the Trump Tower Toronto condo-hotel of similar height a block away.
