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On appeal from the judgment of Justice Donald R. Cameron dated November
27, 2000.
ENDORSEMENT
Released Orally May 30, 2001
[1]
Assuming that Cameron J. erred in failing
to apply an objective test in his assessment of the due diligence issue,
we are satisfied that, had he applied an objective test, he would have
come to the same conclusion, namely, that the steps taken by Working Ventures
were sufficient to enable it to exercise its discretion reasonably.
[2]
Having regard to the nature of the transaction and the
steps taken by Working Ventures to comply with its due diligence undertaking,
we are satisfied that, applying an objective standard, the proper conclusion
is that Working Ventures had complied with its contractual obligation.
Indeed, it is apparent from Cameron J.'s reasons that he took objective
factors into account in upholding the reasonableness of the discretion
exercised by Working Ventures. Accordingly, the appeal is dismissed, with
costs. |