Finishing with the Old Regime, 1921-24
Author | C. Ian Kyer |
Pages | 149-161 |
Chapter
FINISHINGWITH
THEOLDREGIME
was being put in place, there had been much dis cus
sion of the takeover of the Toronto Railway Company’s (TRC) transit oper
ationsinandtheaccompanyingarbitrationTheCityhadthenbeenin
the midst of a similar arbitration with the old Toronto Street Railway Com
panyTSRanditwantedtobesurethatthearbitrationwouldbedif
ferent. It had sought to make it clear that the franchisee would not be able
to make any claim for intangibles li kelost f uture prots or goodwill All
that the City would be required to buy from the TRC would be hard assets,
and even then, only those that were needed to operate the transit system
goingforwardInSeptembertheToronto Star had reminded its read
ersofthesefavourableconditionsthatwereexpectedtoresultintheCity
being able to acquire the streetcar operation at a substantial discount from
fair market value. The City intended to take full advantage of these terms
— every dollar that they ended up paying to the TRC was a dollar that they
would not have available for the rebuilding of the transit system.
TheTRCwasequallycommiedtogeingfullvalueforitsoperations
notwithstanding t hese terms. Freed of their operational responsibilities, the
arbitration was now the sole focus of TRC’s management. These divergent
goalsmeantthatvirtuallyeverythingaboutthearbitrationbecameamaerof
controversy, starting with the number of arbitrators and the statutory regime
under which the arbitration was to be conducted. The TRC said that a single,
neutral arbitrator ought to be appointed under the Municipal Arbitration Act.
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