Moore Holdings Limited Plaintiff And: Michael Drover First Defendant And: michael drover plc inc. Second Defendant, 2020 NLSC 49

court crest IN THE SUPREME COURT OF NEWFOUNDLAND AND LABRADOR GENERAL DIVISION Citation : Moore Holdings Limited v. Drover , 2020 NLSC 49 Date : March 20, 2020 Docket : 201701G2073 Between: Moore Holdings Limited Plaintiff And: Michael Drover First Defendant And: michael drover plc inc. Second Defendant Before: Justice Garrett A. Handrigan Place of Hearing: St. John’s, Newfoundland and Labrador Date of Hearing: March 9, 2020 Appearances: Christopher E. Gill Appearing on behalf of the Plaintiff R. Barry Learmonth, Q.C. Appearing on behalf of the First and Second Defendants

Authorities Cited: CASES CONSIDERED: Moore Holdings Limited v. Drover , 2020 NLSC 11 STATUTES CONSIDERED: Judgment Interest Act , R.S.N.L. 1990, c. J-2 ADDITIONAL REASONS FOR JUDGMENT Handrigan, J. : INTRODUCTION [ 1 ] On January 29, 2020, I filed my judgment in the within matter. Since then I have heard from Counsel about several matters that they want me to clarify. [ 2 ] First, they refer to paragraphs 43 (2) & (3) of my reasons in Moore Holdings Limited v. Drover , 2020 NLSC 11 and note that I ordered Mr.

Drover to pay Moore Holdings Limited the legal fees and disbursements, as well as the appraisal costs for the initial and the ultimate power of sale proceedings that Moore Holdings Limited exercised to recover on its mortgage. Counsel point out to me that they agreed Mr. Drover would be responsible for legal fees and disbursements and appraisal costs only for the initial, the aborted power of sale proceeding and not for the second, or as I refer to it, the ultimate power of sale proceeding. Counsel also calculated those costs for me and advised they total $7,149.82.

Accordingly, I amend paragraphs 43 (2) & (3) of my reasons for judgment by removing them and replacing them with the following: 2) Legal fees and disbursements and appraisal costs totaling $7,149.82. [ 3 ] Secondly, I awarded interest at the rate prescribed in the Judgment Interest Act , R.S.N.L. 1990, c. J-2 to Moore Holdings Limited on the $3,155,000 between April 16, 2015 and December 6, 2016. Counsel calculate the amount of that interest to be $103,724.45.

I accept their calculation and amend paragraph 43 of my judgment to add this as paragraph 43 (3): 3) Interest of $103,724.45 at 2% on $3,155,000 between April 16, 2015 and December 6, 2016. [ 4 ] Thirdly, Counsel point out that I did not address an interest charge on the $103,724.45 interest I ordered between April 16, 2015 and December 6, 2016, for the period of December 6, 2016 and January 13, 2020, the latter being when I heard this application. Counsel for Moore Holdings Limited submits the amount should be $6,439.31 at 2%, the prejudgment rate of interest for that period.

I agree and I award that amount to Moore Holdings. I amend paragraph 43 of my judgment to add this as paragraph 43 (4): 4) Interest of $6,439.31 at 2% on $103,724.45 between December 6, 2016 and January 13, 2020. [ 5 ] For greater certainty, let me restate the order in its entirety. Order [ 6 ] In the result, I order that Michael Drover pay Moore Holdings Limited : 1. $155,000, the difference it lost in the value of its secured property between April 16, 2015 and December 6, 2016; 2. Legal fees and disbursements and appraisal costs totaling $7,149.82; 3.

Interest of $103,724.45 at 2% on $3,155,000 between April 16, 2015 and December 6, 2016; 4. Interest of $6,439.31 at 2% on $103,724.45 between December 6, 2016 and January 13, 2020; and 5. Costs to be taxed under Column 3 of the Scale of Costs. _____________________________ Garrett A. Handrigan Justice