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(Toronto, Ontario) The world's first gay television network has become a pawn in a bitter divorce battle between its major shareholder and his ex wife.
Bill Craig who owns the controlling interest in Canada's PrideVision owes his ex-wife $1.4 million. The couple broke up in 1993 and for the last seven years he has been in a relationship with another man.
But, over the years the unpaid alimony to Sally Craig has built up. This week it caught up with him.
An Ontario Superior Court judge ordered a receiver be appointed over his income and his assets. Craig's assets consists mostly of his shares in PrideVision and 2000 Jeep.
In an interview with the Globe And Mail, Craig said that if the receiver attempts to sell his shares, they would not be worth much. The network has struggled to make ends meet since it began several years ago.
Craig bought a 20 percent interest in the company last year and has been attempting to turn it around.
Craig also warned that a sale of his shares would it lead to his resignation.
“They're welcome to liquidate it [the controlling stake.] At the moment it's losing money,” Craig told the Globe. “It'd be kind of a dumb thing to do.”
“The alternative is to leave it in place, and to let it come to fruition, and let it evolve into an enterprise that can support my wife's needs.”
PrideVision has been hamstrung by being a solely digital channel when few cable subscribers have digital ability. Next month PrideVision will drop lower on the dial, making it more accessible, and it will spring off its adult content onto a new channel.
The change could enhance the company's ability to survive.
Craig bought the controlling interest in PrideVision for $1.4-million and assuming $1.1-million in the company's existing debt.
©365Gay.com 2005
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