▁to ▁invest ▁in ▁hot els ▁without ▁a ▁guarantee ▁from ▁Rain ier ▁that ▁no ▁other ▁compet ing ▁hotel ▁development ▁would ▁be ▁permitted , ▁but ▁promised ▁to ▁build ▁two ▁hot els ▁and ▁an ▁a partment ▁block . ▁Un w illing ▁to ▁give ▁On ass is ▁his ▁guarantee , ▁Rain ier ▁used ▁his ▁v eto ▁to ▁cancel ▁the ▁entire ▁hotel ▁project , ▁and ▁public ly ▁attacked ▁S B M ▁for ▁their ▁' bad ▁faith ' ▁on ▁television , ▁implicitly ▁critic ising ▁On ass is . ▁Rain ier ▁and ▁On ass is ▁remained ▁at ▁odd s ▁over ▁the ▁direction ▁of ▁the ▁company ▁for ▁several ▁years ▁and ▁in ▁June ▁ 1 9 6 6 ▁Rain ier ▁approved ▁a ▁plan ▁to ▁create ▁ 6 0 0 , 0 0 0 ▁new ▁shares ▁in ▁S B M ▁to ▁be ▁perman ently ▁held ▁by ▁the ▁state , ▁which ▁reduced ▁On ass is ' s ▁st ake ▁from ▁ 5 2 % ▁to ▁under ▁a ▁third . ▁In ▁the ▁Supreme ▁Court ▁of ▁Mon aco ▁the ▁share ▁creation ▁was ▁challeng ed ▁by ▁On ass is ▁who ▁claimed ▁that ▁it ▁was ▁un const itution al , ▁but ▁the ▁court ▁found ▁against ▁him ▁in ▁March ▁ 1 9 6 7 . ▁Following ▁the ▁r uling ▁On ass is ▁sold ▁his ▁hold ings ▁in ▁S B M ▁to ▁the ▁state ▁of ▁Mon aco ▁and ▁left ▁the ▁country . ▁According ▁to ▁Frank ▁Br ady ▁in ▁On ass is : ▁An ▁Ext rav ag ant ▁Life , ▁On ass is ' ▁words ▁about ▁the ▁issue ▁were : ▁"