TORONTO – The legal battles continue to rage at the defunct Look Communications.
The company said Wednesday that it has issued a statement of claim in the Ontario Superior Court of Justice against some of its former directors and officers in connection with the payment of approximately $20 million of "restructuring awards" in 2009.
Former CEO and vice chair Gerald McGoey, former CFO Jason Redman, former CTO Alex Dolgonos, and former directors Michael Cytrynbaum, Stuart Smith and Scott Colbran plus their personal holding companies have all been named in the claim. They resigned en masse last summer, as Cartt.ca reported.
Look’s claim seeks to recover damages of approximately $20 million for breach of fiduciary duties and standards of care, or, for damages for unjust enrichment for payments and decisions which the company alleges were not in Look’s or its shareholders’ best interests. None of the allegations in the claim have been proven in court, and none of the defendants have yet filed a statement of defence.
