Look's board, directors, resign en masse amid allegations of cash payouts

TORONTO – The drama continues at Look Communications after its board of directors and management resigned en masse late Tuesday. Former CEO Gerald McGoey and CFO Jason Redman also resigned on Wednesday without notice. The announcement came moments after the now defunct company released its third quarter results which reported a net loss of $2.1 million for the period ended May 31, 2010. While cash, cash equivalents and short-term investments totalled $29.8 million, an increase of $15.5 million from the end of its fiscal 2009, the increase was primarily due to the sale of its spectrum and broadcast licence to Inukshuk...