Where does this end??The cat fight round 2.... bong.
Have I got this right?
So if Sol is sucessfull at taking over the company, will he then settle with himself for the wrongfull dissmissal...Wonder what that would sound like...?
Sol asks Sol "what would it take to get you to walk away from this suit"
Sol answers Sol " oh I don't know, give me a million bucks"
Sol agrees. " ok Sol here's your million"
"Thanks Sol"
"Your'e welcome Sol"
Caching!
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Where does this end?
Wildcat ex-director Prizant sues for wrongful dismissal
2007-02-14 16:00 ET - News Release
Mr. Sol Prizant reports
SOL PRIZANT: WRONGFUL DISMISSAL AND DEFAMATION SUIT FILED AGAINST WILDCAT AND ITS CHAIRMAN
Sol Prizant announced today that he has commenced a lawsuit against Wildcat Exploration Ltd. and its chairman, Jerrold Siemens, in the Ontario Superior Court of Justice. Mr. Prizant has sued Wildcat for wrongful termination and breach of contract and has sued both Wildcat and Jerrold Siemens for, among other things, defamation.
When asked about his decision to sue the company, Mr. Prizant said, "The last thing I wanted to do was sue this company that I have played an instrumental role in transforming by implementing substantial cost-cutting measures, digitizing geological information, streamlining field operations and bringing in $4.5-million dollars of equity financing, all of which had the effect of driving the stock price from 23 cents per share when I was hired to 85 cents per share. I have sued the company because I understand that there is no other legal recourse available to me to deal with the wrongful termination of my consulting agreement. But this really should be a claim by the company against its directors for taking steps to frustrate the growth and potential of this company for reasons that in my view should be troubling to the shareholders."
Mr. Prizant had raised a number of questions and concerns regarding issues of corporate governance and board conduct and process. Without any warning or indication by the board that they took any issue with Mr. Prizant's performance, in early January, 2007, the board suspended Mr. Prizant's duties as president and chief executive officer of Wildcat. Despite his sudden suspension, Mr. Prizant, in his capacity as a director of Wildcat, continued to press the board to comply with its obligations and to demand due process and accountability on behalf of the shareholders of the company. In response, the board purported to create an executive committee to which were assigned all of the duties and responsibilities of the board. Mr. Prizant questioned the right and ability of this executive committee to substitute itself for the board of which he is a member.
On Jan. 26, 2007, suddenly and without warning, the board purported to terminate Mr. Prizant's consulting agreement alleging cause and demanding his resignation as a director. Under Mr. Prizant's consulting agreement his resignation as a director can be requested in the event of termination for cause. In breach of its obligations under the consulting agreement, the board has and does refuse to advise Mr. Prizant of the particulars upon which the board alleges to have cause to terminate the agreement.