Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced today
that the arbitration panel hearing the claims brought against the
Company by Messrs. Thomas Hughes and John Griff, the Company’s former
Chief Executive Officer and Chief Operating Officer, respectively, had
rendered a decision with respect to the claims made by these former
officers relating to the termination of their employment by the Company
in May 2013. In accordance with the rules of the Financial Industry
Regulatory Authority (“FINRA”), these claims were adjudicated by an
independent arbitration panel.
The former officers had initially sought compensatory damages in an
approximate amount of $7.9 million; vesting of unvested equity awards;
reimbursement of legal fees; and interest on these amounts. At the
hearing, Claimants requested compensatory damages in the approximate
amount of $9.2 million.
The arbitration panel made the following awards:
-
$986,667 (plus interest) to Mr. Hughes
-
$295,833 (plus interest) to Mr. Griff.
The panel denied the former officers’ request for reimbursement by the
Company of the former officers’ legal expenses.
In general, under applicable law, the parties have a three month period
following the award to request a court to vacate the award.
About Gleacher & Company
Gleacher & Company, Inc. is incorporated under the laws of the State of
Delaware.
Forward-looking statements
This press release contains “forward-looking statements.” These
statements are not historical facts but instead represent the Company’s
beliefs, plans or expectations regarding future events, many of which,
by their nature, are inherently uncertain and outside of the Company’s
control. The Company’s forward-looking statements are subject to various
risks and uncertainties, including the risks and other factors
identified herein and in other public disclosures made by the Company
from time to time, including disclosures made on the Company’s website.
As a result, the Company’s actual results may differ materially from
those expressed or implied by these forward-looking statements.
Forward-looking statements include, without limitation: statements
regarding the dissolution and liquidation of the Company, including the
Company’s plans and expectations with regard to liquidating
distributions. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause our
actual actions, performance or achievements to differ materially from
the Company’s beliefs, plans or expectations expressed or implied by
such forward-looking statements. Although the Company believes that the
beliefs, plans or expectations reflected in any forward-looking
statements are reasonable, it cannot guarantee future events or results.
Except as may be required under federal law, the Company undertakes no
obligation to update any forward-looking statements for any reason, even
if new information becomes available or other events occur.
Copyright Business Wire 2014