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Motion Picture Distribution says Loewy planned to compete
Friday August 18th 2006TORONTO (CP) _ A lawsuit filed by Motion Picture Distribution LP against its former chairman claims Victor Loewy told board members and managers he planned to set up a competing company and courted its major U.S. suppliers.
"Loewy has advised executives and board members of Motion Picture Distribution that he plans to start up his company to compete with the Motion Picture Distribution partnership and has solicited at least one key executive of Motion Picture Distribution," the company alleges in documents filed in Ontario Superior Court.
A court hearing scheduled for Thursday was put over until Friday.
The suit filed earlier this week by Motion Picture _ owned by broadcaster Alliance Atlantis (TSX:AAC.B) and Movie Distribution Income Fund (TSX:FLM.UN) _ is seeking an injunction against Loewy, claiming he violated his legal obligation to confidentiality, non-competition and non-solicitation.
"Loewy has also been in discussions with key business suppliers of the Motion Picture Distribution partnership and has travelled to New York and Los Angeles to meet with both entities in an effort to take their business from the Motion Picture Distribution partnership," the claim states, citing media reports.
"Motion Picture Distribution will suffer irreparable harm if Loewy is permitted to compete."
None of the claims have been proven in court. Motion Picture has also filed a lawsuit against former CEO Patrice Theroux and former general counsel Paul Laberge, alleging they breached their legal duties to the company. Both men were fired in July "for cause" the company has said.
Alan Lenczner, the lawyer representing Theroux, Laberge and Loewy, has denied all of the allegations.
Lenczner has said Loewy was locked out of his office in July after a board meeting was held in his absence. Movie Distribution is adamant that he resigned and it has refused to comment on the specifics.
Motion Picture recently became a buyout target of U.K.-based Marwyn Investment Management LLP, which planned to offer about $400 million for the company.
Units of Movie Distribution Income Fund were up five cents at $6.15 in Thursday morning trading on the Toronto Stock Exchange. Alliance shares fell 20 cents to $33.29.
Headline, Industry News
Motion Picture Distribution says Loewy planned to compete
Friday August 18th 2006TORONTO (CP) _ A lawsuit filed by Motion Picture Distribution LP against its former chairman claims Victor Loewy told board members and managers he planned to set up a competing company and courted its major U.S. suppliers.
"Loewy has advised executives and board members of Motion Picture Distribution that he plans to start up his company to compete with the Motion Picture Distribution partnership and has solicited at least one key executive of Motion Picture Distribution," the company alleges in documents filed in Ontario Superior Court.
A court hearing scheduled for Thursday was put over until Friday.
The suit filed earlier this week by Motion Picture _ owned by broadcaster Alliance Atlantis (TSX:AAC.B) and Movie Distribution Income Fund (TSX:FLM.UN) _ is seeking an injunction against Loewy, claiming he violated his legal obligation to confidentiality, non-competition and non-solicitation.
"Loewy has also been in discussions with key business suppliers of the Motion Picture Distribution partnership and has travelled to New York and Los Angeles to meet with both entities in an effort to take their business from the Motion Picture Distribution partnership," the claim states, citing media reports.
"Motion Picture Distribution will suffer irreparable harm if Loewy is permitted to compete."
None of the claims have been proven in court. Motion Picture has also filed a lawsuit against former CEO Patrice Theroux and former general counsel Paul Laberge, alleging they breached their legal duties to the company. Both men were fired in July "for cause" the company has said.
Alan Lenczner, the lawyer representing Theroux, Laberge and Loewy, has denied all of the allegations.
Lenczner has said Loewy was locked out of his office in July after a board meeting was held in his absence. Movie Distribution is adamant that he resigned and it has refused to comment on the specifics.
Motion Picture recently became a buyout target of U.K.-based Marwyn Investment Management LLP, which planned to offer about $400 million for the company.
Units of Movie Distribution Income Fund were up five cents at $6.15 in Thursday morning trading on the Toronto Stock Exchange. Alliance shares fell 20 cents to $33.29.
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Headline, Industry News
Motion Picture Distribution says Loewy planned to compete
Friday August 18th 2006TORONTO (CP) _ A lawsuit filed by Motion Picture Distribution LP against its former chairman claims Victor Loewy told board members and managers he planned to set up a competing company and courted its major U.S. suppliers.
"Loewy has advised executives and board members of Motion Picture Distribution that he plans to start up his company to compete with the Motion Picture Distribution partnership and has solicited at least one key executive of Motion Picture Distribution," the company alleges in documents filed in Ontario Superior Court.
A court hearing scheduled for Thursday was put over until Friday.
The suit filed earlier this week by Motion Picture _ owned by broadcaster Alliance Atlantis (TSX:AAC.B) and Movie Distribution Income Fund (TSX:FLM.UN) _ is seeking an injunction against Loewy, claiming he violated his legal obligation to confidentiality, non-competition and non-solicitation.
"Loewy has also been in discussions with key business suppliers of the Motion Picture Distribution partnership and has travelled to New York and Los Angeles to meet with both entities in an effort to take their business from the Motion Picture Distribution partnership," the claim states, citing media reports.
"Motion Picture Distribution will suffer irreparable harm if Loewy is permitted to compete."
None of the claims have been proven in court. Motion Picture has also filed a lawsuit against former CEO Patrice Theroux and former general counsel Paul Laberge, alleging they breached their legal duties to the company. Both men were fired in July "for cause" the company has said.
Alan Lenczner, the lawyer representing Theroux, Laberge and Loewy, has denied all of the allegations.
Lenczner has said Loewy was locked out of his office in July after a board meeting was held in his absence. Movie Distribution is adamant that he resigned and it has refused to comment on the specifics.
Motion Picture recently became a buyout target of U.K.-based Marwyn Investment Management LLP, which planned to offer about $400 million for the company.
Units of Movie Distribution Income Fund were up five cents at $6.15 in Thursday morning trading on the Toronto Stock Exchange. Alliance shares fell 20 cents to $33.29.
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