MONTREAL — Ousted Cinar co-founders Micheline Charest and Ronald Weinberg have petitioned the Quebec Securities Commission to allow them to get rid of Robert Despres, who is the trustee for their controlling ownership stake in the troubled Canuck entertainment company.
Despres is also chairman of Cinar, a producer of kids TV programming including the hits “Arthur” and “Caillou.”
Charest and Weinberg had appointed Despres trustee for the shares after the Quebec Securities Commission ruled last year that they must have an arm’s length relationship with the company. As part of the same settlement with the Securities Commission, Charest and Weinberg were fined C$1 million ($726,000) each, the biggest fines in the Commission’s history.
The Cinar founders want to appoint Noubar Boyadjian, bankruptcy trustee with Montreal company Litwin Boyadjian, as the new trustee.
Charest and Weinberg were unhappy when Despres took over as chairman last year and replaced the board of directors with his own candidates.