Exex look to replace Depres

Former Cinar chiefs want Boyadjian as trustee

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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety