24 Feb 2023
Gierc Jr. v. Wescon Cedar Products Ltd.
In the judgment dated January 8, 2021, the court found that the respondents operated Wescon Holdings Ltd. and Wescon Cedar Products Ltd. oppressively towards the petitioner. The court ordered the respondents to purchase the petitioner's shares and pay a specified amount within one year. The petitioner was also awarded costs. In the judgment, the court ordered Wescon to purchase Frank's shares for a total sum of $2,323,250, plus interest from January 31, 2016, as per section 227(3) of the Business Corporations Act. The court left it to counsel to calculate the final amount owed, considering previous payments. The award was to be paid in two installments, with $750,000 due within 10 days of the judgment and the remainder to be paid in full within one year. Once the full payment was made, Frank was required to surrender the shares for cancellation. The court dismissed the remaining relief sought in the petition. As the substantially successful party, Frank was awarded costs.