Young Trader yes you are wrong thats why the Court rejected the claim for a Contstructive Trust. Summary as stated by Justice Jacobson Inter-alia ?The court found that two of the five claims were established. They were the Cadetta Transaction and the misapplication of two cheques totaling $152750.00 The Court further ?rejected the claim for a constructive trust over the whole, or a proportion,of Murchinsons interest in the Project was not the profit or the benefit which Murchinson received by reason of the breaches of fiduciary duties.? ?The Court concluded that Murchinson is bound to account for the income it received from the Project by the use of Chamelons funds which totaled only $277840.00 of the total working capital. Alternatively, if there were to be an account of profits upon the basis sought by Chameleon, the court would order an allowance to reflect in particular the increase value attributable to Murchinson?s funding of the Project? ?Alternatively, at Chameleons election it will be entitled to equitable compensation for the loss suffered by it by reason of the breaches of fiduciary duty. The effect of this will be that Chameleon will be entitles to $152570.00 plus compound interest at commercial rates compounded on monthly rests.? Good luck to CHM holders because the plug has been pulled, it appears any settlement wont save CHM, and there is still the matter of costs which should change the colour of the Chameleon to a breathless hue. RIP
CHM Price at posting:
8.4¢ Sentiment: Sell Disclosure: Not Held
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