On June 19, 2017, the District Court held the Injunction Hearing. On June 20, 2017, the District Court (a) granted the Company’s application for a temporary injunction against the Officers (the “Injunction”), and (b) found that the Board terminated both Officers’ employment agreements and removed both Officers from their positions as officers of the Company. The Injunction also enjoins the Officers from, among other things: (a) coming within 100 feet of any property owned, leased or occupied by the Company; (b) accessing any Company computer systems equipment, bank accounts or other assets; and (c) holding themselves out as employees or officers of the Company to any regulators, investors, shareholders, employees, customers, suppliers, lenders or vendors of the Company. The District Court found, among other things, that prior actions of the Officers in connection with an existing credit facility violated the Officers’ fiduciary duties (including the duty of loyalty) and that the actions taken by the Board terminating the Officers and removing their officer titles were lawful actions under the Company’s bylaws.The District Court set the date for a full trial on the merits of the Company’s claims against the Officers for March 2018.
The Company plans to shortly commence an executive search to locate and vet potential candidates to fill the positions of Chief Executive Officer and Chief Financial Officer. In the interim, Ruben Azrak, the Company’s Chairman of the Board, will perform certain management oversight functions of the Company. Mr. Azrak will also be actively involved in the Company’s accelerated executive search process.
(c)
On June 4, 2017, the Board also appointed current director Karl Power to serve as the Company’s interim Chief Executive Officer and Secretary. Mr. Power, 56, has served as a director of the Company since November 2015, and was appointed as a director of the Company in connection with the acquisition by the Company of the U.S. assets of Calpian Inc. Mr. Power currently works as a consultant to a number of start-up entities. From August 2011 until its sale in November 2016, Mr. Power was Chairman, CEO and CFO of Active In Home Therapy, a health care services provider. Prior to that, Mr. Power was a partner at Robertson Stephens LLC, an investment bank, where he was co-founder of the London office and helped oversee the bank’s growth to over $100 million in revenues in a span of five years. Mr. Power currently serves on the board of directors of MoneyOnMobile, Inc. (OTCQX:MOMT).
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