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The Big Motoring World High Court case came to a head this morning with a 499-page judgement handed down.<\/p>\n
Mr Justice Marcus Smith found that Peter Waddell was excluded from Big Motoring World and that his holding company, Peter Waddell Holdco, was unfairly prejudiced by the conduct of Freshstream.<\/p>\n
The Judge said: \u201cI have found the formation and execution of a pre-conceived and orchestrated plan which worked backwards from Freshstream\u2019s aim of achieving permanent control of, and Mr Waddell\u2019s removal from, the business without having to exercise the Call Option.\u201d<\/p>\n
He went on to hold that this amounted to unfair prejudice.<\/p>\n
The Judge accepted Big Motoring World\u2019s argument that it was entitled to summarily dismiss Waddell as its CEO for gross misconduct. His claim against Big Motoring World\u00a0 for wrongful dismissal therefore failed.<\/p>\n
Justin Michaelson of Quinn Emanuel representing Waddell said: \u201cThis judgment should serve as a salutary lesson to private equity funds & their investors who believe they can manoeuvre against portfolio companies in this way behind closed doors and expect the courts to overlook it.\u201d<\/p>\n
\u201cA representative of Big Motoring World commented: \u201cWe are glad that the Court has determined that Big Motoring World was entitled to remove Mr Waddell as its CEO.\u201d<\/p>\n
Another court hearing will now be required to decide the final legal remedies and consequences of the judgment.<\/p>\n<\/p><\/div>\n