The Applicant, Illumina Holdings Inc., sought immediate payment of $254,195 plus interest from the Respondents, BrandAlliance Inc. and A Brand Company Inc., based on a share purchase Letter Agreement.
The Respondents brought a counter-application seeking rectification of the Letter Agreement due to alleged valuation errors and a declaration that Arora, Illumina's owner and former CFO of BrandAlliance, breached his fiduciary duties.
Alternatively, the Respondents sought consolidation, trial, or arbitration.
The court found the Letter Agreement binding and enforceable, rejecting the Respondents' claims for rectification, breach of fiduciary duty, and arguments for a trial or arbitration.
The court also found that the Respondents' claims were largely statute-barred and that A Brand Company Inc. was liable due to a merger with BrandAlliance.