Jimmy Campbell, president of Colina Holdings Bahamas Ltd. (“CHBL”), (the public company traded on BISX) and the parent company of Colina Insurance Company Limited, lost his battle in the Supreme Court Thursday to stop an extraordinary general meeting of the shareholders of CHBL scheduled to be held on May 20, 2005 to consider and if seen fit to remove Mr Campbell as a director of CHBL.
Mr Campbell was attempting to stop Colina Financial Group Ltd. (“CFG”), the majority shareholder of CHBL from calling an extraordinary general meeting (EGM). The court ruled that he did not have the authority to stop the EGM.
Mr Campbell brought a suit against the two other shareholders, who together have a majority interest in CFG. He filed an injunction in the Supreme Court to prevent the EGM from happening. Mr Campbell was granted that injunction on April 26. This injunction has now been lifted.
Mr Campbell has received a substantial offer for his shareholding in CFG and it is understood that he is considering selling his interest.
Earlier, the parties involved in the suit were forbidden to speak about the matter. However, previous information on the suit had come from private Board meetings, which had been leaked to the media.
The last two Board meetings held by Colina Holdings were reportedly not legally constituted because there was not a quorum present.
By: MINDELL SMALL, The Nassau Guardian
