2degrees and Tex to make up?

TOM PULLAR-STRECKER
Last updated 14:06 16/11/2012

Related Links

2degrees must keep paying Edwards

Relevant offers

Industries

Retail chief warns of legal high impact Historic suburb readies itself for quake Key: Air NZ needs to look at airfares Air NZ profit soars Genesis outdoes prospectus profit forecast Changing of guard at Ebos Multiple quake-claim ruling changes ballgame TeamTalk reports net loss Fisherman killed on ship Fonterra plans China partnership

2degrees and its co-founder Tex Edwards are understood to be making a fresh attempt to resolve their differences through mediation.

An Employment Court hearing that had been scheduled to take place at the end of October has been pushed back to early next year, but will not take place if the parties first settle out of court.

The Employment Relations Authority ruled last month that 2degrees wrongly reduced Edwards' salary from $350,000 to $200,000 and backtracked on an agreement to provide him with share options in 2008, setting Edwards up for a $1 million-plus pay-out.

Still at issue was whether 2degrees unfairly dismissed Edwards when it disestablished his job as "company strategist" earlier this year.

Prior to the latest mediation, Edwards filed a separate High Court action against 2degrees, claiming he was unfairly treated as a shareholder.

That case, should it proceed, would centre on whether Edwards should have been offered loans on the same favourable terms offered to fellow minority shareholder Huataki Trust to purchase new shares in the company.

Edwards is being represented in the High Court case by Auckland law firm Carter & Partners. Brent O'Callaghan from the law firm said no date had been set for a hearing.

Ad Feedback

- BusinessDay.co.nz

Comments

Special offers

Featured Promotions

Sponsored Content