“The settlement (with Milewski) was determined to be and approved by the board, on the recommendation of the special committee, as being in the best interests of the company in order to allow Nickel 28 to focus its time and resources on pursuing its strategic vision and plans,” interim CEO Christopher Wallace said in a release. There’s been no similar settlement absolving any legal action with Cochrane and Kearns, Wallace said.
The company said May 6 the special committee reported the founders had violated their duties and frequently lacked judgment concerning company policy on insider trading, expenses and ethics.
Hedge fund
The founders have blamed the probe’s findings on a New York-based hedge fund’s attempts to seize control of Nickel 28.
“We categorically deny these allegations and assert that they are unfounded and highly misleading,” the founders said on May 6. “These terminations are part of the year-long…
