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Cinar Founders Refuse To Leave

In the continuing drama that is Cinar Corp., company founders Micheline Charest and Ronald Weinberg have refused to honor the request of a special board committee to resign as directors. In response to their termination on Thursday, the couple released a statement saying, "We have no intention of responding to the special committees invitation that we resign as directors until we are satisfied that Cinar is safely in the hands of a new board of directors, one who will begin to work on a variety of strategic initiatives to improve shareholder value." Charest and Weinberg have been on administrative leave since March when it was discovered that US$122 million of the companys money was invested in a Bahamas account without board approval. Weinberg said he and his wife "strongly" disagree with the decision and will "vigorously defend any suggestion of wrongdoing on our part." The couple founded the childrens television producer in 1976.

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