Afternoon:
14°c
Myerson's new legal battle over Principle
13.05.09
Brian Myerson looks set to open a new legal battlefront as well as disputing his ex-wife's £11 million divorce settlement.
The activist fund manager was briefly kicked out as chief executive along with other board members of Principle Capital Investment Trust just over a month ago. Now he wants to get back more than £250,000 spent by the replacement board on their own lawyers' and advisers' fees.
Myerson said the four temporary board members paid themselves £6250 each even though they were only on the board for three weeks. Lawyers Travers Smith got £190,000 in fees while rival fund manager Crystal Amber received £22,500 and PR company Hogarth collected £9775.
In spite of the boardroom battling Principle's hotchpotch of investments, which include Blacks Leisure, D1 Oils, Photo-Me and Luminar, rose in value by almost 19% between January and the end of April.
