Ivakhnik discharged as Vice President, company files suit for injunctive relief and damages
Beverly HIlls, CA (PRWEB) March 1, 2009 -- Independent Film Development Corp., a business development company, announced today that it has discharged its former Vice President, George Ivakhnik, and has filed suit for injunctive relief to obtain the return of company property, including investor lists and contact information, and damages.
In a lawsuit filed with the Los Angeles Superior Court in Santa Monica, California, Independent Film Development Corp. v. Ivakhnik, Case No. SC101941, the company alleged that Ivakhnik, whose contract with the company prohibited him from using company work product and information, whether provided to him or produced by him, was discharged for using that information to contact company investors to induce them to invest in other companies, including Big Screen Entertainment Group, Inc., which the company specifically instructed Ivakhnik not to do any work for, and Hollywood Intermediate, Inc., which is a party to a letter of intent with the company.
The letter of intent contemplated a contract between the company and Hollywood Intermediate, whereby the company would purchase certain ownership of Hollywood Intermediate and provide certain financial investments. Ivakhnik, the suit alleges, continued to work for the company, using company offices and company email, but instead of furthering the company's interests, secured himself a position with Hollywood Intermediate and diverted company investment opportunities directly to Hollywood Intermediate and himself for his own personal gain. Ivakhnik continues to work for both Big Screen Entertainment, as a consultant and Hollywood Intermediate, as its Vice President. The suit also alleges that Ivakhnik interfered with a subscription agreement between the company and shareholder Jerry Shipman, by attempting to convince Shipman to cancel his subscription agreement with the company and divert the investment to Hollywood Intermediate.
The company has appointed Egan Park as Vice President/Finance of the company, to oversee the company's investment and financing activities that Ivakhnik was previously handling. Mr. Park worked in investment banking prior to joining IFDC, and he has a bachelor's degree in Economics from the University of Michigan and a master's degree from the University of Arizona's business school (Eller Graduate School of Management).
"The company's internal investigation has led us to believe that Mr. Ivakhnik has engaged in industrial espionage and unethical conduct of the most egregious nature," said Jeff Ritchie, Chief Executive Officer. "The company now can continue its fund raising and investing efforts with competent and honest management," he added. "I would like all our shareholders to know that we stand by them, both at IFDC and Imperia," said Ritchie.
The lawsuit joins as a party plaintiff, Imperia Entertainment, Inc., (Pink Sheets: IMPN) who also employed Ivakhnik as its Vice President. Imperia Entertainment alleges that Ivakhnik ran up over $60,000 in leased equipment bills and then attempted to convert the equipment to his own use, and solicited company shareholders while still the Vice President of Imperia and after, to divest their interests in Imperia and invest in Hollywood Intermediate, both personally and by advertising his personal telephone number on an investor bulletin board.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Independent Film Development, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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[Via Legal / Law]
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