Saskatoon Lighthouse, board members battle in court about financial control
Wayne Pederson, the lawyer representing Affinity Credit Union confirmed that the Lighthouse only has $43,000 left on its open line of credit, which isn’t enough to cover upcoming payments to its employees.
The Affinity Credit Union said it would step up and help the Lighthouse cover costs, but only if it was in supporting Hepfner and Reddekopp.Pederson suggested that one of the only ways to cover the debts would be to sell Lighthouse assets. Both parties attempted to come to an agreement on Tuesday to satisfy the Credit Union but were unable to do so.The Lighthouse representatives requested an adjournment to come back with a new agreement.
The judge issued a preservation order, preventing any layoffs, destruction of records or selling of assets before the receivership decision has been made unless four of five board members approved.0:19
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