A family arguing over shares in a timber company are headed to mediation.  The McCaughey family will attempt to resolve their dispute over IJM Timber Engineering Ltd outside of the courtroom.  They are the primary shareholders in the company.

The lawsuit was filed by Sean McCaughey, an 84 year old retired businessman who is 70 percent shareholder in IJM Timber.  The company employs about 250 people and has two other shareholders, McCaughey’s sons Peter and Martin.  Each has a 15 percent share in the company. 

Sean filed his lawsuit in Commercial Court against his sons, as well as IJM’s director, Gregory McKenna and the company itself.  According to court documents, Sean was unhappy with the negotiations between him and his sons regarding the sale of his shares.  He refused to consent to the acquisition of his shares because his sons did not offer him enough money.  He also described his relationship with Peter and Martin as a “progressive deterioration”.

When was unwilling to sell his shares, he claims his sons formulated a plan to dilute his shares.  Originally, Sean claims, he was happy with the idea of his sons buying his shares.  The idea first arose in 2016, but once he finally knew what they intended to pay him, he was insulted.  He also took issue with resolutions passed at a meeting in 2017 that he claims further dilute his shares in IJM.

Everyone involved, including the company’s employees, are hoping the matter can be resolved through mediation and not need to involve the court any further.