A British Columbia court has denied an application for summary judgment on behalf of IPO Capital Corp. against one of its former brokers. The company was seeking the return of funds it says it advanced the broker before he left the firm.

IPO was seeking a judgment for $34,225.92 plus interest against Brian Kuhn, who was employed as an investment advisor at the firm from September 1998 until August 1999. It claims that Kuhn is indebted to it for salary advances, advances made to his assistant, client debts, trading errors and collection and courier charges.

The court found that IPO is entitled to $13,500 for salary it advanced Kuhn; whom it says was dismissed for cause. It found that he does not owe the firm $4,500 which it says it is owed for his sales assistant. It also found that he is liable for client debts, trading errors and certain other charges.

However, the defendant insists that he agreed to pay his debt to the firm in securities of EFI Financial Group Inc., IPO Capital’s parent company. The firm denies this, and says that the securities have no transfer or market value. An assertion that the court said “is at least questionable”.

Nevertheless, the court ruled that the possible repayment deal is an issue that “cannot be resolved on the basis of the materials before the court. For that reason, the summary judgment application of the plaintiff must be dismissed.”