The Supreme Court of British Columbia has granted Golden Capital Securities an order to recover the $1.1 million judgment it won in the Michael Mitton case.

On October 22, Golden Capital obtained judgment for general damages against the defendants Barry Holmes, Alfred Kaminski, Michael Mitton, Charles Weibe, North Shore Aggregates Ltd., and various other corporate defendants for losses resulting from unlawful trading in securities. It was seeking a formal order to recover the amount of the judgment.

The defendants Holmes, Rempel and North Shore took the position that no formal judgment should be entered until assorted other issues are decided and a single order can reflect the entire outcome of the case. Counsel for Golden Capital argued that any delay in execution could result in the defendants taking steps to “judgment proof” themselves.

The court found that Golden Capital has a right to execute on the judgment. It also granted the defendants’ application for a stay of the judgment, on condition that they post $1.1 million in the form of a bond or other instrument acceptable to Golden Capital within seven business days of the entry of the order. If such security is not posted within the time provided, Golden Capital may execute on the judgment.

The stay will remain in place until judgment is pronounced on the issues on which judgment has been reserved or January 15, 2003, whichever is later.