Jennings showed former CEO Daryl Hodges the door, replacing him with Calgary-based head of energy banking David McGorman. “The board made a decision on Wednesday and made the changes,” Mr. McGorman said in an interview. “Mr. Hodges is not with the firm any more.”But why should that be so? IKN Nerve Centre today spoke with someone who was a high-ranking member of the Jennings team at the time. The source told your humble scribe that when he took over, Hodges ran the shop into the ground and the end came when a group of Jennings shareholders got together to depose him in order to salvage what little capital was left there. But it wasn't easy, as Hodges hired lawyers (using Jennings' own cash of course) to fight any moves against him and managed to run up a legal bill of over C$1m before he was fired. Along with that tidy sum he also saw many lawsuits brought against Jennings, some of which are still outstanding today (since Mackie bought Jennings out and took on the liabilities).
"One of his main legitimizers is a Fasken lawyer named Chuck Higgins, a real piece of work and cut from the same cloth"