Brendan Paddick (left) and John Risley (right)
A multi-million dollar corporate lawsuit with significant Newfoundland and Labrador overtones has been filed in court in Nova Scotia.
Brendan Paddick, who used to be an associate of John Risley, filed suit in that province’s Supreme Court claiming that CFFI Ventures owes him $22-million.
Risley co-founded and owned Clearwater Seafoods, which had operations in the Maritimes and on the province’s south coast. It was acquired in 2020 as a joint venture partnership between Premium Brands Holdings Corporation and local Mi’kmaq First Nations.
CFFI includes the assets of Clearwater Fine Foods and Risley’s interests in developing wind-powered hydrogen on the west coast.
The lawsuit came out the same day that CFFI Ventures announced it was recapitalizing its assets. The proposed plan will see the company’s assets transferred to a new company structure under new ownership.
In a release issued on Tuesday, Risley says “change is inevitable” and he believes the recapitalization is “the right path for the future.”
