A bitter bid for control of the family-run toy company which brought the world Teenage Mutant Ninja Turtles led to secret Christmas-time deals between the siblings, the High Court heard yesterday.
Albert Chan, a director of Chansam Investment, the holding company for the Chan family's shares in Playmates Toys and Prestige Properties, told the court he spoke to his youngest brother, Allen, and his sister, Karen, in late December, 1993, about their decision to resign from the company.
He has petitioned the High Court to wind up the company, but the action is being challenged by other family shareholders.
'You, Allen and Karen had decided to join forces against the rest of the family,' William Stubbs QC, for the opposing shareholders, said.
Albert Chan claimed his younger sibling's sudden decision to withdraw an earlier resignation bid had nothing to do with him. The pair submitted their resignation letters on December 15.
An attempt 10 days later to retract their letters failed because the resignations had already been accepted.
Albert Chan told Ms Justice Doreen Le Pichon how he was thwarted by his younger brother Thomas in his attempts in late December, 1993, to separate his interests from the family-run business.
