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agreed to take the necessary steps to implement their part of
the new agreement with Kutt. However, Wallace and Thomson
indicated that they would also resign as directors as soon as this
agreement was signed. A long-awaited triumph for Kutt, at last!
Now, Kutt was only days away from the 29 October sharehold-
ers' meeting that would cement his victory.
Waiting for the shareholders meeting, Kutt could only speculate
what actions, if any, would be taken by the guarantors in re-
sponse to the latest events. When asked about a possible action
by the Borden & Elliot Group that could cause the Toronto
Dominion Bank loan to be called, Kutt could only express his
doubt that any director, present or past, would willingly cause
such action since “he would not be acting in the best interest of
the Company, as required by law.”
He didn't need to wait long. Five days before the critical
shareholders' meeting, Kutt was asked to meet with Elliot on
25 October at Borden & Elliot's Toronto office located on Uni-
versity Avenue. It is not clear what Kutt's expectations were as
to the outcome of that meeting. Armed with the board of direc-
tors' support for his new financial plan for
MCM
, he perhaps
hoped to secure a financial commitment from the guarantors
to further support the bank loan. Rea, who in an interview for
this topic described the events of the last few weeks as Kutt's
“reversed cue,” remembered vividly Kutt's preparations for the
decisive meeting with Elliot. “Mers called and said 'I'm meet-
ing with the board at … [the Borden & Elliot] lawyers' office …
I want you boys to come down, be available, if I need you for
support … I'm gonna make a play through the board [for] get-
ting the company back.' So José [Laraya] and I went down [to
Toronto] and met with him in the morning. And then he said
'I'm just going over [to Borden & Elliot].'”
Kutt entered the meeting room of Borden & Elliot. Elliot
and others were waiting for him. And then it began. “They put
