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Former Equity Financial Holdings executives have joined forces with Stephen Griggs, the former executive director of the Canadian Coalition for Good Governance.
Former Equity Financial Holdings executives have joined forces with Stephen Griggs, the former executive director of the Canadian Coalition for Good Governance.
(Gloria Nieto/The Globe and Mail)

Subprime lender the target of nasty proxy fight

Bay Street’s latest proxy fight reads like a revenge play.

In October, Nick Kyprianou and Darryl Ivan, former executives at subprime lender Equity Financial Holdings Inc., were let go.

Just a few weeks later the two men, who own shares of the company, came roaring back and launched a proxy fight. Their mission: Throw out seven of Equity’s nine board members and reinstall themselves on the management team as chief executive officer and chief risk officer, respectively.