Imry board tries to oust Stolzenberg as chairman
Barclays Bank, which is owed pounds 440m by Imry, is understood to be working closely with other members of the board to secure Mr Stolzenberg's departure.
Among the options under discussion is a management buyout with Mr Stolzenberg releasing his shares in the company. The negotiations are being led directly by Andrew Buxton, Barclays' chief executive and chairman designate, and Martin Myers, Imry's founder and managing director.
Two months ago, Mr Stolzenberg's Canada-based Castor Holdings collapsed with debts of Cdollars 1.8bn (pounds 800m). Dozens of banks, institutions and wealthy individuals across Europe and North America, including the giant Chrysler Canada pension fund, had loaned money to Castor, which then invested in a maze of businesses around the world.
Since then creditors and financial investigators have been trying to unravel his empire. Barclays and Imry's management are concerned that unless they act soon, the company may be dragged down with Castor.
Last year, the slump in the UK commercial property market saw Barclays double its exposure to the company by granting a pounds 200m loan, and the seizure of control by Mr Stolzenberg. His co-investors were bought out for a fraction of their original investment.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Why I'm on the brink of burning my Israeli passport
- 2 War is war: Why I stand with Israel
- 3 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 4 World Cup 2014: Robin van Persie appears to give his bronze medal to eccentric Netherlands fan moments after being handed it by Sepp Blatter
- 5 Iraq crisis: How Saudi Arabia helped Isis take over the north of the country
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Death in the Valley of the Dolls: Heroin overdose turns the spotlight on prostitution boom in California's tech industry
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Woman, 61, jailed for seven years after drink-drive death of cyclist
Gaza-Israel conflict: Pro-Palestinian demonstrators take to streets of London, Paris and New York in wave of protests
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...