The executives were voted off the board on the same day Impact decided to cancel its takeover by Inperium Inc.
The executives, George Contos and John Loyack, filed their lawsuit in the Philadelphia Court of Common Pleas on Jan. 7, alleging that their termination from Impact’s board on Dec. 30 violated Impact’s bylaws. The bylaws say the board can remove a director “for cause,” but did not give examples of appropriate reasons.
Contos and Loyack had joined the Impact board in August, when Impact accepted a $1 million line of credit from Inperium and reached a preliminary agreement to be acquired by the fast-growing human services nonprofit, whichOrphans’ Court handles certain legal matters involving nonprofits.
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