Dustin Dryden pays to settle case against Gama Aviation
Dustin Dryden and business jet company Gama Aviation have settled a court case in the English High Court with Dryden handing over cash and assets. The amount paid has not been disclosed.
Dryden founded Hangar8 and floated it on the London Stock Exchange’s Alternative Investment Market (AIM) in 2014. Gama Aviation acquired Hangar8 through a reverse takeover in 2015 and Dryden left Gama Aviation nine months after the merger.
After he left the company, Gama Aviation claimed that Dryden owed the company several thousand pounds. Dryden, in turn, claimed that Gama Aviation owed him up £6.1 million. In July 2017 a judge ruled that both cases should be heard together. The trial – which was scheduled to last two weeks – started last week in the High Court.
“Under the terms of the agreement, which is in full and final settlement of the current court proceedings between the parties, the Dryden Parties undertake to withdraw their various damages claims against the Company, and to transfer value to the Company by a cash payment and transfer of certain assets; and the Company undertakes to withdraw its debt recovery claims against the Dryden Parties,” said Gama Aviation in a regulatory statement.
The case was settled after witnesses for Dryden had been heard but before witnesses for Gama Aviation were called. Dryden was cross-examined for several days.
As part of the settlement both parties agreed to a confidentiality provision and officials at Gama Aviation refused to comment on the case.
Gama Aviation had already told investors that it was confident of winning the case and that it had, therefore, not made any provision for loss. The statement added: “The terms of the agreement with the Dryden Parties supports the Board’s previously announced expectation that once all outstanding litigation is settled, the result will be a net cash inflow to the Company.”