PNC obtained judgements from the court against former directors Geremy Thomas and Nigel Etherington for £281,750, plus interest since August 2004 worth £66,000. Separately, it received a further judgement against Etherington for £108,000.
Further costs are recoverable from Thomas, estimated to be £30,000, and Etherington, estimated to be £140,000.
PNC shareholders claimed a shortfall of £940,000 appeared in its accounts after Thomas and Etherington, along with another former director Jeff Pack, resigned in 2004. Pack repaid money last year.
Thomas, the brother of TMTI founder Crispin Thomas and president of TMTI Canada, told Mobile News: PNC made five claims against me. They lost on four counts.
The fifth related to monies received by Nigel Etherington, not me. I will pay as I was deemed to be joint and severally liable, as I was a director when certain change of control agreements were made.
I am seeking to recover these monies from Etherington LLP, the law firm that advised me on the transaction.
PNC shareholder Joe Case said: Its been a long time. I asked Geremy Thomas to pay the money back, and now he has done.