BRITAIN'S Cooperative Wholesale Society (CWS) got strong support in its action against predator, Mr Andrew Regan, and his backers yesterday.
A judge extended an injunction on the use of confidential CWS information and awarded costs.
Mr Regan's ambitious plan to convert the mutually owned 153 year old supermarkets to funeral parlours group into a limited company and sell off some of its businesses collapsed on Thursday after the Co-op refused to countenance his proposals and a City backer withdrew its financing for the £1.2 billion bid.
Mr Justice Lightman said the case, in which Mr Regan was fed CWS documents by CWS director, Mr Allan Green, on which to mount his bid, represented a "gross, wilful and, disgraceful breach of confidence".
He awarded punitive "indemnity" costs - described by one legal source as the highest level available - against Mr Regan, his business associate, Mr David Lyons, suspended CWS director, Mr Green, Mr Regan's companies, Lanica Trust, and specially formed bidding vehicle, Galileo.
Mr Christopher Clarke QC, the lawyer representing the CWS, said Mr Green had passed on papers, including CWS profit forecasts, the board budget and the board's defence plan to 1997 to Mr Regan and Mr Lyons.
He said copies of some of the documents had been passed on to Galileo's City adviser, British merchant bank, Hambros and a long list of other organisations.
The list included, retailer, Sainsbury; Nomura; property consultant, Healey and Baker; Leucadia National Corp; UBS; SocGen; Goldman Sachs; J.P. Morgan; HSBC Investment Bank; Lloyds Bank; Lloyds Bank Registrars; Bankers Trust; Avon Wick Ltd; accountancy firm, Price Waterhouse, and Hillier Parker.
