SAAQclic: Judge Denis Gallant refuses to grant participant status to Karl Malenfant
Judge Denis Gallant, who is leading the inquiry into the SAAQclic fiasco, refused on Thursday to grant participant status to Karl Malenfant.
The former vice-president of information technology at Quebec's auto insurance board (SAAQ) had requested to be a participant on June 18.
In his decision handed down on Thursday, Gallant stressed that Malenfant does not need such status as he will be invited to testify before the inquiry at the end of the summer.
Participant status would have allowed Malenfant to cross-examine witnesses, as SAAQ lawyers have been doing since the beginning of the proceedings.
The SAAQclic fiasco is expected to cost taxpayers at least $1.1 billion by 2027, according to calculations by the Auditor General of Quebec.
Malenfant, whose name is constantly mentioned at the commission, laments facing a 'significant reputational risk.'
This report by The Canadian Press was first published in French July 3, 2025.
By Caroline Plante, The Canadian Press
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Article content Expresses Concern that the Transaction Price of $16.50 Per Share Significantly Undervalues TaskUs Article content Contends the Deal Appears to Be the Result of a Flawed Process that Benefits the Company's Controlling Stockholders at the Expense of Minority Stockholders Article content Article content Stockholders Deserve Fair Value, Which Murchinson Believes to Be At Least $19.00 Per Share Article content TORONTO — Murchinson Ltd. (collectively with the funds it advises and/or sub-advises, 'Murchinson' or 'we'), a stockholder of the Class A common stock of TaskUs, Inc. (Nasdaq: TASK) ('TaskUs' or the 'Company'), today issued an open letter to fellow stockholders regarding its opposition to the Company's proposed 'going-private' transaction (the 'Transaction') with an affiliate of Blackstone Inc., the Company's controlling stockholder, TaskUs Co-Founder and CEO Bryce Maddock and TaskUs Co-Founder and President Jaspar Weir (collectively, the 'Buyer Group'). Article content August 12, 2025 Article content Dear Fellow Stockholders, Article content We are writing to you today to express our concern over the Buyer Group's proposed take-private transaction announced by TaskUs on May 9, 2025. Following our own analysis and review of the Company's proxy statement, filed with the SEC on August 8, 2025 (the 'Proxy Statement'), we believe there are two key troubling aspects of the Transaction that stockholders should be aware of before voting on the Transaction at the special meeting of stockholders to be held on September 10, 2025 (the 'Special Meeting'): Article content The Transaction price of $16.50 per share drastically undervalues TaskUs, its future earnings power and growth trajectory. The Transaction appears to be the result of a flawed process, including a fairness opinion influenced by conflicts of interest. 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Article content Further, the notion that the pivot to AI cannot be executed as a public company is undermined by the Proxy Statement itself. In forming the fairness opinion, an important factor was ' advancements in AI and increased adoption of AI by the Company's competitors.' This not only affirms that the pivot to AI is indeed possible for public companies in TaskUs' industry but also indicates that TaskUs would not fare any worse than its competitors who are already pursuing the same strategy. Article content In closing, TaskUs is not a distressed business and should therefore not be selling itself at a discount to its base case valuation. The Company is on track to significantly exceed its FY2025 Adjusted EBITDA guidance. 1 As such, selling a company with TaskUs' operational performance, cash flow and growth trajectory for less than 7.0x EV/2025E EBITDA, which is well below the Company's three-year trading average of ~8.0x, is unacceptable. 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Murchinson undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation. Article content Disclaimer Article content The information contained or referenced herein is for information purposes only in order to provide the views of Murchinson and the matters which Murchinson believes to be of concern to stockholders described herein. The information is not tailored to specific investment objectives, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of Murchinson, whose opinions may change at any time and which are based on analyses of Murchinson and its advisors. 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