We're one week away from the Annual General Meeting of the Citrus Products Of Belize Limited, but a judgment handed down yesterday in the Supreme Court is making bigger news than that tonight. You may recall that the Citrus Growers Association asserted that as majority shareholder it had the absolute right to nominate or terminate its five directors on the Citrus Products of Belize Board Of Directors. But when it tried to terminate three of those directors – namely, Michael Duncker, Frank Redmond and Henry Canton, the move was blocked by its own Chairman Michael Duncker. Testy and complex matters, and the dispute ended up with the CGA asking the Supreme Court to confirm that it could, and actually had technically removed Duncker.

In a closely reasoned 50 page judgment, Justice Minette Hafiz found that indeed under the investment agreement - but not the articles of association – the CGA did have the right to independently remove its five directors. But, guess what? It's too late. Justice Hafiz reasoned that with the Annual General Meeting just a week away, there was no purpose in removing them now. Hafiz advised both sides to amend the articles of association so that it is in line with the provisions of the amended investment agreement. All partiers must bear their own costs.

And with that kind of equivocal decision, predictably, both sides are claiming victory. The citrus growers association sent out a release yesterday evening declaring that quote, "This (is)...a resounding victory and vindication of the position it has held in this matter. It has the absolute right to remove and replace its directors....In the case of Dr. Henry Canton the ruling is clear that BCGAICL does not have to appoint him and did in fact remove him by letter dated 10th day of July 2009."

And while the citrus growers association says its principle has been soundly vindicated – Citrus Products of Belize Limited points to the terms of a practical victory, the fact that the judge, quote "basically refused to grant any relief bought by the claimant."

So that's where it stands, "nobody move, nobody get hurt", but that court enforced stalemate will probably only last a week until the Annual General Meeting and the directors, including Canton come up for renewal – which will likely incite a whole new wave of boardroom and courtroom jostling.