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by Mike Caswell

Destiny Media Technologies Inc., in response to a lawsuit it faces from Richard Angus Bruce McDonald's Noramco Capital Corp., blames Noramco for an 11-year campaign to aggressively manipulate its stock downward. According to Destiny, Mr. McDonald took a naked short position in 2000 as he was negotiating a private placement with Destiny, and in the ensuing 11 years has continued to exert downward pressure on the stock. The company says his actions have prevented it from raising money and developing its business.

The accusations come after Noramco sued Destiny in the Supreme Court of British Columbia on Nov. 8, 2011, over an 11-year-old private placement. In the brief suit, Mr. McDonald had asked for the return of $100,000 (U.S.) that he provided the company in August, 2000. He said he had planned to subscribe to a private placement, but the company failed to deliver a share certificate. He asked for the return of the money, with interest and court costs.

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