Vancouver: The restructuring of embattled multimedia player Motion Works Group was approved by shareholders June 20 in Vancouver at the company’s agm. But shareholders had little choice since there were no other options to keep the company operating.

Motion Works nearly disintegrated at the end of March after securities regulators stopped the trading of the company’s shares. According to regulators, then-chair John Hickman had failed to disclose massive losses in a Florida utility formerly under his control.

Greenlight Communications, a Toronto multimedia company, swept in to purchase the company for about $4.8 million in assets.

Under the approved restructuring, Greenlight earns 43% of Motion Works by vending Montreal-based effects company DHD PostImage and Vancouver-based cd-rom producer InMedia Software into Motion Works’ audio, video and graphics companies.

Company spokesperson Shannon Walker says Greenlight has lent $300,000 to keep Motion Works open. The $160,000 in unpaid wages to 30 laid-off employees will also be paid, she adds.

The acquisition of Toronto graphic house Dreadnaught Design won’t proceed and cd-rom joint ventures with Vancouver’s Crescent Entertainment and Victoria’s Gumboot Productions are still in limbo, she says.

Motion Works’ 25 remaining employees are working on the HarperCollins children’s cd-rom Whatley’s Quest.

The company, expects to raise $2 million from shareholders and is working on getting its listing reactivated on the vse

Motion Works’ new board is chaired by Toronto-based Don Gray, president and coo of Greenlight. Other directors are Gary Howsom, chair and ceo of Greenlight, Russell Baker, president of InMedia Software, and Richard Watson, a Toronto-based lawyer.