Empire said it will now exercise its rights under the mortgage and security documents to appoint a receiver to Brimstone's interest in the 60:40 Penny's Find JV "and other means available to it to recover approximately $1 million from Brimstone".
Brimstone's directors are Paul Williams and Peter McDonald.
They are also among of group of shareholders trying to turf the Empire board comprising Lee Christensen, David Sargeant and Adrian Jessup, and replacing them with Stephen Allen, Chris Banasik and Brett Fraser.
Whether the failure of Brimstone's appeal - which also saw costs awarded against the unlisted-Brimstone - will now see the boardroom battle dissipate remains to be seen.
The board incumbents evidently believe this could be the case.