Hall Chadwick’s Richard Albarran. Why would a prominent insolvency practitioner with an eye for value threaten to sell an operational charter vessel for peanuts? That’s one of the questions the operators of Kimberley Pearl Tours Pty Ltd (KPT) posed earlier this year when they went to the Federal Court to challenge various aspects of their arrangements with their lender Blackbird Private Equity Pty Ltd, the…
McGrathNicol partner Shaun Fraser. It would have topped off a very successful winding up if Shaun Fraser and Jonathan Henry could’ve binned an inconveniently airtight royalty agreement attaching to the operations of the Tahmoor Coal mine. But it wasn’t to be. Last Friday a judge of the NSW Supreme Court refused the Tahmoor Coal Pty Ltd (Tahmoor) liquidators’ application for a declaration that they would…
Grant Thornton’s Said Jahani. The 168 eligible shareholders of Grant Thornton Australia Limited (GTAL) might be generally fixated on the windfall coming via their global parent’s offer to buy them out, but that doesn’t mean the proposed scheme of arrangement (Scheme) denies them the chance to gripe. “This scheme is out of the ordinary in several respects, in that it involves a company operating a…
HM Advisory’s Cameron Gray. The US directors of Mawson Infrastructure Group Inc (MIGI) have been denied leave to set aside the W Capital Advisors DoCA and ordered to pay their opponents’ costs. Given they’ve yet to provide MIGI’s Australian liquidator with the company’s books and records despite having 18 months to do so, the process of recovering those costs might yet provide further grist for…
HM Advisory’s Cameron Gray. After being told that he and not the court would need to decide whether the winding up of Mawson Infrastructure Group Inc (MIGI) should continue Cameron Gray has chosen the option least likely to provoke MIGI’s American interests into a nuclear response. The renewables option if you will. Facing contempt proceedings in the US and a hostile board that’s impugned the…
HM Advisory’s Cameron Gray. Perhaps the US interests condemning Cameron Gray’s conduct as liquidator of Nasdaq-listed Mawson Infrastructure Group Inc (MIGI) think the distance between jurisdictions means their allegations need to be extreme to carry any weight after travelling so far. “Mawson alleges that the debts have been created in some breach of fiduciary duty and that Mr Gray was effectively complicit in this behaviour,…
Olvera Advisors’ Neil Cussen. Olvera Advisors’ Tony Wright. According to documents filed in the NSW Supreme Court Neil Cussen and Tony Wright will be expecting a judge to find them without sin when their application for validation of their appointments as voluntary administrators (VA) of Ark Capital Partners (ACP) comes before the court later today. With money short and the next Ark employee wages bill…
Cor Cordis partner Kate Conneely. Cor Cordis partner Rahul Goyal. Cor Cordis duo Rahul Goyal and Kate Conneely wanted out. They couldn’t locate the asset. Their funder was happy for them to go. All that was required was a judge prepared to approve their final remuneration and ahem, disbursements. What they got was Ashley Black. The scrupulously correct Corporations List judge at the NSW Supreme…
Hall Chadwick’s new UK practice head Deviesh Raikundalia. Six months ago Richard Albarran was in New York to ring the bell on the NASDAQ listing of Hall Chadwick Acquisition Corp, a vehicle purportedly established to invest in the US-led bid to wrest from the Chinese communists control of the strategic minerals supply chain. Last week Albarran and Hall Chadwick majority shareholder Drew Townsend brought into…
Worrells Nathan Deppeler. Worrells Scott Andersen. If liquidators put up half-hearted opposition to an application was there any point opposing it at all? Nathan Deppeler and Scott Andersen either thought so or were persuaded by their lawyers to offer only modest resistance in respect of an application by an interested party wanting to be heard on their application for judicial directions. The Worrells pair are…