RE: Great Southern Court Hearing Update and more… The hearing has concluded and Justice Croft has reserved his decision. Justice Croft decided that he would not release his judgment before the settlement approval application was finalised. He did indicate that he may publish his reasons for Judgment after the settlement application has been concluded. Hon. Justice Croft said, “The reasons will not be published at this point in the settlement approval application process but will be published on some basis on its disposition — whether for reasons of transparency, the public interest or otherwise in the approval process or as the reasons for judgment in the trial.” David Baily our barrister submitted, on behalf of the 1100 DC Legal objectors’, that the settlement was miniscule and that the declaration that the loans be valid and enforcable went beyond the claims made in the proceedings and in the circumstances the Settlement should not be approved. ASIC appeared as a “friend of the court” and concentrated their submissions on the $20 million in legal fees charged by M+K Lawyers and whether or not those fees were fair. His Hon. Croft J has reserved his decision and we will inform you of his decision when it is handed down. It is a concern that an Intrim Judgement was handed down on 18 November 2014 (whilst we were in court) whereby it revealed that the Liquidators of the Great Southern Finance Pty Ltd (In Liquidation) are suing the former Directors including John Young and Cameron Rhodes for over $60 milion for neglecting their Directors duties in approving loans. This shows that the $3.5 million dollars offered to Group Members is miniscule to say the least. Our counsel David Bailey has raised this with Justice Croft and circulated the decision to all parties.
Posted on: Thu, 20 Nov 2014 07:10:38 +0000
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