The 24% shareholder in Pike River, NZ Oil & Gas designated $9 Million from insurance proceeds to be paid to unsecured creditors and contractors and paid $500,000 to a relief fund. None of this they were legally obligated to do (and one of the 76% shareholders contributed anything... Still, a local judge argues there is some obligation for that minority shareholder to pay the damages she levied against what she knew was an insolvent mining company. Do we train our District Court judges well enough in companies law? What a cruel misleading of the families, raising hopes of a payment that the judge knew would never be made.
Posted on: Thu, 11 Jul 2013 07:28:37 +0000
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