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lydia

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Check out the second last paragraph of the Reasons, the Judge is none to happy at the Respondents for dicking people around.

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You should start a thread 

Only in Florida Australia believe it or not. 

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This April 2018 judgement makes it pretty clear the Judge is onto Mr Cayman's tactic of making the Applicant spend money to wear him down.

http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA/2018/606.html

More to the point if I was a client I'm not too sure I would be too enamoured finding out if the shit was ever to hit the fan, the local entity I had contracted is a wholy owned subsidiary of a Cayman Is shelf company having as a 50% shareholder another Cayman Is company.

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Love a good shareholder dispute, has paid for my sailing for years!

Another on my desk this morning!

But as we say in my line of work "Wind it up and let God [the liquidator] sort it out!!

 

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9 hours ago, jack_sparrow said:

This April 2018 judgement makes it pretty clear the Judge is onto Mr Cayman's tactic of making the Applicant spend money to wear him down.

http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA/2018/606.html

More to the point if I was a client I'm not too sure I would be too enamoured finding out if the shit was ever to hit the fan, the local entity I had contracted is a wholy owned subsidiary of a Cayman Is shelf company having as a 50% shareholder another Cayman Is company.

So it was a pay dispute, from US$20K to $10K per month?

Geez, there mustn't be much profit in boat building, the latter is pretty cheap for a guy with that level of talent. He still has 25% sure, but that's only as good as he last three years profit. 

 

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1 hour ago, shaggybaxter said:

So it was a pay dispute, from US$20K to $10K per month?

Geez, there mustn't be much profit in boat building, the latter is pretty cheap for a guy with that level of talent.

 

Sorry Shaggy a wages dispute is not really the nub of it, noting that is USD$20K or AU$330k pa before dividends plus or minus which is pretty healthy and as a PAYG employee he has a right to and had a claim under Fair Work Act which it appears may have been dropped as the payee is Cayman Is registered?

That monthly/annual draw aside his shareholding as at time of the partnership in 2014 or only 4 years ago was valued by all the parties at $2m by way of the Shareholders Agreement. That represents his 17 years of net value brought to the table in 2014 and is inclusive of his share paid to John McConaghy in 2000 or 14 years previous for a half share.

The current owners who until last year held 75% now look to be wanting to have 100% without paying for that 25% and are attempting to airbrush out the founding third owner. Their website today says it all and I quote.

"McConaghy is privately owned by Mark Evans and Tiger Group Investments the group has no debt, and owns all of its equipment. The company currently employs 200+ staff and operates from facilities in Australia, China and Hong Kong."

Lydia the lawyer who has probably forgotten more than I know says:

10 hours ago, lydia said:

But as we say in my line of work "Wind it up and let God [the liquidator] sort it out!!

It is certainly not in Liquidator territory at this juncture as liquidty does not appear to be an issue and furthermore the Applicant to current proceedings has to chase both M2 a Cayman's registered entity and it's wholly owned Aust subsidiary somehow. Good luck with that just now.

It appears to this simple soul this is a well travelled shareholder dispute path where one minority shipwright partner exiting last year (now making Grand Banks in Asia I think as a employee) wanting his 17 years of money back plus or minus as per the Shareholders Agreement and that is being stymied by the remaining shareholders. The other minority shipwright partner with no capital is working his guts out in China trying to stay alive and possibly the unwillinging meat in the sandwich.

Then there is the majority shareholder, the marine finance spiff clearly wanting a free carry to in essence take over majority control by stealth. A partner by the way who claims to be one of the world's largest container shipping players but hiding behind a Cayman Is registered shelf company (having so vague an address serving  it notice got screwed up) with day  to day traffic directed out of Hong Kong and clearly playing silly buggers with the Aust Federal Court.

A David and Goliath stoush where the outcome could well see an iconic 50 year old player in the Australian sailboat industry exiting forever if this goes to shit.

That would be tragic.

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So , it's yet again money and greed destroying something really special.

I hate what money does. Poisoned chalice. Bring back caves and fireplaces and bartering with woolly mammoth spare ribs.

Edit: Sorry Lydia, not trying to do you out of a job mate. Some cunt, probably Welsh, would even try and pass faux sabre toothed tiger molars even then I'm sure.

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We also wind up companies and appoint liquidators to perfect solvent companies where there is deadlock between shareholders so that the for instance the management is moribund or oppression of minority shareholder.

In other words place the management in the hands of an independent person until everyone comes to their senses.

God I love ego!!

Quite common to wind up a “quasi partnership” where everyone is fighting.

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23 minutes ago, lydia said:

Quite common to wind up a “quasi partnership” where everyone is fighting.

Lydia how do you wind up a 100% controlling/ownership entity and one that is paying the bills, appears solvent and when they are registered in the Caymans and then without it costing more than you are owed?? That seems to be just pointing an unloaded gun.

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On 10/11/2018 at 1:22 AM, jack_sparrow said:

"...maritime finance wizz..."

 

Does that mean he can make a small fortune out of a large fortune faster than most?

Sorry, something about those three words together just jumped out this morning. 

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Another one, very sad.

Unfortunately good or visionary boat builders are by nature often not great businessmen.  Our heritage is littered with them unfortunately, the ones who did best were often family businesses.

Not too different to what's happening around us really, mass production for the masses, getting better stuff for the mobile and bespoke for the bespoken.

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