It isn't a big step from litigation funding to baby food – not if you're a struggling ASX-listed litigator.
Perth-based Hillcrest Litigation never really recovered from the loss of a high-profile case that dragged in our PM, Malcolm Turnbull.
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Peter Bond: Queensland 'closed for business'
Linc Energy founder Peter Bond says Queensland is "closed for business" as his company moves into liquidation. Vision courtesy The Business, ABC News 24.
"The case was always unmeritorious, brought in the hope that I would pay the plaintiff and his litigation funder money to which they were not entitled in order to avoid trial," said Turnbull at the time.
So now the company is serving as a back-door listing for The Infant Food Holding Co Pty Ltd – and will change its name to Bubs Australia Ltd at next month's AGM if all goes well.
Bubs is a Sydney company that offers certified organic toddler snacks and has also cornered the market for goat milk formula.
About 40 per cent of sales are overseas, but there is only a modest mention of the Chinese market in the documents, which is probably just as well given the tummy upsets at Bega Cheese and Blackmores at the moment.
Let's hope Hillcrest has better luck with its latest corporate reincarnation. It made its last jump – from mining to litigation – just as the resource boom was kicking in.
Bubs' executive team includes co-founder, Anthony Gualdi, who was the man behind Shakespeare Pies – a decidedly non-organic treat that would not normally be fed to infants.
But he is not the only successful business name backing the float. If all goes to plan, Ellerston Capital will emerge as one of the largest investors with a 13.7 per cent stake.
Ellerston no longer functions as the Packer family's private investment vehicle, but James Packer still holds a 25 per cent stake in the mothership which is run by a close family associate, Ashok Jacob.
Don't worry they are not exactly betting the farm on this venture which will be worth just shy of $24 million when it hits the market just before Christmas. Which is not bad considering it generated revenue of just $1.8 million last year and made a loss of $363,000.
Chain Linc
There are some big dates coming up on the calendar for former rich lister and Linc Energy founder, Peter Bond.
This Saturday, November 26, his Brisbane bolthole goes up for auction – as he prepares to decamp from Australia and find a home where his talents are truly appreciated.
"Why did I bother? If you told me at the start I wouldn't have bothered. Ten years of my life and $200 million I could have thrown elsewhere, you idiots," Bond said in an interview in May.
"They think entrepreneurs grow on trees. Go and find them. I get asked every week to invest in projects in Queensland and I'm not doing any of them. I'm based here now but I'm moving. I'm done."
Keep in mind that this auction – a four-bedroom, three-bathroom, stunning, architect-designed home on 12,600 square metres – is just the taster.
The real trophy home is the one next door that Bond bought for $9.5 million in 2008 and is for sale by expressions of interest that close December 2.
"This awe-inspiring estate on the edge of the Brisbane River in one of the city's most prestigious enclaves is exceptional in every possible way," said the agents of this seven-bedroom nine-bathroom pile.
Bond won't be left twiddling his thumbs between the two sale processes, he will probably be engrossed in that small matter of the charges that have been brought against Bond and other senior Linc executives with indictable offences of failing to ensure Linc Energy complied with the Environmental Protection Act.
They are all expected to appear at the Dalby Magistrates Court on November 29. Penalties for individuals convicted of these offences can be up to five years' jail.
And the charges might not end there.
"Queensland's Environment Department is continuing its formal investigation into the activities of Linc Energy and it's possible more charges could be laid," said the state's Environment Minister Steven Miles.
Got a tip? ckruger@fairfaxmedia.com.au