The struggling ASX-listed driller, Boart Longyear, heads back to the Supreme Court this week to get the court's stamp of approval for its latest recapitalisation plan.
The plan is to stiff investors – again – and hand most of the equity to its debt holders – again – in an attempt to stave off collapse – again.Â
![Elisabeth and Anthony Maurici sued for $37,000 for the castration of their precious dog Arnold Legal Beagle.](http://web.archive.org./web/20170822033616im_/https://www.fairfaxstatic.com.au/content/dam/images/g/w/n/h/w/9/image.related.articleLeadwide.620x349.gx03v9.png/1498995027713.jpg)
One of its bondholders, First Pacific, lobbed another grenade last week in its latest attempt to head off the scheme, but CBD was more interested in another recent attempt to torpedo the deal by a shareholder.
Sydney businessman, Anthony Maurici, who accounts for 2.8 per cent of Boart Longyear's soon-to-be annihilated shareholder base, took legal action to stop a vote on the scheme last month. And failed.Â
![Virgin boss John Borghetti lost his likely successor last week when his deputy, John Thomas, was considered the wrong fit.](http://web.archive.org./web/20170822033616im_/https://www.fairfaxstatic.com.au/content/dam/images/g/m/l/5/w/b/image.related.articleLeadwide.620x349.gx03v9.png/1498995027713.jpg)
It was a rare defeat for Maurici, who has had some notable legal victories in his time. This includes a landmark victory in 2005 over how the NSW Valuer-General values properties for land tax purposes.
But it might not rank as highly for Maurici as the victory which came the prior year when he took on a vet who mistakenly castrated the Maurici family pet dog, Arnold Legal Beagle, in December 1991.Â
According to reports from the time, Maurici and his wife boarded Arnie at the vet in 1991 while they welcomed in the New Year.     Â
A verbal mix up, combined with Arnie's lively behaviour and barking, led the vet to believe the dog was in to be "fixed".Â
![Qantas boss Alan Joyce and Jetstar boss Jane Hrdlicka.](http://web.archive.org./web/20170822033616im_/https://www.fairfaxstatic.com.au/content/dam/images/g/i/t/z/t/1/image.related.articleLeadwide.620x349.gx03v9.png/1498995027713.jpg)
"I was devastated ... I didn't castrate Arnold for fun," the vet told the court in 2004.Â
The Maurici family were claiming more than $37,000 in damages, including $20,000 in vexation and distress.Â
Maurici, who had separated from his wife at the time of the case told the court: "I visit my children once a week or once a fortnight and see Arnie and look and feel sadness and anger as though a member of my family has been violated."Â
The family were awarded $3450 by the court, including $3000 for vexation and stress.Â
"I don't feel that we have been reinstated to our position before the vet did that to Arnie," Maurici said after the decision.Â
60-year-old Virgin
Virgin Australia boss, John Massimo Borghetti, is on the wrong side of 60, so it wasn't a great time to lose his likely successor last week when his deputy, John Thomas, was considered the wrong fit.
So where to from here? Would the cluster of global airlines that control Virgin's share register stomach the idea of its budget airline boss, Tigerair's Rob Sharp, moving up a slot in succession planning?Â
Borghetti could always poach from his former employer, Qantas, given the sprightly Alan Joyce is in no hurry to hit the departure gate.
He has so much in common with Jetstar boss, Jayne Hrdlicka, if she feels like upgrading to a full service airline.Â
They could catch up over a drink and talk about how close they both came to getting the top job at Woolworths before the grocer's chairman Gordon Cairns settled on Brad Banducci.Â
Stoking the fireÂ
Seven Group Holdings was forced to lodge a change of substantial shareholder notice in BC Iron on Friday evening which raised its "interest" from 26 per cent to just under 28 per cent.
Some pesky associate by the name of Wroxby Pty Ltd had picked up more than seven million shares last week. The company is controlled by someone called Kerry Stokes if that rings any bells at Seven Group.
Apparently he is a real pro when it comes to creeping takeovers, although most of his experience is with media assets like the Seven Network and the company formerly known as West Australian Newspapers. Â Â Â Â
Powering downÂ
Another CBD tale has had a happier ending.
Investors in ASX-listed tech incubator, Powerhouse Ventures, will be delighted to know they no longer have to go to the expense of holding a meeting at Sydney's Radisson Blu this month just to eject their short-lived former chairman, Blair Bryant, from the board.Â
Blair, who apparently ticked the wrong box when asked on the recruitment form about whether he had ever been bankrupt, resigned on Friday effective immediately, the company said in a statement to the ASX.Â
"Today Mr Bryant resigned from his position of director at Powerhouse," said Powerhouse chairman – Aussie tech veteran Russell Yardley. "This came after the Powerhouse board called a shareholders meeting to discuss his removal. We can now advise shareholders that that meeting has been cancelled."
If Yardley manages to hang on to the chair until November he will have served a longer term than his three predecessors combined.Â
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
0 comments
New User? Sign up