Blue Chip investors head to Supreme Court
Blue Chip investors get to fight another day.
The Supreme Court has given a group of Blue Chip investors leave to challenge a March Court of Appeal decision which was found against them.
In March, the appeal court ruled against Blue Chip investors trying to cancel agreements to buy apartments in Auckland.
The case related to investors who, as part of their investments with Blue Chip, signed unconditional agreements to buy apartments in three developments in Auckland.
Paul Dale, the lawyer representing the investors, has told media that various financial packages which were part of agreements for sale and purchase for a number of apartment developments breach the Securities Act. Mr Dale says this argument has failed in the High Court and the Court of Appeal but the Supreme Court has now granted them leave to be heard, but not gone as far as allowing an appeal at this stage, Radio NZ reported.
No hearing date has been set.
Hundreds of investors suffered substantial losses when Blue Chip collapsed in February 2008. Managing director Mark Bryers was bankrupted in October 2009, owing creditors $230 million.
NBR staff
Wed, 07 Sep 2011
Wed, 07 Sep 2011
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Blue Chip investors head to Supreme Court
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