Court Report: Woolly business
Hamish McNicol discusses the latest court stories on NBR Radio and on demand on MyNBR Radio.
Click the NBR Radio box for on-demand special feature audio: Hamish McNicol discusses the latest court stories
Godfrey Hirst has managed to delay its arch-rival carpet manufacturer’s acquisition of a wool scouring business until it can appeal the Commerce Commission's decision approving the merger.
It will not have to provide any undertaking for damages, despite Cavalier Wool Holdings’ argument the stay will cause it “substantial” and “irreparable” loss.
Last month, the commission approved the merger between Cavalier Wool Holdings, 50%-owned by NZX-listed Cavalier Corporation [NZX: CAV], and New Zealand Wool Services International’s wool scouring business.
Cavalier’s arch-rival in carpet manufacturing, Godfrey Hirst, last week applied to continue a stay on the merger until its substantive appeal can be heard, which Cavalier opposed.
Cavalier went on to contend Godfrey Hirst should have to underwrite damages resulting from the delay, but Justice Murray Gilbert disagreed.
NBR court reporter Hamish McNicol discusses the case.
Two other court stories worth noting this week include the dismissal of a high-profile lawyer’s appeal against being censured for making “offensive and scurrilous remarks,” as well as the mysterious restraint of more than $34 million linked to a “well-known, Auckland-based restaurant chain.”
Mr McNicol talks about both the lawyer, John Revans Eichelbaum, and why the restaurant’s assets have been seized.
If you are travelling by Air New Zealand this week, remember Koru Lounge wi-fi provides you with FREE access to NBR ONLINE premium content.
NBR Radio
Thu, 10 Dec 2015
Thu, 10 Dec 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Court Report: Woolly business
54223