City Pacific/Balmain Trilogy must bear own legal costs in fund fight
The court overseeing the legal battle between Balmain Trilogy and City Pacific for control of the First Mortgage Fund has ruled that City Pacific can only charge to the fund the legal costs that have been incurred up until June 25, and any further legal costs that have been incurred beyond that date must be borne by the company itself.
June 25 was the date of a shareholder meeting held by Balmain Trilogy to oust City Pacific as the responsible entity of the fund.
Trilogy executive chairman Rodger Bacon told Money Management that he could only speculate if the case would continue for longer. However, the only thing that gave them heart was the judge’s stated opinion that the matter should be resolved quickly to avoid leaving the shareholders in limbo, he said.
Balmain Trilogy is bearing its own costs, Bacon said.
Balmain Trilogy joint chief executive Andrew Griffin has said that he assumes that City Pacific wants to continue charging fees well beyond what Balmain Trilogy has agreed to and use the fund’s assets to pay for litigation.
Recommended for you
The FAAA is set to launch an initiative next week to boost adviser numbers, offering support for Professional Year candidates and their supervisors.
Advice licensee Centrepoint Alliance could be more open to a proportional takeover bid after shareholders rejected a special resolution around takeover provisions.
Global private markets firm Partners Group has appointed a client solutions manager to strengthen its service offering across Australia’s southern states.
An aging profession and impending adviser exodus are fuelling a shift in the advice practice landscape, according to Adviser Ratings’ latest report, while internal restructuring prompts adviser redistribution.
