Fight over City Pacific First Mortgage Fund continues
The battle between City Pacific and Balmain Trilogy over the management of the City Pacific First Mortgage Fund continues in the Queensland Federal Court today.
Balmain Trilogy is attempting to have City Pacific ousted as the responsible entity of the embattled First Mortgage Fund at a meeting in Brisbane this Thursday, but the incumbent manager has been successful in securing a Federal Court hearing today to seek an injunction.
This is the first time such a takeover for a fund that is still in operation has been staged, and as such the playing field, and the law surrounding it, is not clear cut.
But the directors of Balmain Trilogy remain confident the meeting will go ahead, and say they continue to receive a flow of votes in their favour on a daily basis. The deadline for lodging proxy votes regarding the proposed changes is today.
More to come
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