Forum Archive Index - February 2000

["Brett & Leeanne Phillips" <bret-lil@ihug.co.nz>]

Osbert,

Thanks for the Savoy info. The Star Times Business section has a short
article basically reporting the same details you have posted.

Apparently Savoy intends to file the law suit by the end of March, claiming
wrongful termination of the contract to build the Britomart centre.(along
with some other issues?)

The article goes on to report that, 'financier Salomom Smith Barney and
developer Britomart Investments had missed three deadlines over a 2 and half
month period to agree to terms of resource consents.

Lawyers warned the council breach of contract would cost between
$100m-$300m, but said there was no breach.

Auckland mayor Christine Fletcher says the council believed Savoy had broken
a clear contract and had acted on the best legal advice. She does not
believe rate payers have been exposed.'(end of article)

I agree that an out of court settlement is the most likely scenario,
hopefully we will get some more details over the next few weeks.

Regards Bret


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