Forum Archive Index - February 2000

["Jane Hunter" <jhhunter@ts.co.nz>]

Bret

I hate to be the dog in the manger but as a litigation lawyer I wouldn't
hold my breath for any settlement at this stage.  In fact I sold my Savoy.

Any litigation will be against an insurance company even though ACC will be
named as the defendent.  The favourite tactic of insurers is to stall, stall
and stall.  The second line of defence is to tie the plaintiff up in all
sorts of expensive and time consuming steps.  Essentially they hope to wear
the plaintiff down and run them out of money.

Settlement  offers come late in the proceeding.

The other thought to bear in mind is that dead cert cases get settled before
proceedings are filed.  You only end up filing if there is something to
argue over. That means litigation risk.

Just a thought or two

Regards

Jane
-----Original Message-----
From: Brett & Leeanne Phillips <bret-lil@ihug.co.nz>
To: sharechat@sharechat.co.nz <sharechat@sharechat.co.nz>
Date: Saturday, 19 February 2000 07:55:PM
Subject: Re: [sharechat] Re: Savoy vs. ACC


>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
>
>
>---------------------------------------------------------------------------
-
>http://www.sharechat.co.nz/          New Zealand's home for market
investors
>To remove yourself from this list, please us the form at
>http://www.sharechat.co.nz/forum.html.
>


----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
To remove yourself from this list, please us the form at
http://www.sharechat.co.nz/forum.html.