Rubicon judgment appealed

By Nick Stride

Friday 28th March 2003

US hedge fund Perry Corporation will today ask the High Court for a stay of execution on the effective $8 million fine imposed by Justice Judith Potter.

Perry has filed an appeal against the March 14 judgment in which Justice Potter ordered it to forfeit 12 million Rubicon shares, worth $8 million.

Perry was also ordered to sell a further 24 million shares within six months and lost voting rights for all its shares.

Any Rubicon dividend it becomes entitled to in the meantime will be distributed pro rata to the company's other shareholders. The judgment found Perry had breached the Securities Act.

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