Binalong Fails
In 1994, Binalong went into liquidation owing Partnership Pacific $18.5 million with Westpac taking possession of the marina as mortgagee. The marina was at this time valued at up to $1.35 million although this would later be revised to $4.5 million in September 1997. Following protracted negotiations, in September 1997 Westpac sold the marina to Kebaro Pty Ltd, a family trust belonging to the Chapmans for $50,000 with a further $1.3 million to follow at a later date. As part of the transaction, the liquidator of Binalong agreed to assign Binalong's causes of action to Mr and Mrs Chapman who would then pay a percentage of any damages recovered in court to the liquidators. In regards to the financial losses the Chapmans believed had resulted from the heritage applications, the Chapmans claimed financial losses of $16.58 million based on the difference between what the Chapmans paid Westpac and what they claimed the completed marina would have sold for had the bridge been built prior to 1994. In 2001 this court action failed.
Read more about this topic: Hindmarsh Island Bridge Controversy
Famous quotes containing the word fails:
“That hour in the life of a man when first the help of humanity fails him, and he learns that in his obscurity and indigence humanity holds him a dog and no man: that hour is a hard one, but not the hardest. There is still another hour which follows, when he learns that in his infinite comparative minuteness and abjectness, the gods do likewise despise him, and own him not of their clan.”
—Herman Melville (1819–1891)