Delegat may give up fight

RICHARD MEADOWS
Last updated 05:00 20/12/2012
Fairfax Media
Delegat's Group CEO Jim Delegat

Relevant offers

Money

Janine Starks: Here's how to achieve financial freedom Rob Stock: Learning from obese woman's tragic insurance mistake Health Star rating system 'may mislead shoppers' NZ Mint seals $60m export deal to China Ticks, stars and 'no's: What do food labels mean? Use crowd power for better electricity deal Expensive meal plans not needed for weight loss: Nutritionist The expensive mistakes made by NZ's amateur landlords We love Kiwi-owned banks, Consumer NZ survey shows How to put a financial windfall to good use

Wine entrepreneur Jim Delegat is likely to abandon his fight to salvage more than $1 million he paid toward a luxury yacht that was never completed.

The winery mogul commissioned a 70-foot (21-metre) motor yacht from Salthouse Marine (SML) shortly before the boatbuilding firm collapsed in 2010. Delegat's business trust and an SML subsidiary took former Salthouse Marine director Chris Norman to court, alleging he had breached his director's duties to creditors.

Now, Delegat's efforts to claw back the money appear to have come to an end after a High Court judgment found Norman did not breach his duties.

Despite several other nautical mishaps, Delegat said he had not lost his enthusiasm for ocean racing, which "is a challenge that still fascinates me".

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content