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

Robbing Mr Whippy was a poor risk/reward choice How Pricemaker makes shopping easier Perpetual Guardian buys Mai Chen's Bucket List Muslim woman turns to financial institutions for Islam-friendly mortgages Average Auckland first-home buyer likely to spend over half income on mortgage repayments Canstar names top value rewards credit cards Government targets property investors for increased tax scrutiny Auckland house sales in April at 10-year high - Barfoot & Thompson IRD in 'cashies' crackdown Online electricity retailer offers customers free power

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