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

A thousand people a year challenge mistakes in credit files Savers have options if they want a better return than banks can give them Health confessions from people in our most populous centres 'Health age' research spells out grim outlook for many Inquiry which found Newshub leaked interest rate decision cost taxpayers $59,000 Predicting your KiwiSaver account balance easier with new Kiwi Wealth tool Budget 2016: It's not so tough at the top while the bottom 'gets ignored' Auckland family of 10 appeals $78,000 Work and Income debt Seven ways to answer difficult job interview questions about money New Zealand's $750 billion man in London calls for compulsory saving

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