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

Market watchdog's KiwiSaver warning Housing 'money pits' not worth the risk Relief for leaky-unit owners in banking scheme LVR works at first-home buyers' cost ASB to wind down FirstChoice KiwiSaver Get your feet on the property ladder The poverty trap of Gen Y NZ still in love with online shopping RBNZ in $521m currency intervention Fuel up 2 cents a litre

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