Delegat may give up fight

Fairfax Media

Delegat's Group CEO Jim Delegat

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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".

- © Fairfax NZ News