Reserved decisions can take a while, so I guess it's back to the waiting game. Will this be the last case in relation to DeMarco? is anyone aware of any others in the pipeline?
To Jackson one of the more egregious acts was a “secret tour” DeMarco conducted of The Vintage Aviator premises in Kilbirnie, Wellington, which Jackson considered private and would never have approved, Scott said.
And to think I wanted so very badly to go on that tour.
But the Official Assignee’s lawyer, Gareth Neil, admitted in court to having no idea how to go about selling a vintage plane. “Turners don't do auctions for them,” he said.
Wulff’s grip on the Kittyhawk seems secure after a hearing in the High Court at Wellington on Tuesday, although Justice Christine Grice is yet to make her formal ruling. ... As it emerged that Jackson and Wulff had both been victims of DeMarco, Jackson decided as a matter of fairness not to re-register the security over the plane, removing a possible impediment to Wulff’s claim The lawyer for the Jackson side of the case, Bruce Scott told Justice Grice on Tuesday that Jackson’s decision had also been practical because he had security over the Corsair which should be more than enough to cover up to $1.6m said to be owed as part of DeMarco’s debt to Jackson and related entities. It seemed the Kittyhawk was subject to a heritage order that prevented it being taken out of New Zealand, the judge was told. ... The Official Assignee’s lawyer, Gareth Neil said it was accepted the Kittyhawk was Wulff’s. However, under Wulff’s agreement with DeMarco if the plane was sold the excess over Wulff’s original US$500,000 investment would be split between him and DeMarco
So presumably (and hopefully) the Corsair will become Peter's property out of all this... and we will see both it and the Kittyhawk back in the air soon.
'Property' is such a vague concept . The amount owed isn't well defined (yet), and the valuation of a rare expensive object that is subject to export restrictions is difficult. Might end up with something like the P-40, where if it is sold for more than $X then the surplus goes to other creditors.
A specialist pilot convicted of defrauding filmmaker Sir Peter Jackson has failed to have his bankruptcy suspended pending an appeal. ... In a decision issued on Tuesday the court refused, for reasons that included that some assets and property needed to be investigated and secured, if necessary.
They included real estate in New York and Florida, a Ferrari car in New York, and a plane in New Zealand that might be in the process of being transferred to a company in the United Kingdom, the court was told.
DeMarco’s appeal against the bankruptcy order can continue. However, the court noted an earlier appeal against the damages award that laid the foundation for the bankruptcy, was treated as having been abandoned in June because he did not comply with the procedural steps to have a hearing. Jackson, Walsh, and others have civil proceedings pending against DeMarco.