bmg litigation update, page-31

Court of appeal judgement released today.

"THE COURT ORDERS THAT:

1. The appeal be dismissed.
2. The appellants pay the first respondent’s costs of the appeal.
3. The stay granted by Robertson J on 27 February 2012 and extended by Robertson J on 19 March 2012 and 13 April 2012 be dissolved."

Therefore, BMG will be wound up which based on announcements and past judgements is a default clause in the JV agreement along with not paying $25M by 15 May.

I think we can now put this chapter of CAP behind us and look forward to see who the new JV will be. I hope this will be worked out quickly but realistically will probably take some weeks possibly a couple of months for all agreements to be transferred from the liquidator and/or new JV agreement entered into.