By way of clarification after last nights webinar.
Notwithstanding my question last night as to why information as to the outcome of the CTP v GRR Appeal had not been released to the market, but according to the written response, that it had been released, I supply the following information.
I note that the following judgment was handed down on or about 14 December 2017 in relation to the GRR v CTP Texas matter. (Affirmed and Opinion filed December 14, 2017)
It is noted that the CTP Appeal was dismissed by the Texas.
I also note that there has been no information released to the market on the ASX by CTP informing the shareholders as to the outcome of the Appeal by CTP against GRR after the date of 14 December 2017. Please verify that statement for yourself on the ASX page.
I also note that Mr Cottee said last night on the webinar words to the effect that,
"even if an award is made against CTP in Texas, that as CTP has no assets in the USA and only has assets in Australia and that any award would be unenforceable in Australia"
I stand to be corrected but my attention has been drawn to
FOREIGN JUDGMENTS ACT 1991 - SECT 6 Application for, and effect of, registration of foreign judgments
FOREIGN JUDGMENTS ACT 1991 - SECT 6
(6) A
judgment is not to be registered if at the date of the application:
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(a) it has been wholly satisfied; or
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(b) it could not be enforced in the country of the original court.
Wit respect to the comments of Mr Cottee, I do not agree. In my opinion, (6) (b) clearly relates to the "unenforcabilty" of a judgment.
Not the "satisfaction" of a judgment. Which is what was implied by Mr Cottee.
I am also reliably informed that notwithstanding the 5 to 7 year time frame indicated by Mr Cottee last night, a more realistic time frame will be for the current Appeal against the above decision, will be heard within approx 4 months and will not succeed.
That will then return the GRR v CTP matter to the Court list for hearing.
Again I am reliably informed that may well be within 12 to 18 Months.
So the issues re the GRR matter are simply this.
1) Will the Supreme Court Appeal against the above judgment fail or succeed?
In the event it fails
2) When will the GRR matter be heard and determined?
If CTP defence fails
3) How much will CTP be ordered to pay to GRR?
5) Will the judgment be enforceable within Australia?
All of this is costing the company money !! and may well place the company in a position where it is unable to pay the judgment debt (if any) and may cause shareholders significant dilution in shareholders value .
The mind boggles
CB
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