Trilogy Funds Management Limited as Responsible Entity for the Pacific First Mortgage Fund v Sullivan, Swan, Donaldson and McCormick

27 March 2014

Further to our update on 7 March 2014, the initial phase of the above-mentioned matter commenced on Monday, 10 March 2014 and was conducted over an 8-day period (Initial Hearing) before his Honour Justice Wigney in the Federal Court in Sydney.

The Initial Hearing dealt with matters relating to lending decisions made by Messrs Sullivan, Swan, Donaldson and McCormick, former directors and officers of City Pacific Ltd (Receivers and Managers Appointed) (In Liquidation) in regard to the Fund’s loan to Atkinson Gore Agricultural Pty Ltd (Receivers and Managers Appointed) (In Liquidation) (AGA).

890 documents, comprising over 9300 pages, were tendered to the court in the Initial Hearing. The issues addressed in the Initial Hearing included the conduct of Mr Sullivan and the other directors at the time of approving increases in the AGA facility and the decision process undertaken by them.

Messrs Sullivan, Swan, Donaldson and McCormick were crossed-examined by Senior Counsel. Further evidence was provided by Trilogy Fund’s expert valuer, Mr James Eden of Herron Todd White, in relation the valuation of the underlying security property.

The subsequent stage of the trial will commence in the Federal Court in Sydney on Tuesday, 15 April 2014 at 10.15 am before Justice Wigney for an expected 3 days (Subsequent Hearing). A further update will be provided on the website at the conclusion of the Subsequent Hearing.

Closing oral submissions are scheduled to be heard by the Federal Court on 2 and 3 June 2014.

Should you have any enquiries, please call Balmain Trilogy Client Services on 1800 194 500 or email contact@balmaintrilogy.com.au

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