About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, February 5th, 5:30PM
rss
Latest Headlines

Morningstar on the brink of liquidation

Friday, November 23rd 2001, 8:55PM
Morningstar Australia chief executive Graham Rich has challenged his dismissal by the group’s US parent, Morningstar Inc, in a move that could result in Morningstar Australia being placed into provisional liquidation.

In the NSW Supreme Court equity division on Friday Rich sought to amend an interlocutory injunction, already lodged with the Court in an attempt to block his dismissal, that would allow him to stay as chief executive even though it would result in Morningstar Australia being placed into voluntary liquidation.

A report into Morningstar Australia’s finances by accounting group Ferrier Hodgson released in the Court indicated the group would fall into provisional liquidation without an urgent injection of cash.

But Morningstar Inc announced to the Court that it was willing to inject more funds into Morningstar Australia only if Rich steps down as chief executive. However, Morningstar Inc did indicate it was prepared to rescue the group while keeping Rich on its board as a director.

Presiding over the case today Justice Barrett said he would grant leave to allow the amendments to be made to Rich’s interlocutory injunction.

Rich initially lodged the injunction after claiming Morningstar Inc, as majority shareholder, had acted in an “oppressive manner” by insisting on Rich’s dismissal.

Rich’s counsel, Robert Ellicott QC, alleged today that Morningstar Inc had acted in an oppressive manner by not giving Rich his legally-required 30 days notice for dismissal.

Ellicott also alleged that Morningstar Inc orchestrated Rich’s dismissal in a “mini” directors’ meeting where Rich and a number of other directors were not present.

The Court case is continuing.


Source: Money Management
« Burglars break into leading fund manager's officeSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Investors offered new way into equities
    “Whilst I'm a fan of disruptive technologies I also believe that you get what you pay for. It will be interesting to see the...”
    4 days ago by Pragmatic
  • Advisers told: Don't gamble on forex
    “As quoted by British Economist, Ronald Coase “Statistics, when tortured enough will confess to almost everything” Over...”
    6 days ago by Pragmatic
  • Southern Cross to fund preventative treatment
    “Interesting! so join up with Southern Cross, take the test for genetic mutation and collect your $50,000 for surgery (or...”
    12 days ago by Tash
  • OCR cuts to come – but not now
    “"NZIER senior economist Christina Leung believes the RBNZ will make no changes to the OCR until December 2017 when it will...”
    12 days ago by FreedomWatchNZ
  • Lifetime income rates a drawcard
    “Murray & Traveller - thank you. Yes, there is no need to maintain minimum balance of $100k subject to unplanned withdrawals...”
    16 days ago by Ralph Stewart
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.74 4.89 5.05 5.10
ANZ Special - 4.39 4.49 -
ASB Bank 5.75 4.85 4.99 5.25
ASB Bank Special - 4.39 4.49 4.75
BankDirect 5.75 4.85 4.99 5.25
BankDirect Special - 4.39 4.49 4.75
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Special - 4.39 4.39 4.49
BNZ - Std, FlyBuys 5.79 4.85 5.09 5.25
BNZ - TotalMoney 5.79 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.25 5.15 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.75 4.85 5.05 -
Housing NZ Corp 5.74 4.85 4.99 5.10
HSBC Premier 6.10 4.25 4.49 4.99
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 4.25 4.25 -
ICBC 5.60 4.69 4.69 4.99
Kiwibank 5.65 4.85 ▼5.00 5.25
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - ▼4.39 4.49 4.85
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.35 5.20 5.40 -
NZ Home Loans 5.85 4.85 4.99 5.25
Perpetual Trust 7.70 - - -
Lender Flt 1yr 2yr 3yr
Resimac 5.59 5.24 5.29 5.39
SBS Bank 5.74 4.85 ▼4.99 ▼5.10
SBS Bank Special - 4.35 4.35 4.65
Sovereign 5.85 4.85 4.99 5.25
Sovereign Special - 4.39 4.49 4.75
The Co-operative Bank 5.70 4.39 4.49 4.75
TSB Bank 5.74 4.85 4.95 5.25
TSB Special - 4.35 4.29 4.79
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 5.85 4.85 5.05 5.10
Westpac - Capped rates - 6.15 6.15 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.85 - - -
Westpac Special - 4.39 4.39 4.65
Median 5.85 4.85 4.99 5.10

Last updated: 5 February 2016 11:32am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com