Now that the court ruling has been published and we have some facts - my assumptions in the previous posts were completely incorrect!!!
Also, Forget the USB stick and serving of documents!!!!!
From the judgement:On 2 March 2020 Primero served a purported payment claim under s 13 of the Act for the sum of$85,751,118(ex-GST).
On 10 March 2020 Wärtsilä served Primero with a payment schedule pursuant to s 14 of the Act assessing the value of the works claimed in the payment claim at $6,402,905.37 (ex-GST), without prejudice to Wärtsilä’s contention that there was no available reference date to support the payment claim.
A write off of $79M($50M of the $79M on the books)
Somehow i dont think Wartsil will just hand over $79M without a bitter fight.
I wonder if this impacts on any banking covenants?
