This is my humble ill-informed view so take it with a grain of salt
1.
Could you please tell more about the Brett Cattle Company class action settlement sum?This is a class action progressing through Federal court (See c
ommcourts ref NSD1102/2014) The Federal Court found that the then government was wrong to close cattle trade with Indonesia and damages awarded to original applicant. As a class action, the Court asked that the industry and government mediate a settlement sum for the balance of participants. The Industry sought I think A$2bn; the government responded with A$200m; the industry responded with a claim of about A$600m. The matter is heading back to court after another round of mediation. WLD is but a participant. The company has not given any indication of its 'maybe entitlement' but I recall it supposedly was denied freight revenue of something like 40,000 head -> Indonesia.
The ABC has I think best covered the issue2. What are/could be the implications of the liquidation?I'm not a lawyer and the details provided by WLD IMO are way too scant. So I can only imagine.
Short version :
possibly Ocean Drover could be sold without any recourse by WLD.
Long version : WLD's lessor
Ruchira is well into the process of being liquidated. Ruchira's lender (UOB) supposedly has a registered charge over the Ocean Drover. On this basis, at its most basic, I understand the liquidator may have rights to (a) set aside any unprofitable contract arrangements re Ocean Drover associated ie long term bareback lease; and (b) dispose of Ocean Drover for the benefit of secured Ruchira creditors. Please be aware this is all within context of Australian law which may or may not apply to Singapore ... I have no idea as to differences. Klepec has expressed dismay and vows
"... we shall fight on the seas and oceans, we shall fight with growing confidence and growing strength in the air, we shall defend our Island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender...". There is
some Australian case law I found which suggests it would not be a fait accompli But I expect there will be any amount of 'unhelpful' case law to support the liquidator. The market I think is valuing WLD on the basis that its fleet consists only of Ocean Ute.
Only time will tell as WLD have so far revealed zot!
Have a great day
