I've had a read of the judgement, and AGS have clearly lost this one, plus "The Appellant pay the costs of the First and Second Respondents." Together with their own legal costs, obviously the lawyers are the only winners here. Does anyone have any est of total legal costs to date on these issues? In my opinion AGS and their advisors appear to have made some bad decisions pursuing this, and quite likely the M & DC will suffer the same fate. Lot of time, money, and goodwill lost here, and the bad blood now between the joint venture partners will not likely be resolved. Unless some major changes of management or decision makers? Not a good outlook going forward, such a shame from such a promising looking future around 2007 when AGS was $2.30++ ...
And 3.5 hours after judgement, no announcement to ASX, (I would have thoughtb this is pretty important news for investors) and web site only says "On Tuesday, 12 March, 2013 ACE’s appeal was dismissed with costs
awarded to Quasar and Heathgate."
Read the judgement here... http://www.austlii.edu.au/au/cases/cth/FCAFC/2013/29.html
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