‘Thou shalt not covert thy neighbours goods’
Disappointed, frustrated and very, very jealous .... a good 14 months down the road, the old mistress Venus has decided to roll the dice towards a great big pot of gold.
Venus is clearly a very scorned goddess of love, but she may have inadvertently stirred up the type of hornets nest that proves impossible to run from in the future.
My broker speculates that Venus adopted this untimely writ strategy to try and bully SPX into settling off some small percentage of PW, only to then make life much more difficult until the PW ores were all treated through their decommissioned Youanmi plant.
His opinion was that both parties should plan to waste roughly $1 million + each in legal fees, but Venus will likely end up aced ...
He made some interesting points
Inside a Supreme Court Hearing the onus of proof lies totally at the feet of VMC, and not the defendants.
Firstly, Venus will need to provide physical proof/evidence of a CA or formal corporate mandate with DJC that had been executed at some time/date prior to Venus ever having shared detailed in confidence types of information.
Assuming that is established, Venus would then need to provide the evidence, beyond any question of doubt, that DJC in their capacity as corporate advisors had breached their commercial confidence.If those 2 points aren’t established early into a hearing, then the case will be a dead duck (a ‘frivolous’ court action) with a tsunami of damages claims to follow.
Potential damages
Step into DJC shoes .... If there was never any breach of confidentiality, DJC directors and shareholders must pursue VMC for the significant commercial/reputation damages done to their firm by the writ and the media reporting ....SPX will chase refund of their legal costs and we could expect some of the larger SPX shareholders to co-ordinate and fund class actions for all the other damage inflicted (potentially measured in the 10’s of millions).
Venus directors, in my opinion, are unlikely to be rewarded in this current life by launching such an action against thy neighbour.
Now having so fundamentally broken that 9th Commandment, the Venus directors are also much less likely to be rewarded deep down in the place they should expect to be heading in their next life as well.
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