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IMF & Hillcrest litigating for Wright Prospecting in Pilbara


Australian Law firms IMF and Hillcrest Litigation Services are poised to go head to head in a battle over a $150 million-plus slice of one of WA's biggest family fortunes. Hillcrest has agreed to fund Mr Julian Wright in his claim for a one third share of Wright Prospecting, which houses the iron ore fortune left by his father Late Mr Peter, the business partner of the late mining magnate Mr Lang Hancock.

IMF is already backing Julian Wright's children Mr Timothy and Ms Natalie, in a separate action against Wright Prospecting, currently owned by Julian's siblings Mr Michael Wright and Ms Angela Bennett

At issue is a company stake worth more than $150 million plus a share in an annual royalty stream worth more than $35 million a year that flows to Wright Prospecting and Gina Rinehart's Hancock Prospecting from the Pilbara iron ore reserves identified by the Hancock-Wright prospecting team. Most of the royalties come from Rio Tinto's Hamersley Iron. Wright Prospecting is owned equally by Ms Bennett and Michael Wright, but Julian Wright and his brother and sister once had a one-third share each.