Samuel Murray

Super fund trustee REST Nominees is the first of the Dexus bloc of APAC shareholders to challenge a finding that a default notice issued by the board of the airport operator was valid.

The forced divestiture of Dexus' stake in airport operator APAC will proceed, after a court on Friday discharged injunctions temporarily blocking the sale amid a dispute over the disclosure of confidential information.

Dexus has stood down executives, sacked its advisers and launched a review of its $7 billion infrastructure division, following last week's judgment upholding the validity of a default notice by Melbourne Airport's operator.

Dexus has lost its case over the validity of a default notice issued by Melbourne Aiport's operator, with a judge saying the real estate asset manager breached the company's confidentiality and "irrevocably undermined" its relationship with fellow shareholders.

Heads may roll after a court on Friday rejected the evidence of key Dexus employees at trial over a breach of APAC's shareholder deed, in a ruling that revealed some insiders suspected the "embarassing blunder" would come back to bite.

A judge has refused a developer's request to keep the details of a negligence suit against its former lawyers Bartier Perry under wraps, noting the potential "serious consequences" for law firms facing such claims.

A judge said Tuesday evidence in a case over the sale of a stake in Melbourne Airport's operator might justify a finding that shareholder Dexus acted unethically and immorally. But whether such a finding was relevant to the validity of a default notice at the centre of the suit is another matter.

APAC issued a default notice to Dexus' infrastructure fund manager for a purported breach of a shareholder agreement during a share sales process to "get rid of" it, a trial has heard.

Previewing Monday's closing arguments in its legal tussle with the operator of Melbourne Airport, co-owner Dexus says it won't deny a long-term model given to potential share purchasers was confidential. But here's the kicker -- the disclosure didn't run afoul of its shareholder agreement, it says.

T Corp's representative on the board of Melbourne Airport operator APAC said Thursday he voted to issue a notice of default to shareholder Dexus in part because the real estate asset manager "appeared to prefer its own interests".