Gadens

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".

Institutional asset manager IFM Investor was ready to sweep up Dexus' shares in Melbourne Airport operator APAC under a forced sale process triggered by a default notice for alleged confidentiality breaches, a court heard Tuesday.

The chair of airport operator APAC has admitted redacting advice from Herbert Smith Freehills Kramer to remove a suggested remedy for major shareholder Dexus' alleged breach of confidentiality, but denies she misled the board.

The court battle between APAC and major shareholder Dexus over the sale of an investor's stake in the airport operator went to a hearing this week, but it's the solicitors representing the warring parties that found themselves on trial.

A judge has threatened to vacate the trial in Dexus’ case against Melbourne Airport operator APAC after all the defendants tried to file documents late, suggesting the lawyers may be hit with personal costs orders.

Questioning of the first witness in Dexus' case against Melbourne Airport's operator was an hour in when trial was halted by the judge, who complained of flying by the seat of his pants, documentary evidence-wise.

The High Court has dismissed Sunshine Loans' second attempt to have a judge recuse himself from a penalty hearing in ASIC’s case against the payday lender, despite his criticism of a witness due to give further evidence.