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Cattle empire on ropes - QC's debt-ridden properties branded 'unsellable'

Aug 30, 2009 (The Australian - ABIX via COMTEX) -- By Richard Gluyas

James Elliott SC for Allan Myers QC has told the Supreme Court of Victoria of the financial status of his client's DPC Tipperary business. The cattle properties group is said to have liabilities of above $A170m, meaning that Myers is highly unlikely find a buyer at the current price of $A145m he is seeking. A transaction proposed earlier in the year with Australian Agricultural Company was voted down by that entity's investors. The court case is between Myers and two former managers who were dismissed in late 2007.

Publication Date: 31 August 2009 

DPC TIPPERARY PTY LTD
AUSTRALIAN AGRICULTURAL COMPANY LIMITED - ASX AAC
SUPREME COURT OF VICTORIA
RACING VICTORIA LIMITED
AUSTRALIAN TAXATION OFFICE

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Related terms: agricultural, australia, business, debt, south carolina, supreme court

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