Andrew Bell, SC, for Mr Gordon’s Birketu and Ten’s regional affiliate, WIN Corporation – which is majority owned by Mr Gordon – rejected claims Birketu was a “disappointed underbidder”.
Birketu was a “disappointed overbidder” and the administrators should put its proposal to creditors for a vote, Dr Bell told the court on Tuesday.
He said KordaMentha’s statements backing CBS’s proposal had had the effect of “poisoning” Ten employees against the bid by Birketu and Illyria because they suggested the court case was “putting at risk the certainty provided to 750 employees … under the CBS transaction”.
An unusual secondary creditors’ report, released on Monday, revealed the Birketu-Illyria bid was $3 million higher than the bid by…
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