(Sharecast News) - Investment firm Clear Leisure has been denied an appeal by the Ivrea Court against its previous decision to refuse assignment of land owned by now-defunct Italian outfit Mediapolis to the company.Clear Leisure filed an appeal against the decision of the Court back in October to refuse handover of 497,884 square metres of land owned by Mediapolis to the firm, requesting the Judge suspend the outcome of a planned auction as a precautionary measure and, as a principal matter, assign the land to the company or order a new auction.The AIM-listed group, which held an unsecured creditor position of €8.21m in Mediapolis, now has 60 days to challenge the decision by filing an appeal to High Court. The board intends to consult with its Italian legal advisers to decide an appropriate course of action.Chairman and chief executive Francesco Gardin, said: "The board is extremely disappointed with the court's decision and, once we have taken advice from our Italian legal advisers, we will update shareholders on the company's future action with regards to Mediapolis."As of 1400 GMT, Clear Leisure shares had dropped 4.38% to 0.66p.
