duknweev on ii12 Mar 2019 23:38
Top post in the last couple of minutes from duknweev on ii
"Nothing like getting home to read some good news, interspersed with the usual drivel from our resident girl guide.
Its good to read that the interim junction has been lifted and the argument provided is quite detailed, specifically highlighting Hopes team and their approach combined with economy of the facts. They would have known what they were doing was a calculated risk which was unlikely to succeed and the judge was clearly damning in his delivery towards their weak submission combined with over-enthusiasm.
However, counsel at this level comes with a price, circa £10k per day. Given at least 2 for each team and then the support staff I would estimate Hopes legal team probably cost getting close to £20k per day. They were il prepared so given the benefit of doubt lets say 28 days work, including court appearances, legal preparation, research, consultation and without prejudice discussion will be running close to £0.5M.
The loss of the interim junction and the award of costs against him will likely increase that by half as much again, so Hope is very likely looking at £1M in legal fees before this is resolved, whether he wins or not. That will focus the mind somewhat and depending how strong he feels his argument is now will determine the direction.
It has already been highlighted in the summing up that Hope does not really have a strong position, despite the ‘bionic’ reference which is more a matter of concern than approval and given his fiduciary position he is treading a very careful line, required to act in the best interests of the company whilst wanting to be first in line for payout and enforcing that where he can.
Clearly, the only sensible way forward is an out of court settlement as per the judges commentary and from the summation its apparent that is whats happening, via without prejudice discussions. Experience demonstrates this process takes time, but as is becoming clear, that process is now well underway so its only a waiting game to see the end result."
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