Cecil Peak ruling

Press, Volume CXV, Issue 34013, 29 November 1975, Page 2

Cecil Peak ruling

'Arw Zealand Press .4«»o< tai <>•. > INVERCARGILL, November 28. \ Supreme Court judge in Wellington has ruled in support of the American purchasers of Cecil Peak Station against the Governments opposition to the purchase.

In a judgment released in Invercargill today. Mr Justice McMullin upheld the purchase of Cecil Peak by the American firm. Alexander Dawson. Inc., from its former owner. Mr F. J. Lucas. The case was heard in the Administrative Division of the Supreme Court in Wellington on October 15 and 16. Alexander Dawson Inc. bought the station at auction after Mr Lucas wa- unable to repay the principal and interest owed under mortgages.

The company paid] i . 5340.000 to buy the station; I on April 4. from the regis-i ' 1 trar of the Supreme Court in | I Invercargill. Mr Justice McMullin said, the Court dealt only with . the freehold land known as ; the homestead block, com- I prising just over 813 acres.; ; It did not deal with the- ' ■' Crown leasehold. which; I comprises the greater parti ' of the station. 32.350 acres. I If the sale had not been approved the company; . wruld have been left with a i mortgage under which the: - principal sums would have I been owing and interest; would have been com-i pounding, his Honour said. j