Papers ‘abused position’

Press, 11 December 1976, Page 2

Papers ‘abused position’

“The Press” and the “Christchurch Star” had abused their position as creditors of H. P. Holt, Ltd, builder, by publishing details of decisions circulated by creditors of the company, Mr A. D. Holland, counsel for the building firm, said in the Supreme Court yesterday. Before the Court were applications to adjourn again petitions to wind up the Chateau Commodore Hotel group of companies and H. P. Holt, Ltd. Mr Justice Roper adjourned all actions to February 4, after counsel for the Merbank Corporation, Mr A. Hearn, said that there was a 90 per cent chance that a settlement would be reached 3y then. It is more than a year since the actions first came.

! before the Court, This was [ the tenth adjournment. Mr Holland said that apparently the Christchurch newspapers felt it was necessary to inform the public 'fully and frankly before the iCourt itself had been told. (Evidently the newspapers; ■ felt it was their right to’ [publish such information, ’but in doing so they abused [their position as creditors. ' The actions depend on the; outcome of negotiations to [sell the three Chateau Com-' modore hotels to the Nauru [Phosphate Royalties Trust. I Mr Hearn said that he had applied for the adjournment! with the consent of al] pari ties involved. A decision re- [ garding the future of the hotels should be made byDecember 20. While that re-’ mained a possibility, it was ’ hardly necessary for legal! proceedings to go ahead. ■