Buy Right Deal Ends up in High Court
THE VEHICLE DEALER’S NEWS SOURCE MONTHLY MAGAZINE OF AUTOTALK.CO.NZ – VOLUME 10 | ISSUE 6 | JULY 2019 Confidence for the road ahead. VIA likely to need budget extension he board of VIA is making progress on funding and its Tbudgets - though is likely to need an extension to the time-frame it was given at the recent AGM. Buy Right deal ends up At the meeting, the board was given two months to present a bal- anced budget and funding options in High Court to the membership. It is looking to stave off he former owner of Buy Right the earn-out deal. insolvency - caused Cars is adamant he does not want That earn-out deal is now at the by a loss of revenue Tthe business back. heart of legal proceedings, with a case channels and deficit Brandon Orlandini sold the eight- set down for the High Court next year. budgets. yard business to Turners in 2016, part of It focuses on his claims that Turners North Island chair Turners’ expansion into a more retail fo- forced him out of the business, and ran Graeme Macdonald cused business. Earlier this year Turners it in a way that was against the earn- Graeme says work has pro- Macdonald dropped the Buy Right Cars brand and out deal in the sales agreement. gressed, though not replaced it with its own. For its part, Turners is steadfast that it as fast as they would have hoped. The deal was for a notional sum has done nothing wrong. “We are in the final process of of $15.3 million plus inventory, which In court, Justice Anne Hinton asked finalising the working group that will included $22m in vehicles.
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