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Real estate deal gone bad: Offer to settle $323,441.53 debt for $5

DeMarco backed up the offer, placing a $5 note on the desk.
He left court with his $5.
The judge said he would consider the case further before giving his decision later in writing.
Ross Giblin/Stuff
Movie mogul Peter Jackson, and other parties, have a civil case pending against DeMarco. (File photo)
The debt came from DeMarco losing a civil case taken against him by a couple who cancelled a $1.2 million agreement in 2018 to buy his 220 square metre home in Fortification Rd, overlooking Karaka Bay, Wellington.
An anonymous tip-off alerted the buyers to look more closely at the home’s weathertightness. ....

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PwC being sued for poor advice

Photo: Supplied
However, PwC denies liability in the case which is being heard in the High Court in Wellington.
A court judgement detailed the case, in which the Brierley companies - BIL NZ Treasury, GL Management PTE, GL, and Brierley Holdings - say that between 1998 and 2018 they acted on advice from PwC on how to use historical tax losses.
The judgement noted the $1.582 billion in losses could only be used if they were offset against income generated, and the companies sought advice from PwC on the best way to hold on to the losses until that could be achieved.
Finally, they say that, during the financial year ending 30 June 2019, in circumstances which need not be described here, it became apparent that the advice that PwC had provided was wrong, and that as a result the opportunity to utilise the tax losses was lost, Associate Judge Kenneth Johnston outlined in a judgement published this week. ....

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Film-makers Jackson and Walsh in civil case against convicted fraudster

In preparation for the case due to start in July, the film-makers were mostly successful when they asked for DeMarco’s counter claims and some intended defences to be ruled out.
At DeMarco’s criminal trial he was found to have jacked up the prices of three planes made at the film-makers’ Vintage Aviator company, using his own company as a middleman in the sales so that his company pocketed the difference between the Vintage Aviator’s prices and the $2.1m the buyers paid.
One of the planes was delivered to an Auckland charity, New Zealand Warbirds Association, and the money paid for the other two planes was eventually returned to the buyers. ....

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Sir Peter Jackson and his former flyer in vintage plane dogfight

Sir Peter Jackson’s passion for vintage aircraft kept Eugene DeMarco busy for many years. (File photo)
The vintage plane company of movie moguls Peter Jackson and Fran Walsh is still trying to recover nearly $1 million from a former senior employee jailed for fraud.
But former production manager for the Vintage Aviator Ltd, Eugene DeMarco, has made his own multi-million dollar counter-claim against the company, and other parties.
In preparation for a hearing at the High Court in Wellington in July the company and other parties including Sir Peter Jackson and Dame Fran Walsh as trustees of the Film Property Trust, asked for DeMarco’s counterclaim to be struck out, and a court ruling that DeMarco has no defence to parts of their claim. ....

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