This article is from the Australian Property Journal archive
MACARTHURCOOK Property Securities Fund has launched legal action against RFML for $15 million plus additional fees of $2.82 million.
RFML is the responsible entity of the RP Trust (formerly Reed Property Trust) and was acquired by Pelorus Property Group in June 2009.
RFML yesterday disputed the alleged debt and said it intends to fully defend any court proceedings commenced against it.
The alleged debt relates to an investment in the RP Trust by MPS made prior to Pelorus’ acquisition of RFML and the change of control of MacarthurCook. Pelorus was aware of these matters at the time of its acquisition of RFML.
Meanwhile Pelorus said when it acquired RFML, it did not assume nor guarantee any of RFML’s prior actual, contingent or alleged obligations and, if they exist, does not regard them as a financial risk to Pelorus.
Australian Property Journal
