Tyrion Holdings V. Infrastructure NZ Ltd

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Tyrion Holdings V. Infrastructure NZ Ltd

Sometime Hells Pizza franchise holder Matt Blomfield failed in his state for problems against former business affiliate Paul Claydon on the winding down of their joint venture company, Infrastructure NZ. Mr Blomfield claims Mr Claydon stole company contracts; Mr Claydon promises Mr Blomfield misappropriated company money. A fraught relationship between your two was laid out in four times evidence before the High Court. Infrastructure NZ Ltd was creating in 2005 to undertake the subdivision and reading work.

20,000, he said. This was disputed. Mr Blomfield said his contribution was to be ‘sweat equity’. An initial project at Mangawhai north of Auckland stalled when the creator ran out of money. Work on an alternative task at Massey collapsed without payment forthcoming. Their contracting business was restructured. 600,000 was lent as working capital, heavy machinery major, and purchased municipality contracts secured.

Evidence was presented with of Mr Blomfield struggling personal financial problems. 70,000 from the ongoing company bank account without preceding mention of Mr Claydon. 30,000 were taken, again without Mr Claydon’s agreement. 99,000 check intended for Infrastructure NZ, converting it to his own use. The lender reimbursed Infrastructure NZ. As their method of trading deteriorated, Mr Claydon was hatching programs by mid-2008, without Mr Blomfield’s knowledge, to start another contracting business.

Over the following a year, Mr Claydon got Infrastructure NZ default on its machinery leases, and then negotiated a replacement unit leases along with his new infrastructure company. The courtroom was informed by one of the heavy vehicles went missing from a Raglan construction site. Mr Blomfield later admitted participation. The truck was recovered almost a year later, damaged said Mr Claydon. Through all this, Mr Claydon guaranteed Infrastructure NZ’s existing contracts were completed, some at a financial loss, he said. New banking accommodation needed to be arranged when Infrastructure’s bank or investment company froze facilities because of dissension between the two.

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Mr Blomfield sued for problems alleging Mr Claydon’s actions in overtaking company contracts and its own heavy equipment damaged his fifty % shareholding in Infrastructure NZ. Justice Courtney dismissed this claim. Mr Blomfield’s shareholding in Infrastructure was through an organization he then managed: Tyrion Holdings Ltd. Tyrion had become a shareholder in November 2008. This is four months after Mr Claydon began moving Infrastructure NZ assets across to his new company. Tyrion became shareholder as alternative to another Blomfield shareholder company that was in financial difficulty; Mr Blomfield did not want to see his Infrastructure NZ investment in danger. Justice Courtney said Mr Blomfield could not say Tyrion experienced suffered any reduction because of Mr Claydon’s activities. It bought in at a price and at a time when Mr Blomfield was aware of Infrastructure NZ’s budget and Mr Claydon’s strategy of winding down Infrastructure NZ towards his new company.

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