16 Apr 2008
JACOBSEN VENUE MANAGEMENT NEW ZEALAND LIMITED AND ORS V WORLDWIDE NZ LLC AND ORS CA CA285/06
- Citation
- openlaw-72e51ccc_c0ff_420b_ae08_8052b2ef81b0.pdf
- Court
- Court of Appeal
The trust deed is to be construed as requiring the transaction to occur at fair market value; the deed does not give QPAM as trustee a unilateral power to fix the consideration in circumstances of a deemed disposal such that QPAM may determine price without procedural safeguards; accordingly the fair market value is to be assessed if necessary by the court (or by an agreed/arbitral mechanism), and QPAM and the Jacobsen applicants were not entitled to summary judgment or strike-out on the construction point.