Beachside Mansion Standoff: Prime Capital's Property Battle Intensifies
The final confrontation is approaching in Prime Capital's determined effort to take control of failed developer Ricky Hirsch's luxury beachside properties - and it's shaping up to be quite literally a fight.
Hirsch reportedly departed for Dubai after his company FTD Construction collapsed in early 2024, leaving behind creditor claims totaling $16 million. The collapse resulted in two adjacent luxury properties on West Coast Drive sitting empty with a defaulted loan looming over them.
Prime Capital successfully secured a Supreme Court order in July granting them possession of both properties, but the execution hasn't proceeded as smoothly as anticipated.
Unexpected Resistance from Former Fighter
A new legal claim filed this week with the State's highest court reveals Prime Capital continues struggling to obtain keys to the second property from its current resident.
The situation has become complicated by the presence of a former mixed martial arts fighter occupying the premises - a modest residence featuring four bedrooms, four carports and a swimming pool.
The fighter, once described as an "assassin by trade" who reportedly "spent many years causing mayhem on filthy streets," presents an unusual challenge for the financial institution.
Adding to the drama, observers have noted signs citing Commonwealth criminal code provisions for self-defence and trespass displayed outside the property. This development suggests the process server attempting to deliver legal documents might encounter more excitement than typically expected in such situations.
Bazzo and Caratti Legal Saga Continues
Just when it appeared the Supreme Court might have finally resolved longstanding disputes between lender Reliance Capital and borrowers Allen Caratti and Tina Bazzo, new complications have emerged.
Reliance recently achieved a legal victory when Justice Michael Lundberg ruled that Bazzo and Caratti had defaulted on loans used for property developments in Hocking and Anketell.
Reliance has now filed a bankruptcy claim against Caratti seeking nearly $17 million, similar to a corporate statutory demand. However, this effort may face delays as Caratti intends to appeal Justice Lundberg's ruling, which would postpone any further action on the debt collection.
The original ruling contained particularly harsh assessments, with Justice Lundberg declaring "Caratti was an unsatisfactory and unreliable witness" and treating his evidence with caution.
AGM Season Closes with Sock Saga
The annual general meeting season has concluded, marking the end of another year where senior citizens flock to conference rooms across Perth's inner suburbs to enjoy complimentary food and merchandise.
The final week of November's AGM bonanza delivered memorable moments, particularly at Liontown Resources' gathering in the Parmelia Hilton, where an incident involving branded socks captured attention.
The lithium miner had placed pairs of socks featuring their logo on every chair in the venue. However, with shareholders permitted to participate online for the first time, the room that typically fills with Tim Goyder supporters was only half occupied.
One elderly gentleman capitalized on the reduced attendance after the meeting concluded, while other attendees focused on complimentary lukewarm sausage rolls in the foyer. The man slipped back into the meeting room and collected at least half a dozen pairs of socks, effectively completing his Christmas shopping in one bold move.
Interestingly, our own observer also departed the CBD building with several pairs while wearing Evolution Mining branded socks, demonstrating that those in glass houses shouldn't throw stones.
The Liontown socks packaging featured the slogan "this year we've made some giant steps." Observers now wonder if CEO Tony Ottaviano might need to distribute underwear next year should the lithium market experience further difficulties.
Bowen Faces Criticism Over Climate Role
Energy Minister Chris Bowen found himself at the centre of controversy this week following his appointment as president of negotiations ahead of the COP-31 climate summit in Turkey next year.
Bowen faced widespread criticism with commentators labeling him a "part-time minister" and "Boeing Bowen." The criticism appears somewhat contradictory given that many of these same voices previously argued Australia's emissions reduction strategy should focus on persuading larger nations to reduce carbon emissions before implementing local measures.
This international advocacy role appears precisely what critics had previously advocated, yet now that Bowen has accepted the challenge, he faces significant backlash. Despite the criticism, credit must be given for stepping up to this important global responsibility.
