IN BRIEF

LITIGATION An Australian catering company that sued US-based Kellogg Brown & Root for more than $US27 million over the termination of a contract to supply US troops in southern Iraq has struck a deal to settle the case. Documents filed this week in a court in Virginia confirm that Morris Corporation, owned by Brisbane-based Rob McVicker, and KBR have reached an out-of-court settlement. Terms were not revealed.

By InvestSMART · 8 Mar 2012

By InvestSMART ·
8 Mar 2012

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UNDERTAKING Former Trio Capital chairman John Godfrey has entered into an enforceable undertaking with the Australian Prudential Regulation Authority. He will not act as a trustee or as a responsible officer that is a trustee, investment manager or custodian of an APRA-regulated superannuation entity without obtaining written consent. Mr Godfrey is the sixth Trio director to give an enforceable undertaking. Investors lost $125 million as managers spirited funds from the British Virgin Islands to Hong Kong.

PROGRAMMING Quickflix signed content licence agreements with BBC Worldwide and MGM studios this week, expanding its catalogue of content available through internet streaming. BBC television shows would be available from late March, while content from MGM would be available within weeks.

FIRES Settlement of the Beechworth bushfire class action will cost SP Ausnet up to $19.71 million, with agreement reached to pay 40 per cent of the claimed losses plus 5 per cent interest, up to a cap of $32.85 million. SP Ausnet's share of the settlement is 27 per cent, up to a cap of $19.71 million. The agreement has been reached with no admission of liability and is subject to court approval.

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Frequently Asked Questions about this Article…

What was the dispute between Morris Corporation and KBR (Kellogg Brown & Root)?

The article says Morris Corporation sued US-based KBR for more than US$27 million after a contract to supply US troops in southern Iraq was terminated. Court documents filed in Virginia confirm the two parties have reached an out-of-court settlement, though the terms were not disclosed.

Has the Morris Corporation–KBR settlement revealed how much investors might be affected?

No. The report confirms an out‑of‑court settlement was reached, but it states the settlement terms were not revealed. That means any financial impact on Morris Corporation or KBR hasn’t been disclosed in the article.

What enforceable undertaking did former Trio Capital chairman John Godfrey enter with APRA?

John Godfrey entered an enforceable undertaking with the Australian Prudential Regulation Authority (APRA) that prevents him from acting as a trustee or as a responsible officer (including trustee, investment manager or custodian) of an APRA‑regulated superannuation entity unless he first obtains APRA’s written consent.

How does John Godfrey’s APRA undertaking relate to losses at Trio Capital?

The article notes Mr Godfrey is the sixth Trio director to give an enforceable undertaking. It also reports that investors lost $125 million after managers moved funds from the British Virgin Islands to Hong Kong — context showing regulatory action followed significant investor losses at Trio.

What content deals did Quickflix sign and with which studios?

Quickflix signed content licence agreements with BBC Worldwide and MGM studios to expand its catalogue for internet streaming. The article says BBC television shows would be available from late March and MGM content would follow within weeks.

When will Quickflix customers see BBC and MGM content available for streaming?

According to the article, BBC television shows were scheduled to be available from late March, and content from MGM was expected to be available within weeks of the announcement.

What is the Beechworth bushfire class action settlement and how does it affect SP Ausnet?

The class action settlement relating to the Beechworth bushfire requires defendants to pay 40% of the claimed losses plus 5% interest, subject to an overall cap of $32.85 million. SP Ausnet’s share of that settlement is 27%, which means its maximum liability under the deal is capped at $19.71 million. The agreement was reached with no admission of liability and is subject to court approval.

Does the Beechworth settlement mean SP Ausnet admitted liability?

No. The article states the agreement was reached with no admission of liability. It also notes the settlement remains subject to court approval.