SHAREMARKET bottom-feeder David Tweed has bowed out of a courtroom battle with an elderly widow.
Mr Tweed was due to front the Melbourne Magistrates Court yesterday morning in a bid to collect about $35,000 from 77-year-old Mornington resident Annelott Gerandt.
But despite being set down for a 10-hour hearing, Mr Tweed did not appear after the case was settled on the courtroom steps.
In court papers, Mr Tweed alleged Ms Gerandt had agreed to sell him her units in the Colonial First State Mortgage Income Fund for half their face value.
Ms Gerandt fought back through her lawyer, Steve Harris of Maurice Blackburn, saying she signed a transfer form sent out by Mr Tweed only because she believed it was from Colonial.
In a defence filed with the court, Ms Gerandt said she thought Colonial required her to provide her pension fund number, when in fact Mr Tweed was seeking the account number associated with her holding in the mortgage fund.
Authorities have moved to restrict Mr Tweed's ability to prey on investors in managed funds, with the New South Wales Supreme Court last year ruling that fund manager Perpetual did not have to register transfers to him without first double-checking that its clients really meant to sign over their investments.