The Auckland High Court has granted the founders of Voyager New Zealand a charge over the company's shares after the Australian company which bought it from them failed to make payment.
John O'Hara and Alistair Stevens sold their shareholding in the ISP Voyager New Zealand to Australian ISP OzEmail in May 1997.
O'Hara says OzEmail reneged on making payment and the case went to trial in the Auckland High Court in August.
OzEmail claimed that the valuation of Voyager by Deloitte Touche Tohmatsu was inaccurate.
O'Hara and Stevens were awarded the full amount sought — more than $1 million, according to O'Hara — including costs and interests from OzEmail, but OzEmail again failed to make payment. O'Hara and Stevens have now obtained a charging order nisi over the company's shares.
"Once the charging order has been made absolute we intend to sell OzEmail's shares in Voyager to recoup the amount owing to us," says Stevens.
A hearing to make the order absolute is scheduled for October 9 in the Auckland High Court.