Sydney Aquarium Group V. Sydney Skytour Ltd

Sydney Skytour Limited sold a large entertainment business to the Sydney Aquarium Group. Sydney Aquarium Group subsequently sold their assets, including selling Sydney Skytour to Merlin Entertainment out of the U.K. Sydney Aquarium Group sued Sydney Skytour for breach of contract, breach of fiduciary duty, and breach of construction duties.

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Galactic purchased the entire claim in 2009 and ultimately settled in 2013 for AU$4,890,556 plus costs following a verdict in Galactic’s favor. The aggregate investment (including legal fees) was $1.3 million. As the defendants, Galactic had no exposure for security for costs and countersued.