Hadid to appeal the decision
SYDNEY — The carcass of now-defunct satcaster Australis Media’s Galaxy TV reached out from the grave on Christmas Eve, when Australia’s Federal Court threw out an A$500 million ($322.5 million) lawsuit by Albert Hadid against Gerry Lenfest’s Lenfest Communications, among others.
Hadid, who had won Australia’s satellite licenses and then sold them to Lenfest who then sold them to Australis in 1993, filed suit against Lenfest, Bain Capital Markets and Australis, seeking compensatory and exemplary damages, alleging deceit, conspiracy and break of fiduciary duty.
During the 10-month trial, Australis went bankrupt.
Handing down a 500-page judgment, the justice ruled that Hadid must pay court costs, which reportedly run up to millions of dollars. Hadid said he would appeal the decision.