Besieged rural land investor Michael King has been given another reprieve from the pecuniary abattoir amid delays in a deal meant to save his bacon.
A $17.6 million Boddington farm deal involving a son of billionaire heiress Angela Bennett was due to have settled on Friday, but Mr King claimed in the Federal Magistrates Court yesterday it could take up to 17 days for completion.
The deal is crucial to Mr King fending off a bankruptcy action by a private company of Maddeliene Caratti, the matriach of an earthmoving and property empire that spreads from Esperance to the Mid West.
The Caratti family, including Mr Caratti's son John and grandson Michael, have been involved in moves to recover more than $300,000 allegedly owing under a loan deal.
In addition to trying to bankrupt Mr King, the Carattis also cried foul to police about his alleged dealings with a BMW X5 put up as loan security and he is facing the Perth Magistrates' Court on April 15 accused of fraudulently disposing of mortgaged property.
In fighting the Federal bankruptcy push, Mr King has presented evidence that a company controlled by Grant Bennett has agreed to buy Boddingon farmland owned by Boddington farmers Richard and Janet Kelsall. The Kelsalls apparently agreed to sell their property to a company called Strategic Investment and Trading, which had agreed to on-sell to Mr Bennett's company.
Mr King has claimed Strategic would be paying him a $3.5 million cut, something that would allow him to pay out Mrs Caratti.
Federal Magistrates Court registrar Martin Jan adjourned the case a fortnight ago and told Mr King to file affidavits supporting his defence.
Despite filing affidavits from Mr Kelsall and Strategic director Robert Carlhausen, Mr King has not given the court copies of the alleged contract between the Kelsalls and Strategic.
Mr Jan said yesterday that without the documents, affidavits filed by Mr King "did not mean a thing".
The registrar told Mr King he should be getting legal advice.
He adjourned the case to March 11 and said Mr King would have to put up detailed affidavits if he wanted the matter adjourned again.Mrs Caratti's lawyer Francois Carles said Mr King had put up unsatisfactory affidavits that failed to annexe documents.
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