A nine month court battle between failed Internet service, eisa and its former boss, Damien Brady has finally been resolved after eisa administrator, Ferrier Hodgson dropped its claims against Brady last week.
Accusations of "misappropriating" $233,000 worth of company funds forced Brady to resign last July. eisa's board commenced civil proceedings to recoup the funds and froze Brady's assets in August.
Yesterday in the NSW Supreme Court, Justice Kim Santow ratified the settlement and agreed to undo the asset freeze. This includes Ferrier Hodgson releasing its claim on Brady's racing motorcycles which have been at the heart of the controversy.
Brady is said to be considering legal action against eisa directors, Evan Rees, Jim Sloman and company secretary, Chris Glover. However, Rees told press he is standing by his allegations against Brady citing "indisputable evidence which remains on record."
Brady says the whole case has been about placing blame on a suitable scapegoat. Eisa crumpled in the midst of an ambitious $235 million take-over of competitor, Ozemail, and while its remaining assets were sold to Austar last year creditors have only received 16 cents in the dollar to date.
The terms of the settlement are confidential but Brady will be forced to pay his own legal costs which are said to be in the region of $150,000.