The facts of this case are so fantastic as to strain credulity but they are true. In October 2007 Dr Wallman was a recently divorced, middle-aged obstetrician and gynaecologist with adult children. He approached an introduction agency on the Gold Coast known as Hearts United (the third defendant) seeking love and companionship. On 4 November 2007 he signed an agreement with Hearts United the terms of which seem somewhat one-sided. For a consideration of $200,000 Hearts United promised to provide Dr Wallman, during a three year period, with a personal relationship consultant who would provide him with introductions. The only other services promised were "photo-viewing services" and an "escape package" to the Gold Coast.
CORPORATIONS – oppression – majority ordered to purchase shares – value of shares – date of valuation – valuation methodology – fairness – business value – share value – future maintainable earnings – non-business liabilities – arm’s length price a third party purchaser would pay for shares – value of net tangible assets as cross-check.
CONTRACT – short-term loan with high interest rate – higher interest rate payable on default – loan in default – whether interest rate a penalty – whether requirement of loan contract interest rate unconscionable conduct – remedy – Trade Practices Act 1974, ss. 51AB, 51AC and 87. -