INABATA SANGYO (HK) LTD v. SUPERIOR PRECISION AND OTHERS

HCA 1086/2008

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO. 1086 OF 2008

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D E C I S I O N

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1.  The application by the 4^th defendant for the adjournment is refused.

2.  For the same reason, I dismiss the 4^th defendant’s application to vary or otherwise discharge the injunction against him, because I am convinced by Mr Bowers’ second, which should be the third, affidavit filed yesterday, and his submissions, that the two proposed undertakings of the 4^th defendant are not good enough to discharge the Mareva injunction against the 4^th defendant.

3.  Basically in respect of the first lot of shares, the 4^th defendant only holds about 8.23 million shares in Swing Media with doubtful value.  The other lot of 23 million shares (which were listed outside the jurisdiction of the USA) in Inacom were only trading in very small amounts; and according to the latest Bloomberg search, at 10-odd US cents.  They could not even be sold in bulk in one go at this value, and therefore they may be virtually valueless.

[Submissions on costs]

4.  On summary assessment of the costs involved, I have nothing here to doubt Mr Bowers’ hours of work and rates, and in fact the other side only said the summons and affidavit were only served two days ago, but the amount of work for Mr Bowers and Mr Mo(?) even after that has reasonably been set out in the proposed  statement of costs of gross sum assessment.

5.  There are also works done in anticipation of such and application by having the Bloomberg search since 19 June in respect of those shares I mentioned.  But then the only thing I think Mr Bowers also agreed was the hearing was only 1½ hours.

6.  So to that amount of $115,000 should be deducted $10,500, and the total amount is $104,500.

7.  At the outset, I must say that I agree with Mr Bowers that costs should be taxed and paid forthwith.

8.  So costs to the plaintiff to be paid within 14 days by the 4^th defendant, which amounts of costs are summarily assessed at $104,500.