Macquarie seeks BrisConnections reprieve

Macquarie Group Ltd has asked to be struck off a $1.3 billion damages claim brought
against it and the troubled manager of the Brisbane airport link, BrisConnections.
But Australia's biggest investment bank will have to wait to argue its case until
May 6, after the matter was adjourned in the Federal Court on Monday by Justice
Arthur Emmett.
While Macquarie wanted the matter attended to as quickly as possible, Justice Emmett
questioned the need for urgency.
The applicant to the claim filed in the court on Friday is Sydney businessman Jim
Byrnes.
Mr Byrnes represents Brisbane Toll Road Link - owned by US-based New Hampton
Distressed Asset Fund - which owns 15.2 per cent of BrisConnections.
In the claim, Mr Byrnes accuses BrisConnections and Macquarie Group of misleading
investors in the project through statements and errors in the product disclosure
statement.
The action is aiming to recover damages including the loss of value of
BrisConnections units which slumped to 0.1 cent by October last year. Investors paid
$1 for their units in July last year.
Lawyers acting for Mr Byrnes had requested up to a six-week adjournment to make some
amendments to their statement of claim.