Judge slams young IT whiz kid
TEARING OFF STRIPS
A BRISBANE Supreme Court judge has torn strips off a young IT whiz kid who failed in his legal bid to recover more than $48 million from former business partners.
In a scathing decision handed down last week, Judge Thomas Bradley repeatedly described David Tisdall as an arrogant liar and dismissed his claim seeking to recover damages from successful tech entrepreneurs Michael Omeros and Brent Paddon.
Tisdall sold his 35 per cent stake in Impirical Pty Ltd to the pair for $2.4 million in May 2015 and alleged in his lawsuit that he did not know they had secret plans to float.
The Brisbane-based company, rebadged as Over The Wire Pty Ltd, raised $10 million in an IPO later that year and today has a market capitalisation of $227 million, with Omeros serving as managing director and CEO.
Shares issued at $1 closed at $4.43 yesterday. The company, which provides telecommunications, cloud and IT services across Australia and New Zealand, reported an 83 per cent jump in full-year net profit to $10.1 million last month.
Tisdall, 30, filed his statement of claim against Omeros and Paddon last September alleging breach of warranty or, alternatively, misleading and deceptive conduct.
The two gents fired back that they would not have taken the company public if Tisdall remained on-board because of "concerns'' they had about him. They also said there had been open discussion about a float since Tisdall joined as a director in mid-2011.
WAITING TWO YEARS
Judge Bradley noted in his ruling that Tisdall did not subscribe for any shares in the IPO, express surprise or outrage at the listing or complain to his former business partners. He then waited more than two years before taking legal action.
Bradley went on to savage Tisdall for lacking a "commitment to accuracy or even honesty in his evidence''.
"He said it was in approximately November 2015 that he first found out the defendants intended to list the company on the ASX. That was a lie,'' Bradley wrote.
"He denied in cross-examination that he was aware before 3 November 2015 that it was intended to issue a prospectus for an IPO. That was a lie. He denied that he received a copy of the prospectus on 3 November 2015. That also was a lie.
"He said he obtained a copy of the prospectus from the ASX website a week or two after it was announced to the market and perhaps after the float closed. That was another lie. He said he was disappointed he was not able to participate in the IPO. That was also a lie.''
Omeros welcomed the win but said yesterday he'll be seeking to recover more than $1 million in legal costs.
Tisdall, who now works as a consultant at IT firm EnactMSP in Milton, did not return a call seeking comment so we don't know if he's planning to appeal.
They are the unsung heroes of Moreton Bay, an essential outfit which virtually no one has heard about because they just don't make waves.
Privately-operated Brisbane Marine Pilots recently celebrated 30 years in operation with a knees up at Riverside Receptions at New Farm featuring 22 of its founding members.
The company's crew is instrumental in safely steering more than 6,000 vessels a year through our waterways, including guiding some of the world's biggest container and cruise ships to the dock.
Citing the planned opening of the cruise terminal next year and recent expansion work at the Port, BMP chair Cade Richardson predicted a bright future for the company.
"We hope to be making waves - or actually keeping the waters of the Port calm - for another 30 years,'' he quipped.