121:. Richwhite was alleged to have tipped off Midavia to sell $ 63 million worth of Tranz Rail shares, whilst knowing Tranz Rail faced financial problems undisclosed to the public. In June 2007, Midavia paid $ 20 million to settle insider trading proceedings relating to Tranz Rail. The commission stated that the payments had been made "without any admission of liability". The settlement is the largest of its kind ever seen in Australasia.
156:. The Deed of Gift was the document drawn up by the owners of the 100 Guineas Cup, won by the yacht America, to offer the cup for international competition. The deed did not specify a time delay between challenges, nor were competitors limited to compete in a particular class of boat, nor did boats have to be the same size or class. Fay financed the creation of
37:. He is one of the ten richest men in New Zealand. His personal wealth was largely acquired during the late 1980s and early 1990s, which included the period in which he had a significant role in the structural adjustment of the New Zealand economy undertaken by New Zealand's
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are best known for gaining wealth in a series of loosely regulated privatisation and asset swapping transactions that occurred between 1986 and 1993 - involving their companies
European Pacific, Capital Markets and
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186:. The Stars & Stripes catamaran easily won. The bad press generated by Fay's heavily litigious approach to yacht racing heralded an era of better management and agreement for future challenges.
182:(US-1). Court actions followed which, after initially ruling a mismatch and requiring forfeiture, decided that both boats complied with the original Deed of Gift. Fay sailed on the boat during the
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to overseas interests; a deal in which Fay and
Richwhite later bought 31.8 per cent of the shares, and were subsequently investigated for insider trading by New Zealand authorities.
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152:. Rather than wait three to four years and join a general international challenge as had been the custom for thirty-five years, he had his legal team review the original
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255:"New Zealand Rich List released - the big winners and losers who are collectively worth over $ 80 billion"
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One notable transaction among these actions was their role as advisors to the government on the sale of
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in 1971. In 1983, he married Sarah Ann
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which complied with the original Deed of Gift but was much larger and hence faster than the
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accused
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337:"Securities Commission settles insider trading case with Midavia and Richwhite"
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220:. They have spent $ 750,000, matching the same amount contributed by the
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178:, skipper of the American defender, responded by building the multihull
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Mercury Bay
Boating Club v San Diego Yacht Club, Opinion of the Court
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216:. Fay now resides in New Zealand and, with David Richwhite, owns
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Fay is also the chairman of and was the financial backer of the
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Michael Fox, "Private
Funding Sways Conservation Decisions",
309:"Richwhite and Midavia pay $ 20m over insider trading case"
397:"THE AMERICA'S CUP : Barnes Pins Hopes on His Top 40"
284:. Auckland: New Zealand Who's Who Aotearoa. p. 139.
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People educated at St
Patrick's College, Silverstream
197:, for services to merchant banking and yachting.
548:People educated at St Peter's College, Auckland
445:"Think this is ugly? You should have seen 1988"
354:Midavia, Richwhite insider trading case settled
98:, and the pension accounts associated to them.
418:"New Zealand Hoists Sail Off California Coast"
235:List of alumni of St Peter's College, Auckland
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133:campaign in 1987, which won through to the
558:Victoria University of Wellington alumni
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573:New Zealand expatriates in Switzerland
455:from the original on 27 November 2010.
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144:In 1988 Fay backed a challenge to the
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29:(born 10 April 1949) is a New Zealand
19:For other people of similar name, see
53:on 10 April 1949. He was educated at
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233:For some more biographical details:
543:New Zealand people of Irish descent
282:Honoured by the Queen – New Zealand
583:Businesspeople awarded knighthoods
395:KRASOVIC, TOM (7 September 1988).
59:St Patrick's College, Silverstream
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343:from the original on 22 May 2010.
137:before losing to a US entry from
115:New Zealand Securities Commission
63:Victoria University of Wellington
33:and partner in the merchant bank
377:, State of New York Court System
214:Samoa national rugby union team
129:Fay backed New Zealand's first
27:Sir Humphrey Michael Gerard Fay
170:boats which had been used for
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443:Rich Roberts (2 April 2009).
191:1990 Queen's Birthday Honours
568:New Zealand Knights Bachelor
538:Businesspeople from Auckland
174:competition for many years.
55:St Peter's College, Auckland
21:Michael Fay (disambiguation)
475:. 16 June 1990. p. 29.
16:New Zealand merchant banker
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588:1988 America's Cup sailors
222:Department of Conservation
202:America's Cup Hall of Fame
200:Fay was inducted into the
109:Securities Commission case
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503:Emirates team New Zealand
193:, Fay was appointed as a
508:33rd America's Cup, KZ-1
103:New Zealand Rail Limited
39:Fourth Labour Government
148:, who had just won the
162:, a large single-hull
406:– via LA Times.
61:, and studied law at
45:Early life and family
489:, 9 June 2014, p. 2.
317:. NZPA. 18 June 2007
218:Great Mercury Island
146:San Diego Yacht Club
113:In October 2004 the
563:New Zealand bankers
359:4 June 2011 at the
278:Coddington, Deborah
180:Stars & Stripes
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96:Telecom New Zealand
88:Bank of New Zealand
472:The London Gazette
422:The New York Times
314:New Zealand Herald
208:Sport and Domicile
184:1988 America's Cup
135:challenger's final
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257:. 24 July 2017.
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154:Deed of Gift
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523:1949 births
467:"No. 52174"
381:21 November
321:30 November
517:Categories
241:References
92:Tranz Rail
204:in 2002.
139:San Diego
453:Archived
357:Archived
341:Archived
280:(1994).
228:See also
51:Auckland
428:21 July
402:21 July
189:In the
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164:yacht
430:2017
404:2017
383:2007
323:2018
286:ISBN
159:KZ 1
94:and
57:and
67:LLB
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.