The receiver of collapsed digital marketing company Destra has launched legal action against listed entertainment company Beyond International over Beyond’s acquisition of DVD company Magna Pacific.
Beyond acquired the independent film and television distributor Magna Pacific in February, some five months after Destra collapsed into administration with debts of more than $30 million.
At the time, Beyond said the acquisition would cost a maximum of $4.3 million in cash, but said the deal was “subject to adjustments” over the six months following settlement.
But yesterday Beyond told the Australian Securities Exchange that PBB has launched legal action in the New South Wales Supreme Court, claiming the sum of $2.46 million from Magna.
“Beyond believes the proceeding is without substance and will be strenuously defended,” the company said in a statement.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
