Bill Papas’ business associate Vincenzo Tesoriero has failed in an 11th-hour bid to stop the sale of two luxury properties on the NSW Central Coast owned via a trust by him and the Forum Finance founder.
The court heard that the liquidators, McGrathNicol, had run marketing and sales campaigns for the 6 Bulkara Street, Wagstaffe, property, which was advertised for $13.5 million following an email sent to Mr Tesorerio in early December, 2021. “If I was to intervene at the 11th hour in relation to the sale of this property and the property had to be sold at a later date, there is no undertaking as to damages, profit or any other comfort that the sum to be realised on behalf of the trustee company could be augmented if the property market had declined.”