Undervalued Artisan

This is the reply I received from the CEO about the outcome of the litigation with Aviss and Infiniteland:
Thank you for your email. We are currently evolving our strategy going forward. In essence the Board's view is that unless there is a real likelihood of securing actual funds, we are reluctant to consume further time and expense on the matter but will retain a watching brief. With this in mind we have searched for available assets of Infiniteland and Mr Aviss. We have secured a position where modest funds should be forthcoming from the disposal of his remaining property.

As for assessing costs there are three actions to consider, the main hearing, the appeal and the petition to the House of Lords. Each of these is dealt with separately. Dealing with them in reverse order:-

the House of Lords did not reach the position whereby formal hearings were held and the rules are that no costs order can be made. As regards the appeal costs, we have received £75,000 on account and there is a further small amount remaining in court. Therefore we have arranged to have the costs assessed to attempt to recover these funds.

As for the main hearing, we have received £350,000 plus interest on account. At present we see no other significant assets of Mr Aviss and therefore it is not sensible to expend further significant funds, at this time, assessing the costs or pursuing the debt. We will keep this under review.

This may seem a brief summary, but much consideration has gone into reaching this overall position which strikes a sensible balance between the pursuit and the assets available. It may seem that there is not much more likely to be recovered but I would remind you that we have collected a not insubstantial £456,000 already.


Chris Musselle