Kim
Dotcom has recently lost his appeal to keep the assets that belong to
him hidden from Hollywood. The Court ordered the MegaUpload founder to
disclose information to Hollywood lawyers, who would be able to further
share the information only under the permission of the court
The movie industry is still engaged in a huge battle with Kim Dotcom and thinks that legal action currently underway against him could help it receive a sizable damages award. This is why cinema studios worry so much about Dotcom’s lavish lifestyle. The more Dotcom spends, the less the plaintiffs could receive should the money begin to run out.
Dotcom filed an appeal which is scheduled to be heard in October, but that date is beyond the ordered disclosure date. This is why MegaUpload founder had to take his case to the Court of Appeal in the hope of staying the disclosure order. However, his bid has failed. His lawyers argued that their client’s October appeal would be rendered pointless if he already handed over financial information. They also argued that a stay shouldn’t negatively affect the plaintiffs, because millions in Dotcom’s assets are currently restrained in New Zealand and elsewhere.
But the Court of Appeal refused, saying that although Dotcom’s appeal would be rendered pointless by October, this would have no effect on Kim. The Court also rejected the arguments of Kim’s legal team that the disclosure of financial matters threatens privacy and equals to an “unreasonable search”.
The Court also took a look at potential damages in the legal action of the movie industry against the Dotcom. While MegaUpload founder’s expert estimates damages below $10 million, the plaintiffs count on more than $100 million. According to the Court, Kim Dotcom has now revealed that his personal assets restrained in two countries are together worth about $30 million. However, all of them are subject to a potential claim from his estranged wife, Mona. This is why the Court judged Dotcom’s assets to be twice less.
In other words, the Court agreed that there was an arguable case that eventual damages would be more than the currently restrained assets. This is why the MegaUpload founder is still ordered to hand the details of his financial assets, “wherever they are located” to Hollywood. By the way, aside from Dotcom’s personal assets subjected to restraining order, assets owned by MegaUpload and Vestor Limited are also frozen in Hong Kong.
The movie industry is still engaged in a huge battle with Kim Dotcom and thinks that legal action currently underway against him could help it receive a sizable damages award. This is why cinema studios worry so much about Dotcom’s lavish lifestyle. The more Dotcom spends, the less the plaintiffs could receive should the money begin to run out.
Dotcom filed an appeal which is scheduled to be heard in October, but that date is beyond the ordered disclosure date. This is why MegaUpload founder had to take his case to the Court of Appeal in the hope of staying the disclosure order. However, his bid has failed. His lawyers argued that their client’s October appeal would be rendered pointless if he already handed over financial information. They also argued that a stay shouldn’t negatively affect the plaintiffs, because millions in Dotcom’s assets are currently restrained in New Zealand and elsewhere.
But the Court of Appeal refused, saying that although Dotcom’s appeal would be rendered pointless by October, this would have no effect on Kim. The Court also rejected the arguments of Kim’s legal team that the disclosure of financial matters threatens privacy and equals to an “unreasonable search”.
The Court also took a look at potential damages in the legal action of the movie industry against the Dotcom. While MegaUpload founder’s expert estimates damages below $10 million, the plaintiffs count on more than $100 million. According to the Court, Kim Dotcom has now revealed that his personal assets restrained in two countries are together worth about $30 million. However, all of them are subject to a potential claim from his estranged wife, Mona. This is why the Court judged Dotcom’s assets to be twice less.
In other words, the Court agreed that there was an arguable case that eventual damages would be more than the currently restrained assets. This is why the MegaUpload founder is still ordered to hand the details of his financial assets, “wherever they are located” to Hollywood. By the way, aside from Dotcom’s personal assets subjected to restraining order, assets owned by MegaUpload and Vestor Limited are also frozen in Hong Kong.
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