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ISCOVER
Mortgage fund manager Balmain Trilogy has won the right to control City Pacific First Mortgage Fund in a court battle.
City Pacific had appealed to have the transfer voided, however the Queensland federal court yesterday declared the resolutions underpinning last month's unit holder vote, which delivered Balmain Trilogy majority support to take over the fund, were valid.
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Trilogy Capital Group executive chairman Rodger Bacon told The Australian the group would today move to take control of the mortgage fund's books and accounts.
"It's been a long, hard road and it's been tough," Mr Bacon said of the takeover.
"That's partly because (City Pacific) has fought hard all the way, and points for that, we respect their tenacity."
The Gold Coast financier has 21 days to appeal the decision but this is understood to be unlikely.
