BICOASTAL Corp, the US company that once owned Singer Co, is continuing its legal battle against Semi-Tech (Global) Co by attempting to restart proceedings to wind up one of Semi-Tech's subsidiaries.
A hearing started yesterday in the Court of Appeal in which Bicoastal attempted to reverse the earlier striking out of its petition to wind up Shinwa Co.
Shinwa used to be the Semi-Tech holding company listed on the Hongkong exchange, but all assets outside Hongkong were transferred out and the name changed as part of the company's move to Bermuda last year.
Bicoastal's counsel, John Griffiths QC, told the court that Shinwa had been assigned the Singer trademark forever in return for sending Bicoastal 1.5 per cent of gross sales of Singer products, but Shinwa was now more than US$70 million behind in payments.
Although $45 million of this was subject to appeal in a Florida court and had been guaranteed by a letter of credit, a further $25 million was unpaid and the sum was mounting up.
Even if the company had the cash to pay, Bicoastal was entitled to wind the company up if it refused to settle the debt, he said.
''Won't pay equals can't pay,'' he said.
