Somewhere along the way this story doesn't add up.
Mr Perrin, who was Billabong chief executive from 1999 to 2002, had provided the bank with documents and a guarantee relating to mortgages taken out over the family's sprawling Cronin Island home, held in his wife's name.
If the property was in his wife's name there would have been mortgage documents in his wife's name, and a guarantee in his wife's name.The mortgage documents need to be witnessed by a witnessing officer in accordance with Schedule 1 of the Land Title Act 1994 so they must be a Legal Practitioner, JP or Commissioner of Declarations. The guarantee would have to be signed in front of a solicitor who has explained the obligations of the guarantee which would include the possibility of losing the mortgaged property to the bank. I would have thought that if the bank had done it's paperwork correctly all it needed to do was call in one of these people to testify they witnessed the signature. This obviously couldn't be done so the bank was on to a loser from the start.
One has to ask why someone that made $200 million from the float of his company didn't stuff $20 million in the mattress just incase everything went t*ts up.
