Rubicon - Result of Arbitration With Genesis
Rubicon Announces the Result of their Arbitration with Genesis
Auckland, 31 August, 2001 - Rubicon today announced that the arbitrator appointed in relation to certain disputes which had arisen under Genesis’ 1996 Joint Venture Agreement with Fletcher Challenge Forests Limited (which is now being assigned to Rubicon), has released his decision.
The dispute related to the interpretation of certain provisions of the Joint Venture Agreement which affect the sharing of future royalties with Rubicon and the respective rights of Genesis and Rubicon to use the jointly owned intellectual property for certain applications.
“The outcome is very positive”, said Rubicon Chief Executive, Luke Moriarty. “We are delighted that the award establishes the basis for sharing of any value arising from future applications of the jointly owned intellectual property, and that it confirms the rights of Rubicon to receive royalties from both forest and non-forest products developed from that intellectual property.”
“The arbitration sets clear guidelines for both companies to move forward in a manner that Rubicon finds very acceptable” he said.