Who will pay in the Battle for TSB?

Jim Tucker writes:

Toi’s money has come from profits made by the TSB bank, not only from clients living in the region, but nearly half from people living elsewhere (who don’t get any say).

If the case goes beyond the first full High Court hearing and the losing side decides to fight on in the Court of Appeal or even at the top of the justice mountain, the Supreme Court, costs could reach millions of dollars.

There’s also another irony: the litigants on both sides could conceivably face big reimbursement claims.

Such a risk to individuals and donors involved in the society is far less – what’s left of their kitty would be forfeited, but personal wallets are immune.

However, if a full High Court hearing finds Toi’s trustees have been negligent to the highest level of the word’s meaning, their built-in protections would be invalid and they would be held personally liable.

Whatever way the full hearing – if it eventuates – goes, that’s the point where both parties will need to make a big decision: do they spend more public money appealing, or do they call it quits while Toi remains relatively unscathed?

In fact, someone else is likely to resolve that dilemma: the buyer, Heartland Holdings, would probably walk away.

So, the TSB debate has moved on from a widespread public discourse to a hazardous and expensive legal battleground, with a massive number of Taranaki philanthropic dollars at stake.

The purpose of the Toi Foundation is to serve the Taranaki Community. It appears they are seriously offside with the community they serve. They are of course not appointed by the community, but by Ministers. The majority were appointed by the previous Government.

I wonder (putting polling hat on) if anyone has actually polled the Taranaki community on whether they support or oppose the proposal to sell TSB Bank to Heartland?