Mark Coggan, joint owner of Superthriller Jet Sprint operating out of Manukau in south Auckland, has been ordered to hand over all Superthriller property in his possession following a bust up between owners.
Fellow investors Teresa Ciprian and Danny Chan allege Mr Coggan is liable in conversion, refusing to surrender company plans, dies, moulds and casts. Superthriller promises thrills and spills racing purpose-built jet boats on a circuit at Colin Dale Motorsport Park. Mr Coggan has expertise manufacturing propulsion units for jet boats. The High Court was told he was joined in 2006 by Ms Ciprian and Mr Chan as investors in Superthriller. The two put in $600,000 as working capital; Mr Coggan put up intellectual capital of equivalent amount and agreed to a restraint of trade, promising not to set up in competition. In early 2018, Mr Coggan wanted out. He offered to sell his one-third stake in the business at $32.60 per share; valuing his one-third interest in Superthriller at $656,000. His fellow investors countered; offering $4.60 per share. No deal. Mr Coggan resigned as director.
Ms Ciprian and Mr Chan allege Mr Coggan has failed to hand over Superthriller property. He is being sued for conversion; an allegation Superthriller is being denied access to its own assets.
They also allege Mr Coggan misrepresented cost of developing a replacement propulsion unit for Superthriller craft. Damages are claimed.
Claims of conversion and misrepresentation are yet to go to a full hearing. In the interim, Justice Toogood ordered Mr Coggan hand over company assets in his possession. Mr Coggan says he is owed money by Superthriller.
Superthriller Jet Sprint Ltd v. Coggan – High Court (21.03.19)
19.062