Binetters drawn into family feud over $1m will dispute, Atlassian adjusts stance on Russia

Illustration: Rod Clement.

Family stoushes over money are never pretty, cheap or quick – just ask Perth mining billionaire Gina Rinehart and her children.

So Margin Call couldn’t help but be enthralled by an unfolding brouhaha that includes several members of the Binetter family, who founded the Nudie Juice empire.

The battle, which has ended up in the NSW Supreme Court, is centred around the estate of Holocaust survivor Ida Wolff, who never had any children and passed away in September 2018.

One of the Nudie founders, the late Erwin Binetter, was married to Margaret, who was Ida’s beloved sister.

Erwin and Margaret Binetter went on to have four sons, one whom is Ronald Binetter.

As an aside, several of Ron’s brothers were unsuccessfully sued by the liquidator to a group of Binetter companies, John Sheahan, for breach of directors duties.

The current battle, however, relates to $1m that Aunty Ida may or may not have “loaned” to nephew Ron in September 2010.

Executor of Ida’s will, her great nephew Steven Binetter, was sure the money was a loan and last year sued his Uncle Ron to make him pay back the $1m to Ida’s estate – which we understand is in the order of $32m.

Ron’s side of things is that the money was never a loan, and even if it was, too much time had passed since it was made (that is, six years) under the Limitation Act and so Ron didn’t have to repay the money anyway.

But young nephewSteven argued that because Great Aunt Ida had a mental impairment – dementia was part of the picture – the limitation on time did not apply and so Ron still had to hand back the $1m, regardless that it’s almost 12 years later.

In October, after lengthy and complex presentations from both sides, Justice Robert Beech-Jones agreed that, yes, the $1m had indeed been a loan from Ida to Ron.

But Beech-Jones didn’t agree that Aunty Ida had “a relevant disability” that would mean the loan was still recoverable today.

So, a big victory for Uncle Ron, who thought he’d got to keep the money.

But not so fast, with nephew Steven now appealing Beech-Jones’ judgment and the matter to be heard in August.

The lawyers, we predict, will be the big winners from the whole complicated affair.

Atlassian solidarity

With its business partners in Russia to consider, we’ve already told you how Atlassian founders Mike Cannon-Brookes and Scott Farquhar’s undercooked missive to staff last Sunday on Russia’s invasion of Ukraine went down like a lead balloon both in and outside the company.

The day before the Atlassian co-CEOs published their initial softly, softly stance to staff on the unfolding conflict in Europe, prolific tweeter Cannon-Brookes was on his favourite platform noting the benefits of renewables over fossil fuels in war time.

But in contrast, Margin Call notes it took billionaire Cannon-Brookes no time at all to leverage the eastern European conflict in favour of his passionate and multi-billion-dollar investment campaign for renewable energy.

Cannon-Brookes, of course, via his private venture capital outfit Grok Ventures and in partnership with Canadian investment giant Brookfield, is bidding $8bn for AGL. The consortium has committed to shut down the power giant’s coal plants by 2030 to help fast-track a move to become a green-dominated generator.

The day before the Atlassian co-CEOs published their initial softly, softly stance to staff on the unfolding conflict in Europe, prolific tweeter Cannon-Brookes was on his favourite platform noting the benefits of renewables over fossil fuels in war time.

“A reminder as petrol, gas & coal prices soar due to a horrible war … the price of the sunshine & wind powering 30 per cent of our grid & all our electric vehicles … hasn’t changed,” the 42-year-old businessman, who was last estimated to be worth almost $22bn, posted to his followers. “It’s still a $0 cost input. Energy independence comes from renewable abundance.”

But back at Atlassian, it took the dynamic duo another six days to get to the point where they were prepared to declare that “Atlassian stands with Ukraine” and that “the horror of the Ukraine invasion rests heavy on our minds and hearts”.

“We are appalled by the actions of the Russian state … this attack is unprovoked and a clear breach of the Geneva Convention.”

After a week of contemplation, so horrified are the pair by Russia’s aggression that they will “pause” the sale of all new software to Russia and suspend “existing Russian state-owned licences as well as licences to specific Russian businesses that support the war”.

“We have always believed in standing up for what’s right, even when it’s difficult to do so,” they said.

Better late than never.

Mike Cannon-Brookes (baseball cap) and fellow founder of Atlassian, Scott Farquhar.