, he was the best man at his wedding, loaned him tens of thousands of dollars for legal issues, and even “generously” gave him a Nissan Patrol for free.
Under the deal, Golden Plains Resources, an investment vehicle company, would pay $4.5 million to Rimfire over three years for a 50.1 per cent stake in a mining project, known as Fifield. A year later, Golden Plains Resources agreed to pay $7.5 million for another mining project, known as Avondale, for a 75 per cent stake.
“He lacked the collateral that would enable him to borrow funds from third-party commercial lenders. Such assets as Giovinazzo held, or had access to, were illiquid, unconventional and speculative, the value of which could not be objectively determined.”Between September 2020 and May 2022, Giovinazzo had turned to Billis several times to help repay his Rimfire deal.
The friendship had become incredibly tense over that period, and, according to Giovinazzo, broke down in 2022 when they finalised a repayment deed. “Mr Billis was an unreliable witness,” Billis’ lawyers wrote in their closing submission. “He had a very poor recollection of the key events in the proceeding. He was frequently confused as to the dates and order of events and gave frequently contradictory evidence.”
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