Cranbourne methane estate residents to share $17.5m

Posted to Cranbourne Leader (25/3/2011) on 26/3/2011 at 1:50 AM

Commenting on “Cranbourne methane estate residents to share $17.5m”

http://cranbourne-leader.whereilive.com.au/news/story/settlement-expected-in-cranbourne-methane-estate-class-action/

Slater and Gordon’s share was a cool $3.9 million after all the costs incurred, or 16.6% of $23.5 million.

Since the Council can recover much of the $13.5 million, so the Mayor said, and we assume that to be 80% will come to $10.8 million. If the legal fee is at 16.6%, then the recovered amount will be reduced to $9 million.

What it means is that the Council will have to pay ($13.5 - $9) million, that is $4.5 million.

Where is the money coming from? Oh, no – it must be from my next rate valuation notice, where else!