Because he’s now bankrupt he lost control of his side of a hearing at the High Court in Wellington which ended on Friday with a judge reserving her decision on The Vintage Aviator and a related trust’s claim for up to $4.2 million from DeMarco and his company.
The company was put into liquidation this week.
The Official Assignee, who is now in charge of DeMarco's estate, believes a WWII fighter plane, a Corsair, of unknown value, will be a prime asset to meet as yet unknown creditors’ claims.
But the Official Assignee’s lawyer, Gareth Neil, admitted in court to having no idea how to go about selling a vintage plane.