Court orders Peter McCormack to provide details of his financial means after failing to pay Craig Wright’s £90,000 legal bill

The UK High Court has ordered Peter McCormack to attend a hearing to assess his financial situation following his failure to pay Dr Craig Wright the £90,000 he currently owes in the lawsuit. defamation of Dr. Wright against him.

The £90,000 relates to a series of filings by McCormack in 2021 in which he attempted to revive his dropped legal defense at the eleventh hour. This was mostly unsuccessful, and McCormack will now defend against Dr. Wright’s defamation claim on the limited basis that, although McCormack’s tweets were untrue, they did not seriously damage Dr. Wright’s reputation.

Now McCormack is scheduled to appear in court on May 10 and submit to questioning under oath so the court can get a clear picture of his financial means. He must bring to court any documents under his control that could shed light on his finances, including payslips, bank statements, stock certificates, loan agreements, bills and more.

The audience has the potential for interesting fireworks. When the subject of Dr. Wright’s lawsuit against him comes up, McCormack often complains about the financial burden he has placed on him. In June 2021, he complained that the suit had caused him to incur a debt of £500,000 to his solicitors and that he had to dispose of his house as a result:

Superficially, this corresponds to his inability to pay Dr. Wright what he is owed. However, when McCormack isn’t demanding sympathy for a legal situation entirely on his own, he’s bragging about his wealth on social media.

For example, shortly before the tweet quoted above, McCormack was asking his followers which car he should buy. He opted for an Aston Martin in March.

Not happy with the limited attention this tweet got, he tweeted again a month later, remarking aloud that it was odd that he hadn’t bought a car that day.

In December 2021 McCormack bought local football club Bedford FC

No one can guess who this techbro bluster is aimed at, because as we’ve seen, McCormack oscillates between portraying himself as a financial martyr and bragging about the pomp of his “crypto” bags.

Regardless, McCormack’s finances have always been dodgy at best.

In February 2021, he announced that he had defrauded his bank by giving him a loan of $46,250 to buy BTC. When the bank predictably ended their relationship with him a few weeks later (and once he was ridiculed enough on Twitter not to see the connection to his admitted fraud), McCormack exasperatedly admitted that no only he had lied to the bank about this loan, but he lies to the bank out of habit:

That McCormack so openly admits a criminal offense may be surprising, but it makes the idea that McCormack lied in court about his pleas very believable. Unlike Twitter’s court of public opinion, however, in May McCormack will be required to tell the truth under penalty of perjury.

To some extent, this achieves what Dr. Wright has often said is the purpose of his legal actions: cutting through the noise and fluff of “crypto” social media and resolving disputes in the only guaranteed way. to do so: by pleading in court. according to well-established rules of evidence and conduct.

One question that remains is what happened to McCormack’s supposedly well-resourced Tether-sponsored legal fund. We know McCormack lost all that funding once both sides produced their evidence in Wright v McCormack, and although his Tether-funded legal adviser reappeared to defend the case on a very limited basis, the £90,000 unpaid would suggest that this support was fleeting.

Where is that support now?

The exodus of support for McCormack comes at the same time as the influx of support for developers who are currently arguing in court that they owe no duty to the many people who use and rely on their blockchains, as claimed by Dr. Wright. This legal battle has drawn even more support than McCormack’s, with Twitter’s Jack Dorsey launching a “legal defense fund,” ostensibly to help BTC developers facing lawsuits. Like COPA, the fund so far appears to have been created with the express intention of challenging Dr. Wright in court.

It also happens at the same time as Dr. Wright puts the finishing touches to another legal victory. In Florida, Dr. Wright won on all counts but one in the lawsuit brought by Ira Kleiman, brother of the late Dave Kleiman who Ira says helped Dr. Wright invent Bitcoin. As a result of the single count he lost, Dr. Wright now owes just over $140 million to W&K, the company Kleiman claimed to be suing on behalf of. With the exception of two separate depots in Palm Beach County, W&K’s ownership status is highly questionable and the company is at least partly owned by Dr. Wright himself. Additionally, it indicates that Ira Kleiman may never have been legally authorized to use W&K to sue Dr. Wright in the first place. Both of those filings – one made by one of the Tulip Trust trustees and the other by Lynn Wright in the Dave Kleiman estate probate case – are expected to be resolved later this year.

For McCormack, his defense against Dr. Wright has been mostly over for months. The £90,000 already owed to Dr Wright is set to rise when the limited trial begins on May 23 and will take place after Dr Wright has had the chance to have McCormack registered against his assets.

Whether Bedford FC or McCormack’s Aston Martin will be used to pay Dr Wright’s final price remains to be seen.

New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.

Comments are closed.