Yippee gives up on Wilson Neill cash

A creditor of troubled media and restaurant company Wilson Neill Corporation has dropped its legal action because it doubts the company can repay what it owes.

Internet company Yippee was claiming $2.8 million for breach of contract plus damages after its liquidation mid-last year.

But Yippee's receiver, Bernard Montgomerie, said hope had faded that a legal case would result in any money.

Broker DF Mainland, which is working on a rescue package, confirmed the loss would be "at least $11 million" for the most recent financial year.

Yippee was bought with Wilson Neill shares but Mr Montgomerie said the transaction was never completed.

- NZPA