Robert Colquitt of Cains Advocates is reported by the Isle of Man Today to have confirmed that Macpherson is no longer pursuing the appeal.
The litigation was between the liquidators of Kaupthing Singer & Friedlander (Isle of Man) Limited, and Elle Macpherson and Light House Living Limited.
In August 2012 the Privy Council had given her the chance to appeal against a Manx court’s decision in her dispute with the liquidators of the island’s Kaupthing bank.
Liquidators of KSF (I0M) had brought a claim against her in the island’s High Court but her legal team won her case by invoking a novel argument based on a legal principle dating back 300 years. But in a twist to the story the appeal court overturned the judgment of Deemster Andrew Moran QC.
The liquidators had refused to offset the supermodel’s deposit with the now insolvent bank against money owed by her nominee company to the bank for a mortgage on a house in London.
Ms Macpherson set up an Isle of Man nominee company Light House Living Ltd in 2006, to allow her to buy the property, while keeping her address private.
Colquitt acted together with Lloyd Tamlyn (South Square Chambers, London) over the Isle of Man court proceedings for Mike Simpson and Peter Spratt, of PricewaterhouseCoopers as liquidators of Kaupthing Singer &Friedlander (Isle of Man) Ltd.
Colquitt told the Isle of Man Today that the orginal appeal decision "confirmed that the liquidators of the bank, Mike Simpson and Peter Spratt of PricewaterhouseCoopers, were correct in refusing to offset Ms Macpherson’s cash deposit with the insolvent bank (approximately £2.54 million) against monies owed to the bank of approximately £7.8million by a company owned by Ms Macpherson, namely Light House Living Limited.”