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Thursday 20th April 2000

This is the face of a man watching a $120 million fortune slip from his grasp.

Ihug founder Nick Wood, along with his brother Tim, slumped in his darkened cinema seat this week as the pair watched shareholders in multiplex company Force Corporation back away from a planned deal to buy the ISP for $120 million.

The brothers are said to be so furious with Force they are considering suing.

A legal source said the confidential contract between the two companies, which expired on Thursday, contained a clause saying chairman Peter Francis and the directors would use "best endeavours" to get shareholders to vote at Monday's meeting. That clause could open the way for a breach of contract lawsuit.

At Monday's meeting Mr Francis disassociated himself from the decision and turned down a request to say whether he thought the deal should proceed.

The Wood brothers refused to comment about legal action and any other matters relating to Force. After Monday's meeting they angrily said they would not wait for Force's month-long adjournment.

Force company secretary Peter Holdaway said Force had not heard from the Wood brothers or their solicitors since Monday but he still hoped the two companies could resume their talks over Easter and upcoming weeks.

Nick Wood had earlier said the two companies' negotiations had been friendly and he had got on with all the Force directors personally.

Earlier talks with Sky Networks had been a struggle for control, he once said.

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