Keith Redenbach billed Broken Hill City Council for 36 hours of work in a single day, then blamed time zones. The NSW Supreme Court wasn't buying it, finding the former NRF and Maddocks partner liable for extensive overcharging on a $10m bill for a matter that settled for $1.5m. Justice Peden called his explanations "incredible": AFR

⚖️ Corporate: A new HSF Kramer survey of 64 ASX 200 chairs has found 58% would prefer a prominent private company board over their listed role, with just 12% rating their public role as more appealing. The culprits: compliance burdens, reputational risk, short-termism, proxy adviser friction and remuneration frameworks. Strikingly, 84% cited an imbalance in the risk/reward equation as the leading driver of dissatisfaction, and 56% don't feel appropriately compensated. 66% expect Australia's listed markets to contract in coming years. With the IPO pipeline stalling and public-to-privates accelerating, experienced directors are on their way out from listed markets: HSF Kramer, AFR

⚖️ Contract: Here’s a little refresher on Heads of Agreement — it’s more than a handshake on paper. Labels don't determine bindingness. Courts look at the whole picture. "Subject to contract" is indicative but not determinative. If parties agree key terms, start performing, or communicate urgency and reliance, Australian courts have repeatedly found a binding contract exists despite the label. The risk compounds over time too. A non-binding intention expressed today doesn't lock in future conduct. So, if circumstances shift and you don't want to be bound, you need to keep saying so, clearly and consistently: Piper Alderman

⚖️ Insolvency: A DoCA binds creditors on claims arising before administration, but not every claim is released. Three recent cases clarify the position. In Airtourer, a specific performance claim to recover assigned intellectual property was not released because the underlying obligation wasn't one of indebtedness. In Riddell Investments, a claim for injunctive relief under the Victorian Water Act was released because it wasn't a discrete non-monetary claim. In Kirkalocka (currently on appeal), the court confirmed the test: a non-monetary claim is only released where it's connected to a debt: Ashurst

Albo's pulled the same lever he used in 2022, temporarily halving the fuel excise from Wednesday, 26c a litre off at the pump and about $19 back in your pocket every fill. The three-month fix will cost the budget $2.55bn. Problem is, Westpac's chief economist Luci Ellis still has inflation peaking at 5.4% in June and is tipping three more RBA rate hikes this year, taking the cash rate to 4.85%: Bloomberg

The IOC has banned transgender women from competing in female events at the Olympics, effective for the 2028 LA Games. The new policy requires a one-time SRY gene screening (the gene typically found on Y chromosome). If the gene's present, you're out of the female category permanently. Several major federations, including World Rugby, World Aquatics and World Athletics, had already gone the same way: TDA

🛍️ David Jones is closing in on a ~$150m private credit refinancing that could silence growing speculation about the retailer's survival, after recent supplier payment term changes rattled the market. The retailer's staying tight-lipped, but sources say a deal's imminent. If it falls over, Myer would essentially have a department store monopoly: The Australian

⚡ Rio Tinto has mandated Morgan Stanley to run a selldown of its Pilbara power generation and transmission assets, with the process expected to launch in H2. The portfolio, five gas and diesel plants totalling ~510MW plus a solar farm, is tipped to fetch more than BHP's comparable WA power sale for US$2bn last December: AFR