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23-568: Michael Fay may refer to: Sir Michael Fay (banker) (born 1949), New Zealand merchant banker in the America Cup's Hall of Fame J. Michael Fay (born 1956), American ecologist and conservationist Michael D. Fay , American war artist Michael Francis Fay (born 1960), British botanist Michael Fay , American caned in Singapore in 1994 for vandalism [REDACTED] Topics referred to by

46-460: A properly constituted annual regatta on an ocean water course or an arm of the sea. The court's answer was no. There were subsequently a number of additional issues raised regarding the type of boat to be used, the venue and other points which were put to the court by the court adjudicated valid challenger Golden Gate Yacht Club . All were upheld by the court with the exception of two issues which were open and still awaiting court decisions even after

69-655: A second amendment was made to allow for matches to take place during the summer in the Southern Hemisphere . The Deed of Gift is a registered Trust document in the New York Supreme Court in Manhattan (New York County), New York City , New York , which is a court of first instance , unlike supreme courts of other jurisdictions. An interpretation of the document, when contested, can be taken before that Court for clarification on whether

92-415: A series of loosely regulated privatisation and asset swapping transactions that occurred between 1986 and 1993 - involving their companies European Pacific, Capital Markets and Fay Richwhite and the former state owned operations Bank of New Zealand , Tranz Rail and Telecom New Zealand , and the pension accounts associated to them. One notable transaction among these actions was their role as advisors to

115-570: Is also the chairman of and was the financial backer of the Samoa national rugby union team . Fay now resides in New Zealand and, with David Richwhite, owns Great Mercury Island . They have spent $ 750,000, matching the same amount contributed by the Department of Conservation , to make the island (which is open to the public) pest-free, in a programme beginning in 2014. Deed of Gift of

138-568: Is different from Wikidata All article disambiguation pages All disambiguation pages Michael Fay (banker) Fay was born in Auckland on 10 April 1949. He was educated at St Peter's College, Auckland and St Patrick's College, Silverstream , and studied law at Victoria University of Wellington , graduating LLB in 1971. In 1983, he married Sarah Ann Williams, and the couple went on to have three children. Michael Fay and David Richwhite are best known for gaining wealth in

161-622: The Second World War , the N.Y.Y.C. amended the Deed by changing the requirement regarding waterline length: the minimum waterline length was reduced from 65 feet (20 m) to 44 feet (13 m) to allow the use of the 12-metre class . In addition, the rule that the challenging boat had to sail on her own bottom to the site of the match was eliminated, permitting boats to be shipped to the venue without requiring them to be able to sail across oceans (or contain living accommodations). In 1985

184-454: The challenger's final before losing to a US entry from San Diego . In 1988 Fay backed a challenge to San Diego Yacht Club , who had just won the America's Cup . Rather than wait three to four years and join a general international challenge as had been the custom for thirty-five years, he had his legal team review the original Deed of Gift . The Deed of Gift was the document drawn up by

207-612: The America%27s Cup The Deed of Gift of the America's Cup is the primary document that governs the rules to make a valid challenge for the America's Cup and the rules of conduct of the races. The current version of the deed of gift is the third revision of the original deed. The original deed was written in 1852 and forwarded to the New York Yacht Club on July 8, 1857. The surviving members of

230-428: The Deed of Gift's terms and conditions (as written by George L. Schuyler) are being met. The wording of the deed is comparatively straightforward but written in the legal language, style and terminology of the time it was written. In later years this has given rise to disputes relating to the meaning of particular phrases and words and clarified or further confused by taking a view on what the donor actually intended when

253-463: The Defender's boat (a catamaran ) complied with the terms of the Deed of Gift. The answer was yes to both questions. The second concerned Société Nautique de Genève , the defender of the 2010 America's Cup , where the question was whether a valid challenge could be accepted by the defender from a 'shell' yacht club that was formed for the specific purpose of challenging and had not previously held

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276-452: The N.Y.Y.C., but they rectified the situation by handicapping the challenger. Although the N.Y.Y.C. successfully defended the Cup that year, the problem spurred them to rewrite the Deed. Once again the club officially returned the Cup to Schuyler. The third Deed is much longer and couched in legal terminology. The third Deed tightened the rules for challenging; for example, it stated explicitly that

299-446: The boat during the 1988 America's Cup . The Stars & Stripes catamaran easily won. The bad press generated by Fay's heavily litigious approach to yacht racing heralded an era of better management and agreement for future challenges. In the 1990 Queen's Birthday Honours , Fay was appointed as a Knight Bachelor , for services to merchant banking and yachting. Fay was inducted into the America's Cup Hall of Fame in 2002. Fay

322-451: The challenger must not exceed the dimensions provided to the holder of the Cup. The new version of the rules created an uproar among many British yachtsmen, who claimed that the new rules made it impossible to challenge as sailboats with a longer length have a higher speed than boats with a shorter length. No one challenged until six years later, when British railroad tycoon James Lloyd Ashbury set forth his first of two challenges. After

345-543: The deed was written. There have been two instances of litigation regarding interpretation appealed to the New York Court of Appeals , that state's highest court . The first concerned the challenge for the 1988 America's Cup , where the question was first, whether the Mercury Bay Boating Club was a valid challenger and if San Diego Yacht Club had to accept their challenge; and second, whether

368-464: The following rules: the challenger's yacht club's annual regatta must take place on the sea or on an arm of the sea, and the challenging boat must sail to the site of the contest on her own bottom, as the yacht America did when first winning the cup in England. In 1887, the challenging yacht's hull was much longer than originally stated by the challenger, a potential advantage. The difference alarmed

391-502: The government on the sale of New Zealand Rail Limited to overseas interests; a deal in which Fay and Richwhite later bought 31.8 per cent of the shares, and were subsequently investigated for insider trading by New Zealand authorities. In October 2004 the New Zealand Securities Commission accused Richwhite and Midavia Rail Investments, a company owned by Richwhite and Fay, of insider trading . Richwhite

414-405: The owners of the 100 Guineas Cup, won by the yacht America, to offer the cup for international competition. The deed did not specify a time delay between challenges, nor were competitors limited to compete in a particular class of boat, nor did boats have to be the same size or class. Fay financed the creation of KZ 1 , a large single-hull yacht which complied with the original Deed of Gift but

437-512: The primary instrument governing the rules to make a valid challenge for the cup and the rules of conduct of the races. After the 1881 Cup match, the New York Yacht Club officially returned the Cup to George L. Schuyler , the sole surviving member of the syndicate that owned America to rewrite the deed to discourage Canadian yacht clubs based on the Great Lakes from challenging for the Cup. This revised Deed incorporated, among other things,

460-405: The same term This disambiguation page lists articles about people with the same name. If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Michael_Fay&oldid=1195241477 " Category : Human name disambiguation pages Hidden categories: Short description

483-492: The syndicate which owned the yacht America , the first winner of what would become the America's Cup (originally the "Royal Yacht Squadron Cup" or the "RYS Cup for One Hundred Sovereigns"), donated the America's Cup through a deed of gift to the New York Yacht Club on July 8, 1857. The cup would be held in trust as a "challenge trophy" to promote friendly competition among nations, with the deed of gift being

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506-577: Was alleged to have tipped off Midavia to sell $ 63 million worth of Tranz Rail shares, whilst knowing Tranz Rail faced financial problems undisclosed to the public. In June 2007, Midavia paid $ 20 million to settle insider trading proceedings relating to Tranz Rail. The commission stated that the payments had been made "without any admission of liability". The settlement is the largest of its kind ever seen in Australasia. Fay backed New Zealand's first America's Cup campaign in 1987, which won through to

529-475: Was much larger and hence faster than the 12-metre class boats which had been used for America's Cup competition for many years. Dennis Conner , skipper of the American defender, responded by building the multihull Stars & Stripes (US-1). Court actions followed which, after initially ruling a mismatch and requiring forfeiture, decided that both boats complied with the original Deed of Gift. Fay sailed on

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