Mike Pero and business rival resolve their differences
A LONGSTANDING and complex legal dispute has reached a surprise resolution and businessman Mike Pero is now partnering his protagonist, the owner of the mortgage company he founded 27 years ago.
In litigation going back to 2014, it was found Mr Pero had overpaid himself by $2.38 million, without the approval of Mike Pero Mortgages, which the High Court later ordered he repay.
In order do so, Mr Pero borrowed money from brothers John and Michael Chow, who have varied interests including commercial property, strip clubs and brothels, hotels and home construction.
Mr Pero founded Mike Pero Mortgages in 1991, but no longer has a stake, and went on to found Mike Pero Real Estate, in which he and Mike Pero Mortgages each have a 50% stake.
Mr Pero and the chief executive of Mike Pero Mortgages, Mark Collins, released a dual statement yesterday.
They said that following the most recent High Court appearance, they had resolved their differences and committed to work together, with the real estate and mortgages business ‘‘under one unified umbrella’’.
Mr Pero had been seeking a dividend from Mike Pero Real Estate to pay back the Chows’ loan, but there was no mention of that in yesterday’s announcement.
When contacted, Mr Pero confirmed Mike Pero Mortgages would increase its stake in Mike Pero Real Estate from 50% to 75%. The dividend sought had been settled between the businesses and the Chows’ loan had been repaid.
Collectively, the two companies bearing Mr Pero’s name now have more than 300 franchise owners, brokers, agents, contractors and staff and he will take an active role promoting the broader group, including his Mike Pero Insurance, until 2027.