[2] Michael Fay and David Richwhite are best known for gaining wealth in 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.
Fay backed New Zealand's first America's Cup campaign in 1987, which won through to the challenger's final before losing to a US entry from San Diego.
Fay financed the creation of KZ 1, a large single-hull yacht which complied with the original Deed of Gift but was much larger and hence faster than the 12-metre class boats which had been used for America's Cup competition for many years.
Court actions followed which, after initially ruling a mismatch and requiring forfeiture, decided that both boats complied with the original Deed of Gift.
The bad press generated by Fay's heavily litigious approach to yacht racing[9] heralded an era of better management and agreement for future challenges.
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.