▁that ▁its ▁funds ▁belonged ▁to ▁the ▁Liberal ▁Party . ▁Morgan ▁and ▁Cal vert - J ones ▁had ▁already ▁res igned ▁as ▁direct ors ▁and ▁cancel led ▁their ▁shares , ▁but ▁were ▁still ▁named ▁in ▁the ▁proceed ings . ▁ ▁In ▁June ▁ 2 0 1 8 , ▁the ▁Federal ▁Court ▁of ▁Australia ▁agreed ▁with ▁the ▁Liberal ▁Party ' s ▁submission ▁that ▁Morgan ▁and ▁Cal vert - J ones ▁had ▁held ▁their ▁shares ▁on ▁trust ▁for ▁the ▁Liberal ▁Party ▁because ▁they ' d ▁signed ▁formal ▁undert ak ings ▁to ▁that ▁effect , ▁and ▁therefore ▁instead ▁of ▁being ▁cancel led ▁those ▁shares ▁must ▁be ▁transferred ▁to ▁Liberal ▁Party ▁nom ine es . ▁In ▁Court , ▁Coun sel ▁for ▁Morgan ▁and ▁Cal vert - J ones ▁tried ▁to ▁argue ▁his ▁clients ▁were ▁not ▁bound ▁by ▁the ▁Und ert ak ings ▁but ▁the ▁court ▁rejected ▁their ▁argument . ▁However , ▁that ▁only ▁accounts ▁for ▁ 2 5 % ▁of ▁the ▁current ▁shares ▁in ▁the ▁C orm ack ▁Foundation , ▁even ▁though ▁when ▁the ▁Foundation ▁was ▁created ▁in ▁ 1 9 8 8 ▁Morgan ▁and ▁Cal vert - J ones ▁had ▁held ▁two - third s ▁of ▁the ▁shares . ▁▁ ▁After ▁the ▁Federal ▁Court ▁r uling , ▁the ▁C orm ack ▁Foundation ▁described ▁the ▁Liberal ▁Party ' s ▁victory ▁as ▁" P yr rh ic " ▁while ▁K ro ger ▁requested ▁the ▁C orm ack ▁Foundation ' s ▁direct ors ▁and ▁share hold ers ▁to ▁res ign ▁and ▁rel in qu ish ▁their ▁shares ▁to ▁the ▁Liberal