About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, July 1st, 4:12PM
rss
Latest Headlines

Ballantyne bondholders get 30c in the dollar

Investors in the troubled Ballantyne Property Bond are about to get the first repayment.

Tuesday, July 10th 2001, 10:47PM

by Philip Macalister

The final outcome of the Ballantyne Property Bond isn't looking too flash for investors.

Trustee Tower Trust has written to bondholders telling them that they can soon look forward to an interim payment of 30c for each dollar invested.

Originally promoter UPC raised $8 million through a bond issue to fund the first stage of the Ballantyne Golf and Retirement Resort in Katikati. The bonds were originally due to be repaid on September 30, 1999.

That never happened because insufficient residential sections were sold. Eventually the development went into receivership in June last year.

Since then various offers have been made and the receivers finally sold the development to interests associated with Rocky Cribb, a central figure in the Maori Loans Affair on the mid-1980s, for $4 million plus gst.

This sale has attracted much criticism as Money Managers boss Doug Somers-Edgar and Richmond Paynter had put together a so-called rescue package.

Recently, some parties have discussed taking legal action against the sale. However, this appears to have died down.

Tower Trust general manager Glenn Clark defends the sale saying it was the best option for bondholders.

The sale comprises of two parts. First up is the golf course and 80 uncompleted residential sections. Secondly there are 25 uncompleted residential sections which are subject to caveats.

The receivers have been paid for the first part and are holding the money in an interest bearing account.

However, payment of the second part will only be made when the caveats are removed.

Clark says that this process requires litigation.

He has reassured bondholders that "the total sale price will not be less than $4 million plus gst."

It is unknown what the final recovery will be. "(That) will depend upon the amount recovered from the sale of Part 2 assets and on the final wind up expenses including the completion of the receivership," Clark says.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« ORC saves itselfSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Associations expecting 'yes' vote
    “how about; the vision of Advice NZ is to help the NZ public find out where they can find financial advisers they can trust,...”
    2 hours ago by blogger billy
  • FMA says commission drives churn
    “our big problem Google Elizabeth Warren and read all about revolving doors It happens in NZ with our politicians,...”
    2 hours ago by blogger billy
  • FMA says commission drives churn
    “@ Donald - a succinct assessment of Naomi's contribution to this discussion, especially given it was she who slammed Trowbridge...”
    3 hours ago by Majella
  • FMA says commission drives churn
    “On just reading comment by Naomi Ballantyne of Partners Life, her balanced opinion both in support of the FMA in part and...”
    5 hours ago by Donald
  • Minister says no commission ban
    “Totally sensible. Banning commissions would just move advisers into selling roles (employed "advisers" only able to sell...”
    6 hours ago by Tash
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.64 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank ▲5.65 4.69 4.75 4.89
ASB Bank Special - 4.25 ▲4.29 ▼4.34
BankDirect ▲5.65 4.69 4.75 4.89
BankDirect Special - 4.25 ▲4.29 ▼4.34
BNZ - Mortgage One 6.30 - - -
BNZ - Rapid Repay 5.75 - - -
BNZ - Special - 4.25 4.19 ▲4.49
BNZ - Std, FlyBuys 5.69 4.85 4.89 4.99
BNZ - TotalMoney 5.69 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 ▼4.75 ▼4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.29 4.15 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 4.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.19 4.39
Perpetual Trust 7.70 - - -
Resimac 5.34 4.95 4.99 5.05
SBS Bank 5.59 4.75 4.89 4.99
SBS Bank Special - 4.10 4.19 4.65
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 ▲4.29 ▼4.34
The Co-operative Bank 5.45 4.25 4.29 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.75 4.69 4.75 4.89

Last updated: 1 July 2016 8:34am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com