About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, September 20th, 8:06AM
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
  • Bank advice concerns questioned
    “@Dr. Taylor. Dave Mason from BNZ here. BNZ has no restrictions on produce being on house as we do not manufacture. We prefer...”
    2 days ago by Bankadviser
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    3 days ago by interested observer
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    3 days ago by interested observer
  • Bank advice concerns questioned
    “Hi Mike, I think you are sharply understating the risks here of FMA directors and staff ultimately working for the banks...”
    3 days ago by Brent Sheather
  • Action needed on DIMS
    “Perhaps rather than reminding AFAs to get their house in order, the FMA would be better off spending that time finalising...”
    3 days ago by MPT Heretic
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 ▼5.79 6.39 6.65
AMP Home Loans $200k+ 7.14 ▼5.69 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 ▲6.39 ▼6.59
HSBC Premier 6.84 5.95 5.95 ▼6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac ▲6.59 ▲6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 ▼5.95 6.19 ▼6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 20 September 2014 5:26pm

News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

MORE QUIZZES »

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