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Tower appoints receivers

Tower Trust has put the companies behind the Metropolis property bond issue into receivership in the hope of returning at least half of investors' money.

Thursday, March 6th 2003, 11:36PM
Tower Trust has put the companies behind the Metropolis property bond issue into receivership in the hope of returning at least half of investors' money.

Tower Trust acting chief executive Glenn Clark said the trust has appointed Grant Graham and Michael Stiassny of Ferrier Hodgson as receivers to Pacific Properties (Metropolis) and Courthouse Capital Ltd.

Investors put $21 million into the property bonds in 1998 and are now owed $34 million after the issuers defaulted on payments in May 2001.

Courthouse Capital holds a subordinated second mortgage over Metropolis' unsold penthouses, apartments and retail premises in Auckland.

However, development company Courthouse No 1, which built and owns unsold property in the central Auckland Metropolis building, is unaffected by the receivers' appointment.

Courthouse No 1 is owned and controlled by Andrew Krukziener.

Clark said Tower was still confident that bondholders would receive about 50% of their capital back.

"While sales of the Metropolis assets over the past two years have substantially reduced the amount owing under the first mortgage, after careful consideration Tower Trust has decided it is in the best interests of bondholders to appoint receivers to take control of the second mortgage position," he said.

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