Blue Chip related stuff here, please.

[BTDT]

Lombard

I think you will find that almost two months ago I did mention in one of my posts that Lombard were into Bluechip for a lot of money, at that time I may well have mentioned a figure of over $10 million.

I also suggested that the collapse of Bluechip would put them in dire straits, and it appears it has.

Not wishing to gloat, because this is not what this is all about, however you will find that other of my suggestions/predictions will come to fruition in the fullness of time.

[Brutus]

Real truth

The real truth behind moderators' actions is probably MB's lawyers threatening the Forum after the BCFS has changed its name to Northern Crest?

Remember its still the same old BCFS - a name change has no legal effect AND its still a NEW Zealand company which means it must comply with the Companies Act 1993 AS WELL as the ASX listing regulations.

[Perry]

The real truth behind moderators' actions is probably MB's lawyers threatening the Forum after the BCFS has changed its name to Northern Crest?

[Brutus]

Perry

I guess he either agrees with me or is a Blue Chip fifth columnist -

[Monid]

Hi Brutus
If you look here: http://www.propertytalk.com/forum/showgroups.php
You will see that though we haven't officially announced it, Perry has joined the ranks of us moderators. I don't think he agrees with you...

And to be realistic for a second can you imagine MB's lawyers demanding that all posts about them be consolidated into one thread? Why wouldn't they simply demand that they were removed?

Still some people always favour the conspiracy theory explanation rather than the straightforward one.

Cheers
David

[muppet]

There are 32 Blue Chip related threads first starting in November 2003.

One thought was to join the whole lot together as has happened to the Richmastery thread.

However it was decided to lock up most of the threads and start one thread for all Blue Chip related stuff.

[Geejay]

lets sink bcfs efforts to get started in Oz

lets make people aware of bcfs name changes and what they have done to salt of the earh people in nz.

subscribe to property,investment forums in Oz and make them aware whats now sitting in their house.

a leopard does not change its spots

[Brutus]

Easy way to do that is to complain to the New Zealand Companies Office about the misrepresentation re Mide as regards ASX annoucments and accounts. Its an offence under the Comapanies Act and a breach of ASX rules.

[OllyN]

Are Tower and Blue Chip connected ?

In the Dominion today the Manager of Trustees and Executors Mr Stubbs is quoted as saying:

"Despite the heavy weighting in Auckland property, Trustees Executors dismissed any relationship between the fund and failed investment group Blue Chip."

Would Mr Stubbs please explain
(1) How is it that TEA Custodians feature on many of the mortgage documents of victims of the Blue Chip failure and who now face the horror being sold up?
(2) That TEA Custodians are 100% owned by Trustees and Executors according to the companies office.
(3) And is there any connection between the serious financial problems of the Tower Mortgage Plus fund which appears to be linked with TEA Custodians and Trustees and Executors?

[CJ]

Would Mr Stubbs please explain
(1) How is it that TEA Custodians feature on many of the mortgage documents of victims of the Blue Chip failure and who now face the horror being sold up?

Olly - is this simply a case of this is one of the mortgage companys that was used or are you suggesting a closer link? (I am sure ASB/National etc names are on a lot of the mortgage documents as well).

[airguard]

KiwiSaver vs Blue Chip and Others

I find it ironic that Mr. Mallard said, "I thought that in New Zealand we had employers of higher ethical standards than that."
This is in reference to some companies that have found a loophole and are reducing pay rises by 1 per cent to cover the contribution employers have to make to KiwiSaver accounts. See http://www.stuff.co.nz/4477713a10.html
He further states, "If necessary there will have to be some legislation to cut them out."

Last week Commerce Minister Lianne Dalziel stated, that the government cannot be expected to play the role of the 'ambulance at the bottom of the cliff' after a financial institution goes under, in many of the high profile collapses in the industry over the last 18 months. See here http://www.nzherald.co.nz/topic/stor...ectid=10502943

What I gather from these two government employees is, it’s okay for individuals to “steal” peoples homes, retirement money and life savings, but don’t steal from the employee that has put their money into our half thought out scheme. In other words ethics only comes onto play if it involves the government, and we all know how well the police themselves over this.

Justice for all…. When oh when will I be part of the “all” group!

[Green Fish]

I recall Ms Dalziell using the statutory management procedure for some relatively minor issue in South Auckland. The Blue Chip issue involves numerous companies, one of which is in Australia. And now, it seems, there are connections with at least one failed finance company. In my opinion, there is a very strong argument for putting all the Blue Chip companies and Lombard (and possibly other finance companies) under statutory management. Geoff Meltzer stays on, but he wears a different hat.

[Perry]

What I gather from these two government employees is, it’s okay for individuals to “steal” peoples homes, retirement money and life savings, but don’t steal from the employee that has put their money into our half thought out scheme. In other words ethics only comes onto play if it involves the government, and we all know how well the police themselves over this.

Justice for all…. When oh when will I be part of the “all” group!

Yeah - it's called situational ethics,
a close relative of situation comedy.

No wonder they rank at the bottom of
the most trusted vocation list.

[OllyN]

Why is the SFO dithering?

Decision soon on Blue Chip inquiry
By KRIS HALL - The Dominion Post | Wednesday, 16 April 2008

The Serious Fraud Office has not yet decided whether to launch a formal investigation into failed property investment company Blue Chip.

Chief executive and director Grant Liddell said he was unsure whether the matter warranted a full investigation into possible criminal dealings, regardless of the bleak outlook for investors.

Trading subsidiary Blue Chip New Zealand was placed in voluntary liquidation last week, joining 20 other Blue Chip companies in wind-up.

More than $70 million is owed to about 3000 investors.

Mr Liddell said he was waiting to see a report in the near future that would determine his action.

"Until then, I cannot speculate on what may, or may not happen.

"If we are to take steps, that decision will be made very soon.

"I must remind you, it's one thing for us to get an investigation under way, entirely another for us to decide whether prosecution should be brought."

The office can pursue an investigation when it suspects fraud has been committed. However, evidence must be presented first.



More than 230 members of the Institute of Chartered Accountants have agreed to provide one hour's free advice to investors of Blue Chip companies in liquidation.

Investors seeking advice should call freephone 0508 197-510 during office hours.

Comment: If the SFO cannot see the wrong doings in the Blue Chip mess and fail to prosecute then one must suspect that they are either on another planet or under political pressure. If you were "sold" a property where the deposits were promised to be insured, but never were, where the properties frequently never existed, where the valuations were pumped up, where the properties were sold twice, where the "trust accounts" were a sham, where properties were settled with no CCC's, where rent, bonds and body corp fees were "stolen", where patsy BC appointed lawyers failed to protect the investors interests, where the sick, the poor, the slow of mind and the pensioners and 80 year olds were talked into investing with no hope of paying, where one of the main lenders was closely linked to the developer, and recklessly lent vast sums to people who never ever had the ability to pay plus a myriad of other sins, would you call it "fraud" a "cover up" or would you call it just bad luck?

[airguard]

I find it ironic that Mr. Mallard said, "I thought that in New Zealand we had employers of higher ethical standards than that."
This is in reference to some companies that have found a loophole and are reducing pay rises by 1 per cent to cover the contribution employers have to make to KiwiSaver accounts. See http://www.stuff.co.nz/4477713a10.html
He further states, "If necessary there will have to be some legislation to cut them out."

Last week Commerce Minister Lianne Dalziel stated, that the government cannot be expected to play the role of the 'ambulance at the bottom of the cliff' after a financial institution goes under, in many of the high profile collapses in the industry over the last 18 months. See here http://www.nzherald.co.nz/topic/stor...ectid=10502943

What I gather from these two government employees is, it’s okay for individuals to “steal” peoples homes, retirement money and life savings, but don’t steal from the employee that has put their money into our half thought out scheme. In other words ethics only comes onto play if it involves the government, and we all know how well the police themselves over this.

Justice for all…. When oh when will I be part of the “all” group!

In light of Olly's last post, I have to change the above to read:
What I gather from these three government employees
No doubt that number will grow! I'm glad it's an election year, I think I will vote for everyone whose names I don't recognize. I just hope they keep all the social services in place because my wife and I now have nothing and will not have anything for retirement. The government will have to take care of us or banish us to the street.
Ethics like beauty is in the eye of the beholder.