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Is Hanover Going Under? Or is Henderson?

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  • #76
    Bankruptcy proceedings against Duff adjourned
    Alan Duff Alan Duff
    Fri, 25 Jul 2008 8:22a.m.

    Bankruptcy proceedings against Alan Duff were adjourned in the High Court at Napier yesterday to allow time for creditors to consider a proposal from the author.

    Auckland finance firm Mutual Finance is seeking to recover $36,156.08 from Duff in relation to a loan he took out two years ago to buy a Havelock North property.

    Another creditor, Lloyd Duckworth, has withdrawn proceedings.

    Mutual Finance's lawyer John Waymouth said the firm was determined to collect its debt and in lieu of payment would seek access to Duff's royalties.

    "If Duff has no money then we will be seeking his assets to be seized," he told The Dominion Post newspaper.

    "In particular we are interested in obtaining details of any rights he may have for ongoing monies from his films or his books, which can be applied towards his creditors."

    However, proceedings against Duff yesterday were adjourned by Associate Judge David Gendall until next month, to allow time for creditors to consider a proposal from Duff.

    Duff has published six novels, a novella and three non-fiction works. Two of them, Once Were Warriors and What Becomes of the Broken Hearted? were turned into movies.

    Duff was not in court and was believed to be in France.

    The Havelock North property at the centre of proceedings was sold in a mortgagee sale to Christchurch property developer Dave Henderson in December.

    Mr Henderson, a friend of Duff, allowed him to stay there until recently.

    Mr Henderson has this month had some of his properties and developments in the South Island placed in receivership.


    NZPA

    http://www.3news.co.nz/Bankruptcypro...4/Default.aspx
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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    • #77
      Hello all,

      Interest.co.nz report on the Hanover meeting yesterday (?)


      From: http://www.youtube.com/watch?v=0zN2ySJE4Eg

      Cheers

      marc
      Free business resources - www.BusinessBlogsHub.com

      Comment


      • #78
        Mortgagee sale for Five Mile

        Mortgagee sale for Five Mile

        By JENNI MCMANUS - BusinessDay.co.nz | Thursday, 19 February 2009





        The Five Mile development near Queenstown, associated with Christchurch developer Dave Henderson, has been put up for mortgagee sale.
        Crippled finance company Hanover, owed about $70 million, is selling the property by international tender after Henderson's company, Five Holding Holdings Ltd, was put into receivership last July.
        It's understood Hanover flicked off $20 million of the loan to US vulture fund Fortress.
        The development is a 31-hectare site originally envisaged as a group of commercial, retail and light industrial buildings.
        Initial excavations have begun on State One of the development.
        Represented in New Zealand by businessman Martin Reesby, Fortress is known to take an aggressive approach to recovering debt.
        Henderson said today he had given Hanover several propositions since the receivership "which I think were pretty gutsy and attractive given the circumstances".
        He and Hanover were continuing to talk, he said, but he understood its need to pull in as much cash as possible.


        http://www.stuff.co.nz/4853038a13.html
        "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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        • #79
          I have just spent two days in presentations from Macquarie economists and AXA economists and the general feeling is (even though they try to put a positive spin on it) that there will be more of this happening.

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          • #80
            I drove past Five Mile the other day, what a shocker. The excavated area to the right (where the underground carparks were to be) is just an open cast mine with a few concrete slab supports. Looks terrible as you approach the town.

            The rest of QT was looking great - plenty of people around, restaurants were full, half a dozen cranes working (pity about the weather...)

            G
            Premium Villa Holidays in Turkey

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            • #81
              Lol

              Originally posted by Commercial Dan View Post
              I should change this thread to 'both going under'....this is a great lesson to all that all developers hit the wall eventually, more to come.
              You should know Dan

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              • #82
                Originally posted by Commercial Dan View Post
                Bob Jones was spot on yesterday on The Good Morning Show when he said ALL Developers evenually go under, no exceptions. He predicted they are all stuffed and that this recession will last 3 years.
                With a genius business plan like this

                Mr Tremewan said the building needed to be fully occupied to be a sustainable investment in the current climate. “Our model was based on buying buildings empty and filling them up.”

                no wonder lol

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                • #83
                  Must have been an interesting drive from Turkey, aquatic car??

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                  • #84
                    Originally posted by pooomba View Post
                    Must have been an interesting drive from Turkey, aquatic car??
                    What, you mean you've never heard of the Murat Sahin 1300 supercar? lol

                    Premium Villa Holidays in Turkey

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                    • #85
                      Yeah

                      Originally posted by pooomba View Post
                      Must have been an interesting drive from Turkey, aquatic car??
                      i need somewhere to park it know of anything in Cromwell or Gisborne?

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                      • #86

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                        • #87
                          i suppose

                          Originally posted by pooomba View Post
                          you cant drive on public roads with your track record lol

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