Apprentice boss in cash crisis - Terry Serepisos

[eri]

yup, poor terry seems to have been unable to outrun the recession we had to have

and the bullets are hitting home

................

the name is not doing so well

with another in trouble

it seems from the tea leaves...

[WGN ex-property manager]

$2m debt judgment granted against Serepisos

Source http://www.stuff.co.nz/business/indu...inst-Serepisos

Another $2 million of debt has been added to the slate of Terry Serepisos.
In the High Court at Wellington, a Waipukurau lawyers' nominee company formalised the debt the developer personally owes it.
Associate Judge David Gendall entered judgment of $2,023,170.05 against Serepisos for the Davidson Armstrong and Campbell Solicitors Nominee Company.
The sum is now also gathering penalty interest of 16 per cent.
Solicitors nominee companies are a way for investors to pool funds for lending.
The judgement could be used later as the foundation for a bankruptcy application.
Earlier it was announced that one of Serepisos' companies, Century City Courtenay, had satisfied the claim of Tyco NZ which had been trying to put it into liquidation over a debt believed to be about $6000.

[WGN ex-property manager]

Bullets now getting closer to the jugular?

[WGN ex-property manager]

SCF chasing $18m from Serepisos

Source : http://www.nzherald.co.nz/business/n...ectid=10746090

South Canterbury Finance's receivers have taken over the case to bankrupt Phoenix soccer team owner and Wellington property developer Terry Serepisos, chasing a debt of about $18 million.
In the High Court at Wellington today FM Custodians withdrew its application to bankrupt Mr Serepisos, saying they had settled their debts. Mr Serepisos had owed FM Custodians about $5m.
The lawyer for South Canterbury Finance's receivers, Joshua Cameron, applied to replace FM Custodians as the judgement creditor, saying his client was owed "roughly $18m".
Justice David Gendall noted he had seen no evidence that Mr Serepisos was able to pay his debts.
However, Mr Serepisos has another 10 days to come up with a deal to satisfy his creditors before the case is next heard on August 29.
- NZPA

[Commercial Dan]

He's finished, everyone knows it in wellington.He will probably emerge again during the next boom starting in 2015

[WGN ex-property manager]

Or perhaps look at a jurisdiction where paying your taxes really is optional, and quite socially acceptable to brag about at cocktail parties.......

.......Greece maybe?

[eri]

Questions have been raised about the $232-million value put on his commercial and residential property by Terry Serepisos.
Multiple commercial property and finance market sources believe Mr Serepisos would struggle to get $60m from the sale of his commercial property, leaving a shortfall of $172m.

The sources said there was no way the remaining 150 or so residential properties Mr Serepisos owns would fetch an average $1.146m each to make up the shortfall.



http://www.stuff.co.nz/business/indu...pisos-property

[partya]

http://www.stuff.co.nz/sport/football/5673234/Terry-Serepisos-loses-Phoenix

Poor guy (seemingly literally?). Lots of respect for bringing the team to fruition in the first place. The Phoenix rise again!

[speights boy]

Ahh yeah partya.

I betcha his creditors just love reading how much he has "poured into the club"

[partya]

Very true. I wonder how much further into the mire he has to go? Would you feel silly if you appeared on television supposedly in a position of superior knowledge, though when the tide went out everyone saw you were swimming naked?

[donna]

Just like with Trump Terry won't be down for long - it's in his DNA to do well so he'll rise stronger from the ashes.

Cheers,

Donna

[speights boy]

Donna

So you believe all his current creditors will be repaid in full ?

[eri]

Just like with Trump Terry won't be down for long - it's in his DNA to do well so he'll rise stronger from the ashes.

Cheers,

Donna

standing on the shoulders

of out of pocket creditors

[Bob Kane]

Just like with Trump Terry won't be down for long - it's in his DNA to do well so he'll rise stronger from the ashes.

Cheers,

Donna

Terry doesn't have any property investing in his DNA.
His first love is fashion - have you ever seen him in a bad suit?
He's dabbled in property development and is now where all developers end up - broke.
He should have stuck to his fashion retailing.

[Bob Kane]

The fashion-loving entrepreneur once owned a chain of men's fashion stores

Even the designer shirts off Terry Serepisos' back could now be grabbed by creditors, capping off a sad day in which he lost his beloved Phoenix football club.
In the scramble to grab anything worth selling, one of Mr Serepisos' creditors has obtained court orders allowing it to seize and sell his high-fashion wardrobe.
Foundation Custodians, which is owed $313,708.59, has obtained High Court seizure and sale orders covering 15 of Mr Serepisos' properties, including his multimillion-dollar Roseneath home, and his "tools of trade".
He could be stripped of all but $10,000 of his household furniture and effects, which include his wardrobe.
The fashion-loving entrepreneur once owned a chain of men's fashion stores and collaborated in designing his weekly order for a new shirt to add to his collection of more than 100.

http://www.stuff.co.nz/sport/football/5676713/Serepisos-loses-the-Phoenix-then-his-shirt