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Interesting subplot on the Close up investigation last week. It appears close up didn 't run the story when it first knew as it didn't want to damage the reputation of their other TVNZ show, the Apprentice:
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It's TV ....remember?Originally posted by egan123 View Post
I have hired, fired, trained and mentored real project managers. These guys are not it. Landing a project on time, on cost and to spec is a team game. Backstabbing is what happens when the project is already dead and internal audit are coming....
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You got that right Robin, it is, totally a team effort and nothing other than that fails every time. I love a true team environment utilising everyones experience. Something lacking in, The Apprentice, reality TV series. I bet the winner gets no where in his organisation. How do you make Serepisos the owner of a SMALL business, ( give him a big one to start with) LOL.Comment
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Serepisos sells spare Ferrari
Serepisos sells spare Ferrari
Cash-strapped Wellington property tycoon Terry Serepisos has sold one of his Ferrari convertible sports cars.
Last Tuesday's sale of a 2001 Ferrari 360 Spider came days before a Wellington City Council deadline for Mr Serepisos to tackle a rates bill, estimated at $2 million.
He declined to say whether he had met the deadline, but indicated there would be developments this week. Yesterday, he said the Ferrari sale had nothing to do with his cash-flow situation.
"It's a beautiful car and it needs to be driven. It was just sitting in my garage doing nothing. What's the point of owning a beautiful car if you're not driving it? I've got another one, I don't need two Ferraris."
The Dominion Post revealed last month that Mr Serepisos ran up the $2m debt over the past year, though he made some payments.
Subcontractors said they were owed hundreds of thousands of dollars. Mr Serepisos has disputed many of the claims.
It is understood the council set a deadline of last Friday for him to make inroads into the rates bill.
Registration records showed the Ferrari's new owner, Bayleys Wellington co-owner Mark Hourigan, took ownership on Tuesday.
Mr Hourigan, who was busy washing his new car in Lower Hutt yesterday, declined to comment, saying on Friday: "Mate, I don't want to talk about it."
Mr Serepisos is well known for his love of luxury cars. His garage has housed a XJR supercharged Jaguar and two Lamborghinis – a silver Diablo Roadster and a black VT Diablo.
The Spider cost about $250,000 in 2001, he said. He would not say what he sold it for. A similar model was recently priced at $169,000.
In the television show The Apprentice, he can be seen driving a 2007 Ferrari F430. He said he still owned that car "and some others".
Sir Robert Jones told the Sunday Star-Times at the weekend that Mr Serepisos' appointment to the TV show was "shocking" and his excuses for not paying his bills was "childish". "He's a harmless little fellow, he likes getting into the paper and there is nothing wrong with that."
Sir Robert's comments came as it was revealed that Mr Serepisos approached the National Business Review – compiler of the NBR Rich List – to increase his net worth. It was valued at $100m in the 2007 and 2008 Rich List, but he said wanted to be quoted at $140m last year.
Mr Serepisos hit back at Sir Robert yesterday, saying: "He's a Wellingtonian, but what has he ever done for the city except abuse people? Has he ever put his hand up?
"He shouldn't be throwing stones when he lives in a glasshouse. I could go on all day about Bob."
He said he was "working closely" with council officials on his rates debt. "A lot will happen this week."
Recent attention on his business affairs was "unwelcome and unnecessary". "This is a storm in a teacup, it's all going to blow over."
Many contractors claimed they were owed money, despite cash being in dispute, he said.
"That is the thing that has upset me the most. These things are in dispute, but people are still coming out to stick it to me. It's a bit hard to swallow."Comment
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Council considers going directly to banks to collect Serepisos debt
Council considers going directly to banks to collect Serepisos debt
http://www.stuff.co.nz/dominion-post...Serepisos-debtWellington City Council is considering going directly to the banks of The Apprentice star Terry Serepisos to recoup about $2 million for rates and ground lease rentals arrears.
It comes after Mr Serepisos missed his latest deadline to repay the debt which has accumulated during the past year.
It is understood Mr Serepisos was given until last Friday to pay up. However, the deadline was not met by the property mogul who has now missed several similar council deadlines. A council spokesman said privacy concerns prevented it from commenting on individual ratepayer's debt.
But The Dominion Post has learnt the council is weighing up whether to demand payment directly from banks – including ASB – that hold mortgages over Mr Serepisos's properties.
The Ratings Act allows the council to take overdue rates straight from mortgages. Last year it took $1.32m directly from the mortgages of 571 homeowners – at an average of $2311.
It also employed debt collectors who chased 14 ratepayers owing $30,000. All of those people owned their homes outright so there was no mortgage for the council to tap into.
It is understood Mr Serepisos told the council that taking action to recover the $2m could jeopardise the Wellington Phoenix football franchise he owns. Mr Serepisos said he had put about $5m of his own money into the Hyundai A-League club since establishing it three years ago.
However, Wellington Mayor Kerry Prendergast said last week that she had been approached by a group of businessmen willing to fund the Phoenix should it hit hard times. The council is also worried that chasing the debt could lead to financial trouble for other organisations that do business with the frontman of The Apprentice.
Subcontractors claim Mr Serepisos owes them hundreds of thousands of dollars for work on his property developments – although he disputes many of the claims.
He refused to comment on the rates debt yesterday but told The Dominion Post there will be developments this week.Comment
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apparently he doesn't feel he has to pay his rates or ground leases as they are
"in dispute"
no wait
that's the tradesmen
doesn't work with gov.
maybe he should get a maori passport off Gerard Otimi
and then claim that as Tāngata whenu he doesn't have to pay rates
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well he's 2mill in the hole
what's he got to lose?
his credibility?
he's on a reality tv show remember
that went looooong agoLast edited by eri; 05-05-2010, 12:45 AM.have you defeated them?
your demonsComment
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This grinds my gears...why should he get special treatment because he's put his own money into the Phoenix?Comment
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He's dodged his creditors and put their money into the Phoenix.
Anyone know his background?
I was under the impression that his old man built up a property portfolio which Terry took over and seems to be running into the ground.
Is this another case of wealth only lasting 3 generations?Comment
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Dont forget that rates are fully secured against the property with priority above the mortgage. So while they may have given him special treatment, it hasn't put rate payers money at risk.Originally posted by sarahd View Post
Interesting. Anyone one know if this is true.Originally posted by tricky View Post
The likenesses to Trump are numerous - both involved in property, same entry into property (via parents), both womanizers in early days, both been in trouble with debt, both asked for net wealth to be increased in annual rich list, ...Comment
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Both like to be in a TV show just so they can fire peopleOriginally posted by CJ View Post
p.s. who wasnt a womaniser in their early days, or are you just saying they arent gay?Comment
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I'm pretty sure he built everything up himself from scratch. Starting with the bar that was Sports Cafe on Courtenay Place (was called Ecstasy at the time?), then developing Maison Cabriole apartments across the road. Did very well securing National Bank as the anchor tenant there. Then doing numerous other developments, he got in at the start of the apartment boom in Wellington. He's taken a lot of risks and done a lot of work to get to where he is. I think there is a biography on him on stuff or somewhere. I actually bought a 5 flat property which he used to own and had subdivided.
Originally posted by tricky View PostComment
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Really hope that he pulls through this glitch....top notch person promoting wellington and NZ to the fullest.....and yes, I am sure there are sig. debts owed to him, which is causing CF issues.....though, as he is such a public figure, selling assets and sorting out the rats and mice would be a good move...imhoComment
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Terry Serepisos just made the right choice - Tom. I'm surprised David got as far as he did considering he seemed to be unable to work within a team without pissing everyone off. Congratulations Tom!You can find me at: Energise Web DesignComment
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Agree, thoughyou have to wonder how he will fit into the organisation. I see him using his integrity to make promises only to have MrS make a lier of him.Comment
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