Sue Tierney - what's the latest?

[AMR]

Will this impact negatively on any of the people who got their mortgages through MBD?

[Heg]

Can't see how? We used Sue (until this ) but can't see how banks can renege on mortgages just because a broker pulls a stunt...

[Dean@Massiveaction]

No has no effect on loans at all.

[f1speedman]

Depends if Heg has been watching Coro or not!!

[Dean@Massiveaction]

Yep apparently a contractor owed 70 grand, but there was 400K of of other debt.
Every broker I've asked can't figure out how any broking business could be so badly managed to get nearly half a mil in the red?

[drelly]

I expect the creditors will be supplied with a list of debts to the company. Perhaps one of them could enlighten us?

[Mark_B]

Hi Dean

You seem pretty upset by this.

M

[donna]

Hi All,

I have merged the two seperate threads as requested.

Cheers,

Donna

....I am learning as I am sure many of us are re. this type of company activity e.g. company gets in debt, not enough assets to pay debt, close company to 'ring fence' debt (umm probably not the correct term), start up new company and continue trading as usual. So I am grateful for this discussion. Let's keep it clean though aye! Thank you.

[Heg]

Until I get an explanation, then I all I have to go on is what has been reported.Which in my opinion, seems less than honest. However, MBD seem in no hurry to correct the press and let me know their side of the story.....

[whitt]

Heres hoping this all is completely innocent and nothing dodgy as some members here have implied.
It is painful to watch any legitimate business get burnt, especially if something could be speculation rather than facts.

Lets also hope previous RM connections did not have an involvement in the unfortunate debt which seems to be discussed in this thread.

Watch what we say untill both sides of the story are clear.

[donna]

Umm I beg to differ - there is nothing wrong with commenting on a news article - we are a 'discussion site' and might I add - many of us are guilty of 'shooting from the hip' - prior to making any attempt to clear up the facts first directly. There is enough evidence on the site to support my thoughts - don't you think.

Cheers,

Donna

[muppet]

Actually the original posting was made in 2009.
Then a newspaper article was published a few days ago.
All comment has come about from the newspaper article.

[Bob Kane]

New company, same name, but the debts are history
by Greg Ninness - Sunday Star Times Last updated 05:00 17/01/2010

A PROMINENT mortgage broker has liquidated her company and created a new one under the same name, leaving behind a court-ordered debt to a former contractor.
Sue Tierney, president of Auckland Property Investors Association and founder of well-known mortgage broker Mortgages by Design, placed her company in liquidation on December 23, two weeks after changing its name to PIN Ltd.
http://www.stuff.co.nz/sunday-star-t...ts-are-history

If Sue wants to be president of Auckland Property Investors Association then she needs to lead by example. Investors get enough bad press as it is.
If there's a simple explanation then let's hear it.
I wouldn't want a politician to use this as an excuse to introduce some tax rule changes for property investors.
If Sue doesn't want to comment then she should step down as president.

[drelly]

Hey Peter,

You said you'd spoken to her... so what is the story from the horse's mouth?

[PeterEmpowerEd]

Hey Peter,
You said you'd spoken to her... so what is the story from the horse's mouth?

It's not my place to say, Dave.

Frankly, I don't think Sue is accountable to us on PT.
How she handles the PR fallout from the end of the litigation etc is her business. (Likewise her role in APIA.)

I merely spoke up in the face of what I saw as unfairness in some of the 'discussion' here.

Cheers,