An application for the liquidation of Dave Henderson’s Property Ventures and Five Mile Holdings was adjourned for a week in the High Court yesterday.
Henderson’s lawyers tried to postpone the inevitable for another month but this was opposed by counsel for the plaintiff, Smith Crane and Construction.
The High Court judge gave Henderson just another week – which perhaps is an indication of the Judge’s thinking on Property Ventures and Five Mile Holdings.
Meanwhile, while Henderson’s lawyers were in the High Court, two accommodation businesses owned by Property Ventures, in Invercargill and Dunedin respectively, were being put into receivership yesterday.
Both businesses had defaulted on interest payments on loans.
Both companies were run by Henderson’s company Living Space.
Henderson also has an accommodation business in Christchurch which is also run by Living Space.
Now it’s time to join the dots and thanks to ‘nefarious 2000’ for pointing out the connection..
Also yesterday the Canterbury Mortgage Trust announced it was freezing some $250 million of investors funds as it attempts to get itself out of a sticky financial situation.
Canterbury Mortgage Trust, like other finance companies (eg Dominion Finance and Hanover Finance) apparently got involved with Henderson - in this case by putting investors money in the Christchurch 'Living Space' accommodation business.
As ‘nefarious 2000’ says, people have often wondered where Henderson’s money has been coming from. Now we know – a series of gullible finance companies and, possibly, banks.
It’s a horror tale indeed.
Be very afraid = because the same financial 'experts', politicians and journalists who allowed Henderson to run amok are still out there...
Note: Hanover Finance's advertising slogan is 'With Experience Comes Wisdom'!