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'!


  1. ...and here we are, just four hours later, and hanover has gone public with what has been obvious to even the most uninformed observer for months now

    that's them gone, too!

    maybe bob jones summed it up best on morning tv a few weeks back, when he said: "the problem is that most of the people wearing suits and writing loans in the last few years were still in short pants in 1987. They don't even know who people like Dave Henderson are, or what their history is"

    I wonder what personal sacrifices eric watson intends to make to "still support the company"?

    41 million in dividends from Hanover for him and his mate just last year alone, while they still continued to publish glossies reassuring ma and pa new zealand of how secure and well-managed the company was.

  2. Here we go again. The pot calling the kettle black. If one wanted to find someone similar to Henderson then B Jones is a perfect fit. Nefarious has a very short memory. He should talk to my father and all other investers who lost money when robert jones investments collapsed. The problem with this country is that they knighted him even though he is probably one of new zealands most incompitant businessman, which, as i said in previous blog Henderson my also be. It is precisely the immoral attitude of the Labour government, who on the one hand knight one of new zealands most failed businessman, and let fund managers, many of whom were nothing more than failed insurance salesman, advise investors to put there money in finance companies. Robert Jones is the last person who should be criticising Mr G. In essence Henderson is nothing more than a clone of Jones, Brierley and many others who took investor money and wasted it.Its really quite simple. Nefarious needs to start an investment hotline. charge 3.99 a minute. The message only takes six words. "put your money in the bank". I actually think is only a matter of time until Henderson is knighted. Or maybe Eric Watson will beat him to it. However i shouldnt be so fliphent because its fuckin unbelievable that nefarious would quote Jones who as far is im concerned is nothing more than a scumbag.

  3. Spiderweb, my observation was that there was a lot of truth in jones' comments.

    I made no judgement as to whether or not he was tossing stones around in his own glasshouse

    Cutting through the detritus of your rant (above), you and I both obviously agree with his comments.

  4. Im only pointing out that jones is a hypocrite and therefore he is not the correct person for you to quote. You have fallen into the same trap as those funding Henderson. You should have done your homework and should be criticising jones also as he operates the same way as Mr G. Henderson used finance money whereas jones used the sharemarket. Both headed companies that went belly up. What i am saying is that 30 years ago you may have been blogging in the same way about jones. You would do better to quote those with superior, rather than those with the same immoral, business practices as Henderson. The third paragraph "maybe bob jones" only reinforces what i am saying which is that Mr G is not the only one at fault and that we can often learn more from looking at the bigger picture by critiquing others actions. Although we do learn from Hendersons actions also. Correct me if im wrong but is the third paragraph the first blog in which you have acknowledged others culpability. I note this mornings Press called jones a property magnate. What sacrifices did jones make when R J I went belly up . Probably the same as Watson will. Shame on the television channel for not pointing out jones is of the same ilk
    as the man they had him criticise. When you dont do your homework i will keep you honest and point out the failings of those you choose to quote. Exactly the same as when you point out Hendersons failings. As i say your argument would have more validity if you quoted someone with superior business morals than Henderson. Not a hypocrite. ray c

  5. I'm not arguing with you ;)

    I would point out one small error in your last post, though:

    I don't know anything about whether any of these people are immoral, but (as I have been saying for many years) they are amoral, and Henderson in particular is the most amoral person wearing a business suit that I have ever met.

  6. Fair enough we cant know everything about everybody and hopefully we can all be more informed and ive only started this blogging and im enjoying responding to your comments which in essence are correct .Mr G is immoral and individual responsibility is really for others as he knows nothing about it. This blogging an makes me think which is what you and others are doing. And believe me i dont like Hendersons business or political ethics.However you or someone you know has had business dealings with him and are more enlightened than i in that area. My only dealings are when he did his half hour in the Square and no way should anyone be lending money to someone who is prepared to stand in the Square in there underpants shadow boxing for a half an hour. That is the real movie. Big deal he got 60k from inland revenue. Thats pales into significance to 70 million and at least he can claim he played a large role in Hanovers demise. So give him credit this time hes gone the whole hog, as sad as it is. However im not silly enough to put money in finance companies and id be wild if i knew they were giving him my money. Just one question for you,S Cowan or anyone else reading this. Is ZAP still going?. I did google it and a anti cult website said Joy still ran course but i dont know how long ago they were refering to. i LIKED YOUR hIDE PHOTO. With Trevor loudon vice president of ACT they might be the ones to vote for. Ithink not.


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