It's been clear for some time that Dave Henderson's business 'empire' was built on sand - namely a lot of money from obliging finance companies like Hanover Finance. When global capitalism went into meltdown 'Hendo' suddenly found that his lines of credit had vanished and the finance companies - collapsing all over the place - wanted their money back.
Trouble is, Hendo didn't have it. It had gone - sunk into projects like his ludicrous Queenstown village project.
Henderson builds things with other people's money but can't get them to work - and they collapse leaving a whole lot of people out of pocket.
Another one of Hendo's companies, Elgin Investments, was placed in receivership in December last year.
The company owns the Sydenham Central Mall - a mall that has been another dismal Henderson flop. Large areas of the cavernous mall remain untenanted and there is rarely more than a handful of people in there - and most of them are using it as convenient shortcut to the carpark.
Hanover Finance lent this project approximately $6 million.
Remember we're talking about the guy who both Mayor Sideshow Bob and Canterbury Chamber of Commerce chief Peter Townsend have described as a 'urban visionary.'
Interestingly, Hendo got paid some $113,000 in 'director's renumeration.' Hendo provided ' personal guarantees of company borrowings". Would you accept a 'personal guarantee' from Hendo? It's staggering that he continues to get away with stuff like this. While everyone gets stung by Hendo, he's pocketing not inconsiderable director's fees.
Hnenderson is the director of over ninety-five companies.