Is anyone surprised that one of South Canterbury Finance's bad loans went to our 'urban visionary' Dave Henderson?

You will recall that Hendo got some $70 million out of Hanover Finance for his disastrous Five Mile village project near Queenstown.

He also managed to get some $20-30 million out of South Canterbury Finance (SFC) for Hotel So, a 283 room property in central Christchurch - with additional funding coming from Dominion Finance (which also collapsed).

The hotel's latest valuation is reportedly $9 million which means CSF will incur a big loss - a loss incidentally the taxpayer is paying for.

Meanwhile, thanks to Sideshow Bob and his right-hand man, Tony Marryatt, Christchurch ratepayers are lumbered with five buildings that will never recoup the absurd $17 million that Bob and Tony paid for them.

Basically the good people of Christchurch are the victims of a Hendo double-whammy.

Perhaps Councillor Sue Wells would like to explain again why buying Hendo's rotten buildings has been a 'very good deal' for Christchurch - which is what she was arguing in 2008.

Strangely, there's no mention at all of the Hendo deal in her election propaganda,,,,


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