One of the finance companies that failed property developer Dave Henderson owes money to has gone into receivership.
Dominion Finance's trustee, Perpetual Trust says it rejected a proposal by the finance company to gradually sell its assets, saying receivership will be better for investors.
Dominion Finance owes $224 million to over 6000 investors.
It reported a $108 million loss for the year to March, due to the slumping property development market.
And one of the property developers who defaulted on his loan repayments was, yes, that well known ‘visionary’ Dave Henderson.
He also owes own some $70 million to another troubled finance company, Hanover Finance.
Perhaps Christchurch Mayor Sideshow Bob Parker will have a few sympathetic words for all the small investors who have lost money because of the activities of people like ‘Hendo’.
And pigs will fly..
Interestingly, one of the few people to even bother mentioning those whose capital is lost through Finance companies and their beneficiaries like Dave Henderson ..
ReplyDeletewas Winston Peters,
who said
..
he had "no doubt that the financial melt down would lead to much misery among the elderly investors",
and that the shark liquidators would be unlikely to help them,