Guarantee and Indemnity of ORFU

Lee Vandervis has obtained three documents from Dunedin City Council via an official information request (LGOIMA). These documents are now in public domain.

[Email]
—— Forwarded Message
From: Sandy Graham
Date: Mon, 2 Apr 2012 14:39:40 +1200
To: Lee Vandervis
Cc: Paul Orders
Subject: FW: Guarantee and Indemnity

Lee

Anderson Lloyd have located the signed versions which are attached. I have also attached a copy of the coverslip for sealing documents. The Mayor and Cr Brown are the signatories to the documents.

Sandy [Graham]
[DCC Governance Manager]

—— End of Forwarded Message

[via email attachment(s) to the above message]

Sealing Documents Coversheet (11/8/09)
1440_022 (PDF, 595 KB)

Guarantee and Indemnity : BNZ (11/8/09) 
SBZ751 B75112040214180 (PDF, 439 KB)

Schedule – Terms and Conditions of Guarantee and Indemnity
(not dated)
SBZ751 B75112040214170 (PDF, 601 KB)

Posted by Elizabeth Kerr

2 Comments

Filed under Stadiums

2 responses to “Guarantee and Indemnity of ORFU

  1. Mike

    Oh wow – so much for “it only applies while the ORFU is a tenant at Carisbrook” – the drop dead date that would have triggered the BNZ calling the ORFU’s loan would have been 31/7/12 – in other words the city is still on the hook to repay the BNZ’s losses to the tune of $1.2m.

    It also explicitly puts the DCC behind the BNZ (and as a result all the other debtors who are equal to the BNZ) in line for any recovery in bankruptcy proceedings – the DCC doesn’t get a cent until the BNZ gets its $1.2m – the city really had very little to use to negotiate with the ORFU.

    I see Cr Brown signed that he “both read and understood” these documents, he shouldn’t be surprised (I hear him paraphrasing Claude Rains in my mind) about what ended up happening.

  2. Anonymous

    Page 7 is lovely: “in a relationship with an emotional tie, or dependency on…or of limited commercial ability…”

    Check, check and check.

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