Received from Lee Vandervis
Tue, 24 Mar 2015 at 7:26 p.m.
█ Message: I have received confirmation today that DELTA are not just in a bad debt situation plus $1.5 million invested with the stalled Noble subdivision, but that they have subsequently invested even more in the Noble development than I had indicated yesterday.
Further claims from my business contacts associated with the Noble Subdivision are as follows:
“You are correct that Delta bought $1.5 million of Gold Bands first mortgage (a couple of years back).
Delta also bought another $1.5 million of the first mortgage recently (off Avanti Finance who had previously bought this off Gold Band).
Delta (Dunedin ratepayers) also appear to be funding Gold Bands current High Court attempt to defeat [ ] caveats in a mortgagee sale. The sole purpose of this High Court action [ ] is so Delta as second mortgagor can profit at the expense of the private citizens prior interests.”
Below is a representative title for the Noble subdivision.
As you can see there is a mortgage on the titles which tells you which other titles are involved, and a myriad of caveats.
In short, DELTA have bought heavily into a stalled litigious mess, with far too many similarities to their Jacks Point/Luggate debacle.
Cr. Lee Vandervis
█ Email Attachment: Copy title re Noble Investments Ltd
18.3.15 ODT: Expects Delta to be paid ‘millions’
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Posted by Elizabeth Kerr
Filed under Business, Construction, DCC, DCHL, DCTL, Delta, Democracy, Economics, Geography, Media, Name, New Zealand, OAG, People, Politics, Project management, Property, SFO, Site, Town planning