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’
Related Posts and Comments:
23.3.15 Noble property subdivision: “Denials suggest that we have not learned.”
17.3.15 DCC —Delta, Jacks Point Luggate II….
Posted by Elizabeth Kerr
14 responses to “Noble property subdivision —DELTA”
Jesus – this is straight out of the handbook on how to manage a ‘banana Republic’. I’ve not ever know an individual with so much pluck as you, Lee.
You are the only medium who reports the truth. Where are the Smith Bros and their Otago Daily Times? I sense that their personnel are being ‘cowed’ into ignoring the ‘bare faced’ truths. How much longer can the ODT turn their backs on the rotting sepulchre that is the Dunedin City Council?
Received from Lee Vandervis
Wed, 25 Mar 2015 at 6:32 a.m.
Subject: Noble – further details, links p28 (c) to Southpac Property Holdings Limited/British Virgin Islands
Haven’t been able to find any names of people involved with this company.
Note: British Virgin Islands near Bahamas.
Found Annual Report as of September 2009 for Applefields.
Noticed reference on page 6 to $1.436m cash received – maybe this is Delta?
Click to access ANRP09.pdf
On page 17, it states construction of the infrastructure began in October 2009 – maybe this is reference to Delta?
Mayor Cull seeks to minimize the damage by saying it’s not the same situation as Jacks Point.
In the sense that Delta (or Newton’s Coachways as the investment vehicle) did not own sections, that may be true.
However, the Yaldhurst subdivisions benefitted from Delta doing civil work up-front. This is exactly the same case as for Jacks Point.
All transactions that involve the directors of the time should be made subject to the closest scrutiny. Where there is deception or conspiracy, directors can expect to be held jointly and severally responsible.
$12m Delta bill may grow
Dunedin City Council-owned company Delta is owed more than $12 million from the stalled Yaldhurst Village subdivision in Christchurch and the bill might still be climbing.
Ok. Now they are almost owning up to the full cost of Delta’s incompetence…or worse. Why did they not do so when the story first broke? It had to come out. All that was achieved was suspicion of a cover up.
Cull again minimises the extent of the debt and what it means. The question is being asked, why? Other councillors were not so shy.
Where else in NZ can you get a job that pays $460,000 a year, and make that many fuck ups, and still keep the job ?
Dunno but if you hear please let me know. I’m incompetent in a wide range of disciplines. I’d be happy to appoint you to a senior management position in consideration of your assistance, nothing corrupt about that, you’re clearly the best person for the money, Simon. I mean for the position.
Don’t tell me that overpaid hick / piece of slime Grady Cameron is winning some business after losing Dunedin ratepayers tens of million of dollars ???!!! Pass the sick bowl.
### ODT Online Sat, 18 Apr 2015
Delta wins $22m contract
By Vaughan Elder
Dunedin City Council-owned company Delta has picked up a $22 million Christchurch City Council contract – a move hailed as good news for ratepayers in both cities. From July, the company will look after parks and open spaces in the south of the city under a contract worth $22 million over nine years.
Particularly good letter from Ian Pillans:
ODT 22.4.15 (page 10)
“$4.6m after tax profit on turnover of $104m” – is that good? Is turnover all that relevant, isn’t the important thing how much profit the capital investment (money tied up in the company) is earning? Apologies if that’s a dumb question, accounts aren’t my thing.
Good reason for concern
Dunedin City Council critic Calvin Oaten, of Pine Hill, backs Cr Hilary Calvert over Mayor Dave Cull in her assessment of council-owned company accountability.
“Mayor Dave Cull (ODT, 17.4.15) rejected Cr Calvert’s comments saying they were ”factually wrong”. – See more at: http://www.odt.co.nz/opinion/opinion/341230/good-reason-concern#sthash.Ih5BUDAq.dpuf
Factually wrong, eh? Nek minnit the tale will shape-shift into “misleading” at which point the faithful kangaroos will be rounded up from the top paddock to silence another intelligent independent voice.
Some more detail on Delta’s $12 million bad debts at the Yaldhurst subdivision should be provided.
What is known is that there are major problems with the civil engineering work on the ‘spine road’ through this subdivision, and storm water infrastructure which Christchurch City Council will not sign off because they are not to built to standard.
How much of this under-specification engineering work was built by Delta?
Who will pay to remedy this work, before sign-off can happen to allow titles to be issued and the subdivision sections begin selling? Delta will only start getting paid when this happens.
They seem to have a great knack at digging themselves into enormous holes. Perhaps Delta should buy a quarry. Make an offer on Saddle Hill – should be plain sailing.
Thanks, info is being compiled…..