Noble property subdivision —DELTA

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.

Kind regards,
Cr. Lee Vandervis

█ Email Attachment: Copy title re Noble Investments Ltd

Noble Subdivision representative title

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 Comments

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

14 responses to “Noble property subdivision —DELTA

  1. Semper Fidelis

    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?

  2. Elizabeth

    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

    Noble - link to Southpac Property Holdings Ltd, British Virgin Is

    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?
    http://www.applefields.co.nz/ANRP09.pdf
    On page 17, it states construction of the infrastructure began in October 2009 – maybe this is reference to Delta?

    [ends]

  3. Anonymous

    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.

  4. Elizabeth

    $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.
    http://www.odt.co.nz/news/dunedin/337404/12m-delta-bill-may-grow

    • Peter

      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.

  5. Simon

    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 ?

  6. Hype O'Thermia

    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.

  7. Elizabeth

    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.

    Part of Delta’s new strategy focused on less risky ventures….

    Grady Cameron (tweaked)### 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.
    Read more

  8. Elizabeth

    Particularly good letter from Ian Pillans:

    ODT 22.4.15 (page 10)
    ODT 22.4.15 Letters to editor Pillans Rawling (page 10) 1

  9. Hype O'Thermia

    “$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.

  10. Elizabeth

    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.
    http://www.odt.co.nz/opinion/opinion/341230/good-reason-concern

  11. short fused

    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.

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