Daily Archives: January 21, 2016

Delta #EpicFail —Yaldhurst Subdivision

Received from Christchurch Driver [CD]
Wed, 20 Jan 2016 at 6:35 p.m.

Last year Delta told Council and Dunedin ratepayers to return to their seats and not to worry about a bit of financial turbulence on the Yaldhurst subdivision, pictured.

Yaldhurst Village 1Yaldhurst Village 2Photos: CD 20.1.16

Delta are owed several million (possibly more) and the story was that all is well, even though they have been not paid for about 18-24 months because they have security over the land.

Sadly for Delta and its owners (us) a security means Jack Squat if the FIRST mortgage or prior ranking securities have not been paid.

And of course the first mortgage holder can simply choose to force the sale, and IGNORE lower ranking securities, until all their loan, penalty interest, selling costs, legal fees are covered.

The question of interest is – what is an unusable subdivision going to fetch, Jack Squat perhaps ?

Other Urgent questions for Delta:

1. How much is still owed ?

2. Have they been paid anything on this project in the last year ?

3. What do they know about the forced sale process ?

4. What is the total amount of debt secured against the property that ranks ahead of them ?

5. What is the range of the estimated mortgagee sale price – just a range is fine thanks !

6. Is the company owing Delta solvent, and does it have any other assets that can be pursued ?

7. Which group of directors at Delta authorised this multimillion-dollar project ?

8. Did Delta themselves know or check that the subdivision was not designed to the CCC requirements before they started ?

9. Will anyone be held accountable for this spectacularly inept decision to be involved and any loss resulting ?

[ends]

ODT 18.3.15 Expects Delta to be paid 'millions' [odt.co.nz] screenshotwhatifdunedin screenshot: ODT Online

New Zealand Companies register: Delta Utility Services Limited (453486)

█ Directors: David John Frow (appointed 25 Oct 2012), Trevor John Kempton (01 Nov 2013), Stuart James McLauchlan (01 Jun 2007), Ian Murray Parton (25 Oct 2012)

More: Historic data for directors

Related Posts and Comments:
15.12.15 Noble property subdivision aka Yaldhurst Village | Mortgagee Tender
21.9.15 DCC: Not shite (?) hitting the fan but DVL
20.7.15 Noble property subdivision —DELTA #LGOIMA
1.4.15 Christchurch subdivisions: Heat gone?
24.3.15 Noble property subdivision —DELTA
23.3.15 Noble property subdivision: “Denials suggest that we have not learned.”
17.3.15 DCC —Delta, Jacks Point Luggate II…. Noble property subdivision

Posted by Elizabeth Kerr

Election Year. This post is offered in the public interest.

12 Comments

Filed under Business, DCC, DCHL, Delta, Democracy, Economics, Events, Infrastructure, Media, Name, New Zealand, OAG, People, Pet projects, Politics, Project management, Property, Resource management, Site, Town planning, Travesty

DCC LTAP 2016/17 budget discussion #ultrahelpfulhints

ODT 19.1.16 (page 6)

ODT 19.1.16 To the point McCutcheon p6 FrameScrollCornerJPRfinished red

Comment at ODT Online:

Still on about ‘rising ground water’
Submitted by flatout on Thu, 21/01/2016 – 8:05am.

When will you…Dave…and the council admit it was a lack of mainenance that caused the flooding in Dunedin? Stop blaming climate change and rising ground water. Stop talking about high cost plans of moving South Dunedin and buying properties. Stop your endless council staff meetings about the issue of ‘what to do with South Dunedin’. Do maintenance on the stormwater. Do invest in South Dunedin to keep it a place to live and work in. All you need to do is clear drains and stormwater system that has coped with worse floods in the past…1968 for example.

REMOVE THE IRRITANT
Dave framed [FrameScrollCornerJPRfinished] 2

Posted by Elizabeth Kerr

62 Comments

Filed under Business, Cycle network, DCC, Delta, Democracy, Dunedin, DVML, Economics, Enterprise Dunedin, Infrastructure, Media, Name, New Zealand, OAG, People, Pet projects, Politics, Project management, Property, Proposed 2GP, Resource management, Tourism, Town planning, Transportation, Urban design, What stadium