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.
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 ?
whatifdunedin 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)
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Posted by Elizabeth Kerr
Election Year. This post is offered in the public interest.