Received from Christchurch Driver [CD]
Sun, 6 Mar 2016 at 10:23 p.m.
Mr Crombie has spoken. A press release on Thursday : Something old, something new, something borrowed, with no clue.
Your correspondent has a theory in relation to Mr Crombie’s press release. Your correspondent surmises that a copy of Delta CEO Grady Cameron’s press release appears to have stuck to Mr Crombie’s saucer (stress – jiggling – spillage !!) when he was having tea and cakes in Mr Cameron’s office last week, and Mr Crombie absent mindedly put it in his pocket. Mr Crombie being a busy man then noticed it a few days later amidst some empty Cadbury Favourites wrappers and Kit-Kat bars. Thinking that he was meant to have done something, and with Grady’s cell phone off, he panics, and emails off the release, which of course is a re-run of Mr Cameron’s effort.
Mr Crombie did say there had been “some misinformation” about the mortgagee sale process. There certainly has, and it is all from Delta and its directors.
Your correspondent and Delta are of one mind here : There is no need for any confusion, Dunedinites will have a lot less suspicion and worry if we had accurate information that Delta and its Directors were not the white collar robbers of the DCC public purse that your correspondent has made them out to be.
To this end, some public minded citizens might want to put in a LGOIMA request, or perhaps write to the ODT with the following questions for Delta, to assist with the excellent What if? efforts on Noble to date.
Let us relax with a cup of Bell’s best and have our fears assuaged. Or perhaps, let us watch the twists and turns of outrageous logic that Mr Cameron will use to explain away these very simple questions :
How much of the $3.3M Delta paid to “strengthen its position” has been paid to Gold Band and Avanti Finance. This is an easy one for starters – readers of course know the answer ($2.7M) because Gold Band have told us, but if Delta get this wrong, we then know it has a telling-the-truth problem as well as previously canvassed numbers, counting and comprehension problems.
What was the remaining funds of the $3.3M spent on ?
Or in case this isn’t clear enough :
How much of the $3.3M has been paid for any advice, fees, or any other sort of payment in relation to the Noble Yaldhurst Subdivision, that was not for the actual direct purchase of first mortgage securities ?
In regard to the question above, who was this money paid to ?
How much Head Office staff time has been spent on the Noble Subdivision since December 2009 and has it been charged to the project ?
Did Delta, or any party associated with Delta, instruct, or convey to Gold Band Finance in any way, that Delta would not allow Gold Band to sell its first mortgage security to other parties (ie, other than Delta) with an interest in the land ?
Can Delta confirm that it will not offer vendor finance, and will not enter into a profit / revenue sharing agreement to the eventual purchaser of the land from the mortgagee sale process ?
Can Delta confirm that in addition to the above, it will not offer any kind of assistance to the eventual purchaser of the land ?
How much has Delta or DCHL paid Mr M Frost for any services related to the Noble Subdivision since 2012 ?
Can Delta confirm that no past or present Delta Directors, and also Mr J Boult, and Mr M Frost, are not involved, or offered any kind of advice or assistance to any of the mortgagee sale bidders ?
Is it true that due to recent developments, and subsequent to the date that tenders closed for the mortgagee sale, the firm conducting the mortgagee sale process, and/or other parties, has been urging other parties, who did not make a bid, to make a bid, even though tenders have closed ?
Given that we are dealing with Delta, perhaps readers should just consider three at most per request so as not to overtax Delta capacities.
These are all critical questions. Memo to Grady and Graham : Better to answer them now, the next time these questions are asked you will be best advised to have a lawyer – your own personal lawyer that you pay for, not a Delta one – present. (Suggestion : NOT the ones that wrote the security sharing deed….). Memo to Graham : $900 a day will not go far on lawyers’ costs.
And Graham : Note to Self : Conduct cost / benefit and personal risk register of Delta involvement. (Memo to Grady : At a salary of $2,090 per working day, hire whatever lawyer you want).
Alert readers will have noticed some of these questions suggest there are yet more horror stories and shady dealings your correspondent wishes to bring to the surface. Indeed there are, but let us have Delta’s position first, to avoid speculation. Of course we will have no option to speculate if nothing is forthcoming, and speculate we will.
For your correspondent, Delta at the Noble Subdivision is the gift that keeps on giving.
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Posted by Elizabeth Kerr
Election Year. This post is offered in the public interest.