*Name correction: Graham Crombie.
Mr Crombie is the chairman of Dunedin City Holdings Ltd (DCHL). Grady Cameron is Delta’s chief executive. -Eds
Sally Lindsay writes on the Delta fiasco at NBR today: ‘Christchurch development still entangled in litigation despite sale’ (pages 3 & 7).
“The sale is not deterring neighbours Colin Stokes and Gregory Smith from court action and Mr Stokes says Delta and Gold Band Finance have been joined to the proceedings originally launched against developer Noble Investments over a breach of contract. […] The litigants are claiming the value of 13 sections on their land had it been able to be subdivided. Mr Stokes says the sections would be conservatively valued at $200,000 each and the [action] also includes a claim for damages because of the holdups to their project, which they expected to launch in 2008. […] Mr Stokes is expecting the court case to be heard within the next year.”
Posted by Elizabeth Kerr
Election Year. This post is offered in the public interest.
Filed under Business, Construction, DCC, DCHL, DCTL, Delta, Democracy, Design, District Plan, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, Site, Town planning, Transportation, Urban design
Tagged as Apple Fields Ltd, Auditor-General, Bad debts, BNZ, Board of Directors, Caveators, CCC, CCOs, Christchurch, Christchurch City Council, Constructive fraud, DCC, DCHL, DCTL, Delta, Delta Annual Reports, Delta board of directors, Delta Utility Services Ltd, Directors, Dunedin City Council, Dunedin City Holdings Ltd, First mortgages, Forced sale, Gold Band Finance, Infinity Investment Group Holdings Ltd, Infinity Yaldhurst Ltd, Infrastructure services, Investments, Land deals, Mortgagee sale, Mortgages, NBR, NIL, No guarantee, No security, Noble, Noble Investments Ltd, Noble subdivision, Noble Village Subdivision, Project management, Property investment, Property speculation, Security, Security Sharing agreement, Stormwater discharge, Stormwater systems, Subdivisions, Yaldhurst Road, Yaldhurst subdivision, Yaldhurst Village
4 responses to “Delta Yaldhurst : Local Opinion + Update from Caveators via NBR”
Jeff Dickie has it summed up well. Delta’s culture will never change while Grady Cameron can play at being a big-shot, buoyed up by his obscene salary and supervised by the likes of Graham Crombie, Richard Thomson and Dave Cull. Talk about the wolves running the chookhouse – you couldn’t make it up.
Failure in corporate life is a guarantee of a higher salary. Gurglars law of executive salaries. “Executive salaries rises are inversely proportional to shareholder profits.”
And Gurglars law about DCHL directors- “The distance from the grey matter of a DCHL director increases by the number of letters after his name (and prior) and the length of time on the board.”
Grady Cameron now on $570,000 and 88 pax on over $100,000!
Delta making no contribution to DCC finances and facing another $25 million loss on Yaldhurst.
When are we going to get some salary sanity from the DCC and its companies?
Next trick will be to sell them at an obvious discount to their mates, just like they did with Mahinerangi. “In order to solve the problem of DCC debt caused by salaries being too high” An obvious self fulfilling prophecy!
After the sale of Delta, the new chairman “Mr Michael Favour and his partner Mr David Veryrich noted, our first move will be to say thank you to the previous CEO who has taken voluntary redundancy along with 88 senior managers who have been replaced by 25 smart young buggers who are working for work experience.
One year later 1 June 2019, the new chairman Mr David Veryrich stated that the company Favour-Veryrich were very pleased about the contribution of Delta (2017) Ltd which had produced a $500 million profit for the consortium.