DCHL —Which ‘Infinity’ were Councillors sold on #funnybusiness

ODT 13.10.16 (page 12)

odt-13-10-16-letter-to-editor-garbutt-p12

The published reply has no direct bearing on Russell Garbutt’s enquiry.

● INFINITY YALDHURST LIMITED (5886102)
Incorporation Date: 09 Feb 2016
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/5886102

● INFINITY INVESTMENT GROUP HOLDINGS LIMITED (1004601)
Incorporation Date: 06 Dec 1999
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/1004601

● INFINITY FINANCE AND MORTGAGE LIMITED (5920307)
Incorporation Date: 17 Mar 2016
Address for service:
Infinity Finance and Mortgage Limited, 12a Fovant Street, Russley, Christchurch 8042
http://www.companies.govt.nz/co/5920307

Related Post and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA

█ For more, enter the term *delta*, *dchl*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

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5 Comments

Filed under Baloney, Business, DCC, DCHL, DCTL, Delta, Democracy, Economics, Finance, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Perversion, Pet projects, Politics, Project management, Property, Public interest, Resource management, SFO, Site, Travesty, What stadium

5 responses to “DCHL —Which ‘Infinity’ were Councillors sold on #funnybusiness

  1. Hype O'Thermia

    DCC financial whizzos clearly made their choice based on quality. Naturally they went for the Infinity with Added Entropy, toughened glass splashback and a replica of the outstanding Benz hand-finished flange.

  2. russandbev

    I leave it up to readers to judge the response. Anyone willing to take a small wager on the eventual outcome for Dunedin ratepayers?

    • Hype O'Thermia

      russandbev -“The usual naysayers are coming out. We need this, and the Benz flange will put Dunedin on the map.”
      later: “moan whinge the rates keep going up.”

  3. Elizabeth

    ### Stuff.co.nz Last updated 11:02, October 26 2016
    Infinity settles funding for Christchurch housing developments
    By Chris Hutching
    Wanaka-based Infinity Group has confirmed funding and a new board of directors to take its Christchurch subdivisions forward. They include Ravenswood north of Christchurch opposite Pegasus Town, and the partially completed Noble subdivision which it recently acquired at tender from mortgagees Delta Utilities and Gold Band.

    Dunedin City Council-owned Delta is owed about $13 million it has spent on roading and infrastructure – or more than $20m when penalty interest is included. The Noble subdivision at Yaldhurstwas subject to numerous legal challenges but these have been reduced to damages claims between the mortgagees and other parties.

     Infinity confirmed it had secured “tier one bank funding” for its projects and its main development focus was on the Christchurch projects. […] After Infinity founder Bob Robertson died in late 2014, Paul Croft took over as managing director but he will now focus on operations as the chief executive.
    Croft has resigned from the board and welcomed new members Mark Russell, Andrew Evans, and Tony Sycamore. Russell has been appointed chairman.
    Read more

    ****

    See Comments to the article, this one in particular:

    1 day ago
    colin 101
    Delta not only spent over $13 million on infrastructure since 2009 at Noble Yaldhurst, and of which escalated to over $20 million with unpaid interest, but also invested $3.35 million cash in accepting a 67.5% partial assignment of the Gold Band first mortgage. 

    Delta did this, as confirmed by its own media release, to put itself in a position to defeat the “obstacle” of the original owners caveats that were protecting their known prior interests in the subdivision in favour of its own subordinate infrastructure debt. ie in simple legal terms to cheat people of their known prior interests – or a constructive fraud. 

    If you Google the Property Law Act 2007 section 84 you’ll also see that the Law does not permit partial assignments of mortgages as the joint venture partners Gold Band, Delta and Noble Investments did to defeat the caveats. If you assign a mortgage you have to assign the “whole” of the mortgage, powers, amounts, etc.

    The joint venture used the first mortgage as a tool to secure lower ranked debt rather than only just the first mortgage debt as the Law entitles. Delta then hid [behind] Gold Band in High Court first mortgagee proceedings and covered-up to the Dunedin City Council [that it] was behind the mortgagee sale and the cheating of people with known prior interests. 

    [ends]

  4. Hype O'Thermia

    Can anyone supply an example of a decision made by the Most Mighty of Delta that isn’t rorty or shonky or ill-advised or teetering on a legal knife-edge or high-risk of either money or lives (or both)?

    Pondering: If you pay thread-sheared nuts what do you get?

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