Tag Archives: Promisory notes

Stadium: Edgar’s $1m donation (private sector fundraising)

Received from Bev Butler
Thursday, 10 April 2014 11:31 a.m.

From: Bev Butler
To: Eion Edgar [Forsyth Barr]
CC: Carlotte Henle [Kensington Swan]; Ian Telfer [Radio NZ]; Wilma McCorkindale [Fairfax News]; Debbie Jamieson [Southland Times]
Subject: Has Sir Eion Edgar paid his $1 million donation?
Date: Thu, 10 Apr 2014 11:30:19 +1200

Dear Sir Eion

You will recall the reports in The Mirror (10/7/13 – copied below) where you promised to honour your $1 million pledge initially reported in DScene (13/5/09).
As there had been no public reports of you having paid up I decided a few months ago to make an official request under LGOIMA to see if this money had been received. After repeated requests for the Dunedin City Council to respond to my request I have received no response. I thought before making a complaint to the Office of the Ombudsman I would ask you directly if you have paid up. It is in the public interest that this pledge is honoured as it formed part of the push for the decision for the stadium to go ahead. You may also recall the report on the front page of the ODT (March 2007) where Mr Malcolm Farry announced “very excitedly” that he had a one million dollar donation for stadium construction with another two “in the wings”. This was also reported in the National Business Review.

I have prepared a sequence of events to help clarify the situation:

1. Mr Malcolm Farry announces three $1m donations for stadium construction in March 2007.
2. The Marketing Bureau, commissioned by Carisbrook Stadium Trust, tells Dunedin City Council in Dec 2007 that naming rights are worth over $10m.
3. ODT reports Sir Eion Edgar becomes trustee of CST in August 2008.
4. Edgar and Farry announce Forsyth Barr have signed a Heads of Agreement in Jan 2009 and it is reported in NBR that a “substantial cheque” has been signed.
5. Council documents of cashflow projections, peer reviewed by PwC in Feb 2009, show that the naming rights payments have changed from full payment up front to two years in advance – “front-end loading” is the term for this.
6. Edgar announces in DScene in May 2009 he is making a $1m donation to the stadium.
7. Nine changes, as revealed in LGOIMA response from DVML, are made to the Forsyth Barr naming rights agreement then the contract is signed on 2 August 2011…the day after stadium opens. One of the final changes is from yearly in arrears to monthly in arrears.
8. Forsyth Barr makes their first payment on 1 September 2011. They are paying monthly in arrears.
9. Edgar, through Forsyth Barr lawyer in Oct 2012, denies having stated that Forsyth Barr had written a “substantial cheque”. The NBR journalist distinctly remembers the “substantial cheque” comment being made. However, no correction sought from NBR at the time.
10. The naming rights contract is no more than $5m as revealed in 2013 through LGOIMA request to DVML.
11. Edgar claims his $1m donation is part of the naming rights corporate contract in The Mirror in July 2013. The $1m donation still unpaid. None of the other three $1m donations for construction have been paid.
12. Michael Sidey is paying $1 million as part of the Forsyth Barr naming rights. I think what is happening is “double-counting”. Announcing million dollar donations for construction then two of these donations form part of the corporate contract for naming rights. Either [the] two $1 million payments are donations and the naming rights is only $3m, or the naming rights is $5m and the two [$1 million] donations don’t exist. You can’t have it both ways. This “double-counting” trick is what happened in the STS High Court injunction case where they claimed the $15m grant from Central Government was to offset the private funding shortfall AND was also used to offset the increase in land costs. This “double-counting” trick was established in the Court of Appeal.

So, Sir Eion, have you paid the $1 million donation initially pledged for construction of the stadium? If you have paid $1 million as part of the Forsyth Barr naming rights then good on you. That’s between you and the corporate contract signed by Forsyth Barr. I’m sure Forsyth Barr are happy about that. What is of interest to the public is have you paid the $1 million donation pledged in DScene?

As Chairman/Trustee of a number of Charitable Trusts you will be aware of the definition of a donation as recorded on the Charities Commission website. It bears no similarity to a corporate contract. I have copied Charlotte Henley, Forsyth Barr’s lawyer, into this email so she can confirm this definition, in case you still have any doubts.

I hereby reserve all my rights.

Yours sincerely
Bev Butler

Copied to other interest[ed] media and parties.

Queenstown Mirror 10.7.13 page 1 (detail)
Queenstown Mirror 10.7.13 page 2 (detail)

dscene-13-5-09-page-9-eion-edgar-c3### DScene 13 May 2009
The Insider: Big questions answered
Mr Generous isn’t slowing down

Winter Games NZ chairman Eion Edgar | Interviewed by Ryan Keen
COMMUNITY-MINDED Queenstown-based businessman Eion Edgar, who retired as New Zealand Olympic Committee president last week and left a $1 million donation, on his support for knighthoods, backing Blis and why he’s not slowing down.
#bookmark page 9 | DScene 13.5.09 page 9 (merge)

[ends]

Related Posts and Comments:
30.7.13 Stadium: Accountability, paper trail leads unavoidably to NEWS
18.7.13 ODT won’t touch Fairfax story
10.7.13 Stadium: Edgar will honour $1M personal pledge to project
3.7.13 [Pulled!] Call for Dunedin stadium cash
24.12.12 A Christmas Tale
7.6.12 Stadium: Forsyth Barr naming rights
6.7.09 Eion Edgar on ‘stadium haters’

Posted by Elizabeth Kerr

27 Comments

Filed under Business, Construction, CST, DCC, DVL, DVML, Economics, Media, Name, New Zealand, People, Pics, Politics, Project management, Property, Queenstown Lakes, Site, Sport, Stadiums

Delta, Carisbrook, Fubar Stadium —Councillors “weak”, or worse

ODT Letter to the editor 15.7.13 (page 8) 1ODT Letter to the editor 15.7.13 (page 8)

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10.7.13 Stadium: Edgar will honour $1M personal pledge to project
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28.5.13 Carisbrook: Auditor-General #fails Dunedin residents and ratepayers
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*Use search box at right to find out more.

Posted by Elizabeth Kerr

10 Comments

Filed under Business, Construction, CST, DCC, DCHL, Democracy, DVL, DVML, Economics, Media, Name, ORFU, People, Politics, Project management, Property, Site, Sport, Stadiums, What stadium

Stadium: Edgar will honour $1M personal pledge to project

KUDOS to Dunedin’s Bev Butler for putting the pressure on !!!

Thanks to Wilma McCorkindale (Fairfax) for professional follow-up

Queenstown Mirror 10.7.13 (page 1)

Queenstown Mirror 10.7.13 (page 1 detail)Queenstown Mirror 10.7.13 (page 2 detail)

#bookmark page 1
#bookmark page 2

DScene 13.5.09 (page 9) Eion Edgar c3### DScene 13 May 2009
The Insider: Big questions answered
Mr Generous isn’t slowing down
Winter Games NZ chairman Eion Edgar | Interviewed by Ryan Keen
COMMUNITY-MINDED Queenstown-based businessman Eion Edgar, who retired as New Zealand Olympic Committee president last week and left a $1 million donation, on his support for knighthoods, backing Blis and why he’s not slowing down. #bookmark page 9

DScene 13.5.09 (page 9) merge

Related Post and Comments:
3.7.13 [Pulled!] Call for Dunedin stadium cash

Posted by Elizabeth Kerr

10 Comments

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[Pulled!] Call for Dunedin stadium cash

via google

Eion Edgar re-image [3news.co.nz]### stuff.co.nz Wed, 3 July 2013 [circa 4:00pm]
Dunedin stadium fund needs Sir Eion Edgar’s pledge
By Wilma McCorkindale
The pressure is on Otago philanthropist Sir Eion Edgar to stump up with the $1 million donation he pledged to Dunedin’s stadium.

Link was live 2 hours ago… story pulled. Oh dear.

[That’s a major chunk of money promised, philanthropically speaking. An explanation and clarification is needed for the donation that did not eventuate. We’re waiting.]

Copy supplied by Anonymous
Wednesday, 3 July 2013 9:43 p.m.

stuff.co.nz 3.7.13[screenshot]

Posted by Elizabeth Kerr

*Image: 3news.co.nz – Eion Edgar (reimaged by What if)

11 Comments

Filed under Business, CST, DCC, DVL, DVML, Economics, Hot air, Media, Name, ORFU, People, Pics, Politics, Project management, Property, Site, Sport, Stadiums, What stadium