Investors who contributed $1 million to a Timaru law firm's contributory mortgage scheme face potentially significant losses after a Dunedin student complex with a bizarre sales history went into liquidation.
Pureikeriki Investments, the owner of an 11-studio student accommodation complex known as Hazelwood House, collapsed in April over unpaid taxes. The company's principal, Alistair McGaw, was bankrupted last February over other debts and is working as a real estate agent in Queensland.
Liquidators PricewaterhouseCoopers (PWC) said in its first report into Pureikeriki that a first-ranked Raymond Sullivan McGlashan Law contributory mortgage had swollen to $1.48m following missed interest payments and this amount exceeded the property's current rating valuation of $830,000. The property has been on the market for the past three years for $1.2m.
RSM Law practice manager Greg O'Brien declined to respond directly to questions on whether investors would be short-changed, but said in a statement: "Investors have been kept fully informed of all aspects."
Hazelwood House has had a tortured past and now has four mortgages from fringe financiers.
In the year before McGraw's Pureikeriki's acquiring the property, it had changed hands twice with the sale price nearly doubling.
According to property records Hazelwood House was bought on August 17, 2005, by Gladstone Road, a vehicle for Dunedin-based investors for $980,000. A week later, on August 23, it was sold for $1.2 million to FIIC, a company owned by Tapanui man Christopher Brenssell.
On August 17, 2006, FIIC sold the property to Pureikeriki for $1.6m. Gladstone Road directors and Mr McGaw could not be contacted. Mr Brenssell said when he sold the property, $100,000 of the proceeds was kept in the property as a fourth mortgage, an amount he had now written off.
PWC liquidator Malcolm Hollis said the escalation of the property's price raised questions but was outside the remit of his administration.
Century 21 Real Estate agent Bawden Curson, who facilitated the sale between Gladstone and FIIC, said that sale was underpinned by a registered valuation of $1.4m.
He said the multiple sales and dramatically rising price were merely a function of the recent property boom. "A substantial property moving two or three times within a 12 month period, at the time, was not unusual," Mr Curson said.
Mr O'Brien said he was unable to comment on the sale history of the property. "I don't think I can responsibly or factually comment on historic fluctuating market forces," he said.
Mr McGaw received funding for his 2006 purchase from a variety of sources.
Four mortgages underpinned the Pureikeriki purchase. In order of ranking, $999,000 came from RSM contributory mortgages, an unknown amount from now-collapsed Dunedin lender Hurricane House, $466,000 from the RSM-linked Cheyne Finance and $100,000 from FIIC.
Cheyne Finance, an entity whose directors are all partners at RSM law, borrowed money from South Canterbury Finance (SCF) and lent it to developers.
Cheyne was declared a related-party loan by SCF in its December 2008 prospectus because of RSM partner Ed Sullivan's position on the finance company's board.
The prospectus records Cheyne as being the recipient of an $18.6m loan attracting 11.9 per cent interest.
According to property records, the Cheyne loan over Hazelwood attracted interest of up to 17 per cent.
Mr O'Brien said any loss from Cheyne's Hazelwood loan would be borne by shareholders – whose identity is kept hidden behind the firm's trust company – and he has said Cheyne had no outstanding loans with the collapsed SCF.
In February 2009, after defaults, RSM Law as mortgagor took possession of Hazelwood House. A year later the firm bankrupted Mr McGaw, who had by then moved to Australia.
- © Fairfax NZ News
Source: www.stuff.co.nz
Queen's Diamond Jubilee celebrated in Kent - BBC News
Thousands of people in towns and villages across Kent have taken part in street parties to celebrate the Queen's Diamond Jubilee.
In Dover, visitors joined in the Big Lunch and watched events in London on the BBC's big screen.
More than a dozen Kent boats - including World War II supply ship Vic96 - have been among the hundreds of vessels in London's Jubilee Pageant.
Skipper Derek Gransden said: "It's all very exciting."
His vessel was part of the Avenue of Sail which features boats that are too tall to travel under bridges and stretches from London Bridge to Wapping.
Before the event started, he said: "We're just between Tower Bridge and London Bridge opposite the Belfast, we're lined up with lots of Thames barges.
“Start Quote
End Quote Barbara MacnabThe Queen's done a marvellous job considering how young she was when she started”
"Believe it or not the banks have been jam-packed with people since about six o'clock this morning despite the fact that it's been pouring with rain.
"We get the luxury of watching it [the pageant] all go up, as it has done this morning to get on station, and then watching them come back this afternoon."
Floating parliamentA replica of the Houses of Parliament has also been unveiled in Goudhurst.
The 30ft-long (9m) plywood structure, which includes a 14ft (4.3m) high Big Ben bell tower, was created over four weeks and is now floating in the village pond.
Hundreds of small wooden boats made by local schoolchildren were placed in the water on Sunday at 15:00 BST to recreate the pageant taking place in London.
A replica of the Houses of Parliament was floated on the pond to mark the Queen's Coronation in 1953.
In Tunbridge Wells, young and old braved the weather to enjoy a picnic and slices of Jubilee cake.
Barbara Macnab, 44, of Ticehurst, said: "We came down because we wanted to join in the celebration of the Jubilee and there wasn't anything in our village.
Bruce Forsyth's daughter Julie was among the hundreds of people dancing on Ramsgate seafront
"It's a big thing for the children because they won't see anything like this again. I want them to remember it and be able to tell their grandchildren. It's nice to see everybody getting involved and celebrating - united."
She added: "The Queen's done a marvellous job considering how young she was when she started."
A tea party and mass zumba dance challenge involving 1,000 people was held in Ramsgate.
Meanwhile people in Gillingham were invited to dress up as as a famous personality from the past 60 years to mark the Queen' Diamond Jubilee at the town's Big Lunch event.
See all the latest Diamond Jubilee news and features at bbc.co.uk/diamondjubilee
Source: www.bbc.co.uk
Kent E. Carlson - Spectrum
Kent E. Carlson, 62, born 7-19-1949 to John Everel Carlson and Afton Loveless Carlson Smith, in Salt Lake City, Utah, passed away 5-29-2012 from a short but cruel fight with lung cancer.
Kent graduated from Skyline High, attended Weber State College where he met dear friends Mike and Kathy Banks and his future bride, Jeralyn Newsome. They were married in Salt Lake City, moved to Cedar City, Utah to finish his college education at SUU (SUSC). They later divorced. He worked at Desert Mound Mine and upon graduating, purchased and operated KC Western Wear Store until 1979. He met Joye Crosby Anderson and together they moved to Salt Lake City. His career in Salt Lake City from that time on was in the Steel Fabrication business. Kent and Joye were married 5-15-82 and enjoyed traveling, going to 52 countries, and playing with little family members, camping, fishing with family and 4 wheeling and back country camping in the red canyons of Eastern Utah, sailing in Mission Bay, CA, Hobie Cat racing and pleasure sailing, winning gold medals in Utah Summer Games and trophies in Hobie regattas as far south as Gulf of Mexico.
Kent is survived by his wife, Joye, his mother, Afton, siblings: Douglas, Midway, UT., Jill (Dave) Empey, Mesquite, NV., Brad (Sandy), Firestone, CO., Cindy (Dean), Layton, UT. Kent's children, Robert Scott Carlson, Herriman, UT., and John Jay Carlson,
Smithville, MO., grandchildren Marissa and Kristen Bess, Benjamin and Samuel Carlson, Saige and Wyatt Carlson. Joye's children, Suzanne (Marc) Brown, St, George, UT., Kenneth Crawford, Murray, UT., grandchildren Jaime Sorensen, Natalee (Lowell) Harris, Krista (Zach) Horton, Danielle (Matt) Pyles, and Alexandra Crawford and 5 great-grandchildren. Kent has left behind many dear and loving friends from all walks of life.
Please join us in the celebration of Kent's life, to be held Saturday, June 9, 2012 at 5:00 pm at the Barney residence, 2548 E. 150 S., Layton, Utah.
Source: www.thespectrum.com
Cuba: Alan Gross Has Received Perks - Forward
By JTA
The daughter of Cuban head of state Raul Castro said that jailed American Alan Gross “has been granted everything that he’s asked for.”
In an interview on CNN to be aired Monday, June 4, Mariela Castro told host Christiane Amanpour: “Alan Gross has been granted everything that he’s asked for: he has been able to see his wife, he has been able to have matrimonial, conjugal visits, and he has been treated with respect and dignity the way we always treat prisoners in Cuba. We haven’t received the same treatment on the other hand for our five prisoners who have very long sentences that are not right. I think that the six must be released—both the five Cubans and Alan Gross.”
Castro is referring to what are known as The Cuban Five, a group of intelligence officers being held in the U.S. for espionage. She said her husband’s request was similar to that of Rene Gonzalez, whose brother is dying of cancer in Cuba.
Gross was arrested in 2009 and sentenced last year to 15 years on charges related to his distribution of communications equipment to the island’s small Jewish community, working as a contractor for the U.S. Agency on International Development.
He has appealed for humanitarian leave of two weeks to visit his 90-year-old mother, who has inoperable lung cancer. A U.S. judge allowed Gonzalez, on parole after serving time for espionage, to return to Cuba for two weeks to visit his dying brother.
Gross’ daughter also has undergone cancer treatment since his arrest.
Castro told Amanpour that the release of both the Cuban Five and Gross would be the “happiest solution.”
A number of analysts have said that the Cuban government is detaining Gross in order to trade him for the Cuban Five.
The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, the Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not. While we generally do not seek to edit or actively moderate comments, the Forward reserves the right to remove comments for any reason.
Source: forward.com
Kent man's Dunkirk Little Ship to join jubilee flotilla - Kent Online
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Dunkirk Little Ship Hilfranor will take part in the jubilee flotilla
There will be a bit of 'Dunkirk spirit' in the Queen's diamond
jubilee flotilla - as nearly 40 of the Second World War Little
Ships take part in today's pageant.
Simon Palmer, from Tunbridge Wells, owns one of the historic boats
due to set sail in the 1,000-boat seven-mile parade from Battersea
Park to Tower Bridge.
Built in 1935, the Hilfranor - named after the original owner’s
three daughters, Hilda, Frances and Nora - joins the
Dunkirk Little Ships squadron and follows the royal barge, The
Spirit of Chartwell.
On board will be the Lord Lieutenant of Kent, Viscount De
L'Isle, who sailed with Simon to Dunkirk two years ago.
The Hilfranor was taking part in the jubilee flotilla
Mr Palmer said: "He knows the ship very well and he said he'd like to use this vessel as his representative boat when on the jubilee pageant."
The Lord Lieutenant's grandfather, FM Viscount Gort VC, commanded the British Expeditionary Force, which was evacuated from the beaches of Dunkirk.
The Dunkirk Little Ships transported 338,000 British and French troops to Kent's ports during Operation Dynamo in 1940.
Mr Palmer added: "Because these were smaller boats they
were able to get into the beaches and take the troops off to the
larger ships - the troops were brought into Dover, Ramsgate and
Margate so Kent was a focal point for the evacuation."
The pageant gets under way from 3pm, with an estimated one million spectators and 20,000 people on water.
The flotilla will take around 75 minutes to go past any single point.
Thursday, May 31 2012
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Robster wrote:
Admiration of the rowing boats and the 'Dunkirk little ships'.
Forgot to mention this in 1st comment.03 Jun 2012 7:13 PM
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Robster wrote:
A truly spectacular exhibition of British celebration.
I watched on the television, as did many millions, and enjoyed every moment.
Her Majesty, radiant, but her look of concentration made her look quite serious. A huge smile did occur though, as the orchestra on another boat burst in to 'Land of hope and glory'.
A great day, marred only by the British weather!03 Jun 2012 7:10 PM
Source: www.kentonline.co.uk
