Barry Keon emailed a status report to all participants in the Cornwell v Syms Purvis Curtin and Perris case yesterday. The email went into a little more detail than yesterday’s article on VoV.

If you are a participant and have not yet received your email, please check your spam folder.

If you have recently changed email addresses and forgotten to update us, please email your updated details to both vern@vov.co.nz and bkeon@slingshot.co.nz.

After reviewing the Armitage v Church case, and the successful application by Bret Jackson and Kenneth Swain for summary judgement/strike out of the claims against them in the Luscombe v O’Sullivan, Syms, Purvis, Gaylard, Jackson, Swain, Curtin and Perris case, the following situation can be described. Read the rest of this entry »

This is another of the Dennis King Law cases from New Plymouth. Karen Towt of Dennis King Law and barrister Susan Hughes were acting for Charles Luscombe, Dorothy Turner and Kathleen Whyte, being the executors named in the will of their mother, Winifred Luscombe. Read the rest of this entry »

In a hearing in the High Court at Wellington earlier this year, Neil Armitage sued for losses arising from investments in failed finance companies.

He argued that his financial advisor, Mrs Carey Church of Moneyworks NZ Ltd, was amongst other things negligent in recommending he invest in finance companies that were riskier than appropriate. Read the rest of this entry »

There have recently been some important developments in the Vestar legal case.

Over the course of the next week I will report on two important precedents and the implications for our case, then report on the status of our case.

Stay tuned for instalment number one tomorrow.

Rob Stock wrote an excellent article in the most recent Sunday Star Times about David Glenn’s attempt to rescue Vital Healthcare Property Trust on behalf of investors. The opening paragraph reads…

“If successful, the bid to oust the current manager of the listed Vital Healthcare Property Trust will be the third investor “rescue” by little-known Ascot fund management group.”

> Full article here

David Glenn, one of the people who helped rescue our investments in Radius Properties, is involved in a new “rescue”.

He describes it as a more public situation than he has been used to over the last five years, but the fundamentals of “the retail investors getting a raw deal” is still the same. Read the rest of this entry »

The receivers for OPI Pacific Finance Ltd (in receivership) (“PAC”) (formerly MFS Pacific Finance) wrote to investors on 8 June with an update.

Read the rest of this entry »

An update was emailed to participants in the legal case this afternoon. If you haven’t received a copy and believe you should, please email vern@vov.co.nz.

We are compiling a list of ex-Vestar advisors.

If your Vestar advisor is not listed below, would you be kind enough to leave a comment below with the name of your advisor, and which office they were working out of.

Here is the list we have so far… Read the rest of this entry »

The “Cornwell” case is progressing well says Barry Keon, J.P.

Keon is the client liaison officer charged with acting as the interface between the large group of Vestar investors funding the legal case and barrister Lawrence Herzog’s instructing solicitor.

The Cornwells…
The test case is being brought by Bruce & Janine Cornwell who were Vestar clients and are claiming damages for their losses in various finance companies – which the investment committee recommended – that have subsequently failed.

Some of the related-party investments that investors were put into by Vestar are now under investigation by the Serious Fraud Office.

Read the rest of this entry »

Mark Hotchin’s younger brother John has pleaded guilty to charges laid by the Securities Commission that he breached the Securities Act as director of Nathans Finance.

He was sentenced in the High Court at Auckland this morning to 11 months of home detention, 200 hours of community service and ordered to pay $200,000 in reparation.

Read the rest of this entry »

Most of us are now managing our own investment portfolios, or what little is left of them, and the one thing everyone wants to know is how much we’ll get back. Here’s a list of all the failed finance companies since 2006 with best estimates of the final expected payout.

Read the rest of this entry »

It’s been a wee while since I last posted an article here and you’re probably wondering why. It’s not a very long story so I’ll get to it…

Read the rest of this entry »

VoV has remained silent until now on the issue of South Canterbury Finance.

Allan Hubbard has his supporters, and a vocal number of them have been protesting against the statutory management imposed by the Government on Mr & Mrs Hubbard and nine trusts and companies they run. The Hubbards are also under investigation by the Serious Fraud Office, another matter that his supporters are unhappy with.

Read the rest of this entry »

Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.

Legal Case Against Vestar

Question: Can anyone give us any information regarding the class action against Vestar by Lawrence Herzog? Read the rest of this entry »

Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.

Today we have some news updates that have come across James Usmar’s desk this week… Read the rest of this entry »

Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.

How Did It Happen?

Question: Hey Vern, Firstly I’d like to say that without people like you, these white collared thieves would just simply get away with this. Good on you for carrying the torch for us. I dread getting mail about all this mess because it just brings back the pain. Our money is all gone, the guys that took it are holidaying in Hawaii or wherever, the guys that advised us to give the other guys our money have mostly changed jobs or towns and are untouchable. Am I alone in this feeling?

What I’d really like to know is Read the rest of this entry »

In our article “Q&A Friday 28 May 2010″ a reader asked the question: “The ‘A’ class has been repaid in full. I haven’t been able to find any information on what is happening with ‘B’ class debentures. Their website is well out of date and not helpful. Does anyone have any recent information?”  Read the rest of this entry »

Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.

St Laurence

Question: I have received a letter from Stock & Share Trading Company Pty Ltd offering to buy my class B secured debenture stock. They are offering 5 cents in the dollar. Is this a good deal? Should I take it? What would I get if I waited to get paid out by the receiver?  Read the rest of this entry »