The liquidator at the helm of Lombard’s Tasman Mortgages is waiting to meet lawyers for Blue Chip investors before he decides whether to permit their class action to proceed.
Waterstone Insolvency liquidator Steven Khov says he knows of at least two class actions taken by Blue Chip investors that Tasman has been roped into as secondary parties.
Waterstone has the power to make a call on whether the cases can proceed against Tasman, although the investors can also seek permission to continue from the courts.
Waterstone has yet to speak to lawyers for the Blue Chip case. “We want to get both sides of the story,” Mr Khov says.
Barrister Paul Dale is preparing a number of Blue Chip-related actions against financier GE and other parties that draw in Tasman Mortgages.
Barrister Daniel Grove, from Mr Dale’s chambers, says Tasman’s insolvency will not have a big impact on the cases. It is generally a simple matter to seek leave of the court or permission from a liquidator to continue a case, he says.
“The question is whether there’s any advantage in continuing [Tasman] in the process.”
Given that Tasman was clearly “hopelessly insolvent,” the only reason to keep pursuing the company would be to seek documentation from them, but this could be obtained in other ways, he says.
Waterstone was appointed liquidator of Tasman Mortgages by the High Court earlier this week, overturning Lombard’s chosen liquidator.
Lombard had appointed Stephen Underwood of Decisive Securities to liquidate both its Tasman subsidiaries.
But the move came too late, just four days before a court hearing over liquidation applications.
The court also appointed Indepth Forensic as liquidator of Tasman Mortgage Brokers, following an Inland Revenue petition.
Hays Recruitment was the petitioning creditor for Tasman Mortgages’ liquidation.
Comments
Pots n'Kettles
As someone burned by both Bluechip and Tasman I am disgusted about a few things that I've been told.
Surely Michael Reeves the owner of Tasman (who owned 20% of Bluechip)is also to blame. This humanoid has retained all his Tasman staff under the banner of United Home Loans located on level 18, 3 Albert Street. He has even retained Mac Bycroft the former CEO of Tasman (and ex-Bluechipper) to be UHL's CEO. If this was not enough Bycroft also fronts a 'merchant bank' peddling equity for Michael Reeves called Saville and Co from the same address. They all stick together. This is clear when you also notice that Saville and Co has an Associate Director called Kevin Miles, who was Mark Bryer's former Product Development honcho.
Pots n'Kettles
Can't disagree with some of the comments above, however I believe that Michael Reeves became the owner of Tasman and his share of Bluechip basically by default -- --that is he was owed money by Bryers and was paid this way.
If Paul Dale can prove that some of the documentation regarding mortgage applications was altered, then it would be interesting to see who is held responsible for this, the salespeople concerned, the franchise operators or Tasman?
Bycroft was certainly a man out for his own ends, devising ways and means of "flying under the radar" of the various banks so they did not realise that the mortgage applications were essentially coming from one source. I personally would not trust him one iota.
As for Kevin Miles, a hard-working individual whose job it was to devise ways and means to make things work, clever but not unethical in my belief, he probably has to find some work somehow because of the double-digit number of Bluechip properties he owns. So he believed in the product, but owning that many????
Hopefully the truth will out, as the previous poster quite rightly says "I am disgusted about a few of the things I have been told". As the saying goes, "you ain't seen nothing yet".
To Ex BC
Reeves did get Tasman by default, that said he ALSO owned 20% of BC behind the scenes even after he got Tasman. The headless chickens were running around trying to keep that quiet. I agree that Bycroft was not to be trusted. Miles was not one of the true baddies but forgets that you are judged by the company you keep. Being seen round the traps with Reeves, Bycroft and surprisingly Bell and Bryers does not speak well for him. He works for Reeves too ay! I had no idea. Personally I have nothing against him but I'd have thought that if he was truly blameless he would have been once bitten twice shy.
For whom doth the Bell Toll (or toil)?
I heard BC CEO Neil Bell still works for Bryers? Does he?
Hi ex BC AKA BTDT AKA Kevin
Hi ex BC AKA BTDT AKA Kevin Miles...
Bell tolls??
Apparently so, and behind the scenes I am led to believe.
Flowerday is out of it, and feel sorry for him as he also believed in the product and wasn't fully aware of Bryers murky dealings. He was also very naive as he trusted Bryers, only to be shafted with the "deal" which saw him and Bell become directors of the new entity which was a way for Bryers to offload the debt and previous financial "misdealings". There shouldn't be a case for him to answer as he was really only an employee, and bought BC properties as did the clients, so he is in the same boat.
Neil Bell should know better, and have known better.....perhaps the money is still talking??
Hi non ex bc
Nice try on the "links" but way off target.
I am not even in the country!!
We believe you Kevin AKA BTDT
Within moments of posting your denial above you posted on Property Talk under the name BTDT .... tut tut Kevin.
propertytalk.com/forum/showthread.php?t=15533&page=69
Links
As I said earlier on, you are way off with the links, don't deny that BDTD is also a colleague, but as for being Kevin, as I said, way off the mark.
So here are a couple of clues for you: -- I am probably more than 25 years older than him, and unlike him I don't own double-digit Bluechip properties. I haven't seen Bryers or Bell for nigh on two years, and as I also said I am not presently in the country, and haven't been for some time.
I like to keep in touch with the events regarding BC and their associated companies, and have also assisted the SFO with some information.
I can't be any more clearer than that, however that may not stop you coming to the wrong conclusions with your amateur detective work. What more can I say.
Ok Muzza. How's Andy?
Ok Muzza. How's Andy?
OK Muzza How's Andy???
I suspect this one is meant for me, however it has lost me completely!!!!!!
Please no more drivel from
Please no more drivel from (any) ex Blue Chipper(s)purleeeeezzzeee! Who cares! How dare you adopt a tone of such high moral authority. On the subject of amateur detective work maybe if you had better integrity, or diligenced your Ponzi scheme les matter of factly, then your investors would not have been so burned.
Drivel
Can't say as I like your tone with your quote "how dare you adopt a tone of such high moral authority".
Let me be clear on this, I wasn't aware that I had, and anyway I was never in a position to understand the in-depth financial shenanigans of the company. I fought hard to instil some ethical processes in what was thought by most employees to be a company which had a viable product.
I, like many other employees bought Bluechip properties, and I was left considerably out of pocket when the company folded.
So before you jump to conclusions, let me tell you a fact, the majority of the Bluechip employees had no idea of the true financial situation of the company. There were many good people working in that organisation who sometimes worked 14 hours a day, and they were devastated when the company started to slide and eventually ended up like it has.
Many have ended up in the same position as the clients.
So get your facts right, and do not question my integrity as you have no knowledge of me whatsoever.
You did the burning
Let's analyze this.
Ex BC is 25 years older than Kevin Miles which makes him 66 to 67 years of age.
Ex BC says they are no longer in the country.
Ex BC was senior enough to have information to provide the SFO and identify the significance of that information (that was presumable obtained during their tenure) and yet was not in a "position to understand the in-depth financial shenanigans of the company."
Ex BC was also senior enough to state "I fought hard to instil some ethical processes in what was thought by most employees to be a company which had a viable product"; demonstrating that by knowing that ethical processes were required that they did indeed have some handle on the "shenanigans of the company".
It seems likely that Ex BC was a long term Chipper, probably at Licensee level (no one that age at the corporate level) who reamed investors (how else could it be sunning itself abroad), then cooperated with the SFO in a "wasn't me" manner.
Bottom line is you are a pig of a chipper who had its snout in the trough of Ma and Pa Kettle's life savings for ages who is now stirring the wooden spoon because Bryers got "too" greedy and derailed your gravy train. Go away. Oink oink oink!
Ex BC - Independiente comment
Well - that seems to have shut ExBC up. Good job too.
I was offered a job with BC in 2004 (I think, it may have been 2005) and turned it down. I considered it was too good to be true - the offer was phenomenal - stratospheric by way of salary and bonus. The heat, even then, was too much for me.
I think BC must be where the idea for the TV Series "Hells Kitchen" came from. Gordon Ramsay never cooked anything like a BC Roast, but his intolerance for BS and poor performance sure would have been a help for all the Ma and Pa Kettles who were attracted by the slick operations and presentations of the Ex BC'ers.
You did the burning
How could you get it all so wrong???
I just hope that you do not carry on like this in your everyday life.... making assumptions and insulting people.
You see how supposition and assumptions can lead you to totally the wrong conclusions and make an absolute fool of you.
So rather than continue dealing with what I thought were rational and intelligent people, I will state the following for the record sign off.
-- -- I am not 66 to 67 years of age.
-- -- I was not an employee of Bluechip; there are other ways to work for companies.
-- -- I was not a long-term "Chipper" as you put it.
-- -- I was not a licensee.
-- -- I am not sunning myself abroad.
-- -- And I never had my snout in anything.
-- -- finally, I was left in much the same position as the "Ma & Pa Kettles".
I suggest you go away and learn some manners, improve upon your powers of deduction and reasoning, and take an interpersonal skills training course as you obviously need it.
Oh, and be thankful that there are some people like me who are spending their own time and money in order to bring Bryers to justice so that the Ma & Pa Kettles can at least get some of their money back.
You ignoramus.
Another confused reader
Hi idiot -
You said you were 25 years older than Kevin Miles. He's 41 or 42 so that puts you in your sixties (your words)
Your original posting name was Ex BC. But you say you did not work for them???
You have said that you are abroad (but not sunning yourself).
In short you are a mathematically challenged fool. I support all the above comments from the above posters that have the same idea (especially Peter and Independiente).
You also say "I was not an employee of Bluechip; there are other ways to work for companies"... so you were a contractor??? If you were not an employee how did you have access to critical internal information and how were you in a position to influence or instil any ethical practices in that blighted company? If people get you wrong it is because you are a liar who is deliberately obscuring elements of your scenario to avoid detection. You call yourself ex-BC but say you never worked for them. Of course this makes the person who took this on face value an ignoramus!!! Stop your BS and leave these forums to serious people. Or perhaps start your own Bribanc.
Hilarious
These comments are hilarious. Ex BC is a real comic. It's just sad that his associates created such a tragedy. He's obviously a hero who needs a ticker tape parade through town. As an Australian I hope he hasn't moved to my hometown as one Kiwi spruiker is enough for Sydney to deal with. My (Kiwi) wife's family were rolled by these crims so good luck to the SFO and all those above who are taking the p**s out of this toolbox.
Bing bong BELL
So Bell is still working for Bryers is he (and Michael Reeves???) How do we know this?
Ex BC and or So So Wrong
"The lady doth protest too much methinks"
Hamlet
Shakespeare
And Blue Chips were not even invented then, but crooks were
Another confused reader
Again, your assumptions are wrong so I suggest the mantle of idiot be placed firmly on your shoulders. So in answer and to put you out of your misery :-
I said I was PROBABLY more than 25 years older than Kevin Miles, not knowing his actual age.
In my original posting name it was easier to write Ex BC than "A consultant acting ..... and so on". And as has been seen from many of these postings you should not put too much store on posters names.
Being overseas does not necessarily mean being in sunny climes. Did you not go to school?
Most consultants/contractor have access to photocopiers and fax machines just like any employee would do, and also get to speak to the employees as it is part of the job. So information can be gleaned these ways. This would seem pretty obvious to anyone surely.
Consultants/contractors are often hired by companies to work in key critical areas. In many cases the programmes/IT/HR work they do puts them in a position of influence. Again, this would point to your inexperience and lack of knowledge.
So although you make incorrect assumptions you are still prepared to slag people off. And no I am not a liar who is deliberately obscuring elements of my scenario to avoid detection, as you so wrongly assume.
I thought it would be quite logical for someone who is owed money by BC, who has assisted the SFO, who is a sworn enemy of Bryers & co and who still wishes to carry on a business in New Zealand in the future, not to reveal one's name. Surely you can see that.
Reply to Tragicomic
See the answer after your misguided post you poor unfortunate.
It shows that the herd mentality is alive and well..... incorrectly assess the situation, wrongly accuse, jump on the bandwagon and then insult.
I thought there was a little more intelligence out there, but obviously not.
I'm new to this thread but
I'm new to this thread but agree you should never reveal your identity if you ever want to work in NZ again. Pinching and releasing confidential material gleaned as a consultant/contractor is a real no no. I also think the Lady doth protest too much (and no you do not to post a reply stating that you are in fact a man and not a Lady).
What a drop kick hehehehehehe
If you were a little more
If you were a little more intelligent Ex BC fooly von stooly then you would have used your stolen information and secrets to avoid being burned. I would never use such a dumbass to consult in my business, but then again we don't rip people off so you wouldn't have the right skill sets.
If you were a little more
If you were a little more intelligent Ex BC fooly von stooly then you would have used your stolen information and secrets to avoid being burned. I would never use such a dumbass to consult in my business, but then again we don't rip people off so you wouldn't have the right skill sets.
I just want to know whether
I just want to know whether or not Ex BC was the man seen pashing Bryers in Fiji last week? The public have a righ to know!
No it was Michael Reeves.
No it was Michael Reeves.
Bye Bye
I like the comment about not revealing one's identity because it makes sense. As for pinching and revealing confidential material, well nothing was pinched but certainly aspects were released when one found out that the company was ripping people off.
Surely that is one's duty to ensure that the truth was known when the proverbial hit the fan. Are you saying that I shouldn't have done this in light of the thousands of poor unfortunates who were affected?? If I hadn't have done, then I would have been condoning their actions and you seem to think that not doing so was right.....get a life.
And as for the retort from "Intelligence", it shows very little of this because it is one's duty to report what one knows when thousands of Kiwis may have lost their life savings and so much more.
However it appears that intelligent reasoning is not prevalent on this thread, and incorrect assumptions, incorrect conclusions and incorrect accusations abound.
So, I will delete this thread and say bye bye to you all and sign off with the well-known apparel companys name, First(F) Choice(C) UK (UK)... to you all.
Not too bright as FCUK is
Not too bright as FCUK is actually an acronym for FRENCH CONNECTION UK.
With Bruers in charge and hiring consultants like this no wonder BC collapsed.
French Connection UK
And he did not use a possessive apostrophe! Crumbs!
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