"Sounds to me like the directors of the time have a case to answer."
Unsecured creditors – who were largely related parties – are left out in the cold.
The new owner of Pegasus says it is now destined to be more of a dormitory suburb of Christchurch than a town.
When complete, Pegasus has potential to house 5000 to 7000 people in 1700 dwellings.
"These guys will make it work. This is a great result."
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