It is not known how much Mr Dunajtschik paid for the properties, although sources said it was unlikely Mr Serepisos would receive any of the money because both were heavily mortgaged.
Mr Serepisos declined to say whether he had made any money out of the deal, or whether his Century City company would receive a share of the future cashflow or profits.
"There is a confidential arrangement and unfortunately I can't go into that but my Century City company is running and controlling the whole shebang."[/QUOTE]
Which is not quite as it seems...
He was not prepared to disclose the asking price but said the sale included the property, the business and all the chattels. Hotel staff were still all employed by Mr Serepisos, but the management arrangement could be terminated at short notice.
This also worries me, it implies that Terry only borrowed the money to pay the $3.5m ACC money and now isn't able to repay that loan.
[QUOTE= Dom Post Business Day] He [Dunajtschik] provided a loan to Mr Serepisos when five of his companies faced liquidation to pay $3.5million owed to the Inland Revenue Department and another $430,000 owed to ACC. Mr Serepisos's flagship Tory St property was offered as security on Mr Dunajtschik's loan.
Mr Dunajtschik was reluctant to comment, beyond saying the property had been transferred to him by last Friday.
"There are an awful lot of things that are between Terry, myself and the lenders and the buyers, because as you know I don't want to keep the hotel and therefore I want to leave everything confidential till it's settled."