Phoenix Ownership - Rob says FTFFA (Part 1)

I actually think we have reason to maintain hope. As we know Terrys  CEO admitted that they can't and havn't been able to afford to run the club. Since he made that statement their business situation has got worse.

Let me make it clear that I am not a starry-eyed believer in Terry's financial wizardy. But I have seen enough last minute rescues and hair-raising escapes to convince me that I will not believe that Terry is dead until I see his head cut off, his mouth stuffed with garlic and the whole thing buried at the crossroads at midnight. And I'll still carry a cross and holy water, just in case.Doloras2011-05-23 22:31:18

Lower Hutt gets all their money.

https://www.stuff.co.nz/the-press/business/5044547/Serepisos-selling-assets-to-pay-debts

Terry speaks:

He's selling assets to cover the $5m.

Todd building sale almost complete- sounds like the nix shop will be moving, then.

WGA still coming, but he has other plans if it doesn't. Speaks to Ali most days. The $10m sponsorship is still on, apparently.

(Plans are asset sales and consolidation of his empire.)

zonknz2011-05-24 11:00:22

Sad to read about the forced sale of assets by our Terry. Hope he manages to square things up soon. Otherwise, Terry won't have 100% support behind Phoenix as he battles a huge balze!!

Angus, your an expert on all things oval.

I hate reading stories like this, i just hope there is some honour to this guy:

https://www.goal.com/en-us/news/88/spain/2011/05/21/2496790/racing-santander-in-the-sh*tgoldienz2011-05-24 15:54:02

They are going to a lot of small grounds where the average ticket price is probably about $10 compared to $45 at home. Season ticket holders all have to be refunded and these piggyback on the internationals. Added to that someone has to pay for the additional travel costs. Donating half the proceeds from your biggest seller to the earthquake doesn't help either.

Right thread?

Back on topic: Ali Syed's recent gyrations give me the feeling not of a master conman skillfully fleecing the gullible, but of a small-time crook who's in over his head and desperately trying to find a way out before the really big guns eat his liver.

I don't disagree with that, Doloras.

Receivers have been called in on two companies owned by embattled Wellington developer Terry Serepisos.

From the Nipples Mouth:

Serepisos companies in receivership.

Frozen lender Equitable Mortgages have appointed receivers to 79 Manners Street and Maison Property Holdings, two companies owned by embattled Wellington developer Terry Serepisos.

John Fisk and Richard Longman of PriceWaterHouseCoopers were appointed receivers on May 19.

According to land records the companies own a number of Wellington apartments on Tory Street and Courtenay Place, as well as the Century City Tower at 175 Victoria Street.

175 Victoria Street is a 4110 square metre office building with a rateable value of $6 million. Equitable hold first mortgage over the property, with South Canterbury second-ranked.

According to the Companies Office, 79 Manners Street has secured debtors including Equitable, South Canterbury, ASB and ANZ.

ASB�s security includes assignment of leases, while South Canterbury has a cross-guarantee across Mr Serepisos� other companies Century City Holdings and Century City Ventures.

A spokeswoman for South Canterbury would not comment on whether the cross guarantee would be enforced as the status of individuals loans was confidential.

Maison Property Holdings has two secured creditors: First Mortgage Trust and Equitable.

Equitable Mortgages called in the receivers last November.

The government-guaranteed company, owned by the wealthy Spencer family, owed 6000 depositors approximately $192 million.

Equitable has been given credit for pulling the pin relatively early after realising it probably wouldn�t make it, thus giving the receivers more chance of recovering money for the Crown.

The company blamed asset deterioration, a lack of new loan business and a bleak outlook for debenture funding for its demise.

In their first report Grant Graham and Brendon Gibson of KordaMentha said Equitable had loans of $188.4 million to be recovered.


https://www.nbr.co.nz/article/equitable-call-receivers-serepisos-mn-p-94121

Paid content of course!

Really the article should be about how "Equitable Mortgages" is a frozen lender and is owed 188.4 million. However we all know that Nippert loves Terry and the saga that surrounds him!

Don Ha Realty had gone bust, so continues a string of woes for property related companies. Will Terry bite the bullet and put an end to the lingering pain on his companies. WGA and Syed Ali are just pies in the sky and pennei don't drop from Heaven. Phew, 2 of Terry's companies have been put into receivership.. is that true?

https://www.stuff.co.nz/business/industries/5059548/Terry-Serepisos-firms-in-receivership

The House of Cards...

Because you're a huge connoisseur of the "mean-spirited gloat over the misfortunes of others" genre?

Most of the people on this forum, me included, know bugger-all about corporate governance or the property market. I have no idea whether this is DOOM or whether this is the carving off of the sinking bits of Terry's empire and now the rest of it is safe, and would appreciate some comment from people other than idiots who think that every bit of bad financial news is IMMINENT DEATH.
Doloras2011-05-26 16:07:29

This ^

I've always gone with "we don't know anything so may as well stay positive" whereas others look at every little article that doesn't actually say anything and go with "ahhhh we're doomed"

They can hardly say "i told you so"...

I would say that glass has 50% water and 50% air making up it's volume.
I would also say I'm off to get some water now cause I'm thirsty.

Is this an obscure reference to the cake tin being a leaky building?

I'd prefer you drank from the tap Herbertimo because the glass must remain at least half full.

Thank you for assisting in preserving my flimsy "In Terry we trust" reality.

I am a property Tycoon.

OK.  The main problem most businesses have had for the last few years is that the big players aren't lending.  This means that refinancing existing debts is extremely difficult.  It also makes selling assets extremely difficult.  I have no idea how Serepisos has structured his holdings, but it's likely that he is unable to meaningfully consolidate his position.  However, his creditors won't move to wind him up unless absolutely necessary.  (Moving his portfolio in the current market would require fire sale prices.)

This problem will be a long time going away.  The Budget prediction for a domestic recovery in the near future is based on China continuing to grow (dubious) and the US and Europe recovering strongly (highly unlikely).

The issue there is the term "potentially". I don't actually see the link between "a couple of Terry's businesses fold" and "imminent death of the Nix predicted", now that the IRD is no longer after Century City Football. Your rather nasty generalisation suggests that the only options are gloom-mongering and denial. I take, on the contrary, a position of consistent skepticism - I don't believe anything until confronted with evidence. This is in preference to people who always believe the worst because it makes them feel more secure, at the price of being miserable and miserable to deal with.

In any case - if we did "listen to what the people like JD are saying", what would the practical upshot of that be, considering that there's nothing we could do anyway? In contrast, Stripes' analysis seems both realistic and sensible.
Doloras2011-05-26 20:21:07

Frankly as an inauguaral member of the Phoenix and a very early participant in the YF forums im thorougly sick of all this sh*t.Its way past time that Terry put his hands up and said this is getting to hard.
Im bloody greatful for what he did in bringing the club to us,but im really struggling to understand just how he and some of you others think this is really helping us.

Also really not sure just why some of the senior members of the Fever are so ready to defend him and accept all the excuses.or is it that you are scared that the free gravy boat some of you have been on is going to dissapear.

HOLY CRAP Hard News in free gravy shocker!

But News does keep pointing out that the fools who keep saying "Terry should give up the Nix to some other multi-millionaire prepared to spend $1 million a year on a football club" are missing something rather important. I won't repeat it, but see if you can guess the flaw in the sentence.

This. Not as harshly but pretty much agreeing.

This only with slightly less skepticism, more testosterone and no mammaries.

Just maybe there are others prepared to do it.Bit not while we have the current situation happening.

Dosnt matter what really happens im one of those tragics who will be there till the bitter end.Im just getting really FKd off that this rubbish is taking over what was a good thing we had going on here.

All i can say is thank christ the season dosnt start till October as maybe by then we will have some sort of a squad.
ballane2011-05-26 21:49:35

I don't think that's quite right. The main division is really between those who think Terry should step aside and those who think he should keep going (there's probably a third group - those who are honest enough to admit they don't have a f**king clue what he should do).

Those who think he should keep going don't have their heads in the sand, they just think a bird in the hand is worth two in the bush. I don't think anyone's under any illusions about how tough things are at the moment but at least Terry is a real person who is actually working on things right now. And I don't give a flying f**k what happens to Terry's other businesses except for how that impacts Terry's ability to support the Phoenix. Terry is probably the only person who really knows the answer to that question because it's about his personal finances.

I really don't know what Terry should do but I do feel that he's built up enough goodwill over the past few years for me to continue to support him and trust him to do the right thing.

In fact, if cashflow's a problem I would gladly pay a deposit on my season ticket tomorrow, even at the risk of losing the money later. Maybe the club should consider that?

Dino102011-05-26 22:04:27

Yep understand what you say JD,but most of what i have seen is that no one that supposdly speaks for the fans has been prepared to ask those questions.I see other football clubs supporters groups really question things when its not going right.Ours dosnt seem to do that, at times they seem to close so are not prepared to say anything that may offend.

james dean2011-05-26 22:27:25

This uncertainty is driving me crazy! Signing players one week, companies into receivership the next, $100million loans one minute, mystery $4million 'donations' the next.