"Wellington property tycoon and Phoenix owner was recently spotted in a local dairy buying milk. Sources say that Mr Seripisos has resorted to drinking milk as he no longer can afford champagne. This obviously is another nail in the coffin for the Phoenix football franchise"
Phoenix Ownership - Rob says FTFFA (Part 1)
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DoomPost headline. " Seripisos seen in dairy spells doom for Phoenix"
"Wellington property tycoon and Phoenix owner was recently spotted in a local dairy buying milk. Sources say that Mr Seripisos has resorted to drinking milk as he no longer can afford champagne. This obviously is another nail in the coffin for the Phoenix football franchise"
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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."
Normo's coming home
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DoomPost headline. " Seripisos seen in dairy spells doom for Phoenix"
�
"Wellington property tycoon and Phoenix owner was recently spotted in a local dairy buying milk. Sources say that Mr Seripisos has resorted to drinking milk as he no longer can afford champagne. This obviously is another nail in the coffin for the Phoenix football franchise"
We will never fully decide who has won the football.
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JD, your sheer persistence in putting the most negative spin possible on any news about Terry's business dealings would be admirable if it wasn't so damned annoying!
Two months ago you implied that Terry had basically conned Mark Dunajtschik into lending him money so that he could buy a building. A bizarre claim considering the circumstances (is Dunajtschik really that stupid?)...
I have heard from a very well placed source that the money came from another NZ property developer BUT that he thought that it was going to be used to buy a building...make of that what you will.[/QUOTE]
You also said this...
I don't actually see how Terry will get out of this without a financial injection from outside his group. If he could sell assets then he would.
Despite the fact that this is what has actually occured with the Tory Street property you're still not happy, now advancing the theory that Dunajtschik only loaned the money to Terry and he has somehow ended up with a building he didn't expect to buy (again, is he really that stupid?)
[QUOTE=james dean]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.
Dunajtschik might be putting the building up for sale but it beggars belief that he has ended up in a situation he didn't want to be in. He could have easily not lent Terry money in the first place or given Terry more time to pay him back if that was the case. It seems clear to me that Dunajtschik advanced Terry the money to avoid liquidation with the reasonable expectation that he would end up owning Tory Street (which clearly would have involved him then commiting a much larger sum).
I think you need to be careful how much weight you put on things written in the Dom Post. They obviously have an agenda to make things seem as awful, dramatic, interesting and sell-able as possible and then when you add your own negative spin you end up in a very dark place indeed.
In the meantime, tonight I will go and observe actual evidence that the Nix is a going concern when they play a match at Wakefield Park. Over the next few weeks me and many thousands of others will also hand over money for our season tickets. I remain confident that this cashflow, other contractual payments due to the Nix from sponsorships and TV, plus match -day ticket sales when they come on-stream, will see the Nix through the next season, regardless of the state of Terry's finances.
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Totally with you Terminator.
Mark Dunajtschik is no fool, he is a very smart buiness man, he does his homework.
I too will be renewing my season pass. I am also comtemplating buying another for a family member who has moved back to Wellington.
I to am sick of all the negativety, I dont think players would be coming here if there was any doubt, dont they have agents who surely wouldnt get their clients to sign contracts that couldn't be gaurenteed to be fufilled by the principal. Surely also wouldn't word get round if players weren't being paid. Would you go and work for a company if you had doubts about its financial standing.
As supporters lets get on with it, get the seasons passes underway when they are available, then look foward to October.
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Totally with you Terminator.
Mark Dunajtschik is no fool, he is a very smart buiness man, he does his homework.
I too will be renewing my season pass. I am also comtemplating buying another for a family member who has moved back to Wellington.
I to am sick of all the negativety, I dont think players would be coming here if there was any doubt, dont they have agents who surely wouldnt get their clients to sign contracts that couldn't be gaurenteed to be fufilled by the principal. Surely also wouldn't word get round if players weren't being paid. Would you go and work for a company if you had doubts about its financial standing.
As supporters lets get on with it, get the seasons passes underway when they are available, then look foward to October.
Nostalgia isnt what it used to be...........
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Totally with you Terminator.
Mark Dunajtschik is no fool, he is a very smart buiness man, he does his homework.
I too will be renewing my season pass. I am also comtemplating buying another for a family member who has moved back to Wellington. [/quote]
I to am sick of all the negativety, I dont think players would be coming here if there was any doubt, dont they have agents who surely wouldnt get their clients to sign contracts that couldn't be gaurenteed to be fufilled by the principal. Surely also wouldn't word get round if players weren't being paid. Would you go and work for a company if you had doubts about its financial standing.
Hmmm, actually most of the players do their deals directly with the club. Only a couple that I'm aware of have agents.
The players are really unsung heroes in all of this, in a way, because they have rode out some troubles, late payments etc without ever piping up and complaining. Even the ones that left. Speaks to the great group of players we have here, and the team ethos Ricki has built.
[quote=uhfan]
As supporters lets get on with it, get the seasons passes underway when they are available, then look foward to October.
As supporters lets get on with it, get the seasons passes underway when they are available, then look foward to October.
Incredible stamina. No shame. Yellow Fever.
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Just adding to what some others have said... but if you guys sold say 10, 000 season passes you problem has largely gone away ..
JD your posts are depressing like there is no hope all is lost I sure it can't be that bad...
But I say again YF get out into the streets ... if you sell 10, 000 season passes not only have your troubles largely gone you will make every team in the A-League take there hat off to you ... and create a feeling by local gov in NZ Ha the voters want this team...
So be upbeat ... gone on a sell-A-thong ...
JD your posts are depressing like there is no hope all is lost I sure it can't be that bad...
But I say again YF get out into the streets ... if you sell 10, 000 season passes not only have your troubles largely gone you will make every team in the A-League take there hat off to you ... and create a feeling by local gov in NZ Ha the voters want this team...
So be upbeat ... gone on a sell-A-thong ...
Socceroo/ Mariner / Whangarei
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To give JD credit, he has clearly lost confidence in current Nix ownership for a variety of reason, and believes that if we were to all express our anger and no-confidence loudly, Terry would be pressed to throw in the towel and sell out to someone who had money to burn and was just as committed to the Phoenix, and all would be well and all these scary stories would go away. If you assume that all the worst stories are true, and that the "White Knight" actually exists, then this is a logical strategy to follow.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Dunajtschik might be putting the building up for sale but it beggars belief that he has ended up in a situation he didn't want to be in.
To be scrupulously fair, it also beggars belief that Terry and several other successful Australasian businessmen might have fallen for a Nigerian scam from Bahrain.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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To give JD credit, he has clearly lost confidence in current Nix ownership for a variety of reason, and believes that if we were to all express our anger and no-confidence loudly, Terry would be pressed to throw in the towel and sell out to someone who had money to burn and was just as committed to the Phoenix, and all would be well and all these scary stories would go away. If you assume that all the worst stories are true, and that the "White Knight" actually exists, then this is a logical strategy to follow.
The "White Knight" would appear to be a mythical creator as if he was so intent on saving Phoenix from an entry in "The Dooms Day Book" the right approach would have been to offer TS money long ago. Before all the Dooms Day talk.
I will renew my 3 Lounge passes on the 15th and get Foundation Membership acknowledged.Hogster2011-07-13 15:56:53
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My mistake... that's actually a prototype for this season's Canteen "non-slip" Nix bandana.
No more pesky knots. A "sure-fire" seller, imo.
Once they get the stripes vertical it'll be good to go..!
RedGed2011-07-13 16:08:35
No more pesky knots. A "sure-fire" seller, imo.
Once they get the stripes vertical it'll be good to go..!
RedGed2011-07-13 16:08:35
Improving,,on the up, a work in progress from Italiano and the Nix. Bring on the bathroom bling in '24! COYN!
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Dunajtschik might be putting the building up for sale but it beggars belief that he has ended up in a situation he didn't want to be in.
To be scrupulously fair, it also beggars belief that Terry and several other successful Australasian businessmen might have fallen for a Nigerian scam from Bahrain.
Ha ha. Too true!
Maybe we should just add Dunajtschik to the list of WGA's victims and admit JD was right all along.
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To give JD credit, he has clearly lost confidence in current Nix ownership for a variety of reason, and believes that if we were to all express our anger and no-confidence loudly, Terry would be pressed to throw in the towel and sell out to someone who had money to burn and was just as committed to the Phoenix, and all would be well and all these scary stories would go away. If you assume that all the worst stories are true, and that the "White Knight" actually exists, then this is a logical strategy to follow.
The "White Knight" would appear to be a mythical creator as if he was so intent on saving Phoenix from an entry in "The Dooms Day Book" the right approach would have been to offer TS money long ago. Before all the Dooms Day talk. I will renew my 3 Lounge passes on the 15th and get Foundation Membership acknowledged.
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Just adding to what some others have said... but if you guys sold say 10, 000 season passes you problem has largely gone away ..
JD your posts are depressing like there is no hope all is lost I sure it can't be that bad...
But I say again YF get out into the streets ... if you sell 10, 000 season passes not only have your troubles largely gone you will make every team in the A-League take there hat off to you ... and create a feeling by local gov in NZ Ha the voters want this team...
So be upbeat ... gone on a sell-A-thong ...
JD your posts are depressing like there is no hope all is lost I sure it can't be that bad...
But I say again YF get out into the streets ... if you sell 10, 000 season passes not only have your troubles largely gone you will make every team in the A-League take there hat off to you ... and create a feeling by local gov in NZ Ha the voters want this team...
So be upbeat ... gone on a sell-A-thong ...
HHMMMMMMMMmmm OK I spelt a word wrong....
But being a tad more serious ... how many people on this site have access to a photo copier they could use ..
I have no idea on numbers so... you put in the original base number but for arguments sake lets say its 35, 000.
Say you have 35, 000 registered park players playing in Wellington ... how about YF print and deliver to each club a "" Save the NIX""" sheet...
For each player I am told with friend / parents/ other relatives they have a reach of 5 to 1.... so 35, 000 leaflets gets to 150, 000 folk...
The following week another hand out to the park teams this time asking people to take a different leaflet to work printed on say Yellow paper with blue print..
While the football season is still on take your message to the streets or the greater football family ...
But YF can if its wants too can make a difference... also if you guys sold 10, 000 season passes then rest assured if as AD says TS cannot save the Nix others will willingly step in..
But with 10, 000 season passes sold you would not have too many problems... Midfielder2011-07-13 16:25:32
Socceroo/ Mariner / Whangarei
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Dunajtschik might be putting the building up for sale but it beggars belief that he has ended up in a situation he didn't want to be in.
To be scrupulously fair, it also beggars belief that Terry and several other successful Australasian businessmen might have fallen for a Nigerian scam from Bahrain.
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Who's up for bankruptcy on Monday?
Terry Serepisos will be declared bankrupt on Monday unless he can come up with a plan over the weekend to repay $5 million.
Without a Word of a Lie has learned the proceedings in Wellington's (� Copyright Protected - The National Business Review 45) High Court are being brought by Canterbury Mortgage Trust.
CMT chairman Don McBeath confirmed the scheduled court date and said it was a �full bankruptcy hearing.�
Mr McBeath said (� Copyright Protected - The National Business Review 36) discussions with Mr Serepisos were ongoing but time was running short.
�We have no specific desire to see Terry made bankrupt, but we do have a specific desire to get our money,� he (� Copyright Protected - The National Business Review 87) said.
"I guess it remains to be seen whether Terry can come up with a satisfactory proposal by Monday."
Without a Word of a Lie understands Mr Serepisos is still holding out hope of (� Copyright Protected - The National Business Review 47) Western Gulf Advisory coming through with a promised $US100 million loan, and returned last week from a visit to their office in Bahrain.
WGA has since given Mr Serepisos a new deadline for the (� Copyright Protected - The National Business Review 24) delivery of his loan of this Friday.
Last week Spanish authorities moved to place WGA's football team Racing Santander into voluntary administration after the dubious Bahrain and Swiss-based (� Copyright Protected - The National Business Review 59) lender defaulted on payments.
Mr Serepisos did not return messages left by Without a Word of a Lie.
https://www.nbr.co.nz/article/whos-getting-bankrupted-monday-mn-p-97075
Terry Serepisos will be declared bankrupt on Monday unless he can come up with a plan over the weekend to repay $5 million.
Without a Word of a Lie has learned the proceedings in Wellington's (� Copyright Protected - The National Business Review 45) High Court are being brought by Canterbury Mortgage Trust.
CMT chairman Don McBeath confirmed the scheduled court date and said it was a �full bankruptcy hearing.�
Mr McBeath said (� Copyright Protected - The National Business Review 36) discussions with Mr Serepisos were ongoing but time was running short.
�We have no specific desire to see Terry made bankrupt, but we do have a specific desire to get our money,� he (� Copyright Protected - The National Business Review 87) said.
"I guess it remains to be seen whether Terry can come up with a satisfactory proposal by Monday."
Without a Word of a Lie understands Mr Serepisos is still holding out hope of (� Copyright Protected - The National Business Review 47) Western Gulf Advisory coming through with a promised $US100 million loan, and returned last week from a visit to their office in Bahrain.
WGA has since given Mr Serepisos a new deadline for the (� Copyright Protected - The National Business Review 24) delivery of his loan of this Friday.
Last week Spanish authorities moved to place WGA's football team Racing Santander into voluntary administration after the dubious Bahrain and Swiss-based (� Copyright Protected - The National Business Review 59) lender defaulted on payments.
Mr Serepisos did not return messages left by Without a Word of a Lie.
https://www.nbr.co.nz/article/whos-getting-bankrupted-monday-mn-p-97075
ive got a song that wont take long, Adelaide are rubbish.. the second verse is same as the first.. ADELAIDE ARE RUBBISH
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But with 10, 000 season passes sold you would not have too many problems...
In a market running into the Rugby World Cup, with the media blaring out the clubs impending death we're going to find 7000 more season ticket holders?
Big call.
How many do the Mariners have as a matter of interest?
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To give JD credit, he has clearly lost confidence in current Nix ownership for a variety of reason, and believes that if we were to all express our anger and no-confidence loudly, Terry would be pressed to throw in the towel and sell out to someone who had money to burn and was just as committed to the Phoenix, and all would be well and all these scary stories would go away. If you assume that all the worst stories are true, and that the "White Knight" actually exists, then this is a logical strategy to follow.
The "White Knight" would appear to be a mythical creator as if he was so intent on saving Phoenix from an entry in "The Dooms Day Book" the right approach would have been to offer TS money long ago. Before all the Dooms Day talk. I will renew my 3 Lounge passes on the 15th and get Foundation Membership acknowledged.
Don't really agree with you there. Not saying there is a white knight out there (I have no idea) but if there was, I am sure they would wait until Terry was out of the way / on the mat before making any offers.
If the licence goes back which would be the first step then their is no guarantee it would be released into NZ let alone into WGTN.
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You can be reasonably certain though.
No other viable options exist unless the FFA fancy spending money they don't have to form their own Western Sydney entity and cop unending earache about conflicts of interest.
No other market offers the scope the NZ market does for sponsors and everything else. Clubs and the league will have sold deals based on a profile in the New Zealand market. The implications of pulling the pin on NZ are huge.
I would say you can be confident they would exhaust NZ options before going through another Fury episode. I would also say they would exhaust Wellington options before looking elsewhere.
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If there was any real risk of Terry going bankrupt, Burgess and Nipples would be all over it, not just the NBR gossip columnist. I mean, look at this - Paul McBeth? Clearly this isn't considered Scoop of the Century by the Fairfax press, like the IRD matter was.Doloras2011-07-13 17:43:18
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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But with 10, 000 season passes sold you would not have too many problems...
�
In a market running into the Rugby World Cup, with the media blaring out the clubs impending death we're going to find 7000 more season ticket holders?
�
Big call.
�
How many do the Mariners have as a matter of interest?
No idea on Mariner season pass holders my guess over 2K less than 4K..
However we are not facing the same position as is being reported on this thread...
If as DJ says all is lost with TS and you want to continue as a team then all I am saying while football season is still on a direct appeal to those playing even if they only take a reduced game package is a strong single to the movers & shakers in Wellington...
10 K is a huge ask and well beyond what any other A-League team has done and beyond what RL teams are doing ... Having said that you guys have street cred in the local area and that counts for a lot ....
Socceroo/ Mariner / Whangarei
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If there was any real risk of Terry going bankrupt, Burgess and Nipples would be all over it, not just the NBR gossip columnist. I mean, look at this - Paul McBeth? Clearly this isn't considered Scoop of the Century by the Fairfax press, like the IRD matter was.
Serepisos faces bankruptcy proceedings
We need a new owner
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nah, we just need some money, Terry will come through - it's a simple fact that nooone in this country can afford to lose over a million a season...the fact that Terry still wants to be involved speaks volumes. Why people are demanding a new owner when noone viable has really come out and said "I"ll do it" is beyond me!
Queenslander 3x a year.
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nah, we just need some money, Terry will come through - it's a simple fact that nooone in this country can afford to lose over a million a season...the fact that Terry still wants to be involved speaks volumes. Why people are demanding a new owner when noone viable has really come out and said "I"ll do it" is beyond me!
Not so much demanding in my case, but obviously Terry can't afford to lose a mill a year on the nix with his current business situation so therefore we need a new owner. IMO, no one is opening going so say I want to own the Nix while it is 'not for sale'.
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So, if Terry is declared bankrupt on Monday - is that the end of this version of the Nix [ie. his ownership]?
Not necessarily, but it will be the end of Terry's involvement. If he is bankrupted, he'll loose control of the club, and the assignee over his bankruptcy proceedings will decide what to do with his shareholding. I'd guess the FFA would have a clause in the licence agreement, where they can revoke the licence if the club falls into administration. I can't see the FFA letting the Nix fall over this season though, and am hopeful for the long term future of the club, with or without Terry.
(edit): Sorry missed the brackets. Yes, is the short answer then, but the end of Terry doesn't mean the end of the club or the brand.Plastic2011-07-13 20:08:43
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For the terminally panicky among you, who should have seen all this before: "Serepisos faces bankruptcy proceedings" means "Terry has worn out all the patience of one of his creditors, who is waving a big stick". It has absolutely nothing to do with whether Terry can't actually pay and will go bankrupt, which no-one - not even the person taking the case, if you read the article - really believes.
I could be completely wrong, of course, but people have cried BANKRUPT too many times and I don't believe them anymore.
Doloras2011-07-13 20:46:46
I could be completely wrong, of course, but people have cried BANKRUPT too many times and I don't believe them anymore.
Doloras2011-07-13 20:46:46
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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For the terminally panicky among you, who should have seen all this before: "Serepisos faces bankruptcy proceedings" means "Terry has worn out all the patience of one of his creditors, who is waving a big stick". It has absolutely nothing to do with whether Terry can't actually pay and will go bankrupt, which no-one - not even the person taking the case, if you read the article - really believes.
I could be completely wrong, of course, but people have cried BANKRUPT too many times and I don't believe them anymore.
I could be completely wrong, of course, but people have cried BANKRUPT too many times and I don't believe them anymore.
so so so this!
Queenslander 3x a year.
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JD, your sheer persistence in putting the most negative spin possible on any news about Terry's business dealings would be admirable if it wasn't so damned annoying!
Two months ago you implied that Terry had basically conned Mark Dunajtschik into lending him money so that he could buy a building. A bizarre claim considering the circumstances (is Dunajtschik really that stupid?)...
I have heard from a very well placed source that the money came from another NZ property developer BUT that he thought that it was going to be used to buy a building...make of that what you will.[/QUOTE]
You also said this...
I don't actually see how Terry will get out of this without a financial injection from outside his group. If he could sell assets then he would.
Despite the fact that this is what has actually occured with the Tory Street property you're still not happy, now advancing the theory that Dunajtschik only loaned the money to Terry and he has somehow ended up with a building he didn't expect to buy (again, is he really that stupid?)
[QUOTE=james dean]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.
Dunajtschik might be putting the building up for sale but it beggars belief that he has ended up in a situation he didn't want to be in. He could have easily not lent Terry money in the first place or given Terry more time to pay him back if that was the case. It seems clear to me that Dunajtschik advanced Terry the money to avoid liquidation with the reasonable expectation that he would end up owning Tory Street (which clearly would have involved him then commiting a much larger sum).
I think you need to be careful how much weight you put on things written in the Dom Post. They obviously have an agenda to make things seem as awful, dramatic, interesting and sell-able as possible and then when you add your own negative spin you end up in a very dark place indeed.
In the meantime, tonight I will go and observe actual evidence that the Nix is a going concern when they play a match at Wakefield Park. Over the next few weeks me and many thousands of others will also hand over money for our season tickets. I remain confident that this cashflow, other contractual payments due to the Nix from sponsorships and TV, plus match -day ticket sales when they come on-stream, will see the Nix through the next season, regardless of the state of Terry's finances.
I know it's your favourite party trick T-X to dig up old posts and claim inconsistency but I don't know what you are getting at here.
In my mind there are 2 possible explanations for what has gone on here.
1. Dunajtschik lent Terry money relatively short term - either in the knowledge it would be used to pay the ACC, or in the belief that it would be used to buy a building (a rumour I merely repeated). He took security over the Tory Street property. Terry hasn't repaid him so now he is enforcing security - he has no interest in the asset other than to be repaid his money - which explains why it is on the market immediately.
I have said nothign to suggest that Dunajtschik is stupid. When you take security over an asset you have to be prepared to exercise your rights against it. That is very different to wanting to be an owner or manager of an asset. I think anyone who has worked with commercial property would recognise this fact pattern.
This is my explanation and I think it makes sense on the facts.
2. Dunajtschik lent Terry money to stop him going involvent because he wanted to buy the Tory Street property. He then waited a time to purchase it, because throughout he's wanted to own the asset but then immediately puts it up for sale with Terry still managing the asset. He's not attempted to add any value to it before selling and has said in the paper that he doesn't want to own the asset.
This is your explanation (I think) and to me it makes very little sense. But each to their own.
According to Dompost sources Terry is getting nothing from the sale as the rest is going to the various mortgage holders. That hasn't been denied by him and seems plausible. Why would Terry sell in that situation unless he absolutely had to i.e. is being forced to by his lenders? That crystallises the loss.
This is not external funding because Terry receives nothing - I would have thought that was obvious. There is no cash coming into the group. What he needs is to refinance his obligations and increase his maturities - the fact that the only Lender willing to deal with him is WGA should say a lot.
james dean2011-07-13 21:25:17Normo's coming home
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Can I also please ask people to stop implying that I have an agenda here?
The only people in the country who are (a) defending Terry and (b) seem to think that this is all a media conspiracy against him and that Terry will be fine are on this forum. Isn't there a far more prosaic explanation in that Terry and his business is actully just quite f**ked?
Is it just possible that you guys are the ones with the agenda??
Normo's coming home
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