love how they tag the Phoenix on at the end.
Phoenix Ownership - Rob says FTFFA (Part 1)
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Again, a nothing article salivating about what might happen. Check it again at noon to find out what really did happen.
Ramming liberal dribble down your throat since 2009
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Wellington property developer Terry Serepisos has had bankruptcy proceedings against him adjourned so he can organise the sell-down of over $230 million of property.
A lawyer for Mr Serepsis told the Wellington High Court today that his client wants to work with insolvency specialists.
Mr Serepisos has debts of just over $203 million so sales at valued price would leave a surplus for him of about $30 miilion
Founder
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$hit. At least it's on the table now and 30 million in equity isn't bad. A bit overleveraged, pity office space is so oversupplied at the moment otherwise he would have been OK. I hope that the valuing is realistic. Be interesting, and somewhat nervewracking, to see what happens to the Phoenix now.
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$hit. At least it's on the table now and 30 million in equity isn't bad. A bit overleveraged, pity office space is so oversupplied at the moment otherwise he would have been OK. I hope that the valuing is realistic. Be interesting, and somewhat nervewracking, to see what happens to the Phoenix now.
Yeah, there's no guarantee he'll get the valuations in this market. 30 million could be a best case scenario.
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Well this answers one thing at least. He has now once and for all given up on seeing any money out of WGA.
Well he has probably switched from applying for a loan to trying to reclaim the establishment fee.What it means for the Nix though could be murky for a wee while yet.
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Wont he have tp sell the nixs?[/QUOTE]
All he "owns" is the licence from FFA and that's not worth beans. Terry is not bankrupt and therefore doesn't have to sell anything in particular - he just needs to make these creditors go away, which means it is best for him to sell anything which actually makes money (i.e. not the Nix).
By the way, note how the noted "journalists" at the DoomPost use the word "crumpled" to make it appear to the retarded or slow-of-thinking that this is an actual bankruptcy rather than a plan to avoid bankruptcy that the various creditors seem good with, if it'll work.
[quote=those scum]
The consequences of these proceedings for the Wellington Phoenix football club are uncertain at the moment.
All he "owns" is the licence from FFA and that's not worth beans. Terry is not bankrupt and therefore doesn't have to sell anything in particular - he just needs to make these creditors go away, which means it is best for him to sell anything which actually makes money (i.e. not the Nix).
By the way, note how the noted "journalists" at the DoomPost use the word "crumpled" to make it appear to the retarded or slow-of-thinking that this is an actual bankruptcy rather than a plan to avoid bankruptcy that the various creditors seem good with, if it'll work.
[quote=those scum]
The consequences of these proceedings for the Wellington Phoenix football club are uncertain at the moment.
Translation: "We can't actually think of any way that this means imminent doom of the Phoenix and a good laugh for our rugby-loving advertisers, but give us time."
Doloras2011-08-29 11:43:07
Ramming liberal dribble down your throat since 2009
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The question being can he afford to keep the Nix running out of the $30m.
I don't see how he can generate the revenue elsewhere to do so. 5% return at the post office won't support the nix?
5% at the post office would be $600,000 a year which would cover about half the losses. But we are talking a smart businessman who, while caught short by the property market collapse, can probably make more than a 5% return on investment. He's not suddenly been struck stupid, although the WGA saga might be considered contrary evidence.
Ramming liberal dribble down your throat since 2009
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I think it's a long way from TS having an excess of $30-odd million to "play" with. Just as it is for everyone else - valuing a property at whatever figure is all well and good but it's actual worth is dictated by what a buyer is willing to pay. I know I'm out of the loop (and the city - haha) but I'm not sure how many potential buyers (or lenders) there would be queueing up to by commercial properties in Wellyfornia over the coming months and 150 resso properties is a lot in a market Wellington's size - particularly when the majority of these are apartments.
Perhaps the new membership packages will include a Nix scarf, beanie, and a waterfront apartment
Here's hoping it all works out... with zero/minimal negative impact on the Nix
Perhaps the new membership packages will include a Nix scarf, beanie, and a waterfront apartment
Here's hoping it all works out... with zero/minimal negative impact on the Nix
E + R + O
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$hit. At least it's on the table now and 30 million in equity isn't bad.�A bit�overleveraged, pity office space is so�oversupplied�at the moment otherwise he would have been OK. I hope that the valuing is realistic. Be interesting, and somewhat nervewracking,�to see what�happens to the Phoenix now.
Yeah, there's no guarantee he'll get the valuations in this market. 30 million could be a best case scenario.
Yep, this is an important issue - especially when the potential buyers are well aware of the financial distress of the seller and his need to sell.
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An interesting question for me would be whether Terry could actually "start again". Even if he comes out with a little nest-egg that could be invested, do enough people hate him in Wellington now that he just wouldn't be able to ever make money again in this town? Now that would be a "selling the Nix" event.
Ramming liberal dribble down your throat since 2009
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An interesting question for me would be whether Terry could actually "start again". Even if he comes out with a little nest-egg that could be invested, do enough people hate him in Wellington now that he just wouldn't be able to ever make money again in this town? Now that would be a "selling the Nix" event.
Who says he has to start again in Wellington?
We have Christchurch in need of a major rebuild, and Terry at least has the experience behind him of completed building projects.
And we have the big island across the sea that is always building fancy big office buildings.
There is still work that could be done in Wellington, with new hotel, or buying up and earthquake strengthening some buildings, but smart money would find a bigger market.
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An interesting question for me would be whether Terry could actually "start again". Even if he comes out with a little nest-egg that could be invested, do enough people hate him in Wellington now that he just wouldn't be able to ever make money again in this town? Now that would be a "selling the Nix" event.
Who says he has to start again in Wellington?
We have Christchurch in need of a major rebuild, and Terry at least has the experience behind him of completed building projects.
Could you have a guy in Christchurch bankrolling a Wellington football team, or would it be a question of either giving up the licence or "the Christchurch Phoenix"?
Ramming liberal dribble down your throat since 2009
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An interesting question for me would be whether Terry could actually "start again". Even if he comes out with a little nest-egg that could be invested, do enough people hate him in Wellington now that he just wouldn't be able to ever make money again in this town? Now that would be a "selling the Nix" event.
Hmmmm... even Doloras is asking questions.
I guess it's pretty bluddy serious then!
E + R + O
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It's been bloody serious for a while. I get a reputation as being Pollyanna because I've never given up faith in Terry's ability to get out of a hole. I still have faith that he can get out of this hole, and will. Once he's out of this hole, can he still finance the Nix? Only God knows that.
In any case, there is no immediate threat to the future of the Nix for this season at least. We'll see where we are when this season is over, and I'm not predicting the imminent death of anything until then.
In any case, there is no immediate threat to the future of the Nix for this season at least. We'll see where we are when this season is over, and I'm not predicting the imminent death of anything until then.
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Could you have a guy in Christchurch bankrolling a Wellington football team, or would it be a question of either giving up the licence or "the Christchurch Phoenix"?
You can take the guy out of Wgtn but you can't take the Wgtn out of the guy.
Just as Kosta will always be a favourite, Simon Elliot, Chris killen, Leo, Tim Brown...
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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I had a browse through Donald Trump's financial history on wikipedia, because he faced similar crises to what Terry is currently experiencing. An interesting read and one that shows that a savvy businessman can roll through bankrupcy hearings and sell large amounts of his assets and still bounce back.
This, more than anything gives me hope that Terry will come through.
Nickel2011-08-29 13:24:46
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I'm angry today already then I saw this tvnz article and how terry still thinks hes getting 100million ffs. Not even going to state my view anymore.
FFS.
Well he certainly proved me wrong.
The reason if its been reported accurately is weak, considering Ali syed is being chased around the world and if you have some knowledge its not even hard to determine that its not coming...
I will happily eat my words when Terry is more than loaded next season.CboZ2011-08-29 13:33:18
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An interesting question for me would be whether Terry could actually "start again". Even if he comes out with a little nest-egg that could be invested, do enough people hate him in Wellington now that he just wouldn't be able to ever make money again in this town? Now that would be a "selling the Nix" event.
Who says he has to start again in Wellington?
We have Christchurch in need of a major rebuild, and Terry at least has the experience behind him of completed building projects.
Could you have a guy in Christchurch bankrolling a Wellington football team, or would it be a question of either giving up the licence or "the Christchurch Phoenix"?
I never suggest he should move cities. I am saying that his business interests don't need to remain solely focussed on Wellington.
It would be more foolish than expecting Ali Baba's $100M loan to arrive; rebuilding a property portfolio in the city that you've just sold off.
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Just a word, guys: if Terry is telling people that he still believes the WGA money is coming through, as I've mentioned before, it doesn't mean he actually believes it.
Ramming liberal dribble down your throat since 2009
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Just a word, guys: if Terry is telling people that he still believes the WGA money is coming through, as I've mentioned before, it doesn't mean he actually believes it.
So it means he believes the people he's telling will?... who's more naive?
E + R + O
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Just a word, guys: if Terry is telling people that he still believes the WGA money is coming through, as I've mentioned before, it doesn't mean he actually believes it.
So it means he believes the people he's telling will?... who's more naive?
My theory is that the intended audience of "I totally believe Ali Syed is going to pay up" is no-one else but Ali Syed.
As to how long it will take... does it matter, as long as the creditors take the deal and stop trying to bankrupt him all the time?
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Look for me on TV1 news tonight shrugging my shoulders and saying "who knows" in response to questions about whether Terry should sell, will sell, or won't sell the Phoenix, who to, why, and for how much.
Incredible stamina. No shame. Yellow Fever.
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Latest on Stuff is Terry is saying "won't sell", and adding that if he's made bankrupt then the Phoenix are stuffed (a hint there for the creditors, I suppose).
But am I not right in saying that selling the Nix wouldn't get him penny one, but would just mean he'd save $1 million a year on wages bills?Doloras2011-08-29 15:03:57
But am I not right in saying that selling the Nix wouldn't get him penny one, but would just mean he'd save $1 million a year on wages bills?Doloras2011-08-29 15:03:57
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Latest on Stuff is Terry is saying "won't sell", and adding that if he's made bankrupt then the Phoenix are stuffed (a hint there for the creditors, I suppose).
But am I not right in saying that selling the Nix wouldn't get him penny one, but would just mean he'd save $1 million a year on wages bills?
But am I not right in saying that selling the Nix wouldn't get him penny one, but would just mean he'd save $1 million a year on wages bills?
This has been covered off previously.
It's certainly saleable, under certain conditions (eg: with the FFA's permission).
The questions are, what's it worth and is there a market?
It is, fundamentally, a business with few assets that loses money. People aren't knocking down doors for that sort of thing.
Incredible stamina. No shame. Yellow Fever.
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It is, fundamentally, a business with few assets that loses money.� People aren't knocking down doors for that sort of thing.
Terry's creditors have been knocking pretty hard for a while now!
"Ive just re-visited this and once again realised that C-Diddy is a genius - a drunk, Newcastle bred disgrace - but a genius." - Hard News, 11:39am 4th June 2009
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Look for me on TV1 news tonight shrugging my shoulders and saying "who knows" in response to questions about whether Terry should sell, will sell, or won't sell the Phoenix, who to, why, and for how much.
Will we see Cr Morrison with his Nix Scarf?
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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Look for me on TV1 news tonight shrugging my shoulders and saying "who knows" in response to questions about whether Terry should sell, will sell, or won't sell the Phoenix, who to, why, and for how much.
Look for me not being quoted in Doom Post as I told them to GGF Founder
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Look for me on TV1 news tonight shrugging my shoulders and saying "who knows" in response to questions about whether Terry should sell, will sell, or won't sell the Phoenix, who to, why, and for how much.
Look for me not being quoted in Doom Post as I told them to GGF
love it all the sameryos4phoenix2011-08-29 17:00:58
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