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View Full Version : ROD PETRICEVIC - BRIDGECORP



shasta
17-07-2007, 06:02 AM
Rob tried to take DPC by stealth & failed, & now his baby "Bridgecorp" is in receivership (after previous failures in the past).

What's next for this former high flyer?

What(if any)will be his next reincarnation back into the markets?

Ok, fess up people who knows of people/has own money in Bridgecorp?

A while back i was looking at DPC, with the view of investing when the blocking shareholding saga's unravelled, fortunately the chart was plain awful & i never touched it...:D

Anyone giving them a chance of trading out of the receivership?

TheBossMan
17-07-2007, 06:43 AM
nope, dont know anyone who has lost in Bridgecorp. I had some 2 years back and pulled it out when I heard some rumblings between it and DPC. How could they trade out when no fresh investments will come through the door?

Bling_Bling
17-07-2007, 08:53 AM
A friend of mine wanted to invest in Bridgecorp a few months back. He was smart enough to take my advice and not go there. I tiol dhim not to touch any finance firms, better to put your money in the bank. Unfortunately his friend did not listen.

Hoop
17-07-2007, 09:14 AM
Shasta
My next door neighbour has $13000 invested with Bridgecorp.

When we were talking about the receivership, I said that I had known for a numbers of months that Bridgecorp was on shaky ground and she replied why don't I mention it to her about it. I answered, you didn't tell me you had money in Bridgecorp otherwise I would've mentioned it.

Us Kiwis seemed to be very secretive when it comes to money. Probably a factor which keeps these dodgy companies in business.

bermuda
17-07-2007, 09:28 AM
A golfing friend put his clients into it. When I asked why he said they gave a very good presentation......!!!
After being burnt several years ago by some very slick Aussies I vowed to do my own research..You dont need more than 3 seconds to evaluate Bridgecorp.All you have to do is look at the MD's name.

I mean if Allan Hawkins started up such a company would you invest in it??? Of course not.
I dont care how well he may be doing in his latest venture. I wouldnt touch it.

temuk
17-07-2007, 09:31 AM
I doubt if investors will get all their money back!

They have sold some of their loans to South canty finance and sold others to (i think) strategic and others.

they also have the fijian motel which has been stalled for almost a year ( about $50m from memory)

The sunday times had an artical 8th july


This Rob guy should be made to sell his merc,porche,rental apartments and luxury yacht!

I didn't have any money invested.

Toddy
17-07-2007, 10:08 AM
quote:Originally posted by temuk

I doubt if investors will get all their money back!

They have sold some of their loans to South canty finance and sold others to (i think) strategic and others.

they also have the fijian motel which has been stalled for almost a year ( about $50m from memory)

The sunday times had an artical 8th july


All of their money back......... I'm picking 40 cents in the dollar spread over the next 10 years.
If I had money in Bridgecorp I would save myself the stress and just move on.

airedale
17-07-2007, 10:20 AM
Finance companies, what a history going all the way back to JBL in the 70's.And you are right Hoop, it can be difficult to get a meaningful conversation about money. It is on of those things that people are reluctant to talk about. I know some guys who are [almost] so secretive that they wouldn't tell you how much the morning paper cost them. As Digger said on the NZO thread,we come here or we would be talking to ourselves.

stephens.pc
17-07-2007, 10:52 AM
My flatmate from last year (also a student) had everything she had invested in Bridgecorp last year. Her "financial advisor" put her on to it. I campaigned all year for her to get her money out and she finally did so over the summer. I have a feeling though she has put the lot back into another finance company! Some people never learn....

warthog
17-07-2007, 12:07 PM
quote:Originally posted by bermuda

A golfing friend put his clients into it. When I asked why he said they gave a very good presentation......!!!
After being burnt several years ago by some very slick Aussies I vowed to do my own research..You dont need more than 3 seconds to evaluate Bridgecorp.All you have to do is look at the MD's name.

I mean if Allan Hawkins started up such a company would you invest in it??? Of course not.
I dont care how well he may be doing in his latest venture. I wouldnt touch it.


That would be your - some would say uninformed - decision.

The hog contends that Hawkins is in a different league to Rob Petrovic.

warthog
17-07-2007, 12:18 PM
quote:Originally posted by temuk

I doubt if investors will get all their money back!

They have sold some of their loans to South canty finance and sold others to (i think) strategic and others.

they also have the fijian motel which has been stalled for almost a year ( about $50m from memory)

The sunday times had an artical 8th july

This Rob guy should be made to sell his merc,porche,rental apartments and luxury yacht!

[quote]
I didn't have any money invested.


You didn't have any money invested with BC. Does that mean you don't have any money invested?

If you do have money invested, it would follow that you accept the level of risk that you have assessed your investments to have.

The hog would argue that investors in BC accepted the level of risk that was attached to BC. Even a glance would have one asking the simple question of why BC was offering significantly more than the large banks.

Further, the hog believes that - assuming that RP has acted within the law - he shouldn't be made to sell anything any more than anybody else is required to if their business fails.

One of the problems New Zealand has is the widespread attitude that if an investment in somebody and it makes a killing, somehow this rubs off in a positive way on the invester for spotting an opportunity (or being simply lucky). If the business fails or loses money, suddenly the daggers are out and people are playing fast and free with our hard-earned money.

Well, it's time to grow up and accept that all investments involve risk. Even holding cash in a shoebox under the bed has risk. So assess the risk, don't listen to so-called experts or the media, and make your investment decisions commonsense ones. But make them yours - temuk - nobody else's. That means you will never have to blame anybody (else).

bermuda
17-07-2007, 12:19 PM
Warthog,
That will always be my decision.If my gut feeling tells me not to invest, I dont bother even researching it.
Good luck to Hawkins, he has done his time and I wish him well...but he aint getting any of my money.

Arbitrage
17-07-2007, 12:51 PM
A lot of the talk has been about debenture holders, but spare a thought for us shareholders.
Rob P took over the mining company we originally invested in (Bridgeway Mining Ltd) and now look at it. I wonder what it will be when I next pull out the share certificate from the bottom drawer.

kura
17-07-2007, 01:22 PM
I was talking to a finance guy yesterday, and he was telling me of anecdotal evidence of a general exodus of funds from all finance companies into your more traditional banks.

Not a bad thing IMHO, as for years there has never been an adequate margin of interest to reflect the increased risk. (Just too many short sighted investors chasing the highest possible return, without appreciating the levels of risk they are taking on)

Arbitrage
17-07-2007, 01:48 PM
Yes it has amazed me the small margin in higher interest for the much much higher risk people are taking investing in finance companies over banks.
Correction, Bridgecorp was previously Bridgevale Mining Ltd.
Any suggestions what they will rise from the ashes as? Perhaps a casino?

temuk
17-07-2007, 01:53 PM
Sorry Hog

No money in bridgecorp,
but have in s.canty finance,strategic & mfs

Crypto Crude
17-07-2007, 01:59 PM
whats even the point of going to a finance firm for investment...
why not create your own little investments... eg get a few bonds, but some interest bearing assets such as cash at the bank, get a few shares... maybe some silver... the list goes on
these finance firms have their own agenda, and have behind the door contracts with other outfits where the finance firm gets paid to sell other outfits securitys...the returns then become what the finance firm will push and they have little regard to what you will return for the given level of risk you take on, if they are going to make big bucks...
finance firms are riskier than investors are lead to believe...
I'll never touch them, never will... you also have the excitement of making your own investment decisions without the hassle of wondering what your finance firms investment decisions were with your money...

Bridgecorp owes investors 500-600million im guessing?
how can a finance firm owe that sort of money...they are suppost to make money, not lose it...
[8D]
.^sc

warthog
17-07-2007, 04:54 PM
One thing that might change a few tunes is the final figure recovered from Bridgecorp. It might not be what people think it will be, whatever that is!

Sideshow Bob
17-07-2007, 05:36 PM
quote:Originally posted by kura

I was talking to a finance guy yesterday, and he was telling me of anecdotal evidence of a general exodus of funds from all finance companies into your more traditional banks.

Not a bad thing IMHO, as for years there has never been an adequate margin of interest to reflect the increased risk. (Just too many short sighted investors chasing the highest possible return, without appreciating the levels of risk they are taking on)


I know someone who works in a finance company, and the flow of new money has almost stopped since Bridgecorp sunk. They are however maintaining very good re-investment rates though.

Lizard
17-07-2007, 05:53 PM
I didn't renew a debenture stock with Strategic this month, but it wasn't due to Bridgecorp failure. It was due to the pitiful difference in rate over the amount I was being offered by the bank.

When I first began using debentures (to provide income to a retired relative), bank term deposit rates were falling and the debenture rates on some reasonable companies were up to 3% above term deposits. Now, bank term deposit rates are rising and the difference in debenture rates is closer to 0.5%. Since the bank rates are now high enough to provide adequate income, there is even less reason to use debentures than there was back then.

warthog
17-07-2007, 06:36 PM
quote:Originally posted by bermuda

Warthog,
That will always be my decision.If my gut feeling tells me not to invest, I dont bother even researching it.
Good luck to Hawkins, he has done his time and I wish him well...but he aint getting any of my money.


And he, presumably, won't be making or losing any money for you.

But that's OK - there are plenty of people who deem the opportunity to be there given the record.

Disclosure: the hog has no direct or indirect financial interest in CYT

cantab
17-07-2007, 06:49 PM
A bit after the 1987 share market crash the firm I worked for had many millions invested in money market deposits with the trading banks, also some millions with Equiticorp which gave a slightly higher interest rate. The boss went on holiday and because I felt uneasy about Equiticorp I withdrew all that money and placed it with the banks. We never deposited money with Equiticorp again and a couple of months later Equiticorp fell over. [^]

There are only five options for my money, namely:

Westpac

ANZ/National

BNZ

ASB

Kiwibank

Elwood
17-07-2007, 07:01 PM
I work in the financial advice and insurance industry and do not ave any clients invetsed in finance Companies. It was a struggle at times to convince clients not to place their funds with them. My simple premise was that the chance of loss was far too high for the meagre premium they were offering.
Unfortunately most people (and I do not include anyone reading these forums) simply see a slightly higher interest rate, see a rating of some sort and beleive it is safe.

bear
17-07-2007, 07:03 PM
cantab

you've forgotten about Rabobank perhaps safer than the ones mentioned plus a great interest rate

bear

bermuda
17-07-2007, 07:13 PM
quote:Originally posted by cantab

A bit after the 1987 share market crash the firm I worked for had many millions invested in money market deposits with the trading banks, also some millions with Equiticorp which gave a slightly higher interest rate. The boss went on holiday and because I felt uneasy about Equiticorp I withdrew all that money and placed it with the banks. We never deposited money with Equiticorp again and a couple of months later Equiticorp fell over. [^]

There are only five options for my money, namely:

Westpac

Cantab,
Well done.
I hope you were well rewarded but I suppose in the Corporate world your boss took the credit. Such is life.
ANZ/National

BNZ

ASB

Kiwibank

Crypto Crude
17-07-2007, 07:33 PM
quote:cantab-There are only five options for my money, namely:

Westpac

ANZ/National

BNZ

ASB

Kiwibank
hey cantab,
there are only three options I have with my money..... NWE, TEX, NZOOD...
:D
.^sc

Contrarian
17-07-2007, 09:39 PM
Gidday
Gees Temuk get out of those financial co's & into Rabo,ASB & offshore.
All Imho

cantab
18-07-2007, 10:17 AM
Bermuda, subsequent salary reviews were always nice. [:p]

Shrewdie, good luck to you. :) I was only talking about my beer money, there is no way I am puting that in a finance company. :D

Hoop
18-07-2007, 10:24 AM
Remember that all finance companies are not created equal. There are some very good ones around e.g AMP

cantab
18-07-2007, 10:39 AM
quote:Originally posted by Hoop

Remember that all finance companies are not created equal.

Agree, however if I need to borrow I go to a bank not a finance company because the interest rate charged is a lot lower.

With the bank I know that they will let me break a term deposit early.

Hoop
18-07-2007, 10:59 AM
yeah, fair comment ..I fuly agree Cantab

Lion
18-07-2007, 07:35 PM
The poor bugger's name is Rod Petricevic.
I don't have any sympathy for the guy (he probably doesn't need it, he'll still be living well) but let's get his name right.

shasta
18-07-2007, 07:41 PM
Thanks Lion

A genuine mistake - & no one mentioned it!

Have changed the thread to reflect the correct name.

peat
19-07-2007, 05:57 PM
http://img181.imageshack.us/img181/1133/rod2ma6.jpg

Steve
05-08-2007, 06:45 AM
Anyone see John Campbell the other night standing outside Rod Petricevic's house peering over the fence? Classic! LOL

winner69
05-08-2007, 08:10 AM
Likes like Sunday on TV1 is doing a piece on Rod tonight .... should be good for a laugh

peat
05-08-2007, 08:18 AM
This is a damming article
http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10455706

Not only are the receivers saying ""in the course of our analysis we have identified a number of matters which may give rise to breaches of the Securities Act", and "we will refer these matters to the Securities Commission".

but Gaynor exposes how high the risk really was. Most of the money was lent to property developers under 2nd or 3 rd or lower mortages but not only that which is pretty bad

"interest on most of these loans was received only when the loans were repaid. However, interest was included as revenue over the course of the loan, which meant that reported earnings were usually much higher than cash flow.


Bridgecorp totally understated its non-performing loans because bad loans are usually identified when interest payments are missed and Bridgecorp's borrowers paid interest only at the end of a loan period."

Sounds criminal to me (to include money you havent got in earnings)

also
their largest loan - 10% of their entire loan book was to a director and had technically failed (not been repaid by due date) last Dec. But the accounts for Dec were signed off by the auditor ...

DAFIUAM

dodgey as fork if you ask me.

bear
05-08-2007, 10:50 AM
This is a damming article
http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10455706

Not only are the receivers saying ""in the course of our analysis we have identified a number of matters which may give rise to breaches of the Securities Act", and "we will refer these matters to the Securities Commission".

but Gaynor exposes how high the risk really was. Most of the money was lent to property developers under 2nd or 3 rd or lower mortages but not only that which is pretty bad

"interest on most of these loans was received only when the loans were repaid. However, interest was included as revenue over the course of the loan, which meant that reported earnings were usually much higher than cash flow.


Bridgecorp totally understated its non-performing loans because bad loans are usually identified when interest payments are missed and Bridgecorp's borrowers paid interest only at the end of a loan period."

Sounds criminal to me (to include money you havent got in earnings)

also
their largest loan - 10% of their entire loan book was to a director and had technically failed (not been repaid by due date) last Dec. But the accounts for Dec were signed off by the auditor ...

DAFIUAM

dodgey as fork if you ask me.

I must say when i read the article i could not believe what i was reading and that these cowboy actions were continuing to happen - wild west may have been safer for investors. Not only dodgy loans but irresponsible directors, trustees and advisors on high commissions continuing to push this suppose "safe investment" the ones that lose out are the mum and dad investors.

Fortunately no one i know at this stage was involved in this nightmare

bear

kura
08-08-2007, 09:46 PM
Watchdogs close on Bridgecorp directors
By DENISE McNABB - Independent Financial Review | Wednesday, 8 August 2007

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The Australian Securities and Investment Commission (ASIC) and New Zealand's Securities Commission are understood to be closing in on directors of failed finance company Bridgecorp over the false picture painted in company accounts.


In their sights are believed to be former Bridgecorp boss Rod Petricevic and managing director Rob Roest.

ASIC has undertaken months of investigation following its suspension, then cancellation, last year of Bridgecorp's Australian prospectus.

It appears the independent directors, chairman Bruce Davidson and Australian director Peter Steigrad, Bridgecorp's trustee Graham Miller, and auditors PKF were kept in the dark about the dire situation well before Bridgecorp went into receivership on July 2.

Untrue statements, including omissions, in a prospectus are a criminal offence under the Securities Act.

If laid as an indictable offence upon conviction, any person who signed the prospectus faces a maximum penalty of up to five years' imprisonment or a fine up to $300,000.

A convoluted loan deal is believed to be the focus of both commission's investigations.

The sale in September last year of $76 million of Bridgecorp loans to an outside company, Barcroft Holdings, resulted in Bridgecorp having twice as much exposure to Fiji's Momi Bay resort development as was disclosed in a prospectus that used full-year accounts to June 2006.

That exposure was around $100 million (before interest), not the $50 million portrayed.

Bridgecorp owes 18,000 investors on either side of the Tasman around $550 million.

PricewaterhouseCoopers receivers Colin McCloy and John Waller, and administrators from Ferrier Hodgson, have been sifting through a labyrinth of companies and related party loans in the group on both sides of the Tasman.

Securities Commission senior investigator Liam Mason said yesterday he expects some "very helpful" documents to arrive from the receivers any day.

Receivers alluded to amounts owed in Fiji being far greater than purported when they told secured debenture holders last week the grave news of a best recovery ranging between 34c to 74c in the dollar.

"The wide range reflects the fact that Bridgecorp has loans and accounts receivables totalling $157.1 million in a number of offshore developments," they said.

The offshore developments referred to are specific loans made by Bridgecorp's Australian finance arm, Bridgecorp Finance (Australia) Ltd, and Bridgecorp Ltd in New Zealand to companies and interests associated with Bridgecorp director Gary Urwin and his erstwhile business partner John Fernandez.

When the Securities Commission follows the paper trail to Fiji and back it will show information about this loan is missing in Bridgecorp's December 2005 prospectus.

The Barcroft loan deal is complex.

Barcroft's director is chartered accountant Anthony McCullagh, who did consultancy work for Bridgecorp and has acted as a receiver or adviser, salvaging failed developments financed by Bridgecorp, including bankrupted Colin Godfrey's First City Group's Gore Street development in downtown Auckland.

McCullagh says he agreed to buy the loan from Bridgecorp because it was secured over property in Fiji.

It gave security to a company called Muainarewa Resorts Ltd in Fiji.

This was a trust vehicle created for Pacific Trust to take advantage of Fijian tax breaks for tourist resorts.

The security, said McCullagh, was to Fijian lenders to Muainarewa.

McCullagh said the Barcroft arrangement had the approval of Bridgecorp's trustee, Covenant Trustee, and Bridgecorp's auditors, Australian firm PKF, which signed off on it.

He said he had no idea how the loan agreement was portrayed in the prospectus as that had nothing to do with him.

The purchase by Barcroft included $A36 million of loans made by Bridgecorp Finance (Australia) Ltd to hotel property development companies in Sydney and $60 million of loans, (of which all but $8.8 million were associated with Fiji) made by Bridgecorp Ltd in New Zealand.

In return Barcroft issued promissory notes to pay Bridgecorp for the loan in December 2008, with an extension clause to December 2009.

Barcroft was therefore the treasurer in the middle.

It paid no actual money for the loan, but gave a promise to pay.

It immediately sold the $76 million loan back to Bridgecorp for a 2 per cent margin on the 12 per cent interest it had to pay when the Barcroft loan repayment was capitalised.

Thus Bridgecorp was paying Barcroft more interest than it was getting back.

It transpires lawyers pored over the securities and obligations of the loan for three months before it was signed off on September 12, 2006.

There is no mention of Barcroft selling the loan back to Bridgecorp in Bridgecorp's prospectus.

Muainarewa Resorts Ltd gave guarantees to Bridgecorp Ltd and Bridgecorp Finance.

It became the beneficial owner of the shares in Barcroft and guaranteed Barcroft's obligations. Another layer of complexity is added by Matapo Ltd, 80 per cent owned by Urwin's Bawdin Holdings and 20 per cent by Bridgecorp Finance.

Documentation in Fiji shows Matapo and Muainarewa's boundaries become blurred in respect of loans made to Muainarewa by different Fijian government entities, including the Fiji Unit Trust and Fiji Provident Fund.

One of Muainarewa's directors is Urwin's lawyer, Kafoa Muaror, and another is Phillip Temo, who has a consulting firm that is understood to be preparing tenders to re-start development of Momi after an eight-month hiatus.

The details of those loans to Fiji and Australia and one at Manukau, all on Bridgecorp's books, weren't spelt out in the prospectus.

Had investors known of this and of the Barcroft loan sell-back they would have known Bridgecorp had an exposure of around 31 per cent to one party.

In addition, a lot more borrowing for Momi had been done by Muianarewa from Fijian government entities on the premise Bridgecorp was in the wings offering security, which, it transpires, was really only smoke and mirrors.

shasta
08-08-2007, 09:56 PM
Great Article thanks Kura, & just shows the Bridgecorp situation is as complex as it was dodgey...

Worst of all, Rod & co will be back in a different guise in a year or two!

This from the NZX today...

8 August 2007 - In response to inaccuracies in recent media reporting, NZX would like to clarify the following in respect of Bridgecorp.

-Bridgecorp first approached the then NZSE for listing in February 1999. The profile was accompanied by the most recent financial statements to 31 March 1998. In June 1999 this listing application was declined.

-Bridgecorp made a second application for listing in February 2000. A report was prepared in March 2000 to assist the listing sub-committee of NZSE consider this second application. In March 2000 this second application was declined.

-A copy of the report was sent to the Bridgecorp auditors and the company's directors, with a recommendation to the chairman of directors that a copy of the report be sent to the Trustee.

Bridgecorp has not approached NZX for listing in the past 7 years.

Bridgecorp is listed on the unregulated share trading facility Unlisted.

What's the scary part is for the last 7 years, they have been scheming to get around the NZX rules (via DPC & St Laurence) & list!

Doubt this is the last time we see them try either ...

Toddy
09-08-2007, 08:40 AM
All good articles. Adds more egg on the face of those idiot financial advisors who advised mum and dad's to buy Bridgecorp debentures.

Its also good to see the Aussies having some teeth and investigating Bridgecorp management.

lewinsky
09-08-2007, 09:40 AM
I think the NZ Securities Commission needs a real close look at in this whole thing.

As soon as the ASIC pulled the prospectus in Australia this should have sent warning bells out. If anyone could undertand Bridgecorp's accounts, when they finally got round to lodging them, then they should have a docturate in Accounting. There were enough articles about failed loans to put the Securities Commission on alert. When a Finance Company has an advertising budget bigger than Texas, buyer beware. All big warnings.

Instead of Jane Diplock going offshore and saying what a great investment climate we have in NZ, she should have been been putting some teeth into legislation that should have better protected the Mum's and Dad's of this world. She was quick to bag the NZX over Access Brokerage, maybe some one should take a real hard look at their role in this whole thing.

So, maybe ROD just took advantage of a lax system. Maybe ROD will do it again unless there is a better regulatory environment.

kura
09-08-2007, 04:23 PM
I keep thinking about some poetry from dim distant memory, it went something like "..... the complicated web we weave, when we intend to deceive...."
I had a feeling it was Burns, ? maybe Macdunk would know ?

manxman
09-08-2007, 06:36 PM
I keep thinking about some poetry from dim distant memory, it went something like "..... the complicated web we weave, when we intend to deceive...."
I had a feeling it was Burns, ? maybe Macdunk would know ?

Sir Walter Scott - Marmion
“Oh what a tangled web we weave, When first we practice to deceive”
Mx

hairdresser
09-08-2007, 08:30 PM
It would be a good case to the NZSC to take if only to highlight the less than clear accounting practices pervasive in the finance industry. Whether Rod did anything wrong would be arguable, [its hard enough for them to prove obvious tax fraud]. If they could get something on his cronies they may be able to cut a deal and get something solid if ala Enron. But it appears all those close to the deals are all crying we had no knowledge.... and fortunately for those involved incompetence is not against the law.

kura
09-08-2007, 10:13 PM
Sir Walter Scott - Marmion
“Oh what a tangled web we weave, When first we practice to deceive”
Mx

Thank you Manxman, it was one of those things that had been bugging me all day, I will go and look it up the poem in it's entirety now !

Steve
20-04-2008, 08:03 PM
Will Rod be given more than a few slaps with a couple of wet bus tickets?

Petricevic faces more action (http://www.stuff.co.nz/4486842a13.html)
Further court action against former Bridgecorp chief Rod Petricevic is soon to be instigated by the failed finance company's receivers - this time seeking the return of hundreds of thousands of dollars in allegedly overpaid salary and bonuses.

Similar proceedings are also likely to be taken against former finance director Rob Roest.

The receivers have proceedings before the court against Mr Petricevic - filed last month - in respect of more than $500,000 the receivers believe he owes the company.

Reihana
21-04-2008, 08:33 AM
Good on the receivers. I'm so pleased to see they're doing their best to recover as much money as possible. After all, a well informed source tells me that in the first month of the receivership alone PwC had billed $4 million and their legal cohorts Chapman Tripp had charged $2 million. With fees like that I expect a number of means of recovery will be required to leave investors with as much as 5c in the dollar.

Major von Tempsky
17-05-2008, 11:34 AM
Wouldn't it be nice to know how much and where the Honourable Rod Petricevic has squirrelled away out of the receivers reach. We need some media stories on how he's still living in a multi million house, driving an upmarket car and how his lifestyle hasn't changed...

One would have thought he would have learnt something out of his 1987 disaster and that other people besides myself would have carefully avoided anything involving the shady and unqualified Petricevic...

Steve
17-05-2008, 11:58 AM
Life would be more interesting for Rod & Mark et al if there was some retrospective law passed allowing Trusts etc to be broken when the proceeds were derived from dishonest practices...

Dr_Who
17-05-2008, 02:09 PM
Life would be more interesting for Rod & Mark et al if there was some retrospective law passed allowing Trusts etc to be broken when the proceeds were derived from dishonest practices...

Agreed. The sooner the better.

whatsup
17-05-2008, 05:20 PM
The really really really sad thing is that he has been seen drinking at a bar called Pl@nk in Remers Auckland as if nothing but nothing ever has happened!!!!!!!!!!!!!!!!!!!

Steve
22-06-2008, 04:13 PM
Looks like something may be happening now!

Finance duo charged (http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10517662)
Charges have been laid against two Bridgecorp directors for allegedly taking millions of investors' dollars when the finance company had already collapsed.
...
The Herald on Sunday understands both men have been accused of signing false director certificates to confirm the company had missed no payments to investors.

Bridgecorp also allegedly continued to collect money from investors until July last year, even though the company had allegedly defaulted on payments since February that year, a breach of the Securities Act.

If convicted, Petricevic and Roest face maximum penalties of $300,000 fines or five years in prison.

whatsup
23-06-2008, 08:46 AM
Why dont you go to the bar/restaurant that he and his mates drink at in Remuera and ask him, rymes with Ponk but starts with a BEE.

Dr_Who
23-06-2008, 10:21 AM
After Bridgecorp will be Bluechip. Jail time will be good for them. It wouldnt bring the money back, but will psychologically ease the minds of those that have lost their lives savings to these scumbags.

baxter
23-06-2008, 03:56 PM
Perhaps the lesson he learnt last time was that Crime pays well. Don't forget any jail time spouted out by the judge needs to be divided by 3 to get the actual sentence.

Dr_Who
23-06-2008, 04:32 PM
The problem with NZ is that we are a bunch of soft c*cks. Abit like the criminal system. The criminals know that they can get away with it thats why they continue to do what they do. This is evident in the increase of crime in the public. We need to get our act together and toughen up on criminal activities!

shasta
23-06-2008, 08:02 PM
The problem with NZ is that we are a bunch of soft c*cks. Abit like the criminal system. The criminals know that they can get away with it thats why they continue to do what they do. This is evident in the increase of crime in the public. We need to get our act together and toughen up on criminal activities!

Charges against Bridgecorp and two directors confirmed


http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10517886

macduffy
28-06-2008, 10:27 AM
ROD PETRICEVIC BRIDGECORP AND NAT MP MARK BRYERS BLUE CHIP ARE MISUNDERSTOOD BOTH HONEST MEN THIER INTENTIONS IS TO REPAY ALL INVESTORS -- BELIEVE ME:rolleyes:


Some would say that the misunderstanding of poor old Rod goes right back to the 1980's.

:rolleyes:

Steve
28-06-2008, 10:58 AM
Some would say that the misunderstanding of poor old Rod goes right back to the 1980's.

:rolleyes:

And despite this on-going misunderstanding, Mums & Dads along with a huge number of investment advisors had no qualms about donating cash to Rod's (personal) cause... :eek:

shasta
04-08-2008, 08:51 PM
shed a tear for ---them:rolleyes:

Well it looks game, set & match against RP :D

Bridgecorp founder heading for bankruptcy

New 8:40PM Monday August 04, 2008

Bridgecorp executive director Rod Petricevic appeared before the Court of Appeal in Wellington today and lost.

The court turned down a stay of enforcement, which means that bankruptcy proceedings against him can continue.

Bankruptcy proceedings have been filed and they are due to be heard on Thursday.

Bridgecorp collapsed last year owing 14,500 investors almost $460 million.
Murray Tingey at Bell Gully, who is representing receiver PriceWaterhouseCoopers, said the decision today meant that the receiver could continue to enforce the bankruptcy.

The receiver would seek to have Petricevic declared bankrupt on Thursday in the High Court. Petricevic was earlier awarded a stay of execution, stopping receivers from beginning bankruptcy proceedings.

The stay was conditional on Petricevic depositing the $576,100 receivers claimed he owed them for a tax bill in a High Court trust account by a deadline. He did not meet the deadline and the receiver then filed for bankruptcy.

Petricevic in effect has another opportunity to pay the money on Thursday to stave off bankruptcy, though interest accruing daily has increased the amount to around $600,000.

Petricevic and Bridgecorp executive Robert Roest also appeared in Auckland District Court last month on criminal charges that could put them in prison for up to five years.

The charges, laid by the National Enforcement Unit of the Companies Office, related to statements made in the company's prospectus, and in a director's certificate.

The prosecution is separate to a Serious Fraud Office investigation. Each man faces two charges under the Securities Act and one under the Companies Act.

- NZPA

lewinsky
06-08-2008, 07:33 AM
Shasta,
Do you think Rod really cares. He has salted everything away in Trusts and so is financially secure. I think the word "Trust" is a real misnomer and should be renamed"Scam". If a gang member deals in drugs the crown can take the benefits of his proceeds i.e. his Harley. If Rod creates financial ruin for Mum and Dad investors he still gets to drive his Porsche.

I think the real focus should go on the Securities Commission and Companies Office. Surely when ASIC pulled the Australian Bridgecorp prospectus, you would have thought this would have sent a few warning bells or was Leanne Dalzeil more concerned about the anti-smacking legislation at the time?

Dr_Who
06-08-2008, 08:24 AM
No wonder mum and dad investors park all their money in the property market. Until there is a framework that protect investors, NZers will always have a love affair with properties.

winner69
07-08-2008, 06:06 PM
Petricevic adjudged bankrupt ...... in the old days didn't they put people who didn't pay their bill in jail

shasta
07-08-2008, 06:17 PM
Shasta,
Do you think Rod really cares. He has salted everything away in Trusts and so is financially secure. I think the word "Trust" is a real misnomer and should be renamed"Scam". If a gang member deals in drugs the crown can take the benefits of his proceeds i.e. his Harley. If Rod creates financial ruin for Mum and Dad investors he still gets to drive his Porsche.

I think the real focus should go on the Securities Commission and Companies Office. Surely when ASIC pulled the Australian Bridgecorp prospectus, you would have thought this would have sent a few warning bells or was Leanne Dalzeil more concerned about the anti-smacking legislation at the time?

He can't go overseas for 3 years, so if he owes you any money, i'm sure a friendly knock on the door & "chat" would be welcomed by RP. :D

If he is found to have siphoned monies into a Trust, the SFO can go him for that also., & i'll bet the IRD & SFO are looking into his affairs!

What purpose is a family trust doing with a porsche?

In the business of leasing vehicles? Hardly...:rolleyes:

STRAT
07-08-2008, 06:41 PM
He can't go overseas for 3 years, so if he owes you any money, i'm sure a friendly knock on the door & "chat" would be welcomed by RP. :D

If he is found to have siphoned monies into a Trust, the SFO can go him for that also., & i'll bet the IRD & SFO are looking into his affairs!

What purpose is a family trust doing with a porsche?

In the business of leasing vehicles? Hardly...:rolleyes:Bankrupt eh?
You can bet your shirt or should I say the shirts off the back of bridgecrope investors he will continue to live in the style he is accustom to:rolleyes:

Dr_Who
08-08-2008, 07:33 AM
Petricevic adjudged bankrupt ...... in the old days didn't they put people who didn't pay their bill in jail

Yep. These guys do it cos they know they can get away with it. If this was Aust or US they would be in jail by now.


And despite this on-going misunderstanding, Mums & Dads along with a huge number of investment advisors had no qualms about donating cash to Rod's (personal) cause... :eek:

You mean those highly regarded, highly experienced and well educated used car salesmen and insurance salesmen who call themselves investment advisors?

boxburger
08-08-2008, 08:30 AM
I believe Rod Pet is the worst kind of crook. With a Sth Auck gangsta in a stocking mask sporting a cut down Remington you know where you stand. Rod's gleaming gold tooth and wet handshake conceal the thought machinations of a man that cares for nobody but himself. The crim in Sth Auck is going to get post crime drunk with his mates. Rod has no mates.

I think Rod Pet bears a striking resemblance to so many men I've seen on the TV being arrested and tried for fiddling with children. Pasty faced creep.

When I'm at a party and someone asks me what I do for fun, I used to mention that I like to keep an eye on the financial markets. I invariably got a sideways glance. Not because I'm interested in stocks etc, that's a great pursuit. They passed me a cocked eyebrow because the news Joe Public hears relating to financial matters surfs to them on the back of parasites like Rod Pet. Lets cut out the cancer!

For a young lad growing up in South Auckland what do you think creates the most attractive career path. Aspire to be one of the anti-hero punks featured in a P-Money song. Or work hard and become a rich successful businessman, make a difference, flourish into a Rod Pet. I'd wanna be the crook that gets all the girls and lowriders.

Men like Rod make me ashamed to say that I have the least bit of anything to do with the business world. They bring so much shame to what we love, the prick should be put under his bloody piece of Stuttgart rubbish. Saying his name and the brand of car in the same sentence casts shame on a fabulous marque.

Every time I see him in the news these days, I suffer from a wash of nausea, get a wet mouth, instinctively urged to vomit all over the germ.

Major von Tempsky
08-08-2008, 10:53 AM
Yet there have still been gullible fools including corrupt financial advisers and stupid financial advisers and lazy financial advisers and ignorant financial advisers (and NZ Financial and Government authorities who couldn't be bothered following up his spot of bother in Australia)
who blithely invested in Petrecevic.

What leads you to believe that if people couldn't learn from Rod's performance in 1987 and in Australia that they will learn now?
In 2 or 3 years time lots of people with money won't have heard of Rod or will have forgotten and he will be out there again operating through some puppet garnering lots of deposits at high interest rates on grandiose assurances of financial expertise and integrity.
Meanwhile he will live the life of Riley in his luxury properties and cars and huge income from his family trusts...

Nitaa
08-08-2008, 06:06 PM
When I'm at a party and someone asks me what I do for fun, I used to mention that I like to keep an eye on the financial markets. Boxburger. Maybe when someone asks you that they are trying to pick you up. Often the times i have said those comments there is normally a slight sexual conotation to it.

However this day and age, woman love money first then men second so you are a very smart person

shasta
08-10-2008, 06:56 PM
Boxburger. Maybe when someone asks you that they are trying to pick you up. Often the times i have said those comments there is normally a slight sexual conotation to it.

However this day and age, woman love money first then men second so you are a very smart person

Might have to start a new poll, when & how will Rod be back running another company into the ground...

Court orders Petricevic Porsche to be sold

The expensive car of bankrupt Bridgecorp executive director Rod Petricevic is to be sold, a court ordered today.

The 2005 Porsche, estimated to be worth between $120,000 and $150,000, has been at the centre of a legal row after most of the Bridgecorp companies were placed in receivership in July last year, owing debenture holders $460 million.

Three days later ownership of the car was transferred to the Petricevic Family Trust, but earlier this year it was seized by bailiffs and has been in storage.

Today Judge John Hansen ordered the car to be sold after telling lawyers for the family trust, the receivers and the official assignee, it should have been sorted out before it got to court.

The hearing in the High Court at Auckland was over an application by the receiver for a preservation order which would mean the court would continue to hold the car and it would not to go back to the family trust.

However, lawyers for all three parties said today it was in the best interests of all that the car be sold now because the economy was weakening and the car was probably losing value.

Judge Hansen told the lawyers he would adjourn to give them time to sort it out.

"It should be resolved in five or 10 minutes," he said.

About 40 minutes later the lawyers returned to court and said they had agreed that the car should be groomed, given a new warrant of fitness and sold.

Details of how the car was to be sold were suppressed until after the sale and the proceeds of the sale were to go into an interest-bearing court bank account until a further court hearing decided if the receiver or the family trust should get the proceeds.

- NZPA

Dr_Who
08-10-2008, 07:26 PM
When and where is it gonna be auctioned?

I want to go bid for it and then blow it up in front of all the media camera.

whatsup
08-10-2008, 08:03 PM
Whats the betting in this market that it would only fetch $50,000. Auckland is awash with very very xtra cheap second hand exotic cars, 50K now would be lucky!!!!!!!!!!!!!!!!!!!

Dr_Who
09-10-2008, 06:58 AM
Whats the betting in this market that it would only fetch $50,000. Auckland is awash with very very xtra cheap second hand exotic cars, 50K now would be lucky!!!!!!!!!!!!!!!!!!!


I will buy it for $20k assuming it is in good order subject to inspection. :D

Awamoa
12-03-2009, 07:26 PM
Rods Porsche went for $150k.Proceeds go towards recovery of tax bill plus interest paid by Bridgecorp on Rods behalf.Hope they get the house next!

Balance
12-03-2009, 07:32 PM
Rod has had the time of his life in the last 10 years.

Big houses, jet-setting to all the exotic locations, living in the best hotels, exotic cars, exotic women, champagne, the very best money can buy and his family trust is still worth tens of millions.

Couple of years in jail (if any) and he will be back enjoying the great life forthe rest of his life with the millions tucked away.

shasta
12-03-2009, 07:43 PM
Rod has had the time of his life in the last 10 years.

Big houses, jet-setting to all the exotic locations, living in the best hotels, exotic cars, exotic women, champagne, the very best money can buy and his family trust is still worth tens of millions.

Couple of years in jail (if any) and he will be back enjoying the great life forthe rest of his life with the millions tucked away.

He will be banned & unable to hold any directorships or run another business for 3 years (5 years?).

Unfortunately the system is so lax, he will be back again in another capacity ready for the next breed of suckers to fund his lavish lifestyle.

Dr_Who
12-03-2009, 07:49 PM
Rod looks like Mr Burns who owns the nuclear power plant from The Simpsons cartoon.

http://www.mspmentor.net/wp-content/uploads/2008/10/mr_burns.jpg

http://media.nzherald.co.nz/webcontent/image/jpg/RodPetricevic1601.jpg

Hoop
05-06-2009, 09:10 AM
Bridgecorp boss Rod Petricevic and business associate Rob Roest have been banned from directing or managing any company in New Zealand for the next five years, the Companies Office said yesterday. NZH June 05 2009 (http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10576539)

http://media.nzherald.co.nz/webcontent/image/jpg/RodPetricevic1601.jpghttp://i458.photobucket.com/albums/qq306/Hoop_1/images.jpg

"I'll be back!"............Terminator (1984)

Major von Tempsky
05-06-2009, 07:59 PM
Isn't it pathetic - 5 years? Is that the maximum?
He should have been banned in 1987 and in several subsequent episodes.

Balance
05-06-2009, 08:04 PM
Isn't it pathetic - 5 years? Is that the maximum?
He should have been banned in 1987 and in several subsequent episodes.

Why? People like Rod keeps the silly money going around.

Dr_Who
06-06-2009, 09:11 AM
Isn't it pathetic - 5 years? Is that the maximum?
He should have been banned in 1987 and in several subsequent episodes.

I agree, totally pathetic. And you wonder why NZers prefer to put their money in property instead of companies and equities.

Balance
06-06-2009, 09:46 AM
I agree, totally pathetic. And you wonder why NZers prefer to put their money in property instead of companies and equities.

Why wonder? NZers' obsession with properties is a recipe for disaster.

Do what Mark Bryers and the likes do - sell highly inflated properties to NZers and enjoy a great lifestyle.

Dr_Who
06-06-2009, 05:51 PM
Why wonder? NZers' obsession with properties is a recipe for disaster.

Do what Mark Bryers and the likes do - sell highly inflated properties to NZers and enjoy a great lifestyle.

Na mate, I rather sleep well at nights and not be hated by everyone in NZ.

A person with talents and abilities can make money from ethical business dealings and dont require to rip people off. Once a crook, always a crook.

Properties are never a disaster if you get the timing right. I ve done out of properties cos I am never greedy and always leave abit for others to gain.

Balance
06-06-2009, 07:03 PM
Na mate, I rather sleep well at nights and not be hated by everyone in NZ.

A person with talents and abilities can make money from ethical business dealings and dont require to rip people off. Once a crook, always a crook.

Properties are never a disaster if you get the timing right. I ve done out of properties cos I am never greedy and always leave abit for others to gain.

Shares and businesses are also never disasters if you get the timing right?

Fact is that NZers with their obsession with properties were there to be taken and the likes of Rod and Mark took note and advantage of the greed and stupidity associated with that obsession with properties.

NZers + obsession with properties + greed = plump chickens to be plucked.

Unfortunately, I am sure Mark Bryers and Rod sleep very well at night in the comfort of their luxurious homes, protected by family trusts. They have had and continue to enjoy great and fabulous lifestyles and I do not think care a toss about NZers hating them.

Dr_Who
06-06-2009, 08:18 PM
Your argument is that this crime is a product of social excess and that it is ok to take advantage of the weak and greedy. Many will disagree with you, but then to continue this argument is fruitless and changing your mind will be like pushing a jaffa up Dunedin's steepest hill.

I have learned two lessons in my life: first, there are no sufficient literary, psychological, or historical answers to human tragedy, only moral ones. Second, just as despair can come to one another only from other human beings, hope, too, can be given to one only by other human beings. Elie Wiesel

Grimy
07-06-2009, 08:26 AM
Your argument is that this crime is a product of social excess and that it is ok to take advantage of the weak and greedy.

Umm, I don't think Balance argued that it was okay at all. Just that it happens. And that people who are happy enough to take advantage of others are hardly likely to worry about the pain and worry their actions cause.

Balance
07-06-2009, 09:53 AM
Umm, I don't think Balance argued that it was okay at all. Just that it happens. And that people who are happy enough to take advantage of others are hardly likely to worry about the pain and worry their actions cause.

Exactly. Rod and Mark will be back as long NZers continue their obsession with property.

The latest is property syndications. Saw it during the 1990s with the likes of Waltus and now, it's BACK!

Line up, chickens, to be plucked.

Dr_Who
07-06-2009, 06:02 PM
Agree with you Balance.

Why are people getting into these stupid syndication BS when you can buy LPT on the market at over 10% yield?

I recall buying some GPT and SGP in Aussie at over 10-12% yield only a few weeks back. I am also making good capital gains on the appreciating share price lately.

Dr_Who
09-06-2009, 08:49 AM
Bridgecorp used 'conduit' to shift money

Bridgecorp sold $76 million of debt to a "conduit" company, then loaned the same amount, in a related party transaction that benefited a Bridgecorp director, says a Companies Office banning report.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10577291

The Doctor
09-06-2009, 08:53 AM
some news...!!thats de riguer for a NZ Finance company....surely!!

Enumerate
23-05-2010, 02:17 PM
Janita Wright - the "personal acquaintance" of Rod Petricevic - is quoted as saying that "... she worked her ass off ..." for the $1.2m Rod paid to her company for "services".

Though most people have no problem in believing that Janita's a$$ was involved in the work performed rendering the services - the exact nature of the services remains a mystery.

I wonder if a guilty verdict in this case brought by the SFO could result in a class action from shareholders/debentureholders against Petricevic and Wright?

Hence, I wonder if Bryers is now open to civil action following on from guilty pleas in the Blue Chip case?

minimoke
12-07-2011, 02:21 PM
Poor Rod. Despite pleading poverty and his solicitor not keen to work for him as he doesn't think he'l get paid there will be no stay of his 8 August trial. Theres a lesson there for other finance company directors who try to shuffle assets around and for their solicitors who try to find legal loopholes to avoid a trial

Awamoa
16-12-2011, 12:06 PM
Poor Rod. Despite pleading poverty and his solicitor not keen to work for him as he doesn't think he'l get paid there will be no stay of his 8 August trial. Theres a lesson there for other finance company directors who try to shuffle assets around and for their solicitors who try to find legal loopholes to avoid a trial
Poor Rod who cant afford to pay a lawyer now has the funds for a holiday in Australia.
Our justice system gets better by the day.

J R Ewing
16-12-2011, 12:58 PM
Poor Rod who cant afford to pay a lawyer now has the funds for a holiday in Australia.
Our justice system gets better by the day.

No doubt the trustees arrive at their decision as to whether to fund Xmas breaks in Oz or pay for legal defences in an impartial manner completely independent from Rod's control :)

I wonder if the Court asked the obvious questions about how this trip was funded given the earlier financial hardship claims.

waikare
20-12-2011, 06:39 AM
This prick managed to con Bridgecorp to pay his personal tax bill, so I guess it wouldn’t be too difficult for him rip-off some other system to fund his holiday.
I wonder if he’s travelling cattle class?

percy
20-12-2011, 07:58 AM
This prick managed to con Bridgecorp to pay his personal tax bill, so I guess it wouldn’t be too difficult for him rip-off some other system to fund his holiday.
I wonder if he’s travelling cattle class?

No way,unsafe, as he may run into one of his "investors" down that back of the plane.The little sh't would most probably fit down the dunny,so "why take the risk ?" !!!!!

bermuda
20-12-2011, 09:05 AM
No way,unsafe, as he may run into one of his "investors" down that back of the plane.The little sh't would most probably fit down the dunny,so "why take the risk ?" !!!!!
Percy,
A few years ago he parked his porche outside a ponsonby restaurant, walked in and sat at a table. Several past investors recognised him and forced him out into the street. He got his just desserts.

Lego_Man
20-12-2011, 10:09 AM
Percy,
A few years ago he parked his porche outside a ponsonby restaurant, walked in and sat at a table. Several past investors recognised him and forced him out into the street. He got his just desserts.

Something similar happened at Moreton's in St Heliers?

Awamoa
21-12-2011, 06:55 AM
No way,unsafe, as he may run into one of his "investors" down that back of the plane.The little sh't would most probably fit down the dunny,so "why take the risk ?" !!!!!
I recall him having a Lear Jet back in the EuroNational days.
Maybe he moved it into the family trust and has his own trans tasman transport.

blockhead
05-04-2012, 10:48 AM
Wonder if Rod will be able to hear the nice rumble of a Porsche from his cell, hope he had a few Easter Eggs in his pocket before he was "taken down"

Xerof
05-04-2012, 12:30 PM
I've just express couriered a jar of Vaseline to his cell.....of more immediate benefit than Easter eggs .......

waikare
06-04-2012, 12:10 PM
There is a lot of truth in the old saying “what comes around goes around” now it’s their turn to get screwed.

craic
06-04-2012, 04:25 PM
I hate to have to tell you guys but Corrections has a duty of care with all its inmates. These two will be looked after in remand along with other remand prisoners. They will have free access to counsel, visitors on weekdaysand can buy stuff with their cash through the prison. It will not be like a hotel but it's not as bad as some believe. Most of the nasty stuff you hear about is "Boob talk" or bullspit. As a Corrections Officer for thirty years I've heard more than my fair share of it, repeated time after time by inmates who always claimed that it happened to them or a mate.

Balance
06-04-2012, 05:55 PM
I hate to have to tell you guys but Corrections has a duty of care with all its inmates. These two will be looked after in remand along with other remand prisoners. They will have free access to counsel, visitors on weekdaysand can buy stuff with their cash through the prison. It will not be like a hotel but it's not as bad as some believe. Most of the nasty stuff you hear about is "Boob talk" or bullspit. As a Corrections Officer for thirty years I've heard more than my fair share of it, repeated time after time by inmates who always claimed that it happened to them or a mate.

http://www.stuff.co.nz/sunday-news/latest-edition/5915707/Prison-assaults-nearly-double

"Prisoner attacks on other inmates and guards have nearly doubled in five years, a Corrections Department report has revealed.

Forty-eight inmates were bashed or sexually assaulted by other prisoners in the 2010/11 year, compared to 27 such incidents in the 2006/07 period."

Sense the FEAR?

craic
06-04-2012, 10:06 PM
Most of these are gang related and compared to the number of inmates, the figure is small. In thirty years of daily contact, I was never assaulted although threats were frequent - just walk softly and carry a big stick.

peat
26-04-2012, 07:42 PM
Justice Venning believed a starting point of seven and a half years was appropriate.He gave Petricevic credit for having no previous convictions and acknowledged prison would be hard for him

Financially dependant
26-04-2012, 07:48 PM
Justice Venning believed a starting point of seven and a half years was appropriate.He gave Petricevic credit for having no previous convictions and acknowledged prison would be hard for him

He will be incarcerated in Auckland so he is nice and handy for the fraud charges he is about to go to court for......

troyvdh
26-04-2012, 09:10 PM
...what do folk think of the possible outcome of proceedings against....hotchin.....et al....given what has happened today...
I believe that he (hotchin)is currently in court(s)...against B Gaynor and the sharehoders association that what they supposedly proposed was untrue.....yet what eventuated today will be of some significance....

i heard to day listening to Mary (RNZ) asking the prosector re "rob"...that indeed bridgecorp was in fact a ponzie scheme in that in the final stages of its existence/demise.... it relied on the incoming cash went to pay existing customers...I could be wrong but I believe that Mr Gaynors article ..way back ..implied the same thing...with hanover.....that the same circumstances were evident.......very very sad but true

karen1
27-04-2012, 05:10 AM
http://www.stuff.co.nz/business/money/6814544/Petricevic-and-Roest-uneasy-cell-companions

elZorro
27-04-2012, 07:15 AM
I think that what might be worrying some of us who haven't lost money in finance companies yet (in fact I needed to be on the borrowing end of one of their loans at one stage), is, are these more public versions of operations set up by semi-shady operators who like having a play about with other people's money? They don't always treat it like you or I would, that it has to be paid back sometime.

Are newly listed companies that are there for capital raising, any better a risk than a finance company? (at least until they are proven performers). I guess one advantage is that you could in theory cut your losses during any trading day.

elZorro
27-04-2012, 02:37 PM
Agree Sparky, the second-tier finance I obtained was very useful, and I paid it back within 2-3 years from business profits.

But I was surprised when a company I knew arranged a back-door listing, sort of an IPO but without the prospectus etc. They described this exercise as 'fund-raising'. They didn't see it as making their company a vehicle for outsiders (like new shareholders) to make capital gains alongside foundation shareholders. First and foremost, it's to gain access to cheap capital.

I suppose that if the shareprice drops back too much in this scenario, it'll be hard to get new capital from additional shares/options, a bit more transparent than a finance company.

blockhead
30-04-2012, 11:35 AM
Blimey, now Banksie is facing questions which could see him in the same cell as Rod n Rob, be all getting a bit cramped in there soon .............but imagine the dealing going on

Awamoa
30-04-2012, 12:27 PM
Blimey, now Banksie is facing questions which could see him in the same cell as Rod n Rob, be all getting a bit cramped in there soon .............but imagine the dealing going on
Maybe they will become the 3 Directors of a new Kiwisaver Fund?

blockhead
30-04-2012, 01:08 PM
Mmmn, just read the Leagal Beagles take on it, seems to say he could well be guilty and we would all know it but the law as it as may preclude it being proven.

I reckon if it splatters on you it still smells weather its yours or not.