This will serve to "hose down" expectations of the opening date for the international convention centre.
Sorry, I'm also a bad dog.
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Will be well covered by insurance.
Might be worth buying a few shares in order to attend the next AGM for the entertainment value.
Disclosure: already have a very small holding ... which is getting smaller by the day.
I would like to know what that material is that burnt like that. Surely all the materials used in a multi story building would be fire retardant.
From the recent NZ Herald article https://www.nzherald.co.nz/nz/news/a...ectid=12278779
Bitumen is used to e.g. waterproof roofs. It is not quite easy to set on fire, but if it burns (and yes, a blow torch will do), it burns ...Quote:
Smoke billowing out of the building mixed with melting bitumen layer on the roof was dangerous to people nearby
Ah - and here is a credible theory re the starting of the fire ... the primer used under the bitumen layer seems to be easier to incinerate:
Very difficult as well to extinguish - particularly given that this one seems to be (as well according to the article) sandwiched between concrete layers.Quote:
While the man, who didn't want to be identified, did not know what happened he said it was possible a person laying the membrane could have left the gas torch on near a primed part of the roof and that was what caught fire, not the actual membrane.
Sounds like an expensive repair anyway ...Quote:
“It is a very difficult fire to put out. The fire is wedged between two concrete layers in the roof. It is too dangerous to crew on the roof, but very hard to reach from our aerial appliances.”
Timeline of this fiasco of cataclysmic proportions. https://www.msn.com/en-nz/news/natio...cid=spartandhp
Expected completion date and final cost ?
My speculative guess, late 2021, total all up cost including damages payable to SKC for late delivery, $1.3 billion.
FBU's previously loss provisioning rumoured to have thrown the kitchen sink at it, won't be enough...will need the "complete bath" as well which is exactly what FBU will get from this.
Maybe they have insurance for the cost to rebuild but what about consequential damages SKC will be seeking for the substantial extra delay ? Fire commander saying its extraordinary difficult to put out...I guess a lot depends upon how devastating the extent of the fire is which is something that's not looking looking good at all https://www.stuff.co.nz/auckland/116...centre-on-fire
Yeah surely there is liquidated damages under the contract payable to to SKC from FBU due to delays that aren't force majeure. FBU probably has insurance to some extent to cover something like this but I'm fairly certain the insurer will want to be certain that there was no negligence/incompetence/lack of industry best practice in the fire starting before paying out...