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Stuff Changes Its Story

Yesterday we highlighted factual and misleading discrepancies in a story posted by Stuff…
Below is the reply – 
“Hello Marc,
Thanks for getting in touch. We appreciate the feedback and apologies for the delayed reply.
We’ve considered your complaint and the story has been updated
If you remain unsatisfied with our reply, you are very welcome to contact the Media Council. You can find their details here.
Kind regards,
However Spring says despite Stuff’s part capitulation, he’s returned serve with the below email…
“Hi Keith & Ors
The story is still factually incorrect and very misleading 
The below statement is simply not true – Stuff is misleading readers that Du Val has raised $94m … they’ve simply converted existing investors funds (debt they can’t afford interest payments on), to shares.
“We’re currently selling $94m of shares and they’re virtually all being taken up by our Mortgage Fund Investors,” he said.
That’s not selling new shares. And 81.35% is not virtually all sold. 
Given the continued complaints of unpaid bills to a plethora of contractors, your story may give the impression that Du Val is in funds.
I’d go as far as saying that the Clarke’s have cunningly wiped out 81.35% of the investors as we all know that shareholders rank behind creditors in any liquidation …. 
Perhaps you should take some accounting and legal advice on the matter and correct the story accordingly. 
P.S Is 81.35% a percentage of the investors as individuals, or a percentage of the outstanding funds ??? Perhaps you should consider that … my sources say it’s individuals – leaving a huge amount of funds that are not in shares so where will the funds come from to pay these out of pocket investors back ? IE the big investors have refused to allow their cash to be converted to shares. 
Have a great day” 
What’s very clear is Stuff, and its sports department have no place in reporting on the business activities of a property development business. 
We wonder if Stuff bothered taking any sort of advice, or if they just ran with the Clarke’s version of events?
More to come … 
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