What a story today by Brent Melville at the NBR! Legend.
Was it the ‘killer blow’ we have been expecting?
The revelation about the extra $116M in the “Priority Limit” just blew this mess wide open.
We also learned that the Mortgage Fund was similarly compromised.
No wonder the FMA stepped in.
Duval funders, Clearwater (usually lenders of LAST resort), just prior to the raid at the Clarkes rented manse, upped their security by what is a staggering amount.
It now raises SO many questions.
Bear in mind this “Priority Limit” raise is only just 1 development. Not the whole Duval Fugazi. The profit margin for the Clarkes must have been so amazing when you can raise over a hundred million just like that !
Who valued the business so to prove such and absurd extra debt? Herbert Morton?
So many more questions need answering.
Was the $100m plus extra debt ceiling in the Information Memorandum?
Imagine investing without this knowledge?
But it goes much deeper now as the long term servant Chartered Account, Niki Adam from Herbert Morton claimed solvency in a letter, just as / has Kenyon and Charlotte Clarke.
How could any Duval entity be solvent when they needed over a $100M extra for just a single development? Mortgage Fund Investors were well outside the mandate from the IM.
The web of lies and deceit goes way deeper and much more messy.
Collusion? Seems so.
Did Niki Adam lie in her recent hearing and misrepresented her own position in relation to what she knew? How could she NOT know about the raise of the “Priority Limit?
What date was that Limit raised?
Were Investors told that Duval was a “hopelessly insolvent spaghetti mess” before investing?
Remember Kenyon Clarkes ‘boast post’ how he had just raised another $100m? Pfft … he just raised his debt position with likely horrendous fees and interest, as he had to, as the mismanagement of Duval was SO bad.
But still flying on private jets whilst scamming the public via social media… who was paying?
Are we seeing the beginning of the end? Looks like it.
The Board knew Duval was insolvent, the Clarkes knew Duval was insolvent, the Investor Relations team must have known Duval was insolvent, the in-house Accountants will have known. Yet the Clarkes continue their pathetic defence of the indefensible.
PwC have job to do, and are doing it well.
What the Clarkes are FUCKED OFF about is the NZ government stepped in, before the liquidators could be appointed.
