90 at 9: Hendo near bankruptcy as IRD seeks revenge; US double dip looms

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Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with ASB, including news that South Island property developer David Henderson is set to be declared bankrupt later today in the Christchurch High Court, the Press reported. Mortgage creditors Perpetual Trust and FM custodians are set to make Henderson bankrupt, but the IRD is also pushing for bankruptcy on another matter. Henderson is offering a payback plan that would take 38 years to complete. Henderson wrote a book about taking on the IRD a decade ago and winning. His story was made into a movie. Henderson was behind Hendo's hole, the '5 mile' development that drove Hanover Finance under. Meanwhile, the Auckland David Henderson, who was also a property developer, also faces bankruptcy after the IRD last week posted a notice in the newspaper. He built the Hilton hotel and has a cocaine use conviction, the NZHerald reported. It's tough for property developers right now. For example, there is 1 Rolls Royce, 4 Aston Martins, 2 Ferraris, 2 Maseratis and 3 Lambos that have hardly been used up for sale on TradeMe right now. Meanwhile, US job losses were worse than expected in data out on Tuesday night, the BBC reported, raising fears of a double dip recession in the world's largest economy.