90 seconds at 9am: Jackal celebrates Strategic receivership; Bryers secret trust revealed; US trade deal
15th Mar 10, 8:44am
Watch on our video page here Watch on YouTube here Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with the BNZ, including news that Strategic Finance was put into receivership late on Friday. Campaigners who had been pushing for receivership were happy, including John Lacey, known as 'The Jackal' for his tireless campaign. Here's what he told the Sunday Star Times.
"I worked hard for this," he said. "I don't drink, but I'm taking my wife out for a steak." He heard the news in the car park of Work & Income in Nelson, where he has worked as a security guard since his savings were frozen by Strategic in August 2008. The former accountant, nicknamed "the jackal", had campaigned for 18 months to have receivers appointed and felt vindicated. "The jackal's done his job," he said. "I had their arses in a thorn bush and they had nowhere to run."Lacey, who is owed NZ$379,000, believes investors will see less than 50 cents in the dollar back. Here's what he told the DomPost.
The receivers should appoint a liquidator and forensic accountant to investigate Strategic's transactions and sell the company's assets in a "timely manner" rather than in a firesale, he said. "If people aren't repaying their loans, get someone in there who's an 800-pound gorilla to start kicking the little chimpanzees' derrieres and make them pay."Meanwhile, there's more news on where some of the money behind Mark Bryers and Blue Chip Investments might have gone. The Herald on Sunday reports that Bryers had a secret trust known as the Sebastian Trust, which was named after his son. Bryers was still paying out cash from the trust months after the collapse of Blue Chip Investments. Meanwhile, talks will begin in Melbourne today over a multilateral trade deal with America and 7 other nations including New Zealand, the NZHerald reports. Those nations include the United States, Peru, Chile, Singapore, Brunei Australia, Vietnam and New Zealand America seems keener on these bilateral and multilateral deals than deals through the WTO.