FIRST BATTLE LOST
Thousands of Blue Chip apartment victims are reeling like Shane Cameron in his first round with David Tua – on the ropes and wondering how much more they have to endure.
See Bob Dey’s (Bob Dey Property Report www.bdcentral.co.nz ) courageous criticism of Justice Randerson who got it so wrong when he found against the elderly Bartles and their fight against Blue Chip, Tasman Mortgages and GE Money.
The elderly Northland couple with limited means borrowed $600,000 for a jacked-up apartment rort, spruiked by now bankrupt lawyer Jonathon Mathias and the judge found no case against the brokers or the lenders.
Yes it’s the wild west in New Zealand and as always, the bad guys get away.
Barrister Paul Dale is quoted as intending to appeal, Bob says everyone else in the courtroom understood Tasman was a related party to Blue Chip but the judge didn’t get it.
Now thousands of similar victims waiting in the wings must prolong the agony of not knowing whether they are solvent and hoping the Bartels can find the funding to continue.
I fear many will not be able to hold out against their lenders and the tsunami of frozen stock in the apartment market may soon begin to add to the current wave of mortgagee sales.
Uncertain times but sales are still very healthy with new faces at every auction.
The latest economist sentiment is a much healthier prognosis of a slow but steady recovery from recession with unemployment levels on the brink of dropping.
Maybe a happier Christmas this year for some.
Martin
MANAGING DIRECTOR
