Doug Somers-Edgar has spiralled another company into the ground.
Auckland property lender Orange Finance has frozen debenture repayments while its trustee decides whether to call in receivers.
Sole director Doug Somers-Edgar, who founded the investment advisory business Money Managers, has told debenture holders the property market squeeze has put some of Orange’s largest loans at risk.
The company has therefore decided to stop repaying maturing debentures and interest from December 22.
Mr Somers-Edgar was entertaining guests at his Torbay home last night, and his family said he was unable to come to the phone to provide details of the company’s finances.
Doug Somers-Edgrs has the reverse Midas touch when it comes to other peoples money. He has an uncanny ability to make their money disappear. It seems fools and their money are still easily parted.
Another finance company that may well be on the ropes as well is Rifleman Finance, the personal plaything of Jamie Peters (yes, he is a cousin). Their website has strangely dropped offline and has been down for at least a week. If anyone knows details about Rifleman Finance or Orange Finance then you can contact WOBH on the Tipline.
