I go chop your dollar, Ctd

Six weeks ago Terry Serepisos was made bankrupt, now the first report from the Official Asigneee has been released:

The unsecured creditors of Terry Serepisos are unlikely to get any of their money back, official assignee Joanne Basher says in her first report since he was declared bankrupt six weeks ago.

A summary of Mr Serepisos’ assets lists eight properties, four luxury cars, his Riviera boat Spybar, shares in 23 companies, an interest in the TSerepisos Family Trust and personal chattels.

His creditors have so far claimed an estimated $28.5 million, but unsecured creditors stand to get nothing if the assets sell for less than he owes on them.

He owes more on the cars than they are worth, and Ms Basher is waiting for the sale of the repossessed boat before determining whether there will be any surplus.

All of the companies in which he holds shares are in receivership.

His repossessed 2007 Ferrari was sold in September for $205,000, which was less than the loan outstanding, and Ms Basher said his two Lamborghinis and his BMW X5 stationwagon – which Mr Serepisos has continued to drive since his bankruptcy – were under notice of repossession.

A while back I called Terry Serepisos a broken arse and he threatened to sue me…still waiting for the writ Terry, still waiting.

  • Michaels

    Makes for an interesting read.
    But the part I like best is he owes more on his cars than they are worth.
    So what does this tell us folks? It tells us 2 things.
    1. He is a showman, and
    2. He is a bad businessman.
    I wonder how much Bob Jones owes on his cars? Nothing would be a good guess.

  • http://unsolicitedious.wordpress.com/ Unsolicitedious

    Now this is what you call your typical ‘rich’ man – a man who did very very well under Labour (part of the 300% increase in the rich list by the time they left office), a despicable man who clearly put profit before people, who just got greedy.

    What really annoys me about this case is how much time all the powers that be have given him to pay his bills – ACC, IRD, WCC. It’s just not on. There is no way a small-fry self-employed couple like us would get anywhere near as much leeway and yet what has he contributed? Soccer. Well woopty shit. 

    This man was years behind in his bills and in the meantime, the rest of us were paying our bit…..so does that mean we were funding his ostentatious lifestyle? You betcha.

    If you can’t pay your share of rates, taxes & ACC then anything else good you do is worth nothing.

94%