Appeal dismissed on Crafar farms

ŠĒ• NZ Herald

Michael Fay cops one in the chook:

The Court of Appeal has dismissed the Sir Michael Fay led group appeal to block the sale of the Crafar farms to China’s Shanghai Pengxin group.

In its judgement issued this morning the court said the ministers were entitled to take the view that State owned Landcorp’s partnership with the Chinese company gave them the necessary business acumen and expertise to run the farms.

The Fay group’s appeal was its second attempt to block the purchase of the farms.

Nelson Muntz has something to say about this:

  • Phar Lap

    So there would be no asset stripping on the Crafar  Farms.If Michael Fay was truly genuine with his offer,instead of trying to steal a bargain with his paltry thirty five million dollar offer below the next bid,he may have been listened to.Still he did have a go and got a silver medal.Seems appropiate the Chinese got the Gold ,which runs with their Olympics success.Hope Michael keeps his warchest of dollars handy,as there will be a few more steals out there,not BNZ Bank or NZ Railways.

    • le sphincter

      Fay is just ONE member of a consortium that would  buy one farm each.

      Did you not notice the Pengxin/National Party  bid for the farms would charge iwi an outrageous amount for their offer to join their consortium

      • Phar Lap

        ¬†If you know so much,Mr Gargoyle,name the others holding on to Fay’s coattails who were hoping for a free lunch,are you one of them,or are you just a Red/Green ,or Lie-bour cardboard packaged dummy.

      • le sphincter

        The local NZ farmers who were shunted out of the bidding process by Westpac who mostly advertised overseas.

      • le sphincter

        Read the court judgement ;

        The appellants are members of a consortium known as the Crafar Farms Independent Purchaser Group (CFIPG)

      • Gazzaw

        The blokes that I saw Fay meeting with in the Auckland Hilton lobby back in October didn’t look much like farmers to me. More like pre-1987 real estate¬†sharks. ¬†¬†

    • Hoppa

      you are wrong about fay being $35m below the market.He WAS  at the market price just that the market wasnt allowed to operate.Too much pressure from the banks

      • Phar Lap

        ¬†Cant agree, Fay and his gang couldn’t cut the mustard.Market is made by who thinks that is what the property is worth to them.So just to reiterate,Fay¬† and his gang of free lunchers got a silver medal.

      • AnonWgtn

        Well the banks owned the farms because Crafer could not pay his debts – so ???

  • le sphincter

    So the government milking the cows for a¬†Chinese¬†‘investor’ is a good thing ?

    On the face of it its yet another contradiction in terms from the Appeal Court. Fays lawyer must be chuckling away as he redies himself for the Supreme court to reverse this piece of nonsense.

    • In Vino Veritas

      Schpink, it is probably timely to remind you and everyone here,¬†that most of the stuff you¬†post is just made up. Fortunately for the rest of NZ, the courts tend not to make stuff up, so your view¬†(based on no knowledge of pretty much anything) calling this decision a “piece of nonsense” can be consigned to the bin where it belongs.

      • le sphincter

        Its a political decision from the 3 Appeal court judges, which will cause open laughter amoungst the  legal fraternity

      • Gazzaw

        Do I sense a touch of familiarity with the legal brotherhood l’arsehole?

    • Suck My Balls Mr Mallard

      Gweg pwelsand ?

    • Gazzaw

      The Fay mob weren’t chuckling when they announced that they weren’t going to the Supreme Court. Appears they weren’t too confident that ‘This piece of nonense’ would be reversed.

  • QUintin Hogg

    A political decision? A contradiction in terms from the AC?
    Nope, reading the decision it’s black letter law, that is the¬†application and interpretation of the law.

  • Pdubyahnz

    I;’m confused by stories in the Herald and on Stuff today on this that contain

    Hardie Peni, Chairman of the Tiroa E and Te Hape B Trusts, said¬†¬† “Shanghai Pengxin still won’t disclose the purchase price but I’ll bet it’s a pittance compared to the more than $66 million we were asked to pay for the three farms we were interested in buying from them. (NZH)

    OR

    Hardie Peni,¬†said¬† Pengxin had offered to sell the trusts’ the farms for $39 million, which based on the trusts’ valuation was “a little bit over the top” (Stuff)

    Are they about stopping any farming untill they get their own way, and is this the best way to negotiate with a vendor who’s indicated they will sell?

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