I go chop your dollar, ctd

The empire is crumbling, the shabby edifice of respectability so craved by Terry Serepisos has almost rotted away.

Property developer Terry Serepisos has crumpled under the weight of $200 million debt and is putting forward a proposal to sell his assets.

A judge in the High Court at Wellington was told today that Mr Serepisos’ portfolio of about 150 residential properties and at least 6 major commercial buildings in Wellington is worth $232,472,000.

The Wellington Phoenix football boss’ liabilities are calculated at $203,095,206.

Serepisos’ new lawyer, John Billington, QC, said an orderly sale of assets was proposed to avoid “an economic and social catastrophe” that could occur if individual creditors moved immediately to sell the secured assets, flooding the Wellington property market and depressing prices not just for the Serepisos properties, but for property generally.

At Serepisos’ last showing in the High Court bankruptcy list 10 days ago, Associate Judge David Gendall was told South Canterbury Finance is claiming $18 million and Equitable Mortgages Limited about $9.8m.

The debt to Equitable Mortgages was expected to reduce about $4.3m with the sale of one of the Serepisos buildings in Victoria St, Wellington.

The two creditors have stepped into the breach left when Serepisos settled the $5m debt owed to FM Custodians 10 days ago.

Judge Gendall said Serepisos had not filed any formal notice of opposition to the bankruptcy proceedings or made an affidavit to support his position.

Nice to see Terry has obtained the services of John Billington QC, the guy who defended John Barlow for the murders of Gene and Eugene Thomas. He defended him three times and lost three times.

 


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  • michaels

    Hows that loan coming along Terry?

  • rouppe

    Couldn’t have happened to a more deserving prick

  • Steve Goodey

    Yes but Mr Barlow, believed and still does that he was unduely targetted and it would all be OK.
    Wereas Mr Serapisis…….nevermind

  • Gazzaw

    Hmmmmmmmm………. wonder who has valued Terry’s assets?

  • thor42

    I’m sick of hearing about the guy. I just wish to hell he’d be declared bankrupt and get it all over and done with.

  • Like Terry Pissoff or not, we need developers who are willing to take risks. More of these entrepreneurs come unstuck than not but the fact that he has built a portfolio of property worth around $200m sort of says something. And he is fronting up.

    • He’s a completely, dodgy, shifty, blatant non payer who has left so many Wellington contractors, with families to feed, staff to pay, and suppliers insisting on cash only deliveries, in the lurch….fuck him – He should spend less time with skanky hoes from Auckland blowing snow in his foreclosed Queenstown holiday home and more time chasing Ali G for those pesos from Spain.

  • john

    You guys need to realise we need developers and entrepreneurs like Terry Pissoff to take the risks and build things like hotels, apartments, rental property and the like. Its all about trickle down. Builders, plumbers and electricians, real estate agents etc. all make their living helping to build and sell them.

    Like him or not he has built a portfolio worth around $200m which is more than I would guess any of you have done.

  • John Hislop

    Whats with Spam and then duplicate comment??

  • john

    Sorry about the double up, I got a spam them repeating warning?

    No spam, please. This web-site is protected.
    Please, enable JavaScript in your browser settings and try again…

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