Blue Chip "investors" get zip

Liquidator gives grim news to Blue Chip investors – 08 Mar 2008 – NZ Herald: New Zealand National news

Zip, zilch, nada, nothing… what so called Blue Chip investors are going to get out of the collapse of shonky company.

The liquidator for troubled property business Blue Chip has told a meeting in Tauranga it is one of the worst company collapses he has handled.

Nineteen property management companies associated with the company have gone into liquidation.

Reports indicate that as much as $58 million may be owed to investors.

Liquidator Jeff Meltzer last night spoke at the Tauranga RSA in his first public appearance since he began investigating the troubled Blue Chip associated companies on February 8.

He told more than 200 worried investors – mainly retired couples – there was no pool of money sitting in any of the 20 companies that had gone into liquidation and, based on their financial records, they owed $50 million.

But at least the punters can be assured that according Finance Minister Michael Cullen the US sub-prime problem won’t be affecting us here in new Zealand.