Commercial flooring firm Lovich Floors was one of around 60 subcontractors owed money for work on Du Val sites who attended. <\/p>\n
Lovich Floors co-owner Pam Lovich likened the presentation by Du Val directors Kenyon Clarke and others to an episode of British 19th-century television drama, Peaky Blinders. <\/p>\n
A fired-up Clarke blamed the group\u2019s financiers for the situation and told the subbies they could either continue supporting Du Val and get further work, or they would get nothing, Lovich claimed. <\/p>\n
Lovich said the meeting was highly unusual. <\/p>\n
\u201cOh my God, I thought I was in the set for Peaky Blinders, to be honest, it felt like that, people with slicked-back hair. <\/p>\n
\u201cIt was subtle bullying, I felt, and just another lot of rubbish, using people and their money to benefit themselves,\u201d she claimed. <\/p>\n
Clarke declined to comment on the allegations. <\/p>\n
\u2018Not sufficient to fully repay\u2019 <\/p>\n
PwC confirmed it had recently sold the Sunnyvale Terraces project, a 5500sq m site in Sunnyvale, West Auckland, where 46 residential units were planned. <\/p>\n
It did not say who the purchaser was, but in its second statutory managers\u2019 report in September, it said it was in discussions with the first mortgage holder, US-based Clearwater Capital, regarding a transaction. <\/p>\n
Sunnyvale had three mortgages on it, with Du Val investors through Du Val Capital Partners (DVCP) and another Du Val entity ranking behind Clearwater. <\/p>\n
It had completed civil construction on the site with the support of Clearwater, PwC said in its report. <\/p>\n
It had also sold the remaining townhouses at the Te Awa Terraces development in M\u0101ngere East in a bulk deal, PwC said. <\/p>\n
At the nearby 180-unit Mountain Vista Estate development, it had also sold several townhouses in a bulk transaction. <\/p>\n
Clearwater Capital was the first mortgage holder on both sites, while Du Val Capital Partners held the second mortgages. <\/p>\n
It also did not identify the buyer in these cases, but had earlier said in its report that it was talking to the first mortgage holder about possible deals. <\/p>\n
It had worked with Clearwater to continue work at the three sites, it said. <\/p>\n
\u201cThe transactions above were not sufficient to fully repay the first-ranking secured lender, and subsequent mortgages were discharged as part of the transfer process,\u201d PwC statutory manager John Fisk said. <\/p>\n
\u2018Edmonton site not sold\u2019 <\/p>\n
PwC had not yet found a buyer for another Du Val development site, Edmonton Mews on Edmonton Rd in Henderson, Fisk said. <\/p>\n
\u201cIt is an undeveloped site across a number of titles, and no substantive works were in progress at the date of our appointment.\u201d <\/p>\n
In its September statutory managers\u2019 report, PwC said it was also consulting with Clearwater regarding a potential transaction involving the project. <\/p>\n
Edmonton Mews has four mortgages. Clearwater is the first-ranking lender, with the site\u2019s vendors holding second mortgages, and Du Val Capital Partners and the entity that owned Te Awa Terraces holding subsequent mortgages. <\/p>\n
Du Val co-founder Kenyon Clarke claimed on Instagram that the Edmonton project, along with Sunnyvale, Mountain Vista and Te Awa, had been sold by PwC to their original delivery team. <\/p>\n
The sales proved the developments were viable all along and \u201cthe destruction of value occurred only after statutory management was imposed\u201d, he alleged. <\/p>\n
The Fall of the House of Du Val was made with the support of the Milford Foundation\u2019s Brian Gaynor Business Journalism Initiative and MoneyHub.<\/p>\n","protected":false},"excerpt":{"rendered":"Commercial flooring firm Lovich Floors was one of around 60 subcontractors owed money for work on Du Val…\n","protected":false},"author":2,"featured_media":174710,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,16123,170,6630,12513,28450,305,13102,130,35786,111,139,5006,69,13578,814,47419,667,3235,36171,27078,112261,1533],"class_list":["post-174709","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-cover","tag-development","tag-du","tag-failed","tag-groups","tag-have","tag-managers","tag-more","tag-mortgages","tag-new-zealand","tag-newzealand","tag-not","tag-nz","tag-projects","tag-property","tag-pwc","tag-sales","tag-sold","tag-statutory","tag-val","tag-vals","tag-will"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/174709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=174709"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/174709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/174710"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=174709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=174709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=174709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}