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Auckland council hits it’s debt limit!
Currently at 258% of its revenue. Approx. $10.8b.
Yes. Everything and anything is up for a ‘Fire Sale!’.
Eke Panuku is the ‘sales agent’ and they have now got a life line, the NZ Superannuation fund! And so has the worlds largest vulture capitalist Asset fund management company, Blackrock Inc.
So if a smart person was to join the dots; massive debt+inability to pay+low renvenue/cash flow(s)=Fire Sale!
PS. Panuku has started with the Fire Sale by flogging off ‘Properties for Disposal’ worth $90m. An assortment of local parks or Reserves, uneconomical unused land parcels and a few grass verges and a carpark or two.
Going Cheap!
This item fits right in under Tane’s.
https://www.rnz.co.nz/news/business/469686/trust-tairawhiti-puts-electricity-lines-company-up-for-sale
The regional development trust for the East Coast-Tairawhiti region has put its electricity lines company up for sale.
The Eastland Group, owned by Trust Tairawhiti community trust, is looking for a buyer of Eastland Network, which runs the electricity network for Gisborne, Wairoa and the East Coast, to release funds for further investment in the region .
The Group’s chair, Matanuku Mahuika, said after a review of its overall financial position a sale was the best option to generate funds so it can focus on more renewable energy projects and expand Gisborne Port, which it also owns.
“A range of options were considered and the sale of the lines business, Eastland Network, was identified as the best option to underpin the future success of the company, the Trust and Tairāwhiti.”
The lines company has close to 26,000 connections, revenue of $28.4 million for the year ended March 2021, and a book value of $154m.
Now is the time for a bright spark like Roger Douglas (looking in the opposite direction) to drive government in a forward-moving direction and buy assets back when available. Invest in ourselves, build on our own initiatives, use them for sustainable prosperity-making purposes, and the tourists and hungry wealth merchants can have bits here and there as it suits us.
You’re onto if G!
Matanuku is a treaty lawyer. Ngati Paoa have had him as counsel for sometime and we’re in debt before we’ve signed the settlement off!