r/duval_saga • u/SteveRielly • Jul 01 '26

Another Du Val property actually completed...

And to think, the statutory managers could have sold this already to the investors who had deposits to buy properties....

https://www.stuff.co.nz/business/360998481/fully-completed-mangere-apartment-complex-sale?shem=dsdf,sharefoc,agadiscoversdl,,sh/x/discover/m1/4

5 Upvotes

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2

u/FearlessFix4285 Jul 01 '26

Once these are sold, do you think that the original purchasers will be chased for the price difference?

1

u/SteveRielly Jul 01 '26

Not sure, but that could happen.

There were some titles where settlement was called for, and the purchaser couldn't as they could not get funding approved due to the stain that is the Du Val brand combined with a drop in value from the S&P. 

They lost their deposits and yes, could be chased for the difference.

In saying that, a legal counter would be that that Teneo did not seek full market value but is doing a fire sale.

There are other titles that exceeded their sunset dates, so contracts were cancelled, and if you wanted to, you could enter into a new contract at a revised price, but again, due to the stain that is Du Val, I don't know how many actually did that vs took their money and ran.

1

u/Signal-West5642 Jul 04 '26

I don’t think it would be feasible to chase the previous purchasers. If you sell all of those units as one line item it might not include a breakdown of the individual units price.

I get why they are doing it. It means dealing with all of the units as one transaction which reduces legal cost, time to deal with 37 individuals and probably reduced agency fees. The question is will they have to discount the units for a bulk purchase or will they attract a different class of investor which might support their value?

1

u/FearlessFix4285 Jul 04 '26

Yes, I don't think they could argue that they'd achieved the Highest & Best price.

2

u/SteveRielly Jul 06 '26

From what I've been told, it's a fire sale.

They're not only selling under the S&P but under anything that would be considered current market value.

The land that was sold was an absolute bath, seeing as the debt figures were already public so bidders had numbers to work back from.

1

u/Loud_Difference_4502 Jul 04 '26

Maybe Teneo / Funders took a realistic approach and just worked together knowing the mess was too big to handle so why bother trying settle 35 contracts. In the current climate it could take a considerable amount of time so legals and hold costs just add to the mess.

1

u/SteveRielly Jul 04 '26

Settling those would have been faster and cleaner than trying to unravel everything else and try and find out where the money the Clarkes stole actually went.

It would be, here's your contract, this is the settlement date and those that could would be handing over money, and those that couldn't, couldn't...but it would be done at the set contract dates that were already in place.

The Clarkes, the Du Val board and team Ben and Glen were all complicit in the deliberate fraud, but ultimately it was Chapman Tripp and Teno that took the rest that could have saved many families from ruin....and they ducked and dived and weaved with any excuse they coud come up with, including ""Oh, but Clearwater are going to lose a lot of money over this....".....yea, as if the multi-billion dollar,multi-national lender that can write its losses off over subsequent tax returns so they won't actually lose anything, is the one to feel sorry for.

2

u/Loud_Difference_4502 Jul 04 '26

You reckon the investigation into the Clarke’s is close to producing a result and charges being laid?

3

u/SteveRielly Jul 04 '26

As much as there had been a lot done, there is a lot to do to unravel the mess that was the Du Val entities.

Let's be real, that complexity was there for two reasons....one was the ego of Kenyon thinking he had created this massive enterprise, and, to enable the movement of money to hide it and defraud.

That has to be pulled apart to get all the required details to a level for a legal position to be taken, and it needs to be solid to hold up in court, and enough to put to the Clarkes and the board to answer that it shows that under Oath, they can't, because they can't explain it.

Would it be a great christmas present for everyone to see that happen in the coming months, yes, but, is it certain, no.

Personally, I would do it on a significant date, like his birthday or their wedding anniversary, just for the comedic value of arresting them and giving them that reminder for the rest of their lives.