Developers...scum or poor losers?

[MadDuck]

Today we had an interesting chat around the staff room lunch table. There was an article in the Harold about the developer of Kensington Park (Orewa) that is really upset because the receivers have come in and his family and he will lose everything. Then to top it off the Whisper Cove development has fallen over.

Neither of these failures would be a surprise to someone with half a brain...yep I think I have half of one anyways.

Now most people were shocked when I said I was angry at this guy because his incompetence will take a lot of contractors and their employees down with him. How the hell does someone go into a development with no money (I know I am naive)? Why should anyone feel sorry for him?

[scumdog]

'Developers'?
I feel they are the Jewish money-lenders of the 21st century.
(Mostly)

[idb]

Today we had an interesting chat around the staff room lunch table. There was an article in the Harold about the developer of Kensington Park (Orewa) that is really upset because the receivers have come in and his family and he will lose everything. Then to top it off the Whisper Cove development has fallen over.

Neither of these failures would be a surprise to someone with half a brain...yep I think I have half of one anyways.

Now most people were shocked when I said I was angry at this guy because his incompetence will take a lot of contractors and their employees down with him. How the hell does someone go into a development with no money (I know I am naive)? Why should anyone feel sorry for him?

If it's true that he is going to lose everything, at least he didn't have everything tied up in a trust so that he sits in his flash house while the contractors go under.
That might show integrity...or really bad legal advice.

[Manxman]

Today we had an interesting chat around the staff room lunch table. There was an article in the Harold about the developer of Kensington Park (Orewa) that is really upset because the receivers have come in and his family and he will lose everything. Then to top it off the Whisper Cove development has fallen over.

Neither of these failures would be a surprise to someone with half a brain...yep I think I have half of one anyways.

Now most people were shocked when I said I was angry at this guy because his incompetence will take a lot of contractors and their employees down with him. How the hell does someone go into a development with no money (I know I am naive)? Why should anyone feel sorry for him?

Agree. He wouldna been complaining if the development had happened two years ago and he'd made a couple of million out of it, eh? He should take responsibility for his actions and/or grow some kahunas.

[Hitcher]

Live by the sword, die by the sword. So what if he's put his own money at risk. I feel more sorry for all of the contractors, subbies and suppliers he is going to leave out of pocket and people who have trusted him to complete houses for them to live in. He's overextended himself financially and used other people as his creditors. Good old fashioned greed at work. BlueChip but on a smaller scale.

[MadDuck]

Good old fashioned greed at work.

Yep. That about sums it up.

[jafar]

Live by the sword, die by the sword. So what if he's put his own money at risk. I feel more sorry for all of the contractors, subbies and suppliers he is going to leave out of pocket and people who have trusted him to complete houses for them to live in. He's overextended himself financially and used other people as his creditors. Good old fashioned greed at work. BlueChip but on a smaller scale.

The Capitalist system at work, some win, some don't...... life is a shit sandwich, the more bread you have the less shit you eat

[Flatcap]

If he hasn't partitioned off his personal assets in trusts, then greed must have been less of a motivator. He must have totally backed himself to make it happen.

Either that or he is an idiot

[jrandom]

Live by the sword, die by the sword.

Precisely.

'Property developers' roll big dice for big returns. I have absolutely no sympathy for the snivelling wretch reported on in the Harold.

The schadenfreude of watching speculators crash and burn during recessions is one of the few tasty treats left for those of us at the bottom of the pile who do our best to pay the bills by creating real economic value.

[idb]

If he hasn't partitioned off his personal assets in trusts, then greed must have been less of a motivator. He must have totally backed himself to make it happen.

Either that or he is an idiot

man, you said it way better!!!

[Pedrostt500]

Most developers Ive meet have been blood suckers, they would rather send their subbies to the wall than fall on their own sword.

[MadDuck]

Actually personally I think he is an idiot.

Are there any financial people out there (apart from me) that can tell me how someone rocks up to a finance company and has no money but gets provisional funding for a multi million dollar development?

[idb]

Actually personally I think he is an idiot.

Are there any financial people out there (apart from me) that can tell me how someone rocks up to a finance company and has no money but gets provisional funding for a multi million dollar development?

Does that make him the idiot, or the finance company?

[scumdog]

We are all greedy people, ya gott agree eh? - but these developers have taken greed to a stratospherical level...

[MadDuck]

Does that make him the idiot, or the finance company?

Hmm good point. The two developments I refer too I (personally) think were way too big for the region at this point in time. Given that Rodney District Council is one of the most anal Councils to deal with they were destined to fail.