Paul Nicholson has until 5pm today to pay the $10.8 million
balance of an Otago subdivision purchase - or face losing
investors' $1.2 million deposit.
A spokesman for Mr Nicholson is confident the deal will be
clinched by the deadline, saying "intense negotiations" with
the subdivision's receivers were still under way to finalise
the "loose ends in what is a complex land deal".
Mr Nicholson, and his new private property investment company
Bendemeer Trustees Ltd, is already more than three weeks
overdue paying for the 24-section subdivision near Lake
Hayes; but contractually the delay is allowed.
PricewaterhouseCoopers receiver Malcolm Hollis confirmed late
on Friday Mr Nicholson has until the close of business today
to settle the outstanding $10.8 million, or his $1.2 million
non-refundable deposit paid in May will "certainly be
Mr Nicholson's last private investment company, Hurricane
House, was placed in liquidation in February 2009 owing about
25 investors $4.2 million.
While having invested successfully in commercial property for
several years, Mr Nicholson then lent about $4.5 million,
unsecured, to a Christchurch Finance company which later
collapsed itself, owing about $17 million.
Mr Nicholson subsequently started Bendemeer Trustees Ltd last
April and attempted to raise money from investors to buy the
24-section Bendemeer subdivision near Lake Hayes for $12
million from the receivers.
Mr Hollis added that the receivers had a "back-up position";
in that another buyer was waiting in the wings should Mr
Nicholson fail to settle.
Mr Nicholson has in recent weeks declined to be interviewed,
and instead nominated investor Brian Donovan, of
Christchurch, to speak on his behalf.
When contacted late on Friday, Mr Donovan said Mr Nicholson
was "too busy" to called, but said the Bendemeer deal was "a
happening thing"... but "I can't say that its crossed the