Liquidators move on Wilson Neill Corp

By Nick Smith

Friday 5th April 2002

Wilson Neill Corporation yesterday gave its many creditors what they wanted - its corpse.

The cadaver of the sharemarket dog will be delivered up to corporate undertakers PricewaterhouseCoopers' John Waller and Vivian Fatupaito today after a moving memorial service at the High Court at Auckland.

And it was a fine Auckland day for a funeral, magnificently presided over by Justice David Baragwanath, who was given the coveted role of delivering the funereal eulogy in the unexpected absence of Master John Faire.

Strangely, every eye in the house was dry as the judge announced that no more would Wilson Neill tender promise after promise of payment and time and again fail to deliver.

Its time was up, the bell had tolled and the only question to be decided was the manner of the disposal of the corpse's subsidiary, Cobb & Co (see page 11).

Which corporate undertaker would take care of Cobb & Co was only revealed after The National Business Review's deadline.

Of course, the undertaker will be dealing with corporate bones picked clean by the receiver, which will be appointed today by secured creditor Gold Band Finance.

Speaking of the dearly departed, where were Messrs Phil Vosper, Trevor Mason and Maurice Crosby?

Surely the directors would turn up to their own funeral to rage - rage against the dying of the light.

Sadly no, with persistent reports of Mr Vosper pursuing business interests in Queensland.

But at least the professional mourners were there, resplendent in their black legal robes and smug in the knowledge their efforts to farewell the deceased will be well remunerated.

Estranged Wilson Neill family members, or creditors as the legal profession insists, were also present.

In fact there was quite a throng gathered for the final rites: accounting firm Gosling Chapman, Progressive Enterprises subsidiary Caledonian Leasing and advertising agency Omni Group.

Appearing in support were Bank of New Zealand, Halsbury Investments and Mark Stuart, director of internet company Yippee, which was wound up after Wilson Neill reneged on payment promises.

As with any proper funeral, there was even a commotion among the professional mourners, each competing to have his or her client's application for winding up granted.

As is often the way, the deceased was celebrated more in death than its troubled life and the honour eventually went to Gosling Chapman.

After the service, Mark Stuart spoke for many: "Obviously I'm sad for everybody who has lost money but I've got be glad it's finally over.

"Hopefully the fallout will stop these guys doing it again. They've been doing it for at least a decade and a lot of innocent investors have been hurt along the way."

Like most creditors, Mr Stuart did not expect to recover his losses.

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