Confidence placed in Blue Chip liquidator

Thursday 20th March 2008

Full confidence has been expressed in the approach Blue Chip liquidator Jeff Meltzer has taken in dealing with the mammoth task.

In a statement released today, Commerce minister Lianne Dalziel said she supports Meltzer's methods, backing his advice to Blue Chip investors.

"I'd like to reinforce Jeff Meltzer's advice that those investors who are able to manage their situation over the next two to three months out of their own resources should do so," she said. "People who cannot cope should go to their financier and request two to three months deferral of repayments until a way forward becomes clear. And, those with settlement dates still pending on Blue Chip properties should take independent legal advice."

Dalziel said Meltzer had already told investors that he is in the process of reviewing "a proposal that may provide interim solutions to assist those in the greatest need while this very complex situation gets sorted out."

Meltzer is also in close contact with relevant regulators and agencies, namely the Commerce Commission, Securities Commission, the Companies Office and the Serious Fraud Office.

Dalziel said Meltzer has been given access to all the information he has requested, to help him with his enquiries. She also set the record straight about statutory management, saying "At this stage it offers no greater advantage or benefit to investors than the liquidation process."

The fact there are around 53 Blue Chip companies either in liquidation or under investigation and around 3000 investors involved, highlights the seriousness and complexity of the problem.

Dalziel said the government would continue to keep a close eye on the situation.

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