Obeid downgrade imminent as bankruptcy stay stalls

Moses Obeid. Photo Optus Zoo

THE woes of Moses just keep mounting. Already appealing a Supreme Court judgement which found he owes Sydney City Council more than $12 million, Moses Edward Obeid yesterday failed to set aside or delay the execution of a bankruptcy notice issued by the Official Receiver.

And Federal Magistrate Kenneth Raphael didn't mince words.

"I am of the view that it would not be appropriate to extend time for compliance with the bankruptcy notice until the determination of the appeal," he said.

Allco receivers contemplating tilt at Fell

GORDON Fell must be thinking hard about the six days he spent being quizzed by ASIC investigators after the fall of Allco.

This lady’s veto is not for overturning

The property of bankrupt businessman Tony Morris,
which Andrew Wily can't sell without the consent
of Vanessa Morris.

SHE might be a “single mother on a pension” but she can still marshal top QCs and barristers in defense of her realm.

The lady in question is Vanessa Morris (Jackson), who this week saw off a challenge in the Federal Magistrates Court from Armstrong Wily's Andrew Wily.

If Wily's application had been successful, the Palm Beach mansion Mrs Morris occupies would have been sold without her having any say in the transaction.

Short Memory erased as GE awaits a buyer

The Sea Ray formerly known as Short Memory.
Photo: SiN Images 

IT'S unlikely that Short Memory, a vessel formerly stabled with late marine czar Andrew Short, is far from the recollection of the credit and risk specialists at GE commercial lending.

The finance house repossessed its vessel back in September 2011, a month before Andrew Short Marine went into liquidation.

And since GE recovered the Sea Ray 585, it's been racking up berthing and other fees at the exclusive d'Albora Marina at Cabarita on Sydney Harbour.

Hillsong hopes rest with the good Doctor

Affinity Capital creditor Dr Leslie Indrasith.
Photo: SiN Images.

THREE former directors of Affinity Capital Pty Ltd yesterday submitted to questioning as part of an ongoing public examination into the firm's spectacular collapse. (See: Hillsong stung by Affinity fallout )

Dr Leslie Indrasith (pictured) invested $400,000 with Affinity Capital Pty Ltd in May, 2008 after meeting Affinity director Daniel Ku at the Hillsong church in Castle Hill.

Affinity Capital was the financing and trading entity of the Affinity Capital Group, which comprised multiple related companies.

Dr Indrasith asked for his money back in June 2008. Affinity's directors declined to comply. 

On October 10, 2008 most of the Affinity Capital Group companies were placed in voluntary administration. 

Two companies – Affinity Alliance Fund and Acuity Property Fund – were placed into liquidation. 

Liquidator has no taste for Colefax on Ramsay road

The Ramsay Street outlet in March 2012.
Photo: SiN Images

STEVE Nicols of Nicols + Brien might have been appointed liquidator of Colefax Chocolates Pty Ltd in late 2011 but the chocolate emporium's retail outlet on Ramsay Street Haberfield has traded on seemingly unaffected.

Colefax's owners Peter and Lisa Lee declined to comment when Nicols was appointed. Nicols was equally shy when contacted.

However an anonymous emailer later advised SiN that the “liquidated company has nothing to do with the retail operations of Colefax Chocolates located at 78 Ramsay Street Haberfield”.

SiN is on assignment

SiN's publisher on the case in Dubai.
Photo: SiN Images

Between January 14 and February 1, 2012 SiN will be in the United Arab Emirates.

Considering such, there will be little if any SiNews posted on this blog during the period of my visit to the Middle East's preeminent debt-fuelled economy.

I know. I'm sad about it too.