Yesterday was the AGM of Auckland Film Studios Ltd.
A loss of $2,245,569 in 2009 was compounded by a loss of $557, 569 to 31 March 2010.
Under “Other Operating Expenses” was an expense of $645,000 in 2009.
Note 9 of the accounts had a provision for repudiation of management contract to the value of $645,000 with Prime West Management Ltd.
According to the Waitakere City Holdings Ltd Annual Report for 2010, Prime West Management Ltd, with total paid up capital of $1,000, was insolvent on 30/6/09.
Prime West Management Ltd’s net debt at that date was $111,000.
Waitakere Properties Ltd had advanced a sum of $49,902 to Prime West Management Ltd to be repaid in 2010.
On 23 December 2009 Auckland Film Studios Ltd amalgamated with Prime West Management Ltd for nil consideration.
The dividend for Waitakere ratepayers for the last financial year is nil.
Operating revenue for 2010 was mainly received from Walt Disney NZ Ltd.
On 31 July 2010 Walt Disney NZ Ltd vacated leaving vacancies in forward bookings.
Both Councillors Ross Clow and Linda Cooper (paid directors of WCHL) were reluctant to make comment when I spoke to them last night.