Film Studios – Further losses

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.

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3 Responses to Film Studios – Further losses

  1. Rev1 says:

    These councillors don’t deserve to be paid!!! They are incompetent, ineffiecient and probably failures in previous businesses and obviously don’t have a basic understanding of accounts and procedures. They are ignorant and self serving tit sucking rapists of the ratepayer.

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  3. Nick Fraser says:

    In response to Penny Hulse’s email posted on your site is it possible to ask Penny Hulse if she can quantify in dollar terms the actual benefit of the film work that has been undertaken to West Auckland rate payers who after all were the people who funded this whole thing in the first place. It appears to me that councilors lose sight of whose money they are spending on all these social projects.

    For instance with all the money top ups from WCC and its LATES and now the dramatic drop in value, has this project covered its costs on a per ratepayer basis (and actually returned a profit to the ratepayers by not having rate increases) or is at all just feel good figures and statistics?

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