The McKenna show continues….. The Westin farce is a scrap that should not be happening, pitting receivers acting for a large offshore bank against small offshore investors and damaging New Zealand’s image as an investment target along the way…..

 

While that damage is occurring on Auckland’s Viaduct Harbour, with a court case this week as well as staff pickets, investors continue to try to have Mr McKenna’s company that manages its Wellington Holiday Inn interests wound up. You can check that in part 3 of this week’s U column…..

 

The twists & turns of council policy took another twist yesterday, when Auckland City Council’s transport committee incorporated some of the feedback into the recommendation it will send the new Auckland Transport on upgrading Dominion Rd. The interesting thing in the new set-up is how much consultation there will be from a council-controlled organisation whose role will be to do, rather than to listen….

 

Goodman Property Trust’s directors are finally joining the action which I’d thought the listed property sector might have embarked on a couple of years ago – knocking some sense back into financial reporting. The continued losses brought about by changes to accounting standards have battered perceptions & reputations, but mainly provided investors with confusion….. On the positive side at Goodman, the trust will extend its non-bank capital-raising with a wholesale issue…..

 

And on the legislative scene, Nick Smith is working through his technical advisory groups’ reports on urban & infrastructure issues…..

 

From start to finish, today’s Bob Dey Property Report postings are a solid read…..

 

The U column features several company directors who’ve been banned from acting in that role…. Also in the U section of the website, the final additions to On the move for the month and, from Monday, a page on the council-controlled organisation appointments…..

 

Around the region – Melview assigns its Flat Bush agreement….. and at Smales Farm, a plan change to improve the developer family’s ability to secure tenants……

 

Statistics NZ sees a downward trend in housing from its seasonally adjusted perspective; I see a Published 1 September 2010 but a continuing slide in non-residential work….. And NZIER sees calamity approaching because the level of commercial construction consents is so low…..

 

Among the listeds, Cynotech scrip is back trading….. A broker’s first look at DNZ now it’s listed is fairly rosy….. Genesis Research is outside the website’s property perspective, but the story’s there because of May Wang’s role…..

 

The big news of the day was South Canterbury Finance’s collapse, but it’s all been handled rather smoothly…..

 

And in the world of council finance, the Manukau bond issue has won strong support…..