scumdug money managers, NZ investment warning

~~scumdug scumduffy rotten effuseless money managers scumdug~~ WARNING... for gullible investors
DO not trust Money Managers Ltd.
You must not trust Dominion Funds Ltd. EVER
NEVER believe Somers-Edgar.
You cannot believe Paul Duffy.
Here's why. They are good at telling you how wonderful their investment schemes are, but they don't tell you about the failures that cost gullible, stupid clients their retirement freedom. WE WILL TELL YOU .
Money Managers are EFFUSELESS in the extreme.
Ballantyne Bonds. A failed retirement village near Tauranga. Investors who put in $5,000, only got $2,000 back and only some of the interest promised.
ie, that means a.... A 60% loss of capital!!!
Metropolis Bonds. The grand building in down-town Auckland. Interest payments stopped in May 2001. There is still no settlement. Krukzeiner, the developer, has wriggled out of his tax liabilities. If the IRD has half a brain, they will get their dues from the bondholders funds. Investors might get 20-25% of their investment back. Somers-Edgar put $1 million in!! And will lose heaply!! Is that supposed to make us feel better? It doesn't.

And now scumdug has handed over the CEO to Alasdair Scott. Is he any better? In an interview in the Sunday Star-Times he expresses impatience with "..people who don't make the most of the opportunites they have been presented with...", to which might be added..."to cheat the stupid old people of their savings the way Doug and me have done."

Money Managers ...For Sale?

According to Scott, (Sunday Star-Times, July 17, 2007)...
"the future of the firm is not a sale"...
..."we wouldn't be interested in any offer less than $300 million"
Pardon? So it is for sale. It won't happen. Every potential buyer has been told that the campaign to totally destroy the rotten company will continue whoever owns it, and whatever it is called.
NOBODY will pay 50c for this company whilst this page is running, even if it only gets 20 or so hits a week (perhaps the same 20 each week?). It will only take one decent publicity campaign to change that. This page WILL be deleted. But ONLY when Money Managers and Dominion Funds honour the terms of the certificates issued when investments were made. Including, seeing they go to the trouble of spelling it out, penalty interest due on overdue repayments.
2009 So... Summers-Edgar has sold his holding in the DNZ Property business...to the 80-yr-old Hubbard of South Canterbury Finance. What happens now?

Commercial Property Syndicates

Seriously Failed Syndicates
Syndicate Name	Initial Value	Current Value	--%-- Loss
Powerhouse	$5,000	$3,450	31%
Churchill	$5,000	$2,180	56%
City Business	$6,000	$4,730	21%
22 The Terrace	$12,000	$5,150	57%
Crown	$12,000	$9,510	20%
Colenza	$12,000	$4,920	59%
Modern Technology	$12,000	$10,400	13%
Red Carpet	$12,000	$7,700	36%
Food & Freight	$12,000	$7,300	22%

these figures are calculated from the data in the Foundation amalgamation book.
Many of these, exlusively marketed by Money Managers, have failed. They have now been amalgamated into Dominion Foundation and Dominion Income Funds. The following syndicates were included at less than 1.00 Net Tangible Assets, indicating a loss of capital for the investors.
Food and Freight (0.91), Red Carpet (0.81), Powerhouse (0.70), Colenza (0.65)
Churchill (0.57), Terrance Monthly (0.55)
How is it possible to lose substantial amounts of capital in such property?
By hopelessly bad management, that's how.

Following a philosophy of:
"Why should we care, it's not our money"
If you know the actual figures for these syndicates, please put a post on the nz.general newsgroup, with the subject line, Rotten Money Managers Failures.
Newsgroups? go to Google, click on Groups, type in nz.general, then click on post a new message, you will have to register first, - get a hotmail address might be a good idea first. (just-in-case), and do it at a cybercafe.

What can be done?

If you can, withdraw all funds from Money Managers, and never put another cent into any rotten scheme. Alas, Property syndicate clients, they've got us by the balls. But...

SPREAD THE MESSAGE

tell friends and relatives, DON'T TRUST MONEY MANAGERS, even if it is embarassing to admit being taken in by the smooth words.
Put a little notice on the board at the Bowls/Golf/ Club, Gym...wherever.
like this:
WARNING, do not trust Money Managers, do not believe Somers-Edgar, look at www.geocites.com/investors_warning/

Google SCUMDUG before investing

How about making little stickers like this, and glueing them anywhere around your town. We do, you'll see them everywhere eventually.
Go to the "seminars" run by Bernard McCrae, or anyother lying fool. Challenge him to explain the failures.
Target Radio Pacific and get them to dump the dreadful Sunday programme, but while it is on, ring up and demand answers. OK, you'll get dumped, but at least make the effort.

Update

Hoorah...the radio programme now has finished, (perhaps this page helped)
~~jarmmi,yarmmi,armmi,scumdug,rotten money managers investments~~

More failures to come

The Tauranga Retail Fund is in an unlovely part of town, on the wrong side of a very busy road. Chances of success? Not much.
Johnsonville Mall, marketed as Dominion Retail Fund? The Churchill Drive fund failed and it is not far away. There is nothing to suggest Johnsonville will do any better.

First Step, on last legs?

March 2007 news. As usual, much was promised, and as usual, the trusting clients suffer. It is going down, and Scott isn't worried? Why should he care, it's not his money. Not yet, eventually he will be out of his cushy job. First Step was another Scumdug scheme to seperate the clients from their savings. A huge loan to a Taupo geothermal power project has failed. Investors will lose much of their investment. Silly people should not have trusted Rotten Money Managers in the first case.
AND NOW IT HAS FAILED - (2009)
April 2007, a subsidiary, "Tax Tactics" fails. Good riddance
THE CAMPAIGN TO TOTALLY DESTROY THIS ROTTEN COMPANY WILL CONTINUE, and succeed. ~~scumdug, scumduffy, rotten money managers, scumdug,~~

UPDATE

Bad News. The Colenza Fund was devalued before being amalgamated and now has a value of just 41c, ♦ ie, a 59% loss of capital.
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"Sound" financial advice

Excerpts from the radio show which used to be on Radio Pacific, for years, but has now thankfully finished.
• 2004.Aug 1 "...dependable income streams and capital growth prospects."
Yeah, tell that to any of the suckers who believed it 3,5,7 years ago. Here is better advice. DO NOT TRUST MONEY MANAGERS.
..."commercial property is better over the longer term." See! They are still suckering the stupid and gullible who might believe such clrap
• July 25 ..advisers will save you 1% from mistakes avoided."
Better still...save 60%, NEVER trust Money Managers.
• 2003.Dec.14 "But May, you should be pleased. Your investment is now earning 9%"
May rang to ask why the $40,000 she put into a syndicate is now worth only $17,000. (9% of $17,000 is about 3.8% of $40,000, and May or descendants, will never get her $40,000 back).
A 57.5% loss of capital!!
Paul Duffy was in the studio that day. What did he say to May? Ask him! And ask him what he would say today to May, and all the others.
• July.20 "We don't recommend Bridgecorp"
Of course not. How many Bridgecorp investments have failed the way Money Managers ones have? NONE
Update: OK, so Bridgecorp has failed, but their clients might get a d-site more back than Scumdug's suckers.
• 2002.Feb.17 "Research done so that mistakes are avoided"
Oh really? Then explain the mistakes like St Clair, Three Kings, Metropolis and all the other failed Money Managers investments. Research Value? ZERO.
• Jan.20 "...you've got to be able to get your money back."
Indeed, it is just a pity it doesn't apply to all the failed Money Managers products
• 2001.May.27 "We always take our penalty interest."
Oh? But there is big difference between claiming penalty interest from a defaulting borrower and actually getting it. When the borrower says 'We're not paying' What does Money Managers do? NOTHING, since there is nothing they can do. It is a waste of ink putting the penalty interest paragraph on the back of the holding certificate.
• 2000.Sep.17 "..Money not advanced until absolutely certain of getting it back. (referring to Metropolis Bonds
Just Anoother False Promise
• June.11 "You all want your money managed by the best people available."
Yes indeed. ie, not by D Somers-Edgar and Money Managers.
• 1999.Nov.28 "Customers are the reputation."
And customers who lose will cause damage. and damage. Watch this space, and other spaces. Another view is at chrislee.co.nz

Dominion Income Fund

Several other syndicates were amalgamated into this fund. What are the names, failure rate? Please tell the world! There is sure to be just as many as in the Foundation.
• JARMMI = Just Another Failed Money Managers Investment
Orange Finance? YARMMI!!!

this page can also be reached by the tiny (and discrete) url...tinyurl.com/3cb9m8

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? -?...CLEAN....GREEN...GINSENG...SCAM???

~~yarsei, yet another rotten etc, investment~~
his latest rotten scheme, advertised as maybe...32% over 3 years!! but then...don't invest unless you can cope with total loss !!! So, somewhere between +32% and -100%. Halfway would be -67%, about scumdugs average.
OF COURSE IT'S A SCAM Why not borrow from a bank at 7%-8%?

"Why Should we pay a bank for money when we can get it all from stupid gullible 'investors', then we don't have to pay ANY interest, and don't have to even pay the capital back.
And they've no cause for complaint since we explained in the small print, that a 100% loss is possible."

See the NZ Heald, August 27, 2005 for a full expose, in polite terms!!! But the Herald wants money to look at it now.
Brian Gaynor: Ginseng prescription a costly tonic
If Doug Somers-Edgar is correct, then New Zealand should be turned into a huge ginseng farm. His first attempt to raise money for the production of American ginseng was pulled this week after reaching the minimum subscription level. However, the promoters are promising a new prospectus...
Published: Saturday 27, August 2005 4:58.00 AM Content Type: Comment Words: 1305
The latest is that the whole ginseng scam is falling over, see NZ Herald, Is it possible that scumdug has met a bigger, better shyster than himself?

Want a laugh?..

See the NZ Herald at ginseng sale fails
http://www.nzherald.co.nz/topic/story.cfm?c_id=195&objectid=10381796 Instead of wasting the money he stole from trusting investors on this hair-brained scheme, he should be buying back the failed investments such as May's, (see above).
~~SCAMDUG,SCUMDUG,SCAMDUG~~

NEVER TRUST SCAMDUG-EDGAR
Orange Finance? just another rotten scumdug scheme to seperate fools from their money. ditto Orange Insurance, Orange ANYTHING.

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one way backlinks ~~gruefool, internatinals, astutue, effuseless~~ add to count? effuseless?? think of it as the opposite of effusive, or...
as "F-useless", more appropriate.