RSA moves to protect assets
By Leighton Keith – Taranaki Daily News
New Plymouth’s RSA is taking steps to protect its assets after companies owned by the men [Stephen Peter Crow and David Bruce Crow] who bailed out the financially troubled organisation have gone broke.
Auckland businessman Steve Crow and his brother David, of Inglewood, bought the Strandon clubrooms for $1.9 million in July 2008, as part of a rescue package to save the organisation which was in danger of going broke. [The property is owned by 435 Devon Ltd (Co. No. 1951732), which is jointly owned by Steve Crow (5,000 shares), David Crow (1,000 shares) and David's wife, Carolyn Rose Crow (4,000 shares). The Company is directed by David Crow. Steve was a director until he resigned on 12 November 2008].
Since then a softening in the porn industry has seen several of Steve Crow’s companies [Z4K74D Ltd formerly Vixen Direct Ltd; Malibu Media Ltd, formerly Erotica Expo Ltd; Eden Media Ltd; Les Obstacles de L'Amour Ltd] go into liquidation and earlier this month David’s building company, Buildwise Ltd, was placed in liquidation.
[See "Contractors hit as Builder (David Bruce Crow) goes Bust Taranaki Daily News 4 July 2009]
The brothers intended to put a $20 million development on the site.
[For more on this failed porn company director and his brother go to....
http://www.stuff.co.nz/taranaki-daily-news/news/2669384/RSA-moves-to-protect-assets ]
Yesterday Steve Crow said the liquidation of the companies would not affect the proposed development.
“It was never intended that David’s business would do the physical work, he will just project manage it,” he said.
Working on getting the development started was well under way.
“The floor plans have been finalised and the detailed plans have been finalised.” Mr Crow would be in New Plymouth to go through the plans with his brother and the plans would then go to the New Plymouth District Council for resource consent.
He hoped that within three months physical work on the site could begin.
The reassurances have not been able to stop jitters within the club.
RSA president Graeme Lowe said he had been given no definite date for the development to start.
The club has the option to buy back its clubrooms from the Crow brothers, which it wants to protect in case of financial trouble. “To put our minds at ease and ensure the future.”
Mr Lowe said the club was trying to arrange a meeting between its lawyers and the Crows’ to ensure the club’s assets were protected.
“It is a worry, I would be a liar if it said I wasn’t, that’s why we are making sure that we are safeguarded,” he said
Porn King Steve Crow and brother David Crow – Companies in liquidation – New Plymouth RSA has jitters and seeks to protect its assets.
RSA moves to protect assets
By Leighton Keith – Taranaki Daily News
New Plymouth’s RSA is taking steps to protect its assets after companies owned by the men [Stephen Peter Crow and David Bruce Crow] who bailed out the financially troubled organisation have gone broke.
Auckland businessman Steve Crow and his brother David, of Inglewood, bought the Strandon clubrooms for $1.9 million in July 2008, as part of a rescue package to save the organisation which was in danger of going broke. [The property is owned by 435 Devon Ltd (Co. No. 1951732), which is jointly owned by Steve Crow (5,000 shares), David Crow (1,000 shares) and David's wife, Carolyn Rose Crow (4,000 shares). The Company is directed by David Crow. Steve was a director until he resigned on 12 November 2008].
Since then a softening in the porn industry has seen several of Steve Crow’s companies [Z4K74D Ltd formerly Vixen Direct Ltd; Malibu Media Ltd, formerly Erotica Expo Ltd; Eden Media Ltd; Les Obstacles de L'Amour Ltd] go into liquidation and earlier this month David’s building company, Buildwise Ltd, was placed in liquidation.
[See "Contractors hit as Builder (David Bruce Crow) goes Bust Taranaki Daily News 4 July 2009]
The brothers intended to put a $20 million development on the site.
[For more on this failed porn company director and his brother go to....
http://www.stuff.co.nz/taranaki-daily-news/news/2669384/RSA-moves-to-protect-assets ]
Yesterday Steve Crow said the liquidation of the companies would not affect the proposed development.
“It was never intended that David’s business would do the physical work, he will just project manage it,” he said.
Working on getting the development started was well under way.
“The floor plans have been finalised and the detailed plans have been finalised.” Mr Crow would be in New Plymouth to go through the plans with his brother and the plans would then go to the New Plymouth District Council for resource consent.
He hoped that within three months physical work on the site could begin.
The reassurances have not been able to stop jitters within the club.
RSA president Graeme Lowe said he had been given no definite date for the development to start.
The club has the option to buy back its clubrooms from the Crow brothers, which it wants to protect in case of financial trouble. “To put our minds at ease and ensure the future.”
Mr Lowe said the club was trying to arrange a meeting between its lawyers and the Crows’ to ensure the club’s assets were protected.
“It is a worry, I would be a liar if it said I wasn’t, that’s why we are making sure that we are safeguarded,” he said