Bluechip action group

An action group for Blue-Chip has been formed under the EUFA umbrella as a result of the current demise and losses impacting on investors.

Many calls have prompted Suzanne Edmonds to start this group as it is becoming evident that investors are willing to group together to gain strength in any actions being or to be taken. This is happening with other investor groups throughout NZ.

Once the group membership grows, meetings with legal counsel and perhaps officials will take place in communities that have been affected.

Suzanne Edmonds said from Auckland this afternoon. “The devastation the investors are feeling is heart wrenching” She went on to say “ There is something very fishy about this situation – you cant tell us that 19 company’s can go into receivership in the say day with out there being a very worrying common thread”.

In November last year EUFA made submissions to the Minister of Commerce and the Securities Commission for statutory Management for the Bridgecorp case and EUFA fully support the calls for a statutory Manager to be appointed for the Blue Chip crisis. Receivers do not have the same powers as a statutory Manager does. Receivers do not have a mandate to work for the investors and recovery is at the bottom end of the pecking order. Previous cases where statutory managers have been appointed have resulted in substantial to full recovery for investors.

Suzanne Edmonds said, “Investors want recovery of their funds as they have not been lost but channeled into the wrong pockets”.

Gray Eatwell Finance spokesman for EUFA said from Southland today

“With news reports of stolen computers and investor deposits being lost / not accounted it is way past time the government Authorites protected the public’ from this rampant piracy.