KEY POINTS:
Angry Blue Chip investors want to rally to discuss their options over thousands of dollars they say is owed to them in unpaid rent.
Greta Norman, who is owed $6000 rental arrears on an Auckland apartment she owns with her husband, says she is willing to be the catalyst for investors to meet and discuss their plight.
Yesterday, she created a new email address in the hope investors would send her details so she can co-ordinate a mass meeting.
Rent from her $840,000 inner-city apartment stopped flowing into her bank account at the end of October and although she knows of other investors in much the same situation, people could not contact each other, she said. She had trouble getting information about her situation and complained of late rate payments on her luxury unit to Auckland City and Auckland Regional Council. She had experienced a number of problems over valuations and other issues and said she was extremely worried.
"I feel very sorry for the average investor out there. We need to get together and we're looking for direction and leadership collectively," she said, hoping that legal and financial experts might attend any rally to give advice.
Another investor, James Abbott, is short of $2800 rent on his $450,000 investment apartment in Eden Terrace and he is keen to meet others too.
"I would definitely be interested in joining other investors in any discussions.
"I feel a group of investors together will be the only way to recover the money owed," he said.
The plight of Kathy and Martin Faulkner of Mt Maunganui was highlighted in yesterday's Business Herald. They are owed about $2000 on two rental properties in Panmure and say they might be forced to sell their family home if they don't get the rent soon.
Other disenchanted investors complained yesterday about problems.
Kirsti Hansen, who bought a $525,000 apartment through Blue Chip, said yesterday that she had also experienced problems.
Her November payment was late and after a series of difficulties, she has sought to manage her apartment directly rather than dealing with the company.
Nicola Williamson said her late mother had a substantial investment with the company and she had been trying to recover that money for some time.
The cash was the deposit on a Beach Road apartment in Parnell but the transaction had not settled and Blue Chip still held the money, she said, describing her situation as "a nightmare".
Blue Chip's communications chief Jonathan Knox defended the company and said that in September investors were sent letters about a big change to business arrangements in New Zealand and a new franchising system.
This change had caused a few problems but he said these would soon be resolved.
The company's analysis of rental payment problems showed that only about 0.2 per cent of all people were affected, he said.
Any outstanding rent problems would be resolved "imminently which means instantaneously", Knox said. Clients had been kept well informed and it was only media reports which had caused "jitters".
Knox said it was also wrong for investors to say they had money in Blue Chip because Blue Chip means two new companies - Diem and Mide - which traded under the Blue Chip logo in New Zealand.
Diem was the master franchisee for Blue Chip, which was headquartered in Australia not Auckland as reported yesterday, he said.
Payment issues would be resolved fast and the year ahead looked great.
"Thankfully these transitional issues will imminently be a thing of the past and with refined product offerings and new systems in place, 2008 looks like being a great year.
"I think all organisations experience issues from time to time."
