KEY POINTS:
A clutch of three failed companies connected to Blue Chip founder Mark Bryers owe collapsed financier Bridgecorp nearly $14 million.
One also owes troubled finance company Lombard Finance $4.7 million.
The companies - Akau Ltd, BRB Ltd, and Dhuez Ltd - are in receivership but own properties in central and southwest Auckland. They owe $26.5 million between them.
Akau is owned by Bryers, his estranged wife, Shirley, and his Blue Chip co-founder Bob Bangerter. Bryers is the sole director of BRB and Dhuez, and the shares are held in trust.
The companies were placed in receivership on May 26 by Bridgecorp and another creditor, Guardian Asset Securities. Bridgecorp failed a year ago, owing $458 million to 14,000 debenture holders. It is estimated investors will get back as little as 13c in the dollar.
The Blue Chip property investment scheme collapsed in February with the liquidation of 22 related companies. Bryers is understood to be in Australia, running a similar operation.
The Serious Fraud Office is investigating both Bridgecorp and Blue Chip.
Lombard Finance went into receivership in April.
Debenture holders are expected to get back less than half the $110 million they are owed.
The receivers of the three Bryers companies, Colin McCloy and John Waller of PriceWaterhouseCoopers, who are also Bridgecorp's receivers, say they have prepared a joint first report because the operations of the three were so intricately related.
They say the companies have ceased repayment of secured advances due to Bridgecorp, Guardian Asset Securities, and Martelli McKadam Nominees Ltd.
Lombard Finance guaranteed advances made to various associated parties.
The report says Akau owns several floors and 13 apartments of a development at 85 Beach Rd in central Auckland, and Dhuez owns nine townhouses and an adjacent large undeveloped section in Blockhouse Bay.
Collectively the companies owe $13.8 million to Bridgecorp and $4.1 million to Guardian Asset Securities.
Akau owes Lombard Finance $4.7 million, and BRB owes Martelli McKadam Nominees Ltd $1.9 million.
In total the companies owe $24.6 million to secured creditors, and a further $1.9 million to unsecured creditors and Inland Revenue.
The receivers have hired a property consultant to assess the value of the two sites.
But they say that taking into account the "distressed state" of both the assets and the property market, there is unlikely to be any money for unsecured creditors.
When Lombard Finance collapsed it emerged that entities related to Blue Chip owed it $15 million.
