Sir Bob Jones nets $300,000 from last surviving arm of Blue Chip

Multi-millionaire Sir Bob Jones has just netted $300,000 from the last surviving arm of Blue Chip boss Mark Bryers' business.

Bryers' Northern Crest Investments owed Robt Jones Holdings money for offices rented in Queen St's Qantas House.

Northern Crest was formerly Blue Chip Financial Solutions, which leased offices in the 24-level tower. Although Robt Jones has been trying to find new tenants, the space has not been re-tenanted since Blue Chip left in August 2008, six months after the business went under. But the lease remains firmly in place and Sir Bob had vowed to collect, castigating Blue Chip for what it did to many elderly investors as "appalling".

Sir Bob said yesterday he was delighted to be paid but knew he would last year. "Of course we're very pleased but we realised six months ago we were going to get paid by the resistance they were putting up," he said of Northern Crest's behaviour opposing his action.

David Rankin, RJH Holdings' Auckland-based investment manager, said legal action had been staved off at the last minute. The rent came in shortly before the court hearing was due to wind up the business, he said.

"We've got rights under the lease to liquidate Northern Crest if they don't pay," Mr Rankin said.

Bryers is no longer Northern Crest's executive chairman or executive director but retains a major shareholding in the company.

Robt Jones had engaged barrister Damian Chesterman of Bankside Chambers to lead the action against the Bryers' business and ensure the rent kept flowing. The landlord filed for a statutory demand against Northern Crest, suspended from trading on the ASX for months for not paying its listing fees. The Queen St investor was preparing to shut down Bryers' Sydney-based business if the rent did not flow.

The High Court at Wellington was due to hear Robt Jones' application on Wednesday and upset Blue Chip investors were this week wondering why it did not go ahead and whether the Bryers' business had paid.

They want to know what happened to about $80 million owed to more than 2000 investors who are keen to know if any of Bryers' business interests still have money.

Northern Crest had last year opposed the Jones action, claiming his business had cost it more than $400,000 in audit and legal costs by seizing company documents from its subsidiary company Blue Chip Property Holdings and refusing access as it prepared its annual Companies Office returns.

Blue Chip was based on level 20 of Qantas House, a landmark tower refurbished three years ago with big city and harbour views.

Mr Rankin said this week more money would be owed as the lease continued.

PROPERTIES

Robt Jones Holdings:

* $750m in NZ & Australian real estate.
* Auckland HQ, Qantas House.
* 60 Federal St in Auckland CBD.
* Forsyth Barr Tower, Shortland St.
* Southern Cross Building, High St/Victoria St.
* Takapuna Finance Centre, 159 Hurstmere Rd.
* The Telco Building, Federal St/Kingston St.