KEY POINTS:
Commerce Minister Lianne Dalziel has rejected calls from distraught Blue Chip investors for the property investment group to be placed in statutory management.
She says that she has met Blue Chip liquidator Jeff Meltzer and had "full confidence" in his approach.
She expressed sympathy for investors who were hurting, but urged them to do what they could while Mr Meltzer reviewed a proposal that may provide interim solutions to help those in greatest need while the complex situation was sorted out.
"At this point, I'd like to reinforce Jeff Meltzer's advice that those investors who are able to manage their situation over the next two to three months out of their own resources should do so," Ms Dalziel said.
People who could not cope should request a deferral of their repayments for that period until the situation became clearer.
Investors with settlement dates still pending on Blue Chip properties should take independent legal advice, she said.
Mr Meltzer had said he was in close touch with the Commerce Commission, Securities Commission, Companies Office and Serious Fraud Office.
"Several people advocating for Blue Chip investors have been calling for statutory management, but it's important that I set the record straight," she said.
"I am advised that the liquidator is being given access to all the information he has sought so far. People have been given unrealistic expectations about what statutory management can achieve.
"At this stage it offers no greater advantage or benefit to investors than the liquidation process.
"The fact that there are about 53 Blue Chip companies either in liquidation or under investigation by the liquidators and about 3000 investors involved shows how complex this issue is.
"In addition to all the directors and managers there is the full range of financial advisers, lawyers and valuers whose actions may require scrutiny."
Investors from throughout the country are due to attend the first creditors' meeting next Wednesday in Auckland next Wednesday, to get an idea of how much money might be recovered.
- NZPA
