Archive for March 2014

The Destruction of City Tattersalls Club – now on Amazon!

City Tatts has gone global!

Someone has finally written a book about City Tatts – although probably not the one the committee wanted as they try to con members into building apartments on the site.

The book is on sale at Amazon and is called “The Destruction of City Tattersalls Club”.

The real question is what will happen to the member who wrote it. (We say that because the last member to call for an investigation into the Club is still expelled)

Actually, we think the committee will take no action. They are so desperate for a property development that they are terrified of any adverse publicity. Another action in the Supreme Court would probably derail their plans. Besides, money is very tight now. A few years ago they were happy to spend $150,000 to keep one member out of the Club. Today they just don’t have that kind of money.

 

Save City Tatts Committee

Advertisements

Posted March 31, 2014 by savecitytatts in Uncategorized

Tagged with , , ,

A capital promotion?

For some time many members have wondered what the promotions department at City Tatts actually do. Certainly there is very little to show for the $2 million spent each year.

Now it seems this department, along with Mark Lonngren and Tania Purdy, are devoting a lot of time to promoting Tony Guilfoyle’s latest folly – a tower on the City Tatts site.

The obvious question is: What have these bludgers being doing up to now?

Actually, an accountant gave us a pointer to what could be happening. He said it was “plain as daylight” that they will try to capitalise the salaries of these bludgers to boost the profit reported to members (instead of treating the salaries as an expense). In fact, he suspected that this had gone on for years.

The only problem with this is that there is no asset to capitalise into. For one thing, this tower might never happen. Apart from that, most of the plan involves residential apartments that Mirvac will build and sell off at their own risk.

As it happens there are two accountants on the Committee. One of them, Jimmy Chen, is the Treasurer. But, according to our accountant source, having met him many times he concluded that Jimmy Chen ‘wouldn’t know what day it was”. The other accountant, Paul Cavallaro, has his own practise so he can’t be a complete idiot.

 

Save City Tatts Committee

Posted March 28, 2014 by savecitytatts in Uncategorized

Tagged with , , ,

Come fly with me!

Another hilarious “airspace” meeting last week by all accounts.

There were about 40 people at the meeting – 20 of whom were either Committee, employees or cronies who hope to make a fortune from a property development – like Mirvac’s sales reps or that real estate agent McCuaig. (Carl Melvey sat with the Committee in the front row, which is only right) Among the staff all the usual suspects were there – Jan Ellks (the most overpaid secretary in Sydney), Mark Cooper (paid $200,000 to be financial controller while the Club’s finances are in a shambles) and, of course, Tania Purdy.

That leaves about 20 actual members. Of course when you lose 17,000 members that does affect attendance at meetings.

Tony Guilfoyle (the most overpaid club CEO in Sydney) introduced a video of what a finished development might look like. He said he would start with a “walk through” and then there would be a “fly through”. Here at Save City Tatts we are disappointed to report there was no “swim through”.

When he finished his presentation something very strange happened. There was a burst of applause, which made no sense because he had said nothing of any substance. But, of course, it was only the Committee and the favoured staff who were applauding. It was so out of place that it was obvious it had been planned in advance.

And finally, this was the 4th meeting to “inform” members about Guilfoyle’s insane property development proposal. To date, there has not been one page of information handed to members to take home. This is so the Committee will not be held to account for any of the promises made to members in the slide presentations to get them to approve the proposal.

 

Save City Tatts Committee

Posted March 26, 2014 by savecitytatts in Uncategorized

Tagged with , , ,

Insanity on a larger scale

You have to admire the committee at City Tatts. Their capacity to do nothing in the face of disaster is staggering.

Just stop and think about this “airspace” project. This is the latest plan from a clown whose previous plans have all failed. Every one.

One of Tony Guilfoyle’s tactics to hide his incompetence has been to engage in a perpetual building program – which has been a disaster in every way.

Take the Zest/Omega/Lime Bar project as an example. This was Guilfoyle’s biggest project to date so naturally it has been his biggest failure to date. The whole project cost $6 million (or $7 million – building costs tend to blow out at City Tatts) and has proved a disaster in every way.

In fact, just looking at Zest, it was already a failure at the design stage. That’s because he decided to spend $2 million on a new restaurant when there already was a restaurant in that space. And before the bistro it had been the Corinthian Room. (Actually the Corinthian Room had some style, unlike Zest which is just dull.) Also, it was madness to have a new expensive restaurant when the Esperanto already served that market. But of course the committee eat for free so prices are irrelevant. But members gave their verdict within a few weeks of opening. 

So the insane waste on building Zest was only the start. Since it opened in 2006 it has lost more than $3 million. That is not a misprint – Zest, a restaurant with no rent to pay, has lost more than $3 million since 2006. So just one crackpot decision about one new restaurant has cost members at least $5 million.

And now this clown is going to attempt to develop an apartment block. And what will that involve? That’s right, he is going to rebuild Zest – again! And rebuild the Lime Bar – again! And the Omega lounge? It looks like the Omega lounge (which must have cost about $2 million) is gone! So basically most of the Zest/Omega/Lime Bar construction will be ripped out.

Now the mystery is why the committee allow Guilfoyle to do anything, never mind a property development. Make no mistake, when he fails with a $100 million project like this, as is certain, it will be the end of City Tatts. Well, it seems that as many as half of the committee have finally realised that he has been a disaster – but they are going to stick with him. They know that to get rid of him now would be admitting they made a huge mistake years ago. And, of course, a new CEO would expose evrything that the committee has turned a blind eye to.

So they believe the best course, for them, is to proceed with a property development even if it is a disaster. They feel that’s the best way to cover up their role in the destruction of the club.

 

Save City Tatts Committee

Posted March 24, 2014 by savecitytatts in Uncategorized

Tagged with , , ,

The property development at Balmain Leagues Club

Anyone who thinks a property development will save City Tatts should have a good look at Balmain Leagues Club.

The Balmain Leagues Club redevelopment “was dealt a potentially fatal blow on Wednesday when the NSW government’s Planning and Infrastructure Department rejected the existing plan because of traffic concerns”. As a result “it is unlikely any major development will happen on this site”.

In particular, the RTA noted “increased queuing and severe congestion on the road network surrounding the site”.

And, if that wasn’t bad enough, the developer also lent millions to the club to allow it to keep operating. Of course this allowed the developer to apply to have a receiver appointed to the club. (This was always bound to happen.) The application has been delayed by an injunction granted by the Supreme Court.

Now, if a 24 storey tower in Balmain comes up against problems like these, how do you think a 47 storey tower in the centre of Sydney will fare?

Of course a property development at City Tatts is all nonsense. Just get rid of Tony Guilfoyle, get the Club running properly, and then there is no need for any property development.

 

Save City Tatts Committee

Posted March 22, 2014 by savecitytatts in Uncategorized

Tagged with , , ,

Bookmakers Superannuation Fund – How to recoup your losses!

Members who had money in the Bookmakers Superannuation Fund may not know, but there is provision in the superannuation legislation for a fund that has been defrauded to get financial assistance from the government.

The was intended, presumably, for where a super fund gave money to a money manager to invest who then absconded with the money.

But what the section actually says is that where a fund suffers a loss “as a result of fraudulent conduct” it can apply to the Minister for a grant of financial assistance.

Well, that’s exactly what happened to the Bookmakers Superannuation Fund.

John Kennedy, and his three amigos, set up a scheme to skim .6% of every member’s account every year, essentially for doing nothing. And they did this while they were the trustees of the fund. So, without a shadow of a doubt, the Bookmakers Superannuation Fund has suffered a loss ‘as a result of fraudulent conduct”.

Now if someone could just get Equity Trustees to apply to the Minister!

Save City Tatts Committee

Posted March 20, 2014 by savecitytatts in Uncategorized

Tagged with , ,

Does anybody know if Mirvac are the preferred developer?

We still don’t know if Mirvac really are the “preferred developer”.

We have got reports about the latest “information meeting” but instead of finding out members are more confused than ever (fairly normal for a Pat Campion meeting)

It is always good to keep in mind what experienced City Tatts watchers have told us since Tony Guilfoyle became CEO – the most important part of any meeting is what is not said.

Campion put up a slide headed “Development Management Agreement”, then said “this addresses issues way beyond the scope of this meeting”, and moved on to the next slide.

The Development Management Agreement, or whatever it’s called,  was the most important part of the meeting by far – and members learned nothing about it.

The other strange part is that nobody at the meeting could tell us for sure if the agreement was finalsed or still under negotiation.

 

Save City Tatts Comittee

Posted March 18, 2014 by savecitytatts in Uncategorized

Tagged with , ,