Archive for October 2015

James Kennedy was at the Airhead Development Meeting!

We’ve mentioned that fraud James Kennedy a number of times on this blog.

He didn’t appear at recent Airhead Development meetings so we thought maybe he’s gone away

No such luck.

He was at the meeting last Tuesday.

Apparently he offered the same empty assurances to members that everything about the Club’s dealings with developers was right and proper.

Really?

Go back to December 2013 when Mirvac were anointed as (First) Preferred Developer. There was a long list of reasons given why Mirvac were chosen:

  • They had extensive experience of building in the Sydney CBD and dealing with Sydney Council
  • They had all the resources in-house to design and build a 48 tower in the city
  • They had the financial capacity to complete the project without needing external finance

The current “team” attempting the project has none of that!

And this fraud Kennedy is telling members that everything is ok.

He’s just a cheerleader for Tweedledum and Tweedledee, nothing more.

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Reduce reliance on gaming? – It’s a joke! (Part 2)

There seems to be no end to the nonsense coming from Tony Guilfoyle. It flows out of him like diarrhoea.

Nothing is too stupid – and the Committee just lets him do whatever he wants.

Regarding his idiotic plan to “reduce reliance on gaming”, the previous blog only begins to tell the story.

This clown increased the Club’s reliance on gaming!

The Club was getting over $700,000 every year in rent from the NAB and the Lotteries Office, for the modest spaces they leased from the Club on Pitt Street.

And Guilfoyle told them to piss off!

Now this imbecile wants to spend millions building a 100 room hotel on Pitt Street that might bring in $1 million a year, if he’s lucky.

It’s all nonsense.

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Reduce reliance on gaming? – It’s a joke!

One of the idiotic reasons given by Tony Guilfoyle to justify his property dream was that it would “reduce reliance on gaming”.

To do this he thought the best way would be to build a 48 storey tower, with 200 apartments, a hotel, shops, underground car parking including car lift (all fully fitted-out ready for use) – while leaving the Club with the same floorspace but as a bare concrete shell, and without the money to fit it out.

And what is the end result of all this construction (or destruction)?

Yes, revenue from gaming is projected to fall from 77% to 70% !!!

That’s right, 7%. So you know the whole property plan is a rort.

And that’s with his bodgy figures, it’s probably not even 7%.

Actually what really reduced the Club’s revenue from gaming was driving away more than half of the membership in the last 10 years.

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Money from China – How will James Kennedy cope?

If you are a regular reader of this blog you will know the name James Kennedy from KPMG and Jones Lang LaSalle (no relation to John Kennedy BSF).

He was supposed to be an “independent” watchdog checking the “corporate governance” of the Club’s dealings with property developers.

In fact his real function was to provide the appearance of honesty to stop members from asking too many questions about the development.

So for example, when Mirvac walked away in October 2014, his contribution at the meeting was to tell members “the Club can move forward without hesitation”. That kind of nonsense is obviously nothing to do with corporate governance and just proves that he was part of the propaganda effort.

In other words, he was a complete fraud and we exposed him long ago.

Now we hear from Four Corners that the latest would-be City Tatts developer is in China trying to raise the money to start the project – by tapping into the contacts of his billionaire father, Boliang Mai.

This reminded us of something else Kennedy said at the same meeting: “The Club has a well tested corporate governance structure and processes …”

That was already a joke back then but it’s just got funnier.

With all this new money coming from China you have to wonder how Kennedy’s “well tested corporate governance structure and processes” will cope?

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City Tatts Development – The Chinese Communist Party will put up the money!

With Tweedledum and Tweedledee making decisions, City Tatts has become Comedy Central.

Before those two clowns started meddling, the Club had thrived in the centre of Sydney for 100 years – with it’s own building owned free and clear.

Now, according to Four Corners, a spin-off from a Chinese Communist Party controlled group, called Sino-Ocean Land is going to put up the money to build the airhead development at City Tatts!

We knew Tweedledum and Tweedledee were desperate but this is ridiculous!

But it does confirm what everyone suspected after Mirvac walked away – no reputable Australian developer will touch City Tatts. When they started out at least 10 major developers in Australian would have taken it on, with another 10 banks, lenders and pension funds willing to fund it.

What makes the Chinese angle even funnier is that the City Tatts Committee (at least those from the gym) always hated that Jimmy Chen, the only Chinese, made it on to the Committee. And when he had the audacity to run for Treasurer (against the Committee’s anointed candidate, Paul Cavallaro) Laurie Coy was so incensed he called Jimmy Chen a “Chinese C**t” !!!

Incidentally, in case you are wondering, Jimmy Chen had no involvement in the selection of the Chinese developer. Which is normal – since he has no involvement in any other financial decision in the Club.

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Balmain Leagues Club – A warning for all clubs

Balmain Leagues Club is in the news again, because of the ongoing problems with the property development on it’s site. There was a story about it in yesterday’s Sydney Morning Herald.

The developer is taking his case to the NSW Land & Environment Court because the council have not approved his development application.

The key point for club members is that, unless the DA is approved by the end of November, Balmain Tigers will lose the right to return to their home. Apparently, the developer might “consider” extending the timeline.

The last thing any club needs is to have it’s destiny subject to the discretion of a property developer.

This is a reminder for all clubs of what can happen when you hand the future of your club to a property developer.

City Tatts members, take note.

Still, the developer got one thing right. He said ” everything has to come to an end at some point”.

Yes, and when it involves a property development on a club’s site, usually it’s the end of the club.

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Who will pay to operate a restaurant at City Tatts?

Tony Guilfoyle and Patrick Campion keep coming up with crackpot schemes to con members into approving their property development.

The latest nonsense is that they are going to sub-contract some of the restaurants in the Club.

This is strange because for 10 years these two have refused to admit there was anything wrong with restaurants at City Tatts – while it was plain as daylight that every restaurant, cafe and bar in the Club was failing.

But if they do manage to find someone who will pay to run a restaurant at City Tatts, then you know something very shifty is going on.

The Club’s restaurants and bars are losing staggering amounts of money, over $900,000 in 2014. It defies logic that anyone would pay for a piece of that action. And the dismal losses could only get worse with fewer members each year.

So if someone does offer to pay for the right to operate a restaurant in the Club, it must mean that not only do they believe they can make a profit but also an additional profit to cover the fee. 

So what would that tell us about how restaurants are been run now by Tony Guilfoyle? And what would it tell us about the financial acumen of the Treasurer – that hopeless clown Jimmy Chen.

Basically, any payment to operate a restaurant in the Club would be good evidence of criminal mismanagement in the past.

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