With me so far?
Now the Ports of Auckland has a bank loan of $105 million which it must repay by December of which the Auckland Regional Holdings Company will stump up $60 million out of $120 million cash reserves which it keeps to help out the Ports of Auckland and which came from $522 million worth of cash and land the Ports of Auckland claims it transferred to the Auckland Regional Holding Company and the Ports of Auckland is currently reporting capital debt of $500 million.
Can anybody see where this is going?
To Tauranga I hope.
Then Auckland will get its waterfront back from an organization which seems to have all the financial stability and benefits of a sub prime loan.