more trouble for chf

Charter Pacific in a bit of pain?
They seem to get it wrong a lot lately, they went into investment banking just when the system was about to go into meltdown! and now this,I wonder just how much they have left from what they made on it's sale of MST shares,after the board continues to grant themselves hefty salaries for non performance!
What have they got now worth selling???
http://www.theaustralian.news.com.au/story...1-25658,00.html

A Myer mired in property collapse

Maurice Dunlevy | August 19, 2008
MYER scion Andrew Myer is embroiled in a property company collapse that has been referred to the Australian Securities and Investments Commission after Queensland-based listed investment group Charter Pacific Corporation was left owed up to $3 million.

The grandson of Myer department store founder Sidney Myer is a director of the failed Priority Property Group, which, along with associated Priority Capital Partners, was liquidated in July after going into voluntary administration in May.

Mr Myer has been cleared by liquidators of any breaches, but the companies remain under the microscope because of a case being played out in the NSW Supreme Court in which a wealthy Caribbean investor is attempting to recover millions lost in racehorse syndication business Apache Stud.

The failed venture involved prominent syndicator and lawyer Tony Fleiter, the brother-in-law of Melbourne accountant Bruce McMenamin, who is a director of both Priority Property Group and Priority Capital Partners.

Bahamas-based James Atkinson has launched wind-up actions against Mr Fleiter's A B Investments Pty Ltd and seven other defendants, among them Priority Plus Funds Management Ltd.

Mr McMenamin is a director of Priority Plus Funds Management and Mr Fleiter is a former director.

According to court documents, it is alleged Apache Stud funds were flushed through Priority Plus Funds Management.

Charter Pacific Corporation, which took a 50 per cent stake in Priority Plus Funds Management in November last year, was reportedly flabbergasted when it found out it May that it was unwittingly involved in the wind-up proceedings.

Charter Pacific is understood to have paid some $2 million, as well as working capital of about $500,000, for its 50 per cent stake in the management of unlisted Priority Plus Funds Management.

A property fund proposed at the time was to have been anchored by a $100 million Andrew Myer-controlled shopping centre that will open in Melbourne's Camberwell at the end of next month.

The portfolio was also to include a bulky goods centre at Tram Road, Doncaster, adjacent to a Westfield Centre.

As part of the deal, Mr McMenamin became executive chairman of Charter Pacific Capital, heading the group's Melbourne operation.

He has since been dismissed.

Charter Pacific is understood to be preparing a claim of about $3 million, which will include legal costs. It is also understood to have referred the matter to ASIC.

Former Priority Capital Partners director John Davis was a director of the group until 2006 when the Administrative Appeals Tribunal issued an 18-month ban on him from managing corporations. This followed an appeal against an earlier ASIC decision to ban him for three years.

ASIC started its investigation into Mr Davis following his involvement in five companies that were placed into liquidation.