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Bloody South Australians.From what I can gather we're going to sue these Prizac people for every last cent that we invested into Edgewater.
and that Prizac are not a straw company.
Yep Builders often don't have much capitial
ThisGetting into bed with these guys and purchasing around $3m of gaming entitlements on the hope they would deliver is really the worst decision of the Smorgon/Rose era.
The club's statement that Prizac possibly could not meet its obligations to build the venue also makes me worried about their financial position.
Getting into bed with these guys and purchasing around $3m of gaming entitlements on the hope they would deliver is really the worst decision of the Smorgon/Rose era.
http://listings.fta-companies-au.com/l/100194657/Prizac-Investments-Pty-Ltd-in-Eastwood-SA
"Prizac Investments Pty. Ltd. is a private organisation founded in 1979. With three employees and $817,609 in annual revenue, the company is slightly smaller than and generates less revenue than the average real estate developer."
Make me wonder why Smorgon and co chose a minnow developer?
Make me wonder why Smorgon and co chose a minnow developer?
It was a stupid size from the beginning. Never understood how they thought they could nett a profit (the developers that is) and managing it for a reasonable profit balancing customers service v wages/costs for the scale it was would have been bloody difficult. I've been involved in working across developments for 15 years and it never made sense to me. Rose took some bad advice from the wrong people and I think this is the best outcome we could have achieved. You'd think Slater and Gordon might get the case to hunt Prizac into oblivion. With $800k in annual revenue you would think they'll declare bankruptcy which means f'all for us most likely. Anyhow - we move on!
If they bankrupt and go into liquidation, will another developer purchase the project and continue with it?
Maybe just turn it into a pub and call it The White Elephant!
Pity they didn't pick up one of the many Footscray pubs that have been sold to developers recently.