Thieves target Blue Chip offices

Computers have been stolen from an office of struggling property group Blue Chip, potentially impeding the efforts of liquidators seeking to recover investors' funds.

The theft took place over the Christmas break from Blue Chip's branch in the Auckland suburb of Parnell. When staff returned to work on January 8 they reported the break-in to police.

Associated companies of Blue Chip, a property investment specialist, owe substantial sums to investors who had bought rental properties through the organisation. In the past 10 days, liquidators have been appointed to 19 associated companies.

Although Blue Chip Financial Solutions, the ASX-listed umbrella company for the Blue Chip organisation, is based in Qantas House in Auckland's Queen St, the Parnell office is described by some people familiar with the organisation as its unofficial head office.

It is the base of Bob Bangerter, who co-founded Blue Chip along with its executive director Mark Bryers.

While Bryers has been the public face of the organisation, Bangerter has a lower profile. A former bankrupt, he appears to have done well from his involvement with Blue Chip and has become a familiar face around Parnell as he drives to and from work in a shiny black Bentley.

It is understood that Bangerter has run much of Blue Chip's business from the Parnell office but it is not known what information may have been stored on the computers and what effect their loss may have. The company was unable to comment on the theft.

Apart from the computers and a small amount of petty cash, other valuables in the offices which belonged to staff were not touched.

Blue Chip occupies the top floor of a three level office building in Parnell and the thieves are believed to have gained entry through a rear door on the ground floor.

None of the other businesses in the building was broken into.

The building's manager, who is responsible for all repairs and maintenance, said he had not heard about the break-in and had not been asked to repair any damage.

"I never even heard about it so they must have tidied it all up themselves," the building manager said.

The police say they have no leads in the case.

 Shareholders in Blue Chip Financial Solutions, the umbrella company for the Blue Chip organisation, have watched the value of their shares plummet from a peak of $A1.90 last year to A9c before they were indefinitely suspended.

They will also be wondering how much the company received from the sale of most of its New Zealand operations in a franchising deal with several New Zealand executives last year.

The deal meant the newly created New Zealand franchise owed Blue Chip Financial Solutions $38.1m.

The 19 companies now in liquidation were the main cash flow generators for Blue Chip's organisation but their financial situation is unclear.

Liquidator Jeff Meltzer is in the preliminary stages of trying to sort out the mess and has asked for time to prepare his first report, which would normally be due within five days.

Those out of pocket from Blue Chip's collapse include Bay of Plenty Rugby Union, which has not received more than $100,000 of sponsorship money Blue Chip had promised. Bay of Plenty stadium, for which Blue Chip bought naming rights, is also owed $50,000 so far, with the meter still running.

Those who are most anxious to see some money are Blue Chip's many out-of-pocket investors. Blue Chip's website promised them "a hassle free property investment". Instead many have paid tens thousands of dollars as deposits on properties which show no sign of being delivered any time soon.

Thousands of others who bought an investment property through Blue Chip and then handed it in to the care of a string of Blue Chip-related companies to manage on their behalf, were told that "Blue Chip makes it easy for you to enjoy the benefits of property investment, without the hassles of being a landlord".

Instead many have not received for months the rental income cheques Blue Chip promised, even though the tenants who occupy the apartments are believed to have been paying their rents.

- © Fairfax NZ News