There are no signs that TVNZ will recover its losses from Ninox, which made <i>Sensing Murder</i> featuring Kelvin Cruickshank. Photo / Supplied
Fresh from controversy over its coverage of psychics in the Aisling Symes case, TVNZ is deciding whether to buy another series of Sensing Murder - the commercially successful show that has been caught in a company receivership.
Receivers PKF Corporate Recovery and Insolvency say cash is still flowing into television
production company Ninox, which made the show, but unsecured creditors such as TVNZ are almost certain to lose money.
The receivers have said Ninox - which has been renamed Ninox NTV - went into receivership to avoid problems with a dysfunctional board.
TVNZ says it will not make a decision on another series until it has shown the one that it has "in the can" sometime next year.
Ninox went into receivership on February 26. On March 5 director John McEwen reassured suppliers it had an exciting future.
But despite continued sales revenue for Ninox series including Sensing Murder from overseas broadcasters - and format rights to Dream Home - there are no signs unsecured creditors owed $1,051,000 will recover any of their losses.
TVNZ is owed $200,000 after making an advance for the cut-short series Double Lives.
Ninox will not specify revenue from sale of the five series of Sensing Murder but it is believed to amount to $600,000.
PKF said the rights to make another Sensing Murder series would be up for sale. There had been interest but no offers as yet.
Managing director Anthony McCullagh declined to say what revenue had been picked up from programming sales to date.
In the receiver's first report, dated May 7, amounts receivable were estimated at $647,333. PKF said that in the first instance this would be available to secured creditors.
These include the Ninox financial backer Gary Hannam of Swiss-based company Tanlay AG, and a Tanlay settlement to the BNZ Bank.
About $200,000 is also owed to the Baldock Family Trust, related to the former Ninox director David Baldock, and to Philemon, whose directors include former Ninox director Pauline Downie.
Both Baldock and Downie had been involved in making programmes for Ninox, which has been one of New Zealand's most prolific TV production companies.
Ninox was placed in receivership after an approach from Hannam.
Hannam - who produced local films Smash Palace and The World's Fastest Indian - had more than $1 million invested in Ninox and has been a key player in New Zealand film finance.
