KEY POINTS:
The father of failed property investment specialist Blue Chip says he is not the "rich old fiddler" some people think and, like many investors, he is owed money by the business.
Bob Bangerter, who founded Blue Chip with Mark Bryers, says he is loaded down with debt and
although he might appear to be leading a good lifestyle, he is "mortgaged to the hilt".
Even his Remuera mansion is 100 per cent financed by National Bank, he said. Last November, he bought the Dromorne Rd property in two titles for $3.1 million, borrowing the lot.
At 72, he says he "might have assets worth $500,000" if he's lucky and wants to clear his name, get on with his life and start a new career in sales and marketing.
Bangerter, who migrated to New Zealand from London in 1970, drives a $46,000 Jaguar which is "like a sewing machine" and owns three Blue Chip apartments worth $1.5 million: two on Auckland's waterfront and one in Queenstown's Sofitel Hotel.
But Olly Newland, who is representing many Blue Chip investors claiming millions, scoffed at Bangerter.
"You really think Bangerter would say he's worth millions?"
Greta Norman, another Blue Chip investor, was also scathing.
"Tell him to sell his new Jag, home, possessions and all, and give to the poor. Let him join the ranks of the lowly and learn what real life is about.
Many middle-aged and older people have lost money after investing through Blue Chip, but the lavish lifestyle of those behind the failed companies has been galling.
Blue Chip associate Mide has losses of at least $11.6 million, 20 Blue Chip companies are in liquidation and hundreds of people are expected to express their plight at a creditors' meeting at the end of the month.
Bangerter is upset about publicity showing him living the high life. He was declared bankrupt in 1986 but said all creditors were repaid after his Masonry Products failed.
He sold the intellectual property on which Blue Chip was based to Mark Bryers for more than $200,000 and still defends the formula, saying it worked well for some years.
"I was a director of Blue Chip Auckland Ltd, based in Parnell, a 50 per cent shareholder with Blue Chip New Zealand. But all accounts and bank accounts were operated from BCNZ. At no time was I a signatory on these accounts. I was not a director of BCNZ.
"The Parnell office generated sales to achieve a gross profit for the group of $8 million annually for the three years the office was running. I was a director and sales manager on a salary only.
"Personally, I am a multi-investor in the Blue Chip product. I am owed thousands in unpaid rent and have received demands for body corporate fees and rates. I want to know where the money is, just like everyone else.
"I have extended my mortgages to the maximum simply to survive. I have had no income for eight weeks and have spent that time along with my staff at Parnell trying to assist clients.
Bangerter and his partner sold Blue Chip investments to family and "loved ones, believing them to be sound". Some relatives invested $400,000, he said.
The Nirvana, a 22m launch operated by Blue Chip Corporate Charters, was sold a fortnight ago for $1.5 million even though it had a $2.5 million registered valuation, Bangerter said. Bangerter now says the charter business had nothing to do with Blue Chip.
Julian Gosse, the chairman of ASX-listed Blue Chip Financial Solutions, said Bangerter was never a director of the listed company. He wrote in a letter: "Your role with Bluechip Financial Solutions was as a licensee and 50 per cent owner of Bluechip Auckland, the other 50 per cent being owned by Bluechip New Zealand."
* BOB BANGERTER
Left school at age 14
Migrated to NZ from London in 1970
Specialised in residential property
Formerly declared bankrupt, co-founded Blue Chip
Sold "intellectual property" to Mark Bryers
Now, wants to defend himself from criticism
