KEY POINTS:
The business interests of Blue Chip co-founders Mark Bryers and Bob Bangerter are under scrutiny as liquidators follow a complicated money trail to track millions of dollars of investors' money.
Blue Chip liquidator Jeff Meltzer and his team are working through the Easter break as they prepare to face hundreds of desperate investors at the first two creditors' meetings at Ellerslie Racecourse on Wednesday.
More than $72 million is owed by 21 Blue Chip companies in liquidation, leaving about 3000 investors out of pocket.
Some face losing not only their investment but their homes, mortgaged to invest in Blue Chip, and many could face bankruptcy.
Apart from the companies in liquidation, Meltzer has an open mandate to scrutinise another 32 Blue Chip-related companies not in liquidation. Meltzer told the Herald on Sunday he was "following the money trail" in an effort to discover where investors' funds had gone.
While many of the companies under scrutiny had no assets, some "might well have", which could help with the liquidation process.
Asked if Bryers' development companies Ingot Holdings Ltd (now Merinc Ltd) and GHCC were among those being examined, Meltzer said he did not want to specify, but any company connected to Blue Chip would be examined.
Sources close to Blue Chip said Bryers' private development companies had been closely connected with the firm.
Blue Chip had collected millions of dollars worth of deposits from investors between 2004 and 2006 and passed them to Ingot Holdings.
Ingot was supposed to build Auckland developments at Emily Place, St Martin's Lane on Symonds St, and the corner of Waverley St and Turner St.
They were never built and have been taken over by other developers and resold.
The original Blue Chip investors must wait to see if any money comes out of the liquidation process.
Blue Chip's 2004 annual report states Ingot was responsible for finding or developing properties for Blue Chip clients.
For every property bought from Ingot, Blue Chip Corporation Ltd was paid a royalty of 12.6 per cent of the registered valuation.
Meltzer said Bryers' offer of $25m from a development that was up to two years away (thought to be a 200-bed resort development at Gulf Harbour) was still on the table.
And on Wednesday, Meltzer expected to give creditors an update on an earlier ray of hope, that funds might be available in late April or May.
The Government had taken considerable interest in the Blue Chip liquidations because of the number of MPs approached by distressed constituents.
Last week, Commerce Minister Lianne Dalziel issued a statement saying the Government would continue to keep a close eye on the liquidation.
The situation was complex, and apart from the directors and managers involved, there was a full range of financial advisers, lawyers and valuers whose actions "may require scrutiny", Dalziel said.
Sources who have worked at Blue Chip are at a loss to explain where the money has gone.
And while Bryers lives in a luxury $3m Remuera home and has a collection of expensive European cars in the garage, the vehicles were bought on finance, and the house is on leasehold land and carries three mortgages.
Bryers pays $42,250 a year rent to the Dilworth Trust Board for 2190 square metres of land and there are three mortgages against the property - to Kiwibank, Lombard Finance and Investments and Lombard Nominees.
Bangerter also lives in a $3m home, but told the New Zealand Herald this month he bought it on 100 per cent finance and would be lucky to have assets of $500,000.
