A Raetihi couple who believe they were dispossessed of their farm, their homestead and their history have won settlements of their High Court claims against the two companies they said betrayed them.
Stuart and Raewyn McNie, who lost their Ruatiti Valley home near Raetihi in August 2008, had blamed Tauranga-based First Mortgage Managers, an investment fund manager, Wellington-based First Mortgage First Mortgage Custodians Limited, a mortgage lender, the companies collectively known as First Mortgage Trust and Palmerston North-based CD Realty (real estate agent trading as Bayleys Manawatu) for that loss.
The farm had been in the family for more than 100 years. The couple was forced off the property by what they say were the harsh, uncompromising actions of the companies.
Through their Auckland lawyer, Kelly Quinn, the McNies filed claims against the companies in the High Court at Tauranga in 2009.
Last month the couple received settlement from both companies.
In a letter to the Chronicle, Mr McNie says he achieved what he set out to do, which was to make the two companies accountable.
"If it is meant to be, then I hope with all my heart that we will get our home block and family history back again one day."
The McNies, aged in their 50s, had been in financial straits since 2004 due to floods, drought, family problems and bad farming advice.
They decided to sell 283.2 hectares of their farm but retain the 80.9ha home block with their home on it. The couple flatly refused to sell the whole farm.
But former Federated Farmers president Charlie Pedersen wanted to buy the whole farm of 364.2ha and initially negotiated through Ohakune CD Realty (Bayleys Manawatu) stock agent Jamie Proude (cousin of Mr McNie).
Mr Pedersen then dealt directly with the mortgagees, FMT, to purchase the whole of the farm.
The couple said even though the buyer and First Mortgage Trust knew how crucial it was to retain their homestead block, they took no steps to remedy this. Instead, FMT issued the McNies with an ultimatum, giving them less than three hours to respond on a Friday afternoon, August 15.
The couple missed that 4pm deadline, because they say they did not know about it.
TIMELINE
The McNies had been in financial straits since 2004.
April 2006: Borrowed $900,000 from First Mortgage Trust.
August 2007: Borrowed a further $100,000 from FMT.
2007/08: Big drought in the area destroyed any chance of servicing the loans.
July 2008: They decided to sell 283.2 hectares and retain 80.9ha home block and homestead.
July 2008: Former Federated Farmers President Charlie Pedersen wanted to buy full 364.2 hectares.
August 15: First Mortgage Trust together with Charlie Pedersen issued ultimatum giving the McNies less than three hours to respond.
The McNies were out and never got the ultimatum and all 364.2 hectares was sold. The McNies lost everything.