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Shareholder advocate suing Nido financier, Maat directors over $41m investor losses

"An extraordinarily high loss for a New Zealand commercial property syndication." ....

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'A lot of money': Nido building investors left $23m out of pocket

Stuff said he knew his investment was high risk and accepted the consequences.
Another, a retired farmer who requested he not be identified, said he had invested $1m and felt sorrier for his partner who had invested all her savings.
“It’s a lot of money . I’ll be 80 next birthday,” he said “But we won’t starve.”
JASON DORDAY/Stuff
Vinod Kumar discusses his vision for his Nido homeware and furniture store in 2019.
The investor felt he had been given enough information and felt some sympathy for Kumar’s timing.
As a new business, he thought it was unlikely Nido had access to wage subsidies. ....

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Concerns raised as Nido investors canvassed about adding in more money

Concerns raised as Nido investors canvassed about adding in more money
8 Apr, 2021 05:00 PM
6 minutes to read
Magsons, trading under the Nido brand, collapsed into receivership on Friday. Video / Will Trafford
Investors who poured money into a scheme used to fund development of the failed Nido homeware store in West Auckland have been asked if they are willing to commit more funds in order to retain
ownership of the building.
This comes as fresh concerns are raised about the original investment scheme that saw retail investors contribute around half of the $62 million raised for the project.
The Nido store was built on land paid for with $30m raised by Maat Consulting through a proportional share ownership scheme and $25m of debt from Pearlfisher Capital, a non-bank lender half owned by investment bank Jarden. ....

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Nido property up for mortgagee sale, third blow for NZ's biggest homewear retailer

Nido property up for mortgagee sale, third blow for NZ's biggest homewear retailer
nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.

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Nido receiver approached 50-plus would-be buyers - but not Ikea

Nido receiver approached 50-plus would-be buyers - but not Ikea
24 Feb, 2021 03:00 AM
5 minutes to read
A receiver of New Zealand s biggest homeware store has revealed how hard her firm tried to sell the business as a going concern, including approaching more than 50 would-be buyers.
But in the end, attempts
to sell the 100-showroom Nido came to nothing and yesterday it was announced that all stock in Henderson s store would be sold in the next two to three weeks and the shop shut.
Kare Johnstone of McGrathNicoll said her practice had approached more than 50 parties in a last-ditch attempt to sell the business, whose name is Italian for nest. ....

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