I've been somewhat ambivalent about this whole thing.
I'm disappointed that the NZ consortium could not stump up the additional amount required to satisfy the receivers. Fay and Co. have pitched their offer low, based on the present valuation of the properties and related chattels (using their own estimates), with a claim that the Pengxin offer cannot be justified. I always was under the impression that the value is what the purchaser is prepared to pay. Or am I mistaken?
The receivers have a obligation to derive as much value from the assets as they can to satisfy a lengthy list of creditors (without short changing themselves).
As for Pengxin, they from all accounts are looking at it long term and can bear the investment they have proposed. Everything else they're involved seems to be doing okay. They claim have no direct interest at this point in working the land themselves, but will instead lease it back to Landcorp for an as yet undisclosed sum.
While it would be nice for the 'government' to buy the land, it's not their money it's the taxpayers. Pinning the blame on this sale on them is a cheap shot. It's not a political issue, rather a legal one. All the legal boxes have been ticked. Should Key or any of his team try and block the process, they'll be guilty of interfering in the due process of perfectly legitimate business. Neither is this a state owned asset. They're privately owned and operated facilities. I'm satisfied.
What's really sad is that the Crafars and their creditors allowed it to get into the mess that has led to this fracas. As for their track record in animal care, well, let's not go there.
