New look for 'Fast' Eddy
But there's a new contender for the stripey red suit and silly hat, former ABC Learning boss "Fast" Eddy Groves. The fallen Rich Lister was bankrupted in late January and in mid-February claimed to be homeless, although he said he expected to find a home within a fortnight.
He gave as his previous address a beachfront property on the Gold Coast owned by his wife, Viryan Collins-Rubie.
Where is he now? CBD believes Groves has recently been in the US and intends to move to Vancouver, Canada, with Collins-Rubie. It's yet to be seen whether he can resist the magnetic pull of the witness box, which has a habit of drawing those involved in corporate collapses back to Australia. Just as Tinkler faced liquidators over the collapse of his Mulsanne Resources, so Groves is likely to be grilled over his personal insolvency at an examination run by his trustees, Mark Robinson and Andrew Scott of PPB Advisory.
Man of mystery
Interesting scenes at Sydney's Rockpool restaurant on Tuesday, where Crown chairman James Packer was king of lunch.
Packer and a mob swept through the restaurant, already packed with heavyweight types including Myer's Bernie Brookes, former ALP powerbroker and Swiss banking fan Graham Richardson, lunching with some property types, and Fairfax chairman Roger Corbett. Ponytailed short-order cook and Packer supporter Neil Perry was busy working the floor, leaving no time for chopping and frying.
The Packer mob went upstairs to a private room, to which they were soon followed by Australian Casino Review hacks James Chessell and Nabila Ahmed.
Meanwhile, downstairs, Crown deputy chairman John Alexander was having a separate lunch with a mystery man in his 40s.
Packer came to the table and greeted ... the mystery man. Indeed, in between the hugs it sounded awfully like he was setting up a meeting for later that evening.
Big guns gather
The who's who of the retail property world gathered at bel mondo restaurant in Sydney's Rocks district for the annual love-in at the launch of Shopping Centre News' Big Guns report. While the top people from the major centres - Stockland's John Schroder, GPT's Matthew Faddy and Carmel Hourigan, Mirvac's Sue MacDonald, Lend Lease's Gary Horwitz, Colonial First State's Angus McNaughton and Michael Gorman and ISPT's Cameron Gregson - were in abundance, it was the year of the fashionistas with Top Shop's Hilton Seskin and Gucci, Jimmy Choo and Coach reps adding a touch of elegance.
Woolies' Ralph Kemmler and many from Coles were also seen mingling, but CBD's spies couldn't glean if they managed to get any rent reductions. The main message was that while retail may be going through tough times, shopping centres remain the hub of a community - despite the growth of the internet.
Berg still silent
Canberrans soaking up the ambience of the Senate communications committee on Tuesday were treated to some top-notch biffo between the Institute of Public Affairs' free speech advocate Chris "Johannes" Berg and the ALP's Senator Doug Cameron on media reform. CBD tuned in late to catch an angry Cameron telling Berg: "You don't have to answer. If you don't want to answer, you can always go."
Berg made the point that "if you're only going to defend speech you agree with, then you're not going to defend speech at all".
Quite. Berg has yet to return CBD's calls of a week ago asking if legal action taken against Fairfax journalist Adele Ferguson by Gina Rinehart had any effect on freedom of speech.
Frequently Asked Questions about this Article…
Eddie “Fast Eddy” Groves is the former ABC Learning boss who was bankrupted in late January and later said he was temporarily homeless. The article notes his personal insolvency is now a matter for his trustees, so everyday investors should watch any trustee examination or related proceedings for details about assets and liabilities that could affect creditors and related parties.
The article says Groves is likely to be questioned at an examination run by trustees Mark Robinson and Andrew Scott of PPB Advisory. A trustee examination typically probes an insolvent person’s finances and transactions; investors and creditors often watch these sessions because they can reveal asset locations, past transactions and potential recoveries — though the article doesn’t report any outcomes.
The piece references shrinking coalminer Nathan Tinkler facing liquidators over the collapse of Mulsanne Resources and compares that scrutiny to what Groves may face. For everyday investors, the takeaway in the article is that corporate collapses often prompt liquidators or trustees to examine executives’ affairs, which can have knock-on effects for creditors and related companies.
At the launch of Shopping Centre News’ Big Guns report, many top retail property figures attended (Stockland, GPT, Mirvac, Lend Lease, Colonial First State, ISPT among them). The article conveys the view that although retail is going through tough times, shopping centres remain community hubs despite internet growth — a point investors in retail property trusts may find relevant.
The article mentions Woolies’ Ralph Kemmler and many from Coles were mingling at the event, but CBD’s reporters couldn’t glean whether they managed to get any rent reductions. No confirmed rent reduction deals are reported in the article.
The article describes James Packer and other heavyweight figures meeting socially at Sydney’s Rockpool and other private gatherings. While such meetings can be networking opportunities, the article does not report any specific deals or market-moving announcements, so investors should not assume concrete corporate outcomes based solely on these social encounters.
The article recounts a heated exchange at a Senate communications committee and notes a question about whether legal action by Gina Rinehart against Fairfax journalist Adele Ferguson affected freedom of speech. For investors, media scrutiny and legal disputes involving prominent figures can affect company reputations and public perception, but the article offers no conclusion on any direct market impact.
Based on the article’s content, sensible steps for investors are to monitor trustee and liquidator proceedings for companies or executives of interest (like Groves or Tinkler), follow official updates from retail property trusts and major retailers about rents and performance, and avoid overreacting to social gatherings or speculation since the article reports observations rather than confirmed corporate outcomes.
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