Saturday, February 20, 2010

David Mack has reached the end of the financial road

http://www.sharkpatrol.co.nz/blog/2010/02/businessman-david-mack-declared-bankrupt-again/

From Shark Patrol, a New Zealand blog that finds fraud and helps businesses settle their debts with con artists, comes this link to Wanganui Chronicle:

Former Wanganui businessman David Mack has reached the end of the financial road - again.

Mack was judged bankrupt in the Wanganui District Court this week after a hearing lasting less than three minutes.

He did not appear at the hearing nor did he respond to a request by a judge at a hearing in December to settle his outstanding debts.

The Kiwi-born Mack, now living in Auckland, had returned to New Zealand after failed business attempts in the United States.

According to National Business Review on February 4, 2005, Mack had gone to ground after his third business collapse left creditors out of pocket and the Inland Revenue Department owed a fortune.

"David Mack's business career faces a final blow, with action lodged to have him and his wife, Kathryn, banned as directors," the 2005 story said.

Mack was banned from director/managerial roles by the Ministry of Economic Development (Insolvency and Trustee Service) effective from October 11, 2005 to October 11, 2008. The three companies in which Mack was either the managing director and/or chief executive that had gone into liquidation were marketing and restaurant businesses.

In early 2007 Mack arrived in Wanganui and set up a marketing and advertising business, David Mack and Associates, in Victoria Ave. Mack commuted between Auckland and Wanganui until November that year, when he moved to the River City.

Hired by the Wanganui District Council's economic development agency (WINC), Mack's company assisted in a district branding exercise on behalf of the council.

But in May 2007 the council launched an inquiry into Mack's business background after allegations of "improper influence" were made by the general manager of Wanganui Newspapers, Andy Jarden.  Mr Jarden's allegations referred to Mack's being an undischarged bankrupt and banned from being a company director. During the investigation the inquiry Mack's company in Wanganui did not appear to be registered. Even though the inquiry concluded  no legal transgression had occurred, Mack had "clearly erred" in not volunteering his recent commercial past, the report said.

In a written apology Mack thanked the inquiry investigation team for their fair treatment in the matter. The report quoted Mack as saying: "Please be assured that this apology is truly sincere, and I can only assure that I will not make the same mistakes again."

But in January 2009 Mack left Wanganui, leaving a trail of debt and angry people in his wake...

Full story here. http://www.wanganuichronicle.co.nz/news/debtor-declared-bankrupt-again/1015235/

One year after this story, David Mack and Kathryn Mack had moved their operations to Frisco, Texas, where Kathryn Mack purchased property to pick up what one unhappy New Zealand debtor called the "Bonnie and Clyde" act.