Newspaper article Daily Examiner (Grafton, Australia)

No By-Election Says Developer Baker Explains His Tangled Financial Woes; Baker A[euro][approximately]explains' His Tangled Financial Situation

Newspaper article Daily Examiner (Grafton, Australia)

No By-Election Says Developer Baker Explains His Tangled Financial Woes; Baker A[euro][approximately]explains' His Tangled Financial Situation

Article excerpt

Byline: Terry Deefholts terry.deefholts@dailyexaminer.com.au

MACLEAN developer Andrew Baker declared last week that two of his companies had gone into receivership and that despite paying the National Australia Bank $10 million in the past 12 months, he was still not in the clear.

Yesterday, Mr Baker, who is running for Clarence Valley Council, said only one of his companies, Maclean Hotel Holdings Pty Ltd, had gone into receivership but property owned by another of his companies had across-securitiseda Maclean Hotel Holdings.

aFurther, on the Monday evening, less than three hours after the introduction of the receivers, I did believe it was two companies,a he said.

Asked if ratepayers could expect a by-election if his financial woes could not be overcome, Mr Baker replied: aQuite clearly finances are a[approximately]not in order' right now.a

aHowever, we are working co- operatively with the receivers to establish an exact position,a he said.

aWhen that position is estab- lished I will be in a position to pursue reconstruction. I don't believe the risk of a by-election is any greater now than any other time ... my purpose in making a public declaration was to fully inform voters to allow them to make an informed judgment.

aIf I thought that such greater risk of by-election did exist, I would publish a personal request to voters to not vote for me.a

Mr Baker said the receivers from NAB, who flew up from Sydney last week and gathered information at his office above the Maclean Hotel, had agreed to keep the Maclean Hotel running.

He confirmed Maclean Hotel Holdings Pty Ltd had interests in not only the hotel but several neighbouring properties but it's primary role was the running of the hotel.

He said the losses were complicated but involved, in part, the decline of property values in the area and borrowings against these assets. …

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