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Mortgagee Sale Of NZ Stoney Bridge Waikato

Wednesday, 1st December 2010

In New Zealand, a mortgagee tender for Matamata's Stoney Bridge Waikato stud farm "closes on December 16 but will allow the stud to finish the breeding season," reported The Waikato Times. Stoney Bridge Waikato (the trading name for a bloodstock business owned by Waikato Farms Ltd) stands 7 stallions on a 56-hectare property which the newspaper "understands the capital value to be NZ$4.7 million". One-time rich-lister Mike Tololi bought the former Java Lodge property in 2006 & renamed it Stoney Bridge Waikato (linking it to his Karaka stallion station Stoney Bridge). However several companies Tololi owned "collapsed last year & the Stoney Bridge Waikato property was transferred to Waikato Farms Ltd, a company owned by Simon Quintner, a former Stoney Bridge employee who is believed to have returned to Australia". Tololi "was adjudicated bankrupt on July 8, after creditors turned down his debt-compromise offer of NZ$300,000 to have been paid over time on NZ$40.3 million of debt". Real estate company Bayleys is selling the property on behalf of Guardian Trust (executors of the mortgage). Grant Boyes (who manages the business for Waikato Farms) said the land "was financed through a different lender to the business, which included the bloodstock"; he said the "bloodstock business was safe & would continue to operate". Waikato Farms owns stallions Mr Nancho, Storm Creek & Royal Gem & has a 3-year lease on Ekraar & southern hemisphere breeding rights for Hawkeye; Ustinov & Great Britain stand at the farm for outside owners.

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