Rorticulture: MacBank, Al Gore & KordaMentha deny a farm is a farm

by | Nov 1, 2016 | Business, Despatch, Finance

Incredibly, Macquarie’s investment bankers, Al Gore’s investment fund and KordaMentha are denying that a farming project – to which they lent $36 million – is a farming project at all.

The flustered financiers and their insolvency agents are yet to explain why they believe a farm, whose entire modus operandi centres on the growing of cucumbers and tomatoes, is not a farm. Nonetheless, they have given notice that they will be defending a legal claim, explicitly, with the contention that the farm in question is not really a farm at all.

Al Gore, Macquarie, KordaMentha stiff farming pioneer

The point is that when the bankers pulled the pin on Cor Disselkoen’s 14 hectare glasshouse farming project they did not offer Disselkoen “Farm Debt Mediation” as is required under the NSW Farm Debt Mediation Act. Now they face a claim that their administration is void.

As reported here yesterday, MacBank and Al Gore’s Generation Investment Management (GIM), appointed KordaMentha as administrators to Maria’s Farm Veggies in June this year.

(Readers: please note the word “Farm” after the word “Maria’s”. Even the name of the asset – to which MacBank and GIM are creditors – contains the word “farm”).

The project is to rely on income from the farming of tomatoes and cucumbers to fund its borrowings. Further, the land on which the project is situated is zoned “rural” and the project’s prospective employees will be engaged in the picking of vegetables, an activity also widely described as “farming” – by everybody else in the world, that is, except Macquarie, GIM, KordaMentha and lawyers Baker & McKenzie.

 

ABOUT THE AUTHOR

Michael West

Michael West

Michael West established michaelwest.com.au to focus on journalism of high public interest, particularly the rising power of corporations over democracy. Formerly a journalist and editor at Fairfax newspapers and a columnist at News Corp, West was appointed Adjunct Associate Professor at the University of Sydney’s School of Social and Political Sciences. You can follow Michael on Twitter @MichaelWestBiz.

2 Comments

  1. Avatar

    That’s all right then – after all, MacBank isn’t really a bank, just a one-word rip-off machine, inflating fiscallions in a millionaire manufactory. No farm, no probs. A truss of rotten tomatoes to KordaMentha though.

  2. Avatar

    Macquarie seeking to become the Australian equivalent of the great American bubble machine, the great vampire squid wrapped around the face of Australia. Well done Al Gore for a great partnership.

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