The fallout from the $1 billion collapse of Rick Stowe's Griffin coal and power empire continues to spread with administrators being appointed to yet another Stowe company.
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The fallout from the $1 billion collapse of Rick Stowe's Griffin coal and power empire continues to spread with administrators being appointed to yet another Stowe company.
The fallout from the $1 billion collapse of Rick Stowe's Griffin coal and power empire continues to spread with administrators being appointed to yet another Stowe company.
Australian Securities and Investments Commission documents show that KordaMentha partner Brian McMaster was appointed administrator of a sixth Stowe company, WR Carpenter Australia Pty Ltd, late last week.
The company was previously known as WR Carpenter Finance Corporation.
The move comes three weeks after Mr McMaster was appointed administrator of five key Stowe companies associated with its Collie coal mining and energy business on January 3 in the wake of missing a $25 million interest payment to bondholders owed $538 million.
The five companies are Griffin Coal, Griffin Energy, WR Carpenter Holdings, Carpenter Mine Management Pty Ltd, Carpenter Mine Management Holdings and ACN 122 080 684.
The administration of WR Carpenter Australia came hot on the heels of Commonwealth Bank's move to appoint receivers to three other Stowe entities: WR Carpenter Properties and Devereaux Farm Pty Ltd on January 15 and BB Villas Pty Ltd on 20 January.
The three companies in receivership control a number of valuable properties, including the Stowe family's sprawling Devereaux Farm property at Bullsbrook, and several villas at the ritzy Bunker Bay Resort.
Mr McMaster this month revealed that the bank held a $28 million charge over a big parcel of undeveloped land at Bunker Bay owned by Mr Stowe which was put on the market for $20 million in October.
The receivers have reportedly been instructed to seize and sell the Devereaux Farm property and five villas at Bunker Bay Resort to recover the bank's money.
The move looks set to derail Mr Stowe's own attempts to sell key property assets.
As reported first by WA Business News last week, Mr Stowe appointed prestige real estate agent Willie Porteous to sell Devereaux Farm for $70 million. Mr Porteous also sold a prime beachfront property owned by Mr Stowe in Swanbourne within 72 hours of listing for over $7.8 million.
Mr Stowe has also reportedly put his prized Studleigh beef property near Moora on the market for $15 million.
Mr McMaster is being sought for comment.