Winner , the Kelt book is likely badly impaired for the simple reason that Kelt Capital (owned 100% by Sam Kelt) competes with Kelt Finance (75% SCF). So you could imagine which entity gets the 'good loans' and which gets the 'others' . A massive conflict for Kelt and a deal that raised a few eyebrows at the time , very 'unHubbard' to deal with glitterati wide boys with anger management issues?
The recievership of Satuit Properties Ltd in Napier (SCF owed $15m) is another Bay deal gone bad. 1st recievers report states recovery factor 'unknown'. This type of situation will rife in the lending book , most developers have now flown the white flag.
How is it that Chris Lee et al cannot perform this simple due diligence prior to 'advising' grannys on their nest eggs??
Misc