Another charlatan to bite the dust?

I see that Wellington-based, self promotionalist and supposed business guru Terry Serepisos has staved off bankruptcy for another day.
I am still betting this little man’s, who is so full of himself he is bloated with ego, time fighting off creditors and holding back the IRD will soon be at an end.
Serepisos – is someone my mother would aptly describe as all mouth and no trousers. Five of his Century City companies were on the brink of liquidation yesterday when a cheque from an unnamed source arrived in the trust account of the companies' lawyer. The money is needed to pay the $3.5m owed to Inland Revenue and another $430,000 owed to ACC. The actual source of the nearly $4 million in rescue money remains a mystery.
Serepisos who starred in a New Zealand version of the US television reality show The Apprentice is also the high profile owner of the Phoenix A-League football team. He is the sort of bloke who can’t walk past a mirror or television camera without commenting on what a great guy he is.
However, the not so modest midget of the business world may well end up starring in his own reality show: Sale of the Century City group of companies!
Serepisos’ $4 million mysterious benefactor means liquidation proceedings have been (for the time being) withdrawn against Century City Football, the company that owns the Phoenix, as well as Century City Developments and Century City Investments. But the companies still to pay Inland Revenue in full are Century City Management, which owes $402,969.60, and Century City Hunter St, which owes $804,061.06.
Any defaults in the meantime could see the cases back in court within 48 hours. And the deal includes a request for Inland Revenue to wipe an unspecified portion of the penalties it had imposed.
This latest development is the culmination of six months of negotiations, delays, and growing impatience from Associate Judge David Gendall. Earlier this year it emerged Serepisos was negotiating with controversial lender Western Gulf Advisory for a US$100m (NZ$125m) refinancing deal.
Despite repeated promises it seems that loan has not eventuated even though Serepisos paid an undisclosed establishment fee. Funny how a supposed on-to-it business guy like Serepisos – similar to failed former Auckland businessman Mark Hotchin – can’t tell a ponzi scheme from a scam. No wonder their business empires end up in ruins!
Maybe Serepisos will follow Hotchin and pack his bags and head to Australia. Let’s hope as – like Hotchin – he’ll be no great loss to New Zealand.
In fact, if he does head across the ditch it will – to slightly paraphrase Rob Muldoon – lift the business ethics of both New Zealand and Australia!