Pegasus Town Ltd, the developer of the Pegasus township north of Christchurch, has been placed into receivership after Managing Director Bob Robertson was unable to finance the purchase of discounted loans.
The connection to the Fiordland Link Experience monorail concession bid is that Mr. Robertson is also the Managing Director of the Infinity Investment Group, which is the majority shareholder of Riverstone Holdings Limited - the company bidding for the monorail concession - of which Mr. Robertson is the CEO.
This latest development raises serious questions about the monorail bid:
- Is Riverstone Holdings Ltd actually in a position to be able to build a $150 million monorail, if they are granted the concession?
- If not, then is Riverstone Holdings Ltd simply planning to win the concession from DOC, and then sell it on to another developer for a quick profit?
- Is the monorail bid simply an attempt to also increase the profitablity of Infinity's hotel at Te Anau Downs, by getting another developer to deliver tourists from Queenstown directly to their door - at the expense of destroying world heritage wilderness?