Would they pay the creditors?

March 22, 2012

A UMR surveys shows 70% of New Zealanders oppose the sale of the Crafar Farms to overseas investors, regardless of the buyers’ nationalities.

The poll (with a sample size of 750) was commissioned by the Crafar Farms Purchase Group and was carried out the weekend before the Labour Party unveiled its revamped overseas investment policy on March 11.

Purchase Group spokesman Alan McDonald said the poll reflected the consistent view that New Zealanders oppose the sale of productive farm land to overseas investors of any nationality.

Shanghia Pengxin has offered to pay $210 million for the farms. The Crafar Farms purchase group has offered only $171.5m.

I wonder what those surveyed would think about some $40 million in debts going unpaid if the farms weren’t sold to the people who have made the only offer acceptable to the receivers so far?

Do they realise that most, if not all, of that debt is owed to unsecured creditors, most of whom will be local people and small businesses who supplied and serviced the farms?

Do they feel so strongly opposed to the sale of the farms to foreigners that they would be prepared to pay those creditors?


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