Craig Gore

Craig Gore is an entrepreneur from Sydney, Australia.

Business affairs

Gore is the founder and former owner of the Australian Financial Planning chain "WPS". Gore was also the co-founder of property development company Atkinson Gore Group, an earth-moving business that built the Hope Island canal where he planned to develop Australia's first adult-only residential community.[1] Gore sold part of this site to Australand Ltd for A$90m in 2003.[2] Gore also founded a wine exporting company called "Aussie Vineyards",[3] He was ranked sixth on the Business Review Weekly young rich list in 2006 with an estimated wealth of A$160 million.[4] The following year he appeared 199th in the BRW Rich 200 list with an estimated wealth of A$183 million.[5] He has sponsored and owned V8 Supercars and IndyCar and Champ Car racing teams such as Team Australia racing.[6][7] As a result, Gore played a part in the careers of two of Australia's most successful Motorsport exports Marcos Ambrose (NASCAR) and Will Power (INDYCAR). In 2005 Gore, at the request of the Queensland Government, invested in Australian driver David Besnard, who drove in the INDY 300 classic on the Gold Coast drawing one of the biggest one day crowds to a motorsport event in Australian history.[8]

Insolvency and bankruptcy

In 2008, Secured Capital & Finance, a firm jointly owned by Gore and John Atkinson froze redemptions to its clients.[9] The appointed liquidator CRSWarnerKugel found that Wright Patton Shakespeare, a financial advice firm then owned by the duo, had recommended that their clients invest in SC&F, being unaware of Gore's interest in the firm.[9] The liquidator went on to describe the arrangement to "something akin to a Ponzi scheme", something denied by Gore.[9] The liquidators investigations suggested that between 2001 and 2004, Secured Capital & Finance used investors' money to make interest payments to other investors, pay directors' credit card bills, and forward money to other companies owned by Gore and Atkinson.[9]

Wright Patton Shakespeare, which had been subsequently acquired by British politician Lord Michael Ashcroft, offered to pay investors 10¢ in the dollar and take over their debts, before paying out 60¢ in the dollar over four years.[9]

Gore's creditors accepted an offer which provided for a payment of 3 Million dollars, over three years, and 30% of all profits from a Gore-controlled trust on 18 November 2010.[10][11][12] His creditors decided to terminate the PIA on 24 February 2012.[13][14] Gore declared himself bankrupt and the Public Trustee ITSA consented to on act as official trustee 18 April 2012.[15][16] Creditors concerned about the contents of the Official trustees report, voted to terminate the Official trustees appointment and voted in Gregory Moloney of Ferrier Hodgson on 19 September 2012.

References

  1. ↑ "Child-free housing zone gets big no-no from commissioner". The Sydney Morning Herald. 29 July 2002. Retrieved 28 February 2014.
  2. ↑ "Land for sale, Cova, Hope Island, Queensland. Property Investment or Owner Occupier. -Australand". Residential.australand.com.au. Retrieved 28 February 2014.
  3. ↑ "Meet Gore's money man, Lord Michael Ashcroft". goldcoast.com.au. 16 September 2008. Retrieved 3 June 2013.
  4. ↑ "Wealth: simple as ABC". The Sydney Morning Herald. 13 September 2006. Retrieved 3 June 2013.
  5. ↑ "Craig Gore property: luxury rental while ASIC investigates bankruptcy". Crikey. 3 June 2013. Retrieved 28 February 2014.
  6. ↑ "Gore applauds US merger". Foxsports.com.au. 23 February 2008. Retrieved 3 June 2013.
  7. ↑ WPS Racing
  8. ↑ "Australian Sports Crowds (Attendances)". Austadiums. Retrieved 28 February 2014.
  9. 1 2 3 4 5 Clancy Yeates (18 June 2010). "Gore Jnr denies Ponzi scheme". The Sydney Morning Herald. Retrieved 28 February 2014.
  10. ↑ Nick Nichols (13 September 2010). "Craig Gore back from the brink of bankruptcy". Gold Coast Bulletin.
  11. ↑ CBD (24 October 2009). "Win-win follows loss-loss for gore". The Sydney Morning Herald. Retrieved 3 June 2013.
  12. ↑ Craig Gore loses fight over trustee Anthony Marx, The Courier-Mail, 4 January 2012
  13. ↑ "Gore facing bankruptcy as creditors crack down". The Australian. 28 September 2012. Retrieved 3 June 2013.
  14. ↑ "Craig Gore faces imminent bankruptcy". Goldcoast.com.au. 25 February 2012. Retrieved 3 June 2013.
  15. ↑ "Craig Gore: I'm bankrupt and scared". Goldcoast.com.au. 18 April 2012. Retrieved 3 June 2013.
  16. ↑ "ATO seeks order to wind up Gore". Couriermail.com.au. 20 May 2013. Retrieved 3 June 2013.
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