Property developer Daniel Grollo has apologised to creditors for “having to go through” the administration of 88 companies, but he avoided giving further details about $90 million in related Grocon company loans.
Companies and individuals, owed about $100 million, will have to wait another 10 days for a decision on the collapsed group’s future after Tuesday’s creditors’ meeting was adjourned.
Dozens of the wealthy property developer’s companies were tipped into administration earlier this year, a situation Mr Grollo blames on a $270 million legal dispute with Infrastructure NSW over the Central Barangaroo development in Sydney. Read more…..
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In his annual letter to shareholders, Berkshire Hathaway’s Warren Buffett admitted mistakes, commented on the markets, offered some folksy wisdom and talked up America. CNBC’s Becky Quick breaks down the contents of this year’s letter.