The McMinns - 1997 - Queensland - National Australia Bank

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The McMinns had for decades run a successful motor vehicle dealership in rural Victoria. In 1995, in semi-retirement on the Gold Coast, they decided to invest in a childcare business.

In 1995, the McMinns were introduced to a local NAB commercial manager by a mutual friend. After discussions with the manager, the McMinns liked his proposals for their business and his promotion of the NAB’s services and financial expertise. They consequently switched banks and became clients of the NAB.

The McMinns came to the NAB with a ‘triple A’ rating, a label given to them by their previous ANZ bank manager. They negotiated new business loans that were well within the NAB’s lending ratio and, with the manager’s help, they put together a business plan and began implementing this business plan in October 1995. The purchased childcare centre catered to children but not babies. The plan was to erect an adjacent childcare centre for babies, complementary to the existing centre and the vehicle for building a stable and loyal client base.

Throughout 1996, the business was enhancing its profitability, product of expansion from 85% to 100% of capacity, and was ready to expand with the construction of the second, adjoining childcare centre.

This period of pending expansion coincided with the commencement of major NAB internal restructuring, resulting in a sustained period of downsizing with the closing of branches and retrenchment of staff. The McMinn’s trusted commercial manager was a casualty in this downsizing. They were never assured that his original business advice would be followed through with the new manager.

The McMinns had four different managers in quick succession handling their account. In August 1996, a fifth manager re-endorsed the soundness of the original business plan (jointly developed by the NAB and Alan McMinn) and agreed that the business expansion should proceed as planned.

At the critical point when the expansion had to commence to be ready for the commencement of the school year in 1997, in September 1996 the new manager reported to Mr McMinn that “head office was in a mess due to ongoing restructuring and staff changes, but the loan would be OK so go ahead with planning while he prepared and completed NAB paperwork”. On this basis, the McMinns believed him to be speaking on behalf of the NAB, and they proceeded with preparing to build. Timing was critical for the building to commence by November 1996 and be ready for trading by end January 1997, as this is when parents make childcare decisions for the year.

Suddenly in December 1996, at some senior level of the NAB it was ordered that building work stopped on-site, and a senior officer was sent to appraise the project. Despite McMinn’s efforts to ascertain the reason for the bank’s delay and to organise its immediate resolution, no reasons were given by the bank, and the delay continued. Approval to restart building was not granted by the NAB until March 1997. This unnecessary delay dramatically undermined the business plan, and caused irreparable damage to the previously strong company. Trading during 1997 was below business plan projections because the new development missed the start of the school year. Families in need of the baby centre (some had even planned their babies in expectation of the centre’s availability) moved their children from the existing centre, and capacity declined.

McMinn believes that, during 1997-2000, the NAB was culpable both because of mismanagement of his account as well as mismanagement resulting from NAB’s own internal restructuring. As a reflection of the dysfunctionality associated with bank restructuring, in the 3 ½ year period to mid-2000, eleven people filled in for the manager with whom the McMinns had re-established a viable relationship with in late 1996.

As a consequence of the delayed completion, debt repayments ran into difficulty and the McMinns sought a restructuring of their loan commitments. The bank declined and moved the McMinns from bills to an overdraft and a penalty interest rate of 13%, up from 7%. The bank soon foreclosed on the business.

The bank sold the McMinn business property at a significantly undervalued price. The property was purchased in October 1995 for $1,200,000. There was a valuation in 1996 by Herron Todd White of the expected value of the two businesses (with the expected completion of the baby care centre) of $2,050,000.

With the McMinns under pressure to sell the property following foreclosure, they obtained a contract for $1,700,000, the same day that the bank appointed Arthur Anderson as receiver. The offerers heard about the receivership, and made a reduced offer of $1.51m. The receiver claimed that the offer was not genuine, although no contact was made with the offerer. However, the offerer subsequently purchased three child-care centres for $3m., giving substance to the McMinn offer.

The bank sold the property for $1,180,000, in July 2000 with settlement in September. The property was sold rapidly and by tender, not by auction.

The McMinns have now lost all their assets, including the family home.

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Note: Updated Wednesday 17th June 2009 8.00pm Sydney Time. Love For Life does not support harm doing in any shape or form. However, we are supporters of free speech and post articles, documentaries, etc, that represent a wide cross section of ideas. See the Love For Life extensive research library where over 6000 documents, articles and videos are posted: http://loveforlife.com.au/issues. We clearly see the evidence of the destruction to MAN and the earth that has been caused by ALL religions over the centuries and are therefore not supporters of religions, cults, sects or any group that demands conformity of thought, speech or action, or has rules, regulations or rituals that must be followed. Religions, nationalities and cultural "identities" are formed as a result of the brainwashing we receive from childhood. They are part of the tactics the Establishment uses to keep us all divided from one another and fighting one another.

All religions promote discrimination and division, leading to hatred and even violence and murder. None of them have yet to produce a remedy to all the suffering, poverty, unhappiness and discrimination in the world. If any religion truly had the remedy to all the suffering on earth, there would no longer be any suffering. What have Christianity, Islam, Buddhism, Hinduism, Judaism, atheism and the New Age done to end the suffering in the world?

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The Love for Life website also shows how the Rule of Law, the Bar, the Government, the Monarchy, the system of commerce, the local, national and multi/trans-national private corporations, all the courses and careers on offer from our universities, all the educators, scientists, academics and experts, the aristocrats and the Establishment bloodlines have also done NOTHING to end the suffering in the world. The website maps the insanity of a world where there is no help for those in need, just as there was no help available for us when we were victims of terrible bank fraud: http://loveforlife.com.au/court_case (orchestrated, condoned and protected by an international crime syndicate/terrorist organisation of judges, barristers, registrars, lawyers, politicians, banksters, big business representatives, media moguls and other lackeys who, all together, put up a wall of silence despite our trying many, many avenues. After the family home was stolen and business destroyed we were left close to poverty and destitution caring for 4 young daughters. Three years later not much has changed regardless of all our efforts. Where were all the followers of all the religions to help us? Or do we have to be members of those religions to receive help from others involved in them?

We have been accused of being anti - Jewish because we had posted an excerpt from James von Brun's book: Kill the Best Gentiles! http://loveforlife.com.au/node/6054 in which he blames Jews for the problems of the world. Obviously this is not our view because of what we have stated above. We do not hate anyone, whatever religion they follow. We are always open to talk to any religious leader or politician and meet with any judge, member of the Bar, experts, academics, educators etc to share the remedy we offer that heals all the divisions between MAN and MAN, and MAN and the EARTH.

Today, a representative of the New South Wales Jewish Board of Deputies is threatening to close the website down, because they have decided it is anti - Jewish and that we promote racism. What has the New South Wales Jewish Board of Deputies done to end the suffering in the world? Can they show that they are concerned with the suffering of ALL men, women and children AND ARE SEEN TO BE DOING SOMETHING ABOUT IT or are they only concerned with Jewish affairs? If so, they, along with all the other religions that only care for their own, are part of the problem, not part of the solution. The man who rang Arthur today was only concerned with Jewish affairs; he was not interested in our intentions or in anybody else, just as most Christians, Muslims, Sikhs, Catholics, etc, are only interested in their own. While we separate ourselves into groups, dividing ourselves from others with rules, regulations, rituals, procedures and conditions, we will never solve our problems.

No matter what we in the Western World Civilisation of Commerce have been promised by our politicians, religious leaders, scientists, educators, philosophers, etc, for the past two hundred years, all we have seen is ever-increasing destruction of men, women and children and the earth. None of the so-called experts and leaders we have been taught to rely on are coming up with a solution and none of them are taking full-responsibility for the fact that they can't handle the problem. All religious books talk about end times full of destruction and suffering but why do we have to follow this program when there is an alternative to hatred, mayhem and death? Why are our leaders following the program of destruction and death rather than exploring the alternatives? It seems that any mainstream politician, priest or academic are only interested in supporting the RULES OF THE DIVIDE, that maintain the haves and the have nots. For 200+ years, 99% of the world population have been so trained to pass on their responsibility for themselves, others and the earth, that the 1% of the population that make up the leaders of the rest of us are making all the decisions leading to the destruction of all of us and the earth. Let's not forget the education system that brainwashes the 99% of the population that we are free and have equal rights while, in fact, we are feathering the nests of those at the top.

At the root of all our problems is self-centredness, an unwillingness nurtured by the Establishment that keeps us concerned only with our own needs rather than the needs of others around us and the Earth. Instead of creating and releasing acts of love for those around us as gifts to benefit them and the earth, we take, take and take, until there is nothing left. The whole point of the Love for Life website is to show people the root of all our problems and to share the remedy. The extensive research library is there to attract browsers and to provide access to information not available through mainstream channels. If the New South Wales Jewish Board of Deputies can, after careful examination of our work, prove that anything we are saying is wrong, we will be happy to accept their proof. If they cannot, and they are still insistent on closing the website down, they will be showing themselves to be traitors to MAN because they are not interested in pursuing any avenue that can end the suffering in the world.

All religions, corporations and organisations that support and maintain the Western World Civilisation of Commerce are part of the problem because our civilisation is a world of haves and have nots, racism, violence, hatred, poverty, sickness, discrimination, abuse, starvation, homelessness, corruption, collusion, vindictiveness, social unrest, arrogance, ignorance, fear, war and chaos. While we support civilisation, we support death and destruction because ALL civilisations that have ever existed are apocalyptic by design.

If we truly want peace on earth and freedom for all, we have to let go of all that which keeps us divided, and come together as MAN, conscious living co-creators of creation. The Love For Life website offers a remedy to the problems we all face in the form of DO NO HARM COMMUNITIES: http://loveforlife.com.au/node/3641 For more details see here: http://loveforlife.com.au/node/6511 and here: http://loveforlife.com.au/node/3385 - We also highly recommend that everyone read the brilliant Russian books called The Ringing Cedars: http://loveforlife.com.au/node/1125 - The Love For Life homepage/front-page also provides lots of inspiring remedy based information: http://loveforlife.com.au - If you want to be kept up to date with our work please register to the Love For Life mailing list here: http://loveforlife.com.au/campaign_list We usually send two postings per month. Presently there are over 5000 registrations reaching over 200,000 readers globally. The website now receives over 2 million strikes per month with June 2009 heading close to (or over) 3 million strikes.

Conscious Love Always
Arthur and Fiona Cristian
Love For Life
17th June 2009