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Tony and Lorise Goonan - 2001 - New South Wales - National Australia Bank

Tue, 06/19/2007 - 20:40 — Arthur Cristian
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Tony and Lorise Goonan had run a successful hardware store in Singleton, New South Wales, since 1993. Tony has an accounting background, and they plucked the hardware business out of the moribund local Cooperative, and built the business up from scratch. They had a good relationship with local builders. In early 2000, they purchased a reputable hardware business in Forster on the New South Wales north coast. The funds were obtained from the Singleton branch of the National Australia Bank, with whom the Goonans had long had a productive relationship.

In late 2000, the stores were hit with declining sales. The implementation of the Goods and Services Tax was clearly a factor, and spending in Forster (a holiday and retirement town) was down due to the Olympic Games. Forster was also hit with heavy rains (knocking local building) and an unconscionable Council road closure lasting six weeks. In early 2001, Tony Goonan sought an extension of his Forster overdraft to assist with what was interpreted as short-term cash flow problems.

In July, the Singleton Manager discussed the business, claimed the application to be reasonable and promised to forward the application to Sydney for ‘rubber stamping’. After five weeks’ silence, Goonan rang the NAB to be told by the Manager’s assistant that the application had been unsuccessful. No reasons were given.

In October, the Singleton manager and his assistant called in unannounced at the Forster store (also secretly checking out the Goonan’s residence at Old Bar), claiming ‘only a social visit as we happened to be in the area’. Two weeks later, Goonan received a call from the Sydney office of Deloitte advising that the NAB had foreclosed on the facilities and that Deloitte was now managing the accounts.

Tony Goonan rang his branch to inquire what was going on, and was told that they knew nothing about it and would call him back to arrange a conference call with relevant parties. The branch did not call him back.

Given the conditions, the Goonans placed their company in voluntary administration in late November with Knights Insolvency of Sydney. The Goonans’ original ambition was to get through the immediate difficulty period and then revive their businesses. Knights led them to believe that they would continue trading for three months (over the important Christmas/Summer period), during which time both shops would be advertised as going concerns. Knights ordered new stock for this period. Yet, at a meeting of creditors on 19 December, the NAB and Knights placed the company into liquidation.

Being unable to pay trade creditors, the Goonans placed themselves into bankruptcy in February 2002. The keys to their residences, for lack of alternatives, were handed over to the NAB in March and June.

The Goonans had overdrafts totalling $365,000 on Singleton and Forster, a fixed term loan of $417,500 (for the Forster purchase) and five vehicle leases (two of which were almost paid off). The loan was being repaid at $6000 per month, and payments were several thousand dollars ahead of schedule. Total payments were roughly $12,000 per month on a previously long-term turnover of $200,000 per month.

The Goonans were not in default, and their payment history was sound. None of the various definitions of default in the loan documents are applicable to the Goonans. No written advice was received from Deloitte. No written advice was received from the NAB advising default in spite of requirement to that effect in the loan documents.

The Goonans’ accountant contacted a sometime NAB branch manager known to him. The accountant was informed that, following the introduction of the GST, small hardware stores and small transport companies were being generally targeted by the NAB, and that the Goonans’ files would be marked ‘red’.

A January 2002 letter from the NAB Asset Structuring Unit claimed that ‘as you are aware, the company is in default by virtue of the appointment of an Administrator (or Liquidator) to it’. This claim bears no relation to bank loan documentation.

The Goonan’s Singleton residence was sold in November 2002 for $235,000. The Goonans estimate that its proper value was about $260-270,000, but the NAB had left the property vacant for 8 months before its sale. The Old Bar property had been valued at $175,000 and was left vacant for seven months before its auction in January 2003 (the Goonans had requested that their children be permitted to purchase Old Bar at market valuation, but the bank refused). Serendipitously, the NAB benefited from the beginning of a local life-style boom, the property selling for $287,000. Blocks in Old Bar now sell for over $200,000, and the Goonan house, 100 yards from the water, would be now worth about $400,000.

The two hardware properties were leased. All the stock, fixtures, fittings and vehicles were auctioned at Singleton in early January for $125,000 – estimated by the liquidator to be less than 20% of total value while trading. A vehicle sold for $31,000, $20,000 less than its market value.

Approximately $1m. of assets has disappeared – some redistributed through lower prices to purchasers of stock, vehicles and residences; substantial goodwill was destroyed, and the rest frittered away in costs of liquidation.

The Forster stock was re-located to Singleton over Christmas at a cost of $41,000. Contemplate the rationality of moving the contents of a hardware store across country for a fire sale, especially in early January. By the liquidator’s estimate, the NAB would only have received about $10-15,000 of the auction proceeds, the bulk going to the liquidator and auctioneer.

The NAB’s net proceeds after foreclosure appear to be negative, with the proceeds of sale of the two residences and the paltry returns from the stock/vehicles sale less than total debt. Interest continued to be charged on the Goonan’s debt, at penalty rates, between the time of bankruptcy and the sale of Old Bar, summing to $60,000, presumably with no expectation of recoupment.

In mid-August 2002, the NAB was reported in the Australian Financial Review as shedding ‘non-performing and marginal borrowers from its $65 billion business loan book to preserve credit quality’ (Lekakis, 2002). In the previous ten months, the NAB had shed $1.3bn worth of business borrowers ‘because those customers either wouldn’t work with us or failed our tests’. The Goonans had over eight years of passing the usual tests of successful businesses for their bank lenders.

The Goonans previously employed up to 16 people. They are now penniless and in receipt of the pension.

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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?

The Love For Life website has information from all sides on many subjects, whether about Islam, Judaism, Christianity, Law, health, psychology, mind control, vaccination, aspartame, MSG, Chemtrails etc. There are over 6000 articles, documentaries etc on the website and they are so diverse that we are sure that everyone would be able to find something they loved and something they hated, if they took the time to search. If we removed all the articles hated by everyone, there would probably be nothing left! We are not anti anyone but freedom of speech is freedom of speech and no one should condemn the work of another without taking the time to research the subject themselves. Yes, there are articles by those who have a less-than-rosy-viewpoint of Judaism, but there are also articles on the dark side of Tibetan Buddhism (and it is very dark) for those who are interested in the truth: Tibet - Buddhism - Dalai Lama: http://loveforlife.com.au/node/6271 Should the authors of these articles be abused and imprisoned for daring to challenge the widely conceived reputation of Buddhism as being the religion of peace and love and that of the Dalai Lama as a saint, or should those interested be allowed to study the work and come to their own conclusions? The same applies to all the articles, documentaries, etc, about Christianity, Islam, Freemasonry, New World Order, etc.

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