Auction of Mainline property on Apr. 16

Press, Volume CXV, Issue 33815, 11 April 1975, Page 12

Auction of Mainline property on Apr. 16

(N.Z.P. A.-Reuter—Copyright) SYDNEY. Real Estate, owned by the collapsed Mainline Corporation, Ltd, valued at Slom will be auctioned in Sydney on April 16. the receiver and manager (Mr J. H. Jamison) says.

The properties to be auctioned are in the Northern Territory, north Sydney, Wollongong and Canberra.

The directors estimate that the total value of the assets of Mainline is 586.8 m. Of those S4Bm worth were subject to specific charges.

Since November 29, several properties had been sold, including the Artarmon Motor Inn, north Sydney, and the Port MacQuarie Hotel, Port MacQuarie. “In these cases sale prices have met all secured debts and interest accrued on them up to date,” Mr Jamison said. Mr Jamison would not know the exact liability of Mainline until all current construction jobs had been finished in about three years.

He hopes to sell the whollyowned Squaw Valley winter sports reserve, in the United States for SUSI2m. No profit would result from this sale; the company was trying to get rid of a liability, Mr Jamison says.

The 11.5 acre leasehold; site of the old Honolulu iron works, Hawaii, is expected to raise SUS6.Sm. The Hawaiian Housing Authority has signed a conditional purchase agreement. Mr Jamison says that!

‘when the Squaw Valley re-; sort has been sold, and the auction successfully completed, "unsecured creditors ; could have some hope.” Then only Mainline’s joint-ventures will be left to : I deal with.