Not properly made submission (object) Raymond McComb MCU13/0092

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                                                month, the rapid decline of the Club was
     Club, at best was around $11000, per
     ~nevitable.
                                                                        debt and therefore
                                Now it was widely published that the
                                             "valuation" of the Club’s land was of the
     the value of the mortgage based on a
                                                                                  of Pine
                                        There is little doubt that the ~xecutive
     order of $900,000 to $1  ,ooo,ood[       the management of Peregian Club
                                                                                    to sign
     Rivers cajoled bludgeoned and    pullied                          of dollars"  of debt.
     over the title deeds on
                             the basis of’ hundreds of thousands
                                                                          of the Peregian
                                 On 23 February, 2012 the liquidator
                                            the Club. As a Creditor   Pine Rivers Bowls
     Beach Bowls Club began winding up
                                       with the Liquidator, the value of this debt
                                                                                    was
     Club Ltd. lodged a proof of debt
      $65,000.
                   Conclusions
                                                                            Club
                                 1. Since the provable debt of Peregian      appears
                                    to be $65,000 the Club must
                                                      ,
                                                                  have  been profitable
                                     over the      of 2004, to 2010 to have paid out
                                                period
                                                                                   for
                                     the $132,000 mortgage and to have operated
                                                                        survived in the
                                     that period of time and would have
                                     future.
                                  2. Pine Rivers management has
                                                                acted as       a   Corporate
                                                                                      it
                                     raider having acquired the land and now offering
                                     for sale at $1.6 to $1.8 Million
                                  3. The ownership of this land by
                                                                      Pine Rivers is
                                                                              Because:-
                                     unusual, bizarre and inappropriate.
                                                                           metres and is
                                  4. "The subject site contains 6503 sq
                                                                         for sport and
                                     part of a larger area of land used
                                                                                   Noosa
                                     recreation the only such land between the
                                     Aquatic center and the southern
                                                                        limit of Peregian
                                      Beach south.
                                                                       and potentially
                                  5. The land as it is currently zoned
                                     used for       and recreation is a very valuable
                                                 sport
                                                                                   of the
                                      asset to many local residents because
                                      paucity of other sites."
                                                                              undertake
                                   6. It is realized that a council would only
                                      compulsory    acquisition proceedings in most
                                                                                      the
                                      unusual circumstances .It is submitted that
                                                                                      sizeable
                                      acquisition of (by questionable means) a
                                                                         land by a body
                                      piece of recreational and sporting
                                                                            the Sunshine
                                       not associated in any other way with
                                       Coast is a most unusual circumstance!
                   Recommendation.
                                                                                Sunshine
                                      It is strongly recommended that the
                                                                 land.
        Coast Council take    action to compulsorily acquire the



                                          ~~~
                                          Raymond G. McComb


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