Liquidated Whale Oil company owes more than half a million dollars

The liquidator of Social Media Consultants has already issued her first report. While total debts are unknown (including the bank and IRD) Sundry Creditors total $519,625, and there’s another $146,361 owed to the shareholder Current Account, and subscribers with an estimated $5,000 paid in advance.

Most of the sundry creditors are likely to be lawyers bills and court awarded costs in several defamation proceedings Cameron Slater and Social media Consultants Limited remain embroiled in.

The only assets apart from $856 in the bank and $4,538 debtors are Intangibles – listed as blog, domain name and IP.

 

Slater’s stroke may have had some impact on ongoing income, but his legal costs must have had most impact. he was hit with several expensive legal whammies in the weeks just before and after he had his stroke.

$5,000 doesn’t sound a lot for 300+ subscribers. perhaps most of them are only paying monthly. That would be a prudent approach at this stage.

Who would be interested in buying Whale Oil?

It’s difficult to know what the blog and website address would be worth. It would hardly be a going concern, and it could be an expensive hobby.

The liquidator states that a priority is obtaining a legal opinion on “the ability to sell the blog which contains personal information that may be subject to legal proceedings in the future”. It could be a big job checking the vast content still online for legal risks.

There might be most value from someone who had an interest in buying Whale Oil to shut the blog down and scrap all contents. That would be a huge fall from the heights it reached five years ago. Dirty Politics probably precipitated the fall, but the ongoing legal issues ended up being the most damaging.

Slater has ruled himself out of involvement in the blog, and it’s difficult to see how the current sole shareholder, Juana Atkins, can continue there either. Atkins has done a huge job reorganising and running Whale Oil over the last few months, but she may not see much for her efforts.

NZ Herald:  Whale Oil company owes more than $670,000 – liquidator

I can find no sign of this news on Whale Oil, nor of the company going into liquidation earlier in the week.

They are still advertising subscriptions and meat. They have shuffled things to different companies, but this must be a but suspect, especially the subscriptions.

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13 Comments

  1. Kitty Catkin

     /  29th March 2019

    $675,000 in round figures; I can’t be bothered to add it up exactly and it’s academic, anyway, as the chances of its being repaid are minuscule.It’s disgraceful that he can drop all those people in it and walk away from them.

    Reply
  2. Also recently: Court action against Whale Oil founder continues despite bankruptcy

    Public health leaders push on with case against right-wing Whale Oil blogsite founder Cameron Slater, despite his being declared bankrupt last month…

    https://www.nzdoctor.co.nz/article/print-archive/court-action-against-whale-oil-founder-continues-despite-bankruptcy

    Reply
    • Duker

       /  30th March 2019

      Slater and his business are only the lead defendants in that case,
      Other defendants are Rich, Graham , The Food and Grocery Council ( the big names in groceries) , who were all involved in some ways with Slaters ‘pay for play’ scheme. And rightly they should be accountable.
      The way the court system works if the lead defendants cant pay, the others will still do some share of any damages and may even have to wear Slaters share

      Reply
  3. Tipene

     /  29th March 2019

    Seriously?

    Just 300 subscribers, no assets, no cash, massive debtors, a leased vehicle, the missus springing for the bills, and Slater STILL chose to play the hard game against Craig, Blomfeld ,and Swinburn et al?

    This isn’t a bankruptcy – it’s a personality disorder.

    Power really is as power is perceived, isn’t it?

    Reply
    • Atkins has been left trying too rescue things, futilely, because Slater can’t concede he’s made a mess so keeps digging holes. The only thing he has ended up being good at is claiming to be a victim, without ever looking in the mirror.

      Reply
  4. Alan Wilkinson

     /  29th March 2019

    Anyone want a pet Whale? This one needs rehoming. Blew hard and often but got harpooned too many times. Now stranded on an outgoing tide it’s looking desperate. Actually too desperate for comedy. This is a Shakespearean-level tragedy of blind arrogant offence given and taken.

    Reply
  5. Blazer

     /  30th March 2019

    should have to pay…’double’ for being an …..

    Reply
    • Loki

       /  30th March 2019

      I would expect that Blomfield will try to drag his rental houses into the pot too.

      Reply
  6. Blazer

     /  30th March 2019

    stop picking on the poor sod….it may bring on ‘mental’ trauma….the best escape for this blowhole.

    Reply
    • Loki

       /  30th March 2019

      I am not alone in honest belief that he has over egged the stroke. This is a situation that is 100 percent of his own making.
      Wise counsel was ignored every time, offered often and scoffed at.
      You know he STILL hasnt apologised to those who tried to help him but were very badly affected by dirty politics.
      He used to say “own your shit” but he always finds somebody else to blame.
      I hope they manage to unstitch the rentals that were funded wholly or in part by the Fidelity Life payout (That disgrace is worthy of a book). Those properties were bought AFTER the Blomfield action began.
      His poor wife is in my opinion the worst case of Stockholm syndrome since Patty Hearst.
      I hope they take his guns and Ute.

      Reply

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