Queenstown’s home to expensive, palatial pads – but even the rich and famous have suffered in controversial new property valuations.

Sir Michael Hill's Arrowtown home	Vanessa van Uden's Kelvin Heights digs

Peter Thiel's Queenstown Hill pad	Sir Eion Edgar's Kelvin Heights place

Queenstown’s home to expensive, palatial pads – but even the rich and famous have suffered in controversial new property valuations. 

Nationwide property monitor Quotable Value has recently released its new house and land assessments for the Queenstown Lakes District and most places appear to have dropped in value. 

Before the appeal period closes tonight, Mountain Scene researched some notable local homes to see how they’ve fared. 

Philanthropic millionaire Sir Eion Edgar’s sprawling Kelvin Heights super-home has dropped $100,000 to $6.7 million. The house of nearby resident, former chairman and director of Skyline and Mountain Scene owner, Barry Thomas, has dipped by the same amount. His pad is now worth $2.7m. 

Jeweller Sir Michael Hill’s luxury Arrowtown home has dipped $65,000 to $4.25m but Hollywood actor Sam Neill’s Dalefield estate has climbed $250,000 to $5.65m. 

Facebook tycoon Peter Thiel, who bought bankrupt developer Rod Nielsen’s “Plasma Screen” home on Edinburgh Drive in August, may have mixed feelings about his latest valuation. Previously worth $1.3m, it’s climbed to $2.5m – but it’s still nowhere near the $4.7m he paid for the place. 

The value of mayor Vanessa van Uden’s Kelvin Heights family home has climbed $5000 to $840,000. 

Van Uden laughs when contacted about her latest assessment. 

“Well thank you for finding that out for me, I obviously hadn’t paid attention.” 

Quotable Value acts independently of any local authority so QLDC has nothing to do with valuations. 

“All we know is we got a broad brush overview of the percentage drops in area groups,” Van Uden says. 

“I know empty sections, Wanaka houses and I think lifestyle properties have dropped quite a lot.” 

Still, she’s pleased her home has increased. 

“But in the end the property’s only worth what somebody’s prepared to pay for it if you want to sell it.” 

Queenstown’s Real Estate Institute spokesman Kelvin Collins claimed in Mountain Scene earlier this month that 60 per cent of the new values were inaccurate. 

Don't just book it, Thomas Cook it. So runs the slogan. Would you

 

Don't just book it, Thomas Cook it. So runs the slogan. Would you? Here's interim (that's reassuring) chief executive Sam Weihagen doing his safe-as-houses routine: "It's business as usual. We are trading within all our covenants. We have all the protection in place like any other travel company, and customers should not worry at all." Well, not quite like any other travel company. Thomas Cook of course holds an Air Travel Organisers' Licence from the Civil Aviation Authority which means customers should get their money back in the event of calamity. But the simple fear of being stranded a week after passengers of Austria's Comtel Air had to bribe pilots with £20,000 just to return to Birmingham is bound to unsettle would-be customers. There's a circle at work here and it is vicious. Given the choice between a similarly priced holiday with Thomas Cook or, say, Thomson, why would you risk the former? To counteract this, Thomas Cook might have to slash prices. That will eat into margins, cut profits and put banking covenants at risk. It might very quickly find it needs to borrow even more money. The company insists: "This is a robust business that has a strong future". We'll see.

Police were in dark over foreign axe killer living in UK

 

COPS did not know an East European axe murderer was living in the UK until he caused a killer car crash, a court heard yesterday. Intars Pless, 34, hacked through a friend's throat in his native Latvia, then moved to Britain after he got out of jail. But Lincoln Crown Court heard police can only check a foreign national's record if they break the law here. So Pless's horrific crime came to light only after he drove into moped rider Valentina Planciunene, 37, while over twice the limit. Stuart Lody, prosecuting, told the court: "On the night of Valentine's Day he decided it would be a perfectly good idea to drink a very large quantity of whisky. Surprised "He and a friend spent a considerable period of time drinking whisky and driving around. "During the driving he was possibly drinking whisky as well. An empty whisky bottle was found in the boot of the car. "At the time of the collision he was heavily under the influence of alcohol. His ability to drive would have been severely impaired." Pless was convicted of causing death by dangerous driving after the jury heard he left her dead in the road in Wyberton Fen, Lincs. He was told he faces a long jail term. The judge also called for his deportation.

Thomas Cook is running low on cash and has begun talks with its banks

Thomas Cook planes parked at Munich airport last year. Photograph: Alexander Hassenstein/Getty Images

Thomas Cook is running low on cash and has begun talks with its banks, in an effort to increase its borrowings to tide it over the slow Christmas season.

Shares in the tour operator fell by more than three quarters on Tuesday morning after it admitted that trading has "deteriorated" in recent months. It is now seeking to borrow more in the short term, and has postponed the publication of its financial results until the talks are concluded.

Shares in the company, which abruptly lost its chief executive three months ago, tumbled by more than 75% to 9.3p at one stage.

Tour operators tend to run low on cash in the slower winter months, but even so, the news stunned the City. Only last month, Thomas Cook said it had agreed a further £100m in short-term funding from its banks explicitly for the winter lull.

A spokeswoman said that discussions with banks were merely a "prudent" and "pro-active" move. Thomas Cook still has cash in the bank, she said, but wants to be prepared for any unexpected shocks over Christmas. All customer orders are protected by the ATOL protection scheme and equivalent programmes, she added. "Thomas Cook still has cash on the balance sheet, but because conditions have deteriorated further [since October], particularly around trading, some of that extra funding has been used up. Thomas Cook feels it needs more headroom to be prudent," she said.

Interim CEO Sam Weihagen added: "It's business as usual. We are trading within all out business, and financial, covenants, we have all the protection in place like any other travel company, and customers should not worry at all."

The company is seeking roughly £100m more in its latest talks. It made the decision to renew talks with banks on financing after realising the scale of the recent downturn in an internal trading update meeting yesterday.

Chicago cops accused of working for Latin Kings held without bond

 

Two Chicago police officers accused of committing armed robberies at the will of alleged Latin King members were ordered held without bond Monday. Alex Guerrero, 41, and Antonio C. Martinez Jr., 40, were the ones in handcuffs Monday afternoon, appearing before a federal judge in orange Porter County jumpsuits. The duo were named in a 46-page indictment unsealed Friday that alleges a racketeering conspiracy among fifteen Latin King gang members or associates. Guerrero's attorney, Kevin Milner, fought for his client to be on home detention. He said his clients' parents offered to put up their $175,000 Chicago home for their son's pretrial release. "For Mr. Guerrero to violate his bond, his parents would be on the street homeless," Milner said. "I've known Mr. Guerrero for 15 years. He would rather slit his wrists than do that to his parents." Milner claimed there was no evidence against Guerrero, and that the father of six had no criminal record. According to the indictment, Guerrero and Martinez Jr., committed armed robberies of drug dealers in Illinois and Indiana while in uniform and under the guise of performing legitimate police operations. They allegedly turned over the drugs and money to the Latin Kings in exchange for about $10,000 in kickbacks. Assistant U.S. Attorney David Nozick argued that Guerrero and Martinez were dangers to the community after using Chicago police vehicles, service weapons and uniforms to rob people at gunpoint. Nozick also said Guerrero was a flight risk, as his wife has family in Mexico and he faces up to life in prison.  Magistrate Judge Andrew Rodovich ordered Guerrero held without bond. Milner said they were disappointed with the decision, and that his client would be sitting in jail for at least a year pending trial for a crime he did not commit.  "I don't know who will give him that year back," Milner said. Martinez Jr., did not contest being held pending trial.

Police on the Costa del Sol were yesterday hunting a gang who stole £1million of cocaine from a warehouse where authorities held seized drugs before destroying them.

Police on the Costa del Sol were yesterday hunting a gang who stole £1million of cocaine from a warehouse where authorities held seized drugs before destroying them.

The thieves used laser equipment to cut through the metal doors of the store in the docks at Malaga, the capital of the southern Spanish holiday coast. 

They struck when there were no security guards on duty and  it had been left to the paramilitary Civil Guard to watch the building.

The drugs were being stored in a warehouse in Malaga when the thieves struck

 

Drugs seized by police and customs are stored there for tests to be carried-out before the courts issue orders to destroy them.

Prison for man who left €5,000 bill at Marbella hotel

 

A MAN has been sentenced to a year in prison for failing to pay a bill of more than €5,438 at a luxury Marbella hotel. He had been staying at the Marbella Club on the Golden Mile for a week in September 2003 and during the stay, used different services which amounted to €5,438, which he left without paying. The hotel made a formal complaint but the trial wasn’t held until this year mainly due to difficulties locating the man. He admitted that he has stayed at the hotel but had refused to pay the bill because he thought it excessive for the services he had received. His lawyer maintained that he attempted to reach an agreement with the hotel, which the manager claims that he had shown no intention of paying, and that until the day of the trial, when he handed in €3,349, he hadn’t received any money from him. The judge considered that the man had intended to commit fraud and he was sentenced to two years in prison and the payment of the bill plus interests. He appealed, and Malaga Provincial Court, although maintaining that he intended to commit fraud, reduced the sentence by one year because he had attempted to repair some of the damage by bringing a large part of the money he owed to the trial to give to the hotel.

Gang targets wealthy diners

 

Diners at some of the city's most popular restaurants had their credit card details stolen by waiters working for gangs, who targeted customers with American Express black cards, then spent millions of dollars on expensive clothes and vintage wine, it is alleged. The cards of wealthy customers at Smith & Wollensky, the Capital Grille and Wolfgang's Steakhouse restaurants were allegedly "skimmed" and used to buy Rolex watches, Jimmy Choo shoes and Chanel handbags. Almost 30 people have been charged with crimes, including racketeering, conspiracy and grand larceny, after the alleged fraud ring was broken by police in Manhattan. Seven waiters at the restaurants are alleged by prosecutors to have been recruited by Luis Damian "D.J." Jacas, the 41-year-old alleged ringleader, and equipped with card-copying devices. They were instructed to focus on customers with premium credit cards, including the American Express black card, so that expensive purchases would not trigger alerts to customers. "The thieves were very selective, waiting until they were handed cards with extremely high or unlimited credit," said Manhattan district attorney Cyrus Vance.

Alice Walton, heiress to the Walmart supermarket fortune and the the 10th richest woman in the United States, opened a spectacular fine art museum in her home town

Architect Moshe Safdie looks out of a window next to a large red untitled magnifying disk sculpture by artist Fred Eversley at Crystal Bridges Museum of American Art in Bentonville, Arkansas. Photograph: Danny Johnston/AP

When Alice Walton, heiress to the Walmart supermarket fortune and the the 10th richest woman in the United States, opened a spectacular fine art museum in her home town, she might have expected plaudits and gratitude. It hasn't quite worked out that way.

The long-awaited opening of the Crystal Bridges Museum for American Art in Walton's home town of Bentonville, Arkansas, has provoked mixed reactions. Some have celebrated the unveiling of a significant new private art institution, but many have criticised the decision to spend $1.4bn of company and family foundation money as the retail colossus cuts back its workers' benefits.

Protesters at the museum have informally joined forces with the Occupy Wall Street camps across the US and point to growing ties between the Occupy movement and established trade unions.

The museum, which opened last weekend and features a survey of American art from Benjamin West to Georgia O'Keefe, from Norman Rockwell to Andy Warhol, and from Joan Mitchell to Walton Ford, has also come under criticism from within the art establishment for both inflating values and buying masterpieces from impoverished art institutions without giving local institutions a chance to match Walton's offer.

While historians point out that this is little different from 19th-century robber barons such as Henry Clay Frick and Andrew Carnegie amassing vast collections of European art and bringing it to America, the prospect of hundreds of masterpieces in rural Bentonville, two hours' drive from Tulsa, is still controversial.

Walton, at 62 the youngest of Walmart founder Sam Walton's four children, started buying specifically for the project in 2005. The Moshe Safdie-designed institution, which sits in 120 acres of dogwood trees and trails minutes from downtown Bentonville, already has 440 works on display and 800 in storage.

"We set market records for very few pieces that we purchased," says curator, David Houston. "But there is latent criticism from an east coast elite that bringing a famous painting like Thomas Eakins's [$68m] Gross Clinic to Arkansas is itself an act of cultural vandalism. We're bringing art to the public, but it's a different kind of public, and there are social and political connotations to that."

In the week since Crystal Bridges opened, it has already seen 5,000 registered visitors. "Sheer curiosity and hunger for an institution like this bears out Alice Walton's vision," Houston says.

Ben Waxman, spokesman for the union-affiliated Making Change@Walmart, said: "Opening a huge, opulent museum in the middle of nowhere while the company is cutting health insurance for its employees is troubling. It sends the message Wal-Mart doesn't care about them."

The issues of wealth distribution that have brought art into conflict with the labour movement at Crystal Bridges have also been on display at Sotheby's during the billion-dollar modern, impressionist and contemporary sales earlier this month in New York.

Since August, when Sotheby's dismissed 43 unionised art handlers, its salesrooms have been besieged by Teamsters union members, bearing an inflatable rat and a fat cat banker with a cigar in one hand and throttled worker in the other. "The company is having its most profitable year in 267 years and they locked us out in the middle of our contract," said Teamsters member Phil Cortero. "Sotheby's represents the richest people in the world. When you lose your shirt down on Wall Street you come and hock your stuff here."

Increasingly, the Teamsters are joined by Occupy Museum activists, chanting "We are the 99%!" They protest that the multimillion dollar art handled by auction houses is used to maintain and transfer the wealth of the 1%.

Outside Christie's, which is not involved in the dispute, Los Angeles property developer Eli Broad, one of America's wealthiest men, confirmed as much to the New York Times. "People would rather have art than gold or paper," he said.

OWS Labor Outreach member Mike Friedman said that Occupy had no problem with the art itself. "But at a time when we're seeing cutbacks in health and education spending, we're seeing the transfer of wealth by way of tax cuts and subsidies to an elite who use excesses of that transfer to buy these magnificent works of art."

With the end of the Zuccotti Park sit-in, Occupy says it plans to initiate focused protests against cultural institutions associated with big Wall Street donors. It has singled out Lincoln Center, home to the New York Philharmonic, the Metropolitan Opera and New York fashion week, which is financially supported by Tea Party funder David Koch.

Back at Crystal Bridges, Houston argues that it will take years to see the full effect of how the Walton family has used its wealth. The family foundation is active in a whole variety of charitable activities, many of them educational, he says. "Their intent is not to create a shrine to an individual or even a family. Their goal is to create a tremendous cultural resource in this part of the world."

A NEW breed of super-rich is crawling out of the mahogany woodwork in Australia.

 

A NEW breed of super-rich is crawling out of the mahogany woodwork in Australia. With the recent mining boom and strengthening dollar, a new report has revealed that more than 2500 individuals are worth at least $US30 million. The report, the first conducted by Sydney-based Wealth-X - which describes itself as a wealth intelligence firm - showed that 2750 Australians earned at least $US30 million (30 of them are billionaires). Wealth-X Australia vice-president Adrian Jenkinson said the number of ultra-high net worth (UHNW) individuals reflected the strength of the resources boom. "A lot of the wealth is a result of the current economic environment ... (especially) around mining and mining-related services," he said. "It's directly linked to the commodities boom." Clive Palmer did not make the cut with the survey valuing him at a paltry $1.27 billion, far below the Sunday Mail Rich List estimate of $6 billion. But Queensland-born Chris Wallin, of QCoal, made 7th position with a net worth of $US3 billion. The top three were Gina Rinehart, with a net worth of $US10.1 billion, Ivan Glasenberg at $US9 billion and Andrew "Twiggy" Forrest $US4.9 billion. Mr Jenkinson said the majority of UHNW individuals had become wealthy for the first time. "Unlike Europe, where you have large pockets of old wealth . . . these are people who are becoming very wealthy for the first time," he said. He said the new generation would retain its newfound wealth through smart banking and investing, but they were still willing to indulge in luxury "playthings". "They're interested in luxury goods - art, watches, boats, planes and helicopters," he said, adding that traditional investments such as property and motor vehicles would always be popular. Mr Jenkinson said Wealth-X had only recently been introduced to Australia but the organisation planned a number of connected studies on the rising number of ultra-rich individuals. He said people would always be interested in the studies, with the public and media constantly fascinated by the ultra-wealthy lifestyle. "They're always interested in what the ultra-wealthy are doing and what they're buying," he said. But he said the survey also helped the wealthy individuals to better connect with each other. "It helps people in the overall investment community understand where the money is," he said.

Gaga may once again have offended the pious as she emerged as a decapitated corpse from a confession box

Gaga may once again have offended the pious as she emerged as a decapitated corpse from a confession box, and that too with a crucifix in the background. No doubt the elaborate attire came off as she began to perform and came to a more natural avatar of fishnet stockings and a black lace bodice.

The Grammy-winner was clearly excited about performance when she tweeted earlier, "So excited to perform Marry The Night on X Factor UK tonight! Will sing my head off for England!! Almost time X-FACTOR! Also get ready monsters cuz #MarryTheNight officially impacts radio next week! Thanku to stations that added it early!"

Now we realise she meant it quite literally!

 

 

Dominique Strauss-Kahn has demanded to be questioned by judges investigating an alleged prostitution ring, after media reports linked him to the case.

 Photograph: Miguel Medina/AFP/Getty Images

He is keeping a low profile in Paris, has grown a white beard, and polls show he is the least popular politician in France.

Dominique Strauss-Kahn, forced to quit as head of the IMF and shelve aspirations to become the next French president, had hoped to find solace in France after criminal charges were dropped against him in New York over the alleged attempted rape of a hotel cleaner. But he is dominating the front pages again after his name was linked to a high-profile investigation into an alleged prostitution ring at a luxury hotel in Lille.

The Hotel Carlton affair centres on allegations of pimping at top hotels in the northern French city, where women from France and massage parlours in Belgium were allegedly supplied for hotel customers and local officials. Eight people are under formal investigation, including a senior police officer, a local barrister and businessmen. Five have been imprisoned as the inquiry continues.

The investigation raises questions about the links between police and business figures and the underworld of sex work in France and Belgium. Prostitution involving people over the age of 18 is not illegal in France but pimping and living off the benefits of it is.

The affair took a new turn after Strauss-Kahn's name came up in statements made to investigators, according to a series of leaked transcripts published in the French media in recent weeks.

Businessmen were alleged to have paid women to travel to Paris and the US to take part in "soirées" with Strauss-Kahn at his own request, including when he was head of the IMF and tipped to become the next French president. Le Monde reported that one senior French police officer had travelled twice to Washington DC last year with businessmen, including the head of a Lille-based construction firm, to accompany a group of women who worked in massage parlours in Belgium to see Strauss-Kahn. The former head of the IMF was said to have received three visits from the group in Washington. The last visit ended on 13 May, the day before he was arrested over the attempted rape of a hotel maid in New York.

The senior Lille police officer and two businessmen deny involvement in prostitution.

The first evening organised for Strauss-Kahn was said to have taken place at a luxury Paris hotel in 2009. One sex worker, whose testimony was published by the weekly Le Point, described being accompanied by businessmen on the train from Lille to Paris to meet Strauss-Kahn, who was wearing a bathrobe, and others in a duplex hotel apartment with a pool. She said she was paid €900 (£770) by a businessman on the way back to Lille that night. Other alleged encounters took place in 2010.

A Belgian sex worker in her 30s, known as Jade, told the French newspaper, Nord Eclair, she was taken to Washington for an encounter with Strauss-Kahn in a hotel in January 2010 and paid by businessmen on her return to France. She said Strauss-Kahn showed her around the IMF building and posed for a photograph with her in his office the next day.

But the saga took another twist this week when French media, including Liberation and Le Point, published text messages allegedly sent by Strauss-Kahn to a businessman in the case, which are being investigated by police. In one message, Strauss-Kahn, then head of the IMF, asked if the man wanted to accompany him to a "magnificent" swingers club in Madrid, suggesting he bring "material" – thought to mean women. In another, he said he was taking a girl, "une petite", to clubs in Vienna and would the man like to come with a "demoiselle", or "Miss". A few days later he asked if the "suite with pool" had been booked. The text messages do not explicitly refer to prostitution.

Strauss-Kahn issued a statement through his lawyers on Friday demanding to be interviewed by investigative judges in the case as soon as possible, and denouncing a "media lynching". The statement said Strauss-Kahn was ready to "explain himself" not before the tribunal of public opinion but "in front of those running the judicial inquiry". Last month, his lawyers urged judges to interview him so he could answer what he deemed "hasty and malevolent" accusations.

Strauss-Kahn's lawyer, Henri Leclerc, told the Guardian he had no comment to make on the case. He said his client had not yet been interviewed by investigators.

If Strauss-Kahn had consenting, paid-for encounters with sex workers aged over 18, it would not be a crime in France. But the publication this week of text messages to one businessman mentioning meetings with other top Socialists, raised questions about whether the men could expect political access or favours in exchange for providing what one had termed "girlfriends, meaning prostitutes" for him.

One businessman in the case said he paid for flights and costs. He is believed to have spent thousands of euros of company money on organising soirées for Strauss-Kahn, putting receipts marked with the initials DSK through his expense accounts. He told investigators Strauss-Kahn had not paid for anything.

The French media questioned Strauss-Kahn's behaviour during a period in which he was tipped to become the next president of France. "The net is tightening around DSK," said the daily Le Parisien on Friday.

Sarah Harding has completed her 2-month stint in rehab

Sarah Harding's ex Calum Best is glad she got the help she needed

 

 

The Girls Aloud star, 29, was treated for alcohol abuse and depression after calling off her engagement to DJ Tom Crane, 31.

Sarah and Tom were due to marry next summer after getting engaged this New Year.

'They've been in regular contact throughout her time away but only on the phone. They've spoken most days and it seems like they could have a chance of giving it another shot,' a source tells the Sunday Mirror.

Sarah's ex Calum Best, 30, is glad that Sarah got professional help.

'Everyone has their dark times, but Sarah's strong and will come out of this period even stronger, he told us last month

Ex-policeman jailed over VAT fraud

 

former police officer who admitted his part in a £365 million VAT fraud has been jailed for 10 years and three months. The conspiracy that Nigel Cranswick directed has taken the equivalent of 25 years of work to investigate, Judge Brian Forster said. The 47-year-old ex-South Yorkshire Police officer was a director of Ideas 2 Go, and, despite its modest base in a Sheffield business park, he claimed it bought and sold £2 billion worth of goods in just eight months. He has since admitted that the firm's trading, largely in mobile phones and computer software, was fictitious, and the aim was to generate paperwork from fake sales in order to claim back a fortune in VAT from HM Revenue and Customs. Judge Forster, sitting at Newcastle Crown Court, said: "This case concerned planned dishonesty resulting in the loss to the Revenue in the region of £365 million. "There were purported sales of billions of pounds. "The prosecution rightly described the case as an unprecedented attack on the Revenue. "The case has taken 25 man-years to investigate." Cranswick was recruited to play his role in the MTIC (missing Trader intra-community) fraud by others. Also known as carousel fraud, it involves importing goods from other EU states which are then sold through contrived business-to-business transactions. Cranswick, of Danby Road, Kiveton, Sheffield, admitted conspiracy to cheat HMRC at a hearing last month. After the sentencing, Exchequer Secretary David Gauke said: "This Government will not tolerate dishonest people stealing public money. "This sentence shows that those who try to commit fraud need to think again - HMRC will find you and the courts will punish you. "The additional £917m we have invested in HMRC will see more cases like this successfully prosecuted, sending a clear and powerful message." The judge said the sentencing exercise was to punish the offending and deter others. "The figures in this case are astonishing, they reveal the blatant nature of the fraud," he said. Between June 2005 and February 2006, I2G supposedly carried out almost 6,000 deals, with a turnover of £2.4 billion. Sentencing Cranswick, the judge said: "You were immediately before this fraud a serving police officer. Almost unbelievably you retired from the police force and became the organiser of this fraudulent operation. "You set up the company, you clearly accepted the direction of others - the organisers who are not before this court." Outside court, HMRC said Cranswick went "from rags to riches" soon after retiring, having been heavily in debt as a police officer. A spokeswoman said: "He made lavish improvements to his home, rented a luxury apartment in the Spanish town of Marbella and paid for private schooling and tennis lessons for his children. "Cranswick claimed that in the first six weeks of trading Ideas 2 Go had turned over more than £527 million. "The company had traded over £47 million before they even got round to opening a bank account for the business." HMRC assistant director for criminal investigation Paul Rooney said: "As a police officer Cranswick knew full well that he was breaking the law, yet, motivated by greed, he chose to overlook it for the opportunity of making what he wrongly assumed would be easy money. "He now has to pay a very high price for his poor judgment and lack of integrity. "This was a sophisticated fraud designed to steal hundreds of millions of pounds of tax, but it started to unravel when our investigations identified sales for more than 50,000 mobile phones, which the manufacturers hadn't even begun producing in their factories." Cranswick nodded as the judge passed sentence, and gestured to members of his family in the public gallery as he was led away. Also sentenced after admitting conspiracy to cheat the Revenue were Thomas Murphy, 27, of Dinnington, who was jailed for four and a half years; Cranswick's brother-in-law, Darren Smyth, 42, from Beech Road, Maltby, and Brian Olive, 56, from Buttermere Close, Doncaster, who were sentenced to three years and four months each; and former housing officer Andrew Marsh, 28, from Sheffield, who was jailed for two years and eight months. Cranswick's 44-year-old sister, Clare Reid, married to Smyth, was handed a nine-month sentence, suspended for 18 months, and ordered to carry out 150 hours of unpaid work after admitting two counts of false accounting. Cranswick styled himself as a singer-songwriter and can be seen on his website strumming a guitar to a song called Hit And Miss with the opening lines: "I'm in trouble, falling down a hole. How I got here, I won't ever know." He was lead singer with an indie band called Not The Police.

How a Financial Pro Lost His House

 

ONE night a few years ago, when the value of our home had collapsed, our debt was out of control and my financial planning business was shaky, I went to take out the trash. He wrote a book based in part on lessons learned by losing his Las Vegas home in the housing crisis. There was this enormous window that looked right in on the kitchen table, and through it I could see my wife, Cori, and our four children eating dinner. It was dark outside, so they couldn’t see me, and I just stood there looking at them. After a while, I pulled up a bucket and I sat on it, just watching my children eat. I found myself wishing that I could get back there, connected to the simple ordinary stuff of my family’s life. And as I sat and watched, filled with longing and guilt, two questions kept arising: How did I get here? And how am I going to get out of this? There are many stories these days of people who lost their financial bearings during the housing boom and the crisis that followed, but my story is a bit different from most. I’m a financial adviser. I get paid to help people make smart financial choices, and I speak and write about personal finance issues for this publication and others. My first book comes out in January, “The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money” (Portfolio, a Penguin imprint). The thing that few people know, though, is that I learned a lot of this from experience. I made a bunch of mistakes, the very same ones that I now go around warning people to avoid. So this is the story of how I lost my home, the profound ethical questions that arose along the way, and what my wife and I learned from the mistakes that led us to that point. It made me better at what I do, but it wasn’t much fun getting there. Like most financial stories, this one is personal. It starts with me getting into the financial services industry more or less by accident. I answered an ad in 1995 that I thought was for a job related to “security” (as in security guard) but was in fact related to “securities.” That’s how little I knew about the stock market. A few months later I found myself working a phone at a Fidelity Investments call center. Things went well, and by 1999 I was a Merrill Lynch financial adviser and a certified financial planner. By then, we also owned a house in Salt Lake City. We’d bought it two years earlier, with a $25,000 down payment. A few years later, an opportunity arose to form a partnership with a successful Merrill adviser in Las Vegas. The place was on our top 10 list of never-move-to cities because we had always associated it with the Strip. But Cori and I were looking for an opportunity to have an experience somewhere else, and we met some great people when we visited the city. I took the job, and we moved down there. That was May 2003. Housing prices were already crazy, so we rented. But our neighborhood had zero character and lots of cookie-cutter houses. Within a few weeks, we were looking for a place to buy. I felt we could afford around $350,000. We called a real estate agent named Mitch, who had signs on all the bus stops: Talk to Mitch! He picked us up in a gold Jaguar, and suddenly we were looking at houses that listed at $500,000 or more. It felt a little crazy to be shopping for houses that cost half a million dollars, but my income was growing rapidly. Everywhere I looked, people were being rewarded for buying as much house as they could possibly afford, and then some. There was this excitement in the air, almost like static. I started to think that if I didn’t buy a house right then, I would never be able to afford one. At moments during our house hunt, I felt in my gut that something wasn’t right. We’d go to open houses for $400,000 homes and see lines of couples in their late 20s — younger than we were — waiting to get inside. I kept wondering where all the money was coming from. How did all these people make so much?

BOTTOM five most hated airports

5. Ninoy Aquino International, Manila, Philippines

 

Wear a helmet -- the first collapsed ceiling in 2006 at Ninoy Aquino International Airport.

Beleaguered by ground crew strikes, unkempt conditions, soup kitchen-style lines that feed into more lines and an overall sense of futility, NAIA brings the term “Stuck in the 1970s” to a new level.

 

At Terminal 1 all non-Philippine Airlines remain crammed despite serious overcapacity issues and a new and underused Terminal 3 is occupied by a few minor carriers. 

A rash of bad press this year (including a “Worst in the World” ribbon from Sleeping in Airports) was capped by a collapsed ceiling in T1, a paralyzing ground service strike at T2, and the usual charges of tampered luggage, filthy restrooms, seat shortages at gates, re-sealed water bottles sold in retail shops and an Amazing Race-style check-in routine spiked with bureaucracy, broken escalators, lengthy Dot Matrix passenger lists and creative airport departure fees. 

Read more on CNNGo: World's busiest airports announced

4. Toncontín International, Tegucigalpa, Honduras

 

Over-priced corn chips will be the least of your worries.

When do the most common airport gripes about inefficiency, uncomfortable gate chairs, dirty floors and lousy dining options suddenly become irrelevant? When you’re preoccupied about whether your 757 will actually be able to stop before the runway does. 

 

Nestled in a bowl-shaped valley at 957 meters above sea level, Toncontín’s notoriously stubby, mountain-cloaked landing strip was recently lengthened another 300 meters following a fatal TACA aircraft overshoot in 2008.

Not enough though to avoid being named the “second most dangerous airport in the world” by the History Channel. 

Nepal’s hair-raising Tenzing-Hillary Airport in the Himalayas is the top seed, but receives fewer gripes from its thrill-seeking Everest-bound clientele.

Read more on CNNGo: Shanghai Pudong International Airport: Fifth best in the world

3. London Heathrow, London, England

 

"You'll fly through departures -- at the speed of a penguin."

Depending on which of Heathrow’s five terminals one is funneled through, the average experience at the world’s third-busiest airport ranges from mildly tedious to "Fawlty Towers" ridiculous. 

 

With its rash of -- as they were politely called -- “teething problems” in bright and airy T5 (remember that riotous grand opening with 34 canceled flights?) and nicely matured problems in Ts 1, 2 and 3, the issues passengers are beset with run the gamut.

Parking messes. Busted baggage carousels. Deadlocked security lines. Long walks (or, more commonly, runs) between gates to a frenzied soundtrack of “last call” announcements. Realizations that getting out of Heathrow took longer than actually flying here from Madrid. 

In the airport “where the world changes planes,” it all boils down to a chronic inability to cope with this many people. Plans for a sixth terminal should help sever even more nerves.

2. Los Angeles International Airport, Los Angeles, United States

 

It's not even a good spot for celebrity sightings.

If the world’s seventh-busiest flight hub was an old ballpark resting on the stale reputation of its Dodger Dogs and that great 1959 series, LAX might have some endearment value. 

 

But it’s an airport -- a dramatically undersized and moribund one with the architectural élan of a 1960s correctional facility and several publicized concerns about how its 1,700 takeoffs and landings a day can be sustained in a facility a fifth the size of healthier cousins like Dallas/Fort Worth. 

The unsupportive donut-shaped design -- it’s been called “eight terminals connected by a traffic jam” -- makes dashing between airlines feel like a diesel-scented cardio test. 

Plunked in the middle is the airport’s landmark Jetsons-style restaurant and only mentionable amenity, Encounter, but how does one actually get inside this place -- at least before being nailed for a petty traffic violation by some of the most ticket-hungry airport cops west of the Mississippi?

Read more on CNNGo: World's most terrifying airports

1. Paris-Charles de Gaulle, Paris, France

 

Don't expect to make friends during a storm closure.

“A great country worthy of the name,” President Charles de Gaulle once opined, “does not have any friends.” 

 

True or not, it’s this sort of attitude that has helped CDG become the most maligned major airport on earth. What’s fueling it? 

Grimy washrooms with missing toilet seats don’t help. Nor do broken scanning machines and an overall lack of signage, gate information screens and Paris-worthy bars, restaurants or cafés.

The baffling circular layout is worsened by warrens of tunnel-like structures, dismissive staff and seething travelers waiting forever in the wrong queue. 

The worst part may be this airport’s aura of indifference to it all. “Waiting for a connection here,” notes one commuter, “is like being in custody.”  

If you’re actually staying in Paris, you may be okay. If you have the gall to just be passing through between Malaga and Montreal, you can cut the spite of this place with a cheese knife.

Top five most hated Airports

10. São Paulo-Guarulhos International, São Paulo, Brazil

 

Whether it's 9 a.m. or 9 p.m. this airport experiences round-the-clock rush hour.

Why is this place on our list after scoring third best airport in South America at the 2011 World Airport Awards? 

 

Because, shockingly enough, it turns out that corporate medal ceremonies aren’t always in sync with what people are thinking when they're standing in two-hour immigration lines, suffering routinely unannounced gate changes and paying through the teeth for a stale Brazilian cheese roll and beer inside an understaffed and over-aged aviation facility. 

In a country where flight delays (departing or arriving) are just part of the deal, some recent numbers would give pause to the most unflappable traveler at Brazil’s largest airport.

Just 41 percent of all flights leave on time. Only 59 percent of flights arrive on schedule, according to Forbes.  

São Paulo-Guarulhos has announced plans to add runways and terminals -- what airport hasn’t? -- but with nearly 30 million passengers traipsing through every year (the figure has reportedly doubled in under a decade) the urgency is palpable and, sadly enough, unsolved by upping prices at musty duty-free shops.

But does this really constitute bronze medal status? When the best unofficial advice for surviving Brazil’s pin-up airport is to try and learn a little Portuguese and not lose your temper, something’s gotta give. 

Read more on CNNGo: World's biggest airport planned

9. Perth Airport, Perth, Australia

 

Kick a dog while it's down: The Qantas strike didn't help PER's reputation.

If there’s one thing Australians love, it’s hating their airports.

 

But while the big guns in Sydney, Melbourne and also-rans in Darwin, Cairns and Hobart get routinely lambasted for various inefficiencies and rip-off tactics, passengers in Western Australia have a special place in their spleens for Perth. 

“The only advantage over some other airports is the lack of nearby combat,” notes one of several miffed passengers on airportquality.com. 

With a reviled pair of domestic terminals (home of two-hour taxi-line queues, atrocious check-in lines, overpopulated gates and meager lounges) and a slightly more palatable international terminal five kilometers away, Perth’s brittle facilities can be overwhelmed just by a trio of aircraft arriving within 20 minutes of each other. 

Now that an ambitious “billion-dollar” redevelopment project has been significantly scaled back, who would ever want to leave Changi for this place? 

Read more on CNNGo: Transit hotels: How to get to sleep during your stopover

8. Tribhuvan International, Kathmandu, Nepal

 

Don't look the officers -- or the dogs -- in the eye.

For a small airport in a pretty country, Tribhuvan has it all: the interminable weather delays of Boston Logan, the shoddy restroom maintenance of a Glasgow sports bar, the departure board sparsity of McMurdo Airfield and the chronic chaos of a kids' soccer match. 

 

Some airport improvements have been underway for the Visit Nepal 2011 tourism campaign, including things most passengers don’t much care about (e.g., the new helicopter base). 

The most serious beefs with Nepal’s only international airport revolve around its primitive yet officious check-in procedure, starring a roulette wheel of underpaid security agents. 

“Departure is an endless game of body searches and silly questions,” notes one passenger.

“Those who didn’t have their e-tickets printed out had to argue their way in,” says another, who was checked seven times and scolded for not having a baggage tag on a carry-on before eventually boarding. 

Never mind. The city’s markets and surrounding mountains are lovely.

7. John F. Kennedy International, New York, United States

 

Fans flooded the airport to welcome the 1964 British Invasion, but it seems they never left.

You’d think it would be one of the greatest humiliations any major airport would never allow itself to live down -- getting routinely abandoned by fed-up folks opting to fly out of Newark (Newark!) instead, where at least the ground staff cop less attitude and fewer people outside are pretending to be cab drivers.  

 

But, nah, JFK really couldn’t really care less.

Every year, more than 21 million passengers stumble through worn, mid-century terminals that peaked when The Beatles arrived in the United States and rooftop parking was all the rage; JFK proudly remains the world’s busiest international air gateway.

So if you’re not into a dim, surly, unbearably congested airport reeking with attitude and unapologetically long immigration lines -- good riddance. 

“JFK had a piece of my luggage sitting in a little detention room for bags -- for over a year,” notes one passenger. “No one noticed it was there, until finally an observant Air France employee wondered what the dusty little green bag in the corner was.” 

Read more on CNNGo: Secret Report: Singapore's Chiangi Airport world's favorite 

6. Jomo Kenyatta International, Nairobi, Kenya

 

Can't be disappointed if you're not expecting much.

“As African airports go, it’s not that bad -- but as an international hub, it may be one of the worst out there.” 

 

This is the common refrain among travelers through JKIA, who either don’t have the heart or the expectations to give this dated aviation facility the kind of pounding reserved for the JFKs and Charles de Gaulles of the world. 

Saddled with a 1958 blueprint designed for 2.5 million passengers, JKIA receives close to twice that many. Hence the airport’s 2005, Three Phase, US$100 million expansion project which has seen long delays (something about the rain) and has been spinning its tires somewhere in Phase Two for the last few years. 

For now, that means business as usual: cramped spaces; long lines; inadequate seating; frequent power outages; tiny washrooms hiding up several flights of stairs; shabby duty free shops; overpriced food outlets; and business class lounges worthy of a shelter in mid-city Los Angeles.

Sure, it’s a breeze compared to Lagos. But it could be so much better. The confusing result: grateful disappointment?

Fall of richest man in Ireland as Quinn is declared bankrupt

 

TROUBLED tycoon Sean Quinn, once Ireland’s richest man, was declared bankrupt yesterday at the High Court in Belfast. The 64-year-old businessman was granted a voluntary adjudication over an alleged E2.8bn debt owed to Anglo Irish Bank. It is believed to be one of the biggest bankruptcy orders of its kind ever made in either the United Kingdom or Ireland. Mr Quinn said he brought the application north of the border because he was born, reared and worked all his life in Co Fermanagh. But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business – rather than 12 years in the Republic. He claimed to have been left with no alternative but to take the “drastic decision” over problems which stemmed from “ill-fated investments in Anglo”. The former billionaire was stripped of control of his manufacturing and insurance business empire in April. He had been plunged into financial trouble by purchasing bank shares which then became worthless. As a consequence, receivers were installed and he and his family lost any role in the management of the Quinn Group. Mr Quinn accepts that he owes around E194m to Anglo for property loans which he cannot repay. But the rest of the alleged debt, which relates to Contracts for Difference (CFDs) used to buy bank shares, is disputed. The Quinn family are currently suing Anglo, claiming the CFDs were tainted with illegality. Mr Quinn applied for voluntary bankruptcy through his lawyer and licensed insolvency practitioner, John Gordon of Napier and Sons. The order was granted during a brief hearing before a Master at the High Court in Belfast. Mr Quinn said in a statement: “I have done absolutely everything in my power to avoid taking this drastic decision. The vast majority of debt that Anglo maintains is owed is strenuously disputed. I cannot, however, now pay those loans which are due.” He added: “Following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no alternative.” The businessman said he had “worked tirelessly” to find a solution to the problems. He claimed: “Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I.” According to him, the bank has attempted to avoid acknowledging “a lack of corporate responsibility, self-interest and lack of regulation that prevailed at the time”. His allegations are now the subject of High Court proceedings. Mr Quinn accepted: “I am certainly not without blame. I am not in the business of pointing fingers or making excuses. “However, recent history has shown that I, like thousands of others in Ireland, incorrectly relied upon the persons who guided Anglo and who wrongfully sought to portray a ‘blue chip’ Irish banking stock.” He said that he and his team had developed one of the most successful businesses in Irish history, with the group generating more than 5,000 jobs and contributing in excess of E1bn in tax revenues. Mr Quinn rejected any suggestion that he had brought down the empire. He also claimed: “Anglo has supported and promoted an ill-conceived and highly damaging receivership programme which I believe, if it continues on its current road, is destined for certain and catastrophic failure.” The statement added: “My family and I have been subjected to relentless negative media coverage over the past three years. “I have been portrayed as a reckless gambler who bet on a bank. I have never sought publicity, nor have I courted the media. “Sadly this now seems to have worked very much to my disadvantage, especially when compared with the sophisticated and massively expensive publicity campaign operated for, and on behalf of Anglo.