I just found out that the investment company my Mum had invested a majority of her money in NZ has gone bust. It is so sad, she is understandably devastated by it. But in the midst of this she is still stoic saying it could have been worse and other people are worse off than her. Which is true she has an amazing property that will only appreciate in value no matter how stink economic outlooks get. But its just so hard to hear this happening to your Mum, i just want to fly home and give her a big hug and make her a cup of tea. I have sent a box of treats to make her feel better. The outcome for the investment firm is not clear, they are in lock down and have to wait to see whether they dissolve the company and spread out the fund to investors or hold onto it and live to fight another day. Its all up to the vote, my Mum's as well. So SAD! I just want to cry for her, especially when she gave me the money for the tooth last week. I said i wanted to pay her back but she said for me to pay off my CC and sort out that.
Unfortunately this puts the house plans on permanent hold as my Mum was going to help me with this investment. She was apologetic but i said do not worry i just want to know she will be OK. I think she will be as she has always been a real estate maverick. But I love me Mum and it breaks my heart to think how bad she must be feeling.
UPDATE: Mum's feeling better now, things are not as bad compared to other stories i have read. The company has gone into moratorium which means all the funds are locked until a decision on the company is made. Last word was Dominion was appealing for overseas investors to bail out the company, then a meeting will be called to vote on the next steps. Chances are Mum will get her initial investment back, but nothing extra.
