Friday, June 29, 2007

Landeryou advertised new job

It's the weekend, and its time to sit back, relax and remind ourselves of what happened in the recent past.

We guess that Landeryou does this often.

A case in point, was 1996 when Landeryou claimed that IQ Corp was: " of Melbourne's largest WWW development companies. Based in the heart of the city, on the 29th floor of the Commonwealth Bank Centre, we have built a sizable client base that continues to expand."

As we know, IQ didn't expand!

Happy weekend.

40 Truth On Comments:

Anonymous said...

Let's play Andy's game too.

IQ records vanish: was it more than a dot-bomb?
(The Age, August 14, 2004)

Lew wants to know where the money has gone and, so far, Landeryou lacks the answers. Good recall is rare over the failed IQ Corporation, writes Leonie Wood.

When retail tycoon Solomon Lew invested $4million in a company controlled by Andrew Landeryou and his business partner Ed Dale in February 2000, there were big plans to use the funds to build a sports statistics and online gaming group.

Investors from Britain, the Channel Islands and Switzerland had committed a further $4million, in part fuelled by high hopes that the company, IQ Corporation, would win lucrative contracts to supply media outlets with detailed sports data from football matches in Australia and soccer games in Britain and Israel.

It was the peak of the sharemarket boom, IQ had plans to float and Lew wanted a piece of it.

His company, Jordanlane Pty Ltd, ended up with 23 per cent and his closest adviser, Michael McLeod was appointed to the IQ board. Then it all went sour.

Four years later it has degenerated into an unseemly, bitter fight between the powerful Lew interests and the high-profile Landeryou family as a court-appointed liquidator tries to determine what happened to IQ's funds, its books and records, and whatever operating assets it once owned.

But the liquidator's task is made more difficult because, as the Federal Court has heard, most of IQ's books and records have vanished. Judging by the paucity of documents submitted by IQ's former officers to a liquidator's examination this week, IQ's liquidator Gideon Rathner of Lowe Lippmann has quite a task in front of him to resolve the puzzle.

More information is likely to emerge when the examination gets into full swing on August 24. But so far there are far more questions than answers about the curious link-up between the Lew interests and the Landeryous, and how the $8million was spent.

Back in 2000, McLeod said the Lew empire was "very impressed with IQ's management, proprietary technology and their advanced development of a global strategy. We are also pleased with what they have achieved to date and, going forward, we are confident about their business plan."

IQ Media in the late 1990s was a fledgling company with a few ideas on supplying sports statistics to the media. For a brief period, it supplied sport stats to The Age.

In 1999, according to Landeryou, IQ Media's business was sold to IQ Corp, both the IQ Media brand name and an online education business were sold to Isis Corp and Landeryou and Dale toyed with plans to float IQ Corp.

Landeryou said he had known Lew and McLeod for some years and their interest in IQ's prospects evolved into a shareholding. What happened after that time is in dispute.

Troubles first surfaced publicly in mid-2003 when McLeod asked the Federal Court to force IQ's other directors and company officers to give him access to IQ's books and records.

His solicitors told the court then that McLeod was not getting any communication or information from IQ's officers, and that there was trouble locating either the company or its officers or fellow directors when serving court papers.

At the core of the stoush is Andrew Landeryou, the son of long-time ALP powerbroker and one-time Victorian minister Bill Landeryou, and Ed Dale, IQ's founder, shareholder, technical specialist and long-time director.

Andrew Landeryou owned half of IQ's shares and was managing director; Dale owned about 15 per cent.

Dale, who is expected to be called as a witness, yesterday declined to comment and denied any wrongdoing. He said the dispute was "best left to the big boys who are heaving it out".

Bill Landeryou joined the IQ board in mid-2001 when, under pressure from the Lew interests, Andrew Landeryou quit.

But the Landeryou connections to IQ do not end there.

Kimberley Kitching, a Melbourne City councillor, was the registered company secretary of IQ Corp from October 1999 to February 2000 and, according to documents filed with the Australian Securities and Investments Commission, was a secretary of some IQ companies until May 2001.

Kitching's demeanour as a witness was belligerent and theatrical. Before counsel for the liquidator had asked even the first question, Kitching cut him off and asked for someone to explain the layout of the court because, she said, she had not been there before and wanted to understand who all these people - the solicitors at the bar table - were.

This caused some surprise in the court: Kitching is a qualified lawyer. She told the court that her duties with Melbourne City Council now took up so much of her time that she was not currently practising law, nor did she have a current practice certificate.

Kitching said she had been employed or contracted by IQ - the dates of her employment are not clear - and was paid about $50,000 a year.

But Kitching said she did not have any receipts, personal bank statements, nothing - not even income tax returns - that would show the payments.

Kitching said those sorts of documents about her personal finances would have been kept at the IQ offices by Andrew Landeryou's sister, Anne-Marie Landeryou-Mason, who earlier gave evidence that she was "a jack-of-all-trades" at IQ - the company book-keeper, receptionist and personal assistant.

Anne-Marie's husband, Matthew Mason, was not employed by IQ but the court heard that the company reimbursed him for certain expenses.

Precisely what Mason did for IQ and the nature of those expenses is not yet clear.

The Landeryou clan, Kitching and Mason plumped themselves into the witness box before Registrar Jane Mussett this week only after counsel for the liquidator asked the court to consider issuing arrest warrants because they declined to turn up under summons.

Andrew Landeryou followed his wife into the witness box.

His evidence was given with his face mostly turned away from the liquidator's counsel, and he prefaced every question - even when asked to state his name - by citing "privilege". Several times during Landeryou's evidence, the registrar threatened to refer him to a judge for contempt of court.

For his part, Landeryou said it was "contempt, utter contempt" that his wife had been "dragged" into the examination.

Asked what position Kitching held at IQ, Landeryou cited privilege and said: "I do not recall, or care."

Indeed, the evidence of the Landeryou family members was riddled with a surprising inability to recall or remember very much about the company.

Bill Landeryou on Monday pointedly and aggressively told the court that even though he had been a director of IQ he did not retain any financial records, any notes, floppy discs, CD-roms, emails, statements or correspondence that may have transpired between himself, IQ and several of the company's officers. Nor did Landeryou-Mason, nor did Mason.

The Landeryous insisted that they did not know what happened to the company's records after the landlord unceremoniously evicted IQ from its premises in Sturt Street, South Melbourne, in 2002.

Peter Brannighan, who was chief executive of IQ's subsidiary, Betworks, in late 2000 and was employed as a consultant until October 2001, handed the court his own cardboard box of company records, and said the last time he saw any other files they were in boxes at Sturt Street. He said Andrew Landeryou at the time had told him all the firm's records, furniture and computers would be placed in storage.

What happened to IQ's finances may be a story of what happened to a lot of dotcoms at the peak of the boom: money was burned on frivolous items and fruitless ventures and there was little or no accountability.

Or it may be a story of something else again. More will emerge after August 24.

McLeod has declined to discuss IQ's collapse or the liquidator's examination, saying the Lew interests preferred to leave everything in the hands of the court.

Andrew Landeryou, for his part, denies any wrongdoing.

Anonymous said...

IQ Corp, another Landeryou "success" story - A$8 million lost with the books and records - a clear demonstration of Andy's business acumen.

Anonymous said...

Vote 1 Jaci Hang for Cotham Ward By-Election Boroondara Council and Number 2 for Katherine Walsh. Good Liberals all.

Anonymous said...

What a fine upstanding fellow Landeryou is; "money was burned on frivolous items and fruitless ventures and there was little or no accountability." Then left his father and wife holding the bag for his debts.

Anonymous said...

Andy, the little thief looted the cash and shredded the records. However, Solly Lew is a tough fella and managed to get part of it back by gaining title to the Landeryou mansion in Parkville. I recall that the auctioneers were going to get a restraining order on the fat one during the auction process because he had been stalking them. Just charming! Then on to MUSU and a dozen other scams. What a sad shrivelled example of a human being! Rips off everyone he has ever come into contact with. And NEVER a successful business deal in his life. All scams and rackets!

Anonymous said...

Andrew lives in a fantasy world, where you can forge signatures, set up dummy companies (dozens of them), offshore bank accounts, steal, commit fraud, shred records, invent people (Catter8, Cait Catt etc), send Unions broke (MUSU), and generally get other people to take the blame. His life is a failure.

Every now and then reality intervenes (Solomon Lew, the MUSU liquidator, arrest warrants etc) and Andrew's only tactic is to bully, defame, intimdate & bluster.

Every now and then, he loses the plot and hides behind a potplant (when he was sacked by 89% of students in a MUSU referendum in 1991) or runs off to Costa Rica.

Nowhere to hide now Andy. We are going to get you!

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