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FRE
September 25, 2012
Your independent local newspaper
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Issue 42
Community objections overruled d e c i s i o n was made on Thursday, September 20, by the Joint Regional Planning Panel (JRPP) to approve the development application to relocate Gosford Public School to the grounds of Henry Kendall High School.
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Gosford Public School Action Group chairperson Ms Jackie Draper, Central Coast Greens representative Ms Kate da Costa and Henry Kendall High School P and C president Mr Rob Wilcox spoke to the panel along with Teachers Federation representative Ms Debbie Westacott, Gosford Public School P and C president Mr Stephan Thomas and Gosford Waterfront Action Group representative Mr Gary Jackson. “The whole proposal and documentation has been insultingly inadequate,” said Ms da Costa. “The refusal of both
the previous and current government to consider any other site than Henry Kendall High School has reduced the time for proper planning, but
the children of Gosford Public School and Henry Kendall High School should not be punished for government intransigence.
“This will set precedence for mergers and the selloff of schools around the state. “Many people worked tirelessly on this campaign,
supported by Dr John Kaye, Greens MLC in State Parliament. “The petition, with over 10,500 signatures, thousands
of letters, the teachers the parents and everyone who has to make this transition work have been ignored. “This State government was elected on a promise to listen to and empower local communities, but this forced relocation over the wishes of the entire community has made a mockery of the Coalition’s promise. “The move, promoted as a way of paying for much needed and overdue upgrades, is a false economy. “As soon as the new school opens, it and the high school will be at capacity. “The Government will find itself very soon having to pay for an entire new school, but they appear to only be interested in the current budget. “We will be keeping a close eye on the merged schools and the old waterfront site to see how long it takes for anything to appear there which will benefit the community,” said Ms da Costa. Email, 21 Sep 2012 Kate da Costa, Central Coast Greens
Federal Court rules against Lehman Brothers osford Council has said it will seek legal advice following the ruling from the Federal Court of Australia on Friday, September 21, that investment company Lehman Brothers Australia is liable for millions of dollars lost by Councils via failed investments.
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Wingecarribee Shire Council, along with City of Swan and Parkes Shire Councils, led the class action case, which involved a total of 72 plaintiffs. Although Gosford Council was not involved in the class action case, Council’s director of corporate services, Mr Nic Pasternatsky said Council
would be following the case closely and would be guided by their own independent legal advice. Wingecarribee Shire Council was seeking to recover approximately $20million in potential losses. The court found that the Council was misled by negligent advice and that the
Australian arm of Lehman Brothers, previously known as Grange Securities, had engaged in deceptive conduct, breach of contract and a breach of its fiduciary duties. Newly elected mayor, and Chair of Wingecarribee Council’s Finance Committee, Cr Juliet Arkwright said the decision vindicated the
Council’s decision to instigate legal action against Lehman Brothers in a bid to recoup funds lost in financial products known as collaterised debt obligations (CDOs). “This case has been an ongoing process, and we are very pleased with the result. “We can now attempt to recoup funds,” Cr Arkwright said. “However the ruling does not stipulate how much, or indeed when we can expect to see monies returned,” she
said. “And whilst we may never receive all of our funds invested, any money recovered will have an enormous benefit for the community as it will be fed back into Council services and community assets.” Wingecarribee Shire Council has already recovered $8.6 million from CDO investments, and still holds $11.6 million. The Council now awaits a court date in November when Justice Steven Rares will give
final orders that will confirm details of the compensation that Lehman Brothers Australia will be liable for. The published reasons for judgment and the summary of the decision are available at www.fedcourt.gov.au. Media statement, 21 Sep 2012 Nic Pasternatsky, Gosford Council Media Release, 24 Sep 2012 Wingecarribee Shire Council