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Craig Gore is an entrepreneur from Sydney, Australia.

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Business affairsEdit

Craig Gore is an entrepreneur from Sydney, Australia. Born Craig Kirrin Gore in fairfield New South Wales on January 7, 1967. He is the Son of Sanctuary Cove Developer Mike Gore. Craig Gore spent his early life in the western Suburbs of Sydney and attended Westfields Sports High School until moving to Queensland to live with his father, later attending The Southport School on Queensland's Gold Coast. After completing his year ten certificate Gore left school and began working for one his father's business, Cheoy Lee boats, which his father was importing from Hong Kong during the 1980's. After leaving his father employ Gore established a advertising agency called Take one Creative alternative, with his then partner and long time friend Ross Clarkson a cinematographer. Gore is also a guitarist and his early business career was focused on writing jingles and producing television commercials for a number of national clients including Logan Farm Corn, the then State Bank and others. Gore also produced a number of music videos for bands in the early 1990"s. In the late 1990's after his first bankruptcy ( which was annulled ) Gore managed a number of advertising accounts for a small advertising agency on the central coast of New South Wales. As a result Gore was contracted to help establish the Arnolds Ribs and Pizza Franchise nationally. This resulted in Gore owning and operating several stores himself on the central Coast, in Woy Woy, Gorokan and Toukley. It was in late 1996 Gore meet partner Sydney Accountant John Atkinson, and they forged a relationship and established a home loan company called Right Home Loans. After a successful beginning this business later became known as Wright Patton Shakespeare Financial Services Group .Known as WPS, the business grew into one of Australia's largest independent financial Services companies, with more than 400 employees and licence holders Australia wide. WPS established offices in Sydney, Melbourne, Brisbane, Adelaide and Perth. Gore, as one of the founders and former owner of the Australian Financial Planning chain "WPS", sold his interest in WPS to British Author Lord Michael Ashcroft for $160M AUD. The later was introduced to Gore via his then Chairman The Hon Shane Stone, who served as Chairman of WPSFSG for two years before Gore merged his companies with an Ashcroft Entity creating a new company with a focus on purchasing marina developments. This was called International Marina Development and Management Pty Ltd. Stone the served as Chairman of the merged group. This company made a number of aggressive acquisitions in a slowing economy, these included Hope Harbour Marina, The Townsville Ocean Terminal and Breakwater Marina in Townsville.The sale of WPSFG and other assets to Ashcroft entities was later to become central to a dispute between Gore and Ashcroft and the focus of the Insolvency trustees report to creditors, which claimed, Mayfair Ltd Uk, a company owned and controlled by Ashcroft, owed Gore more than 100M AUD. Gore was also the co-founder of property development company Atkinson Gore Group,. Atkinson Gore group developed predominantly residential properties on the east coast of Australia, in New South Wales, Victoria and Queensland, including the Hope Island Canal adjacent to his late father's Sanctuary Cove development. Gore was instrumental in establishing the masterplan for the Hope Island Canal development,a development that now houses more than 15000 residents. Gore also developed high rise apartment buildings on The Gold Coast, In Sydney and Melbourne CBD. Gore also established Big State Earth Moving a company that completed the earth works to the Hope Island Canal, as well as contracting to large developers to complete civil and residential development sites. Gore planned to develop the Hope Island site into Australia first Adult Community[1] However Gore later sold part of this site to Australand Ltd for A$90m in 2003.[2] Gore also founded a wine exporting company called "Aussie Vineyards",[3] which at the time was Queensland Largest exporter of wine. He was ranked sixth on the Business Review Weekly young rich list in 2006 with an estimated wealth of A$160 million.[4] The following year he appeared 199th in the BRW Rich 200 list with an estimated wealth of A$183 million.[5] He has sponsored and owned V8 Supercars and IndyCar and Champ Car racing teams such as Team Australia racing.[6][7] As a result, Gore played a part in the careers of two of Australia's most successful Motorsport exports Marcos Ambrose (NASCAR) and Will Power (INDYCAR). In 2004 Gore, at the request of the Queensland Government, invested in Australian driver David Besnard, who drove in the INDY 300 classic on the Gold Coast drawing one of the biggest one day crowds to a motorsport event in Australian history.[8]. Crag Gore has business interest in Australia, the United States and Europe, mostly in the property development sector.

Motor Sport V8 Super CarsEdit

In late 2003 Gore, who was a regular sponsor of the Gold Coast Indy Carnival, came to agreement with Tony Noske, father of Mark Noske to sponsor his V8 Supercar entry for the V8 races that year. This would later develop into the forming of WPS Racing with Mark Noske being Gores first paid driver to drive for Gore in any form of Motorsport. In 2004 Gore launched his ambitions to form a team in the V8 Supercar series. Gore was approached by then CEO Tony Cochrane to consider sponsoring the series in some form or another. After much negotiation, Gore's WPSFG become the financial services provider for the series and major sponsor of the V8 Safety Car Program. This also lead Gore to buy Perkins Racing V8 Supercar Licence and entering a team in the V8 Supercar Series beginning in 2004. Announced on the 17th Of February 2004[9]. The Team was Named WPS Racing. Gore also ventured into the open wheeler class of Motorsport after being offered a sponsorship of up and coming Driver Josh Hunt. Gore sponsored Hunt in the 2004 Season of the Atlantic Championship with the view of Hunt Driving that year at the Gold Coast Indy even[10]t. This was however changed at the last minute after Hunt failed to impress Champcar officials during testing. Gore then dropped in his main V8 Supercars Driver David Besnard as a replacement.[11]. Besnard flew to Arizona [12]where he tested well in the Champ Car and was able to set competitive time and all but secured his drive at his home event. would go onto a much celebrated 7th place finish [13]at his home event under Gore's banner WPS. The 2004 Supercar season was an up and down season for Gore, it being the first season for his new Team meant they were meet with a number of challenges. However they did secure their first race win late in the season when V8 Supercars returned to Tasmania. It was not with out controversy as officials botched up the timing and a stroke of luck left the WPS team out in front. They were able to hold on to the lead and finish first only to be later relegated back to 20th position. An objection was lodged and 7 days later the race was officially awarded to Gore's Team[14]. However the 2004 Sandown race will probably go down in history as one of the worst event for the team. Struggling in poor weather conditions and a lack of driving talent Gores team spent most of the day in mud and it was left to his safety car program to fly the flag for the team after a dismal performance by co-drivers Alex Yoong and Charlie O'brien. However still managing a respectful 16th even though they were 6 laps down. 2004 Betta Electrical 500.

Gore also signed former formula one driver Alex Yoong to drive in the endurance rounds .This was seen more a marketing platform than a serious attempt at winning the endurance rounds. Yoong wasn't well equipped to take on the heavy V8 Supercars and struggled to find form and pace resulting in a huge accident at the end of conrod straight during the 2004 Bob Jane T Marts 1000 at Mount Panorama in Bathurst New South Wales. Gore's assault on the V8 Supercar world would launch into overdrive in the next year with huger sponsorship's of a number of drivers and categories across the planet. Gore waded into the world wide waters of Motorsport and was a major sponsor and team owner across a huge range of Motorsport categories, from Aussie Racing cars to the Porsche Carrea Cup, BMW open wheel series in the USA as well as the Atlantic Championship, which he subsequently won in 2005 with driver Simon Pagenuad.

Insolvency and bankruptcyEdit

Gore was Bankrupted in 1992 after the failure of his advertising agency and the failure of his father's business. Gore bankruptcy was later annulled after a meeting of creditors was called by the public trustee. In 2008, Secured Capital & Finance, a firm jointly owned by Gore and John Atkinson froze redemptions to its clients.[15] The appointed liquidator CRSWarnerKugel found that Wright Patton Shakespeare, a financial advice firm then owned by the duo, had recommended that their clients invest in SC&F.[15] The liquidator went on to describe the arrangement to "something akin to a Ponzi scheme", something denied by Gore.[15] The liquidators investigations suggested that between 2001 and 2004, Secured Capital & Finance used investors' money to make interest payments to other investors, forward money to other companies with the Atkinson Gore Group owned by Gore and Atkinson.[15] none of the liquidators claims were tested in a court nor was any public examination undertaken to test the veracity of the liquidators claims.

Wright Patton Shakespeare, which had been subsequently acquired by British Author Lord Michael Ashcroft, after negotiations with Gore, to settle claims by investors, offered to pay investors 10¢ in the dollar and take over their debts, before paying out 60¢ in the dollar over four years.[15]

Gore's creditors accepted an offer which provided for a payment of 3 Million dollars, over three years, and 30% of all profits from a Gore-controlled trust on 18 November 2010.[16][17][18] His creditors decided to terminate the PIA on 24 February 2012.[19][20] after the appointment of CRS Krugel were appointed as trustee to Gore Bankruptcy, which Gore contested was a direct conflict of interest as CRSWarnerKrugel had previously made unfounded claims against Gore and business partner Atkinson.Gore declared himself bankrupt and the Public Trustee ITSA consented to on act as official trustee 18 April 2012.[21][22] Creditors concerned about the contents of the Official trustees report, voted to terminate the Official trustees appointment and voted in Gregory Moloney of Ferrier Hodgson on 19 September 2012. Gore was released from bankruptcy in April 2015, after concluding no evidence existed to properly extend Gores bankruptcy. Craig Gore has been associated with a number of large scale property developments including Hinchinbrook Harbour formerly known as Port Hinchinbrook since he release.

ReferencesEdit

  1. ^ "Child-free housing zone gets big no-no from commissioner". The Sydney Morning Herald. 29 July 2002. Retrieved 28 February 2014.
  2. ^ "Land for sale, Cova, Hope Island, Queensland. Property Investment or Owner Occupier. -Australand". Residential.australand.com.au. Archived from the original on 14 February 2014. Retrieved 28 February 2014.
  3. ^ "Meet Gore's money man, Lord Michael Ashcroft". goldcoast.com.au. 16 September 2008. Retrieved 3 June 2013.
  4. ^ "Wealth: simple as ABC". The Sydney Morning Herald. 13 September 2006. Retrieved 3 June 2013.
  5. ^ "Craig Gore property: luxury rental while ASIC investigates bankruptcy". Crikey. 3 June 2013. Retrieved 28 February 2014.
  6. ^ "Gore applauds US merger". Foxsports.com.au. 23 February 2008. Retrieved 3 June 2013.
  7. ^ WPS Racing[circular reference]
  8. ^ "Australian Sports Crowds (Attendances)". Austadiums. Retrieved 28 February 2014.
  9. ^ "Craig Gore announces new V8 team". Crash. 14 February 2004. Retrieved 7 February 2019.
  10. ^ "Lynx Racing's Josh Hunt gets Champ Car Australia ride". www.motorsport.com. Retrieved 7 February 2019.
  11. ^ "Oreovicz notes: Champ field expanding at end". ESPN.com. 9 October 2004. Retrieved 7 February 2019.
  12. ^ Richter, Tonio Sebastian (15 February 2018). "A Scribe, His Bag of Tricks, What It Was For, and Where He Got It". Oxford Scholarship Online. doi:10.1093/oso/9780198768104.003.0014.
  13. ^ "Besnard grabs headlines for Walker on debut". Crash. 27 October 2004. Retrieved 7 February 2019.
  14. ^ "WPS Racing takes belated race win". www.motorsport.com. Retrieved 7 February 2019.
  15. ^ a b c d e Clancy Yeates (18 June 2010). "Gore Jnr denies Ponzi scheme". The Sydney Morning Herald. Retrieved 28 February 2014.
  16. ^ Nick Nichols (13 September 2010). "Craig Gore back from the brink of bankruptcy". Gold Coast Bulletin.
  17. ^ CBD (24 October 2009). "Win-win follows loss-loss for gore". The Sydney Morning Herald. Retrieved 3 June 2013.
  18. ^ Craig Gore loses fight over trustee Anthony Marx, The Courier-Mail, 4 January 2012
  19. ^ "Gore facing bankruptcy as creditors crack down". The Australian. 28 September 2012. Retrieved 3 June 2013.
  20. ^ "Craig Gore faces imminent bankruptcy". Goldcoast.com.au. 25 February 2012. Retrieved 3 June 2013.
  21. ^ "Craig Gore: I'm bankrupt and scared". Goldcoast.com.au. 18 April 2012. Retrieved 3 June 2013.
  22. ^ "ATO seeks order to wind up Gore". Couriermail.com.au. 20 May 2013. Retrieved 3 June 2013.