Glenda Wynyard responds to critics, bids adieu
Glenda Wynyard, the chief executive and founder of The Media Counsel, which was recently placed into liquidation, has formally responded to her detractors.
I am somewhat dismayed and distressed by the misinformation that is being fed into the various industry websites and I would like to rectify some of this. These are:
- Watch & Win Limited – Richard Hayes and Troy Elliot were the two directors of this company. They approached me in my capacity as managing director of Universal McCann and then McCann Erickson. Watch & Win, and the directors, were investigated by the Department of Internal Affairs and were dealt with through the court system. At no time was McCann Erickson, Glenda Wynyard or any other McCann staff member under investigation by the DIA for inappropriate actions. I spent five days in court as the DIA’s witness.
- Staff – all staff were informed that they would be paid and they should be settled as part of the liquidation process. Only one month’s income is owing (payable on the 25th January for the month of January) plus any holiday pay (however most people had just taken leave over the Christmas period) and any other monies that may be payable under the liquidation process. It would have occurred quicker but see point three.
- Liquidation – this has been held up by some of the creditors who determined that they wished to appoint their own liquidator as they did not wish to support the liquidator that I suggested. I don’t know how long that this will take to occur now given that creditors need to go through quite a lengthy process as yet no one has advised me as to whom they would like appointed.
- Sarah Norrie and Mediacom were not aware that this was going to take place ahead of time. I also tried to contact Kath Watson, who was in Australia at the time. I tried to keep as much of the business together in one lump as I could so that as many as the staff could be walked into a role. I did not receive any monies to do this. Mediacom is not responsible for the demise of our business.
- $2.4m shareholder loan – this is a reference to my shareholder’s account which is overdrawn. It is not a loan; it is four years of drawings, mortgage payments and an intercompany transaction that took place upon the advice of our external accountant at the time and now sits as drawings (which I don’t physically have) in my shareholder account. By the way, this represents around 2% of our net billings over this period of time. My actual earnings were much less than this.
- Ransacked offices – personal items that I paid for with my own money were removed; plant and equipment is at the TMC premises and awaits sale. These items do need removing soon because the landlord would like to rent the premises out to new tenants.
I just want all of you to know that I fought to keep my business going because I had clients that I loved, staff that I cared for and a business with strong craft skills that was growing. My failing is that I have never liked the financial side of business, I am a craft person, and this is a fact that anyone who came into contact with me knows as I am completely open about that. I paid literally hundreds of thousands of dollars in the last 14 months to a range of mentors, advisors, business managers, financiers and external accounting organisations to advise and assist me because I understood my shortcoming in this area.
I could have walked away with literally millions over the past 12 months but I didn’t do that. I stayed and fought to keep the business I was so proud of going. I have literally walked away with very little to show for my efforts apart from a crushed ego, a massive mortgage, debts to media owners and trade, along with the loss of my 27 year career, a shattered family and the benefit of hindsight which is of little use right now. I will no doubt be bankrupted over the next few months as well as all the personal losses that comes with this. What more would the “anonymous” like from me? I am distraught – not happy, not smug, not cosy – but distraught over what has occurred. I don’t take any of this lightly. I don’t take that people and companies haven’t been paid lightly. I don’t take that some staff don’t have jobs lightly. I don’t take that clients’ business has been disrupted lightly. This is my doing and I accept that.
There are so many ifs … but hindsight is a great thing. Yes, the recession hit us. Our same client billings were at 38% of what they were the previous year. Had we had these clients billing at the same levels plus the new business we had taken on then our revenue streams may have been able to see us through this year and into more comfortable space.
You people that haven’t the balls to put your name to your posts and those that have never had to run your own business should take stock of yourselves. The feasting frenzy over the demise of Glenda Wynyard and TMC is actually quite disgusting because we had to cease trading – with no international agency to prop us up and no revenue for three months the fragility of our situation hit us very quickly. It was dreadful. Anyone sitting near to me knew very well the battles that I had and how much I tried. Every time I thought I would be able to do something, another block would be put in our way. I had one last hope but it didn’t work out in the end for which I am endlessly sorry. The decision to go into liquidation occurred overnight as any other options that I had were just too many days or weeks away. And that is it.
This is the last you will ever hear from me on this subject as the professionals need to do what they need to do well to help me tidy this mess up. To all those that have offered me support and well wishes, many thanks; to all those that I have caused distress, again, I am so very sorry but once a liquidator is appointed there are two particular debtors that combined owe a significant amount of monies and I am sure that much will be settled once they are pursued through the correct channels.
All the best
Glenda
Hmm?
February 4, 2010
Well, I would call that an honourable reponse.
Rumours
February 4, 2010
here here
Amused...
February 4, 2010
Glenda, you are and always be supported by many. Take no notice of the negative, jealous & bitter ones that can't name themselves.
Marama Castle-Brown
February 4, 2010
In the years you have supported and encouraged me in the industry, I finally get to pay you back. You have my absolute support Glenda. Kia Kaha (stay strong)
Vincent Heeringa
February 4, 2010
Grace under fire, an attribute worth emulatng.
Good luck Glenda.
habadashry
February 4, 2010
Ahhhh, there's nothing like an objective response from an editor. Obviously with a such a positive comment, dear vincent, you will have checked out that the facts behind the statement made. Thankfully other editors don't emulate your style or your spelling. Good Luck Glenda, you will need it, when everything finally comes out in the wash.
Finance & Media
February 5, 2010
Dear Glenda,
I read your response with some interest and feel for your position. However, I have two daughters and I always tell them that if you are going to be contrite, you also have to be honest. I think that you are only a little of both on this occasion.
I am an accountant so I will leave the rest of the rumours for others. I think it is important to look at the facts of the cash flows. This is based only on what you have told us yourself or been printed as editorial here.
Point 5: The Loan of $2.4M
Finance is a simple thing. If you take money out over and above your salary and staff benefits, it is a loan. There is no magic to it. You claim that an accountant set this structure up to pay mortgages – the question is, to what asset? This is surely good news for your staff & creditors as this money is at least sitting in an asset that has been paid off and can be recovered. While I have no doubt that the money is no longer in the shareholder loan account, the only person that can take this money out is you. The alternative is that you have been the victim of a crime, and you are not claiming this.
This is important as staff have not been paid (or so they claim) and their financial claim is ahead of directors loans.
You make the point that you spent 'hundreds of thousands' of dollars on consultants. Again, I do not doubt this. However, was the money yours to spend? As an agent of other peoples money (your clients) did you pay their bills, or pay your own bills with their money?
One financial item you have moved away from is the claim that you closed the business as an investor pulled out at the last minute (mentioned in first article). This is an important item as it goes to the extent you knowingly traded while insolvent. While NZ law does not consider this a crime in itself, your fears that you will be bankrupted by this matter indicate you are concerned about this or some other conduct.
It is absolutely appropriate that you make no further comment. Thanks be to small mercies.
Well...........
February 5, 2010
It is not the critic who counts, nor the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows great enthusiasms, great devotions; who spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither victory nor defeat.
Better...
February 5, 2010
Well…. a breath of culture! Theodore Roosevelt I believe. Nice.
Better...
February 5, 2010
"The greatest glory in living lies not in never falling, but in rising every time we fall";
Nelson Mandela
Better...
February 5, 2010
I appreciate your sensitivity bf. I find that an uplifting quote each day is good for the soul… "bad days happens to everyone, but when one happens to you, just keep doing your best and never let a bad day make you feel bad about yourself"
— big bird of sesame street
Amused...
February 5, 2010
You're all plucking at straws to put Glenda down yet still can't name yourself… Just sitting on that band wagon until the next one comes along, aye?
chea
February 5, 2010
and what of the 'supporters' that can't name themselves either? or is that different?
Thicko
February 5, 2010
Same shit, different day
Chris Hancock
February 5, 2010
And for each of those DICKS that have been so critical – there are 100 others that support you! You'll continue to be respected. Happy thoughts Glenda.
Kevin Blight
February 5, 2010
Its a tough ,fine margin business. Glenda has been caught out by rapid growth, last year's tight market, loss of accreditation. It has nothing to do with her skills as a media person. Sorry Glenda
bayfighter
February 5, 2010
It sure is sad to see that comments posted here are moderated by this site so unless you declare your love for Glenda don't bother commenting …. disappointing
Grant Fell
February 5, 2010
I'm with Marama,
Glenda has been very supportive of our venture through difficult times. Whilst we are still well and truly alive, the TMC situation sounds rather final. Irrespective of what happens now or in the future, I want to say thanks to Glenda and offer any support back that we can.
Grant & Rachael
Black Magazine
Thicko
February 5, 2010
I didn't realise that genetalia had to be spelt out in upper case? Thanks for showing us the way Mr HanCOCK.
Boring!
February 5, 2010
It has happened, pick yourself up and move on everyone! Kama will take care of the rest on both sides of the spectrum, just wait and see.
Jon
February 5, 2010
I applaud Glenda for giving us her side of the story. But I applaud "Finance and Media" for cutting through the cant, sobs, tears and abuse with a distillation of the important bits of information. Excellent – and why don't journalists do this anymore? And why have commentators and readers shied away from stating that a major finance company has a blanket security over all current and future assets? It's most likely that this is the outfit that has asked for a different liquidator, and rightly so. After the finance company has picked over the bones, I doubt if there will be as much as slim pickings for anyone else. This security was registered on January 19.
PS – for a business owner not to like the financial side of business is a bit like a butcher not enjoying meat.
Greg Randall
February 5, 2010
Glenda,
I am very sorry to hear about your company coming to an abrupt end. I too am a business owner and can understand what pressure you must be currently under. I have read the comments above and find myself surprised that everyone has missed something what I feel to be obvious.
Like you, my skills are not in Finance, sure I understand all the high level Finance fundamentals that come with running a business, but very early on in my business I recognised my shortcomings in this area. I too thought of coaching to fill this gap, but it came down to how I could ad value to my business. Instead of investing in my up skilling in an area I am not passionate about (but recognise its critical value), I instead recruited a top notch Financial Controller. It was one of the best moves I made and it helped to lift the business to another level.
My comments are not meant to be condescending but to assist in your hindsight. Best of luck getting through this difficult time.
Greg
Rob
February 5, 2010
"I could have walked away with literally millions" – how? the money clearly wasn't your or you wouldn't be in this situation now.
Tania
February 5, 2010
Glenda has been honest in all her transactions with our publication and all funds owed to us have been paid in full. Glenda should be respected for what she achieved, not the mistakes any one of us could have made in a market that was literally turned on its head due to the global financial meltdown. Tania and Mark, Fitness Life mag
the bard
February 5, 2010
to misquote, "infamy, infamy, they've all got it in for me.''.
Glenda's response is heart on the sleeve stuff but also a cop-out. The whole piece has a feel of pass the buck. The bottom line is – her business and it's gone bust. To blame a lack of financial ability is pathetic. What are you doing running a business and playing with people's lives if you are not capable.?
As for anonymity, unfortunately there are 2 many one-eyed individuals in this town!
Jo
February 5, 2010
Glenda – as always an up-front, detailed response to what must have been a nightmare. You are the most creative media person I've ever had the pleasure of working with and I would hate to think that creativity is lost to this industry.
Hang in there.
A McCann Man
February 5, 2010
Its no different than being in a bad marriage, at the time you'll find all the wrong reasons to keep going, its not till it ends that you realise what you thought was right, was in fact your mistake. You seek advice from so called professionals who administer their magic theories and potions to keep you going, then one day that dark wolf come knocking at your door and says "Sorry buddy its all over"
As for your financial consultants (and accountant) what fat load of good they we're – send them a sack load of lard, or truck, depending on the amount on the amount of fee's paid!
All the best Glenda, nothing you can do know except bail and start a new life…perhaps cray fishing up North??!??!
marco marinkovich
February 5, 2010
Hey Glenda… I am sending you a copy of the global research report on blogger's personalities, 'What makes a blogger tick?'. Did you know people who do not give their name are 9 times more likely to masterbate when reading an adult magazine and 7 times more likely to surf porn sites at work than those who are up front and don't hide behind anonymity. Respondents who give false or altered names have low self esteem, tend to suffer from inferiority complexs, and 69% were bullied at school. 33% display psycopathic tendencies and 81% if put in a position of minding a child would be more likely to arouse deep seated paedophiliac desires. Makes sense to me. Answers why all your guttless spineless faceless self appointed experts who contribute nothing to society and business are giving you their opinion. Pitty the poor buggers who employ such people. They are the water cooler gossips and non achievers. I know how hard it's been for you and your team. No shame in giving it a go. You will be better for it…. in time!!! Next time remember not to hire any faceless bloggers, like a paedophile, they'll eventually fuk the business you gave birth to. Marco
Amused... Stu T
February 5, 2010
Bloody brilliant !! Here Here Marco !!
Ben Goodale
February 5, 2010
Lovely statement Glenda. The number of our clients and colleagues that have told me how much they respect you has been overwhelming. You know where I live.
And nice points Marco.
confused
February 5, 2010
Marco, entertaining stuff and hope you feel better for it. I do however sense some anger management issues here.
This is a subject that clearly is polarising people. And there are clearly 2 sides to every story. I'm sure the truth will out over time once creditors etc become known.
Better...
February 5, 2010
…aah which reminds me…"Anyone can become angry. That is easy. But
to be angry with the right person, to the right
degree, at the right time, for the right purpose
and in the right way… that is not easy.
– Aristotle
marco marinkovich
February 5, 2010
Hey Confused…or should i call you Confusious. It wasn't meant to be entertaining. Glenda like many other good people who take a risk and start up a business from scratch, create jobs for people like you and Aristotle, sometimes make a wrong choice and screw up. I'm sure you would understand that being one of the faceless bloggers mention in the research. No one is in a position to comment without all the facts. So why do you think people do that then hide their identity? If that's not too confusing for you, I would like to hear your view if you have one.
Watch and Win
February 5, 2010
The soon to be bankrupt Glenda Wynyard speaks!
Glenda accounting 101 you are going out the back door for the $2.4m – gone thats right
So lets examine how you sucked Watch and Win and the poor winners into your scheme
1. You agreed to pay for the cars – you wrote to Vodafone saying McCanns would pay for the cars
2. In January 2004 you said that TVNZ had stated that there would be more than enough texts to pay the bills – something that they denied after the promotion collapsed, and despite agreeing otherwise you walked away from the winners and your obligations
3. Sime Darby pursued McCann for the value of the cars and threatened to sue. WW sued you and McCann for the value of the cars, over $1.14m
4. You paid Pizza Hut without the knowledge and instruction of your client WW, $250k plus gst as a payment for the goods . Dean Divehall of Pizza Hut and now Optimedia, claimed he demanded such a payment. You never disclosed this and such an act was according to our advice a secret commission and illegal. Mr Divehall will learn the consequences of being a party to that act one day.
5. In a letter to Pizza Hut from McCann Worldgroup, a company that does not exist, signed by you, guaranteed to deliver the cars – that letter was hidden from all for over 6 months and did not appear in any pleadings until given to WW by Pizza Huts lawyers Meredith Connell in October 2004. Pizza Hut stayed mum until it was asked directly about the existence of such a letter.
6. McCann Erickson constantly lost money while you were a Director, and constantly filed its financial statements late.
7. The Companies Office finally prosecuted your co Director Warwick Everall and your poor replacement for failing to file returns on time. Given you were Everall’s co Director at the time you should have been charged too.
8. You and Everall were signing financial statements stating the accounts were true and correct and there had been no material change in the financial position of McCann whilst within days of signing such minutes you complained about losing millions on your promotion. McCann at the time according to financial expert’s affidavits was insolvent.
9. Shortly after that Paul Holmes show made statements that we have no doubt were fed to him by you for which he had to retract the following Monday faced with a massive defamation claim http://www.youtube.com/watch?v=InfMhfmQ8AE
9. To understand Glenda you only need to look at one of the poor winners of the cars view of her “I spoke to Glenda on Friday, or more accurately she spoke to me, as I merely asked where we were at, then she let rip…..she has to be the woman from hell. For a professional person, her choice of language was disgusting. She called Richard a pr***, said he'd been thrown out of the negotiating room, was about to go on holiday with ????????, was off to his ????, and expressed what she would like to happen to him when he "goes down" (words which I cannot print here). None of this tirade was relevant to the question I asked. Good riddance to Glenda (B*tch) and McCann Erickson”
11. We received advice that Glenda’s actions were in breach of the Financial Reporting Act 1993 and if prosecuted would result in fines of up to $250,000 or five years in jail. The Companies Office said they did not undertake these type of prosecutions and referred it to the Serious Fraud Office. Nowadays they are much more capable of complex prosecutions given their efforts with finance companies – come on Companies Office – there is no limitations on these offences
Entrepreneur, no, financial naïve, she admits, I leave the rest for your own conclusions
The Companies Office should look carefully at all Glenda’s actions, she has no place as a Manager or Director of a company
Watch and Win
February 5, 2010
She also forgets to mention DIA acted on a search warrant at the McCann premises.
They were told that McCann had no documents and those that did exist were at the offices of their lawyers Simpson Grierson
That stopped DIA getting McCann's documents including the letters to Pizza Hut guaranteeing the cars.
Those so called 'privileged' documents that did not exist soon surfaced in Glenda's hands after an adjournment in court so she could find documents to bolster he claims as a witness
confused
February 5, 2010
you can call me what you want dude, no skin off my nose.
Why anonymity – easy, Auckland is far too cliquey and who you know seems to matter more than what you know. The creative world is worse than most in this respect.
As for starting up a business, yes it takes balls.It also takes brains and financial sense.
So, if its all right with you I'll continue to have my own opinion, apologies if it differs with yours but I don't see the need to sink to puerile abuse.
marco marinkovich
February 5, 2010
Hey Confusious…don't worry about what other people think. If what you have to say is true, why hide like a terrorist? Having an opinion is great… stand up for what you believe, have the balls to sign your own work.
Amused... Stu T
February 6, 2010
@ Watch and Win …. I was there in these days. I remember this debarcle like it was yesterday. You're talking through a hole in your head and you know it.
Better....
February 6, 2010
Marco. ..what do you mean "it's not meant to be entertaining" ..errr…have you been reading the posts? By the way I am a big fan of GW and you got my comment out of context..it was a quote BY Arisitotle in support of her. Come on Marco..if you want a blog-scrap with someone pick on the nasty troll pig face crap mongers.
Superman
February 6, 2010
Hey Marco! My parents put me in a space capsule and fired me off to Earth. Two complete strangers found me and adopted me as their son. I had a happy childhood although I had to hide my super abilities during sports day to give the other kids a chance. Yeah that pissed me off and they didn't have Nike's in those days so I kept burnind the rubber off my shoes. I got a great job as a journo for a newspaper. My point is, I kept my identity secret because I was in media and it's a cut throat business as you know. If I got a promotion they'd say…"that's because he's Superman"…I told my girlfriend. Big mistake! Never got to home base with her.
John Stewart
February 6, 2010
Wow. Interesting that the people like Kevin and Ben who are prepared to use their names also know how hard it is to run a business.
Am sure it is a very difficult time for you and your family.
Bob Pinchin
February 8, 2010
Marco – With you, most of the anonymous comments are coming from people who don't have the balls to stand behind their comments. John – Also agree with your comments. I suspect very few of these people have run their own company and in all likelihood never will.
Phil
February 9, 2010
Bob congratulations on having the ability to run your own company but that doesn't give you the right to pompously suggest that mere employees have no right to have their say. Seems bizarre that since Marco joined the debate it has turned around to being about the relative size of people's genitals rather than allowing the blog to be what it is – the absolute right of any individual to have his or her say whether anonymous or not, within the boundaries of good taste and the law.
Vincent Heeringa
February 9, 2010
We're all slaves to somebody, be it employers or clients, so in that sense there's no great difference.
But there's a massive difference when your balls (house, personal reputation, family assets) are on the line as a business owner. In the end an employee can walk away — business owners can't. Few people are prepared to take that risk yet when they win they are regarded with envy and when they fail they are regarded with contempt.
If the courage to start a business is interpreted as pomposity then so be it. One man's pomposity is another man's nerve.
PS: sorry about adding to the genitaliac references.
Anne on a mouse
February 9, 2010
Some people work for larger media organisiations or suppliers and their managers may not feel that it's appropriate for their staff to comment. It's down to self preservation of their own jobs however they still should be able to express an opinion as long as it's constructive.
Bob Pinchin
February 9, 2010
Anne – Agree, if it's constructive but much of the anonymous comments are simply throwing crap rather than being constructive.
Vince – Agree with your comment.
Kim
March 5, 2010
Glenda how could you keep ordering flowers from our small business for delivery to your friends (on account) in the last 2 months knowing full well you would never pay the bill?
Gerry Kookmeyer
March 7, 2010
Hmmm, good question Kim. Your thoughts…Marco?
McDermott
March 7, 2010
Kim just send an invoice out to the people that received the flowers that way you may get paid…
Watch and Win
March 11, 2010
Look how Glenda uses other peoples money and lives to curry favor and build her credibility – any one seen her? Rumor is shes skipped town
Win & Watch
March 11, 2010
My compass say's north…far North!
Wife
March 25, 2010
Heard she is working in Australia now… As a wife of a former TMCer I am absolutely appaled that she has made no attempt to reimburse anyone for their loss of wages for a month plus holiday pay. Absolutely disgusted.
The Husband
March 25, 2010
I came back to work after my holiday to find the place cleaned out. What was odd though is I did find this tape with the words 'my new rock n roll'.
I can't say 100% that it was the former boss's writing but maybe you can tell who it is by the voice???
http://www.youtube.com/watch?v=vohlSfFRZ_s
Jan
April 12, 2010
What comes around goes around!!! about time
West Brom for Premiership
April 13, 2010
It's nearly 3 months since The Media Counsel allegedly went into liquidation but there is no evidence on the Companies Office register that the company is in liquidation. What's going on? Or is it just the slow wheels of bureaucracy struggling to process, file and publish routine information? I think further investigation is required Stop Press.
Watch and Win
April 14, 2010
its about time someone filed to liquidated MC to so the liquidator can get your money back!
If shes gone it wont be opposed!
Mr Win & Watch
April 17, 2010
The company has not officially been put into Liquidation, therefore, technically, MC (and its Director, can collect monies owned and if they choose not to pay their creditors then you need to get off your bottoms and collect it!
Some of you have mentioned other property that the director owns, this has no relevance to MC, you or the situation, not unless, the company has been placed into Liquidation (and/or) someone chases the money vigorously, but then again it will depend how deep your pockets are to chase the money owned.
For those that have smaller debts I would look at smaller avenues such as the small claims court.
West Brom for Premiership
April 21, 2010
All good points Mr Watch & Win. By "not officially" to you really mean not at all? You're either in liquidation – voluntary, which is what we were led to believe was the case with TMC, or by a creditor – or not at all. One can't just shut up shop and do a runner, as some have suggested has happened. C'mon Stop Press (or Marketing Magazine), get off your spotty backside and chase the story, rather than just being a cheer leader on the sideline and polishing press releases. Have a chat to Marac Finance for starters. Gees, I shouldn't have to do 'ya job for ewes'. Yours, West Brom for Premiership, Esq.
wynyard funds lifestyle off the creditors say the liquidator
May 9, 2011
The liquidator of Media Counsel say in their most recent report
The liquidators have completed their investigations into the books, records and affairs
of the company. The liquidators have concluded that the reason for the companies
failure lies solely with the director's action of removing funds from the company to
fund her lifestyle.
The director declared herself bankrupt in August 2010 however given the level of
mismanagement and what we consider to be the highly questionable actions of the
director in late 2009 in regard to the companies trading and financing arrangements we
are preparing reports to a number of government agencies for their consideration.