Opinion: If this isn’t a big FU to Sir Tim and Stuffed / Southland Times, I don’t know what is! (Read the media release Karen issued on Monday below)
Clearly Karen is showing zero remorse for lumbering Sir Tim and Stuff with $360K in costs between them after Karen losing her defamation trial.
Arnold claimed Stuff and Shadbolt ruined her name when the only person who has achieved that is Karen Arnold.
On Friday 22nd February Invercargill City Councillor Karen Arnold was adjudicated bankrupt meaning she loses her directorships at Electricity Invercargill ($29K per year) and Powernet ($33K per year). On Monday 25th February Karen Arnold issues the media release below.
Karen you now need to do the right thing and not re stand for election, you have created a toxic atmosphere around the council table and Invercargill ratepayers deserve better!
Invercargill City Councillor Karen Arnold said she was relieved to have been adjudicated bankrupt, in a decision she received from Associate Judge Dale Lester on Friday.
“It was wonderful to wake up on Saturday morning knowing my costs awards for Stuff Ltd and Sir Timothy Shadbolt – totaling around $370,000 – had been wiped.
“While I argued vigorously not to be made bankrupt so I could continue to pay my other unsecured creditors and act as a company director, the reality is it would have been very difficult to pay off the debt I incurred defending my reputation.”
Cr Arnold, who can continue to serve as a city councillor, said she was disappointed she would not be able to continue as a director on the boards of Electricity Invercargill Ltd (EIL) and PowerNet.
“But it’s by no means the end of the world. Bankruptcy is just a 3-year blip during which I get to reset and enjoy a future without debt.”