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  1. #571
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    3 billion? hmmm.....

  2. #572
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    Which is obviously why they are attempting to negotiate with the Trustee to establish a negotiated price for the equity conversion.

    If the notes convert to equity ... the remnant asset values are in the range of $5-10M + a few M ca$h

    Do the noteholders want an ordered transition to ownership of these assets? Would they prefer to take a haircut and maintain the subordinated debt position? The notes are clearly not worthless ... the issue is: "do you restructure with the potential to restore to higher value" or "do you go into effective liquidation with no prospect of recovery"?
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  3. #573
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    Well they are worthless compared to their $1 face value. This will not be a haircut, this is a fully shaven job.

    I know Enumerate you were a keen buyer at 1.9 cents but although you justified it I thought you ignored the mounting bad news, NZF had no future then and it is looking even bleaker now.

  4. #574
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    I would point out that the company is still worth something ... say, $10M ...

    The issue is that the shareholders will be diluted by the converting noteholders -OR- there will be a messy liquidation in which the noteholders recover alot less than $10M for the $18M of notes.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  5. #575
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    There is hardly any room left on this coffin lid to bang any more nails in.......

    5 April 2012 NZF Group Limited (NZF) - announces receipt of notice of proceedings NZF announces The Company has been notified by the receivers of NZF Money Limited that they intend to file proceedings against NZF and certain past and present directors who were directors as at 20 October 2010 of NZF Group. The proceedings relate to an internal restructuring of NZF Homeloans Limited in October 2010 which is alleged to be an insolvent transaction. The receivers have also applied for a freezing order over the assets of NZF Group. A hearing date has not yet been set. The proceedings will be rigorously defended.

  6. #576
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    LOL TTG, and I suspect the 'discussions' with the Trustee regarding bond interest/conversion to equity will have just taken a turn for the worse as well. Looks like a messy liquidation comin' up

  7. #577
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    Yes indeed, probably the last thing Peter Huljich needs also as he was a director in October 2010 (along with Waddel, Callaghan, Redpath, Sclater and current MD Mark Thornton).

    Where oh where has Invessi gone, I would love to see him put a positive spin on all this.....

  8. #578
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    Quote Originally Posted by Tony Two Gloves View Post
    Yes indeed, probably the last thing Peter Huljich needs also as he was a director in October 2010 (along with Waddel, Callaghan, Redpath, Sclater and current MD Mark Thornton).

    Where oh where has Invessi gone, I would love to see him put a positive spin on all this.....
    Watching and waiting, could go either way I imagine!

  9. #579
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    Default NZF: Resignation of Chief Financial Officer & Company Secretary

    18 April 2012

    NZF Group Limited (NZF)

    NZF Group Limited advises that one of its officers, David Watton, has left the Company and is no longer employed as the Chief Financial Officer and Company Secretary. NZF will look to appoint a new person to these positions in due course.


    Mark Thornton
    Chief Executive Officer

  10. #580
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    I think it was due to a health issue!

    Quote Originally Posted by getontoit99 View Post
    18 April 2012

    NZF Group Limited (NZF)

    NZF Group Limited advises that one of its officers, David Watton, has left the Company and is no longer employed as the Chief Financial Officer and Company Secretary. NZF will look to appoint a new person to these positions in due course.


    Mark Thornton
    Chief Executive Officer

  11. #581
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    Yes the company is in exteremly poor health, in fact it is TERMINAL!

    I think this was more likely a smart career move......

  12. #582
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    Incorrect!

    Quote Originally Posted by Tony Two Gloves View Post
    Yes the company is in exteremly poor health, in fact it is TERMINAL!

    I think this was more likely a smart career move......

  13. #583
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    Default Nzf

    Looks like the party is well and truly over. Any comments or obituaries?

  14. #584
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    We've been gathered around the death bed for a couple of years now, but will save the obituary until the patient has passed on.....and a death certificate has been provided

  15. #585
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    I thought they might have at least written to note holders to advise they aren't making the interest payment due.
    Maybe they can't even afford the stamps for envelopes.

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