NZF Group (NZF and NZF010)

[Tony Two Gloves]

I think this whole thing makes a mockery of NZF's "We're Different" slogan, in fact they have removed it from there website home page. They are no different and as a few of us have been saying they never were any different from all the other poorly run / managed failed finance companies. No matter how much you go on about experienced lending staff, management with 130 years experience etc the fact of the matter as they were doing loans nobody else would and that has come back to bite them! The only difference was they had a bit of cash when things turned south and were able to survive longer than most - luck not skill kept them alive. Now we see a potential small payout to debenture holders, unsecured creditors losing everything and on top of that an extremely over valued loan book (surprise surprise) and now rampant related party lending - what difference??
I personaly believe the note holders will lose everything as eventually the interest on these notes will become untenable. It is almost impossible for shareholders to exit and who would be brave enough to buy at any price. If they cashed up their assets they would still be at least 3 - 4 Million upside down which I guess is why the SP is where it is.
I don't think the SFO would launch an enquiry if they did not have good grounds to no matter what Mark Thornton tells the Herald, still with only 28 loans it shouldn't take to long to check. I believe some of the directors where heavily envoved in property development a few years back so I guess this is what the SFO will be looking at....