Every Sixteen years, some say less that that.
Good post Cully
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News this afternoon that Sandy is telling investors there is no need to panic. (newsflash - it would get them no where anyway because SCF is in a trading halt!)
Apparently they are speaking to a handful of investors this weekend to raise the equity - its going to the wire.
And once again he reminds investors to take comfort form the Deposit Guarantee whatever the outcome.
So whats it going to be:
- Stat man
- Receivership
- Duncan Saville with his rumored $170m (but don't SCF need $200m +?)
- The Russians (via Scales?) with $350m - another rumor
- me and you with our taxes
SCF had, apparently $10.6m cash on hand last Monday. That will have paid a few people over the past week but it doesn't sound like any new money is flowing in. It certainly won't have on Friday and chances are slim on Monday when more payments will no doubt be due. So what will come first a failure to repay debenture trigger or a Trustee trigger?
There's lots of debate going on here about how it got to this point...I'm keen to know ppls opinions of how this sorry saga is going to play out over the next three days, as the end game approaches. My humble thoughts are that cabinet will bypass treasuries advice and put up however many millions are required to wind things down, rather than write out 1 BIG chq immediately. Everyones views???
Thanks Billy Boy, and also Balance for your subsequent comments. Seems the boom and bust cycle has been getting more frequent. Investment scams though are going on all the time regardless of these cycles. My question is, why are investors not learning about either of these things? A while ago I would have said investor education is lacking - it still is, this stuff should be taught in primary schools - but actually there is loads of information out there. I'm sorry if this seems off point but to me this is very relevant to the Hubbard situation - don't have blind faith in anyone, get a prospectus, find out what you're investing in, if the answers aren't there or they don't seem credible be damn suspicious.
SCF are due to make their monthly interest payment on debentures on 31 August, at around 1.2b @ 8 % that will absolutly wipe out any remaining minor cash balance as at Friday 27th August. Even if the Trustee shows a little grace with a further extension the company will have run out of money so its game over unless a deal is done on or before 31 August.
Enumerate, I have never seen a finer example of an Ostrich with his head so firmly entrenched in the sand. You have lost almost all credibility on this blog and after this fiasco is over and done with you might as well change your user name and come back under another identity because you will forever be known as the most dillusional of all A.H. supporters. Frankly I have better things to do, especially on the weekend, than debate this matter with such a fervent Cultist. Just read the SM's report again, its all in there, enough said.
I predict the Govt will make some concession and buy the bad bank at "so called" written down value provided serious new money is introduced by a party capable of running SCF properly, i.e. not associated with Mr Hubbard.
Get it right Roger,debenture interest is due on the 30/09/10
Westerly
A lot of investors have selected the monthly option for payment of interest and there will be a substantial payment due on 31 August. That in tandem with the fact that the company only had just on $10m as at 23 August, with redemptions since then and you don't have to be a rocket scientist to work out its game over.