Originally Posted by
Balance
Don't be too harsh on our judges - the two (age 65 and 70) are going to find a year or so in jail at their ages and after the soft lives they have lived pretty tough.
Meanwhile, sounds like Allan Hubbard's greatest cheerleader and worshipper (before he fell from grace), Chris 'see my own rating system for finance companies but got them even more wrong' Lee, has turned really septic on his previous idol.
He is suggesting best course of action now is against Sandy Maier and Forsyth Barr :
"Another group who should not give up hope are those that want to see accountability for the blatantly poor management of South Canterbury Finance this year.
In September I recorded specific issues that simply must be examined by the NZX, the Securities Commission and perhaps the Commerce Commission.
Specifically the American Samford Maier Junior (“Sandy”), the Forsyth Barr chief executive Neil Paviour-Smith, and SCF’s directors must be asked to explain key concerns.
The biggest issue is why Maier told the market in May 2010 that SCF was breaking even, had no known need for future provisioning, was getting 40% renewal rates, had $240 million of nett shareholders funds, and had an encouraging future.
All of these statements, at the time he made them, and subsequently, were demonstrably inaccurate, in my opinion. I said so, at the time.
The effect of these statements on SCF’s preference shareholders may have been to encourage investors to hold on to the shares, or even buy more.
Nett shareholders funds of $240 million implied a nett asset backing per preference shares of nearly $2.00, in May. In September the nett backing was negative $3.00 at best. Between these two dates, not a word was said about collapsing asset values."
Sounds like a good idea which Enumerate may want to follow.
Meanwhile, not a whisper from our resident human rights champion about poor old Hotchin whose NZ assets and rights have been taken away - without notice!