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Originally Posted by
Enumerate
No mention of the fact that Mr Hubbard has subordinated his interest in Aorangi so that investors are probably going to get a full payout.
Yes their is; " A global “pledge” by Mr and Mrs Hubbard is to be sent to their solicitors to confirm acceptance and to formalise the promises Mr Hubbard has made."
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No mention of the fact that in HWM had positions worth $57m during the year but declined due to general market malaise and that some of the assets are not included because of ownership disputes of investments.
No it wasn't. It was due to a $1m loss in Pike, $.8m in NZO, $3.5 in commitments to Mercer and $1.2 in Olympus illiquidity
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No mention of the fact that some of Hubbard's investments were the best performing NZX assets this year - sold off to pay $800/hr insolvency experts.
Thats probably because AH grossly overstated the value of these investments. Investors were led to believe their were investments worth $82m. They now have a realiseable value of $48m - despite the agressive management by the Managers to maximise value form these investments. these are grossly overshadowed by his investments in finance companies that went bust and illiquid companies
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No recognition that the Hubbard charitable trusts were his initiative to help people into farm ownership - not expecting regular interest payments, not even seasonal payments - but expecting the ledger to be balanced in the long term.
It might have been his initiative to help - but more importantly he mislead investors. If you look at Te Tua the likely realiseable value of the loan book is $8.7m whereas AH gave it a book value of $23.4m. 36 loans are up to date and repayments are bing made. 5 loans being repaid but at a low level. One loan won't get paid until teh spouse dies, 2 loans didn't have payments due until a future date and 26 laons are non-performing due to a lack of documentation but it looks like Te Tua is an un-secured or secondary creditor. 2 loans are for a company that no longer trades. AH was generous, if not reckless with other peoples money in the pursuit of his god driven desire to help.
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Not even an acknowledgment that being linked to a Ponzi arrest could be seriously hurtful to a man of integrity.
I dont think that is part of the Managers Terms of reference
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Distortion heaped with unkindness ... very classy.
If you read the reports I think you'll find it is AH who has been doing the distorting.