Chris Lee has an extensive commentary on SCF at his site:
http://www.chrislee.co.nz/index.php?page=taking-stock
He is calling for a public inquiry - based on the turnaround from positive $200m in May 2010 to the current deficit of minus $1b and the simple question: "How did this happen?".
He makes that point that this inquiry is necessary to protect the reputations of the people conducting the receivership (are they bungling the asset sale process). His most compelling point is that the lessons as to who, where, why and how need to be completely transparent - to strengthen and fortify the integrity of the NZ finance sector, to guide regulation but, most importantly, because of the "moral issue". If over $1.2b "evaporates" (most of it public money) - this demands an investigation and a definitive statement of what happened and who is to blame.
I am sure that the government has no appetite for the investigation. I am not sure that Treasury and the Securities Commission want to expose any of their disgraceful conduct in the Allan Hubbard statutory management (an issue that must be material to the SCF inquiry - though not mentioned by Chris Lee).
There will be an inquiry - the Preference Shareholders of SCF, in liquidation, will be asking some pertinent questions of the auditors, trustee, government agencies and management. This issue will not escape scrutiny.