Quoting our mayor in the press today
"Christchurch Mayor Lianne Dalziel has said the council is considering releasing up to $400m from its commercial and investment arm as it addresses a funding shortfall and the city looks to rebuild from the damaging 2020 and 2011 earthquakes."
So the raping and pillaging of LPC is confirmed under council ownership. Even though Northington's valuation report said it wasn't possible to decouple the LPC insurance capital from what is a going concern. How could Northington's have been so naieve? Unless of course they were really working for the people who paid them instead of minority shareholders, in which case the whole Northington evaluation makes perfect sense.
SNOOPY