where cushing family wealth has been involed his record is excellent.
only follow him if large amount of family flesh is on the line,then make sure you donot stand between him and a $
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where cushing family wealth has been involed his record is excellent.
only follow him if large amount of family flesh is on the line,then make sure you donot stand between him and a $
So as long as he sticks to farming then hes ok? It seems that hos problem was stepping out of farming into stuff he had no chance of understanding and then causing all sorts of stuff ups. A quick look at the companies he has run just AIrNZ and BNZ needed over $1.5bill in bail out funds!!! Not counting all the losses on his other companies!! He still owes NZ a huge amount!!
Capital + Merchant collapses, $167m owed
Grant Thornton says debenture holders can expect only 2 cents in the dollar and that is before interest owed on the Fortress debt and the receivers' fees have been paid.
http://www.stuff.co.nz/business/3175...pses-167m-owed
independant 17th dec 2007.
The Dead Hand Director award.
the 2009 award goes in chalkie,s opinion to ruth richardson.
as chair of the IMP diversified income fund she headed one of the many financial type of syft she presided over a board companies that had to tell investors in moratorium that they wouldn,t be getting all their money back as previously promised.
as chairwoman of syft she presided over a board where you have to question if self-interest fractions effectively handicapped the chances of a successful refinancing of the business in late 2008,
as a synlait director she has seen the IPO pulled.the board must take some blame for the issue,s unrealistic pricing.
So, in todays news:
The Securities Commission has laid criminal charges and issued civil proceedings against Capital + Merchant Finance directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland.
Criminal charges have also been laid against Wayne Douglas, who resigned as a director in February 2007.
These proceedings follow extensive investigations by the Commission since Capital + Merchant Finance went into receivership on 23 November 2007 owing approximately $167 million to some 7,000 investors. According to the receivers it is likely that none of this will be recovered."
I just reread this article and had cause to reflect on the striking number of former National Party cabinet ministers who have been, or still are, directors of failed or failing companies. It seems that the oft repeated dogma about government's inability to run businesses is something of a red-herring; the real problem, and one that ought to cause all involved acute embarrassment, seems to be the lack of business competence of those who make their way to the top of the National Party.
And in todays news;
" A former National Cabinet minister is to be charged for misleading investors during his directorship of failed finance company Lombard Finance.
The Securities Commission announced today that it would launch civil proceedings against four Lombard directors, Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.
Mr Graham was Minister of Justice and Attorney-General for a National Party-led Government during the 1990s."