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  1. #631
    Veteran novice
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    Quote Originally Posted by Left field View Post
    This article is an interesting read, as is the idea of many shareholders using the small claims court to chase a company (such as CBL) to remedy any 'alleged losses/neglect/illegal issues' etc.

    Here's the link


    (Disc not holding CBL - DYOR)
    Yes, it may work if the target has any/sufficient cash - or directors' liability insurance.

  2. #632
    always learning ... BlackPeter's Avatar
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    Interesting to note that NZEY (the guys and gals who roll the dice for the worlds most prestigious business award - their words, not mine) webpage still feature Peter Harris' smiley face (or is he grinning?):

    http://www.ey.com/nz/en/about-us/ent...r/eoy_overview

    Attachment 9562

    "Meet the entrepreneur of the year 2017!" - What an amazing person he must be ...

    Not sure who would want to follow him in receiving this amazing honor, but what I am wondering is ...

    Peter Harris received this award in late September 2017, and this must have been when they took his photo.

    What a smile!

    How could he muster this sunny smile knowing that his company is in that much trouble? The confidential talks with the RBNZ started at least 2 months before him accepting this award. He must have known at that stage that his companies customers and shareholders are in a deep brown mess ...

    The only words I can find in describing this behavior might be unsuitable for publication. Any ideas?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  3. #633
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    To have Peter Harris’s smile face still on their website just shows how totally out of control ey are.
    Do these people have no shame. Why would anybody deal with these people. They clearly have no idea how to run a business.

  4. #634
    always learning ... BlackPeter's Avatar
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    And we probably should give Peter Harris an opportunity to comment on his award ... here is what he had to say:

    Attachment 9563

    "... teamwork, humility, empathy ..."

    Always finding the right words ... just wondering why he is so quiet these days? He is not even responding to (polite) emails of concerned investors (I tried) ...?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  5. #635
    Divorced from logic Hectorplains's Avatar
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    Quote Originally Posted by Left field View Post
    This article is an interesting read, as is the idea of many shareholders using the small claims court to chase a company (such as CBL) to remedy any 'alleged losses/neglect/illegal issues' etc.

    Here's the link


    (Disc not holding CBL - DYOR)
    US article. Nice idea but small claims here is called the Disputes Tribunal - and it doesn't fit their jurisdiction - https://www.disputestribunal.govt.nz/can-help-with/#can

  6. #636
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    Despite what has come to light after the award, here is a man who has/had been very successful in launching this business into a $700m machine over his time at CBL.

    Similar to the market, how are EY to know of the undisclosed?

    Once in a while, "legends" fall.

  7. #637
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by hardt View Post
    Despite what has come to light after the award, here is a man who has/had been very successful in launching this business into a $700m machine over his time at CBL.

    Similar to the market, how are EY to know of the undisclosed?

    Once in a while, "legends" fall.
    Sure, but a real legend does not accept an award (s)he knows they don't deserve - and hey, he was much faster to destroy these $700m machine than creating it - wasn't he?

    He must have known at the time he accepted the award that his entrepreneurial work is already down the drain ... and he still smiled for the photographer, unless he is an incredible clueless legend ...

    This was 2 months into the (confidential) talks with the RBNZ. Are you saying that the CEO had at that stage still no clue that the reserves are insufficient and his company most likely broke? What a legend ...

    Wouldn't it have been the honorable thing to decline the award and put his bandwidth instead into fighting for his clients and investors - and at least avoiding further damage by following the laws and regulations?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  8. #638
    Senior Member hardt's Avatar
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    Quote Originally Posted by BlackPeter View Post
    Sure, but a real legend does not accept an award (s)he knows they don't deserve - and hey, he was much faster to destroy these $700m machine than creating it - wasn't he?

    He must have known at the time he accepted the award that his entrepreneurial work is already down the drain ... and he still smiled for the photographer, unless he is an incredible clueless legend ...

    This was 2 months into the (confidential) talks with the RBNZ. Are you saying that the CEO had at that stage still no clue that the reserves are insufficient and his company most likely broke? What a legend ...

    Wouldn't it have been the honorable thing to decline the award and put his bandwidth instead into fighting for his clients and investors - and at least avoiding further damage by following the laws and regulations?
    They were still in dispute with RBNZ about the solvency call at the time...

    He has the confidence of a man that grew the business at 37% CAGR over the last 17 years.
    Over his time with the company he has probably faced a regulator or two... don't you think he could have put the blinders up after many years of the same old thing.

    Don't mistake my comments for a commendation of Peter Harris at this current point in time, merely an observation.

  9. #639
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    Quote Originally Posted by BlackPeter View Post
    Sure, but a real legend does not accept an award (s)he knows they don't deserve - and hey, he was much faster to destroy these $700m machine than creating it - wasn't he?

    He must have known at the time he accepted the award that his entrepreneurial work is already down the drain ... and he still smiled for the photographer, unless he is an incredible clueless legend ...

    This was 2 months into the (confidential) talks with the RBNZ. Are you saying that the CEO had at that stage still no clue that the reserves are insufficient and his company most likely broke? What a legend ...

    Wouldn't it have been the honorable thing to decline the award and put his bandwidth instead into fighting for his clients and investors - and at least avoiding further damage by following the laws and regulations?

    You have said it all Black Pete. I have no words to describe Harris’s behaviour.

  10. #640
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    www.chrislee.co.nz has plenty to say in today's Taking Stock.

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