CBL Insurance IPO

[Balance]

https://www.nbr.co.nz/article/seriou...fray-th-216572

[peat]

https://www.nbr.co.nz/article/seriou...fray-th-216572

sounds like NBR has the lowdown on 'the plan'.

[peat]

seems a bit stink that Wells can bail right now.

[BlackPeter]

seems a bit stink that Wells can bail right now.

Not just Wells - sounds like the worse (the word "better" would sound here inappropriate) part of the bunch went ... but hey, money gone and now they need to clear their CV to go to new ventures and destroy more share holder funds - isn't this the way the game is played?

https://www.stuff.co.nz/business/mon...urance-failure

Oh sorry - it was of course "Sir John" Wells who went ... clearly a distinguished destroyer of shareholder funds. I am sure he is as deserving of his title as his fellow board member, the distinguished knight Alistair Hutchison.

Also going:

"The internationally experienced insurance industry executive" Paul Donaldson
https://www.nbr.co.nz/article/intern...l-board-176928

and of course the experienced international financial expert Ian Kelvin Marsh.

Mark the names for your never again list ... they all provided sufficient evidence that they are incapable of looking after share holder funds.

[Dassets]

Paul Donaldson doesnt even list CBL on his linkedin profile. Just says a small portfolio of insurance assets which I assume is CBL. He looks dead right. It is small, smaller than any one thought I suppose.

[IAK]

"Sir John" Wells[/B] who went ... clearly a distinguished destroyer of shareholder funds. I am sure he is as deserving of his title as his fellow board member, the distinguished knight Alistair Hutchison.

Just confirms my view of the NZ Royal Honours system - a bad joke.

[BlackPeter]

watershed meeting further delayed:

https://www.nzx.com/announcements/321869

Obviously everything confidential (well, to the owners anyway) - only the people who use up the shareholder funds are allowed to know.

Funny feeling - the shareholders (i.e. owners) of the company have absolutely no power and they get no information about what is going on. It feels like a liquidator owners didn't chose and who is neither reporting to them nor representing their interest is playing the long game with their advocate friends and spending what's left of shareholder funds without any constraints or owners control. Why would anybody talk with the owners?

I guess the situation is at least clear proof that there are yet still shareholders funds left to spend. I am sure there will be no further delays as soon as all remaining funds will have been turned into lawyers and court fees.

How long does it take for advocates to burn whats left of $750 million dollars market cap? We shall see. Sad state of affairs.

[BlackPeter]

Not that new (from early July), but not previously published on this threat. Some info from the NZSA about Harris plans (or the lack thereof):

https://www.nzshareholders.co.nz/pdf...%20CBL%202.pdf

[BlackPeter]

Letter from the NZSA to the Prime Minister pointing out serious failures of our market authorities and signifcant delays for stakeholders to access justice in the case of CBL and WYN. Justice delayed is justice denied. The NZSA asks the Prime Miinister for action:

https://www.nzshareholders.co.nz/pdf...r%20110918.pdf

Not sure I hold my breath, but good on the NZSA for trying!

[BlackPeter]

Not spring fresh, but this FMA statement from July 13 is I think still relevant and has not yet been published on this thread:

https://fma.govt.nz/news-and-resourc...gation-update/

Sounds like they do take a quite close look into CBL. Not sure, though I hold my breath that we will hear about the results anytime soon.