CBL Insurance IPO

[Balance]

https://www.interest.co.nz/insurance...lvent-issue-be

Excerpt : "An affidavit by Peter Harris and Alistair Hutchinson was on Friday morning filed with the Auckland High Court, which according to their lawyer, Davey Salmon, claims the company is “solvent to the tune of $70 million positive”.

Life in the dog yet?

[BlackPeter]

https://www.interest.co.nz/insurance...lvent-issue-be

Excerpt : "An affidavit by Peter Harris and Alistair Hutchinson was on Friday morning filed with the Auckland High Court, which according to their lawyer, Davey Salmon, claims the company is “solvent to the tune of $70 million positive”.

Life in the dog yet?

Well, if this number is real (and not just a disagreement about what a fair level of reserves would be), than putting CBL into liquidation was one of the largest clusterf*ks in NZ's history. Thanks RBNZ - we need you to destroy our companies, capital and jobs - I guess who else could do it that effective ...?

Would this mean there is still life in the dog? Not sure whether $70m are enough to rebuild a thoroughly destroyed brand. Who would want to insure his next building project through an insurance company just coming out of liquidation? If Peter Harris manages to float this ship again, than I'd personally nominate him for the entrepreneur of the year award (this time deserved ...) - but I don't hold my breath.

As well - $70 million would be something like 30 cents per share. Not a lot for a company which last traded at $3.17. Might pay the legal bills and the administrator, though - that's probably the reason they still bother to work on their report .

[Balance]

Well, if this number is real (and not just a disagreement about what a fair level of reserves would be), than putting CBL into liquidation was one of the largest clusterf*ks in NZ's history. Thanks RBNZ - we need you to destroy our companies, capital and jobs - I guess who else could do it that effective ...?

Would this mean there is still life in the dog? Not sure whether $70m are enough to rebuild a thoroughly destroyed brand. Who would want to insure his next building project through an insurance company just coming out of liquidation? If Peter Harris manages to float this ship again, than I'd personally nominate him for the entrepreneur of the year award (this time deserved ...) - but I don't hold my breath.

As well - $70 million would be something like 30 cents per share. Not a lot for a company which last traded at $3.17. Might pay the legal bills and the administrator, though - that's probably the reason they still bother to work on their report .

$70m will give the receivers and liquidators plenty of scope to challenge RBNZ, or investigate the directors - depending on which way the decision in court goes.

[BlackPeter]

$70m will give the receivers and liquidators plenty of scope to challenge RBNZ, or investigate the directors - depending on which way the decision in court goes.

The question is - what good would it do for CBL and its shareholders?

If we assume the affidavit is correct and the company was financially sound, would you expect the RBNZ to cough up the $600m+ (market cap minus residual value) they destroyed when putting a viable company into liquidation?

[iceman]

Danish insurer Alpha, the recipient of $42m of funds from CBL, declared bankrupt. This just keeps on getting uglier.

[winner69]

Danish insurer Alpha, the recipient of $42m of funds from CBL, declared bankrupt. This just keeps on getting uglier.

A lot of London cabbies left without cover ...mayhem

[stoploss]

Danish insurer Alpha, the recipient of $42m of funds from CBL, declared bankrupt. This just keeps on getting uglier.

Just what the RBNZ was trying to avoid , but they allegedly sent the funds anyway ...

[trader_jackson]

https://www.interest.co.nz/insurance...lvent-issue-be

Excerpt : "An affidavit by Peter Harris and Alistair Hutchinson was on Friday morning filed with the Auckland High Court, which according to their lawyer, Davey Salmon, claims the company is “solvent to the tune of $70 million positive”.

Life in the dog yet?

Don't think so...

While the likes of PEB will live to die another day, looks like CBL won't

http://www.scoop.co.nz/stories/BU180...iquidation.htm

[Marilyn Munroe]

https://www.interest.co.nz/insurance...lvent-issue-be

Excerpt : "An affidavit by Peter Harris and Alistair Hutchinson was on Friday morning filed with the Auckland High Court, which according to their lawyer, Davey Salmon, claims the company is “solvent to the tune of $70 million positive”.

Life in the dog yet?

"Your honour my client rejects the prosecutions claim that as a company director he knowingly allowed it to continue trading while insolvent. His submission before an Associate Judge of the High Court in April shows his state of mind including a belief the company was solvent. If the glove does not fit you must acquit."

Boop boop de do
Marilyn

[kiora]

"Your honour my client rejects the prosecutions claim that as a company director he knowingly allowed it to continue trading while insolvent. His submission before an Associate Judge of the High Court in April shows his state of mind including a belief the company was solvent. If the glove does not fit you must acquit."

Boop boop de do
Marilyn

v.v.strange saying that when paid $45m for under writing to Alpha Insurance in Denmark that is now put into voluntary liquidation. Presumably to protect it from a CBL claim?