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26-08-2010, 05:34 PM
#1851
Originally Posted by Balance
Heads they win, tails you lose?
If SCF gets recapitalised, they pay you 20c. Otherwise, the agreement is void.
On another subject....I hope you don't mind, the 3 guard dogs were getting tired and I had to give them a rest. I was scared of the Piker lynch mob attacking and i'd heard a rumour that the stoats in the mine were helping by chewing off peices of coal, so I thought if you can't beat em.....
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26-08-2010, 05:46 PM
#1852
Originally Posted by Lizard
Weird, I had just got a letter in the mail offering to buy SCFHA at 20cps...
Is that the one from Bernard Whimp?
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26-08-2010, 05:57 PM
#1853
Originally Posted by minimoke
Is that the one from Bernard Whimp?
Yeah. Chris Lee said in his weekly online newsletter today that he wouldn't sell an applecore to that guy, or words almost to that effect.
Only 3 business days to go before the next financial nuke goes off...tick tock.
Anyone noticed Enumerate has been very quiet lately..perhaps he's exaughsted from trying to talk the market in pref shares up and been too busy selling before the bomb drops ?
Last edited by Beagle; 26-08-2010 at 06:02 PM.
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26-08-2010, 06:39 PM
#1854
Roger repeats his uniformed drivel and has now decided to extend his repertoire to accuse me of a crime - ramping.
Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.
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26-08-2010, 07:33 PM
#1855
Originally Posted by Roger
Only 3 business days to go before the next financial nuke goes off...tick tock.
Actually one - and not a nuke but a potential shell all teh same. we should here from the Stat Man on Friday a bit more about Aorangi.
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27-08-2010, 08:38 AM
#1856
Naughty Alan!
Just out:
"About 300 investors in Hubbard Management Funds (HMF) have been told by statutory managers that the reported value of their investments at March 31 was overstated by at least 25 percent.
In their second report, statutory managers Richard Simpson and Trevor Thornton of Grant Thornton New Zealand also warned today that investors in another company operated by Timaru businessman Allan Hubbard, Aorangi Securities Ltd, may suffer a loss in their investments."
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27-08-2010, 08:44 AM
#1857
Originally Posted by minimoke
Just out:
"About 300 investors in Hubbard Management Funds (HMF) have been told by statutory managers that the reported value of their investments at March 31 was overstated by at least 25 percent.
In their second report, statutory managers Richard Simpson and Trevor Thornton of Grant Thornton New Zealand also warned today that investors in another company operated by Timaru businessman Allan Hubbard, Aorangi Securities Ltd, may suffer a loss in their investments."
Hi MiniMoke,
Is the report online somewhere?
Where are you getting that from?
Thanks,
Alan.
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27-08-2010, 08:46 AM
#1858
Try the NZ Herald:
"In the case of Aorangi, an underlying problem we are dealing with is that Mr Hubbard has allowed Aorangi to accept deposits of about $96 million from investors on call, but he invested those funds in investments or loans which are nearly all long term in nature."
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27-08-2010, 08:50 AM
#1859
Originally Posted by Alan3285
Hi MiniMoke,
Is the report online somewhere?
Where are you getting that from?
Thanks,
Alan.
http://www.sharechat.co.nz/article/d...25-report.html
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27-08-2010, 08:51 AM
#1860
Originally Posted by Alan3285
Hi MiniMoke,
Is the report online somewhere?
Where are you getting that from?
Thanks,
Alan.
The news will come out more during the day as analysts get their hands on the report. But heres the next update:
Serious Fraud Office boss Adam Feeley expects to reveal next week the next step in his investigation of Allan Hubbard’s Aorangi Securities and a group of trusts associated with the Timaru businessman and his wife Jean.
Feeley has received a report, including complex wiring diagrams constructed by the SFO’s investigators from Companies Office records and other public documents, which analyses Hubbard’s 400 interwoven directorships.
"It is an extremely challenging case in terms of the range of issues we are looking at. It’s public knowledge that Mr Hubbard wasn’t one for technology so most of this stuff has had to be reconstructed from source documentation,” he says.
"The idea we are looking at one company which currently has two directors and two shareholders is just so far removed from reality. This is a case that is so complex that the perspective on it changes every time we get new information."
The government seized control of Aorangi on 20 June and appointed accounting firm Grant Thornton as statutory manager. At the same time, the SFO began its own investigation. Aorangi had collected $98 million from about 400 investors, largely from Otago and Canterbury. Cash-strapped South Canterbury Finance, in which Hubbard is the major shareholder, is not included in the statutory management.
The investigations have created a public outcry among Hubbard’s supporters, who see no good coming from a probe into a sick, elderly man who, so far, does not appear to have lost a cent of investors’ funds.
"That’s unsurprising and understandable but we’ve got to deal in facts," Feeley says.
"We went in there on the basis that there was a reasonable belief that offences of serious and complex fraud may have been committed. We are looking at potential Crimes Act offence.
"That’s a far cry from saying there is sufficient evidence of a crime which would justify charges being laid. But, equally, we’re not going in on a whim. There have been a lot of comments in the media that all we are looking at is whether the paperwork is there and whether the Securities Act and the Securities Regulations are being complied with.
"Those are not the things we look at. That’s not fraud. If they were the only issues, we wouldn’t be there. Other regulators would be dealing with this."
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