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  1. #2921
    Legend minimoke's Avatar
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    Quote Originally Posted by macduffy View Post
    I'm another "cheery old fellah" who "made" $4,400 out of funding - for $400 - the action that secured an advance payment from the B and B debacle. Money well spent, but we're still waiting for the bulk of our subordinated notes - which is looking increasingly doubtful as legal actions and costs drag on. None of which is helpful for SCF investors though!
    you were a creditor rather than a shareholder werent you? Scf creditors have already received payment from me via the bailout.if we are talking the same situation bandb directors settled without admitting liability. As you say, I suspect none of which is helpful to Scf investors. And can I go ad far as saying - misleading
    Last edited by minimoke; 28-05-2015 at 06:50 AM.

  2. #2922
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    Quote Originally Posted by minimoke View Post
    you were a creditor rather than a shareholder werent you? Scf creditors have already received payment from me via the bailout.if we are talking the same situation bandb directors settled without admitting liability. As you say, I suspect none of which is helpful to Scf investors. And can I go ad far as saying - misleading?
    Sorry if my post has mislead anyone but I was merely following up another "misleading" post. The B and B situation isn't yet settled as far as creditors and subordinated noteholders are concerned.

  3. #2923
    Legend minimoke's Avatar
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    Edit .sorry - I may not have been clear. My reference to "Misleading" is reference to the bandb man in the scf update - not Macduffys post. I'm not sure that the banb situation is the same as scf. If it's not then it shouldn't be used to encourage scf people to throw more money into a black hole.

  4. #2924
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    Daahhh!
    " Assets like Scales and Helicopters NZ were let go for a song. They have since been resold by the lucky buyers for much more.

    "The value of the assets today is something like $2.2b … at least $1b more than we sold them for."

    So an orderly exit would have left NZ Inc's current account $1b better off. And it all hinged on that one grumpy exchange."
    Yep it was handled PP!
    Scales sold for around $34m and within a couple of years making $34m/year profit !
    https://www.stuff.co.nz/business/opi...day+6+May+2019

  5. #2925
    Legend minimoke's Avatar
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    Quote Originally Posted by kiora View Post
    Daahhh!
    " Assets like Scales and Helicopters NZ were let go for a song. They have since been resold by the lucky buyers for much more.

    "The value of the assets today is something like $2.2b … at least $1b more than we sold them for."

    So an orderly exit would have left NZ Inc's current account $1b better off. And it all hinged on that one grumpy exchange."
    Yep it was handled PP!
    Scales sold for around $34m and within a couple of years making $34m/year profit !
    https://www.stuff.co.nz/business/opi...day+6+May+2019
    Hindsight is a marvelously transparent way of looking at things. ( I didnt realise there was a view that he was a self confessed fraudster)

  6. #2926
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    Chris Lee yesterday launched his book Billion dollar bonfire, well worth a read imo.

  7. #2927
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    Quote Originally Posted by whatsup View Post
    Chris Lee yesterday launched his book Billion dollar bonfire, well worth a read imo.
    relevant article here, https://www.nzherald.co.nz/business/...ectid=12228125

    and I dont even think its premium so aren't you guys lucky
    For clarity, nothing I say is advice....

  8. #2928
    Legend minimoke's Avatar
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    "Lee's portrayal of Hubbard makes no bones that he had deep flaws, including operating the same kind of Ponzi scheme that brought down famous fraudsters, New Zealand's own David Ross and New York's Bernie Madoff, both of whom are still serving lengthy prison sentences."

  9. #2929
    Legend Balance's Avatar
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    https://www.stuff.co.nz/business/117...ensation-fight

    Chris Lee trying to get taxpayers to bail out his clients who he put into SCF preference shares?

    Taxpayers are already out of pocket by $1.6 billion, no thanks to the Allan Hubbard and his gross mismanagement and incompetent lending and investing practices.

    Suggestion for Chris (he once thought the sun shone out of Allan's posterior and considered him to be a financial giant) - sue Forsyth Barr and himself.

  10. #2930
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    I haven't read his book but wonder why he thinks taxpayers should bail out South Canterbury Finance shareholders?

    Sadly one lot of participants in the collapse of the finance companies who played a big part but were not held responsible were "investment advisors" who advised clients to invest in finance company debentures while they collected commissions from the finance companies. It was outrageous but no one was ever held to account as far as I know. I heard stories like a widower asking a financial advisor how she should invest her life insurance payout and was told to put it all in mix of finance company debentures. I think Northplan in Whangarei got people out of diversified portfolios and overweight in Bridgecorp debentures.

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