South Canterbury Finance Limited

[Balance]

And to reinforce your point, Roger, about related party transactions - here's how SCF has been used in the last 2 years as regards related party transactions (rpt) :

On 30 June 2007, rpt were $69.5m, and shf was $209.8m.
By 30 December 2008 as the GFC bit hard, rpt was $170.2m vs shf of $250.5m.
By 30 December 2009, rpt was $295.7m vs shf of $48m (yes, $48m).

It's so blatant and arrogant - defies explanation how the independent directors and management of SCF could have approved and endorsed such transactions.

Who is kidding who?

This is my beef - that SCF was using the govt guarantee to raise money and an increasing amount of the money was being funneled to related parties.

Some of the posters here might like it and endorse it - I do not and it was what set off the alarm bells for me.

[Beagle]

And to reinforce your point, Roger, about related party transactions - here's how SCF has been used in the last 2 years as regards related party transactions (rpt) :

On 30 June 2007, rpt were $69.5m, and shf was $209.8m.
By 30 December 2008 as the GFC bit hard, rpt was $170.2m vs shf of $250.5m.
By 30 December 2009, rpt was $295.7m vs shf of $48m (yes, $48m).

It's so blatant and arrogance - defies explanation how the independent directors and management of SCF could have approved and endorsed such transactions.

Who is kidding how?

I couldn't agree more. Its clear that AH has been scrambling to maintain his extremly high level's of leverage since the GFC hit and has become increasing desperate to hold his collection of assets together.

A real Magpie.

Regarding the Cat....My favourite Dog, Skippy, a Sidney Silky, (similar to an Australian Terrier in looks), got out of the front door the other day when the storm blew it open. He was missing for several hours and when we eventually found him he had a huge grin of satisfaction on his face. I wonder if that could have something to do with a certain cat ?