South Canterbury Finance Limited

[Balance]

Balance basically has one idea ... and it is wrong.



The government instituted the scheme, the government sets the standards for entry, the government demands payment.

SCF are staging a near miraculous recovery. They are focused, they are hard working, they have effective leadership and an appropriate plan.

The single greatest threat to SCF is the government's "own goal" in terms of the Hubbard statutory management.

All these points have be raised, discussed ... Balance is not really paying any attention.

He is happy with his one idea ... and it is wrong.

On the contrary - it is AH's very reckless and arrogant behavior of hugely upping the levels of related-party transactions (post the demise of most of the other finance companies) which brought to the market's attention how sick SCF really was.

Miraculous recovery? YEAH RIGHT!

[Balance]

SM Report clearly states that Aorangi has advanced funds to AH's other entities - 12 July 2010.

Not so, says AH - 28 June 2010.

http://www.radionz.co.nz/news/storie...8/12480acbc2c5

Who do I choose to believe?

[Enumerate]

Not really a "smoking gun", Balance.

More like a damp water pistol.

[winner69]

That report says ..... He told Radio New Zealand's business editor he "never borrowed" and it was "always kosher

Seems a rather odd statement .... if he never 'borrowed' why was it 'always kosher' ...... maybe he did things like transfer money or something that was 'always kosher'

Sadly in spite of the rights and wrongs of Stat Man I get the feeling that affairs just got too much for Allan and Jean to handle and when the money go round stopped a few months ago (when he was effectivelly fired by Sandy) a bit of desperation kicked in and his long held principles started to waver just slightly

[winner69]

Bit mean of Gaynor to describe the workings of Aorangi, Allan, Jean etc like this .... but then again I did see a box on Jeans table on TV last night

Gaynor in NZ Herald

One of the best ways to think of Hubbard's business activities is in terms of all his assets are held in different boxes. One box contains South Canterbury Finance, another Aorangi Securities, one holds Hubbard Management Funds and the remainder holds all his other activities.

Assets and liabilities are switched from one box to another without proper accounting records and appropriate security.

Assets in the last box, in the form of 64 per cent of Scales Corporation and 100 per cent Helicopter (NZ), were transferred to South Canterbury Finance earlier this year and there are indications additional assets may have been transferred between the boxes.

Investors in the South Canterbury region are convinced that there are sufficient assets in all the boxes to meet Hubbard's commitments and liabilities. Financial institutions are less convinced, with George Kerr's Torchlight Fund obtaining additional security over its $100 million loan to South Canterbury Finance and a number of major banks seeking more collateral on loans to Hubbard and his related parties.

Statutory management has blown the whistle on Hubbard's asset- swapping activities and Grant Thornton is now trying to count all the assets and liabilities in Aorangi Securities, Hubbard Management Funds, Mr and Mrs Hubbard and associated trust entities. Investors will be hoping that there are sufficient net assets in these entities to meet all commitments. The next statutory managers' report, which is due in mid-August, should answer this question.

[Balance]

Not really a "smoking gun", Balance.

More like a damp water pistol.

LOL - AH just shot himself - double barrel.

Points to how he sees himself - above everyone else and normal rules do not apply to him.

Damp water pistol. YEAH RIGHT.

[winner69]

Roger .... seems to echo your sentiments. No doubt some will say that the Govt appointing a Stat Man to SCF is to blame for hard times down south.

Another story in the paper this morning was saying that farms are prob overvalued by 10% or more .... not good news for lenders to the primary industries is it

South Island's economy off the boil
http://www.stuff.co.nz/business/indu...y-off-the-boil

[Enumerate]

And here we have Winner on another "fishing expedition".

You guys are getting more shrill as you become more desperate to nail something on Allan Hubbard.

You have long departed from the path of rational discussion based on evidence and fact.

Might I respectfully suggest that the commentatory dialogue on one of Bernard's tabloid articles, over on interest.co.nz, is the best place for you contributions.

[Balance]

And here we have Winner on another "fishing expedition".

You guys are getting more shrill as you become more desperate to nail something on Allan Hubbard.

You have long departed from the path of rational discussion based on evidence and fact.

Might I respectfully suggest that the commentatory dialogue on one of Bernard's tabloid articles, over on interest.co.nz, is the best place for you contributions.

YEAH RIGHT.

AH never borrowed from Aorangi. If he did, it's all kosher.

Try explaining his statement, Enumerate and we will continue the discussion. No point you stooping down to personal insults - you should be better than that if you want to be AH's champion.

[Enumerate]

Try explaining his statement, Enumerate and we will continue the discussion.

Where are the facts?

Clearly, the SFO has a position on all of this. However, why is this basic "fact collecting" occurring under an order of Statutory Management? The Statutory Manager has presented little more than hearsay - heavily qualified with "mays" or " appears".

It is also interesting to note that no formal charges have been laid.

I don't have a copy of Allan Hubbard's journals. How can I respond to statements you make when you yourself have no evidence.

You are, at best, amusing yourself with idle speculation.

The matters that we can comment on - such as questions as to "why this process is being conducted under statutory management?" and "surely these matters could be dealt with under the Securities Act or the Companies Act?" - your contributions are, frankly, less than insightful.