South Canterbury Finance Limited

[Misc]

Winner , the Kelt book is likely badly impaired for the simple reason that Kelt Capital (owned 100% by Sam Kelt) competes with Kelt Finance (75% SCF). So you could imagine which entity gets the 'good loans' and which gets the 'others' . A massive conflict for Kelt and a deal that raised a few eyebrows at the time , very 'unHubbard' to deal with glitterati wide boys with anger management issues?

The recievership of Satuit Properties Ltd in Napier (SCF owed $15m) is another Bay deal gone bad. 1st recievers report states recovery factor 'unknown'. This type of situation will rife in the lending book , most developers have now flown the white flag.

How is it that Chris Lee et al cannot perform this simple due diligence prior to 'advising' grannys on their nest eggs??

Misc

[winner69]

Winner , the Kelt book is likely badly impaired for the simple reason that Kelt Capital (owned 100% by Sam Kelt) competes with Kelt Finance (75% SCF). So you could imagine which entity gets the 'good loans' and which gets the 'others' . A massive conflict for Kelt and a deal that raised a few eyebrows at the time , very 'unHubbard' to deal with glitterati wide boys with anger management issues?


Misc

Sam Kelt and Allan Hubbard would be complete opposites and a strange combination to do business together

Sam Kelt and Eric Watson seem to have a lot in common .... race horses, sponsoring sports teams, glitzy night outs, posh functions and all that ... except that Eric does seem to win the physical encounters he gets into unlike Sam (esp against boy racers) ..... couldn't even imagine Alan H ever getting into trouble

maybe Mcleod got on OK with the kelts

[BRICKS]

Sam Kelt and Allan Hubbard would be complete opposites and a strange combination to do business together

Sam Kelt and Eric Watson seem to have a lot in common .... race horses, sponsoring sports teams, glitzy night outs, posh functions and all that ... except that Eric does seem to win the physical encounters he gets into unlike Sam (esp against boy racers) ..... couldn't even imagine Alan H ever getting into trouble

maybe Mcleod got on OK with the kelts

IS this company in real or any type of trouble or do we just like to moan about PEOPLE..

[Jay]

It might be soon if a few more read this thread and decide they want their money out!
Then speculation/rumour/made up facts all become true!

[whatsup]

Which would be sad Jay as in the past (going back from before 2006 ) SCF has been the back bone of many a fledging S I business and without it many a small business wouldnt have gotten off the ground, lets not all put the boot in here, this is / was a good finance house not the spivvy Auckland types, Nathans,et al.

[Jay]

My tounge was firnly in my cheek whatsup.
However I agree, it would be sad.
Just some seem to be talking of it as a foregone conclusion

[COLIN]

Looks like PGC is going it alone - well, at this stage, anyway, although today's announcement did make mention of Kerr's asset management vehicles expanding into acquiring other assets in addition to MARAC's toxic property development related debts.
SCF will probably have to come up with its own "Bad Bank" solution, into which it can quarantine its own toxic waste.

[winner69]

Director Borland on his way out ... hope he repays the $5m rerlated party loan

Hey this could be the strategy to reduce related party loans .... get those involved to resign .... and hey presto not related party anymore

Just being cynical

LATER ON

Sorry guys ... got the story wrong ... Borland has resigned from Southbury Group and not SCF. He was never a director of SCF

[sharer]

...Hey this could be the strategy to reduce related party loans .... get those involved to resign .... and hey presto not related party anymore

Just being cynical

Or practical. You could be right on there.
Better keep a close watch out. (We can be sure the NZX won't be bothered).

[Misc]

Where did you read that Winner69?? No release to the NZX that I can see.