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  1. #1911
    Speedy Az winner69's Avatar
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    I don't know whether to laugh or cry but seeing Hubbard scuttling away from the TV cameras yelling 'Bugger off and leave me alone' just showed what a circus this has become .... but we see that sort of behaviour on TV every second night or so when the journos try to talk to the those running away from the cameras outside the court

  2. #1912
    Speedy Az winner69's Avatar
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    Anyway I'm glad that whatever way SCF goes next week the Stat Man has done a great job ... Sandy could not made as much progress without his help

  3. #1913
    Senior Member Marilyn Munroe's Avatar
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    Balance said;

    "Delusional is too gentle a word to describe some of the characters on that site!"

    To face reality means admitting that you were wrong, and that you will never see any of your money again. Some people find that difficult to face up to.

    It is a very human failing, and one in the investment sphere that will cost people dearly.

    My actions in these situations is to follow the American saying, "If you are going to panic make sure you panic first".

    Boop boop de do

    Marilyn

  4. #1914
    Legend Balance's Avatar
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    Quote Originally Posted by Danthetitan View Post
    totally unverified from Stand by Hubbard
    Friday 27th August 2010
    Yesterday the board of South Canterbury Finance received two
    investment offers, the first of which was significantly higher than the
    other offer.
    The higher offer was declined by the board of South Canterbury Finance in favour of the significantly lower offer.
    ...The higher offer, which was significantly higher than the offer the
    board of South Canterbury Finance accepted, would have been very
    beneficial to South Canterbury Finance and its Investors.
    We fail to understand how or why the board of South Canterbury Finance arrived at this decision.
    Ah - now the picture emerges! AH wants taxpayers to take over $800+ of bad assets and for the 'good bank' to be recapitalised by $350m of equity.

    If the deal involves taxpayers not being liable from there on to cover investors' deposits, the deal does make some sense.

    Knowing the nature of the beast, it is more likely that AH & new shareholder want to have their cake and eat it - have taxpayers take over the bad assets and still guarantee deposits.

    That's my reading.

    Government won’t help, says Allan Hubbard

    Friday, 27 August 2010, 7:54 pm
    Article: Businesswire
    Government won’t help, says Allan Hubbard

    By Pattrick Smellie

    Aug. 27 (BusinessDesk) – The fate of South Canterbury Finance hangs in the balance this weekend, with just four days until a waiver on its trust deed expires next Tuesday, Aug. 31.

    According to Hubbard himself, the issue is whether or not the government will support a rescue package that creates a “bad bank” to take on SCF’s dud assets, and the Treasury is advising it should not.


    "We thought they would take up a bad bank offer,” Hubbard told BusinessDesk. “They have to make a decision over the weekend.”

    The issue will reportedly go to the Cabinet next Monday, Aug. 30, for consideration because SCF is covered by the government’s bank deposit guarantee scheme, rather than because Hubbard and his wife, Jean, were placed under statutory management in June, a rare use of the draconian legal process that allows state control of private assets.

    Hubbard said tonight the Treasury is advising against the taxpayer taking up the liabilities of SCF’s non-performing assets. Yet this is a crucial element of the bail-out proposal favoured by the statutory managers, Grant Thornton, Hubbard says.

    The bid was “contingent on the government making a contribution toward a bad bank and they rejected that,” Hubbard said.

    “The people running the process favoured this first bid even though it was a lower number,” said Hubbard. “I don’t know the reason for that.”

    He declined to name either the favoured bidder or the bidding party he wants to bring to the table.

    “That would be difficult.”
    Hubbard told BusinessDesk tonight that he still hoped to help recapitalise SCF through the unidentified foreign bidder, whom fervent Hubbard supporters say is offering $300 million.

    Hubbard hoped, if a deal was in the wind, that Trustees Executors, the trustee, might give a few days’ further extension to a waiver on a breach of the trust deed that has been running since March, and reflects the distress in the Hubbard financial empire.

    Hubbard’s supporters also say the favoured bid is offering only $150 million, half the amount available from Hubbard.

    “Yesterday the board of South Canterbury Finance received two investment offers, the first of which was significantly higher than the other offer,” Paul Carruthers, head of the “Stand by Hubbard” campaign said in an email.

    “The higher offer was declined by the board of South Canterbury Finance in favor of the significantly lower offer.

    “The higher offer, which was significantly higher than the offer the board of South Canterbury Finance accepted, would have been very beneficial to South Canterbury Finance and its investors,” Carruthers claimed.

    The SCF empire is not part of the Hubbards’ personal statutory management, although its fortunes are closely tied to Hubbard’s. Corporate resuscitator Sandy Maier is chief executive of SCF now, and focused on getting a new capital partner into SCF ahead of next Tuesday’s deadline.

    SCF bonds and preference shares, listed on the NZDX, were placed on trading halt earlier today pending an announcement about a new and unidentified investor.

    Sources close to the process ruled out South Island investor George Kerr and his Torchlight group, who last month confirmed they had raised $150 million to take advantage of stressed company opportunities, and which already have substantial exposure to SCF through a series of capital support payments over the last year.

    Hubbard himself scotched rumours running among his many supporters that Russian investors were involved. “Not Russian,” he said, declining to identify the nationality of the proposed investor. The Russian suggestion is credible because of Hubbard’s long association with supplying Russian Antarctic bases, using ice-breaker ships and the helicopter fleet in which Hubbard still has interests.

    Officials in the office of Justice Minister Simon Power, who invoked the statutory management, directed BusinessDesk inquiries to the office of Finance Minister Bill English as the Minister responsible for issues relating to the deposit guarantee scheme.

    Maier had not returned calls from BusinessDesk at time of filing.

  5. #1915
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    Quote Originally Posted by GTM 3442 View Post
    Not a lot of votes down south.
    Geeez man !!!! where the hell have you been all your life ????
    Southland is sooooo blooody blue they've run outta blue paint.
    BB

  6. #1916
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    Quote Originally Posted by Billy Boy View Post
    Geeez man !!!! where the hell have you been all your life ????
    Southland is sooooo blooody blue they've run outta blue paint.
    BB
    Not many people = not many votes.

  7. #1917
    Ignorant. Just ignorant.
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    Quote Originally Posted by Billy Boy View Post
    Geeez man !!!! where the hell have you been all your life ????
    Southland is sooooo blooody blue they've run outta blue paint.
    BB
    Bill, two quotes:

    Whatever colour you are, there's times when you must lose - Kursaal Fliers

    The South Island is sometimes called the "mainland". While it has a 33% larger landmass than the North Island, only 24% of New Zealand's 4.3 million inhabitants live in the South Island. - Wikipedia.

  8. #1918
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    Allan Hubbard is giving the government a run for their money.

    They put him into Statutory Management - he is now forcing them to chose between buying the "Bad Bank" or taking massive losses under the retail deposit guarantee scheme.

    Take it to the wire Allan - make sure THEY blink first.

    Given the damage done to Allan's business and reputation by arbitrary government action, they can either cough up a compensatory package or they can endure political oblivion.

    Economic development, in the South Island, is the other price that may need to be paid. None of the Aussie trading banks is interested in the rural and industrial coalface, in New Zealand. These banks simply want high margin, high security residential property mortgage portfolios - they do not have the skills or the inclination to lend in the engine room of the NZ economy. The Aussie banks are pumping cash out of the NZ economy - back to Australia; SCF collapse will not be "healed", in financial terms, for 50 years. I hope Treasury are sticking these considerations in their financial models.
    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.

  9. #1919
    Legend Balance's Avatar
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    AH giving the govt a run for their money? Taxpayers money, that is.

    The govt can extend statutory management to SCF and take control of SCF - sell off the good bank and fund the bad bank.

    Net result to the government is the same.

    AH cannot be trusted to be a shareholder, owner or operator anymore.

  10. #1920
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    Quote Originally Posted by Balance View Post
    AH giving the govt a run for their money? Taxpayers money, that is.

    The govt can extend statutory management to SCF and take control of SCF - sell off the good bank and fund the bad bank.

    Net result to the government is the same.

    AH cannot be trusted to be a shareholder, owner or operator anymore.

    This is interesting reading

    http://www.stuff.co.nz/timaru-herald...f-harsh-report

    Particularly this gem

    Timaru retiree Margaret Cowan said she was not worried about her investment, based on what she had heard about the report, having not yet received it. "We all know he has his own way of doing things."

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