South Canterbury Finance Limited

[Beagle]

I suspect there will be a "no expense spared" final meal at Robbies Timaru tonight on the company credit card. Then the plug will be pulled. Its really not that hard a decision. Its just about making sure as many ducks are in a row before the inevitable axe falls. Sandy has done all he can now - there ain't anything left to be done. The receivers will be brought in to extract maximum value as there is no potential in resurrecting the corpse that once was a vibrant finance company

I agree, its riddled with so much toxic debt, in effect the cancer has spread past the point of no return.

AH has been putting out scrub fires since the GFC began, how else does anyone explain the exponential growth in related party transactions ?

The reality is he's now out of resources to the point where he has to committ fraud to make his private investment companies look satisfactory in a vain attempt to keep the Titanic afloat.

Game over for Mr Hubbard, he built his wealth off extremly high leverage and played the capital gains game on asset values. Its time for him to admitt defeat, the GFC has beaten him and now he's just a silly old fool who doesn't know when he's finished. He's become an embarrassment to the South Island now.

[Beagle]

http://www.sharechat.co.nz/article/3...bout-600m.html

John Key says he is awaiting the Trustee's decision tomorrow...

[Enumerate]

Shouldn't you guys wait for the announcement and maybe even some accounts before you condemn SCF to the dustbin of history?

I really think Bill English canceled his flights just so he could say "No thanks" to a deal.

But then again, you guys have been prepared to lynch Allan Hubbard, without charges, with out evidence, without right of reply.

[minimoke]

Shouldn't you guys wait for the announcement and maybe even some accounts before you condemn SCF to the dustbin of history?

I really think Bill English canceled his flights just so he could say "No thanks" to a deal.

But then again, you guys have been prepared to lynch Allan Hubbard, without charges, with out evidence, without right of reply.

I Think Bill cancelled his flights as the fall of the countries largest finance company is something of some magnitude. The fall out will take some handling. Alternativly SCF finding a backer doesn't require Bill to be on hand to co-sign the deal.

This hasn't been about lynching AH - it s been about the demise of SCF. AH will inevitably bear the brunt of any criticism since he was pretty much sole director and shareholder during much of the action that led it to todays position. As for evidence - lets wait for the SFO to do its job. Clearly as at today there is insufficient evidence to give them confidence that ll is rosy within Aorangi and HMF.

AH has a chance of a right of reply - we just need to see the SCF books (due out tomorrow) and then we can all get to see in black and white how he has steered the ship through these turbulent waters. His right of reply can also come from Aorangi and HMF - trouble is we now know thus funds are sadly lacking in any documentation of any substance and we now in one example funds have been stated to existed where no funds actually do. Not sure what sort of right of reply we can expect to that.

He also does seem to be getting a right - I hear to day he says he's "too old" for all this. I couldn't agree more. But its not to do with age - it has to do with competence. The reality, I think we'll find is that the moment he went on dialysis his thinking started to go down hill. Thats not a reflection on AH - just a natural consequence of that type of medial intervention.

[fungus pudding]

Maybe the Govt should let this whole thing fall over. Then offer assistance by offering farming loans to those farmers who's loans are due to roll in the short term (via Kiwibank) i.e allow them access to finance. That way there will be no fire sale of 'farms'.

Forget kiwibank - they haven't got any money to lend, and I doubt that the quality of their loan book is any better than SCF's.

[Toddy]

Shouldn't you guys wait for the announcement and maybe even some accounts before you condemn SCF to the dustbin of history?

I really think Bill English canceled his flights just so he could say "No thanks" to a deal.

But then again, you guys have been prepared to lynch Allan Hubbard, without charges, with out evidence, without right of reply.

Lynch, nah, just calling a spade a spade the good old southern way.

The Cob n Co stage coach will ride into Timaru at midnight tonight with a cargo full of gold nuggets and a crate of the finest southern gold lable whisky.

[macduffy]

Forget kiwibank - they haven't got any money to lend, and I doubt that the quality of their loan book is any better than SCF's.

A rather sweeping statement!

What is the evidence? Kiwibank's lending is predominantly mortgage loans to home owners, according to their publicity.

[winner69]

Wonder if all this emotional talk about SCF going broke will destroy the SI economy is really relevant

How much has SCF lent over the past year? I would guess not much so they haven't been doing much to support farmers and businesses any way

[Balance]

Wonder if all this emotional talk about SCF going broke will destroy the SI economy is really relevant

How much has SCF lent over the past year? I would guess not much so they haven't been doing much to support farmers and businesses any way

SCF in receivership would still have to honor contracts - if farmers and businesses are keeping to their debt servicing, life continues.

It's only those who have defaulted or are having interest-free loans BUT continue to trade on a wink and nod from Hubbard who will be impacted.

[Toddy]

Wonder if all this emotional talk about SCF going broke will destroy the SI economy is really relevant

How much has SCF lent over the past year? I would guess not much so they haven't been doing much to support farmers and businesses any way

Winner

You will find that it is probably a few property developers that started the scare mungering around the farmers exposure to SCF. A debate in parliament around saving the few property developers left in the SI would not gain much traction.