South Canterbury Finance Limited

**morv** · 30-08-2010, 11:15 PM

Jaa, the pea farmer and tawera land is the same operator,looks like everything got to be sold to cover 1st and 2nd mortgages as 50000 dollars of frozen peas didnt cover scf ,s $13 million or thereabouts

**fungus pudding** · 31-08-2010, 02:10 AM

Originally Posted by Onthemoney

Talked to someone in the know today and they told me that Alan helped out a friend who had a couple of farms. The friend thought Alan was great as he helped him out with finance only problem was that when things got a bit tough Alan ended up with the farms. Not too sure what to make of this story though.... This was back in the 70s and 80s.

Make this of it. It's necessary and normal behaviour when loans are not performing. It's the ones where they haven't stepped in that are the problem.

**Stranger_Danger** · 31-08-2010, 07:43 AM

"Finance companies have come out fighting after one of the country's largest fund managers warned their debentures were "seductive" and posed unnecessary risk to small investors.

Yesterday, many labelled the comments by ASB Group Investments "sour grapes".

Elders Finance and Hanover Group executive chairman Mark Hotchin said the comments "smacked of desperation" as fund managers were losing money and market share to finance companies.

"And so they should be because the returns are better and they are safer."

He was angry finance company debentures had been called "seductive".

"It's seductive because it's real. You're the first cab off the rank so you get paid first."

Gotta love it, hindsight and all LOL

**Stranger_Danger** · 31-08-2010, 07:45 AM

That was from 2005 by the way.

As Buffett says, with investing it takes a while to work out whether you knew what you were doing.

**Arbitrage** · 31-08-2010, 08:40 AM

Let me guess, Mr Hubbard (as we have heard ad nauseum he is the South Islands richest man) will hand over his fortune to cover the debts and save the NZ taxpayer?

**minimoke** · 31-08-2010, 08:44 AM

Originally Posted by Jaa

Last two stories about SCF loan recipients I saw were a Manawatu pea farming operation and a flashy Wellington property developer and now this about a colourful entrepreneur from Wairarapa! Hardly life threatening stuff to the mainland economy

I think Toddy might be right about SCF & Hubbard loan recipients lobbying to protect their sweet heart and/or no interest loans.

We also have SCF loaning second mortgages to Seripisos (wellington) and an Paraitai drive (Auckland) development. Clearly not just a South Island banker! Its a bit like saying the ASB is just an Auckland bank.

**Alan3285** · 31-08-2010, 08:45 AM

Originally Posted by Arbitrage

Let me guess, Mr Hubbard (as we have heard ad nauseum he is the South Islands richest man) will hand over his fortune to cover the debts and save the NZ taxpayer?

Didn't he already do that with the helicopter and dairy companies?

Alan.