South Canterbury Finance Limited

[winner69]

Banks turn off loan facility for Sth Canterbury finance
http://www.nzherald.co.nz/business/n...0600654&pnum=0


..... and putting things like ".... that there was a "fundamental uncertainty" about South Canterbury Finance's status as a 'going concern'" will give some the ****s

SCFHA might even get cheaper .... now 2550 .... blame the uninformed press doing the good old beat up trick

[Dr_Who]

Is it game over?

[winner69]

Is it game over?

Dr -- that's being mischievious - of course it's not all over

SCF too big to fail ... then we would only have Marac left amongst the bigger ones

[Dr_Who]

Dr -- that's being mischievious - of course it's not all over

SCF too big to fail ... then we would only have Marac left amongst the bigger ones

Too big to fail? Rubbish. Tell that to Lehman Bro etc.

Hands up anyone in this forum would buy SCF shares during the cap raising? Not the Doc. I think NZers have had a guts full of the BS in finance Cos. Related party loans to crap assets. Investors are just making the promoters rich.

They play with our money, they get rich, they laugh all the way to the bank and we suffer. Thats the name of the game.

[POSSUM THE CAT]

Winner 69 maybe Dr Who is being realistic. Many made similar comments about Strategic, but it went down in a screaming heap

[minimoke]

Dr -- that's being mischievious - of course it's not all over

SCF too big to fail ... then we would only have Marac left amongst the bigger ones

Marac? - thats the one with the BB+ junk debt rating isn't it

[winner69]

......... Related party loans to crap assets. Investors are just making the promoters rich

They play with our money, they get rich, they laugh all the way to the bank and we suffer. Thats the name of the game.

Talking about related party loans

From the Herald 'SCF's impaired and past-due loans rose to NZ$445.9 million or 26 per cent of total gross loans by the end of June, up from NZ$85.2 million or 6 per cent a year earlier' ..... holy **** ..... 26 of the loans are overdue

BUT SCF said no related party loans had been written off or forgiven during the year.

The meassage of course is that the related party loans are the good part of loan book .... yeah right

[Dr_Who]

Watch those magicians play their tricks and hypnotize the Mums and Dads into a story straight out of the Alice and Wonderland.

Lets all have a tea party, shall we?

[Misc]

What ever happened to the 'Alan will underwrite the Bad Loans' promise of July?? Perhaps $445m a tad beyond the old beggar? What a shambles ,,, cant for the life of me see how the Govt would or should honour the GG as it appears almost certain that the real state of the loan book at SCF was very different to what has been reported , for a very long time (note last years profit figure being 'amended'). M

[kura]

Please excuse my ignorance, but is SCF listed ? or just it's bonds ?