South Canterbury Finance Limited

[Marilyn Munroe]

The real problem my friend is that maximum penalties under the Secutities Act are totally pathetic, $300,000 or 5 years imprisonment and of course nobody gets anywhere near the maxium.
Go into your local bank with a gun and rob them of $1,000, the tellers will all suffer terrible trauma for sure and you'll probably get 7-10 years if you get caught.

"The best way to rob a bank is to own one"

William Crawford, California Savings and Loan Commissioner.

Boop boop de do

Marilyn

[Beagle]

"The best way to rob a bank is to own one"

William Crawford, California Savings and Loan Commissioner.

Boop boop de do

Marilyn

Not sure Northern Rock or Bank of Scotland shareholders would agree with you

[Balance]

Latest from NBR - Hubbard and Ed Sullivan agreed to a $20m golden parachute goodbye package for Lachie McLeod - without the knowledge and support of other directors.

This is Mr Hubbard at his best - dishing out taxpayers' monies like lollies to his mates.

And Mr Ed Sullivan is Lachie McLeod's business partners on other things.

Wonder if it's to keep Lachie's mouth shut?

[minimoke]

Latest from NBR - Hubbard and Ed Sullivan agreed to a $20m golden parachute goodbye package for Lachie McLeod - without the knowledge and support of other directors.

Is that on top of the $15m loan to LM which was "paid back" n November 2009. There is certainly a gagging clause attached to that loan

[Balance]

Is that on top of the $15m loan to LM which was "paid back" n November 2009. There is certainly a gagging clause attached to that loan

The $20m was part of the package.

NBR managed to get a copy of the agreement and talked to the other directors.

Best part of the package is that Hubbard valued the $15m loan secured by Southbury shares - presumably as being worth $15m!!!!!!

The guy is a magician!

[minimoke]

The $20m was part of the package.

NBR managed to get a copy of the agreement and talked to the other directors.

Best part of the package is that Hubbard valued the $15m loan secured by Southbury shares - presumably as being worth $15m!!!!!!

The guy is a magician!

I think perhaps NBR is mistaken. Back in July Sandy Maier was very clear. He recognised these as related party loans ans was quite categorical that all such loans were overseen by the Board. SM wasn't misleading the market was he?

Any mention made of Ed's $750,000 loan?

[Balance]

I think perhaps NBR is mistaken. Back in July Sandy Maier was very clear. He recognised these as related party loans ans was quite categorical that all such loans were overseen by the Board. SM wasn't misleading the market was he?

Any mention made of Ed's $750,000 loan?

Lachie went out in Nov 2009 and Sandy came in Dec 2009.

If it was not taxpayers' money, it would be such a laugh.

And many in NZ scream blue murder when a beneficiary makes off with an extra $100 a week! Lachie and Hubbard just did taxpayers out of $15m just on this goodbye deal!

[Balance]

An Allan Hubbard and Lachie McLeod special - being fleeced by an Aucklander!

Arundel Park development - 6 units to be sold at 3m each = $18m.

SCF advanced developer $15.6m.

So far, 4 units sold for $6.6m and remaining 2 being marketed at $1.8m each.

Oh well, not as bad as the $15m advanced by SCF to Lachie to buy shares off Hubbard.

[minimoke]

An Allan Hubbard and Lachie McLeod special - being fleeced by an Aucklander!

Arundel Park development - 6 units to be sold at 3m each = $18m.

SCF advanced developer $15.6m.

So far, 4 units sold for $6.6m and remaining 2 being marketed at $1.8m each.

Oh well, not as bad as the $15m advanced by SCF to Lachie to buy shares off Hubbard.

Actually , I think you'll see its taxpayers being fleeced by SCF.

Arundle Parks went into receivership initially owing SCF $14.4m I think SCF plonked in another $1.2 m (if not SCF then someone else is a secured creditor who will get first dibs on the cash)

Four units did sell - but it was for a total of $6.6m (and SCF got $5.5m) leaving quite a shortfall.

Good old tax payer. Standing behind Alan so he could take in the loot and dole it out to who - his mates Ed and and Lachie!

[Balance]

Alas, you are right. Mini.