South Canterbury Finance Limited

[Beagle]

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!

There's little doubt that McLeod was personally responsible for some of the most poorly considered commercial lending ever undertaken in N.Z.'s corporate history, he had a free option to explore growth, (appently with gross disregard for the risks), at any cost.
To be rewarded with one years salary on departure when he should have been on the hook for the $15m loan repayment is a scandal all of its own. This guy deserves to have been bankrupted allready in my opinion.

[minimoke]

To be rewarded with one years salary on departure when he should have been on the hook for the $15m loan repayment is a scandal all of its own. This guy deserves to have been bankrupted allready in my opinion.

In one sense he has departed but if we check out his directorship history we'll see he's still tied to SCF. Here's what he' been up to. There is very little activity outside SCF.

He’s a Director of West Coast Finance Limited and Whangarie Finance Limited, owned by Forresters Nominees which is owned by AH.

He was a Director of North Harbour Finance, owned by FN / AH. That company was struck off 22 June 2010. Same with Marlborough Finance Limited and Nelson Finance Limited.

He’s a Director of Tauranga Financial Services, owned by FN / AH. They were a bit tardy with their Annual return and about to be struck off because no longer trading. Same with Westland Finance Limited.

Still a Director of Southbury Finance owned by DN / AH.

Still a Director of Hedgehope Holdings Limnited. A bit more complex. Owned by Buckie Holdings Limited, which is part owned by Hornchurch Limited (in receivership), which is owned by South Canterbury Finance. Pretty much the same with Micah Holdings Limited

A Director and owner of River Valley Limited. No direct ownership by AH but Hubbard Churcher registered the Docs. So if you dig a little deeper you find AH was an original shareholder.

There was Sybil Holdings Limited (originally Finance House Limited) which was owned by Strathallan Nominee Company Limited and that ones part owned by Ed Sullivan. Lahie’s no longer a director. Same with Division Holdings Limited.

He’s no longer a Director of AFL Properties Ltd as they amalgamated to form Hornchurch Limited. This was another Ed, AH and Stuart Natrass company.

He was a Director of Regency Carparks Limited resigned 30 Nov 2009. You might be thinking he was diversifying his portfolio but regency was owned by Regency Auckland Limited which is owned by Regency Hotel Holdings Limited which is owned by SCF.

He and Ed were Directors of Syd Investments ltd now struck off.

There was SCF Hawkesbay Limited, Ashburton Finance Limited and Southland Finance Limited owned by SCF. Ceased his directorship in November 2009. Same with Ecaf Limited

He was a Director of Angel Place Limited until Feb 2010. Ed followed him a few months later. Another company owned by Regency Auckland Limited. Pretty much the same with Regency Operations Limited

He’s owner / Director of Dunvegan Seadown Limited incorporated in December 2007.

He ceased being a Director of Revolver Management Limited in Oct 2010. That one’s part owned by Sophia Investment Limited which is owned by SCF.

He and Peter Bosworth have set up Bosworth Mcleod Capital Limited in 2010.

He had a six week stint as Director of Lund Administration Limited in 2008.

But perhaps his shortest stint along with Mr Ed was Director of Hilltop Hotels Limited. This one lasted 2 weeks at the end of 2008. Hilltop was owned by Quadrant Holdings Limited which is owned by SCF.

[minimoke]

Despite their financial shenningans I hope Mr and Mrs H are OK. Doesn't sound like AH is too health though. Multiple injuries not a good sign.
(has the VW been traded?)

[QOH]

Yes I wish them both well, perhaps the volkswagon had been written off previously

[winner69]

Sad news ... nobody wants to see people killed in a road accident

Probaly only crystalise peoples views and emotions further ..... and many questions will remain unanswered

Edit - Herald says he died ... radio just said he may have survived

[percy]

Sad news.
I noticed on wednesday there was a Hubbard supporters sign in a paddock at about the place where the accident occured.
I just think how different things would have turned out if he had sold out ten years ago.

[Sideshow Bob]

I think you are right Percy, the sign is very close to where the accident must have been.

Very sad news and condolences to their family.

[Enumerate]

Tragic news for Mrs Hubbard and the family. Events have further conspired against the Hubbards to clear their good name - I am deeply saddened by this.

[Marilyn Munroe]

David Hillary has posted a reflective view of the life and times of Allan Hubbard on his biog.

http://www.lostsoulblog.com/


Boop boop de do

Marilyn Munroe

[Enumerate]

I read the Hillary "eulogy" for Mr Hubbard.

Hillary grapples with his own ontological dilemmas as he tries to say something about Mr Hubbard's life. After much rambling about ... he arrives at the conclusion that he doesn't know.

Not much of a "eulogy" - just another dimension of David Hillary "vanity".

Where Hillary sees nothing that does not confuse him, in the life of Allan Hubbard - I see a profound simplicity. Mr Hubbard made money the "servant" in his relationships with people; not the "master". While Mr Hubbard was clearly deeply religious; this obviously motivated his desire to do good. However, his core values transcend religion - he simply applied these core values completely and logically, in his life. Perhaps it is a generational thing - if you lived through a depression and a few wars; you may view the people in your community differently from those who have only known an affluent NZ society.