South Canterbury Finance Limited

[herbert240]

I understand Sir Robert Jones is suing Chris for defamation

[Balance]

Well its made him look like a dick, hasn't it. Think of all the gold his clients have piled into scf...and strategic...and st laurence...and hanover...

From 2007 :

Footnote:

We have two parcels of Hanover Capital bonds available for sale both with term of 21 months. They are:

$23,000
9.75%,
maturity 16/1/09
$15,000
9.75%
maturity 16/1/09
Any interested buyers should ring Denis Ryan 04 296 1023.

Contact details

Our mailing address will be P.O. Box 1633, Paraparaumu Beach.
Telephones (04) 29 61023; Fax 04 2961028.

[winner69]

From 2007 :

Footnote:

We have two parcels of Hanover Capital bonds available for sale both with term of 21 months. They are:

$23,000
9.75%,
maturity 16/1/09
$15,000
9.75%
maturity 16/1/09
Any interested buyers should ring Denis Ryan 04 296 1023.

Contact details

Our mailing address will be P.O. Box 1633, Paraparaumu Beach.
Telephones (04) 29 61023; Fax 04 2961028.

Probably found a buyer for them as well ..... and now the proud owner of heaps of ALF shares

Was that you I saw in the crowds down at the Occidental the other night?

[Steve]

I understand Sir Robert Jones is suing Chris for defamation

What has Chris ever said about Bob? I don't recall anything in the press?

[winner69]

There's an apology on his website a few years ago .... got his figures wrong when raving on about Bob getting paid out management fees or something .... a bit like the DNZ saga now

Might be that

[Balance]

Don't count upon the government coming to the rescue is the message here.

Excerpt :

"Mr Lee also prescribes:

It needs to get the extended Crown guarantee confirmed as soon as the audited accounts are out. (There could be good news with this announcement as bad debt provisioning may have been marginally over-estimated in previous announcements).

The Treasury must respect the additional capital from Hubbard and can show this by promptly granting the extended guarantee.
However, it is questionable whether either of these points should or will happen. The legislation specifies the criteria for the extension and although the Minister of Finance could grant them the extension now, he will probably want to wait until a short time before the existing guarantee expires before making decisions about the extension applications. It is not in the public interest to grant special favours to particular institutions, especially when Parliament has considered the issue and passed legislation about the criteria that it considers consistent with the public interest. Note that the legislation suggests the public interest not as a grounds for granting the guaranteess, but for not granting them (i.e. if the minister thinks it is not in the public interest to grant the guarantee to a particular institution, he can legally refuse them a guarantee, but if he thinks it is in the public interest to grant a guarantee to an institution that does not meet the criteria, he can't do so under that legislation). It is also possible that the guarantee could be withdrawn (for new deposits) if the company is subsequently downgraded below BB. Regarding the audited accounts, although there are big write downs in the unaudited accounts, they do not seem at all unreasonable, and the auditor may find other parts of the company's assets that should have greater provisions."

Notice how SCF's cheerleaders have gone quiet? Icy-cold-Artic-winter reality is setting in.

High profile supporters, like Chris Lee, know that Hubbard has nothing else to throw into SCF. The company needs external capital and/or the government guarantee to continue.

Don'tr mistake what we write for glee - business is about business, not about emotions.

[Enumerate]

Isn't it ironic that the organisations who were asleep at the wheel (S&P, Moody's) triggering the financial crisis (due to dodgy ratings for collateralised subprime debt) are now minting it as everyone needs a rating to even survive.

The retail deposit government guarantee was a knee jerk reaction by Cullen ... it was bad policy and is bad policy.

Isn't it even more ironic that the scheme may put more finance companies out of business than it saved during the troubles.

God save us from policy analysts in Wellington ...

[minimoke]

The retail deposit government guarantee was a knee jerk reaction by Cullen ... it was bad policy and is bad policy.

Didn't Australia introduce one first and the Government were worried cash would flow off shore to a safe haven.

[CJ]

Didn't Australia introduce one first and the Government were worried cash would flow off shore to a safe haven.

Correct. The problem is institutions didn't plan for the end of the guarantee.

[Alan3285]

Correct. The problem is institutions didn't plan for the end of the guarantee.

That's absolutely correct - and its what SCF is focusing very closely on now - just depends if they are too late or not (see my post above for my analysis on that).

I'm still looking at this as a potential opportunity, with a great yield IF they come through Oct 2010, but as others have said, I'm not going to lose sleep over the speculative corner of my portfolio.

Alan.