South Canterbury Finance Limited

[winner69]

Looking back on the old SCF accounts Aorangi and one or two those trusts mentioned borrowed money from SCF but the amounts were never disclosed. All seem to have gone now.

Makes you wonder why Aorangi, the vehicle for Alans wealthiest investors, would also want to borrow from SCF

I get the feeling that the back room games and politics of all this is because Hubbard prob doesn't want to have his share of SCF/Southbury watered down too much from the expected recap of SCF .... and the SM is one way to take him out of the equation to speed things up ... just conjecture on my part

Amazing stories going around about all this ... like who was the Aorangi investor who bought this to the attention of the authorities

[Enumerate]

Something doesn't smell right about this ...

AH has been progressively sidelined and isolated from the levers of power in SCF, over the past few months. Statutory Management now effectively puts control of Southbury in government hands.

Allan Hubbard is, effectively, "in check". He is now completely isolated from any key decision effecting SCF.

Maybe Treasury held it's collective nose upon reviewing the SCF accounts presented in support of the government retail deposit guarantee extension, approved it anyway because of the consequences of an SCF administration. However, moves have been afoot to seize control of Southbury and to stitch up a salvage deal. Clearly, Allan Hubbard is the patsy ... he will take the loss in Southbury with a dilution and loss of control over interests in SCF.

Events over the last six months can be interpreted as the unfolding of a master plan. If this is indeed the case, beware. It basically means that private property does not exist in New Zealand. If you get between the government and it's financial interests ... your property rights will be extinguished.

In any event, the SFO better move quickly to prove a charge or be prepared for a public spanking on Allan Hubbard's knee.

[Balance]

Looks really bad :

"The Companies Office found that NZ$98 million in funds lent to Aorangi by 407 Otago and Canterbury investors had been lent on either directly or indirectly to trusts and interests associated with the Hubbards, contrary to instructions that they be lent as first mortgages secured by property."

[sharer]

SCF 22/06/2010 PROSPECT REL: 0910 HRS South Canterbury Finance Ltd PROSPECT: SCF010: South Canterbury Finance registers amendments to its prospe 22 June 2010 South Canterbury Finance registers amendments to its prospectus South Canterbury Finance Limited registered a memorandum of amendment to its current prospectus and investment statement yesterday, Monday, 21 June 2010. South Canterbury Finance Chief Executive Officer Sandy Maier says the Company fulfills its obligations to keep investors informed by registering amendments when there are material events that require the investment statement and prospectus to be updated. Both documents are available on the Company's website: www.scf.co.nz Ends

[sharer]

Seemingly the above Amendment to the Prospectus would make it legal to immediately proceed with allocating funds already collected by SCF, as well as new funds got in from recent public meetings & advts. And the fundraising efforts & restructuring at SCF can resume, presumably with even greater urgency.

[Breastwork]

"South Canterbury Finance has had its credit rating cut from B+ to B- by Standard & Poor's on concerns the statutory management of owner Allan Hubbard's interests will damage investor confidence."

[minimoke]

"South Canterbury Finance has had its credit rating cut from B+ to B- by Standard & Poor's on concerns the statutory management of owner Allan Hubbard's interests will damage investor confidence."

Its gone down to a B-/C and Sandy can still put a positive spin on it: 'If anything, the rating action reinforces the determination of the directors and management to build on the good progress already achieved to turnaround the business of the company.''. Great to know the Directors determination is being reinforced -

[winner69]

The more you think about it the more obvious that the whole Hubbard empire should officially be in receievership / statutatory management or whatever

Its obviously been treated as Alans pile of money to do what he wants to do with it ... so many related party transactions is why the whole empire needs to be wound up .... not this de facto charade we have at the moment

If the govt guarantee is called up how long is the money tied up before the punters get their money back? I assume it is dead money in the interim?

Wonder who the whistleblower was?.

[QOH]

What a travesty. Alan Hubbard gets his good name besmirched, while real rogues like Hotchin and Watson go free.

The young lion - aka Kerr - is already circling, sensing that the old lion has lost his strength. And meanwhile the vultures and other carrion creatures - aka the great unwashed and uninformed - wheel above, depositing their dung.

Where were these "concerned" civil servants when Strategic and Hanover and Bridgecorp and Provincial and Capital/Merchant and MFS and Babcock & Brown, etc., etc., committed their various acts of public hurt? Nowhere to be seen!

What utter hypocrisy.

Totally agree with you. I have yet to see anything that shows Hubbard is not an honourable man. His only mistake may have been to trust those running the business.
Sad that a man who appears to have done so much for charities in NZ is being crucified like this without even a trial, and to put him in the same category as the Hotchins etc of the financial world.

[Marilyn Munroe]

Whoop-whoop, Terrain, whoop-whoop, pull up, whoop-whoop, terrain pull up pull up!

Boop boop de do

Marilyn