ALF - Allied Farmers Limited

[minimoke]

Sadly for Hanover depositors, looks like it's a complete write off with Kawarau Falls - with more to come.

And no announcement from ALF. Surely they have an obligation to update the market on this news - especially since there are still trades around the $0.077 mark

[Logen Ninefingers]

Allied overstated the value of the assets to get the deal done, a couple of months later the value of the assets has halved and is heading farther south. The Allied shareholders should be very angry about the way they were duped.

[Balance]

Allied overstated the value of the assets to get the deal done, a couple of months later the value of the assets has halved and is heading farther south. The Allied shareholders should be very angry about the way they were duped.

They* must take some of the blame too. First they put money into Hanover. Then they voted for the moratorium. Then they voted for the Allied deal.

Along the way, there were plenty of warnings. I was at the moratorium meeting and Bruce Sheppard was shouted down by a few of the depositors! They were so scared of the 'public' knowing what a basket case Hanover was!!!!!!

* excludes those who voted against and who were advised by commissioned advisors.

[minimoke]

Allied overstated the value of the assets to get the deal done,

Anyone with any idea of what their exposure to Kawararau Stages 2 and 3 is. It also seems some of the value of Stage 1 is based on the completion of 2 & 3 so there might be further impacts there.

Again I have no sympathy for the Allied holders (like Balance - those that voted "yes"). Hotchin and Watson are very skilled operators but the warning flags were there. The Hanover investors will be left wondering how things go full circle. Back at the Moratorium they were offered recievership and through various machinations they have still ended up there. This tiem round though they are also bringing down ALF holders.

[Logen Ninefingers]

Talk about toxic loans and toxic assets!!
Hopefully karma catches up with Watson and Hotchin. Watson seems to be the oily charmer who's happy living the high life thousands of miles from the melt-down, Hotchin's the balding fat-faced pig-eyed weasel ensconsed in his oversized montronsous edifice to his own vanity and greed.

[minimoke]

... Watson seems to be the oily charmer who's happy living the high life thousands of miles from the melt-down, Hotchin's the balding fat-faced pig-eyed weasel ensconsed in his oversized montronsous edifice to his own vanity and greed.

Now, now. Thats a bit harsh isn't it. When finance compnaies were burning what did Hanover investors do - give their money to H/W

Hanover investors had the option to open up H/W accounts at the time of the Moratorium by placing Hanover into Recievership. They declined that opportunity.

They could have got H/W to cough up $20m of personal cash - if they had held out on the Moratorium. They decleined that opportunity.

There was another potential recievership and exposing of H/W as part of the ALF deal. They declined that opportunity.

H/W got to where they are today because thats what their investors allowed them to do. It is the investors who voted H/W's life style with cash and hands each step of the way.

[Balance]

And 5 Mile has just been put into receivership.

Ouch.

[minimoke]

Sneaky buggers - let the market know just after its closed. No doubt time to give their mates a chance with a bit of a semi decent exit price.

[Logen Ninefingers]

Now, now. Thats a bit harsh isn't it. When finance compnaies were burning what did Hanover investors do - give their money to H/W

Hanover investors had the option to open up H/W accounts at the time of the Moratorium by placing Hanover into Recievership. They declined that opportunity.

They could have got H/W to cough up $20m of personal cash - if they had held out on the Moratorium. They decleined that opportunity.

There was another potential recievership and exposing of H/W as part of the ALF deal. They declined that opportunity.

H/W got to where they are today because thats what their investors allowed them to do. It is the investors who voted H/W's life style with cash and hands each step of the way.

Why did the investors do that? Because H/W asked them to trust them. And they did. Fools? I guess so. Because you can't trust anyone, because everyone's just out for themselves, because everyone will smile at you and lie and lie. Is that what we believe?

[Balance]

Why did the investors do that? Because H/W asked them to trust them. And they did. Fools? I guess so. Because you can't trust anyone, because everyone's just out for themselves, because everyone will smile at you and lie and lie. Is that what we believe?

No. Just those who have a track record of looking only after themselves.