PGC - Licenced to Bank

[Breastwork]

http://www.nbr.co.nz/article/pyne-go...itor-wb-119390

PwC covering their own arse?

PGC have an independant director?.....

[Breastwork]

http://www.nbr.co.nz/article/monty-p...-better-119777

[Xerof]

thanks but no help as don't subscribe - can you give us the gist of the article (and who wrote it)?

[percy]

Article by shoeshine.
FMA raided the offices of PGC on April 18th and has a truckload of documents,emails,memos and cash movements.
This is before KPMG and John Duncans departure.
Appears Perpetual Trust Cash Fund has taken security as lender on various land assets in Queenstown owned by torchlight.up to $30mil.
"The implication is the Mr.kerr has used this cash fund to acquire hiigh-risk torchlight assets or replace Torchlight's funding lines to free up cash for some other purpose."
It looks as if the FMa has already forced the unwinding of some transactions.
Shoeshine wonders if the $4.9worth of Heartland shares [sold by PGC] has been funneled into Perpetual cash fund on FMA's request.

Should anyone want the whole article send me a PM with your address and I will photocopy it and send you it.

[Balance]

Article by shoeshine.
FMA raided the offices of PGC on April 18th and has a truckload of documents,emails,memos and cash movements.
This is before KPMG and John Duncans departure.
Appears Perpetual Trust Cash Fund has taken security as lender on various land assets in Queenstown owned by torchlight.up to $30mil.
"The implication is the Mr.kerr has used this cash fund to acquire hiigh-risk torchlight assets or replace Torchlight's funding lines to free up cash for some other purpose."
It looks as if the FMa has already forced the unwinding of some transactions.
Shoeshine wonders if the $4.9worth of Heartland shares [sold by PGC] has been funneled into Perpetual cash fund on FMA's request.

Should anyone want the whole article send me a PM with your address and I will photocopy it and send you it.

Rats from a sinking ship?

[percy]

Rats from a sinking ship?

Nice to see the FMA is making sure the ship's cargo remains "intact".

[percy]

With apologises to Xerof.
GE sees mid-market lending growth.NBR 1/6/12 by Darren Greenwood.
GE Capital is eyeing opportunities with government,agriculture and medium-sized businesses,as it fills the gap left by finance companies.
Headline profits up 29% to $149mil,with net lending assets increasing to $2.35 billion."We play in the space the banks don't.GE also finances 30,000 cars.Sees opportunities in farming,claiming that now farmers have reduced debt they are ready to borrow again for items like new plant and equipment."
My point is re-read the article and replace GE Capital with Marac.Similar fields,similar assets,and hopefully similar profits.

[Xerof]

KPMG would have alerted FMA and 'protected' documentation until the raid, then resigned, I would have thought - hardly Rats, just doing their job. Don't know Duncans situation, but plenty of speculation abounds

Right now, I am just pleased to see the two other rats are now under the blowtorch, and I dearly hope FMA dig as deep as two or three years back to uncover ALL the related party transactions that appear to me to have been for the benefit of one particular person

All a bit Hubbardesque in it's evolution, complexity and desperation

Those Baker Street lads, the masters of the universe, seem to have lost their voice.....

[Grantas]

It has gone very quiet, no announcements, no news for a while now.

[winner69]

It has gone very quiet, no announcements, no news for a while now.

That's the way George want's it, hoping the punters will give up and leave him alone