PGC - Licenced to Bank

[percy]

I certainly hope AH statement is proven right.I have allways thought of him as an honest man.

[Logen Ninefingers]

Apart from Torchlight connection, what's any of this Alan Hubbard stuff got to do with PGC? 2 different companies aye. Is the SP taking a hit because there is a perception that Hubbard and PGC are in some way in the same basket here? SCF weren't mentioned in connection with the new 'Canterbury Bank' proposal. Seems weird to be tainting PGC and their thread with this discussion about Hubbard and statutory management.

[bull....]

Its premature to speculate i guess but from an investors point of view we need to - you say how can this hurt pgc but i speculate if somehow money found its way from hubbards companies to him personally and then to SCF then that money is at risk of being claimed back from SCF , then to speculate further if SCF dont have money to cover this shortfall then what does the govt move in as well on SCF.
If this happens torchlight will be affected wont it?.
All speculation of course but as an investor we must consider all possibilites.

[Logen Ninefingers]

Its premature to speculate i guess but from an investors point of view we need to - you say how can this hurt pgc but i speculate if somehow money found its way from hubbards companies to him personally and then to SCF then that money is at risk of being claimed back from SCF , then to speculate further if SCF dont have money to cover this shortfall then what does the govt move in as well on SCF.
If this happens torchlight will be affected wont it?.
All speculation of course but as an investor we must consider all possibilites.

Surprised that it is now being considered that there could be negatives given that in a previous discussion the opinion was overwhelmingly that:
1/ All money lent to SCF by Torchlight was absolutely as safe as if it was inside Fort Knox.
2/ PGC being chummy with Hubbard was absolutely right-on.
3/ Posters were positively drooling over the prospect of PGC swooping in vulture-like and picking off the choice assets of SCF like so much prime meat off a carcass.

Now that events take a dire turn, everyone is suddenly feeling nervous.

[Dubdee]

Torchlight has a prior ranking charge ahead of all debenture and bond holders. For it to be effected you would have to say all SCF assets were dud

[bull....]

I think allied farmers shows what can go wrong by picking over carcuses.

[mouse]

I certainly hope AH statement is proven right.I have allways thought of him as an honest man.

There are a number of ways of looking at this.
First, my mate the Solicitor. I used to visit him in Paparoa Prison. In for 5 years or so. Took the clients trust account cash and, worse of all, was caught. Pounced on him like a cat on mouse. Pretty frightening. Locked up with the rif-raf. As he said, I had to work all hours since no-one could ever look at my books. Otherwise it was all over. So be very careful if people work sun up to sundown. Either they are stupid workaholics, or have lots to hide.

Second. Your brain needs to rest. Good ides, and a change of plan even, come from a blue sky. I remember sitting in St. Andrews Church, Hong Kong. Hot. The fans were fanning. The sermon droned. the lights swung like pendulums. I thought, that is the solution! Did not rip my clothes off, but I had a major solution to wiring blocks of flats. Dont bother to connect the wires! Will save us oodles of cash. It did. When someone PAID us for a telephone, we connected the wires. But not until. Very simple.

Third, go on holiday. Excellent fun. I spent all my HK cash on holidays. Best investment ever made. What Alan Hubbard needs to do now is just that. Leave the office to the full time staff and let them earn their cash.

Fourth, this is a disaster for all South Island Finance Companies. And by extension South Island Business. We will all be asked to stump up more cash. To pay debt and put in more funds. There will be a general re-rateing of debt again. Finance Companies, and Solicitors Trust Accounts, will be viewed with suspicion. Once Govt takes a big hit on its Guarantee Scheme then it may well abandon it.

May you live in Interesting Times.

[Balance]

I think allied farmers shows what can go wrong by picking over carcuses.

You will be surprised how relaxed and comfortable Rob Alloway is with the Hanover write-downs.

Read the NBR from a couple of months ago and you will know why.

Don't be fooled by superficial statements made by uninformed posters who would not know an asset from a liability.

[Balance]

Torchlight has a prior ranking charge ahead of all debenture and bond holders. For it to be effected you would have to say all SCF assets were dud

At least $800m of good and performing quality assets according to Sandford Maier, CEO and ex-statutory manager of DFC.

Guess which company is getting ready to pounce on these assets.

The naivety of some commentators beggars belief!

[bull....]

You will be surprised how relaxed and comfortable Rob Alloway is with the Hanover write-downs.

Read the NBR from a couple of months ago and you will know why.

Don't be fooled by superficial statements made by uninformed posters who would not know an asset from a liability.

Rob Alloway may be relaxed about the situation but investors I would imagine are not.
The market has marked the shares down 60 odd % since they took over Hanover so who do you think is right the market or Alloway?