ALF - Allied Farmers Limited

[Balance]

Yes - except that there wasn't that amount of debt in the Hanover Group Charging group accounts at June 2009 that were released prior to the transfer - not bank debt. May have been in the overall Hanover Finance Ltd accounts, at least in part (they are on the companies office - the charging accounts aren't, but I retrieved a cached copy from the Hanover site the day after the deal). So if the debt went with the assets to Allied, then I am wondering if it was actually individual loans against individual projects such as Matarangi, that were then re-financed across all of the Allied assets... which must surely have transferred risk from the banks to the Hanover investors?

Maybe there is more detail in the Grant Samuel report which I never got to get a copy of... but none of the docs I can find say anything about transferring liabilities with those assets, eh?

I recall reading somewhere that Eric & Hotchin transferred some heavily mortgaged properties across to Hanover (being their increased equity contribution) as part of the moratorium agreement. Very very smart boys, those two.

One has no choice but to wonder in amazement really. I remember being at the Hanover moratorium meeting where Bruce Sheppard tried to fight for the investors but was pretty much told to shut up by the majority of them. Then there's the comment that it was great that Hotchin turned up but where is that gutless Watson - a great double act playing good guy, bad guy and they lapped it all up.