Quote Originally Posted by Enumerate View Post
The Statutory Managers have effectively destoryed Allan Hubbard's business.
I'm not so sure about that - perhaps its a bit too early to be so dramatic. But let look at Allans view of his Aorangi business compared with the Stat Mans view - bearing in mind the Stat Man only has three weeks experience in it.

Alan reckons assets are $128m. The Stat Man reckon its $132m
Alan reckons he has $88m of clients cash. The Stat Man reckons its $96m
Alan reckons hes got $40m of his own skin in the game. The Sta Man reckons its $36m.
Alan reckons its a Mortgage Company. The Stat Man thinks its morphed into a finance company
Alan says it has loans and mortgages. The Stat Man reckons the money has gone, in part, to AH's own financial interests and trusts. Some loans appear not to be secured by land and some loans appear to have no registered security.
Alan is silent on Aorangi money going into Trusts (Otipua Charitable Trust, Oxford Charitable Trust, Regent Charitable Trust, Morgan Charitable Trust, Benmore Charitable Trust, and
Wai-iti Charitable Trust.) formed in March 2010 into which he was transferring his personal assets.
Alan is silent on Aorangi money going to Te Tua Trust. The Stat Man says this Trust was giving interest free loans and it seems some of those loans are in arrears.
Alan says he is NZ's most honorable man. The Stat Man is silent on that.

I think that Alan has been a little conservative with the information he has shared. It appears there are loan impairments and arrears (as one would expect) but I'm not so sure it is reasonable to suggest the Stat Man has destroyed AH's business. Perhaps the train was already heading along that particular track pre June 20