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27-08-2010, 09:43 AM
#1871
Originally Posted by minimoke
Also sounds like Huljich Kiwisaver where he propped up the fund value
Yes - you could be right.
If so, very sad.
Alan.
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27-08-2010, 09:59 AM
#1872
Very very sad day for the people of Timaru.
There will be a lot of soul-searching by those who have been helped by Hubbard and to their credit, have rallied in support of him. There is no shame in what they did - they were simply misled and misguided.
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27-08-2010, 10:09 AM
#1873
Originally Posted by minimoke
Bugger the supporters!. Its the investors I feel very sad for. Heres just another example of a financier using other peoples money for his own ends and being very frugal and creative with the truth. These people are just wolves dressed up as sheep (or in this case perhaps cows) and unfortunately the human flock exhibit similarities to the sheep flock.
Yeah that's more than fair comment. I think its sad all round. Ah has been caught out by the GFC, his stratagy of building wealth through very high leverage simply doesn't work in this new economic environment. The vast array and exponential growth in related party transactions shows he's been putting out scrub fires since the GFC began.
We can all learn some lessons from this extremly sad situation.
1. Keep proper records.
2. Don't B.S. people, the truth always comes out.
3. Don't run highly leveraged positions, especially as you get older.
4. Don't give money away that isn't yours.
5. Retire in good time, no point being a workaholic till the day you die.
Anyone care to add to the list ?
BTW What's the bet that lots of SCF lending is of a similar calibre to Aorangi and HUbbard Funds Management ?
Another financial nuke bomb about to be dropped on 31 August regarding write-downs anyone ?
Perhaps another loss of $200m to add to the first six months of the same amount ?
Last edited by Beagle; 27-08-2010 at 10:13 AM.
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27-08-2010, 10:36 AM
#1874
Member
Trading Halt of SCF010 etc by the exhange pending material announcement from SCF
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27-08-2010, 10:42 AM
#1875
Ah so ... is it the Chinese money arrived Roger?
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27-08-2010, 10:42 AM
#1876
Originally Posted by Romulus
Trading Halt of SCF010 etc by the exhange pending material announcement from SCF
If only we had time to hold a Poll. Either Sandy has got teh Equity or he hasn't. I'm inclined to think the Aorangi news today will be enough to scare off the remaining keen parties. The SCF brand is irrepairably damaged.
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27-08-2010, 10:44 AM
#1877
Originally Posted by winner69
Ah so ... is it the Chinese money arrived Roger?
We'll know soon enough.
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27-08-2010, 11:11 AM
#1878
Originally Posted by minimoke
If only we had time to hold a Poll. Either Sandy has got teh Equity or he hasn't. I'm inclined to think the Aorangi news today will be enough to scare off the remaining keen parties. The SCF brand is irrepairably damaged.
Makes sense now for the Crown to take over ownership of SCF - like in Air NZ.
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27-08-2010, 11:14 AM
#1879
Originally Posted by Balance
Makes sense now for the Crown to take over ownership of SCF - like in Air NZ.
That would not be such a bad outcome overall (given the alternatives).
Doesn't have to be 100% (I think AirNZ was left 10-15% in private hands?)
Alan.
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27-08-2010, 11:22 AM
#1880
Originally Posted by Balance
Makes sense now for the Crown to take over ownership of SCF - like in Air NZ.
Why? Air NZ was essentially the only air carrier in NZ at the time with some iconic/ national status. There are no shortage of financial institutions investors can place there money in or loan from. From a public policy perspective the consumer still has a lot of choice. I think Govt intervention will be unpalatable - what about the Hanover / Bridgecorp investors. What gives SCF Special Status? Air NZ still had a robust brand - SCF (despite Sandy's best efforts) is in tatters.
The Aorangi Stat Mans are encouraging farmers to seek alternative lending facilities - interestingly at lower rates than they are currently paying.
Put in the receivers and see what value they can extract to re-imburse the tax payer for the Deposit Guarantee.
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