South Canterbury Finance Limited

[fungus pudding]

Time to let go, Roger.

Enumerate is suffering from deep shock. I feel sorry for him - I really do.

All is well after all. Just heard Paul Carruthers interviewed on the radio - and the investigation is just a crock. No evidence. He said so - so there!

[minimoke]

All is well after all. Just heard Paul Carruthers interviewed on the radio - and the investigation is just a crock. No evidence. He said so - so there!

Perhaps he's confusing the Stat Man efforts with those of the SFO.

To spell things out simply:
- Hubbard Management Funds reported value has been overstated by at least 25% with further losses likely
- HMF statements include investment's and cash balances that do not exist.

- Aorangi securities accepted on-call money and placed it in long term "investments"
- Aorangi investments are in farms, and some commercial entities which are of poor quality and do not generate enough interest to pay investors
- $10m in Aorangi went to Southbury
- $59m went to farms associated with AH
- $24m went to Te Tua Trust and they can't make their interest payments to Aorangi
- Te Tua has lost $10m with another $5m on the cards
- Aorangi money went into non-interest bearing trusts
- Many Aorangi investment's rank behind all other creditors.

Paul needs to take off those rose tinted glasses!

[fungus pudding]

Perhaps he's confusing the Stat Man efforts with those of the SFO.

To spell things out simply:
- Hubbard Management Funds reported value has been overstated by at least 25% with further losses likely
- HMF statements include investment's and cash balances that do not exist.

- Aorangi securities accepted on-call money and placed it in long term "investments"
- Aorangi investments are in farms, and some commercial entities which are of poor quality and do not generate enough interest to pay investors
- $10m in Aorangi went to Southbury
- $59m went to farms associated with AH
- $24m went to Te Tua Trust and they can't make their interest payments to Aorangi
- Te Tua has lost $10m with another $5m on the cards
- Aorangi money went into non-interest bearing trusts
- Many Aorangi investment's rank behind all other creditors.

Paul needs to take off those rose tinted glasses!

Undioubtedly. He was a real laugh. Stand him in a downpour and he'd swear black and blue it wasn't raining.