South Canterbury Finance Limited

[Balance]

I always thought Minto was a bit of a plonker!

A financial illiterate revealing himself for the nincompoop that he is.

The Dom wisely left him to his own devices?

Maybe Chris Lee and Jim should form another financial advisory firm together? There are many out there who would take their advice without second thoughts?

[winner69]

Our mate hasn't given up .... just found some more friends

Hundreds turn out to back Hubbard

By KATARINA FILIPE - The Timaru Herald 18.09/2010

More than 200 people turned up to a meeting this afternoon to show their support for Timaru businessman Alan Hubbard.

The West End Hall in Timaru was full of people for a 2 1/2 hour meeting organised by Hubbard supporters Paul Carruthers, Michelle Helliwell and Keiran Trask.

It was the second meeting for investors, who have not received interest payouts since June 20 when the Government placed Allan and Jean Hubbard, their company Aorangi Securities and Hubbard Managed Funds, along with seven charitable trusts, into statutory management. However, all were still happy to show their support for Mr Hubbard.

Investors voted to send a letter to Labour MP David Cunliffe, supporting his call for a public inquiry.

They also passed a vote of no confidence in the Government and would give their reasons in the letter. Investors will also send a letter of support to the Hubbards.

One investor described Mr Hubbard as "a sainthood here in South Canterbury", while another said he had known Mr Hubbard since 1964 and "I still trust him".

[winner69]

Pay day today .... more money to play with

[winner69]

So ot was all ENRONs fault

SCF director blames Enron for the heat

NBR report

[winner69]

Amazing story in the NBR last week about how Ed Sullivan sent some papers over to hos meatworker brother-in-lae to sign and then the brother in law ended up as the sole owner of the Hyatt Regency and owed SCF $42m odd .... all to muddle the related party loans situation

Supposse Alan thought this was all kosher as well

[minimoke]

But then again, you guys have been prepared to lynch Allan Hubbard, without charges, with out evidence, without right of reply.

Well Enumerate. The third Stat Man report is out - whats your take on it?

I reckon it makes very depressing reading. We have AH shifting money faster than the eye can see. We have the Grannies money going to mates who disappear off shore never to be seen again. We've got a personal piggy bank (how many does a Timaru accountant need) to fund dabbles in unlisted, illiquid and frankly dodgy investments. We've got not investments but liabilities to pay more. Theres missing money; no-doc loans, money-go-rounds - you name it AH has done it.

There can be no wonder at the complex web of inter party loans and reckless lending within SCF - "the apple does not fall far from the tree, little grasshopper!

People reckon Mark Hotchin and Eric Watson were peerless amongst the money shifters - but there was sure a Grand Master lurking behind a frugal facade down south!

[Morpheus]

Financial commentator and Paraparaumu Beach-based stockbroker Chris Lee is set to open an office in Timaru.

http://www.stuff.co.nz/timaru-herald...r-opens-office

[Beagle]

Well Enumerate. The third Stat Man report is out - whats your take on it?

I reckon it makes very depressing reading. We have AH shifting money faster than the eye can see. We have the Grannies money going to mates who disappear off shore never to be seen again. We've got a personal piggy bank (how many does a Timaru accountant need) to fund dabbles in unlisted, illiquid and frankly dodgy investments. We've got not investments but liabilities to pay more. Theres missing money; no-doc loans, money-go-rounds - you name it AH has done it.

There can be no wonder at the complex web of inter party loans and reckless lending within SCF - "the apple does not fall far from the tree, little grasshopper!

People reckon Mark Hotchin and Eric Watson were peerless amongst the money shifters - but there was sure a Grand Master lurking behind a frugal facade down south!

Well said Minmoke. I really hope the directors get sued personally for their many breeches of directors duties. The above mentioned shifting of apparent ownership of the Hyatt is yet another major fraud perpetrated upon investors.

For goodness sake I hope the regulatory bodies throw the book at the directors and that investors in the preference shares who have lost money sue the directors personally. Reckless trading, trading whilst insolvent, fruad, deliberate mis-statement of profitability, we are breaking even everyone, lies, half truths and gross misrepresentation.

Anyone care to add to the list ?

[Misc]

Well said Minmoke. I really hope the directors get sued personally for their many breeches of directors duties. The above mentioned shifting of apparent ownership of the Hyatt is yet another major fraud perpetrated upon investors.

For goodness sake I hope the regulatory bodies throw the book at the directors and that investors in the preference shares who have lost money sue the directors personally. Reckless trading, trading whilst insolvent, fruad, deliberate mis-statement of profitability, we are breaking even everyone, lies, half truths and gross misrepresentation.

Anyone care to add to the list ?

Perhaps add boy racer nemesis Sam Kelt to the list? Very smelly stories wafting from the Hawkes Bay . Kelt Finance to be investigated as part of this I'm told.
M

[Beagle]

Good, I'm really pleased the SFO is investigating SCF and hope it eventually translates into criminal charges.