They sure don't. But they might be a bit miffed if its discovered that their money has actually found its way to SCf without the benefit of the Guarantee.
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I am sending links to this saga, using these posts, to two of my Granddaughters every so often. They can watch a Company perform a miraculous recovery. Or much more likely, watch it slowly expire. Receivership being the ultimate destination. Whatever happens, they will get the feel of money problems and what can happen to our best plans.
Any other improving lessons to be had from The Market? Exclude Pike. That is not an improving lesson!
Yes the greatest lesson in recent times is we should all have a "Paul the Octopus" to conduct our visionary thinking. I want it to run an investment company as its clearly able to outpick almost any skilled fund manager in the world, where do I invest ?
Looking through the Companies Office registrations of share transfers for Scales and Helicopters ... there are complex holding company arrangements ... but it all seems to have ended up in SCF well before Statutory Management.
If anything, it looks like SCF actually got the benefit of holding assets, on time ... but Southbury had delayed settlement of its SCF holdings. Again, Allan Hubbard seems to be putting his own interests last.
The pattern of SCF issuing shares to Southbury, one day and buying them back and issuing them the next day is something I cannot explain.
Probably not even related to SCF but this in the paper today -
So things not getting better in the finance worldQuote:
The government has made more room for finance company failures, adding $54 million to the amount taxpayers will provide to protect investors under the government’s retail deposit guarantee scheme.
Treasury’s latest accounts for the 11 months to May, released yesterday, reveal total provision under the scheme is now $934 million.
That is made up of $887 million provision for losses it considers “more likely than not” to occur – a $7 million increase from the end of April.
It has also provided $47 million to cover the costs of payments to investors in entities guaranteed under the scheme, which are now in receivership.