Jaa, the pea farmer and tawera land is the same operator,looks like everything got to be sold to cover 1st and 2nd mortgages as 50000 dollars of frozen peas didnt cover scf ,s $13 million or thereabouts
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Jaa, the pea farmer and tawera land is the same operator,looks like everything got to be sold to cover 1st and 2nd mortgages as 50000 dollars of frozen peas didnt cover scf ,s $13 million or thereabouts
"Finance companies have come out fighting after one of the country's largest fund managers warned their debentures were "seductive" and posed unnecessary risk to small investors.
Yesterday, many labelled the comments by ASB Group Investments "sour grapes".
Elders Finance and Hanover Group executive chairman Mark Hotchin said the comments "smacked of desperation" as fund managers were losing money and market share to finance companies.
"And so they should be because the returns are better and they are safer."
He was angry finance company debentures had been called "seductive".
"It's seductive because it's real. You're the first cab off the rank so you get paid first."
Gotta love it, hindsight and all LOL
That was from 2005 by the way.
As Buffett says, with investing it takes a while to work out whether you knew what you were doing.
Let me guess, Mr Hubbard (as we have heard ad nauseum he is the South Islands richest man) will hand over his fortune to cover the debts and save the NZ taxpayer?
I'd like a cheap Robinson R44 Helicopter, just one, not the whole HNZ company, I need a new hobby after this exhausting fiasco.
uh-huh
also, I'm thinking Key wouldnt have re-iterated the guarantee y'day if they were intending to use an out clause .....
Note that the blogger deliberately left out the next clause:
i.e. if the guarantee is withdrawn from the institution, existing deposits remain covered.Quote:
3.11 Are my deposits still covered if the Crown guarantee is changed or withdrawn?
Updated 30 Jul 2010
Eligible deposits made with an institution approved for the Crown guarantee continue to be covered after any withdrawal of a guarantee until the earlier of the date they become due and payable and the expiry of the guarantee. New deposits made after withdrawal of a Crown guarantee are not covered. Roll-overs of deposits or investments occurring after the date of withdrawal are deemed to be new deposits and therefore will not be covered in the event they are rolled over.
If the deposit-taking institution was approved for the original and/or revised Deeds of Guarantee for the scheme that ends on 12 October 2010 but not for the extension scheme that ends on 31 December 2011, then deposits with that institution are guaranteed until 12 October 2010, unless the deposits become due and payable earlier. In the event of a default on or before 12 October 2010, the terms of the original or revised Deeds of Guarantee (as appropriate based on the date the investment was made) would apply and the deposits existing as at the date of default would be covered, including any deposits that were not due to mature until after 12 October 2010. In the event of a default after expiry of the original scheme on 12 October 2010, no guarantee would apply.
If the deposit-taking institution was approved for the extension Deed of Guarantee for the scheme that ends on 31 December 2011, then deposits with that institution are guaranteed until 31 December 2011, unless the deposits become due and payable earlier. In the event of a default on or before 12 October 2010, the terms of the original or revised Deeds of Guarantee (as appropriate based on the date the investment was made) for the scheme that ends on 12 October 2010 would apply. In the event of a default after 12 October 2010, the terms of the extension Deeds of Guarantee for the scheme that ends on 31 December 2011 would apply.
No surprise - receivership!
Anyone think there might be a significant sweetener offered as an option for existing debenture holders to accept a replacement debenture without govt guarantee from a new owner/recapitalised good bank?