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Quote:
Originally Posted by
Alan3285
Link to it?
http://www.chrislee.co.nz/index.php?page=taking-stock
Everyone is at fault for the demise of SCF - AH, Forbar, Neil Paviour-Smith, Sandy Maier, the economy etc - according to Chris Lee. How was he to know and if he knew, of course he would not have recommended clients to invest with SCF.
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Quote:
Originally Posted by
Balance
http://www.chrislee.co.nz/index.php?page=taking-stock
Everyone is at fault for the demise of SCF - AH, Forbar, Neil Paviour-Smith, Sandy Maier, the economy etc - according to Chris Lee. How was he to know and if he knew, of course he would not have recommended clients to invest with SCF.
Its always easy with the benfiet of hindsight but the warning signs have been there for a very long time.
I am beggared if I know how any financial advisor worth his salt could have recommended SCF especially in recent months.
There are very serious questions about the way this company has been run and an almost deliberate mis-information campaign by SM.
Yes we are breaking even for the first quarter of 2010 and have turned a corner - How many times have we seen this sort of thing from the CEO of a finance company and then they go under...
I reckon this company has effectivly been trading whilst technically insolvent for many many months, has traded recklessly and has run a deliberate mis-information campaign, Fraud anyone ? and as I may have mentioned before if I had a huge vested interest, i.e. had sufferred a massive loss on SCF pref shares I'd take the directors on in court.
Let the lawsuits begin !! We need some decent case law on directors duties and this is the classic case to build some into our legal system in my opinion.
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Paper says Companies Office 'looking at' getting Allan banned as a company director .... suppose a 5 year ban would be a life ban
Maybe some would even call that an injustice and have marchs up the main street of Timaru
And the Accountant's body not yet looking at Allan's behaviour as one of their mob
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Many questions to be answered
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Quote:
Originally Posted by
Breastwork
Did anyone here drop a cool $17m into this in the dying days:
Quote:
For example, last week I was sent information suggesting one individual bought $17 million in SCF bonds at 20 per cent of their face value as the company, in its dying days, desperately tried to raise funds to stay afloat. It seems this money was invested in the names of various entities rather than in one person's name and because SCF went into receivership the government deposit guarantee scheme means this individual will be paid out at the full 100 per cent value of the bonds. A bit of arithmetic shows a payout at $85 million - or $68 million profit, courtesy of taxpayers, after just a few weeks.
Makes me wonder about insider trading. There was a article yesterday (found it: http://www.sharechat.co.nz/blog/was-...t-its-affairs/ ) asking whether SCF was complying with continuous disclosure. (looks like it was just requote chris lee:)
Quote:
“Why did the public (SCF investors) receive no updates from the directors between $200 million equity, ‘break-even’ and receivership?” Lee asks.
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Trading Summary
Trades Volume Value High Low
This Year 577 13,673,700 9,446,997.32 40.000 18.000
Rolling Year 875 20,959,700 14,715,435.37 40.000 18.000
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SCF 010 Bonds data from NZX website
Trading Summary
Trades Volume Value High Low
This Year 577 13,673,700 9,446,997.32 40.000 18.000
Rolling Year 875 20,959,700 14,715,435.37 40.000 18.000
for the rolling year (12 months from Aug 09 to Aug 10) only 21m face value worth of SCF010 bonds were traded over 12 months so it is not probable that somehow $17m were traded weeks before SCF demise and it is the seller of the bonds who has lost the difference between face value ($1) and the price they sold at on market. The impact on the Govt is nil.
Below is a breakdown further of SCF010 and unless their is an unoffical market it shows nothing of this phanton 17m woth traded weeks before receivership.
Hope this helps
Trading Summary 125,000,000
SCF010
Trades Volume Value High Low
Today 4 52,000 37,373.19 27 27
This Week 8 127,000 91,768.20 28 27
This Month 48 960,000 700,653.45 29.6 25.4
This Year 491 11,336,700 7,643,369.14 40 18
Rolling Year 873 20,443,700 14,495,601.83 40 13.5
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Quote:
Originally Posted by
CJ
Did anyone here drop a cool $17m into this in the dying days:
Makes me wonder about insider trading. There was a article yesterday (found it:
http://www.sharechat.co.nz/blog/was-...t-its-affairs/ ) asking whether SCF was complying with continuous disclosure. (looks like it was just requote chris lee:)
The bonds never traded at 20% of face value.
Typical BS from a rabble rouser with no cause.
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Quote:
Originally Posted by
Balance
The bonds never traded at 20% of face value.
Typical BS from a rabble rouser with no cause.
Totally agree with you, looked at all the charts, nowhere near that price ever.
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I always thought Minto was a bit of a plonker!
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Quote:
Originally Posted by
J R Ewing
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?
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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".
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Pay day today .... more money to play with
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So ot was all ENRONs fault
SCF director blames Enron for the heat
NBR report
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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