Roger - are these the sort of impaired debts you refer too ..... hope this case is not typical of how easy they gave their money away ... but i fear it is
http://www.stuff.co.nz/manawatu-stan...nt-in-14m-debt
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Roger - are these the sort of impaired debts you refer too ..... hope this case is not typical of how easy they gave their money away ... but i fear it is
http://www.stuff.co.nz/manawatu-stan...nt-in-14m-debt
You guys need to keep up - you are laughing at your own rehashed jokes and share rehash links.
It is like outpatient day at the Alzheimer's clinic.
What fraud? Even those who hold themselves as championing investors stung by losses in Bridgecorp, Blue Chip etc are rallying behind AH.
How dare the government act to protect Aorangi investors' from sustaining losses?
http://www.nzherald.co.nz/business/n...ectid=10662492
Hang on. I think I have just stumbled into Chris "I told Annette King so it's okay" Carter mind!
So the SFO have been there six weeks and have decided there are continuing their inestigation.
Is shed 9 big enough ?
There will be dozens more like that one and hundreds of small loans to over-leveraged companies that are really struggling in this tough economy.Quote:
Roger - are these the sort of impaired debts you refer too ..... hope this case is not typical of how easy they gave their money away ... but i fear it is
Winner 69
Once the auditors go over all the impaired loans, and the new impairments and deliquencies as at 30 June, I predict another nuke bomb will go off in SCF accounts and just like the last one for the six months ended 31 December it'll be an absolute shocker...that's what I firmly believe and I'll stake my credibility on this blog upon it. SCF don't need a plague of locists, they allready have one in their receiveables book.
Reality is that if Sandy cannot find an equity injector by end of August, it will be tough to think how SCF can be allowed to carry on.
The situation is farcical and making our debt market look stupid - government guaranteed debt trading at 15% (SCF020). What is the market saying?
Does not quite work out that way unfortunately.
Eg. Assume $10m of non-govt g'ttee debt maturing in August 2010. If SCF falls over, govt does not have to pay out on this debt.
SCF refinances with 40 x $250,000 govt g'ttee debt which matures in 2011. SCF falls over, govt (hence taxpayer) has to pay out on the $10m.
So all the non-govt g'tteed debt is being refinanced by govt g'tteed debt - lucky escapes aplenty for the non retail investors out there.
SCF020 trading at 14.2% today is an excellent indication of what's happening - non govt g'tteed investor getting out and govt g'tteed investor buying in. What a sham. Absolute disgrace.
So SCF hang on hoping for a decent equity injection, how long would it take an interested investor to do thorough due dilligence on SCF's books ? my estimate with a team of top forensic accountants, about 10 weeks...