Well said !! Timaru residents can always rely on Uncle Alan to advise them and invest where he says its kosher on first registered mortgage, (NOT).
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Just a recurring theme mate ... all the sad action these days seem based around small town disasters ... Allied HQ in Hawera even though Alloway would say as he based in Wellington Corporate HQ is Lambton Quay Wellington
Maybe he should move into offices at the Allied Finance Basin Reserve ... what a waste of money those naming rights are
Alan writes to his investors ..... there is a trust fund available if you need some dosh ... kosher
Plenty of mentions of Jean but nothing about the cat .... hope the cat is alright in the wet and cold conditions imaru seems to be having
http://www.stuff.co.nz/business/personal-finance
How is it that AH is lauded when he offers to spend $29k in trust money (which isn't his money either) to support his investors and throws his own money in (assuming there is any left) should Aorangi go wrong. Yet Hotchin and Watson both offered $5m each to back up Hanover investors if Hanover failed to make capital repayments to investors and they get castigated. Oh I know. AH supporters choose to stay with Call Me Kosher AH; but Hanover investors choose the greener grass in the Allied pasture. Its so much easier to blame another for ones own decisions and losses
By assigning blame elsewhere a common trait of human nature, one doesn't have to fact the reality of ones own mistakes. Living in denial, I can think of one blogger on here that's got that one down to a fine art !!
Yeah I know what SCF and the Trustee said, talk is cheap, most especially so for SCF, lets see when they really deliver their audited accounts and how much of a "shocker" they are.
Perhaps we are being a little harsh. Lets face it, we have had nothing but really quite positive news from SCF of late.
- they clearly have a number of keen parties who are really interested in providing a little extra equity with an announcement promised by 31 August
- the accounts are much tidier so YE result will be released by 31 August and clearly won't present any problems to the much more professional auditors
- Directors (as a result of the Feltex decision) can just take the Auditors at their word and the auditors will have an appropriate disclaimer so there won't be any need for any convoluted audit process.
- the Trustees are quite happy to let the status quo continue with respect to the covenant breach - so no extra bad news there.
- Sandy has got some extra free time to take up a new Director role with Ngai Tahu - so the pressure has to be coming off.
- several highly experienced, talented and qualified senior executives have no concerns for their career prospects and have taken up residence in SCF
- It was announced SCf is at break even for the March quarter
- Their credit rating was reaffirmed but it was only the actions of a non-related party (aorangi) which caused a further downgrade)
- the Crown approved the Deposit Guarantee extension and they are hardly likely to put tax payer money at risk
- debenture holders have been reinvesting quite happily
- The wealthy and grateful supporters of SCF have managed to rustle up the very tidy sum of $29,000 in no time whatsoever to support their brother investors.
- the half year impairments have been dealt with and at a time when the upturn in milk solid prices was looking good
- there has been no negative profit/loss report required to keep the market informed. In the absence of bad news we can assume its only business as usual and thus good news.
- AH will be found to have done nothing of consequence in the court of public opinion and will bring the Saviour to the table in time.
Really its all looking quite rosy!
LOL Yeah Right !! May I presume all the above is tongue in cheek ?