Yes - you could be right.
If so, very sad.
Alan.
Printable View
Very very sad day for the people of Timaru.
There will be a lot of soul-searching by those who have been helped by Hubbard and to their credit, have rallied in support of him. There is no shame in what they did - they were simply misled and misguided.
Yeah that's more than fair comment. I think its sad all round. Ah has been caught out by the GFC, his stratagy of building wealth through very high leverage simply doesn't work in this new economic environment. The vast array and exponential growth in related party transactions shows he's been putting out scrub fires since the GFC began.
We can all learn some lessons from this extremly sad situation.
1. Keep proper records.
2. Don't B.S. people, the truth always comes out.
3. Don't run highly leveraged positions, especially as you get older.
4. Don't give money away that isn't yours.
5. Retire in good time, no point being a workaholic till the day you die.
Anyone care to add to the list ?
BTW What's the bet that lots of SCF lending is of a similar calibre to Aorangi and HUbbard Funds Management ?
Another financial nuke bomb about to be dropped on 31 August regarding write-downs anyone ?
Perhaps another loss of $200m to add to the first six months of the same amount ?
Trading Halt of SCF010 etc by the exhange pending material announcement from SCF
Ah so ... is it the Chinese money arrived Roger?
Why? Air NZ was essentially the only air carrier in NZ at the time with some iconic/ national status. There are no shortage of financial institutions investors can place there money in or loan from. From a public policy perspective the consumer still has a lot of choice. I think Govt intervention will be unpalatable - what about the Hanover / Bridgecorp investors. What gives SCF Special Status? Air NZ still had a robust brand - SCF (despite Sandy's best efforts) is in tatters.
The Aorangi Stat Mans are encouraging farmers to seek alternative lending facilities - interestingly at lower rates than they are currently paying.
Put in the receivers and see what value they can extract to re-imburse the tax payer for the Deposit Guarantee.