I agree, its riddled with so much toxic debt, in effect the cancer has spread past the point of no return.
AH has been putting out scrub fires since the GFC began, how else does anyone explain the exponential growth in related party transactions ?
The reality is he's now out of resources to the point where he has to committ fraud to make his private investment companies look satisfactory in a vain attempt to keep the Titanic afloat.
Game over for Mr Hubbard, he built his wealth off extremly high leverage and played the capital gains game on asset values. Its time for him to admitt defeat, the GFC has beaten him and now he's just a silly old fool who doesn't know when he's finished. He's become an embarrassment to the South Island now.