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Given the shifting of money bu AH in Aorangi and HMF are you confident these were properly disclosed? We now know, by way, of example, that $24m went from Aorangi into AH's Te Tua Charitable trust and $59m into farming activities associated with AH. We also know that investors in Aorangi thought their money was going into secured first mortgages and we know that recorded keeping was not to the level expected of a portfolio of that size.
I have never studied Aorangi nor HMF ... my sole interest is SCF.
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I am not sure you are correct to infer that a Receivers report is tittle tattle - . Personally I'd put more weight into the credibility of a report written by Receivers than a book written by an author who seems to have had a pretty undistinguished career. If asked to make a call between the writings of a Timaru accounting or auditing firm and Virginia I do admit that I would find that difficult.
If you strip away the boilerplate from the first SCF Receivers report ... you are left with a management account summary from August .... and tittle tattle.