And how much did he take out by way of related party transactions? Have a guess.
What a lot of South Island BS.
Printable View
You need to add the assets and investments that SCF has bought off Hubbard & directors to the outstanding related party loans and advances. Example, $75m for dairy farms etc.
Numbers look like $400m plus out, $250m in. Net net, Hubbard has been using SCF as his piggy bank with the public's money to 'invest' in properties, companies etc.
Trying to spin a spider-web out of BS.
And Sam Kelt arrested again for violence
http://www.nzherald.co.nz/nz/news/ar...ectid=10605828
How long beofre SCF disassociate themselves from this guy? Not a good look.
M
Sam doesn't like boyracers does he .... last time they had a disagreement they beat him up .... this time he kciked their cars .... think he would learn eh
And that small matter in a restaurant after a day on the proverbial (not Sam but his mates) wasn't a good look either
Sam prob pissed off with them because they called him a BANKER
Perhaps more charges to folllow?
- Wilful Damage
- Concealed Weapon (Parker Pen)
- Jay Walking
- Possesion of Misleading Debentures?
- Indecent Exposure (to property loans)
etc
LOL
M
Indeed! Love to see the terms and security provided for the 'facility' .. Hubbards nuts were firmly 'in the vice' ,, and remain so imo
M
More ducks lined up: Todays new has three new direstors:
" SCF chairman Allan Hubbard said the combined experience and skills of the new directors would make a significant contribution to the company.
"We are privileged to obtain the services of three outstanding directors. We recognise the desire across various stakeholders for South Canterbury Finance to enhance its governance arrangements with the appointment of additional independent directors. These appointments are a further step forward in the restructuring of South Canterbury Finance. Further announcements regarding the company's restructuring plans will be made when we are able to do so."
Baylis is chairman of Real Journeys, director of Port of Tauranga, Landcorp Farming (effective 1 November 2009), and a number of private companies. He is a former chairman of PGG Wrightson, Pyne Gould Guinness and Naylor Love Enterprises.
Baylis was a partner in the national firm of KPMG until 1992 when he established his own specialist practice. Company directorships now occupy the majority of his time.
McLauchlan is chairman of Scott Technology, deputy chairman of the Pharmaceutical Management Agency (Pharmac) and a director of a number of other companies including Scenic Circle Hotels, Dunedin Casinos, AD Instruments Pty and Aurora Energy.
His other appointments include pro-chancellor of the University of Otago and crown monitor to Southland District Health Board.
Shale is a practicing lawyer and has been a member of boards of listed companies for over 20 years. At present he is chairman of The Farmers' Trading Company, Jenkin Timber, Eastern Hi-Fi Group, the Japan New Zealand Business Council and Mercy Hospice Auckland Foundation.
He is a director of listed companies OceanaGold Corporation and Turners Auctions. He is also a director of Munich Reinsurance Company of Australasia and several other private companies."
Hi Enumerate,
No problem - I offer the same apology!
I had a look on the site, but I can't work out how to find the details of the prefs (SCFHA) or indeed the bonds (SCF010 for example).
There are loads of documents there. I looked through the list of them, but nothing is 'obvious' to me as being what I need. The closest would seem to be 'Amendments to Trust Deed' but I downloaded one and they don't seem to talk about the terms of the prefs or the bonds (unless I totally missed it!)
Sorry to be a pain, but are you able to point to the relavent document more specifically?
Thanks,
Alan.