you don't watch Glee do you?
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And I continue to be disappointed by the shabby reporting in the media. How about this as an opening paragraph in the ODT.
SCF did not retain its BB rating. It lost is BB+ rating and it was placed on Credit Watch with Negative implications. It didn't pass a hurdle - it slipped backwards! It is not qualified for the new (its not new!) retail scheme. It is just eligible to apply for the extended scheme - and its application would have been stronger if it had a BB+.Quote:
South Canterbury Finance passed a major hurdle yesterday to its ongoing survival when it retained the important BB credit rating by Standard and Poor's, qualifying it for the Government's new retail guarantee scheme.
That has been the problem with all the whole finance sector debacle. The companies kept on spinning and the media slavishly reported accordingly. A big part of it in the past was because of the huge advertising revenue generated by the companies.
Now the media simply reports the PR spin as factual - not even bothering to read carefully behind the spin.
But then, what's new? We have posters here doing the same and would happily like everyone, especially the Mum and Dad investors, to just read the spin.
Disgraceful, unethical and immoral.
Mystery cash? Any cash is good as long it is not like the $25m of 'fresh' capital which turned out to be a fully secured first ranking loan!
Mystery cash good for SCF
By JEFF TOLLAN - The Timaru Herald Last updated 05:00 06/03/2010
South Canterbury Finance is set to get a new injection of capital, but chairman Allan Hubbard is keeping the source of the new money under wraps.
The Timaru accountant said in spite of what some media commentators have said, SCF was well on the road to recovery.
SCF has 40,000 investors around the country with $1.4 billion tied up in it. Last week Mr Hubbard invested $152 million of his family fortune in the finance company, but still more is needed. He said the recovery would take time.
"There's an enormous amount of time wasted, but you can't change things quickly and you can't raise big chunks of money quickly. You don't just go down to the corner store and say, `give me another million'."
On Wednesday, Standard & Poor's downgraded SCF's credit rating, from BB+ to BB, and placed its long-term rating on CreditWatch with negative implications, which means it has ongoing concerns.
Maybe it was the cash he had stuffed away in his mattress .... or buried in the back garden
Or maybe as the corner dairy couldn't give him a million he went to The Warehouse and aske for 25 mill
S.h.i.t oh day ..... did Lee really mean to write this about his hero Hubbard ..... he seems a bit pissed off
http://www.chrislee.co.nz/index.php?page=taking-stock
Well its made him look like a dick, hasn't it. Think of all the gold his clients have piled into scf...and strategic...and st laurence...and hanover...