"South Canterbury Finance has had its credit rating cut from B+ to B- by Standard & Poor's on concerns the statutory management of owner Allan Hubbard's interests will damage investor confidence."
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"South Canterbury Finance has had its credit rating cut from B+ to B- by Standard & Poor's on concerns the statutory management of owner Allan Hubbard's interests will damage investor confidence."
Its gone down to a B-/C and Sandy can still put a positive spin on it: 'If anything, the rating action reinforces the determination of the directors and management to build on the good progress already achieved to turnaround the business of the company.''. Great to know the Directors determination is being reinforced -
The more you think about it the more obvious that the whole Hubbard empire should officially be in receievership / statutatory management or whatever
Its obviously been treated as Alans pile of money to do what he wants to do with it ... so many related party transactions is why the whole empire needs to be wound up .... not this de facto charade we have at the moment
If the govt guarantee is called up how long is the money tied up before the punters get their money back? I assume it is dead money in the interim?
Wonder who the whistleblower was?.
Totally agree with you. I have yet to see anything that shows Hubbard is not an honourable man. His only mistake may have been to trust those running the business.
Sad that a man who appears to have done so much for charities in NZ is being crucified like this without even a trial, and to put him in the same category as the Hotchins etc of the financial world.
Whoop-whoop, Terrain, whoop-whoop, pull up, whoop-whoop, terrain pull up pull up!
Boop boop de do
Marilyn
Hubbards hometown newspaper, the Timaru Herald, has an ironic sense of humour ..... lots of stories about the home town boy as well as an article on how Madoff funnelled $9 billion or some outrageous amount to his close associates before being arrested
Madoff was very honorable with other people's money - never missed a single interest payment or redemption - until he got caught.
Madoff donated generously to charities as well.
So easy to be charitable with other people's monies.
http://www.boston.com/bostonglobe/ed...ted_donations/
And BTW, Hubbard was running the trusts, not some employees.
"The Companies Office found that NZ$98 million in funds lent to Aorangi by 407 Otago and Canterbury investors had been lent on either directly or indirectly to trusts and interests associated with the Hubbards, contrary to instructions that they be lent as first mortgages secured by property."
More facts and infor to come out yet.
Colin Meads : "Solid As".
Poor bugger ... can't even go to the office any more
http://www.stuff.co.nz/business/indu...cruellest-blow
SCF approaches Crises point:
It looks like the SCf 010 would be a great trade at 70 cents in the dollar. Either SCF hits the wall soon and the GG gives you $1.00 back or Maier gets his equity injection and the bonds all rally. Either way a trade with little downside
The SCFHAs are getting down towards a realistic price. I'm not buying into a downwards momentuum like that though - sentiment might put them below 10c in the near future - difficult to justify a valuation.
Alan.
Don't put words into my posting - it does you and all the AH cheerleaders no credit whatsoever.
I am simply drawing your attention to the fact that you guys are the ones who hold him up as 'untouchable' due to his charitable acts etc. Madoff provides a great perspective of what can lurk under a persona.
Good luck to AH but if he has been using investors' monies contrary to their instructions - the die is cast.
For those looking for a background to the man there is a bit of a social history here
http://www.listener.co.nz/issue/3654...bury_tale.html
There is a risk Cantabrians (and Southlanders) can be a bit one eyed over this. They forget though that just because you are rich and do noble things doesn't mean that things cant go wrong. Take Peter Stewart, son of revered Sir Robertson Stewart who founded PDL. For 40 years he lived with sodomy, rape and indecency offences against an 8 year old and lead an otherwise blameless life.
Now I'm not for a moment putting AH in the category of sex offender (we can leave Graham Capill to hold that mantle) - however the one-eyed adorees possibly need to reflect that SCF is in the situation it is now because of AH's guardianship, despite best efforts to pin Lachie Mcleod as the scapegoat.
That AH has done great things is incontrovertible; that he has perhaps exercised cloudy judgement is debatable; that he has committed criminal offences has yet to be determined.
Without a doubt SCF now need to rapidly isolate itself from AH. SCF is big business - its not work scheme for the aged and infirm. That he appears not to have a succession plan should be of concern to SCF punters. A man who appears to not recognise his own mortality is, perhaps not the best person to be leading SCF out of the quagmire. An enforced break may give SCF the edge it needs.
amazing story bit like the godfather specially the bit helping 100 young farmers with % free loans costing 40 mil of is own money
what a laugh it's a peter pays paul storey and peter has stopped paying just like madoff .