Enumerate, please know that Stat Managers are indemnified by the Government before you carry on any further.
Printable View
Enumerate, please know that Stat Managers are indemnified by the Government before you carry on any further.
Also, please note it is the Government who put AH into SM - then, appoint the Statutory managers.
The Statutory managers are carrying out the government's mandate, not the other way round.
But think about this for a minute - charitable trust borrows money from Aorangi. Aorangi has to pay interest to investors - but charitable trust does not have any income as loans are interest free.
Issues - How can any business survive on a business model like that? Presumably, AH is making up the difference. If so, did he disclose to Aorangi investors? Remember Huljich fund and the top up controversy?
Maybe the interest was capitalised in the loan amount. The charitable trust was an investment vehicle to perform some property development. These structures were actually not uncommon - though, these days, very unfashionable.
In fact, I have some Macquarie unit trust investments that are structured along these lines.
I just hope that the Statutory Managers haven't been bamboozled by mini-Macquarie machinations.
The SCFHAs seem to holding up despite all the SCF knocking.
A tiny parcel traded at 15cents, today. There seems to be a big gap between the bid and the ask.
I felt sure that we would see sub-10cents following the release of the Statutory Manager's report.
Perhaps they are all held by canny South Island Scotsmen? Maybe the only ones doing the selling are the Aucklanders? I hope they haven't gone short :(
The last financial statements were realeased in early April so it took over three months for auditied interim accounts. Assuming a similar time fram for the end of year accounts that puts the expected audited result at early October, well past the soft deadline of end of August for the resoration of Trust deed covenants.
Thank you Balance for bringing exactly that to the blog. Yes Aorangi was in a most unsatisfactory state in many more ways than one prior to the appointment of SM, that's spot-on.
I'm not so sure about that - perhaps its a bit too early to be so dramatic. But let look at Allans view of his Aorangi business compared with the Stat Mans view - bearing in mind the Stat Man only has three weeks experience in it.
Alan reckons assets are $128m. The Stat Man reckon its $132m
Alan reckons he has $88m of clients cash. The Stat Man reckons its $96m
Alan reckons hes got $40m of his own skin in the game. The Sta Man reckons its $36m.
Alan reckons its a Mortgage Company. The Stat Man thinks its morphed into a finance company
Alan says it has loans and mortgages. The Stat Man reckons the money has gone, in part, to AH's own financial interests and trusts. Some loans appear not to be secured by land and some loans appear to have no registered security.
Alan is silent on Aorangi money going into Trusts (Otipua Charitable Trust, Oxford Charitable Trust, Regent Charitable Trust, Morgan Charitable Trust, Benmore Charitable Trust, and
Wai-iti Charitable Trust.) formed in March 2010 into which he was transferring his personal assets.
Alan is silent on Aorangi money going to Te Tua Trust. The Stat Man says this Trust was giving interest free loans and it seems some of those loans are in arrears.
Alan says he is NZ's most honorable man. The Stat Man is silent on that.
I think that Alan has been a little conservative with the information he has shared. It appears there are loan impairments and arrears (as one would expect) but I'm not so sure it is reasonable to suggest the Stat Man has destroyed AH's business. Perhaps the train was already heading along that particular track pre June 20
Or the really smart money its sitting quietly in KIPGC where investors therein sleep extremly well at night while the GFC rages on around them and they pick up a solid 8.95% return and wait for everything to get cheaper.
Enumerate, why would the end of year financial statements be any quicker than the interim ones, perhaps there could be some speed increase because the Auditors are slightly more familiar with AH's incredible corporate web, but any significant increase in timeliness would appear to be unrealistic....but then again, oh i'd better not go there again.
Disclosure of Interest, I have quite a few of the abovementioned security.
If you cite your references you will read that the Stat Manager is referring to investors in Aorangi that could include some Hubbard interests. Hubbard is referring to non-Hubbard interests. Apples and oranges - if you care to cite the proper details. Also, Allan says "approximately" - maybe he is recounting from memory as at that time he was in Statutory Management.
No here you are being more mischievous. As far as I can tell, Allan has not expressed any view on any of this - it is you putting words into his mouth. You are also representing the Statutory Managers position with a great deal more definition than even the Statutory Manager, himself.Quote:
Alan reckons its a Mortgage Company. The Stat Man thinks its morphed into a finance company
Alan says it has loans and mortgages. The Stat Man reckons the money has gone, in part, to AH's own financial interests and trusts. Some loans appear not to be secured by land and some loans appear to have no registered security.
Alan is silent on Aorangi money going into Trusts (Otipua Charitable Trust, Oxford Charitable Trust, Regent Charitable Trust, Morgan Charitable Trust, Benmore Charitable Trust, and
Wai-iti Charitable Trust.) formed in March 2010 into which he was transferring his personal assets.
Alan is silent on Aorangi money going to Te Tua Trust. The Stat Man says this Trust was giving interest free loans and it seems some of those loans are in arrears.
So ... are you laying a trap for those with weak minds and a nervous disposition?
I am reminded of my Kipling:
There, much better now ... words should be used to express the truth about things ... not "twisted by knaves to make a trap for fools",Quote:
IF you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: 'Hold on!'
If you can talk with crowds and keep your virtue,
' Or walk with Kings - nor lose the common touch,
if neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!
Nothing beats a bit of Kipling ...
You guys finally seem to be agreeing that Alan's money go round stopped functional a little while ago ..... once his access to SCF cash dried up Alan, Aorangi etc etc was broke .... the cupboard was bare ..... probably couldn't pay any interest (in cash) or repay investors anyway
Somebody needed to sort the mess out .... both for investors and SCF sake
Where's Balance when you need him ... maybe he is feeling the squeeze?
I am aware that there are at least three of you guys against just me ... I currently have you all totally outnumbered ... maybe Balance can join to restore the ... Balance.