Tue, 31 Aug 2010

Does SCF's receivership surprise you?

Are you surprised that South Canterbury Finance has gone into receivership?

The company told the NZX this morning that it has been unable to complete a deal to restructure the company. The troubled finance company currently owes more than 20,000 investors around $1.7 billion, around $1.5 billion of which is covered by the Government deposit guarantee scheme.

Does today's announcement surprise you or do you think receivership was the only way for this to go?

65 opinions

Post your opinion

Name:

Email:

(Won't be published)

Opinion:

By John Keys Inside Man Sandy Maier ....

John Keys inside man Sandy Maier help set up Hubbard for the fall! But as Sandy put it... I was there to do a job?!?! Another money trader/manager hatchet man!! Do a bit of resaerch and you'll find their link. Corruption through & through! Get rid of these dodgy tories!!

(1)

(0)

By kane

I have noticed the people we are bailing out wont be thanking us Due to fear of discrimination.... hmm PC strikes again... And the paranoid listen... Its New Zealand not Russia...

(1)

(0)

By tony

I've got to lern to spel..
At least the companies had to pay to get into this scheme - it wasn't free for them. My concern is that the farms are sold to NZers. We must be prepared to only get the return that kiwis can pay. If we get greedy, and just see the very short term, there may be pressure to accept the higher price, one off sales that overseas can offer. That might seem attractive in the very short term, but it means that profits from these very valuable assets are lost forever. Keep the farms kiwi.

(0)

By tony

At least the companies had to pay to get into this scheme - it wasn't free for them. My concern is that the farms are sold to NZers. We must be prepared to only get the return that kiwis can pay. If we get geedy, and just see the very short term, there may be pressure to accept the higher price, one off sales that overseas can offer. That might seem attractive in the very short term, but it means that profits from these very valuable assets are lost forever. Keep the farms kiwi.

(0)

By So what's Key saying??

The company has significant assets and Prime Minister John Key said today there was already interest in them from buyers. "Numbers get bandied around that the taxpayer is going to end up paying for $1.6 billion or $1.7 billion -- that isn't right," he told TVNZ's Breakfast programme. "There are a lot of assets in South Canterbury that can and will be sold, and there has already been a lot of expressions of interest to buy those assets. So the final number that will cost the taxpayer is considerably less than $1.6 billion." Mr Key said $900 million was put away for the deposit guarantee scheme, and it needed to be noted that companies had paid "hundreds of millions of dollars" to be part of the scheme. "So the net cost to the taxpayer will be quite small and we will probably quantify that this afternoon. But it's a lot less than people think..."So what's Key saying?? They've lined up investors already?? When?? How much is it really going to cost the NZ tax-payer?? He still doesn't know what the cost will be to the tax-payers but it ok to dish out $1.6 or 7 billion in 24hrs but won't give any details because they don't know??WTF!! Keen to cough up this huge amount of cash based on very little basic information of; how much it is going to cost the NZ tax-payers, when these investors were found?? It smells like a stitch-up of S.C.F. The government has lined up investors prior to winding up this company .... shopping to order?? Sounds dodgy! Get rid of this corrupt Tory government.

(11)

(2)

By Tim Wikiriwhi

There ought to be an inquiry into how much money Politicians and their families had invested in this company and if it is descovered that it is a substatial amount they should be jailed for imbezzelment of Taxpayer money! They should be barred from recieving a cent.
The whole thing is corrupt!
The government bankrupted Hubbard.
The company didnt stand a chance once he had his reputation sullied and was robbed of his power to mannage his company.
Now The whole Nation must pay for Government incompetence, corruption and foolishness!

(3)

(1)

By The national - socialist party has it covered!

Well at least we've given them $1.7 Billion already they should be grateful!! Says Bullshit Bill!!

(8)

(0)

By dazz

its sad to think that taxs payers will be footing the bill for the greed of small group of investors may i say gamblers who sized a golden opp crown guarantee scheme introduced back in 20008 prior to the collapse of markets and financial instatuions in october 20008 last year a chap by the name of bernie maedoff hogged the finance news with his expertise in ponzi type ripp offs now this old chap mate lock him up

(2)