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#89497 3-Sep-2011 13:59
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What a horrible end to the life of a great New Zealander. Someone who has given so much of his life and money and time to other NZ'ers and spent the last 12 months of his life in such negative light.

I hope he will be remembered for the good things he did rather than the mistakes he made in his last few years.

I hope he and is family will get now get the peace they deserve.

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  #516948 5-Sep-2011 16:17
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Wow apparently they won't remove the statutory management until NEXT WEEK. It's Monday for God Sakes! She doesn't have enough money to bury the man with dignity. It's pretty grim really. They should at least release $50K of his millions.

I heard though a source close to the case there was a pretty reasonable chance the SFO was going to drop their case within the next 10 days anyway.

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  #516968 5-Sep-2011 16:42
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If they were then they should state that rather than leave things hanging by dissing it because he has passed.

 
 
 
 


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  #516970 5-Sep-2011 16:44
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It was in the media last night and today that the 50 charges were being dropped by the SFO. So it's no secret.

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  #516973 5-Sep-2011 16:47
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And, IMO, they shouldn't drop the Statutory Management as the finances still need to be managed to ensure that people get as much of their money back as possible.

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  #516983 5-Sep-2011 16:57
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networkn:
What a horrible end to the life of a great New Zealander. Someone who has given so much of his life and money and time to other NZ'ers and spent the last 12 months of his life in such negative light.

I hope he will be remembered for the good things he did rather than the mistakes he made in his last few years.

I hope he and is family will get now get the peace they deserve.


Whether he is a great New Zealander is highly debatable. 

The tax payer bailout of his company is about 1 billion dollars? This is roughly $500 for every tax payer in NZ. That's what I will remember.  I could have put that money into my childrens education fund. 

I concede he was a better character than some of the other finance company bosses who ensured their own pockets were lined before their unsustainable businesses failed. 

A very sad end to a life in many ways. 

 

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  #516985 5-Sep-2011 17:01
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wreck90:
networkn:
What a horrible end to the life of a great New Zealander. Someone who has given so much of his life and money and time to other NZ'ers and spent the last 12 months of his life in such negative light.

I hope he will be remembered for the good things he did rather than the mistakes he made in his last few years.

I hope he and is family will get now get the peace they deserve.


Whether he is a great New Zealander is highly debatable.?

The tax payer bailout of his company is about 1 billion dollars? This is roughly $500 for every tax payer in NZ. That's what I will remember. ?I could have put that money into my childrens education fund.?

I concede he was a better character than some of the other finance company bosses who ensured their own pockets were lined before their unsustainable businesses failed.?

A very sad end to a life in many ways.?

?


Many businesses are unsustainable, but get by with a constant income stream. It is when that income stream drops, when you get into problems
RIP, he certainly did a lot of good for the South Island, and I am sure the country wouldn't be in as good a shape as it is currently, without his help with helping businesses get funding.



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  #517061 5-Sep-2011 18:44
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wreck90:
networkn:
What a horrible end to the life of a great New Zealander. Someone who has given so much of his life and money and time to other NZ'ers and spent the last 12 months of his life in such negative light.

I hope he will be remembered for the good things he did rather than the mistakes he made in his last few years.

I hope he and is family will get now get the peace they deserve.


Whether he is a great New Zealander is highly debatable. 

The tax payer bailout of his company is about 1 billion dollars? This is roughly $500 for every tax payer in NZ. That's what I will remember.  I could have put that money into my childrens education fund. 

I concede he was a better character than some of the other finance company bosses who ensured their own pockets were lined before their unsustainable businesses failed. 

A very sad end to a life in many ways. 

 


Well even if the accusations were correct and the charges were bourne out, he still sunk 200M of his own personal money in to stop his company from failing. A LOT of the finance companies that failed failed as a result of other companies who were not run properly failing. Investers got nervous and stopped reinvesting and this is where things came unhinged. He did a lot more good than he ever did (supposedly) bad, and it's a real shame you will only see him for the bad he did. I believe based on information gleaned various locations, he would not have been convicted had he of lived long enough to see trial. The SFO has a lng history of fairly average conviction rates.

I can guarantee your $500 taxpayers funds will go on many things less worthwhile than this finance company bailout in the next few years.

 
 
 
 


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  #517065 5-Sep-2011 18:53
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mattwnz: Many businesses are unsustainable, but get by with a constant income stream. It is when that income stream drops, when you get into problems


Huh?
That sounds like a failing business in need of handouts by others to keep it going?  

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  #517079 5-Sep-2011 19:11
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Jaxson:
mattwnz: Many businesses are unsustainable, but get by with a constant income stream. It is when that income stream drops, when you get into problems


Huh?
That sounds like?a failing business in need of handouts by others to keep it going???


I've seen it happen to many businesses, as conditions change. You could say it is happening ro many local retailers, due to the low exchange rate with people buying from overseas online, and due to these overseas companies targeting NZ for sales.

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  #517093 5-Sep-2011 19:33
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mattwnz:
I've seen it happen to many businesses, as conditions change. You could say it is happening ro many local retailers, due to the low exchange rate with people buying from overseas online, and due to these overseas companies targeting NZ for sales.


ok, gotcha now Smile 

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  #517107 5-Sep-2011 20:17
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networkn:
wreck90:
networkn:
What a horrible end to the life of a great New Zealander. Someone who has given so much of his life and money and time to other NZ'ers and spent the last 12 months of his life in such negative light.

I hope he will be remembered for the good things he did rather than the mistakes he made in his last few years.

I hope he and is family will get now get the peace they deserve.


Whether he is a great New Zealander is highly debatable. 

The tax payer bailout of his company is about 1 billion dollars? This is roughly $500 for every tax payer in NZ. That's what I will remember.  I could have put that money into my childrens education fund. 

I concede he was a better character than some of the other finance company bosses who ensured their own pockets were lined before their unsustainable businesses failed. 

A very sad end to a life in many ways. 

 


Well even if the accusations were correct and the charges were bourne out, he still sunk 200M of his own personal money in to stop his company from failing. A LOT of the finance companies that failed failed as a result of other companies who were not run properly failing. Investers got nervous and stopped reinvesting and this is where things came unhinged. He did a lot more good than he ever did (supposedly) bad, and it's a real shame you will only see him for the bad he did. I believe based on information gleaned various locations, he would not have been convicted had he of lived long enough to see trial. The SFO has a lng history of fairly average conviction rates.

I can guarantee your $500 taxpayers funds will go on many things less worthwhile than this finance company bailout in the next few years.


Thats the thing, the SFO charges amount to him running a ponzi-like scheme, He sunk $200m of other peoples cash into it. This whole thing sounds like an attempted murder-suicide gone wrong




Most problems are the result of previous solutions...

All comment's I make are my own personal opinion and do not in any way, shape or form reflect the views of current or former employers unless specifically stated 



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  #517110 5-Sep-2011 20:27
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Which as will come out in the fullness of time, most (except for very minor ones) were going to be dropped even before his death. If you ever met the man, you would understand there wasn't an unpleasant bone in his body, the thought he would deliberately scam people of their money is ludicrous. Why would he spend 90% of his working life helping people to turn around at the prime of his financial success and throw it all away.. Just doesn't make any sense.

At worst he should have not been involved with his businesses at his age, and he shouldn't have done that because he wans't keeping up to modern day standards of accounting and business compliance.

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  #517114 5-Sep-2011 20:32
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Most have been dropped due to his death, there is no credible source saying the charges were going to be dropped regardless.

It's like stealing your TV and then lending you the money to buy it back from you, You seem like a saint and yet your a scammer. Just because he came across as nice doesn't mean the sun shined out his backside. Afterall he was his company did need a huge NZ bailout and finance isn't an area where 'nice' is a quality that gets you far




Most problems are the result of previous solutions...

All comment's I make are my own personal opinion and do not in any way, shape or form reflect the views of current or former employers unless specifically stated 



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  #517132 5-Sep-2011 21:04
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Your comments make no sense. When was the last time you saw massive groups of people come out in defense of a rich old guy accused of robbing people blind? He was incredibly well thought of, as indicated by the outpouring of grief for his loss, and lastly a LONG history of helping people. Compare to Mark Hotchin or any of the Blue Chip guys? The guy lived a modest lifestyle (he could easily have survived that accident in a car he easily could have afforded to buy).

Name one time in the history of financial companies that have failed, where it's directors poured in 40% of their wealth to keep it afloat. Sometimes good companies fail, doesn't make them bad, circumstances can play against you outside your control.

I have very credible sources that indicate the charges were to be dropped shortly. (unfortunately I can't mention who).

It was so obviously a hatchet job, they wouldn't even pay his defense lawyers fully.

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  #517190 5-Sep-2011 22:30
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i just wonder if people would be just as warm and forgiving if there wasnt a tax payer bail out of his companies and people had lost everything,




Common sense is not as common as you think.


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