In a 60 minutes interview with Allan Hubbard last night Hubbard claims an anonymous unsigned letter was the only reason Hubbard Management Funds and Aorangi Securities were put into statutory management and that he put $40 million of his own money into the latter to keep it afloat.
These two claims I now know are falsehoods and there will be more about that from this blog around these and other falsehoods, over the next week or so. There have been other complaints and any assets Hubbard says he put into either of these two entities were worthless and or wrapped up in inter party lending complications.
I feel sorry for the investors in those companies but like Allan they are blaming everyone else but the man responsible, Mr Hubbard.
Hubbard blames everybody else as well and specifically his fellow directors for not letting him invest in the stockmarket. He claims they wanted to invest in the property deals that ultimately led to the collapse of his empire.
The 60 minutes piece was filmed in Timaru during last weekends hubbardfest led by Paul Carruthers, formerly of the Standby Hubbard Support group.
A soft interview, without thorough investigation, designed to make Allan Hubbard look good.
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