Wednesday, March 9, 2011

Allan Hubbard Saga: Sixth Grant Thornton Report

The sixth Grant Thornton Report was released last week but I couldn't summon up the anger needed to give my views.

I am now slightly miffed because of reasons I will not explain, so I will give it a shot.

This report isn't a long one so this will be brief thank the lord.

The main and most telling point of the sixth report is that Allan Hubbard used investment securities held by Hubbard Management Funds (HMF) as security for his own personal borrowings.

Clearly this is wholly out of order and in respect of individuals involved in other finance company collapses, what Hubbard has done here is no different to any of the low rent sharks living in Paratai Drive who used to run dodgy finance companies.

Because of liens held over these securities third parties will, have and should lay claim to assets in HMF with the upshot being investors in HMF are going to get less back than originally thought.

So much for Mr Hubbard protecting his investors, he was protecting himself and his own borrowings, with HMF investors own money!

Hubbard yesterday pledged to use his own money/assets to prevent losses to investors but as we have seen before in cases like Mark Hotchin and Hanover, these "assets" are likely to be complicated in their structure or compromised in some way.

On a separate but related front the serious fraud investigation into South Canterbury Finance has been delayed for the third time by Hubbard's lawyers because of drawing out tactics related to more information they decided to submit at the last minute to stay any possible charges. The last delay was due to submission of an MRI scan to show that Hubbard was not mentally fit to face charges brought by the SFO.

It appears April will now be the month that Mr Hubbard will or will not face fraud charges.

Sorry, I must be grumpier than I initially thought.

Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

Hubbard Letter to Simon Power

Download Grant Thornton Report 1
Download Grant Thornton Report 2
Download Grant Thornton Report 3
Download Grant Thornton Report 4
Download Grant Thornton Report 5
Download Grant Thornton Report 6

Join the Put Allan Hubbard Away Facebook Group

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Allan Hubbard Saga: South Canterbury Finance to be investigated by the SFO
Allan Hubbard Saga: Third Grant Thornton Report
Allan Hubbard Saga: Will He Walk?
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Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010
Allan Hubbard Saga: Supporters head to the exit door
Allan Hubbard Saga: Threats & the Mysterious PWC Report
Allan Hubbard Supporters: Conflict of Interest
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Allan Hubbard Statement on SCF Receivership
VIDEO: Sandy Maier - full news conference on SCF Receivership
Market Alert: South Canterbury Finance to be placed in Receivership
Allan Hubbard: Ignorant Supporters Blissfully Unaware
Thornton Report 2: Allan Hubbard Guilty as Charged
Allan Hubbard: Full TV3 Interview - July 16 2010
Thornton Report 1: Allan Hubbard's Aorangi Securities
Bothered by Simon Botherway




c Share Investor 2011