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
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c Share Investor 2011