Showing posts with label Allan Hubbard. Show all posts
Showing posts with label Allan Hubbard. Show all posts

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

Allan Hubbard Saga: Hubbard to Face Fraud Charges
Allan Hubbard Saga: Hubbard looks set to cop a plea
Allan Hubbard Saga: Supporters Risk Legal Action
Allan Hubbard Saga: Mental Challenge
Allan Hubbard Saga: Hubbard Defiant in 2011
Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

Tuesday, February 15, 2011

Allan Hubbard Saga: Hubbard looks set to cop a plea

The NBR has reported this morning that there is yet another delay in the Serious Fraud Office case against Allan Hubbard and his failed business empire.

There have been serious charges investigated and evidence of fraud, forgery and bogus investments but Allan Hubbard's legal team have been delaying the final charges being brought via the SFO by last year requesting further time to gather evidence and last month submitting an MRI brain scan of Mr Hubbard.

Classic delaying tactics for an accused as old as Mr Hubbard all pointing to his legal team trying to prove that Mr Hubbard is not fit to stand trial and maybe instead willing to plea bargain their way out of the more serious charges and admitting to some of the lesser charges brought and thereby saving face on both sides.

A decision by the SFO is "weeks away" according to SFO head Adam Feely and in that time parties to the case look likely to hammer out the terms of a plea bargain to make everyone look good.

After the SFO has spent so much time and money on the case they are unlikely to want to let the accused walk away scott free, there is after all clear evidence of serious charges, so allowing Hubbard to cop a plea, would, in the SFO's eyes, make their pursuit of him seem justified to the public.

Age or sickness should not of course be a factor in serious charges of this nature being brought against the accused but all indications are leading to a cop out and get out of jail free card for the hubbardmeister.


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

Join the Put Allan Hubbard Away Facebook Group

Allan Hubbard Saga: Supporters Risk Legal Action
Allan Hubbard Saga: Mental Challenge
Allan Hubbard Saga: Hubbard Defiant in 2011
Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

Friday, February 11, 2011

Allan Hubbard Saga: Supporters Risk Legal Action

The unappointed and unofficial support team for Allan Hubbard, traveling salesman Paul Carruthers and his team, last week sent a complaint to the Chief Ombudsman, Ms Beverley Wakem, requesting information over their failed bid to prove a conflict of interest surrounding Simon Botherway in relation to Allan Hubbard's failed business interests made late last year.

The following paragraph from the complaint is also the basis of their former complaint and the reason for the latest one:

We (the Hubbard Support Team) remind you that Allan Hubbard was the Chairperson and majority shareholder of SCF at the time SCF took receivership action against Botherway's brother. Following South Canterbury's Finance's actions for receivership Simon Botherway's brother was later adjudicated bankrupt. We note six days following the bankruptcy declaration (www.insolvency.govt.nz) the decision to place Allan Hubbard into statutory management was made. Bankruptcy in itself is a significant infringement on any individual. A bankrupt can not travel out of New Zealand or engage in business unless they first seek official authority. Nor can the bankrupt apply for credit unless they first disclose their bankruptcy to the creditor.

It was of course revealed here last year that the basis for the Allan Hubbard Supporters complaint concerning Mr Botherway had no basis in fact:

NZB (NZ Breweries) appointed a receiver on Friday 26th of June 2009. Their receivers sent a fax to SCF about 11am that morning giving them until 2pm to respond, SCF had no option but to appoint their own receivers to Merivale Ale House (Auckland Bars).

A week later PWC advised SCF to place the South Island bars in receivership so they could control all the businesses. The detail of this is available in the easily obtainable Receivers Report

Furthermore, Botherway was not involved in any of the decision making regarding Allan Hubbard's South Canterbury Finance and related companies and investigations into those companies.

These are the facts of the case from a reliable source and Allan Hubbard Supporters, led by Mr Carruthers, risk possible legal action from some of the parties named in their complaint if they continue to push such falsehoods as indicated in the latest missive from them, from the toilet block from where it is clearly written.

There will be a 6th Grant Thornton Report out late February.

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

Join the Put Allan Hubbard Away Facebook Group

Allan Hubbard Saga: Mental Challenge
Allan Hubbard Saga: Hubbard Defiant in 2011
Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

Friday, January 28, 2011

Allan Hubbard Saga: Mental Challenge

The Allan Hubbard Saga has just taken a bizarre and unexpected twist.

As reported in the NBR this morning, Hubbard's official support team have been sending MRI brain scans to the Serious Fraud Office. To what end is unclear but one can see Mr Hubbard's Lawyers might be trying for the sympathy vote. If he can be seen as doddery, unable to understand detail and incapable of thinking clearly(hang on isn't that what this is all about anyway!) then there is the possibility a poor judge with charges brought before him by the SFO against Hubbard might be inclined to set them side because of Hubbard's delicate mental and physical shape:

But legal and medical specialists says they are astonished by that and suspect the use of an MRI brain scan is part of an attempt to prove Mr Hubbard is not fit to stand trial.

Both Serious Fraud Office director Adam Feeley and Mr Hubbard’s lawyer, Russell McVeagh partner Mike Heron, have indicated a decision on whether the Timaru accountant will face charges over Aorangi Securities is likely to be made late next week.

NBR understands the Serious Fraud Office has not requested any medical information about Mr Hubbard.

With impending charges due from the SFO next week, Hubbard's legal team is looking increasingly desperate to keep their man from facing serious charges of fraud, forgery, incomplete and missing paperwork. Clearly his lawyers think the SFO and other Government agencies have a strong case against their man otherwise their defence would be one of them gathering their own evidence against the charges rather than pleading a lack of mental capacity to stand trial.

The self appointed unofficial Hubbard Support team, who includes traveling salesman Paul Carruthers and religious devotee Michelle Halliwell, this time appear to be the sane ones with a really good point made on Hubbard's Lawyers possible plea:

“a slippery road that we do not want to go down under any circumstances” as it raised the prospect of an end-game.

“What if they say he is not fit for trial? Therefore he can’t run a company [and] it allows them to strike him off the companies register while bypassing the courts,” Paul Carruthers NBR

Although a contrary opinion from his supporters, who have thus far been publicly rallying for a quashing of any charges and an abandonment of a trial, Mr Carruthers and his fellow travelers have now done a sensible 180 degree turn and are right that if a trial is abandoned then the public are not going to see a clear decision about whether Hubbard is guilty or not of the charges thus far only brought against him in the media and investigated by the SFO and several other Government and private agencies.

I agree, we need a clear decision on his guilt or other and that is why the charges need to be placed and the trial needs to go ahead.


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

Join the Put Allan Hubbard Away Facebook Group

Allan Hubbard Saga: Hubbard Defiant in 2011
Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

Monday, January 24, 2011

Allan Hubbard Saga: Hubbard Defiant in 2011

Many hours of time have been whiled away by mainstream journalists, bloggers and supporters of disgraced businessman Allan Hubbard during 2010 over his dodgy business practices and collapsed empire. As 2010 drew to a close few final conclusions could be drawn from investigations made into South Canterbury Finance, Aorangi Securities and a whole raft of businesses owned by Hubbard and now in receivership, gone bust or in Statutory Management.

What we do know is that Hubbard has been, for the last few years anyway, bending the rules big time when it came to the day to day running of his business interests. Fraud, forgery, endemic related party lending to make the books look good, omissions and padding of paperwork, fake investments and highly risky lending were par for the course.

Interested parties to the Allan Hubbard Saga currently await the outcomes of several investigations into the stubbornly defiant octogenarian. The Serious Fraud Office is waiting for a response from Hubbard's Lawyer Mike Heron on his behalf to a range of possible charges which were outlined prior to Christmas and a 6th Grant Thorton Report on Aorangi Securities Limited, Hubbard Management Funds, Hubbard Churcher Trust Management Limited, Forresters Nominee Company Limited, Mr AJ and Mrs MJ Hubbard and Associated Charitable Trusts is due at the end of February 2011.

The long wait on final decisions on what to charge Hubbard for are primarily due to the complicated nature of Mr Hubbards business empire and the lack of precise, or any, paperwork.

Obfuscation on the part of Hubbard and his lawyer during the investigation has also led to a delay in charging.

As published in the New Zealand Herald today and written by Fran O Sullivan, Hubbard has sent a 2 page memo to Simon Power pleading his case:

The Business Herald understands the SFO has indicated that it had narrowed its investigation to four particular issues - one relates to the failure to issue a prospectus for Aorangi Securities, and, another focuses on statements Hubbard Funds Management made which are alleged to have misled investors.

"I think the charges they are proposing are ridiculous and I cannot see any court of law upholding them," said Hubbard. "I've stolen no money - they're dreaming up charges."

Hubbard maintains Aorangi had never traded recklessly, had always paid its interest seven days before due, was not insolvent and had always paid obligations with default during its 36-year history.

"The action taken signalled the death knell for South Canterbury Finance with incoming deposits immediately falling from $2 million weekly to $200,000 per week..."

I agree with Hubbard that the courts may have trouble upholding any possible charges, you just need to recall the history thus far of failed finance company directors who have never been charged or skipped serious charges in the courts over the last year to concur.

Having said that, we know that Mr Hubbard has been less than truthful in his public statements in his own defence. It is crystal clear that there was a rotten core at the middle of his empire and that he was at least partially responsible for the rot. It is quite likely there are others involved but Mr Hubbard was the head banana and he needs to take responsibility for his actions in the coming year.

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

Join the Put Allan Hubbard Away Facebook Group

Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

Thursday, December 9, 2010

Serious Fraud Office set to Make "Ponzi" Arrests

There is going to be an arrest today based on evidence obtained by The Serious Fraud Office (SFO) of an individual involved in a "ponzi" type money go round scheme where 10s of millions of dollars have gone south.

There is conjecture though as to who the individual might be. There are a number of SFO investigations currently active as listed on their website. Those involved with investor money, and with more than $20m of losses are as follows:

  • Aorangi Securities
  • B'On Financial Services
  • Bridgecorp
  • Capital+Merchant Finance
  • Dominion Finance
  • Five Star
  • Hanover Finance
  • Kiwi Finance
  • Nathan Finance
  • National Finance
  • South Canterbury Finance
  • WSD Global Markets
All the above have been involved in dodgy shell games with other peoples money so it is anyone's guess just who it might be.

In my opinion the most likely contenders are Hanover Finance, Aorangi Securities and South Canterbury Finance.

The last two entities are just two of Allan Hubbard's failed financial vehicles and have been under investigation for a number of months by the SFO and other financial oversight bodies but the investigation is unlikely to be finished yet due to the complications surrounding bookkeeping issues, the sum of money involved and the complex interrelation of insider companies lending money to each other.

There has been some indication though from evidence thus far disclosed that there has been some sort of "ponzi" like money go round, with fake investments, forged documents and lack of full disclosure or any disclosure at all with the bulk of investments made during the last two years or so.

To me though the most likely contender for manacles today will be either Mark Hotchin or Eric Watson from the failed Hanover Finance group.

In the dying days of Hanover many millions were transferred from the company to the personal accounts of the aforementioned and for many more years before that the company operated on a knife edge cashflow wise as dividends were stripped and short term money was invested in long term assets - as most finance companies did.

Hanover has been under the shadow of the SFO for most of 2010 and only a few weeks ago pressure was put on directors as they faced some "serious questions" from an SFO ready to finally grab one of the more high profile individuals from New Zealand finance company failures over the three or four years.

From the list of Finance companies above there are already a number of individuals as directors facing court time in 2011 and some have already been charged with other financial misdemeanors and worse and have either walked or faced a slap on the hand with the proverbial bus ticket.

Hanover is the most high profile finance company failure bar the Allan Hubbard Saga and Hotchin and Watson certainly do not have the support that Hubbard has had and would be a feather in the SFO cap as they seemed to have reached a frenzy of activity over the latter part of 2010 after being relatively quiet over the last 4 years on finance company failures.

The scalp of either Watson of Hotchin would be a major public relations coup for them and for that reason, along with their clear hide and seek nature with investors funds of their former business, I will take a punt and pick them for court time in 2011.


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Securities Commission needs a clean out
New Zealand Financial Oversight bodies fail Blue Chip Investors
Mark Bryer's at the top of a very shaky pyramid
Whatever happened to? Muriel Dunn
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Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
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Hanover Saga

Hanover, Allied Farmers deal more of the same
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time

Allied Farmers Saga

Allied Farmers: Rights Issue Decision
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same

Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

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

Join the Put Allan Hubbard Away Facebook Group

Book Review: Allan Hubbard: Man Out of Time, by Virginia Green
Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

New From Fishpond.co.nz

Allan Hubbard: Man Out of Time - By Virginia Green

Hubbard: A Biography of Allan Hubbard



c Share Investor 2010

Saturday, November 27, 2010

Book Review: Allan Hubbard: Man Out of Time, by Virginia Green



The Allan Hubbard Bio, Allan Hubbard: Man Out of Time by Virginia Green, is really a case of two different stories.

The first story is about Allan Hubbard's life before his recent catastrophic business failures and the second story is about the aforementioned business failure.

Pre financial collapse Green gives us the story of Allan Hubbard and it is a riveting, compelling account of his life, with an almost Waltons/Disney type way of story telling that sounds too good to be true and there appears no reason as to why it wouldn't be. Allan Hubbard the son of a poor family and hopeless drunk of a dad, Allan the young scaly wag, Allan the hard worker, Allan the virtuous accountant, Allan the philanthropist and many other parts of his long productive life.

I am particularly taken by Allan's ingenuity in trying to obtain coal to heat his family home during the Great Depression.

Allan and his mates used to place objects on the rail lines and the train engineer used lumps of coal to fire at the rails to remove these objects and of course Allan and his mates would then collect up their black gold.

This kind of entrepreneurial smart was a feature of his whole life.

Post financial failure though the books last two chapters and an epilogue turn the account of Allan Hubbard's life into something else entirely.

Greens bias towards Allan is clear when she repeats the often much quoted "rescue package" that was allegedly in place just days before the collapse of SCF.

This deal may have been stitched up but it involved recapitalizing SCF and included money from the taxpayer. These kinds of deals have been put forward multiple times over the last few years in relation to collapsed finance companies and none of them have been successful, in fact they have all led to further loses for investors. The most notable failure being the Hanover/Allied Farmers recapitalisation at the end of 2009.

Green perpetuates many of the myths and rumours spread around Timaru and parts of the South Island by Allan Hubbard supporters that lack basic fact and are in many cases the tall tales of individuals with axes to grind and a propensity to over-medicate or indeed stop the meds altogether.

Green gives us a mostly uncritical account of Allan Hubbard post empire collapse that just doesn't quite gel with the earlier years of his life.

She paints him the victim of others and the victim of circumstance, something that was entirely absent from the first part of the book.

Hubbard never grew up as a victim, according to Greens account of his early life, he made the best of his circumstances and blamed himself if he did wrong.

To paint Allan Hubbard as the victim in the most recent part of his life simply doesn't do justice to an individual who clearly made his way in life in his earlier years as a man with personal responsibility at the centre of his being and an inner drive to pursue the truth when it came to his personal and business relationships and who recently suffered the ignominy of being caught forging someones else's signature to gain financially.

Verdict:

Read the first 18 Chapters, they are a good read. Ditch the fiction of the last 2.


* Thanks to Sarah Thornton from Random House for supplying a review copy.


Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation
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



Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ's Breakfast
Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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



Ready Fire Aim: The Mainfreight Story
Ready Fire Aim: The Mainfreight Story by Keith Davies







c Share Investor 2010



Wednesday, November 17, 2010

Allan Hubbard Saga: VIDEO - Hubbard Biographer Virginia Green on TVNZ Breakfast

Source - TVNZ Breakfast

The author Virginia Green has been shopping her Allan Hubbard Bio, Allan Hubbard: Man Out of Time around the traps this week and this morning stopped at TVNZ's Breakfast to give her view of the Hubster.

She is asked about whether the book is an authorised biography or unauthorised but dodges the question by answering a question not asked. The book was indeed authorised by Mr Hubbard and he worked closely with Virginia on the book, especially the last few chapters on the collapse of his business empire.

In this interview when asked who was to blame for the collapse of South Canterbury Finance (SCF) Virginia places no blame on him, instead poking the finger at the Government and advisors to Hubbard.

She also repeats the often much quoted "rescue package" that was allegdly in place just days before the collapse of SCF.

This deal may have been stitched up but it involved recapitalizing SCF and included money from the taxpayer. These kinds of deals have been put forward multiple times over the last few years in relation to collapsed finance companies and none of them have been successful, in fact they have all led to further loses for investors. The most notable failure being the Hanover/Allied Farmers recapitalisation at the end of 2009.

There was therefore no reason to believe that SCF rescue package would be different to any other that had gone before and indeed it had the potential to risk even more taxpayer money had SCF not been put into receivership by the Government.

Virginia is following the line of Allan Hubbard supporters that dear old Mr Hubbard was a victim of circumstance and fell at the hands of others.

I hope the whole book isn't like that.

I now have the bio to read, courtesy of Sarah Thornton from publisher, Random House, so I will give you an opinion after I trudge my way through it over the next week or so.

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

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

Join the Put Allan Hubbard Away Facebook Group

Book Extract - Allan Hubbard: Man Out of Time
Allan Hubbard Saga: Going Feral - Part 3, The Final Cut
Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

New From Fishpond.co.nz

Allan Hubbard: Man Out of Time - By Virginia Green

Hubbard: A Biography of Allan Hubbard


c Share Investor 2010

Thursday, November 11, 2010

Allan Hubbard Saga: Going Feral - Part 3, The Final Cut

Well, if you have following the sideshow to the Allan Hubbard Saga as a whole, the collapse of Paul Carruthers, the main supporter of Allan Hubbard, into a heap of his own paranoid delusional bile, we seem to have wrapped up the trilogy with news out this morning that Allan Hubbard has distanced himself from Paul and his support activities:

Paul Carruthers, a traveling salesman and the spokesman for the group Stand By Hubbard, has been outspoken in his defence of Mr Hubbard...

Mr Carruthers has frequently commented online that Mr Hubbard's financial downfall was the result of a government and media conspiracy.
Mr Hubbard has said while Mr Carruthers rings him "occasionally", he was not authorised by him to be his spokesman.
"He does have some odd views.
"He is doing this on his own account. He is not an investor; he is just someone that feels strongly about what has happened."
Mr Carruthers is also one of half a dozen regular commenters on the Leave Allan Hubbard Alone Facebook group.
"I said they rolled Allan to make way for the new Heartland Bank. History will prove me right," Mr Carruthers posted on Facebook on Sunday. Timaru Herald 11/11/10
Yes, he does have some "odd views" and clearly for the object of Paul's desire to come out and distance himself so forthrightly means Mr Carruthers needs to step down from his position and let a more moderate and capable person speak for Hubbard. At least get permission from the man to speak on his behalf.

Allan Hubbard can clearly speak for himself and it is best that the public get his side of the story directly from him rather than filtered though an individual with a conspiracy theory at the centre of his argument.

With that in mind, my offer to interview Allan is an open ended one and his rational supporters who are reading this should contact me at shareinvestornz@gmail.com if they want to put me in contact with the man and or let him know I would love it if he could speak to his supporters directly without the distractions from Mr Carruthers.

Related Share Investor Reading
Full SFO Statement on SCF Fraud Investigation
Download Grant Thornton Report 1
Download Grant Thornton Report 2
Download Grant Thornton Report 3
Download Grant Thornton Report 4

Join the Put Allan Hubbard Away Facebook Group

Allan Hubbard Saga: Going Feral - Part 2
Allan Hubbard Saga: Paul Carruthers Goes Feral... Again
Allan Hubbard: The Biography
Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts
Allan Hubbard Saga: Evidence of Fraud now Clear
Allan Hubbard Saga: NBR VS the SFO
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?
Allan Hubbard Saga: No Longer Bothered by Botherway
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
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
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

New From Fishpond.co.nz

Hubbard: A Biography of Allan Hubbard


c Share Investor 2010