Winston's $40,000,00 question

In the latest in the Winston Peter's payola scandal, a revelation made on Monday at the privileges committee hearing into Peters secret $100,000.00 donation from Owen Glenn, by Winston Peter's Lawyer Brian Henry, that he paid a $40000.00 debt owed for court costs to Tauranga MP Bob Clarkson and a subsequent statement made by Peters that he had paid the $40000 has today taken a bizarre twist.

Peters has come out this afternoon, as reported in the NBR with this statement:

"Mr Henry paid the money to ensure the bill was paid in time -- and he was later reimbursed by myself," he said in notes for a speech to members of Grey Power's Upper Hutt Branch.
"He checked his records yesterday and found this was indeed the case."

Mr Henry intended to notify the committee, which would effectively debunk claims he had broken Parliament's rules, he said.

"This issue is the last one my opponents had to go on."


This causes Peters an even bigger problem than the initial statement made by Mr Henry on Monday at the hearing, because Peters and Henry had both claimed that for 15 years Peters had a monkey no see, no hear or no listen approach to funding of Peters, and his NZ First Party. Peters claimed that this approach meant he didn't know who gave him money and in addition no bills were ever sent to Peters for legal services rendered.

Apparently records were kept of such a $40000.00 transaction, where no bills were sent and Peters paid this debt himself.

That contradicts Peters and Henry's claim made on Monday that Peters didn't know where money was coming from, where it was going to and that a distance was kept by him in financial transactions between him and his lawyer.

Just an acceptation is this case Winston, or another lie?

Mr Peters was either lying on Monday or lying today to cover up the former one.

The trouble is he has told so many fibs he probably doesn't know himself anymore.

The problem is if you live your life by constantly lying, you have to keep lying to keep the initial lie perpetuated as the perceived truth.

Winston Peters isn't as perfect as he thinks he is and he has now been nakedly caught out.

Unfortunately Both Helen Clark and John Key seem unwilling to come out and lay the political sword into his back, up to the hilt.

New Zealand voters deserve much better.


Winston Peters payola scandal @ Political Animal

Planned ignorance no defence in Peter's case
VIDEO: Winston Goes to Wonderland in Parliament
Don't let the bastard go
Dompost reels in another Peter's Payment
Winston isn't a conspiracy theorist: Yeah right!
Winston Peters lost in Wonderland
Winston Circus hangover continues
Discretion was the essential part of Vela Donation
Winston Peter's Glenn donation scandal: But wait, there is more!
Peter's hangs himself in February Paul Henry Interview
Peter's admits lying about Glenn donation
Winston's silence is telling
Labour gets tangled in Peter's lies
Leaked Glenn Email
Winston got secret donations from Owen Glenn
The Owen Glenn Story: Singing the same tune but hitting a bum note

Donations saga impacts Peters (02:00) -Related Video

c Political Animal 2008

Orange Finance collapse should turn investors red, with rage

Orange Finance, which is 100% owned by Money Managers founder Doug Somers-Edgar, is no longer issuing debentures because of its suspect lending practices.

Doug has apparently sold his interest in Money Managers and has "stepped down" from it in June 2008 but still has manifold financial interests in companies that MM lend money to. Money Managers pushed Orange Finance to its investors.

Money invested with Orange Finance has been lent to some other Money Managers or Doug Somers-Edgar vehicles that have crashed and burned and lost investors money, Money Manager's First Step and its Totara Fund have both lost investors tens of millions so far.

Interrelated financial musical chairs have also been played to pay out investors from these various financial failures and it makes one wonder which investors will truly lose out in the end.

It is unclear at this stage whether investors in Orange Finance will eventually get their money back, considering the large amount of bad loans made by the investment vehicle and money outstanding from debtor borrowers, but the company says it can repay investors on their expected maturity date.

I would advise investors in Orange Finance to keep on the tail of Orange directors and or their adviser from Money Managers who advised them to put their money into the finance company in the first place.

Don't be put in the same position as this fellow:

One investor contacted by the Sunday Star-Times said he had been impoverished by a combination of dealing with Blue Chip, then putting what he had left of his life savings - some $50,000 - into First Step.

When he received $20,000 back (he's still waiting for the rest), he followed Money Managers' advice and put it into Totara.

Relying only on NZ Super, he is now facing $1700 a month mortgage payments he can't afford because of the Blue Chip deal, and has no access to the money he has with Money Managers.

Businessday.co.nz 2008

Doug Somers-Edgar, his part or fully owned companies or their subsidiaries and Money Managers cannot be trusted when it comes to your money.

Get it out now if you can.


Related Share Investor reading

The "New" Money Manager's Investment Vehicle still tainted by its past
Don't forget Money Managers
Money Managers First Step gives investors the middle finger
Money Managers First Step saga: 3 Story wrap

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c Share Investor 2008 & 2009

VIDEO: Winnie goes to wonderland in parliament

I'm getting sick up to the back teeth with politicians today, especially with that crooked, lying, cheating, corrupt bastard Winston Peters.

So here is some Winnie Peters stuff that you might like to look at for a laugh.

The video is from Parliament on August the 6 and is Peters giving us his take on his funding scams "through the looking glass", as if he was living in Alice's Wonderland.

Given yesterday's behaviour by Peters at his privileges committee hearing, one could be mistaken for thinking that Winnie the poo is a central character in Alice in Wonderland.

I will leave you with a quote of the day from Winston's Blog:

"There are plenty of other sites if you want to post uninformed, anonymous comments..."

Perhaps Mr Peters was standing close to a mirror when practising this line.

Winston Peters payola scandal @ Political Animal

Don't let the bastard go
Dompost reels in another Peter's Payment
Winston isn't a conspiracy theorist: Yeah right!
Winston Peters lost in Wonderland
Winston Circus hangover continues
Discretion was the essential part of Vela Donation
Winston Peter's Glenn donation scandal: But wait, there is more!
Peter's hangs himself in February Paul Henry Interview
Peter's admits lying about Glenn donation
Winston's silence is telling
Labour gets tangled in Peter's lies
Leaked Glenn Email
Winston got secret donations from Owen Glenn
The Owen Glenn Story: Singing the same tune but hitting a bum note

Donations saga impacts Peters (02:00) -Related Video

c Political Animal 2008

Big Fisher & Paykel Healthcare share trades a curious tale

Some very large volume trades of various stocks were traded on and off the NZX today.

Big volumes of Telecom NZ [TEL.NZ] Fletcher Building [FBU.NZ] Sky City Entertainment [SKC.NZ] and Fisher & Paykel Healthcare [FPH.NZ] went through before market opening today.






Shareinvestorforum.com -Discuss this company further


Of principal interest to me was 13,649,401 million shares of FPH being traded.

That volume traded represents just over 2.5% of the total of 509,452,817 million shares on issue as at 22 May 2008.

Big volumes of a similar number were last traded in June at around $2.40 and over the last year larger volumes have traded when the stock price hit new lows.

A large number of shares traded of a particular listed company above the daily average is usually a significant occurrence and smaller shareholders should keep an eye out for large money managers building stakes in undervalued companies, should they want to get in on the action.

Substantial holders owning between 9-14 million shares each, range from the Accident Compensation Corporation with 9.693 million shares, the NZ Superfund with 12.09 million shares, and JP Morgan Nominees (Aust Ltd) with 14.057 million shares, with 6 other much larger holders owning around 9-11% each.

The last substantial movement in Fisher stock was on 21 July and a half a dozen players have been amassing stakes of around 10% each as the stock has become cheaper over the last year with UBS Nominees most recently adding to their holdings to take their total to just under 9%.

Summary for: UBS Nominees Pty Ltd and its related bodies corporate
For this disclosure,-

(a) total number held in class: 39,345,377
(b) total in class: 509,476,963
(c) total percentage held in class: 7.723%
For last disclosure,--
(a) total number held in class: 45,192,939
(b) total in class: 509,037,055
(c) total percentage held in class: 8.878%


On June 6 AXA Asia Pacific Holdings Limited acquired a substantial stake for the first time of just over 5%.

Summary for the AXA Group

For this disclosure,--
(a) total number held in class: 26,342,324
(b) total in class: 509,452,817
(c) total percentage held in class: 5.17%

There have also been large crossings by Caledonia Investment's Ply Ltd.

The most interesting substantial shareholder to me is a recent one. Schroder Investment Management Australia began with an investment of 29,988,254 million shares or 5.9% on December 11 2007 and have progressively bought shares since then to end up with a stake of 47,573,694 shares or a 9.34% in Fisher and Paykel Healthcare.

Their rapid accumulation makes me wonder that it might be them who have purchased a large stake today-the market will find out for sure tomorrow. Schroders is a global asset management company with US$259.1 billion under management at 30 June 2008 and around $AU12 billion under management at its Australian branch office.

Their investment approach is one that aligns with mine and they certainly seem to be practicing it in buying up FPH.

We are long-term investors: establishing the fair value of a security takes the discipline to avoid being caught up in market fashions and the confidence to be contrarian when necessary. We focus on the ability of a business to generate sustainable value and earnings growth. We look at the quality, as well as quantity, of earnings and we meet company managers and ensure that we fully understand their marketplace and business strategy. We believe that, over time, the mis-pricing of stocks versus fair value will be recognised by the market, and that our long-term approach to research will lead to long-term outperformance.

Clearly Schroders see Fisher & Paykel Healthcare as a "quality earner" and they see the market mis-pricing the stock-it has been severely marked down over the last year.

I recently bought more at $2.35 a few months ago, with a long-term view for good growth based on the company's well placed R & D research and resultant innovative products successfully brought to market.

Schroders would have an approx 11.5% of fisher shares if they were today's substantial buyer which would make them the number 2 largest holder, behind HSBC Nominees with an 11.84% stake as at 22 May 2008.

Fisher & Paykel Healthcare shares were up 7c to NZ$2.95 in trading today(19 August NZ time)


Fisher & Paykel Healthcare @ Share Investor

Why did you buy that stock? [Fisher & Paykel Healthcare]
Drinking and Trading
Share Investor's 2008 stock picks
Fisher & Paykel: A tale of two companies
FPH downgrade masks good performance

Related Links

Schroder Investment Management Australia
Schroder Investment Management Home

Fisher & Paykel Healthcare financial data

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Related Amazon Reading


The Business of Healthcare Innovation
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c Share Investor 2008 & 2009