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Wednesday, December 16, 2009

Hanover schmucks

Bernard Hickey at the meeting.

At every turn the financially illiterate Hanover dupes have been cajoled by the same shysters into more hopes and promises. It's so pathetic. They were given a clear option last year of going into receivership and getting up to 85 cents in the dollar, or continuing on with the same mismanagement (representing the looting owners) who told them a great story about how they would supposedly get their money back in 12 months. And surprise, surprise, it's pay day and there is no pot 'o gold at the end of this warped rainbow.

A year on - now - they are looking at getting maybe 72 cents back if they let the owners get into bed with some failing NZX listing. Only a Hanover depositor would be so blind as to mistake a black vulture for a white knight. The circling vulture has had a year in which to observe how the dupes can be manipulated and must have been in cahoots with the management and shareholders of Hanover for some time to jack this up.

A year from now the investors (who will be shareholders at this stage) will probably be looking at less than 50c from their original dollar. They should have taken the first option to exit; but the investors never learn and the promoters never stop trying to rip them off. It is amazing to see this in action.


At 16/12/09 8:11 p.m., Anonymous Anonymous said...

Amazing indeed! Greed at play - the most base of aspirational hope.
I have just looked at the various Fijian coup supporters comments elsewhere. This latest Hanover Finance development is like the cargo cultists revisited.
When it all turns to shit they'll be crying foul. Tuff shit fellas.
Easier to have just held your breath, taken a step back and looked at the longer term

At 17/12/09 7:55 a.m., Anonymous Anonymous said...

Greed at play - the most base of aspirational hope.

What fucking rubbish.
These people aren't greedy, these are old people who have watched evertything they have worked for evaporate before their eyes.

So they are not economically litereate, that doesn't mean they deserve to be ripped off.

Personally I wish one of the Grey Hairs had put a bullet between Hotchins eyes.

Anyway, this demonstrates why we put our money into property, not investments.

At 17/12/09 1:05 p.m., Anonymous Conrad said...

I think even your 50c figure is optomistic. My initial sympathy for 75% of the Hannover investors evaporated when I heard the vote result. At the end of the day they're a bunch of ill-informed people who chased an extra percent or two above the term deposit rate and then have been swindled at every turn.

At 17/12/09 1:20 p.m., Anonymous Anonymous said...

It's amazing to see old people ripped off and having to spend the rest of their lives in poverty?

At 17/12/09 4:05 p.m., Blogger not xtian said...

Post# 2 says it all and unintentionally provides the raison d'etre for NZ's continuous re-colonisation, with every 2nd generation and above kiwi filling the role of Tangata Whenua except most don't even have a flimsy Treaty of Waitangi to support them.
As long as financial regulation remains non-existent in NZ people who need to park their savings until they have a use for them will continue to park the bulk in property.
That creates a whole new set of problems for the country, them and their children.
In order for the property market to stay 'stable' ie not have the wheels fall off there has to be an enduring supply of buyers.
The average landless kiwi cannot afford to buy in which means that we have to let in mobs of foreigners from the northern hemisphere in to buy the houses and then give them a job ahead of locals so that they will stay and service their mortgage.
Many of the new colonisers will have children who will be in the same boat as all the other NZ born, that is get educated and go overseas or hang around and watch all the good jobs get given to the latest wave of house buyers.
The results are plain to see in those organisations considered to be 'good wickets'. TVNZ has over 50% of its staff born in the UK, we are increasingly being policed by whitefellas from england and south africa, most admin and teaching staff in our tertiary institutions are also foreign born.

These are the 'secure jobs' the ones whisch banks look kindly upon when considering a loan application.
Worse the NZ born are feeling increasingly isolated from organised society. When they want something done the local chapter of the town anti-establishment, the gang, is becoming a better option for getting a solution.
Overseas the english are upset and signing up to fascist parties or migrating just because their govt allows 180,000 foreigners a year into their country. We sit by and moan a little because our elected representatives are taking care of business and allowing 130,000 foreigners a year in.
England has a population of 61 million. NZ has a population of 4 million. Do you reckon 130,000 foreigners might have a bigger effect on a society of 4 million than 180,000 on a population of 61 million?
The biggest insult has always been that winston peters and his band of crooks led the charge against foreign immigration when most of his party was made up of foreigners. They came from england and didn't like unwhite people coming to 'their' country.
It is time for all NZ born citizens to wake up and realise allowing the immigration debate to be suborned by racists is a deliberate ploy by those who want to flog off our country to the highest bidder.
We can only prevent this by concentrating on the issues these traitors use to justify their sell-out. One of the major supports for continued immigration is because it is the only way ordinary kiwi retirees can safely make an investment. "Immigration is good for the property market" How many times have you heard that said? Our grey hairs are forced to sell out their grandchildren's future so they can eat in their old age.
So although we may feel a little (lemme try and spell this right) Schadenfreude at the thought of Piggy Muldoon, Roger Douglas and Jenny Shipley's electoral base finally getting their come-uppance after the finance company farce, it is us, the shit kickers at the bottom, who really cop it when these rip offs happen.
Look-it this: what they cop Brian Clegg of Clegg and Co which went down owing $42 million got sentenced last week. Home dentention. Yeah right that will teach him!
Meanwhile kids will be spending this Xmas without their dads, who are in jail for trying to feed their kids by grabbing less than $42.

At 17/12/09 9:02 p.m., Blogger peterquixote said...

A few years ago, a friend of mine asked me to recommend or not Hanover Finance,.
She had been watching to much Sunday television.. and she liked the all weather safe idea.
I rang Hanover to ask who the directors were.
I remember clearly Just hearing Eric Watson's name sent a chill down my spine.
For once my instincts were right and I saved my friend financial oblivion.
Recently another acquaintance of mine told me of the utter financial ruin he has suffered because of Hanover.
It was not greed, these old people just went for a reasonable good return and they believed television adverts.

When I am king, and this will be soon, the SAS will be sent out to hunt down and be so unkind to Eric Watson, altering his looks and attitude forever.

But why would a bunch of Taranaki farmers buy into this 'custard'
as GPG director Alan Gibbs described Hanover.
Gibbs said the loan book could not be valued, but Taranaki farmers now lose all their equity to the Hanover people; who Shareholders Association Bruce Sheppard described as stupid.
They wouldn't listen to him , they voted for the treachery plotted by Eric Watson, but he [ Sheppard] shouldn't have worn a Vikings hat at a shareholders meeting.
Today again they have repeated their mistake.
Hanover people have voted their value in Hanover to end up as nothing with Allied farmers Taranaki ALF.
I took the gamble yesterday that the Hanover old people had had enough of treachery they would refuse the Allied farmers idiot proposal and bought in ALF at 19 cents.
Today these shares are worth 14 cents, and soon Allied farmers will collapse, returning their original farmer investors and Hanover
people nothing.

Gibbs for GPG sold 4% stake in Allied farmers for 20 cents per share [$280,000] losing from valuation of 35cents [ $500,000].
Note the paltry value today of ALF now at 14 cents per share.

That is 37 million shares of Taranaki farmers reduced willingly by their own directors buying by the treachery laid for them by Hotchins and Watson.
Are Taranaki farmers dumb? Maybe not,
who would have thought when you invested in an Agriculture company your Directors would have taken on the madness and greed associated with the Hotchins and Watson treachery.

ALF now worth 5 million dollars, buy into a guaranteed collapse for their farmers, giving new shareholders over 95% control at the expense of their base shareholders.
An now anattempt to raise money by the technique of Pyne Gould Wrightson, Nuplex, and so on.

This technique is
Your shares are worth nothing now dudes,
send us more money and you might still be worth something.

In psychological terms it occurs because of 'aversion to loss'
People will pour good money after bad, if the price goes down.
I know this I do it myself. I did it with Fisher and Paykel after ouir Prime Minister said he couldn't think of a NZ icon company going down.
The idea is that there must be a bottom line.

However in this case the disease exceeds the health .. the liability exceeds the equity.

ALF heading for total collapse.
Hanover investors watch your 20 cents shares drop to 5 cents,

Your only compensation is that when I am King ..
well we will deal with Eric Watson.

ends peter quixote

At 17/12/09 9:11 p.m., Blogger peterquixote said...

For those readers who want to take a punt
Google up Allied Farmers ALF
and read up.
I have many friends in Taranaki, and I will report back to this site.
ALF will drop further, and will eventually collapse.
Its original agriculture base could be a buy up.

At 17/12/09 10:28 p.m., Anonymous orowhana said...

not xtian , god now I know i know why people find me scary . You sound just like me,a 6th generation pakeha kiwi still working harder than I should fixing up property I don't want so my offspring won't drown in debt and will have a shit show of owning their own homes. you are so on to it! say this truth out loud in public and they all move away from you! Look forward to more white gangs in the future. Cheers!


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