Hanover

I refuse to call the gamblers that toss money Hanovers way and then always vote stupidly to do even more stupid things investors. They are chumps, foolish chumps living on hope that they will get their money back. I can tell you right now that they won’t.

Today they have voted in the forlorn hope that they will get their money back with the Allied Farmers jack-up. If I was Mark Hotchin and Eric Watson or any other savvy investor I would have shorted Allied Farmers weeks ago, and I just bet you they have.

That way they get paid twice from the same fools as the share price plummets of Allied Farmers because the fool gamblers are trying to get their money back.

As the old saying goes a fool and his money are easily parted.

For the terminally stupid investors of Hanover Finance who last year voted in favour of a moratorium on the promise that they would get 100 cents in the dollar back on their investments here is a little lesson that will explain precisely why the moratorium was sought and why you are dumber than a sack of hammers.

The stage managed moratorium play wasn’t for the benefit of the investors, it was purely for the benefit of Mark Hotchin and  Eric Watson so they could avoid prosecution. It seems that only Duncan Bridgman at the NBR has realised this;

Last December, Hanover’s 13,800 investors voted to allow the company to continue operating under a moratorium promising a drip-feed of their money over five years.
The deal meant Hanover would escape receivership and investors lost their right to sue the directors personally for any shortfall from sale of properties.
Secured investors were owed $462.5 million; while its main subsidiary United Finance has 2575 secured depositors owed $64.7 million.
Sparing the gory details (the numbers are not yet available) Hanover said yesterday that a “rapid deterioration” in the commercial property market and IFRS requirements had impacted heavily on the company’s result for the year to June 2009.

What! I hear you say. Well there is a two year time period on seeking to “get” Directors and recover inappropriately allocated Directors Fees and that time period is now passed thanks mainly to the moratorium. If the company had been put into receivership a year ago on the advice of many but mainly Bruce Sheppard then Hotchin and Watson may well have been pursued by the receivers to recover monies.

That will not happen now and Watson and Hotchin will most likely stitch up a cosy deal that makes sure they get paid for their shareholding in cash from Allied Farmers and that the investors roll the dice and take shares in the new company in the hope that they can sell and recoup their money. Any fool, though perhaps not the Hanover investors can see that there will be many more sellers than buyers and the likelihood of getting even 20c in the dollar remains remote. Even more likely is that Watson and Hotchin with their great wads of cash will buy up those impoverished investors shareholdings and be back in control within 24 hours of bailing out.

And to be perfectly honest I have little sympathy for the investors, they had the opportunity to realise as least something but they choked and voted for the moratorium. They now suffer their loss at their own hands rather than at the hands of Eric Watson and Mark Hotchin.

This is the house that Mark is building.

This is the dosh that lay in the house that Mark is building.

These are the rats that ate the dosh

That lay in the house that Mark is building.

This is the cat that should have killed the rats

That ate the dosh that lay in the house that is building.

And this is the sign that Hell Pizza made to sit outside the house that Mark is building.

The House that Mark Built

Who’s there?

Helen

Helen who?

Facebook has been running a secret project on delivering Facebook for Seniors. A screenshot has been leaked to WOBH.

Helen Clark was visiting a primary school.. They in the middle of a discussion related to words and their meanings. The teacher asked Ms.Clark if she would like to lead the discussion on the word ‘tragedy’.

So the illustrious leader asked the class for an example of a ‘tragedy’.

A little boy stood up and offered: ‘If my best friend who lives on a farm, is playing in the field & a tractor runs over him and kills him, that would be a ‘tragedy.’

No, said Helen – that would be an accident.

A little girl raised her hand: ‘If a school bus carrying fifty children drove over a cliff, killing everyone inside, that would be a tragedy’

I’m afraid not, explained Helen, – that’s what we would call great loss’

The room went silent. No other children volunteered.

Helen searched the room. ‘Isn’t there someone here who can give me anexample of a tragedy?’

Finally, at the back of the room, little Johnny raised his hand… In a quiet voice he said: ‘If A plane carrying you and Mr Cullen was struck by a ‘friendly fire’ missile & blown to smithereens, that would be a tragedy.’

‘Fantastic!’ exclaimed Helen. ‘That’s right. And can you tell me why that would be tragedy?’

‘Well,’ says little Johnny ‘it has to be a tragedy because it certainly wouldn’t be a great loss and it probably wouldn’t be an accident either!’

BREAKING NEWS

Graham Henry has annoucnced a last minute change to the All Blacks line up for tomorrows test against the in-form Wallabies.

He has decided to replace Dan Carter as concerns have been mounting over the All Blacks kicking game.

Henry has placed his faith in a new comer to the All Black jersey.

“I have always thought that Tony Veitch was a better kicker than Dan and right now we need a bit of backbone in the mid-field” said Henry

Tony Veitch promised some real “spine-tingler” kicking tactics and “back-cracking” tackles in tomorrows game against the Wallabies.

ENDS

I’ve had my name put forward to campaign for the POTUS. I think with the power of the internet “behind” me I’m a shoe in.