Small Beer

NBR

John Bowie channels Cactus Kate on Hanover:

You would have to say the Financial Markets Authority’s civil suit against the Hanover directors is something of a damp squid [sic] after a long three-year wait by out-of-pocket investors.

The anticipation of a criminal trial and the front-page-ranking of frozen Hotchin assets, as if he were the only director, has evaporated like morning dew. The small civil claim, being for a mere $35 million for which the directors may even be covered by insurance, will achieve next to nothing.

All eyes must now turn to Tim Rainey, the Auckland litigator representing something over 2500 investors, to see if he can turn up the recovery heat with his own action. But without the FMA resources to shoot home any liability, investors will doubtless not be holding their collective breath.

It would be interesting to find out how much the FMA begged Hanover to settle out of court so they could claim a victory…I guess we will never know now. The FMA talked large for more 15 months…they delayed and delayed and delayed, and this is all they have come up with, a pissy little civil action…John Bowie is right, this is small beer indeed.


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