Comments on: The good and the bad http://www.goodreturns.co.nz/blog/the-good-and-the-bad Mon, 23 Jan 2012 01:04:49 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Rob S http://www.goodreturns.co.nz/blog/the-good-and-the-bad/comment-page-1#comment-6439 Rob S Thu, 14 Jan 2010 04:56:23 +0000 http://www.goodreturns.co.nz/blog/?p=380#comment-6439 Greg, what needs to be remembered as well is that Performance Finance received its income in advance from the finance companies such as Provincial Finance and if the brokered loan settled early or went bad the unearned part of the advance would need to be paid back by Performance Finance. These advances were funded by the finance company depositors. Performance Finance was renamed and liquidated before these amounts were repaid leaving the finance companies hundreds of thousands of dollars out of pocket. We can only assume that the advances made it out of Performance Finance to the shareholders and directors (which include Bruce Sheppard). This shows a direct line of Bruce Sheppard being in a position to have financially benefited from the depositors money himself. Yes you are right Provincial Finance was one of the first to go down. Wouldn’t it be ironic if Bruce with all that he has said actually was a contributor to the downfall of the finance industry? Mmmmmm interesting maybe Bruce you and your fellow shareholders and directors should repay those advances so that the depositors get more money back from the finance companies as you call Mark Hotchin and others to do. Greg, what needs to be remembered as well is that Performance Finance received its income in advance from the finance companies such as Provincial Finance and if the brokered loan settled early or went bad the unearned part of the advance would need to be paid back by Performance Finance. These advances were funded by the finance company depositors. Performance Finance was renamed and liquidated before these amounts were repaid leaving the finance companies hundreds of thousands of dollars out of pocket. We can only assume that the advances made it out of Performance Finance to the shareholders and directors (which include Bruce Sheppard). This shows a direct line of Bruce Sheppard being in a position to have financially benefited from the depositors money himself. Yes you are right Provincial Finance was one of the first to go down. Wouldn’t it be ironic if Bruce with all that he has said actually was a contributor to the downfall of the finance industry? Mmmmmm interesting maybe Bruce you and your fellow shareholders and directors should repay those advances so that the depositors get more money back from the finance companies as you call Mark Hotchin and others to do.

]]> By: Greg S http://www.goodreturns.co.nz/blog/the-good-and-the-bad/comment-page-1#comment-6438 Greg S Wed, 13 Jan 2010 23:34:02 +0000 http://www.goodreturns.co.nz/blog/?p=380#comment-6438 Phil I agree with you. People like Bruce Sheppard are fueling this situation. I have a question for Bruce which might make him think twice about the comments you have noted and also supports the rent-a-quote comment: Bruce Sheppard, in order for your fans to fully evaluate your comments on Hanover Finance and the conduct of the directors, could you disclose for all of us your involvement in Performance Finance Ltd (a loan broker business in consumer and vehicle finance) later renamed to Market Road Finance Ltd and then liquidated after you resigned as a director and whilst Provincial Finance Ltd and Consumer Credit Ltd had actions against your company in the High Court. What triggered the collapse of the finance industry? Did Provincial Finance lead the way? Was it those shonky broker loans that flooded the market? As an ex CEO of a finance company that accepted Performance Finance loan applications I think you need to either put up or shut up frankly. Bruce Sheppard, the chairman of the Shareholders Association and self proclaimed provocateur, your number is up. Phil I agree with you. People like Bruce Sheppard are fueling this situation. I have a question for Bruce which might make him think twice about the comments you have noted and also supports the rent-a-quote comment:

Bruce Sheppard, in order for your fans to fully evaluate your comments on Hanover Finance and the conduct of the directors, could you disclose for all of us your involvement in Performance Finance Ltd (a loan broker business in consumer and vehicle finance) later renamed to Market Road Finance Ltd and then liquidated after you resigned as a director and whilst Provincial Finance Ltd and Consumer Credit Ltd had actions against your company in the High Court.

What triggered the collapse of the finance industry? Did Provincial Finance lead the way? Was it those shonky broker loans that flooded the market? As an ex CEO of a finance company that accepted Performance Finance loan applications I think you need to either put up or shut up frankly. Bruce Sheppard, the chairman of the Shareholders Association and self proclaimed provocateur, your number is up.

]]> By: Bob http://www.goodreturns.co.nz/blog/the-good-and-the-bad/comment-page-1#comment-6402 Bob Thu, 17 Dec 2009 00:13:04 +0000 http://www.goodreturns.co.nz/blog/?p=380#comment-6402 I have money in Hanover though the loss of all of it won't bankrupt me. On any issue I don't take too much notice of media speakers though I do listen to them. All are usually too wise after the event. I weighed up the value of acceptance and rejection and voted no. While I now have a low opinion of Hochin and Watson villification or hate won't get my money back. I must admit I had a sneaking enjoyment of Petricevic being hounded out of a restaurant and ending up in the gutter. I have money in Hanover though the loss of all of it won’t bankrupt me. On any issue I don’t take too much notice of media speakers though I do listen to them. All are usually too wise after the event. I weighed up the value of acceptance and rejection and voted no. While I now have a low opinion of Hochin and Watson villification or hate won’t get my money back. I must admit I had a sneaking enjoyment of Petricevic being hounded out of a restaurant and ending up in the gutter.

]]> By: Tied Agent http://www.goodreturns.co.nz/blog/the-good-and-the-bad/comment-page-1#comment-6388 Tied Agent Fri, 11 Dec 2009 08:55:30 +0000 http://www.goodreturns.co.nz/blog/?p=380#comment-6388 I agree the trash journalism of focusing on what was attached to Hotchin shoe lends little to the debate. To then say the media is largely responsible for investors feeling marginalised, let down and angry about the actions of Mark Hotchin as a Director of Hanover is a bit rich. The media were not responsible for making promises to investors which had no hope of being honoured. The fact is Hotchin had a simple duty to look after the best interests of investors in an exemplary manner. Many rightly believe Hothcin failed this simple duty and moreover genuinely believe he should be vilified for his actions. Vilification, in Hotchin case should be investors never having anything more to do with what Hotchin may be involved with in the future. There is no place for orchestrated campaigns of hate, this is at best destructive and has no place in a decent society. I am pleased Good Returns recognises itself as a responsible publication in this regard. I agree the trash journalism of focusing on what was attached to Hotchin shoe lends little to the debate. To then say the media is largely responsible for investors feeling marginalised, let down and angry about the actions of Mark Hotchin as a Director of Hanover is a bit rich. The media were not responsible for making promises to investors which had no hope of being honoured. The fact is Hotchin had a simple duty to look after the best interests of investors in an exemplary manner. Many rightly believe Hothcin failed this simple duty and moreover genuinely believe he should be vilified for his actions. Vilification, in Hotchin case should be investors never having anything more to do with what Hotchin may be involved with in the future. There is no place for orchestrated campaigns of hate, this is at best destructive and has no place in a decent society. I am pleased Good Returns recognises itself as a responsible publication in this regard.

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