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Allan Hubbard attacks statutory management move as "savage, deeply hurtful attack" that helped bring down SCF

Posted in News Updated

Allan Hubbard has issued the following statement in the wake of the receivership of South Canterbury Finance.

Following today’s announcement that South Canterbury Finance (SCF) is to be placed in receivership, majority shareholder in the company, Allan Hubbard, said he is firmly of the view that if he had not been removed from the board of the company, and subsequently placed in statutory management, he could have helped to save the business.

“It has been deeply frustrating and hurtful, over the last nine months, to have been sidelined by my fellow SCF directors, and subsequently straight-jacketed by the Government regulators, from working to save South Canterbury,” he said.

“Since the impact of the global credit crisis became obvious, I have done everything I can to save SCF, including investing hundreds of millions of my own investments into the company.

“I have always attempted to place investors’ returns first, and my personal financial interests as secondary, and as the severity of the global credit crunch became apparent, I moved quickly to inject my own assets into South Canterbury,” he said.

“For me it has always been a matter of trust and personal integrity to investors. In a crisis like that, you do what you have to do to save the business.”

He said that in this day and age that might sound old fashioned and that he has resolved to fight back to protect his and his wife’s reputation. He went on to say that when they were personally placed in statutory management on June 20 this year, that was a serious blow to them, South Canterbury Finance and “unbelievably short sighted” on the part of the Government which acted on the advice of the Registrar of Companies.

“Surely they realised that by freezing me out and taking over control of my affairs that they would be dealing a body blow to South Canterbury Finance?” Big day for the regulators and a sad day for investors “It was a big day for the regulators and a sad day for investors,” he said.

“Instead they bring down the boom, take me out, freeze my access to my personal funds and now so many families, small businesses, farms and enterprises, throughout the South Island in particular, are going to be seriously suffering,” he said. “It was an unnecessary, knee jerk bureaucratic response and it required a strategic solution not a sledge hammer.”

Mr Hubbard said that his action was deeply hurtful and it was painful to be forced to watch events, announced today, unfold from the sideline. “I have spent my life supporting businesses, investors and charities and my track record speaks for itself,” he said. “I have been prudent and diligent, to the very best of my ability, and have always been deeply respectful of the trust placed in me.”

Mr Hubbard said that while he acknowledges that some may consider his management systems old fashioned he has never defrauded a single investor of a single cent. He said that when he was ambushed last week by the statutory managers, with their second investors’ report, and with no advance warning or the courtesy of a copy of their report, he resolved to have more to say. He said today’s announcement on South Canterbury’s fate had hardened his resolve.

“I will be providing my own analysis, with the assistance of my team of professional legal and financial advisors, to put my side of the story and I will be taking this matter further,” he said. “I cannot allow my reputation to be savagely attacked by this shameful process and all of those who trusted Jean and me, over so many years, to allow this tragic set of events to go unanswered,” he said.

“Those who care about us know I am unwell and that hardens my resolve.”

Mr Hubbard said he would not be commenting further until he and his advisors had prepared their case against the statutory manager’s report and their response to today’s announcement regarding SCF.

On June 10 Hubbard issued a statement after the imposition of statutory management and the announcement about a Serious Fraud Office investigation. In that statement, he described himself as:

"I don't believe in the history of New Zealand that any person has acted more honourably than myself."

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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88 Comments

The title to this article is

The title to this article is "Hubbard lets rip." As a taxpayer, I can certainly confirm that Hubbard has let rip, rather loudly, and it really stinks....

LOL! GOLD....

LOL! GOLD....

Timaru still loves him and

Timaru still loves him and claims it was the fault of everyone else.

rip = rest in peace?

rip = rest in peace?

Cry me a river you old

Cry me a river you old fraudster prat, Hubbard. Your actions have been the cause of massive financial pain for the NZ taxpayer, and to blame this on the statutory management that saved this senile old idiot from himself is an embarrassment.

I'm reminded of that scene in

I'm reminded of that scene in The Simpsons movie where the whole town angrily marches to Homer's house, flaming brands and pitchforks in hand...LOL!

Egg friggin zactly

Egg friggin zactly Chris

Silly old SOO that he is!!

I suggest you look in the

I suggest you look in the mirror

Is this guy for real? Amazing

Is this guy for real? Amazing how deluded he has become. He should be grovelling and begging forgiveness for causing such a mess, and kissing the governments ass for being stupid enough to sign them up for the govt guarentee. If not for that, he'd have hoards of angry investors baying for his blood

Or maybe he'd be looking at

Or maybe he'd be looking at  Sancho Panchez in a bewildered but reassuring way.

Yup - another person hiding

Yup - another person hiding behind the veil of respectability afforded by 'religiousness'?!?!?!?!?

I know an awful lot of shysters who used the AOG church as a networking mechanism for years....

Oh, hate to be critical but it is ARSE. Not ASS - that is a donkey.....

:-)

"Mr Hubbard said he would not

"Mr Hubbard said he would not be commenting further until he'd had a little lie-down and a nice cup of tea and after that he'd try really really hard to remember where he'd put all those hundreds of millions of dollars. Mr Hubbard said that while he acknowledges that some may consider his management systems old fashioned, he has always been able to keep everything in his head and has never needed to write anything down and... um... what were we talking about again? Is it tea-time yet?"

 

Very good - funniest thing

Very good - funniest thing I've read in four years in NZ. Now, about this bailout I'm supposed to pay....why?

This reminds me of the ‘Names’ - the UK rich list. All they thought they had to do get evermore rich was stump up the chips to get into the insurance game – guaranteed payback many times over. It had worked for the UK establishment for years. And then came a sequence of disasters that meant they had to pay out the chips AND all the liabilities. You’ve never heard such a bunch of capitalist squealers running to the Conservative govt of the day asking to be bailed out by taxpayers. They almost got it – led by Jeffery Archer (later of Belmarsh Prison fame) but the peasants started to revolt and the names had to choke on their losses.

 

The question is, are Kiwis going to allow this happen without protest??

Now accepting money for the

Now accepting money for the Allan Hubbard tissue trust fund. $1 deposited buys $10 worth of tissues. 

He needs a to understand the

He needs a to understand the term STFU.                                                                                       Also, who is this " team of professional legal and financial advisors", just like to know to steer clear of thats all.  

while i pulled my money out

while i pulled my money out of SCF, i still beleive in the old fella, something stinks here and i am not convinced its him, but will probably never find out 

I agree Nat, something

I agree Nat, something stinks.

We use a fractional reserve system for banking here in this country, so if SCF has $1.8b in loans and $1.7b in deposits then his only crime is not working the numbers to the best of their potential because he could have lent out at a ratio of at-least 10:1 if not more.

Fractional reserve only works

Fractional reserve only works if you can create widely accepted credit out of thin air. At present, only the banks and credit unions have that ability - they're linked into the EFTPOS network, etc, so their newly created credit is interchangable. If Hubbard/SCF had tried issuing their own credit, it would be over to retailers, etc, as to whether they accepted it in payment or not. This is especially hard when this credit wouldn't be a part of the current electronic payment system. It's all one big confidence game....

Pl_Rimmer, Thanks for

Pl_Rimmer,

Thanks for clearing that up, I had thought  SCF was covered under the governments bank guarantee because it was a bank.

while i pulled my money out

while i pulled my money out of SCF, i still beleive in the old fella, something stinks here and i am not convinced its him, but will probably never find out 

An old saying nat is keep

An old saying nat is keep your enemies close........ I fear his may have been  real  close.

A whistle blower ....probably.... and like Sandy will sink into oblivion.

Nonetheless he should accept his failure to see it coming.... in the very least he is ....guilty of this.

It is sad to see the knives

It is sad to see the knives our for Hubbard and the comments above. Yes it is unfortunate that SCF has gone belly up. But to attack a man that has done soom much for business in NZ seems wrong. I wonder if all these things would have been said (say) 3 years ago when the economy was booming and everyone was on the winning side of the ledger. The comments I see today attacking Hubbard and so, stink of the good ole "Kiwi Tall poppy syndrome - lets knock the bastard down". This guy is not and never will be in the same boat as the fraudsters like Watson or Hotchins.

And, before you start attacking me for my comments 1. never met the man 2. personally have no funds invested with him 3. I am a tax payer and would prefer the government funds used to sort out this mess would be used in Health and Education instead.

Mate, Hubbard has just cost

Mate, Hubbard has just cost every man, woman, and child in NZ $100-400 each. When was the last time a private individual was able to so totally shaft the NZ public? Watson, Hotchins, et al, only caused pain to their 'investors', whereas I've had nothing to do with any finance company and now my tax dollars are going to paying out those who freely decided to take the risk and invest in SCF. So yeah, I'm going to be pretty pissed off! (Especially when he doesn't man up and own what _he_ has done.)

Give me a break - Mr

Give me a break - Mr Hubbard's COMPANY may have just cost the tax payer $400 a head, but firstly this was linked to statutory management issues - NOT his ineptitude, and secondly, I am sure that his efforts have  netted the NZ public a LOT more than that. This man has been a huge help to NZ business. Give the guy some grace.

Bad loans were the main

Bad loans were the main reason for its downfall, and Mr Maier revealed the high risk tactic in an interview on TV3`s Campbell Live programme.

Asked whether it had been cynically exploiting the government guarantee, Mr Maier replied: "It might have been cynical, it might have been merely incompetent... it probably violated a lot of prudent lending criteria."

He said he didn't know exactly why it had happened.  (WTF management incompentance right there!!)

"Personal egotism, misreading, out of control... whatever it was, there's no real positive name for it," he said.

John k... I think if you

John k... I think if you followed the posts of the last coupla  days you'd see many of us would agree he does not belong to the scum pool that your cited people do.

The outcome has dictated the up-swell of anger.... and as humans go anger needs target and vent.....

 There are rats in the silo....but they remain hidden for now. 

When I have to pay for other

When I have to pay for other people who took a punt and lost...... then no, I'm not very nice.

When the government

When the government underwrite risky investing , and folk line up to take advantage , knowing they're guaranteed a capital return  ....... then I am a ratty wee gummibar ........... I don't see why we should pay for their recklessness .

Government didn't provide

Government didn't provide enough protection to investors through their lax regulation.  This is all the governments fault and therefore the taxpayers problem.  Better regulation and less incentives for property investment would have stopped this happening.   Alot of that money that SCF lent was then paid to tradesmen, retailers and professionals so the governement has probably already collected $300M+ of income tax and GST on that lending that it wouldn't have otherwise.

Ray - Totally agree... the

Ray - Totally agree... the whole think reeks of facism, (losses are social, profits are private)... I am sick to death of this government using my tax dollar to bail bad calls made by investors  not understanding their risks properly and lenders willing to loan to anyone without stern criteria. Grrrr Hubbard might be a nice bloke, but HE is solely accountable for the gradual collapse. To blame statutory management is a cop out. Shame dude.

Some people can be mean

Some people can be mean (especially where their money is concerned)...

I also wish the govt funds would be used for something else but I believe the issue is to have decided to provide a Govt Guarantee two years ago rather than Mr Hubbard's companies failure now.

Btw is SCF the first GG company to fail (ie the first time the taxpayer needs to pay for the investors' losses)?

One of the reasons people

One of the reasons people like him is because they remind him of their granddad. Pretty simple, shame it works

oh John... it is easy to feel

oh John... it is easy to feel sympathy for a dear old man who has only ever done good... but has he really? Why did more than one very well known name in NZ investing get out of SCF several years ago? And why were related party loans at cheap rates allowed? And on and on and on...even Sandy Maier says it wasn't competent management. And there are many many people out there who didn't like what Hubbard was doing but just shut it because he was seen to be so wonderful by so many. Now that our gut instincts have been vindicated of course we are angry & when it costs us for others largesse then yes we can be a bit p'd off! The interesting thing is his supporters have been very visible & vocal but his detractors have largely been fairly quiet so there is a perception of a much loved old man being turned on now.

Agree. very sad day for

Agree. very sad day for Hubbard. Although respect the government for making a tough call that will re allign the economy into the real world of todays values. In particular farm values based on yield rather than puffery.

Realign farm values?-Would be

Realign farm values?-Would be nice to think our largesse to the depositors of SCF will do this,but do you believe that the government will really let the banks lose their security on farm loans?

Boo hoo, the claims of this

Boo hoo, the claims of this old fart make me sick. The money you are said to have invested had to come from somewhere, so where did it come from ? Maybe all the fees/commissions and other rip out  from the miriade of business held?

Perhaps your sadness comes from the fact that your fancy house of cards has at last tumbled before more could be taken out?

 

 

AH has made a big fool of JK,

AH has made a big fool of JK, BE and NZ

Explain?

Explain?

John K. I agree with your

John K. I agree with your comments, well said. Hubbard has done much for the people of NZ, but the big wheels have run him over. His intent would have been for good.

There's an old saying "the

There's an old saying "the highway to hell is paved with good intentions"

Since when does being mr nice guy make you immune from criticism when you screw over a whole goddamn country?

Or think about it this way, screwing over a whole country means, by implication, you are NOT mr nice guy...

remember not too long ago

remember not too long ago this fool was giving money away to god and his followers. oh how generous he is with our money. what a great man. thanks for nothing crook. 

Old Mr Hubbard went to the

Old Mr Hubbard went to the cuboard to get his investors a bone, but the cupbaord was bare. But not to fear John Key was there and gave him a whole lot of tax payer funded bones.

Not to worry we will sell the dog house and get those bones back....in ten years

Hubbard said "I will be

Hubbard said "I will be providing my own analysis, with the assistance of my team of professional legal and financial advisors". Let's hope, for him, that they are better at spinning the situation than they were at running the company ( into the ground !) in the first place. 

Hubbard need to say sorry to

Hubbard need to say sorry to us all. What a mess. The Good man giving to charity, interest free loans etc - not with his money - but his depotiors and now us!

He must have such an ego

Wake up you naive sycophants.

Wake up you naive sycophants. You're the fools.

 Mother Hubbard's negligence has shafted the country.

Him and his croonies were told years ago to get their ship in order and improve their governance. But he thought he knew better and could run a massive finance company like a tinpot Timaru bakery.

At best completely incompetent and at worst a negligent old fool.

Take a good hard look at the Related Party Loans. 

 

Yeap well said and very true.

Yeap well said and very true. Go look at Companies register and have a look at how many companies he set up to shift funds through. Giving other people's money away at dirt cheap loans is not clever, I think he watched too much Robin Hood.

Yeah, I agree with that. 

Yeah, I agree with that.  Fact is Mr Hubbard has been running extremly highly leveraged positions in most of his companies and the GFC has caught him out..when the tide goes out you find out who's not wearing any swimming togs and I'm afraid its not a pretty sight.

Now the taxpayer pays the price for AH's risky high leverage game that's gone horribly wrong.

 

I agree Alan Hubbard should show more humility and if he can't do that, then its best he STFU !! 

Shame on the lot of you. 

Shame on the lot of you.  Hubbard didn't offshore his wealth in the Caymans and set up residence in Palm Beach or Zurich.  He didn't bail out six months before the year-end report.  If he is guilty of anything perhaps it was a shocking succession plan. 

SCF is a tragedy, done and done.  If the blame is anywhere point your finger at the regulator who should have spent the last 18 months checking and double-checking those finance companies still standing after Hanover and Bridgecorp.  That the government would be stupid enough to backstop finance companies without proper due dilligence is a joke. 

Go tel hell Doug. Why don't

Go tel hell Doug. Why don't you pick up the $1.8b tab insetad of having the rest of the country bail out your bucolic South island ass. Fucking rubes.

After re-reading my original

After re-reading my original post and your reply, I will agree that one of us is going to hell.

"That the government would be

"That the government would be stupid enough to backstop finance companies without proper due dilligence is a joke. " 

Possibly, but perhaps also an intended opportunity - as provided the regulators 'turned a blind eye' following grant of the GG and extension - yesterday proved to be a big payday for many recent investors.

Agreed Kate.  The intended

Agreed Kate.  The intended consequence.  The other matter is that the directors and managers all get another opportunity somewhere else.

When the tide goes out, you

When the tide goes out, you can see whos naked.

good words JohnK.Hubbard got

good words JohnK.Hubbard got rolled with his pants down, no doubt about out. 

 it is sad to see this tall poppy syndrome from what amounts too a lot of folk on this site who probably work in offices and wear suits or stay home parents.Nothing wrong with that but thats your choice.Hubbard began with nothing and what he has done over his career has been extrodinary for the south island community. what began with flare, amassed with time into a very good company, however with time comes size, age and complacency, each of these three things bring us to where we are today. 

Yes the economy does need and will now recieve an almighty shake up. lets hope there is a few visionaries like the young Mr hubbard left when the dust settles..... btw never met him or had a single cent near him but i do often drive through the streets of timaru and see all the hallmarks and community spirit brought about from a distinguished career

And Russel McVeagh and the

And Russel McVeagh and the receivers and Coopers and the Trustees will all grow rich with fees paid for by yours truly

by PI_Rimmer | 31 Aug 10,

by PI_Rimmer | 31 Aug 10, 1:30pm

Mate, Hubbard has just cost every man, woman, and child in NZ $100-400 each.

The country is borrowing billions so this is just a blip.

Even though I have never met Mr Hubbard IMO he is straight up and I will believe that until im provided with evidence to the contary.

Having said that the last CEO was the one who started the rot,he even lent to Henderson!!!.

 

It's going to be interesting

It's going to be interesting seeing how this plays out.  But, for me, even more interesting to watch how the tide of public opinion turns against this South Canterbury folk hero. A little bit of humility wouldn't go amiss right now, Mr Hubbard! http://www.prblog.co.nz/?p=354#more-354 

at least he will have more

at least he will have more time available to save dairy holdings now

How does this affect dairy

How does this affect dairy holdings? There's only two other shareholders, and they are corporates not dissimilar to Crafers, therefore is it worth saving?

sorry need a sarcasim

sorry need a sarcasim thingy

 

agree with you intirely

need to read dairy holdings

need to read dairy holdings homepage

talking up the company

Where is the past CEO, Lachie

Where is the past CEO, Lachie Mc Leod, in all this funny business going on? Trust guys like that who had been running the business will come under scrutiny .

It  seems a pity about the GG but suppose it was necessary to maintain prevent a complete melt-down in the fiancial system at the time.  It would have been better if it could have gone into education and health, for instance to paying teachers a much better salary.

Hey - who wants to lend me a

Hey - who wants to lend me a couple of billion - I'll pay it back!

Promise!!

I'll invest it widely in the local economy..........

But if I have nothing to show for it except a crappy old VW, well, you figure out where the hell it went............................

Only $400 each Chris? The

Only $400 each Chris?

The friggin beneficiaries won't be paying it and we'll be paying THAT on their behalf as well as the money we pay for them to sit on their FAT arses whilst us productive folk in the finance sector (oops - a joke!!) in the middle classes pay for god damn every THING!!

Really - we pay more - MUCH MUCH MUCH more for the useless serial breeders in this economy than Hubby-bubby-bubbard.

Oh, and I just had to listen to Phil twat-arse Goff whinge about a payout under a scheme HIS sodding government put in place!?!?!?

HaHa Ha These threads are

HaHa Ha These threads are a bunch of school kids.

At least NBR has a bit of dignity about it.

Anyway thank you Nats Labour and Greens for the GG scheme.

Paid me back for taking all that 39 cents tax off me over the last few years.

Now I'm off to party.

Might send Allan Hubbard a Sympathy card.

Salt Of The Earth.

 

i must say thats the best

i must say thats the best laugh i've had in a long while,really enjoyed the wit,especially regarding brother goff [the nutter of the labour party].look old man hubbard and the idiots he employed just got sucked into the greedy property bubble that anyone with a minimum of brains could see was going to end in disaster,but they continued down the slippery slope and now they want forgiveness and understanding for causing so much crap,the old boy is going into the senile stage,so you will have to cut him some slack,along with his mate goff.have a nice one

SCF is receivership? Good -

SCF is receivership? Good - they obviously cannot run a lending business - nad have not reason to continue.

Allan Hubbard fantacising that he could have made a difference? With WHAT assets? Exactly what were you going to do you fool? More related party lending?!!!

Government guarantee costs around $1B? Not so good - but the price we pay for accepting it's installation in the first place. It might be prudent to take a close look at the practices of the current crew who widely advertised new prospectus despite obviously knowing that the ship was sinking.

 ... and as for the bill of $400 for every man, woman and child - well I'll accept that as the price of insurance.

Now just tell me WTF did the government do with the other $99,600 that I paid in income tax last year eh?!!

  I don't know to what

 

I don't know to what extent Hubbard is personally responsible for the decisions that have lead to the failure of SCF, but I am always deeply troubled when men (and women) of that advanced age are still actively involved in running companies and making important business decisions. The quality of their judgement by that age is usually but an echo of what it once was, and the decisions they make are inevitably poor. There does come a time when they are simply past it. Would what we have seen today have happened if NZ had a compulsory retirement age of say 70, and Alan Hubbard had long been put out to pasture?

Who knows, but he was to old to be running such a large and complex finance company.

Not including Warren Buffet

Not including Warren Buffet of course

AH - stop blame storming

AH - stop blame storming others and start looking at the people SCF hired and what they did - shameful.  Mr Tax Payer to you and a thank you wouldn't go a miss....  we did GG SCF and your team BLEW IT ... arses!!!

Regardless of his failings AH

Regardless of his failings AH put all he had into the company, more honour than any other businessmen I can ever recall. Lets hope for some natural justice and the previous management team that did a lot of the lending even after the GG was set up get theirs, some voidable preference transactions through the receivers...payback would be sweet.

We can do good through our

We can do good through our whole life and commit one sin and we are remembered for our sin. Let's wait and see what the SFO comes up with in its investigation.

Pretty big sin bro, shackling

Pretty big sin bro, shackling an economy with $2b debt that can ill afford.

1.6 billion. Do you all think

1.6 billion. Do you all think the government had this sitting in the bank, it is borrowed, and at what interest rate, more than the $100K English think he has saved us.

Get the assets sold fast before the fat cats sitting in these companies give themselves a  bonus and pilage the companies before we get our money back.

I bet the teachers and doctors would love to have this money thrown at them instead of beign told the government does not have any spare money, just remeber you paid out $40 million to overseas investors you did'nt have too.

These will COST National some votes for sure when they realise they can't get most of our money back and books are opened up then see what a real mess it is.

The government will have

The government will have collected hundreds of millions in tax money go round when this money was originally lent and spent.  Maybe a little leakage with capital gains on farms and investment property, but all lending will have been taxable at some stage.

You have to realise that the

You have to realise that the money spent is to buy assets that are still providing returns. saying as on person earlier did that is costing tax payers $400 each is plain wrong. Yes it will probably cost the tax payer something but not the 1.6 billion like people think

good point.  some of these

good point.  some of these assets will still be returning taxable profits.

And some of them are interest

And some of them are interest free, capitalised loans of dubious capital value.

 

Assuming capitalised loans

Assuming capitalised loans are for property development then money will still have been paid to tradesman, building suppliers ect which is taxable.

OMG...democracy gives us all

OMG...democracy gives us all a vote...and some of you people really scare me...Hubbard & SCF did fine while farm prices kept going up...as I've said before that particular bubble was going to burst some time and it did. They made a lot of money financing loans that banks wouldn't touch. Their investors made good returns & now we pick up the bits of their crappy management. Hello NZ !charitable trusts don't pay tax...when you are in business via several charitable trusts & don't pay tax you can afford to donate big to charity. Back to his bible...robbing Peter to pay Paul.

Some of his companies may be

Some of his companies may be producing capital returns. But a large number would of, and have been proped up by intercompany lending within the group. This has gone now, so we will see just how good a return they make without it. Sell them while they look good to buy, would'nt want goverment injecting anymore of our money into these companies to pay overated company managment.

And when we look at the

And when we look at the massive realisations from Strategic, Lomabard Dominion Bridgecorp, I am very confident that we will get back 70c in the dollar as a taxpayer

Thanks for the farms Timaru

Thanks for the farms Timaru

What happens to all the web

What happens to all the web of other companies Hubbard owns?

What about the staff - have they all lost their jobs?

well if they are linked up

well if they are linked up with SCF as an asset they will get SOLD at some point to get some of our funds back. What the buyer does with the staff will be up to them I would suspect. He has three main companies that form the core asset companies. Scales, Helicopters and Dairy holdings, if you check the companeis register you will see some of his Subsidiary comapnies placed into receivership yesterday also own some shares in these three companies. They will trade as normal until a buyer is found, providing they can maintain there own cashflow.

Just be a matter of when they are sold and not if.

Thanks MMM What about Sandy

Thanks MMM

What about Sandy Meir and SFC staff - hope WE are not paying their fat salaries etc