Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with the BNZ, including news that a Taupo Helicopter owner John Funnell has set up a million dollar fighting fund to clear Allan Hubbard's name.
The Dominion Post reported the group have bought half page ads in national newspapers calling on the government to back off from its decision to place Hubbard and his wife Jean into statutory management and launch a Serious Fraud Office investigation.
Thirty years ago Mr Hubbard gave now successful Taupo man John Funnell the opportunity to own a helicopter business which in turn has saved hundreds of lives through its emergency service helicopter operations in the central North Island.
"I don't think there is a bad bone in Mr Hubbard's body," Mr Funnell said yesterday.
"I had not heard one word in my 60 years of life that would cast doubt on him. This is a man who, along with his wife, has given more than $200 million to charity. I think it is appalling what has happened. "I have done the Funnell smell test and that said something is very wrong and it is not in the Hubbard camp."
Mr Funnell spent yesterday on the phone to other supporters who put the advertising campaign together, which calls on people to email Prime Minister John Key or Mr Power telling them what the Hubbards have done for them or record their story on the Facebook fan page Help Allan Hubbard.
"I had a call from a supporter who said if money is an issue he has half a million dollars for a fighting fund and can get another half a million from other supporters if necessary."
Timaru lawyer Edgar Bradley said his friend of more 50 years had a long-term view. "If a sometime criticism of Allan is a lack of documentation then it must be remembered he is a product of the days when trust was more important than paperwork. Sadly the reverse is now the case."
Meanwhile, John Key has rejected Allan Hubbard's claim that he would not have been put in statutory management if Key had been in the country.
In the United States, the US Federal Reserve has pledged to keep its Federal Funds Rate (Official Cash Rate) at an 'exceptionally low level for an extended period' because the world's largest economy is not rebounding as fast as expected, partly because of financial market volatility linked to worries about European debt. US stocks wobbled and the New Zealand dollar rose slightly to 71.4 USc.
Meanwhile, in Australia, Prime Minister Kevin Rudd is set to be voted out by his own MPs at 11am New Zealand time and replaced by his deputy Julia Gillard. This follows a dive in his popularity, linked at least partly to his plans to impose a 'Super Tax' on mining profits, endangering 300,000 jobs and over A$100 billion of new investment. His Emissions Trading Scheme, since dropped
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