Hubbard’s last act?
In possibly Allan Hubbard's last act of business, hours before the Timaru financier died in a car crash he resigned from a company likely to realise up to $10 million in losses to his Aorangi Securities.
In possibly Allan Hubbard's last act of business, hours before the Timaru financier died in a car crash he resigned from a company likely to realise up to $10 million in losses to his Aorangi Securities.
According to the companies office on September 2 Mr Hubbard resigned as a director of Papamoa developer Emerald Shores.
Later that afternoon Mr Hubbard was involved in a head-on car accident and died while being transported to Dunedin hospital.
The paperwork was filed to the companies office by Florence Smith of RSM Law, the executive assistant of Mr Hubbard’s long-time offsider Edward Sullivan.
Emerald Shores was described as stalled by statutory managers in their recent reports.
Grant Thornton’s report says Aorangi was owed $10 million by Emerald Shores and another development near Tauranga.
“No property sales have been made from these developments for at least 18 months,” the sixth report says.
The seventh statutory managers’ report provided an update: “Potential liquidation is looming for one of the two companies as it has bank debts that are not being repaid.”
Matt Nippert
Fri, 09 Sep 2011
Fri, 09 Sep 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Hubbard’s last act?
16815