South Canterbury Finance racehorses on the block
Among the hotchpotch of assets South Canterbury Finance receivers are selling are a number of thoroughbred racehorses, repossessed following the company's receivership last August.
Among the hotchpotch of assets South Canterbury Finance receivers are selling are a number of thoroughbred racehorses, repossessed following the company’s receivership last August.
“We’re feeding them lots of hay and looking for a realisation process,” receiver Kerryn Downey of McGrathNicol told Without a Word of a Lie recently.
WWL understands the horses were uplifted from Michael Tololi’s stud in the Waikato, one of several of the former NBR Rich Lister’s companies tipped into receivership in 2009.
The horses were put up as security for a loan from Kelt Finance, now called SCF Hawke’s Bay, one of South Canterbury’s former co-lenders.
“Its one of the loan book transactions I’m not super close too but its all part of our asset management unit,” Mr Downey said.
A racing industry source hoped the receivers had an eye for good bloodstock, given that the fact the taxpayer was on the hook for South Canterbury’s loan losses.
“Maybe we could get one of them to win the Melbourne cup or something and then that would enhance their value,” the source said.
Duncan Bridgeman
Wed, 08 Jun 2011
Wed, 08 Jun 2011
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South Canterbury Finance racehorses on the block
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