Mr Hubbard is faced with a "Self Licking Ice Cream"!

I personally thought it was quite refreshing to see Alan Hubbard tell the TV news crew to "Bugger off and leave me alone" last Friday. It echoed what of those who know and support Mr Hubbard have been thinking. Today we read of the issues facing South Canterbury Finance and there is no real surprise here. The  Government now seems likely to have to step in and offer some sort of rescue package (link here) or pay out under their "Guarantee scheme".

You really do have to question just how much of this issue has been caused by the SFO placing Mr Hubbard and his other companies into statutory management? It was always going to be a hard slog for South Canterbury Finance to attract cash investors in the current economic climate but once the SFO was involved with Mr Hubbard's business concerns elsewhere, it virtually guaranteed a tenuous future for South Canterbury Finance. The fact that this company is not related to the SFO investigation was largely irrelevant. In the South Island and wider New Zealand, South Canterbury Finance and Mr Hubbard go pretty much hand in hand. It is his involvement in the company and stewardship that has built it to the giant that it is. Despite the media going to some pains to point out that the two matters are not related, this has largely been lost in the translation.

Right now we have Mr Hubbard honoring the SFO plea to keep details out of the media whilst their drip fed information and (without doubt) PR spin is justifying the need for the investigation in the first place. In the middle of all this we have the investors who are now wondering who and what to believe and many are financially hurting. We also have Mr Hubbard who without a doubt will be feeling a lot of pressure to look after those who put their trust in him. His hands are tied in a situation he can not win or influence.

The way this whole process has been handled has been pretty average. Ironically the SFO has stepped in to prevent a "possible" situation that could have investors losing a lot of money and this very action has contributed and continues to contribute to making that situation a very real possibility across a wider front. It is in effect a "self licking ice cream"!

Without doubt there are interesting times ahead and I know many would like to see Mr Hubbard come out and clear the air on a few things. This needs to be a two sided conversation and at the moment we are getting only part of the picture.

Hang in there Mr Hubbard, stay strong and keep fighting the good fight.

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