"We have maintained a silence closely resembling stupidity" - Neil Roberts

Until we have legislation adopted into law to ensure fiduciary accountability and transparency in public affairs we will continue to have human rights breached because the existing crown immunity and lack of any independent oversight invites corruption to flourish.

"Question authority, and think for yourself" - Timothy Leary

"We have maintained a silence closely resembling stupidity" - Neil Roberts

"Information is the currency of democracy" - Thomas Jefferson

‎"Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever does." - Margaret Mead

"The truth is like a lion, you don't have to defend it. Let it loose, it will defend itself."

"I = m c 2 [squared] where "I" am information" - Timothy Leary

"Ring the bells that still can ring, forget your perfect offering, there's a crack in everything, that's how the light gets in." Leonard Cohen

"The internet is a TV that watches you"

Tuesday, February 28, 2012

Crafar farms sold for a third their value by the receiver - Michael Stiassny?

"The receivers of Crafar Farms sold 7893 hectares to Chinese investors for $200 million which equals $25,338 per hectare.

The South Canterbury Finance receivers sold SCF's 33.6% share in Dairy Holdings, valued at $535 million, for $54.6 million.

(33.6% of $535 million is $178 million - not $54.6 million).

Dairy Holdings owns 14,243 hectares, which means that the 33.6% stake equals approximately 4747 hectares.

This means that the directors of Dairy Holdings purchased Alan Hubbard's/SCF's 33.6% share for $11,502 per hectare.

So.......the Chinese paid $25,338 per hectare, but the Kiwi's paid $11,502 per hectare, and the taxpayer (you and me) foot the bill for the shortfall.

Allan Hubbard is DEAD and milk solid payouts are at a record high anyway, so he can't be blamed.

On this basis, the Chinese investors have been screwed over just as much as Kiwi taxpayers.

What is wrong with this picture...?

Just to be clear, the 33.6% is not valued at $535m, the whole of Dairy Holdings is valued at $535m. 33.6% = $178m, so why did they sell the 33.6% for $54.6m? That's less than ONE THIRD of it's value!" - Captain Carruthers

Kiwisfirst editor Vincent Seimer ended up in Mt Eden after he exposed Michael Stiassny and Korda Mentha.

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