Black Friday!

[Commercial Dan]

Returns unlikely for Bridgecorp investors

Bridgecorp receivers Colin McCloy and John Waller from PricewaterhouseCoopers partners have released an update on related company Bridgecorp Investments Limited (BIL), which was placed in liquidation on 6 July.

BIL's reported assets comprise a $1.24 million tax asset and various amounts linked to Bridgecorp, mainly $33 million of redeemable preference shares held in Bridgecorp.

The Bridgecorp-linked assets rank behind amounts due to Bridgecorp's own secured debenture investors, who the receivers estimate will receive returns of anywhere from 25 percent to 74 percent of their investments.

Liquidator Colin McCloy says this means it's unlikely capital note holders of BIL will recover anything of the $29 million they are owed, unless there are recoveries from the $1.24 million tax asset.

"We appreciate that this is not good news for the holders of the capital notes and we regret not being able to deliver more positive news," Mr McCloy says.


Question is, which finance company is next...

[muppet]

BP have put up petrol prices.

Unleaded 91 has gone up 3c to $1.56.9c/l

Could be $2.00/l by Xmas.

[Commercial Dan]

BP have put up petrol prices.

Unleaded 91 has gone up 3c to $1.56.9c/l

Could be $2.00/l by Xmas.

Now 68.35 US cents
Could certainly be $2 by Xmas

[essence]

Nz $

Down to .6789c.

I'm picking 65c by mid next week IF NOT LOWER.

[keenbean]

Took your advice Olly

[
I may have called it early but did I call it right?
Your views please.

Olly Newland[/quote]

I took your advice Olly, but I sadly took it way too early.... last May and the property was onsold less than a year later for $130000 more than they paid for it.

Nevermind though, as it was the right decision for me at the time.

Still, I hope that you can return the favour via this forum by predicting some good buys!

[OllyN]

Me too

Yep.
I also sold too early but I would rather sell too early than try to sell too late.
For the moment I would hesitate to buy residential investments until the current situation becomes clearer unless they are bought at least 10% below "market". It could take weeks or even months before the aftermath of this shake up is sorted.
Disagree?
OllyN

[Commercial Dan]

Absolutely agree, you would also have to be mad to trade property in this climate...don't be fooled by any new fangled ideas that spruikers will come up with.

[Commercial Dan]

FTSE100 down 2.50% in early trading

[muppet]

What website are you using?

[Gatekeeper]

I'd say longer Olly. The sub-prime resets don't peak until March 08 so it will get worse before it gets better, and then it rolls out to 2009 and beyond. Lots of surprises yet to come. Add to that Alt A is looking bad, and some prime is failing, or will because of the repricing of risk in the property market, ie: lower prices caused by sub-prime, hard to obtain credit at higher interest rates.

I'd watch for a dead-cat bounce, as there's still lot's of newbies and the usual suspects going ra ra ra (and possibly dancing).

[Commercial Dan]

What website are you using?

http://news.bbc.co.uk/1/hi/business/default.stm

Go to marketwatcher

http://www.sharechat.co.nz/markets/dailyfx.php

Use this for currency

[Ivanhoe]

For the moment I would hesitate to buy residential investments until the current situation becomes clearer unless they are bought at least 10% below "market"

Thanks Olly - sometimes it's looks like everyone is talking about "don't buy at all" while in reality it should be "increase your (safety) margin"

[Commercial Dan]

Thanks Olly - sometimes it's looks like everyone is talking about "don't buy at all" while in reality it should be "increase your (safety) margin"

Box with caution, time to batten down the hatches and take cover, there is going to be more to come. If a major financial player goes down, it will be time to hide under the bed...

[muppet]

Hi CD

Thanks for that.

I am using

http://www.directbroking.co.nz/directtrade/dynamic/marketsummary.aspx

And am accessing thru the Business page on the NZ Herald website.
It is updated every hour.

NZ Dollar is now .6795US

Regards

[Commercial Dan]

Now at 67.70