Mr Lee is still pushing for a deal with South Canterbury Finance, involving preference shares in SCF, and options on SCF ordinary shares. SCF preference shares are trading at 36c in the dollar today.
Is it just me or has Mr Lee lost his marbles? His proposal seems more outlandish and unlikely every day. I'm sure his truck-load of grey haired clients relied on him to warn them about the risk of whether, for example, the following strategy was at high risk of failure:
It [strategic finance] assumed banking liquidity and investor confidence would recover sufficiently to see projects like Soho, Fiji, Albany and Bendemere (Lake Hayes) up and running.
Strategic foresaw market recovery; in fact the market for land, tourism, and office development is still deteriorating, not improving. It is going from worse to worser, as my little sister used to say of my art work.