Cry me a river.
Hanover Finance co-founder Mark Hotchin will not be moving into his $30 million Paritai Drive mansion.
Instead, it will be sold, and Mr Hotchin seems likely to stay overseas.
Klaus Sorensen, who is acting as a spokesman for Mr Hotchin:
“We’re not saying why it’s being sold, we’re just simply saying that it’s going to be sold and people are just going to draw their own conclusions,” Mr Sorensen said.
“I mean, the reasons are probably pretty obvious.”
He said the property had become a lightning rod for all the “vilification” and investor anger over Hanover’s failure. NZ Herald Sat 26/6/10
What some call vilification, others might call ‘consequences’, ‘chickens coming home to roost’, or ‘a little bit of just desserts’.
If one uses lets say ‘questionable’ marketing claims (‘built to withstand any conditions’) and then, as the house of cards is collapsing, one uses ‘questionable’ tactics whose effect is to leave 16,000 investors in one’s ‘enterprise’ and out of pocket and outraged, while one creams tens of millions in ‘questionable’ dividends and continues to live an enviable lifestyle … well, of course one may cop a bit of opprobrium. Hello?
It’s the same on a smaller scale with low-rent versions of these spruikers. They’re just wide-boys with glossy marketing and a plausible manner.
What do they want? A knighthood?