Angry Hanover investors meet Mark Hotchin

With toilet paper stuck to the heel of his shoe, Hanover co-owner Mark Hotchin walked into his Auckland investor meeting yesterday.

He might have needed it to deal with some of what was thrown at him by the angry crowd of 400 people.

Supporter Mark Thomas spotted it and stepped in to the rescue, just after Mr Hotchin had mounted the podium at Alexandra Park where he fronted up to angry Hanover and United Finance investors.

"Sell your blimmin million-dollar house," yelled one irate investor of the $30 million Paritai Drive mansion Mr Hotchin is building.

"Bloody right," retorted another.

"You've got off scot-free," yelled another when he told of investing millions.

"Mark Hotchin has not even had the temerity to say sorry," shouted another investor.

The meeting closed with shouts of "bastards", but not before investors called for Mr Hotchin to contribute more money to help them out.


Mr Hotchin, who was flanked by bodyguards for the meeting, said afterwards he was surprised at investors directing virtually every question towards Allied Farmers' directors, who have put up a rescue proposal for Hanover's investors.

That was different from other meetings held around the country in the last few days, he said.

"I left it too late to speak. No one asked me any questions. I'll change that next Wednesday," Mr Hotchin promised a small band of investors afterwards, referring to the 10.30am meeting next week at Ellerslie.

There, the Allied debt-for-equity swap will be put to a final vote and 75 per cent of Hanover and United investors must agree.

Investor Tom Brosnahan said afterwards he was disgusted and would vote against the deal.

"I feel frustrated. It was a lot of waffle," he said, adding he'd asked Mr Hotchin if he was going to sell his new house to help investors out. "He said it wasn't an option."

Mr Hotchin told investors he regretted the situation.

"Clearly we are all very sorry to be here. I certainly am," he said, adding that he supported the Allied deal because it would allow investors to at least recover some money.

"These guys have a base and a business model which goes forward and it doesn't just shrink down a hole," he said.

Receivership was an unpalatable option and an alternative to Allied, Mr Hotchin said.

But a receiver would sell properties and this would return low sums to investors, he said, citing other failed financiers such as Orange where investors might only get 12-15 per cent of their money back, Capital + Merchant, only 0-2 per cent, and Dominion Finance, 10-15 per cent.

"Allied don't need to sell to move forward. We do. We have to. I don't want to be the one standing here saying we have a whole pile of troubled assets. The market has turned a long, long way," Mr Hotchin said.

But one investor shouted, "You said this 12 months ago. Same shit, same face, different day".

Many elderly investors cried out that they needed their money now.

Some told Mr Hotchin afterwards that they would be forced to sell family homes, and others said, "Look at our age".

Category:

News & Politics

Tags:

• hanover
• fiance
• mark
• hotchin
• eric
• watson
• blue
• chip
• thomas

[philthy122]

This prick is holding of on putting the door knobs on his 32 million dollar so that it doesn't get the council sign off and can't be sold as it won't have certification. At the very least he should be locked up...

[lotzap]

Hotchins is a bit of a cock ain't he. Prize wanker who will go down in heaps.

[JarvieNZ]

Mark "Madoff" Hotchin is nothing but a greedy selfish dispicable thief who well knew the risks involved and to tell 4000plus "mom and pop" investors that i'm sorry all the money is gone and to move on is this a joke its 2010 and you are telling me that this sort of crime and curruption is acceptable and the fact that Mark can not even turn up to his own company meeting to face those he decieved is beyond a joke. 25 years hard labour i say for you Mr Hotchin i hope you and Mr Bryers are happy.

[mongoose322]

@shareinvestor2 I totally agree.

[mongoose322]

This greedy one (Hotchin) will pay what he has done with other people's life savings when he arrives at Hell. Conscience of this kind of one does not exist becuase it was seared.

[terry2708]

ah mark hotchin 2008 announcement 100% repayment then 70% then next to fuck all. Where the fuck did all the cash go? He wont sell his house now he is spending 400k on a holiday. This fuckwit needs punching in the fuckin head and I would have a feeling of satisfaction punching this fuckhead to a pulp. He is not even a good businessman, Hotchin is a fuckin crook. I hope someone cuts his fuckin nuts off.

[shareinvestor2]

These bastards should be in chains on the side of the road or in prison.

[LucidDreamer92]

Hey BruGordie

Jeez you got out quick mate and left these people heartbroken.