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To view our conclusive evidence that the Feltex IPO was instigated by the major political parties to rob investors to finance cheating of Olympic medals click here We have revised our presentation of this evidence mid October 2014

March 2015 Edition

Two very significant events related to or similar to the 2004 Feltex IPO appear to have occurred last month. We are not sure which one came first.

Irregular or improper trading by the large Kiwi-saver provider Milford Asset Management was identified NZX which runs the New Zealand stock exchange or market. The matter has been reported to the Financial Markets Authority. Milford acknowledge this but say only one of its individual traders is under investigation. This seems very very fishy.

Equally or more fishy is an acknowledgement by the New Zealand Superannuation Fund that a $200m investment has gone bad and legal action is apparently the only possible solution although the Fund claims that its chances of recovery by this method are good. But who in their right mind would think that they could make a safe investment in a Portuguese bank. And who in their right mind would think that there would be an insurance company prepared to, or more importantly able to, make good a default on such an investment at affordable rates. And who in their right mind would engage a firm such as Goldman Sachs to arrange a genuine investment for them.

Like the ACC fund in the past this Superannuation fund seems to be a case of a investment fund purportedly doing very well, and politicians thinking it would only be appropriate to “secretly” tap into it to do things that can’t really be done officially, such as perhaps Olympic cheating. We are not sure whether the Fund claims it made a direct loan to the bank or bought some existing transferable debt. If it is the latter it would seem to be the same old story. The existing debt holder knows that the bank (or whatever company) is bust and his/her/its funds are gone even although there has not yet been any announcement of the failure. So this debt holder gets the “opportunity” to “sell” his investment at face value to some other cheat who knows the “bank” is probably bust, probably a public organization, on the condition that a large portion of the funds “received” are paid to a further party nominated by the incoming (bad) debt holder. Most likely the “selling” party does not get its hands on the money being on-forwarded. That will be the job of the finance house or a faction of it which arranges the “transaction. If the incoming debt holder takes legal action that is likely to the pressure off from fielding accusations of fell play.

There is a small link at least between Milford Asset Management and the NZ Superannuation Fund. Brian Gaynor was an inaugural director or guardian of the NZ Super Fund in 2003 when he resigned from it to become co-founder and Executive Director of Milford and he remains in that position. He also remains an active financial commentator but does not appear to have commented upon this anomaly at Milford which has put it under investigation.

We do not believe that this investigation involves just one of the company’s traders or that the status of the company is unaffected. With a fast growing asset base the temptation is to keep buying shares in companies that one already has a sizable holding of. That keeps up the price of these shares which can give one superior “asset growth” or one might say “performance” which in turn keeps the funds rolling in and hence the fast growth.

It is of course our assertion that Brian Gaynor’s son David died as a result of the country’s extensive financial corruption. Brian wrote an NZ Herald article highly critical of former Fonterra CEO and rural entrepreneur Craig Norgate in May 2010. The article was largely ignored by the business community. It would be relevant however to the pupils of Kings College where David and a daughter of Mr Norgate were both in year 12. This is a private school which no doubt has a business orientation. We think the consensus at the school would be that Mr Gaynor’s journalistic attack was unwarranted. In July 2011 David took alcohol and illicit drugs which he had pre-planned prior to attending a function hosted by Mr Norgate. David died from self harm about 4 hour later. The Chief Coroner’s report did not mention the assumed conflict between Brian Gaynor and Craig Norgate. This Chief Coroner has just recently retired from being Chief Coroner and a coroner.

We also of course go on about the death as a 21 year old of Paul Phillip Wilson in a motor vehicle incident at Johnsonville, Wellington, at Easter 2011. We understand that Paul had recently left his home in Auckland for the first time and his behaviour in this his final incident would indicate that he was not coping as an independent adult. Paul’s mother was and perhaps still is marketing manager for Feltex Carpets. We believe that she would have had to be coerced into going along with unrealistic sales forecasts going into the May 2004 Feltex prospectus and this would have troubled her greatly. Paul would have been 14 years old at that time and has no doubt copped the adverse spin-off with permanent serious repercussions.

There has been no released coroner’s report into Paul’s death. We checked up on the state of play (or at least tried to) by way of two, we think polite, emails to the Wellington Coroners office on the 14th and 15th of October 2014. We understand that the Wellington coroner Ian Smith died on or about the 16th of October and had been actively performing his duties virtually up until the time of his death. We understand the Mr Smith was aged in his late 60s and expect there was a medical cause to his death but we nevertheless suspect that he had received improper instructions relating to how the Paul Wilson case should be handled which was troubling him.

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