Sincerity v Hanovers fear of Receivership

Today’s reported statement of Mr Mark Hotchins- “I feel a moral obligation to help” could turn into legal obligations under law if Hanover Company directors have a duty of care and many commentators and professionals are claiming director responsibility has failed in the Hanover organisation.

Hanover’s sincerity is hollow. Mr Hotchin and his fellow associates defence over his birthday party has deepened the resentment with EUFA members. Many investors’ lives are in tatters while they wait fearing for their future. One investor wrote in an email today, “Hotchins lavish birthday bash was a real kick in the guts to me”.

Furthermore Mr Hotchins comments reported in today’s Herald “For me to have cancelled at that late stage when this drifted out, all of those people [his guests] would have lost some form of money” - has caused outrage.

Mr Tony Ricciotti who has $700K in Hanover said from South Canterbury today “Mark Hotchin, his wife, family and friends, have known since July how serious this situation is for investors and to worry about “some form of money” lost to his 80 friends shows his “moral obligation” is simply another part of his moratorium marketing strategy – he got caught with his pants down and is trying to pull them up thinking we didn’t see”

EUFA members are constantly accused of being too emotional. Some Hanover Road Show meetings have shown the depth of emotion and Hanover has subtly played the emotion card when putting fear into their presentation by discrediting the value of receiverships “

Coordinator of EUFA Suzanne Edmonds said today “This is a very personal and private issue, and people are very emotional. Hanover has peoples ‘personal’ money – its hard to take – its reality – its very emotional - end of story”

In response from a request by EUFA executive to meet Hanover Directors in August, Hanover refused EUFA. However they stated “We are committed to keeping in touch with all investors through this [debt restructuring time] process and will include your organisation in our updates.”

EUFA volunteers confirm no contact has been made from Hanover.

It has been reported today that Mr Geoff Senescall of Hanover stated “EUFA have not approached us with any queries or requests."