2008-04-04 — stuff.co.nz
Lombard Finance investors may have to wait up to three years to get their $127 million back, trade creditors of the troubled company have been told.
The Wellington company said on Thursday that it had indefinitely frozen repayment of capital and interest to thousands of investors.
It blamed a "systematic failure" of the finance company sector, of which it is the 17th victim.
But... Experts rubbish Lombard Finance’s excuses [Ed note: that means trash for all us Yanks]:
Some experts are rubbishing claims by Lombard Finance that its troubles are the result of a systemic failure in the finance industry.
... analysts say Lombard's problems are a result of mismanagement. “Spread your risk,†is how Lombard’s TV ad begins. It is a basic rule of investing that experts say Lombard Finance ignored.
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