Injunction over Hanover moratorium planned
MEDIA RELEASE: Friday 5th December 2008
(Exposing Unacceptable Financial Activities Inc Soc)
EUFA executive can confirm that members have been working tirelessly with prominent Barrister Paul Dale and others in a plan to file a court injunction application this afternoon in an attempt to delay next Tuesday's vote on the Hanovers restructuring proposal.
Investors are arguing that Hanover’s investors, whose $554 million was frozen in July, need more time and independent information and advice before voting on such an important issue in their lives.
EUFA are concerned that the Government may be prevented taking action if Investors vote for the Moratorium. It would be difficult for any government to overturn the will of the people who may vote due to lack of correct information. EUFA are appealing to the Minister of Commerce to put Hanover into Statutory Management.
EUFA and many very concerned professionals need to meet Government representatives in the near future and an injunction will allow this opportunity. $554 is a very large amount of money to be flippant about and EUFA members are ever hopeful the court will rule in favour of the application.
Coordinator of EUFA ,Suzanne Edmonds said from Auckland today. “Hanover had their restructure plan basically in place in September and are now rushing through the vote using an elaborate, sophisticated and elite public relations and marketing machine to entice investors furthermore, much like the dahlia bulbs and Gardening tool kits they used to entice a very trusting generation of investors who they carefully targeted”.
A hearing would be held at the High Court in Auckland on Monday.