223:
predicated on the recovery of the New
Zealand property market. Hotchin and Watson pledged a property, benefits and cash package worth up to $ 96m to investors as part of the deal. By November 2009 accountancy firm PwC estimated that the package had fallen in value to between $ 36 million and $ 56 million, due to a fall in property prices. Over the first year of the debt repayment plan, six cents in the dollar was repaid to investors, however the property market had continued to worsen and it appeared the company was heading for receivership.
237:
As a result of the FMA's announcement former
Hanover Finance's chairman Greg Muir issued a media statement saying that "the FMA investigators were given a substantial amount of evidence demonstrating that the directors conducted themselves responsibly, with appropriate rigour, and made judgments they
226:
In 2009 Hanover was approached by Allied
Farmers to buy the assets of Hanover Finance and United Finance, effectively held in limbo by the repayment plan. In December 2009 Hanover Group debenture holders, note holders and bond holders were given another opportunity to vote for receivership or for the
214:
Hotchin's interests ranged outside the traditional finance company model. In 2003 Hotchin through the
Hanover Group bought a 10% stake in Tower, a large fund management and insurance business. Hanover wanted a better deal for investors and forced Tower and owners GPG to review the capital raising and
132:
and nervous reaction of investors lowered overall confidence in the market and saw over 50 finance companies in New
Zealand fail by 2010. Hanover applied to the trustee for a repayment freeze or moratorium rather than a receivership. After the repayment freeze Hanover prepared a debt repayment plan,
210:
bought Elders
Finance in 1999. Elders, and a number of other finance companies, were brought together to create Hanover Group. With $ 650 million in assets, this was New Zealand's third largest finance company at the time. In 2007, Forbes listed Hotchin and Watson as the 33rd and 34th richest people
191:
Hotchin's property development work depended on borrowing from finance companies and banks. Hotchin saw an opportunity to lend to developers like himself and bridge the gap between bank funding and equity funding. This coincided with a boom in the housing and construction market in NZ throughout the
222:
As a result of the continuing worsening global financial crisis in July 2008 Hanover
Finance and United Finance froze repayments of NZ$ 554 million owed to 36,500 investors. After a vote over 85% of investors agreed to a debt repayment plan for the return of their capital over a 5-year time scale,
218:
In 2007 Hanover Group made an after tax profit of $ 105m. Controversially
Hanover Finance paid NZ$ 45.5 million in dividends to Hotchin and Watson in the year ending 30 June 2008. Much of these dividends were then reinvested back into the company to reduce related party transactions, which at the
124:
With Eric Watson he bought 30 per cent of Elders
Finance in 1999 and in December that year bought it outright. Elders Finance became the core of what would become Hanover Finance. Two years on, their other finance and investment assets (Nationwide Finance, Leasing Solutions, Elders Home Loans and
233:
In late
December 2011, the Financial Markets Authority (FMA) announced that it proposed to file civil proceedings against the directors and promoters of Hanover Finance Limited and other companies relating to statements made in the December 2007 prospectuses and subsequent advertisements.
241:
In December 2012, the remaining property assets of Hanover and United Finance (with a book value of $ 13.5 million) were transferred from Allied Farmers to Crown Asset Management, the entity set up to hold assets from failed finance companies backed by the Government's deposit guarantee.
298:
Amongst the most controversial of his New Zealand assets was an unfinished house on the upmarket Paritai Drive, in the Auckland suburb of Ōrākei. This house has been the target of much of the public's ill-feeling towards Hotchin. In 2009, pizza company
227:
new plan with Allied. 75% voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited. This transaction resulted in Allied Farmers assuming the net asset position of the Hanover Group finance companies.
533:
170:
Hotchin first bought and subdivided a house for profit in 1982 when he was 23 years old. He then did an increasing number of such subdivisions. In the 1990s, he bought Regency Court in the Auckland suburb of
1035:
1040:
136:
Hotchin arranged for Allied Farmers to take over the failing business, but the losses overwhelmed the new owner and the business was put into liquidation in 2010. In December 2011 the
1055:
537:
230:
Allied Farmers put their finance company Allied Nationwide into receivership on 20 August 2010 and as at March 2011 shares in were worth only a fraction of what they were traded for.
133:
offering to repay investors over a 5-year period. As part of the plan, Hotchin and Watson pledged $ 96 million of assets. These assets fell in value as property prices declined.
1050:
167:
When Mark Hotchin left school he worked in his father's factory. His first business was a sports goods store, which got into financial trouble and was rescued by his father.
283:
claim Mr Graham's company, Facilitate Communications, paid Slater $ 6,555 a month. Slater obliged by writing a series of highly critical blogs about Feely in late 2011.
462:
341:
290:
was forced to resign and an investigation launched into her role after an email was released alleging that she was directly involved and "gunning" for Adam Feely.
1003:
368:
276:
137:
175:
for $ 6 million, selling it later for $ 10 million. He bought the successful taxi company Corporate Cabs, expanded it and sold it in 1999 to former
910:
1060:
318:
1030:
891:
776:
758:
272:
512:
284:
129:
161:
815:
310:
In 2011 Hotchin decided to sue the country's biggest newspaper, the New Zealand Herald, for aggravated and punitive damages.
140:(FMA) announced that it proposed to file civil proceedings against Hotchin and the other directors and promoters of Hanover.
470:
279:, while they were investigating the collapse of Hanover Finance in 2011. Carrick Graham, his PR consultant at the time, and
630:
865:
987:
238:
believed were in the best interests of the company and its investors on the information available to them at the time."
157:
951:
739:
720:
675:
649:
560:
360:
791:
314:
207:
970:
933:
585:
851:
839:
406:
701:
118:
1025:
117:
Beach Estates and golf course, and acquired completed lots at the Jacks Point property sub-division in
1045:
325:
918:
321:. But a decision by the Court to have the order overturned has been ruled on but not made public.
59:
304:
443:
125:
Hanover Securities) were rolled in to create Hanover Group with reported assets of $ 650m.
107:
70:
827:
303:
set up a large billboard on a trailer outside the house to advertise pizza based on the
164:. His father owned a joinery factory, and was also involved with property development.
287:
264:
254:
1019:
260:
201:
172:
103:
49:
988:
David Long, Brad Walter, Aaron lawton, "Billionaire Owen Glenn buys into Warriors",
534:"FMA to file civil proceedings against directors and promoters of the Hanover group"
113:
The Hanover Group also had interests in property and was responsible for developing
612:
424:
268:
1004:
Marvin France, "NZ Warriors sold to Carlaw Heritage Trust and Autex Industries",
280:
99:
536:(Press release). Financial Markets Authority. 15 December 2011. Archived from
329:
300:
180:
176:
114:
487:
153:
149:
102:
former property developer and financier. He was a director of the failed
152:, and attended Roman Catholic schools, St Joseph's Primary School in
121:. The Group also had property and finance interests in Australia.
328:
but later sold his stake to Watson, who later, for a period, had
852:
Judith Collins resigns: The money men and how they toppled her
263:
appear to show that Hotchin secretly paid right wing bloggers
482:
480:
463:"Hanover profit linked with boosted Australian loan book"
110:, United Finance, Nationwide Finance and FAI Finance.
106:
which owned a number of finance companies including
840:
Cunliffe: Dirty Politics allegations like Watergate
85:
77:
65:
55:
45:
27:
20:
892:"Hell Pizza hath no fury like a financier scorned"
759:"Receivers appointed to Allied Nationwide Finance"
611:Doebele, Justin; Allison Fass (12 February 2007).
586:"Corporate cabbie hails a ride in taxi enterprise"
332:as co-owner, before selling his interest in 2018.
740:"Hanover investors look to future after yes vote"
513:"Allied's Hanover deal better than receivership"
342:Finance company collapses, 2006-12 (New Zealand)
313:Hotchin's New Zealand assets were frozen by the
1041:New Zealand rugby league chairmen and investors
400:
398:
396:
394:
392:
390:
388:
386:
1056:People educated at Marcellin College, Auckland
1036:People educated at St Paul's College, Auckland
911:"Hanover Finance and Chapman Tripp go to Hell"
721:"I feel a moral obligation to help – Hotchin"
507:
505:
503:
501:
324:Hotchin was co-owner with Eric Watson of the
8:
1051:New Zealand Warriors chairmen and investors
650:"Still waiting for answers on $ 45 million"
275:, its chief executive Adam Feely, and the
17:
816:Judith Collins inquiry details due Monday
676:"Message to Hotchin – own up or shut up"
631:"Hanover increases Tower stake and ante"
613:"Australia and New Zealand's 40 richest"
407:"Mark Hotchin: The man behind the money"
828:All the financier's men Stuff 31 August
777:"Greg Muir Statement responding to FMA"
700:Macalister, Philip (20 November 2008).
561:"Exhilarating ride may finally be over"
488:"Hanover plan too optimistic – experts"
425:"Net profit up 20% for Hanover Finance"
352:
219:time were around 14% of the loan book.
866:"Collins sacking a good start, hacker"
792:"Crown entity takes Allied properties"
528:
526:
271:to write attack posts undermining the
952:"Hotchin assets frozen by High Court"
7:
461:Freeman, Glenn (14 September 2006).
442:Hutching, Chris (12 December 2008).
648:O'Sullivan, Fran (18 August 2010).
73:and its high profile demise in 2010
890:Mace, William (25 November 2009).
371:from the original on 19 April 2015
317:, following an application by the
14:
971:"Secret ruling on Hotchin assets"
934:"Hotchin sues Herald over column"
790:McBeth, Paul (22 December 2012).
405:Taylor, Phil (19 February 2011).
215:underwrite deal they had agreed.
738:Gay, Edward (16 December 2009).
719:Slade, Maria (6 December 2008).
559:Bennett, Adam (9 August 2008).
259:Emails provided by Rawshark to
915:New Zealand Marketing Magazine
909:Fahy, Ben (24 November 2009).
757:Hunter, Tim (20 August 2010).
674:Gaynor, Brian (4 March 2011).
211:in New Zealand and Australia.
179:boss Murray Bolton. He bought
1:
969:McManus, Jenni (9 May 2011).
932:McManus, Jenni (5 May 2011).
444:"Spring thaw at Jacks Point?"
361:"Hotchin: I may never return"
206:Hotchin and business partner
98:(born 25 December 1958) is a
1061:Businesspeople from Auckland
842:, NZ Herald 15 August 2014.
277:Financial Markets Authority
138:Financial Markets Authority
130:financial crisis of 2007–08
128:The flow on effects of the
1077:
1031:New Zealand businesspeople
854:, NZ Herald 31 August 2014
252:
199:
192:early part of the 2000s.
148:Mark Hotchin was born in
69:Founding finance company
448:National Business Review
1010:(Retrieved 26 May 2018)
994:(Retrieved 26 May 2018)
818:, Stuff 31 August 2014.
702:"Hanover details plans"
181:Matarangi Beach Estates
144:Early life and business
796:The New Zealand Herald
365:The New Zealand Herald
319:Securities Commission
326:New Zealand Warriors
273:Serious Fraud Office
96:Mark Stephen Hotchin
22:Mark Stephen Hotchin
958:. 15 December 2010.
519:. 30 November 2009.
494:. 21 November 2011.
956:New Zealand Herald
744:New Zealand Herald
725:New Zealand Herald
680:New Zealand Herald
654:New Zealand Herald
590:New Zealand Herald
565:New Zealand Herald
540:on 8 February 2013
473:on 1 October 2011.
411:New Zealand Herald
60:Property developer
921:on 23 March 2012.
864:Smith, Lawrence.
492:The Dominion Post
305:seven deadly sins
187:Finance companies
162:St Paul's College
158:Marcellin College
93:
92:
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995:
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917:. Archived from
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469:. Archived from
467:Money Management
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439:
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432:
431:. 11 March 2007.
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402:
381:
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285:Justice Minister
41:
38:25 December 1958
37:
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18:
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713:
699:
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673:
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647:
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637:. 14 July 2003.
635:ShareChat.co.nz
629:
628:
624:
610:
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605:
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593:
592:. 19 March 1999
584:
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384:
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372:
359:
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338:
296:
257:
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204:
198:
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177:Skellerup Group
146:
108:Hanover Finance
71:Hanover Finance
39:
33:
31:
23:
12:
11:
5:
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996:
992:, 3 March 2012
980:
961:
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382:
367:. 5 May 2013.
351:
349:
346:
345:
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337:
334:
295:
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288:Judith Collins
265:Cameron Slater
255:Dirty Politics
253:Main article:
250:
247:Dirty Politics
244:
200:Main article:
197:
194:
188:
185:
145:
142:
91:
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87:
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66:Known for
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1026:Living people
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763:Dominion Post
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294:Personal life
293:
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274:
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266:
262:
261:Fairfax Media
256:
248:
245:
243:
239:
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231:
228:
224:
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216:
212:
209:
203:
202:Hanover Group
196:Hanover group
195:
193:
186:
184:
182:
178:
174:
173:Saint Heliers
168:
165:
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159:
155:
151:
143:
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126:
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116:
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105:
104:Hanover Group
101:
97:
88:
84:
80:
76:
72:
68:
64:
61:
58:
54:
51:
50:New Zealander
48:
44:
40:(age 65)
30:
26:
19:
16:
1008:, 2 May 2018
1005:
999:
989:
983:
974:
964:
955:
946:
937:
927:
919:the original
914:
904:
895:
885:
873:. Retrieved
869:
859:
847:
835:
823:
811:
799:. Retrieved
795:
785:
771:
762:
752:
743:
733:
724:
714:
706:Good Returns
705:
695:
683:. Retrieved
679:
669:
657:. Retrieved
653:
643:
634:
625:
616:
606:
594:. Retrieved
589:
580:
568:. Retrieved
564:
554:
542:. Retrieved
538:the original
517:Good Returns
516:
491:
471:the original
466:
456:
447:
437:
428:
419:
410:
373:. Retrieved
364:
355:
323:
312:
309:
297:
269:Cathy Odgers
258:
246:
240:
236:
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229:
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221:
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190:
169:
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147:
135:
127:
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95:
94:
15:
1046:1958 births
975:Stuff.co.nz
938:Stuff.co.nz
896:Stuff.co.nz
870:Stuff.co.nz
596:21 December
570:21 December
281:Nicky Hager
249:controversy
208:Eric Watson
100:New Zealand
46:Nationality
1020:Categories
1006:Stuff News
990:Stuff News
348:References
330:Owen Glenn
315:High Court
301:Hell Pizza
119:Queenstown
56:Occupation
34:1958-12-25
875:31 August
801:1 January
183:in 1995.
115:Matarangi
544:28 April
375:19 April
369:Archived
336:See also
154:Onehunga
150:Auckland
86:Children
685:6 March
659:6 March
830:, 2014
617:Forbes
81:Amanda
78:Spouse
429:Scoop
877:2014
803:2013
687:2011
661:2011
598:2010
572:2010
546:2012
377:2015
267:and
160:and
28:Born
1022::
973:.
954:.
936:.
913:.
894:.
868:.
794:.
761:.
742:.
723:.
704:.
678:.
652:.
633:.
615:.
588:.
563:.
525:^
515:.
500:^
490:.
479:^
465:.
446:.
427:.
409:.
385:^
363:.
307:.
156:,
36:)
977:.
940:.
898:.
879:.
805:.
779:.
765:.
746:.
727:.
708:.
689:.
663:.
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574:.
548:.
450:.
413:.
379:.
89:3
32:(
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