John Duncan is back as George Kerr!

I noted in the preceding post that I thought the person was mistaken when saying George Kerr abandoned the Torchlight Fund No. 1 LP . Imagine my surprise when said person contended that John Duncan is still at PGC and happily continuing in his old role as (Managing?) Director? I expected John Duncan to have surfaced by now, so now I know why he has not. He is still happily forging away at PGC; of course I’m not using “forging” in the negative sense of the word. Speaking of which….And I know you think I totally lost it. I leave it for you to decide. 

George Kerr sold his entire stake in Torchlight Fund No. 1 LP

Brother Pele's in the back, sweet Zina's in the front 
Cruisin' down the freeway in the hot, hot sun 
Suddenly red-blue lights flash us from behind 
Loud voice booming, "Please step out onto the line" 
Pele preaches words of comfort, Zina just hides her eyes 
Policeman taps his shades, "Is that a Chevy '69?" 
How bizarre How bizarre, how bizarre

I was more than a bit surprised when someone broke the news to me that Kerr sold his entire investment in Torchlight Fund No. 1 LP. If fact, at first I did not believe this person. 
Buried on page 73 of the recent 80 page annual report is the revelation that George Kerr sold his entire stake in Torchlight Fund No. 1 LP (TLP). “During the year GCD Kerr disposed of his limited partnership interests in Torchlight Fund No.1 LP as well as his beneficial interest in Heartland New Zealand Ltd.”

Greg Bright's old article on George Kerr

Link contributed by a reader...

Financial firepower – why van Eyk’s new backer can fuel lasting growth

 van Eyk, the most influential research firm in the financial planning market, has a new cornerstone investor following the departure of the company’s namesake. GREG BRIGHT reports on the new-look van Eyk and the major shareholders’ plans for sustained growth. Mark Thomas has a new partner at van Eyk and, more importantly, he has the catalyst and firepower for some big changes to how his business is run and the firm’s continue

Somewhat entertaining commentary on MD report

George Kerr released his "Managing Director's Report" on 29 Aug

I got a chuckle out of this commentary.

Final submissions

A few readers wanted to make the final reminder public, so can you please have your source material submitted no later than 15 September. A friend of the board is currently working on syndication to the New York Times and trying to get Michael Lewis interested as well. This is a good place to start for those of you that do not know Mr Lewis. I am an admirer of Mr Lewis' work and you will enjoy his articles and he has written very good books too, which you can find here. The Bloomberg and Financial Times stories looks like it will happen, but it would be rather nice to get the other two on board as well. We need that source material though.

Cheerio,
jA

Perpetual challenges FMA raids...with your money

While you read the following article by Niko Kloeten on Good Returns remember that Perpetual/Pyne Gould uses company money and therefore essentially shareholder money to protect that what has now become the farsical behaviour of its directors.

J

Perpetual challenges FMA raids

Perpetual Trust has taken the Financial Markets Authority to court over searches of companies associated with Pyne Gould Corporation, as part of an investigation into related-party loans.

 

Baker Street Capital Management accused of double standards by PGC shareholder

I neglected to blog this contribution I received some weeks back. The author accuses Baker Street Capital of double standards, because Baker Street Capital is doing exactly the same things to Pyne Gould shareholders about which they are complaining about in the letter. It appears that Baker Street Capital do not enjoy being beaten with the same stick which they are using to clobber Pyne Gould shareholders.

I edited some of it and provided links.

J

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Dear John,

Jackie xxx (Edited: name withheld) faxed me this letter that Baker Street (Edit: Baker Street Capital Management LLC) sent to a company called Tix Corporation in which they complain about the way the shareholders are being treated. Jackie is feeling more than a bit crook about this affair and still cannot believe that the family’s investment is worthless after they stuck with the Pynes for generations.