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June 1, 2012 11:00am by David Farrar

Labour’s asset sale

An excellent letter, reminding people of the facts.

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Comment42

NZ Politics
Asset Sales
John Palmer
Labour

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Labour’s 2007 asset sale
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Comments (42)

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BeaB

It’s always great when the people who remember can tell us the truth.

There is no-one quite as duplicitous as a Labour MP.
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June 1, 2012 11:03am
Chuck Bird

Why should Labour let the facts get in the way of a good story?
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June 1, 2012 11:09am
Cunningham

Hahaha priceless!
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June 1, 2012 11:14am
hmmokrightitis

Apology? Looking forward to hell freezing over, duck becoming honest, little doing a hards days work, you name it really.

An apology? Dont hold your breath John. That would require humility on her part. That cupboard is long bare.
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June 1, 2012 11:14am
flipper

Maryann Street ????
An un-thinking labour functionary.
Dumb as a red melon !
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June 1, 2012 11:22am
virtualmark

Note the letter is from the same John Palmer who’s also Chairman of Air New Zealand.

You know, the company that’s majority owned by the Government, but also has shares trading on the NZX. Oddly enough, that hasn’t caused the sky to fall in, or life as we know it to end. In fact, there’s no apocalypse in sight.

The critics of the Mixed Ownership Model need to be challenged to point out just what exactly is wrong with the way Air New Zealand operates. And then they need to be pressed to commit to a buy back of all of Air NZ’s non-Government shares when they’re next back in Government.
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June 1, 2012 11:41am
Adolf Fiinkensein

But the gravy on the roast was the fact they sold it to ‘goddamn evil furriner.’ Hmmmmmmm – Chinese, I wonder?

Kiwi Mums and dads didn’t get a look in.

What a bunch of hopelessly duplicitous pricks they are, these Labour people, especially those from the Clark gangster regime.

The current lot would struggle to make it into F Troop.
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June 1, 2012 11:53am
YesWeDid

Solid Energy have recently bought back that share so Spring Creek is now wholly owned by Solid Energy.

Solid Energy described the investment by US multinational Cargill as a joint-venture so it’s hard to see how Palmer now sees this as an ‘asset sale’. The other joint venture partner is Todd Energy.
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June 1, 2012 12:06pm
double d

of course YWD. you are right . always.
we understand.
if national does it, is an asset sale.
if labour does it. its a JV.
no really, we get it now.
thanks for clearing it up.
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June 1, 2012 12:10pm
YesWeDid

@double d – the Solid Energy press release called it a joint venture, nothing to do with National or Labour.

Cargill bought out the Todd Energy stake in the mine.
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June 1, 2012 12:14pm
double d

just the minor matter that it was a cabinet decision. a labour cabinet and a labour government.
but nothing really to do with them, right?
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June 1, 2012 12:19pm
lastmanstanding

More 2 faced arsehole Socialists. They are just a bunch of loser hypocrites. The Socialists just oppose everything and anything that is good common sense economics. Thats why the Klark/Kullen decade will be viewed in the future as the lost and wasted decade.

Instead of a deacde of building long term economic prosperity for the majority the Socialist cabel condemned the majority to a decade at least of ecomonic austerity.

The failed Klark/Kullen regime will be be taught in history lessons as the way to take a prosperous economy and stuff it.
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June 1, 2012 12:24pm
YesWeDid

@double d – no one is denying Labour were in government when this happened.

I’m sure you can see the difference between someone providing an investment in a company to help it grow as opposed to simply selling off a companies shares.
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June 1, 2012 12:27pm
double d

labours intentions were noble then?
but nationals intentions are money-grubbing?
is that the difference?
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June 1, 2012 12:33pm
YesWeDid

@double d – National’s intentions are short sighted, like most of their policies.
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June 1, 2012 12:38pm
double d

thanks YWD.
same policy, but labour is helping to grow a company, but national is being shortsighted.
very consistent viewpoint you have.
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June 1, 2012 12:40pm
DJP6-25

Just another example of socialists behaving true to form.

cheers

David Prosser
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June 1, 2012 1:22pm
UpandComer

Yeswedid

The policies are exactly the same in all respects, you idiot. Just think of national’s policy as a ‘joint venture’, you idiot.
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June 1, 2012 2:03pm
hmmokrightitis

YWD:”@double d – no one is denying Labour were in government when this happened.

I’m sure you can see the difference between someone providing an investment in a company to help it grow as opposed to simply selling off a companies shares.”

Did you manage to keep from laughing as you were writing that shit – cos I sure as hell didnt when I read it.

Its nice to see the left justification for sales when in power and opposition when not put so succintly.

So, simple version, its right when its left, its wrong when its right. Got ya 🙂

Fucktard.
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June 1, 2012 2:30pm
thas

YesWeDid

A joint venture can easily involve asset sales (shares in the company/joint venture vehicle). That appears to be what happened. Same thing, different wording.
Just like providing investment in a company and selling off its shares
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June 1, 2012 2:30pm
double d

YWD – ass on plate?
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June 1, 2012 2:36pm
YesWeDid

Do yourselves all a favour and read wikipedia’s entry on ‘joint ventures’ and you might learn something.

Still; you all went to schools with 45 in your class so learning something is probably a new experience for you.
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June 1, 2012 3:01pm
Gaharis

You are wrong YesWeDid. On 11 June 2011 Spring Creek Mining Company which was owned 100% by Solid Energy New Zealand Limited sold 51% of its shares to Spring Creek Mine Holdings Limited and 49% to Spring Creek Mining Holdings Pte Limited. The latter was owned beneficially 100% by the Cargill Group of the USA. Solid Energy New Zealand Limited owned 100% of Spring Creek Mine Holdings Limited.

Company’s office link here:
http://www.business.govt.nz/companies/app/ui/pages/companies/1897738/731877/entityFilingRequirement?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2F1897738%2Fdocuments%3Fbackurl%3D%252Fcompanies%252Fapp%252Fui%252Fpages%252Fcompanies%252Fsearch%253Fmode%253Dstandard%2526type%253Dentities%2526q%253DSpring%252520Creek%252520Mining%252520Company

Overseas Investment Office link here:
http://www.linz.govt.nz/overseas-investment/decisions/decision-summaries/may2007/d200710048.aspx

If you want to know about the transfer back its detailed on Solid Energy’s web site.

Know what do you say?
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June 1, 2012 3:04pm
hmmokrightitis

Thats right YWD, we are all wrong, you are right. What were we thinking.

Or…
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June 1, 2012 3:05pm
Mark

National is engaging in a joint venture with the NZ public where the government will control 51% of the company and NZders own 49% of the company.
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June 1, 2012 3:35pm
Cunningham

YWD do you actually see the idiocy in what you said? These power companies need capital to grow and potentially invest offshore. Partially floating them will help get them more capital. Mind you the left hate the thought of any foreign companies investing here so of course they would hate the thought of the energy companies investing offshore right? I wish they did it with Kiwibank to as I am sure it could become a much bigger success with extra capital and external investment. Sadly the left ensure we cannot have a reasoned debate about this.
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June 1, 2012 3:39pm
ross69

I thought proceeds from asset sales were going to pay for the refurbishment of NZ House in London. Clearly, a very productive investment.

http://www.3news.co.nz/Asset-sales-to-fund-High-Commission-makeover/tabid/1607/articleID/255610/Default.aspx
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June 1, 2012 3:54pm
Keeping Stock

Personally, I can’t wait for the Mighty River Power share float. I’ve not dabbled in the stockmarket before, but a gilt-edged asset like that has to be an excellent long-term investment.
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June 1, 2012 3:57pm
ross69

Then there’s the claim that the government will own 51% of shares. That is false.

http://www.stuff.co.nz/dominion-post/business/6734504/Loophole-allows-sale-of-over-49pc
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June 1, 2012 4:04pm
Cunningham

Hush hush Keeping Stock, according to the left you are guilty of treason and they would probably want to throw you in jail for even suggesting that if they got their way. Besides they like to portray that only those evil foreigners will buy shares.
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June 1, 2012 4:05pm
hmmokrightitis

Thats right ross, were going to sell everything to buy new carpet for the London HC building. Jesus, another fuckwit. But thanks again for highlighting the dim nature of your thinking 🙂
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June 1, 2012 4:06pm
Elaycee

“Do yourselves all a favour and read wikipedia’s entry on……….”

Bwahahahaaaaa… Of course! Wikipedia! The font of all knowledge, isn’t it?

Would you like to buy a nice bridge?
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June 1, 2012 4:07pm
hemihua

Stupid people – the left know the exact proportion and makeup of assets the public should own – the ‘joint venture’ was for all our benefit and was the right thing to do at the time!
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June 1, 2012 4:59pm
Positan

Labour and every pontificating leftist resort to extreme terminology like “treacherous and treasonous” in order that their remaining followers, possessed of single digit IQs, will be left in doubt that their “leaders” are condemning, not supporting, whatever it is.

A Nelson mate tells me that Street has as much chance of unseating Nick Smith as seeing Christmas celebrated in June.
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June 1, 2012 4:59pm
bhudson

Then there’s the claim that the government will own 51% of shares. That is false.

They will own 51% of shares with voting rights ross69. That is what counts when it comes to control of the company. Perhaps the notion of B class shares with no voting rights escapes you
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June 1, 2012 6:43pm
bhudson

As I recall, Labour’s more recent hypocrisy WRT asset sales was shown up during the election campaign. Labour at first tried to claim that the dividends for the target MOM companies were extremely high, only for it to be pointed out that the reasons the dividends had been so high was that they had been selling their assets – selling parts of themselves off.

While that shut that line down at the time, I guess Labour is sure that people have forgotten that by now.
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June 1, 2012 6:47pm
elscorcho

This is the problem with Labour (of which I am a member)
We whored ourselves to capitalism and now we pretend we are still virgins.

Well, we aren’t. We need to do what Phil Goff (the best damn fucking Labour MP and it ain’t even close) and say “we made mistakes, we won’t again”

This is the reason I like Kiwiblog (and Whaleoil). We on the left aren’t perfect. You point out that we aren’t. But we should try to be. So when you point out Shane Jones (fat piece of shit) and this, we shouldn’t deny it, we should say “yep, we’ll; sort it”

And thus we become superior.

Nobody agrees with me on the left. pisses me off. Admit your faults, then SMASH the cunts who oppose you
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June 1, 2012 7:17pm
elscorcho

And, I will add, we have a huge advantage. We care about people, John Key doesn’t. END OF TOPIC!!
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June 1, 2012 7:18pm
Luc Hansen

A major problem with the government’s asset sales programmes is that the cash received over the next four years will only approximate the giveaway to the higher income earners in the 2010 “tax switch.”

There is that giant hole in Bill English’s exercise in ideological indulgence caused by the simple fact that the higher income earners will not, in general, spend Bill’s gift on consumer goods attracting GST.

In the meantime, dividend income will be reduced, prices will undoubtedly increase, along with a commensurate increase in societal stress, and the “infrastructure” projects mooted will not produce ongoing cash flows in the nature of direct dividends.

And selling in a time of economic stress is, of course, just plain stupidity.
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June 1, 2012 7:47pm
burt

Luc Hansen

A major problem with the government’s asset sales programmes is that it’s the governments, National’s. If it were Labour’s it would be good…. yes we get that Luc.
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June 1, 2012 8:03pm
freemark

“elscorcho (87) Says:
June 1st, 2012 at 7:18 pm
And, I will add, we have a huge advantage. We care about people, John Key doesn’t. END OF TOPIC!!”

Fuck off, the left wants to keep the population stupid and uneducated (proof is support of hopeless teachers and opposition to performance pay, national standards, charter schools)
The left needs to keep people poor, so that $20 p.w. election bribes are effective.
The left is criminally dishonest, and fatally corrupt, as we know from Klark, Culling, Duck, PornoJones, Littlecock.. etc, etc, etc.
If you got Winstone First on your side, there is no greater indication of a culture of lying, cheating, thieving.
END OF TOPIC.. fuck off to the stranded.
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June 1, 2012 8:06pm
freemark

Luc..

any, any proof or facts behind your bullshit assumptions/lies/propaganda?

Of course not, you are on the wrong blog.. let me point you at a couple of circle jerks with your similarly deluded comrades..

http://thestandard.org.nz/

http://blog.labour.org.nz/

Make sure you brush your teeth afterwards..
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June 1, 2012 8:14pm

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