Hubbard's Southbury assets worth just $700k, liquidator says

Hubbard's Southbury assets worth just $700k, liquidator says
By Paul McBeth Sept. 21 (BusinessDesk) - Southbury Group, the primary holding company for the empire of deceased Timaru businessman Allan Hubbard, has just $700,000 in cash, according to the first liquidator's report. Liquidators John Fisk and David Bridgman of PwC said the group's investments in other companies and loans with a book value of $195 million are "likely to be of negligible value," in their first report on Southbury. The group owes some $83 million to the now-defunct South Canterbury Finance, referred to as FCS Loans. "The comp...