Swishy and Rex 1, Heavy Haulage Australia 0

just heard a rumour that "Lorry Builder" is heading to the auction premises to inspect the offered gadgets!

could be a turning point in the heavy haulage industry if Lorry gets involved.

"what say you"......

newto

one of the things that get's me fired up is that because of this and others you walk into a bank now and mention transport industry can you imagine what hoops you will have to jump through????jon kelly said mcallesse cut him out of the loop any wonder half of nothing is not much whale

I find it pretty strange that the banks get a caning from people for lending money. That's what they do, just like some people sell pies for a living. They buy pies at a price (pay interest to people to deposit money), add an amount to cover working costs and profit, hopefully to sell all their pies (have it all repayed).

The "outrageous" profits go to their shareholders - you! Do you have Super? How do you think it increases year on year? By having shares in banks and other big companies making outrageous profits.

The last thing they want is your business to go bad and have to go through all the drama of receiverships, auctions and legal and accounting recovery costs. You present a case to borrow money - yes the hoops get bigger or smaller according to the economic climate - gauranteeing that what you tell them is true - it seldom is 100% - and also gaurantee you will be able to pay.

If your story does not stack up you won't get the money. Some say they are tough lenders and throwing money at people in the same sentence.

The banks can certainly do better when it comes to getting people over a business hump but they must eventually make a judgement about sending good money after bad.

In the end it is like you telling the hire company you can tap a keg then blaming them for hiring you the tap when your party is ruined by all the beer squirting out over the floor - and they have to send someone around next morning to get the jammed tap out of the barrel. It may have been because a drunk fell over the equipment (unforseen circumstances) but 99% of the time is because your confidence exceeded your capacity to cover your committments.

If you have a strong case you will ALWAYS get a loan - even in a depression - the banks can not exist without lending money. If you find it easy to get money in good times and it turns pear shaped in bad times it is not up to the bank to run your business.

They believed that your story was correct and you had sufficient income and security to cover any and all circumstances. They took a risk on your undertaking. They are not charities.

A bit more heart and maybe the CEO's reducing their salary to $10 million a year might make them look better.

Lang,

You've expressed that very well.

I agree on the Banks position and if John K had walked in with some rubbery numbers chasing a loan, his public profile (from TV) would have carried the day.

I run my own Super Scheme and Banks figure most prominently in my share portfolio and give me a good retirement.

If people don't like their Bank there's another around the corner who is more than happy to have your business.

Well said Lang, it's true- ultimately you can't blame the banks (or anyone else) for what YOU do. Sure, the banks can, and do, stupid, heartless, and or mindless things- but they are run by people just like you and I, and they live or die by the profit they produce. Don't get me wrong, I have no sympathy for them whatsoever- but you are correct in saying you can't really blame the banks for loaning money to what they obviously thought was a good business- or they wouldn't loan them a dime. nobody excpet the recievers wins when a company goes belly up. (But gee the recievers win big time, you should see what THEY charge- makes the banks look like a charity)
I read the book on Alan Bond once, when he was in his heyday, he would just keep buying property, no matter even if he'd spoken to his banks or not. essentially the banks either had to close him down, and potentially lose millions, and loss of face, or keep supporting him in the hope that it would all come good. Eventually it all fell apart, as we know.
Bondy was quoted as saying-
If you owe the bank a hundred grand, you have a problem. If you the bank ten million dollars, THEY have a problem!!!
Very true I think...
Cheers!
Richard

Gentlemen
I do not wish to get into an argument regarding my comments, in particular saying it was greed. I made the comment and stand by it, because in this case the Bank will not loose, however a serious number of innocent people who don't make the profits Bank's do will, with what has happened to HHA.
To put it bluntly a little bit of due dilligence on the part of the Bank would have possibly avoided this situation.
Rex

Well said Rex.
Looks like the unsecured creditors of HHA will have to put their exposure to HHA down to 'experience" & the Australian Taxpayer will be footing the bill for the Staff entitlements..

I understand what you're saying Lang,
But as Rex points out a little bit of research/due diligence by the Bank/Finance company. would have seriously reduced the Pain to the unsecured creditors & expense to the Australian taxpayer.. IMHO

Rex, I thought your comments were a pretty good opinion from someone in the industry.
The receivers report doesn't pull any punches.
My comments were based on reading that, and in that, it states that there receivers haven't had access to any bookwork from before McAleese was involved. I find that a bit curious, in that I would have thought McAleese themselves should have had a copy of the bookwork in their own due diligence before going into a partnership or how to they get to putting a value on the business?
Anyway, this probably isn't the sort of conversation we should be having on a public forum, though if you're going to Alice Rex, I wouldn't mind having a chat over a beer. LOL.

Bigcam.
Would love to meet up better still have a Beer or two or three with you, however I am off to the UK, will be spending a couple of days at the Great Dorset Steam Fair, will be my 3rd visit at the fair it is contagious, you simply can't get enough of it.
You are so right HHA is something that we should not be discussing in detail on the Forum.
Have a great time in Alice, and have an extra beer for me.
Rex

Yes, I do now recall the trip to the motherland, enjoy!