Lombard Finance directors Sir Douglas Graham, Michael Reeves, William Jeffries ( Bill Jeffreies ) and Lawrence Bryant in the High Court at Wellington. Photo / One News
Lombard Finance directors Sir Douglas Graham, Michael Reeves, William Jeffries ( Bill Jeffreies ) and Lawrence Bryant in the High Court at Wellington.
Former chief executive Michael Reeves told the court he had engaged with Lehmans in the lead-up to the failure of his own firm as one way to diversify its business as the finance sector entered troubled times through the tail-end of 2007 and start of 2008.
Reeves said Lehmans wouldn't look at anything less than $200 million, and was happy to for Lombard to lead the partnership.
had the money and wanted to do it - they were pushing us to do this, but in effect we ran out of time," he
said after securing access to begin due diligence on distressed loan books, the assets of some of the firms weren't ideal acquisitions.
was satisfied with his
efforts to ensure the prospectus contained all of the appropriate information for investors, and pressed solicitors Phillips Fox to ensure the deteriorating market in financial services was adequately covered as a potential risk in the amended offer document.
also engaged Minter Ellison to write up the amendments to make sure it eased his
was happy with the independent advice Lombard received from Ferrier Hodgson, now KordaMentha, and its milestone targets made up part of the firm's weekly reports to trustee Perpetual Trust, auditor KPMG and also went to the Ministry of Economic Development and the Securities Commission
also looked at taking on a loan from National Bank or Fortress Investment
that would have ranked ahead of debenture investors, though Reeves
decided against that option.