Hanover investors have well and truly let owners Mark Hotchin and Eric Watson off the hook.
These two former 'stars' of the new 'entrepreneurial New Zealand' have been allowed to keep control of a company they stuffed up in the first place.
Hanover investors, stupidly, agreed to the restructuring proposal. The vote wasn't even close - 93 percent of the people present at the Auckland meeting yesterday agreed to it.
Hotchin and Watson are claiming investors will get all their money back in five years -but it means only 30 cents in the dollar by 2011 and does not return any interest.
Watson and Hotchin who have taken over $100 million out of the company have been allowed to continue purely on their assumption that there will be a massive recovery in the property market in the next five years.
This is a massive step of faith - to put it mildly - especially when we consider that Watson and Hotchin gave the shambolic Dave Henderson $70 million to fritter away on his ludicrous village project near Queenstown.
It would be interesting to know how Watson and Hotchin plan to extract $70 million from Hendo - who, of course, is already being pursued for massive debts from other quarters.
Meanwhile Christchurch City Council officers have apparently been seen poking their noses around several of the over-valued Henderson properties that the Christchurch ratepayer have been saddled with.