Sunday, July 04, 2010

Underwear of the rich and famous

Then, on Friday, it is understood Sally was told her plans for a 10-day cruise around Europe had been cancelled. The trip was to be funded by the Hotchins, who were treating "the people who've been good to him" with a holiday, according to a source. The source said they cancelled the invitation after discovering she had been telling people the couple were paying for her and her children to holiday with them. Sally has recently had to cope with her underwear company, James and August Ltd, going into voluntary liquidation in May.
Pants. It has been a rough week for Sally Ridge. Still, if she is not going anywhere, perhaps she could pay a visit to these Hanover Finance investors:
After losing $80,000 in the failed Hanover finance company, an elderly Auckland couple decided to become guinea pigs in a medical trial to earn some "pocket money". The retired husband and wife earned $300 each for taking part in tests of a new flu vaccine for people aged over 65. The 71-year-old former teacher, who did not want to be named, said she and her husband agreed to the trial after hearing about it from friends. They were given an injection and had to monitor themselves for a week before reporting back to medical staff. "It's a bit of pocket money. Every little bit helps," the woman said. "We have a lot of friends who have lost money but it doesn't matter to them because they have lots of other money. But in our case it was fairly important. " The couple will probably have to sell their home on the North Shore, which they call their "retirement project", to make up for the Hanover losses.
Well, there's a funny coincidence: the Hotchins also have a property on the market.
The seven-bedroom mansion has been a lightning-rod for criticism of Hotchin after Hanover Finance, the company he co-owned with Eric Watson, was frozen in 2008 owing $554m to 16,000 investors. Sorensen said his clients would sell once construction ends later this year."It's no longer appropriate for Mark and Amanda to occupy the house. People can draw their own conclusions why they're selling, but most of them are fairly obvious." The property features included a games room, car wash, two swimming pools and a tennis court.
Obvious reasons – you mean they decided that the car wash was a bit ostentatious, that in these troubled times they could cope with just the one swimming pool? Or perhaps they are worried that the Allied Farmers might turn up, carrying pitchforks:
Allied Farmers is considering “substantial” legal claims against directors, owners and officers of Hanover Group in relation to alleged breaches of duties prior to its controversial debt for equity deal last December. In a statement filed to the stock exchange this morning, Allied Farmers said it would not pay Hanover $5 million due today under a contractual agreement for the purchase of Hanover Finance and United Finance assets in exchange for debentures.
Anyway, back to underwear. Here is another coincidence. Mr Hotchin's business partner, Eric Watson, has another business partner, Dov Charney. Together, they own [TRIGGERING - CONTAINS HIPSTERS] American Apparel [possibly NSFW as well]. This fairtrade hipster haven has its critics:
The marketing of American Apparel is unbelievably misogynistic, and not wholesome in the slightest. Basically every company has a human representation of their product, Nike has the athlete, Macbeth has the punk-rocker, American Apparel has the coked out adolescent who may or may not have an eating disorder.
What's more, they make really awful underwear. And the staff wear this stuff. And the company chooses staff based on their appearance. And the company grooming guides encourage male staff to dress like dorks and female staff to look natural and available. On the positive side, American Apparel is broke.

American Apparel is not Mr Watson's only underwear festish: he owns Bendon and he was once married to an underwear model.

So, in shorts, every day is pantytime for Mr Watson; for Mr Hotchin, every day is a holiday. For the people who lost everything to Hanover Finance every day is hell; but that's limited liability, folks.


Samuel said...

A real blinder of a post. Well done sir.

I remember seeing a James & August store in Sylvia Park, and immediately wondering what the point was and who the hell was buying. The apparel range looked a bit like the undergarment bastard child of General Issue and Juicy Couture with the added cachet of large tags saying "est. 2004", strategically positioned to sit over the potential buyer's arse.

Not a pretty scene. I think we owe the invisible hand a high-five for slapping this one down.

Boganette said...

Brilliant post. It all comes full circle. What a vicious circle.

Free Twink mens underwear said...
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