Forum Archive Index - February 2004

[Marilyn Munroe <who.c@res.co.nz>]

In Thursdays Christchurch Press was an article which intersected two of my 
favourite bugears;

        * Corporate governance at the Lyttelton Port Co. &

        * PPCS illegal takeover of Richmond.

The article informed us that David Stock, a Christchurch barrister has been 
retained as a director of Christchurch City Holdings. The expression 
"raised eyebrows" was used in the article to describe the appointment.

Mr Stock was strongly criticised by Justice Young over his actions as PPCS 
legal adviser in the illegal takeover.
http://www.sharechat.co.nz/features/nbr/article.php/74f63464

A quote from the judgement concerning Mr Stock;

Stock & others had "cast a considerable collective shadow over the              
                                                               
credibility of their evidence".

The Press article says that Mr Stock claimed to have been acting on 
instructions. This type of claim is commonly known as the Nuremberg 
defence.(1)

Mr Stock was a director of Coal Corp when it had considerable difficulties 
with foreign exchange transactions.

Christchurch City Holdings is a majority shareholder in Lyttelton Port 
Company.

Some may say that as a shareholder in the port Co. I am being over anxious as 
Mr Stock is not a director of the Port Co and thus has little influence on 
the affairs of the Port Co.
 
I disagree. Christchurch City Holdings has in the past thrown its weight 
around. It intervened to putch the managing director and chairman when it 
lost its nerve during labour contract negotiations and negotiations with 
P & O regarding the intoduction large container vessels.

I am tempted to follow the advice of Pierpont, a columnist in the Australian 
Financial Review. ".... if you're unhappy with what's happening in your 
company, 10 times out of 9 the right thing to do is sell."

But I am reluctant. LPC is a great company, it just needs to be run better.

Boop-boop-de-do Marilyn

(1) Not to be confused with the Chewbacca defence, first outlined in that 
novel source of jurisprudence, the animated television series South Park.
        http://en.wikipedia.org/wiki/Chewbacca_Defense

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