The Allan Hubbard saga is fascinating if not completely scary for those who have money tied up.

The Hubbard fans have remained loyal in spite of the Grant Thornton report released last week which suggested some strange accounting practices.

Not since the “Bring Back Buck” campaign or “Citizens for Bill Rowling” have kiwis leapt to someone who has had an amazing life of service to his community.

While most of them come from Timaru it is a true test of loyalty because we all know that even the most loyal supporters can change their tune when their own money is involved.   Yet the supporters of Allan Hubbard have stood by him stoicly even though most can’t touch their well earned savings.   Perhaps they have little choice.

Mind you there are numerous stories of his loyalty and support for his local community in the past.

It is a remarkable thing and makes you think that he deserves a helping hand.

And I can’t help but wonder about the timing of the Thornton release just a few days before the much trumpeted deadline for South Canterbury Finance to raise capital and save the business.

And of course Allan Hubbard’s dealings are totally unrelated to SCF but there is a strong link.

It does seem that it is a cashflow issue with SCF and not dodgy dealings as witnessed in the Bridgecorp and Hanover debacles.

I know in the scheme of things any investors contemplating putting mucho money in to South Canterbury Finance will have done the due diligence but the Grant Thornton announcement just last week certainly sent alarming warning signals to all those involved and created the impression that it was all over and NZ was facing the largest corporate failure in its history.

So now the Taxpayer’s facing a huge bill unless South Canterbury Finance can be rescued by the close of play Tuesday.

It may be New Zealand's biggest corporate rescue since the Government's $855 million bailout of Air New Zealand in 2001.

But the alternative scenario which sees the company fail, and the Government would be liable for $1.55 billion in payments to investors covered by its retail deposit guarantee, doesn’t bare thinking about.

And all those South Island dairy conversions would be under threat, which would put the whole dairy industry under pressure at a time when things may just be coming right.