When Patrick Tollan heard South Canterbury Finance had gone into receivership yesterday morning, he headed straight for the company's head office in Timaru in an unsuccessful attempt to withdraw his savings.
Mr Tollan (26), who invested his money "in good faith" because he understood it was a "safe" company, was told money was not being paid out at the moment.
His mood echoed the weather in Timaru yesterday morning - grey and dismal - and the feelings of others in the city, who described it as a sad day for South Canterbury.
Many remained staunch in their support of Allan and Jean Hubbard.
"I think they should just leave Mr Hubbard alone. Bad things are happening to a very good man," one woman said.
"I don't have anything to do with him [Mr Hubbard] personally, or business-wise. From what I can see, I think he's just a genuine down-home kind of guy. I think he's got everybody's best interests at heart," another woman said.
Timaru Mayor Janie Annear said the receivership came as a shock and a blow to the area.
"However, we are strong and resilient and we will overcome this."
She intended to contact Mr and Mrs Hubbard yesterday to say local people were "really, really feeling for them".
It would not affect the community's respect for what they had contributed not only to South Canterbury but also New Zealand.
Mrs Annear, who described herself as always an optimist, said she had hoped there would be a solution.
Now at least, the speculation was over.
South Canterbury Chamber of Commerce chief executive Wendy Smith said although it was comforting the Government had moved swiftly to protect the interests of investors, there was uncertainty for borrowers with money tied up in their businesses.
While Mr Tollan did not want to say how much he had invested, his savings were important to him, particularly as he hoped to marry next year, and he wanted to ensure his money was safe.
"I know they say they are going to give it back and everything, but it's principles.
"To my way of thinking, you don't take somebody's money if you can't make good on it," he said.
Mr Tollan left the company's office feeling aggrieved.
"I said, 'This isn't good enough. You've got people's money. I just want to know that it's safe'."
Mr Tollan, who has been following the saga of South Canterbury Finance and the placing of its driving force, millionaire financier Allan Hubbard and his wife, Jean, under statutory management, said all he could do now was wait.
He admitted he felt "sick" when he heard that company had been placed in receivership.
He still supported Mr Hubbard, whom he described as a gentleman, although he said he did need to "get with the times about how you do business".
The company is part of the Government's retail deposit guarantee scheme, which ensures investors will get their money back, with interest.
Mrs Hubbard answered the door yesterday at the couple's modest home in Morgans Rd, where Mr Hubbard's trademark Volkswagen Beetle was parked in the garage.
She said the announcement had been a big shock.
Mr Hubbard declined to be interviewed, but later was uncharacteristically forthright when speaking to The New Zealand Herald.
"I cannot allow my reputation to be savagely attacked by this shameful process, and all of those who trusted Jean and me, over so many years, to allow this tragic set of events to go unanswered," he said.
