Receivers John Fisk and Colin McCloy of PricewaterhouseCoopers say in their latest report that a total of $89 million was recovered from borrowers in the six months but most went to those higher ranking lenders.

Sales settled or under contract during the six months from which proceeds were available to Strategic included all residential lots owned by Rakaia River Holdings, which is in receivership, residential apartments in Takapuna, two sections and a house in Queensland, Australia, seven apartments in Auckland and a resort in Rarotonga.

Another resort in Rarotonga is under contract and a third is being marketed for sale, as are a number of other properties including two development lots in Fiji.

The receivers say they are also seeking to maximise the value of collateral securities, including personal guarantees, which Stategic holds and have entered into settlements with six parties which provide for funds to be repaid over time.

However, a number of guarantors of loans are now bankrupt.

The receivers say their estimate of recoveries to secured debenture holders remains between 12 cents and 26 cents in the dollar. The about 10,000 investors owed $367.8 million when Strategic went into receivership in March 2010 have so far received back seven cents in the dollar in three distributions totalling $26 million.

"We emphasise that there are still considerable uncertainties relating to the recoverability of certain property loans which will have an impact on the final recoveries," they say.

"The property market continues to be challenging and volatile, particularly in respect of development land and bare land subdivisions, both of which are prevalent in the (Strategic) loan book."

The receivers say they don't expect to make a further payout before Christmas but they expect to provide an update on their investigations and the timing of a further distribution in their next report due February 15.