Ross investors upset at distribution plan
In their most recent update, liquidators said they had $18.8 million on hand and were in a position to distribute $17.5m.
But they need the court to determine how that can be done – and whether it can advise them to distribute the money with anything other than a net contribution model - giving it back to investors and creditors according to the money owed.
But Judge Kenneth Johnston ruled that a net contribution model was the approach that should be taken.
Investor representative Bruce Tichbon said it was a blow to those who had lost money.
“Hundreds of investors will see even more of their money stolen by the David Ross Ponzi handed to other investors in a new court judgement that defies common sense and fairness,” he said.
"The effect will be that one group of investors will get on average about 65% of their stolen money back and a far larger group of investors can only expect about 14% of their stolen money back. The better return of the smaller group will occur because money stolen by Ross has effectively been transferred from one group to the other."
