North South investors may recover up to another 8.5c in the dollar
In their six-monthly report filed at the Companies Office yesterday, the receivers Grant Graham and Brendon Gibson said: "In addition to the $31 million still owing to investors, two banks holding security stock are owed a total of $15 million."
GoodReturns had assumed the banks ranked ahead of the debenture holders but in fact they rank equally, KordaMentha says.
Investors have already received 61.5 cents in the dollar back in three distributions (yesterday's report rounded this amount to 62 cents), the last in January this year, and their total return should ultimately be between 65 cents and 70 cents in the dollar, the accounting firm says.
Yesterday's report said there are seven remaining loans totaling $14.6 million on the company's books, one of which is being serviced and the other six have some form of recovery action being taken.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)