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About $7 million is being claimed against the statutory-managed Hubbard Management Fund.
In their 12th report, statutory managers Grant Thorton says Allan Hubbard's widow Jean and her family are contesting $4.3 million and ASB Bank's $2.1 million claim is heading to court.
Grant Thornton has also urged investors not to appeal a High Court judgment on funds distribution. It hopes the court will approve a final distribution formula.
"We are in the unfortunate position where the total value of assets available is likely to be no more than 50% of what would be required to settle the total obligations on investor statements."
Total claims against Mercer Group shares are $3.9 million, including Mrs Hubbard's claim the shares were inappropriately introduced to HMF.
Mrs Hubbard also says she did not consent to the transfer of South American Ferro Metals shares to HMF, which are thought to be worth more than $400,000.
Claims from investors who injected shares to managed by HMF - not cash - are worth about $524,000.
"A further complexity to reconcile is that the HMF accounts show an investment in Aorangi Securities of $3.6 million but only $0.47 million is recorded in the Aorangi accounts," Grant Thornton says in a statement today.
"It appears that the HMF figure is overstated but the reconciliation will be subject to an independent review.
"If this is the case, it will reduce the value of the HMF portfolio."
Grant Thornton has reviewed 20 years of deposits and withdrawals to establish what investors are owed, but no further payments have been made to investors.
Regarding Aorangi Securities, for which Grant Thornton is also statutory manager, a court case to decide Mrs Hubbard's $60 million claim is expected to start soon.
“If we are unsuccessful in these proceedings, this will have a severe impact on returns to Aorangi investors,” Grant Thornton says.
There are also eight or more loans "in dispute or at risk".
Recoveries from third party loans are estimated at approximately $39 million, depending on the market and legal challenges.
Statutory management costs for both companies are $10.86 million since June 2010, including $5.21 million of fees and disbursements to Grant Thornton.
To date, Aorangi investors have received 15 cents in the dollar, totalling approximately $14.5 million.