Nathans Finance investors have received 2.2% of their $174 million tied up in the company but receivers PricewaterhouseCoopers say the outlook for them is still gloomy with total returns likely to be no more than 10%.

Many of Nathans’ loans were to parent company VTL, which reported a $133 million loss shortly after Nathans failed in 2007.

The receivers are finalising sales of VTL’s international businesses, 24seven US and Shop24, but the returns are unlikely to be significant for investors.

They have also identified potential claims that could be laid against various parties associated with Nathans and VTL.

Nathans directors John Hotchin, Kenneth Roger Moses, Donald Young and Mervyn Doolan are already facing a court hearing in February 2010 over criminal charges laid against by the Securities Commission.