Almost a third was hoovered up in legal fees.
The latest payment totals $3.2m | Aorangi Securities investors to get their first repayment
Investors in statutory-managed Aorangi Securities have a sniff of getting most of their money back if court action goes Grant Thornton's way.
High Court judge calls the statutory managers "careless", after rediscovering 72 boxes of documents two weeks before High Court hearing.
More time needed to assess a mountain of documents, which already number some 5000 pages.
"There will be fair few investors now who wish they had never heard the name 'Hubbard'."
Allan Hubbard's widow, Jean, and ASB Bank make claims.
Sign up for NBR subscriber content or email alerts
The easiest way for subscribers to stay logged in is to click the "Remember Me" option on the Member Log In box on the top right of this page.