Bridgecorp investors to receive tiny payout
Bridgecorp investors will receive an interim distribution of up to 3.5c in the dollar but their total recovery is still likely to be less than 10% of the $459 million owed to them.
Bridgecorp investors will receive a distribution of up to 3.5c in the dollar but their total recovery is still likely to be less than 10% of the $459 million owed to them.
Receiver Colin McCloy from PricewaterhouseCoopers said secured debenture holders could expect an interim payment of between 3c and 3.5c in the dollar to be made in the week starting August 15.
The payment follows the resolution of an Inland Revenue claim.“Unfortunately, whilst we continue to vigorously pursue all possible avenues of recovery, we remain of the view that total recoveries to secured debenture holders will be less than ten cents in the dollar,” Mr McCloy said in a statement today.
The IRD had lodged two claims with the receivers, including one for $3.9 million.Bridgecorp, which was headed by Rod Petricevic, went into receivership on July 2, 2007.
The Serious Fraud Office (SFO) laid charges against Mr Petricevic and Bridgecorp finance director Robert Roest last May.
Among the charges are allegations relating to the acquisition of a luxury boat, the "Medici," purchased using $1.8 million of Bridgecorp funds and payments made to a company operated by Janita Wright, a personal acquaintance of Mr Petricevic.
The Financial Markets Authority is also bringing a case, alleging that Bridgecorp directors made untrue statements in investment statements and registered prospectuses in December 2006.
Duncan Bridgeman
Mon, 18 Jul 2011
Mon, 18 Jul 2011
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Bridgecorp investors to receive tiny payout
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