LM fund receiver's valuation bombshell

Investors in a collapsed Australian mortgage fund might get less than 13Ac in the dollar from their original investment.

Hundreds of Kiwis, if not thousands, invested in LM Investment Management mortgage funds, which were promoted by New Zealand firm Money Managers.

The funds, including the so-called first mortgage income fund (FMIF), were frozen in 2009, as the global financial crisis spread.


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