Aorangi Securities investors have now received 92 cents in the dollar and the Statutory Managers remain confident that they will be able to return most, if not all, of the Aorangi investors’ capital.
“Since the amicable settlement with Mrs Hubbard, reached in April 2013, 77 cents in the dollar has been distributed to investors, taking the total to 92 cents,” said the Statutory Managers in their latest report to investors.
“The return of most, if not all, of the investors’ capital represents an excellent outcome for investors, particularly considering the litigation risk that surrounded the “introduced assets” claim. If the court case had proceeded and been lost, Aorangi investors would have only received an estimated return of 35 cents in the dollar,” concluded the Statutory Managers.
The return of capital to investors is occurring in accordance with the 2010 estimate by Mr Hubbard, in conjunction with the Statutory Managers that it would take 3 – 4 years to return the capital.
In due course, when most if not all of the investors’ capital has been returned to investors and the statutory management of Aorangi ceases by Order in Council, control of Aorangi will be passed back to the director. As part of this process the Governor-General has recently signed an Order in Council that will release Temple Bar Family Trust from statutory management with effect from 20 March 2014.
The next report from the Statutory Managers is expected to be issued in July 2014.
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