Investors will start receiving payments from Hubbard Management Funds during February because no appeals have been made against the High Court’s formula for distributing the funds, the statutory managers have announced today.
“The news of a forthcoming payout is positive for most of the 300 investors and will come as a welcome relief. We will immediately commence the implementation of the Court's directions,” said the statutory managers.
“The lack of an appeal has cleared the way for distributions to Hubbard Management Funds (HMF) investors in the first quarter of 2013 as the opportunity to appeal the High Court’s 4 December 2012 decision expired on 23 January 2013.
“The Court’s decision was reached only after a huge effort by the statutory managers to work out who was due what. We’ve been working hard to get to the point where money can finally flow to investors.
“Approximately 70 investors are unlikely to be entitled to any further payment as the interim distribution they received in March 2012 exceeded their entitlement under the final distribution order calculation. The final numbers in this category will change depending on the ultimate asset realisation values.”
In early 2012 following extensive analysis, the statutory managers sought direction from the High Court on the fairest way of calculating what each investor in HMF should receive. Interim directions from Justice Chisholm were received in June 2012, which required further analysis of each investor’s net cash position to be undertaken and a final direction given on 4 December 2012.
“We have now almost completed the verification process of the capital repayment each investor will receive and aim to make the first repayment from the capital return pool during February 2013,” said the statutory managers.
“In the coming weeks, we will be writing to investors to advise the date and level of the first repayment from the capital return pool.”
The next update from statutory managers will be a formal report to HMF investors in mid February 2013.
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