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  1. #31
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    A final distribution to creditors and noteholders was tentatively "scheduled" for June 2013. In response to an inquiry as to progress, the following reply was received from the administrators:

    "Unfortunately the estimated date for distribution to noteholders has been delayed, due to several claimants undergoing legal proceedings against our adjudication as to their claims. We will be unable to move forward until these have been finalised, and as such, I am not able to provide guidance as to the timing of the distributions.

    The latest update to noteholders can be found on the Deloitte Babcock and Brown website, located at:
    http://www.deloitte.com/au/babcockandbrown

    Please see the circular to noteholders dated 5 April 2013.

    We appreciate your patience in this matter."

    Chances of a meaningful payout appear to be vanishing in a mist of legal and administrative costs, IMO.


  2. #32
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    Quote Originally Posted by macduffy View Post
    A final distribution to creditors and noteholders was tentatively "scheduled" for June 2013. In response to an inquiry as to progress, the following reply was received from the administrators:

    "Unfortunately the estimated date for distribution to noteholders has been delayed, due to several claimants undergoing legal proceedings against our adjudication as to their claims. We will be unable to move forward until these have been finalised, and as such, I am not able to provide guidance as to the timing of the distributions.

    The latest update to noteholders can be found on the Deloitte Babcock and Brown website, located at:
    http://www.deloitte.com/au/babcockandbrown

    Please see the circular to noteholders dated 5 April 2013.

    We appreciate your patience in this matter."

    Chances of a meaningful payout appear to be vanishing in a mist of legal and administrative costs, IMO.

    Thanks for the update macduffy

  3. #33
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    As expected, the chances and timing of a dividend to Subordinated Noteholders recede further into the future. The latest estimate from the Liquidator hazards a date of February 2015, subject to ongoing legal proceedings. Meanwhile, Voluntary Administrators" and Liquidators" remuneration now totals over $4.4m since March 2009.

  4. #34
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    An update, as at November 2014, if anyone's interested.

    The Liquidator's annual report estimates that he will advertise notice of intention to declare dividend to subordinated noteholders in October 2015, if sufficient funds are available. Personally, I'm not holding my breath!

  5. #35
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    The Liquidator tells me that there have been further delays in the legal process. I expect that there will be a formal report shortly - but no distribution meanwhile!


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