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.