Allan Hubbard. Photo / Listener
Repayments to investors in Aorangi Securities, one of the failed vehicles in the stable formerly run by Timaru businessman Allan Hubbard, have climbed to 92 cents in the dollar, say the statutory managers, Grant Thornton.
An amicable settlement reached last April with Hubbard's widow, Jean, had saved investors the potential
for extended litigation and might have limited returns to investors to an estimated 35 cents in the dollar, whereas they were now likely to receive full reimbursement, the firm said in a statement accompanying its 15th report on Aorangi.
The report includes detail on the related Te Tua Charitable Trust, and shows that the statutory managers' fees and payments for legal advice relating to Aorangi and Te Tua to date total $10.7 million.
Progress to date was consistent with the expectation at the time of the statutory management being implemented in 2010 that realisations for investors would take three to four years.
In the last six months, a significant investment in a group of mid and South Canterbury farms had been concluded, along with a number of other sales and early repayments of loans.
