More than 14,000 beleaguered Bridgecorp investors are set to get a paltry first payout, four years after the property financier run by Rod Petricevic collapsed owing them about $459 million.
Receivers today announced the failed company's secured debenture holders would get 3.5 cents for each dollar they invested.
PricewaterhouseCoopers partner Colin McCloy said he was pleased to announce the payout, after signalling an interim dividend of between 3 and 3.5 cents in the dollar in June.
He said receivers still thought secured debenture holders would eventually be paid less than ten cents in the dollar.
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Bridgecorp was tipped into receivership by trustee Covenant Trustee Company on July 2, 2007.
Former Bridgecorp managing director Petricevic and ex-finance director Robert Roest have a trial set for next March stemming from charges brought against them by the Serious Fraud Office.
Petricevic, Roest, former Bridgecorp chairman Bruce Davidson, and two other ex-directors Gary Urwin and Peter Steigrad, are also facing charges brought against them by the Securities Commission , now Financial Markets Authority.
- HERALD ONLINE