Three businessmen face an anxious Christmas period as they wait a little longer before hearing if they are guilty of alleged multi-million dollar crimes committed during the global financial crisis.

The long-running saga involves Paul Bublitz, Bruce McKay and Richard Blackwood, who are accused of deliberately misleading investors and potential investors in an attempt to rescue failing investments during the collapse of 2007–2008.

McKay and Blackwood were serving as directors of Viaduct Capital, while Bublitz was a board member for Mutual Finance, when the two firms went into receivership in 2010 - owing investors $17 million.

The Financial Markets Authority (FMA) began its investigation of the group in mid-2011.

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It accused Bublitz of allegedly using Mutual Finance and Viaduct Capital to support his property investments, while McKay and Blackwood were charged with helping him.

The trio's first trial, which lasted nine months, was aborted in May last year after thousands of documents weren't disclosed to the men's legal teams.

A judge-alone retrial began in August this year in the High Court at Auckland, with Justice Kit Toogood due to deliver his verdicts this morning.

But the judge, who is due to retire next year, deferred his decision until February, forcing the three men to wait a couple of months more.

Bruce McKay (pictured) is accused of helping Paul Bublitz allegedly mislead investors. Photo / Greg Bowker
Bruce McKay (pictured) is accused of helping Paul Bublitz allegedly mislead investors. Photo / Greg Bowker

The FMA charged Bublitz with 10 counts of theft by a person in a special relationship and two charges of making a false statement by a promoter.

McKay faced three charges of theft by a person in a special relationship, two charges of making a false statement by a promoter, and one charge of making a false statement to a trustee.

Blackwood, meanwhile, was charged with four counts of theft by a person in a special relationship and one charge of making a false statement by a promoter.

During his opening address at the retrial, FMA prosecutor David Johnstone said Bublitz used the two finance companies not in a bid to advance its own business affairs, but instead "in the purpose of attempting to rescue his failing investment".

Richard Blackwood served as a director of Viaduct Capital. Photo / Greg Bowker
Richard Blackwood served as a director of Viaduct Capital. Photo / Greg Bowker

Johnstone told the court the trio were deliberately misleading investors and potential investors in both companies during the GFC.

The group, he continued, "stole or enabled the theft of a substantial part of the finance companies capital" which the Government had contributed to.

After the first trial was aborted, FMA prosecutors continued to pursue its prosecutions against Bublitz, McKay and Blackwood but dropped its case against a fourth director, Lance Morrison.

He was also on Mutual Finance's board.

When the first trial was halted, New Zealand's financial markets watchdog had already spent more than $1.65m on external lawyers, investigators and other services in the case.