LM Investments Voluntary Administration (Jan 2017)
The Board of LM Investment Management Ltd (Administrator Appointed) (LMIM, the company) advises that after full consideration of its obligations as a company and its duties to ensure it acts in the best interests of investors in the LM Funds, it is placing the Responsible Entity, LMIM, into voluntary administration.
LM Investments assets are now being managed by two companies with on-going disputes between all parties is causing delays to settlements of issues.
Finally, it looks like some money is going to come back into the fund (after all legal fees are taken out). No indication as to what that is going to mean in our pockets but at least it’s the first bit of positive news for a long time.
Well, the claims and counterclaims are still flying and no money has been returned. Peter Drake and the other Directors have got off scot-free from the Australian courts and the only people making any money out of this are the Administrators and countless solicitors involved. A pretty disgusting state of affairs.
The last update from BDO, the Receivers for the LM FMIF (an underlying asset for the other LM funds) gives some indication of returns to investors of between 13% and 15% but no timescale. This will not be what LM MPF investors will see; they are unlikely to see any of this. Arguments continue.
The latest information I have for KordaMentha and FPI are attached here. I shall continue to keep this updated whenever possible but for the most information you can Contact Me and ask to be put on the LM mailing list.
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