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St Laurence close to receivership or revised moratorium, trustee says
Property financier St Laurence is two weeks away from a decision to put it into receivership or propose a new moratorium, trustee Louise Edwards from Perpetual Trust has told David Hargreaves at BusinessDay (Stuff)
Louise Edwards, chief executive of StLaurence trustee Perpetual Trust, said the size of the bad debt writedowns had triggered an "event of review", the outcome of which could be Perpetual placing StLaurence in receivership. A decision is likely to be made by Perpetual in about two weeks. Ms Edwards says the final decision will be based on what is best for investors. She indicates there are three realistic courses of action. "I suppose we could continue to let the plan operate if we are satisfied that's in the best interest of investors; we could take a reviewed plan back to investors for voting on; or we could appoint receivers."
A full copy of the St Laurence annual report released to the Companies Office is available below. Directors say in the report that the first major payment of 28 cents in the dollar due at the end of November 2011 may have to be delayed.
And these accounts are now
And these accounts are now five months out of date -- a lifetime in the current economic climate. Receivership is now the most likely of the three options in my opinion. Any pretence that those in charge are more likely to extract more value for the investors should be long gone. This should be obvious from the over-optimistic projections given at the moratorium meetings, in that they showed that the management still had no idea of where this market was going. Also, drip feeding payments for between 7 and 22 years was just a joke. Put it under now!