The 623 investors in two private investment funds operated by the late financier Allan Hubbard are to receive a total of $8 million in the latest tranche of payouts, announced by statutory managers Grant Thornton yesterday.
At stake is about $40 million in the Hubbard Management Fund (HMF) and $96 million in the Aorangi Securities fund, neither of which were covered by the Government's guarantee scheme, which bailed out investors in the $1.7 billion collapse of South Canterbury Finance.
About 400 investors in Aorangi are to share in the fifth repayment, of $4.8 million, meaning they have to date received 20c in the dollar, or a total of $19.3 million.
The $4.8 million payment follows the recent settlement of the ownership of ''introduced assets'' of the Aorangi fund, initially disputed by Mr Hubbard's widow Jean, but since resolved out of court.
''The terms of the settlement meant that most, if not all, of the Aorangi investors' capital would be returned over time,'' Grant Thornton said.
About 223 investors in HMF are to share in the third repayment, of $3.2 million, meaning they have to date received 40c in the dollar, or a total of $8.5 million, on top of an earlier $9 million from an interim distribution in March 2012.
The managers said, at around $83 million, Mr Hubbard's valuation of HMF had been overstated. Last December HMF's gross value was assessed at $40.75 million. Future payments would be ''as and when'' funds became available, Grant Thornton said.
