12 January 2009
The Receivers for Bridgecorp have released their December quarterly report. Please click here for the full document.
The Receivers have again been unable to provide any estimates for return citing market conditions, however they do note that they expect to be able to provide guidance at the end of the first quarter of 2009.
October 2008
The Receivers for Bridgecorp have released their October quarterly report. Please click here for the full document.
The Receivers have not released a revised estimated return, indicating that the market is too volitile for them to accurately predict returns.
11 July 2008
Following the recent Receivers report on Bridgecorp the assets were re-valued to $0.17c by Aegis from 30thJune 2007.
Because of the continuing uncertainty over recoveries of the Momi Resort together with the clear direction from the receiver that the expected returns to investors will likely be at the lower end of the range, the mid point of the headline range (13% to 44%) was not considered appropriate. The valuation has therefore been based on the range quoted excluding Momi which leaves the assets positioned in line with Receivers direction.
April 2008
Price Waterhouse Coopers, the Receivers for Bridgecorp, released an update on the 31 March 2008. There are three key points of interest:
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The Receivers have further reduced the estimated range of return to between 16% and 51%. The reasons cited include the continued uncertainty in both the domestic and international property development and finance markets. The market uncertainty continues to make it extremely difficult for the Receivers to provide any clear assessment regarding the timing and amount of distributions to secured debenture investors.
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Recovery action has been initiated against a number of the Bridgcorp Directors in relation to amounts paid to them prior to the Receivership.
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The Receivers are working with Legal Consul and Government Authorities in regard to a number of other potential actions against specific Bridgecorp Directors.
We are keeping in touch with the Receivers regarding both the recoverable amount and any Securities Commission enquiries. Please be assured that we will continue to ensure that investors interests are upheld.
