Hubbard Management Funds' statutory managers will head to court to figure out the best way to return funds to investors.
In their ninth report, Graeme McGlinn, Richard Simpson, and Trevor Thornton say complex issues surrounding the management of the fund mean the court needs to determine the fairest method of distributing the funds.
They say the value of the investments reported in statements by Mr Hubbard in March 2010 was significantly more than what the investments were worth at that time, and with the global volatility, the value has declined further.
The value of the fund is now about $44 million.
The statutory managers says the fund appears to be have been constructed on a high risk, high return philosophy, and it did not have any documented guidance structure or methods to allocate investments.
The hearing is expected to start in the middle of next year, but the statutory managers say the complexity of the matter could affect the time needed to complete proceedings and for the Court to reach a determination.
Aorangi Securities
Meanwhile, in their ninth report on Aorangi Securities, the statutory mangers say disputes and unresolved issues about the ownership of some assets are delaying the realisation of investors' money, and no further payments are likely until the middle of next year.
They say $34 million has been returned so far, but another $20 million is being held up while a dispute is resolved.
Allan and Jean Hubbard were place in statutory management in June last year, along with seven charitable trusts and two investment vehicles.
After Mr Hubbard died in a car crash on 2 September, 50 fraud charges against him were withdrawn and the couple were later released from statutory management.
The statutory management of Hubbard Management Funds has so far cost $2.5 million, while the statutory management of Aorangi Securities has cost $3.4 million.
