4 Feb 2013

Prospect of Hubbard investors getting money back

12:01 pm on 4 February 2013

The statutory managers of the late Alan Hubbard's estate say they are optimistic Aorangi investors could receive most of their capital back, but it is for the court to decide.

Aorangi Securities and Hubbard Management Funds, along with the late Alan Hubbard and his wife Jean, were put into statutory management in June 2010.

Grant Thornton on Monday issued released the 13th report on the late Mr Hubbard's estate.

A statement said Aorangi investors could get almost all of their investment capital back - if the managers are successful in the Court hearing set down for 20 May in Timaru High Court.

A spokesperson said if not, then Aorangi investors will get only about 35 cents in the dollar, including 15 cents already paid which is $34 million in total.

The report is the 13th by statutory manager Grant Thornton.

Some investors of Hubbard Management Funds were told last week they would begin to receive partial payments this month.

However, 70 are unlikely to get anything because the interim money they received in March last year exceeded their entitlement.

Malva Gould, one of 300 investors involved, said she wants the statutory manager to hold a meeting with the investors.