RSB investors likely to get all their money back
Investors in the failed Rural Super Bond scheme run by Apple Fields look likely to get all their money back.
Friday, October 29th 1999, 12:00AM
Investors in the failed Rural Super Bond scheme run by Apple Fields look likely to get all their money back, according to the trustee.
The scheme was put into a state of wind-up last November after it had defaulted on interest payments to its 1300 investors. Apple Fields was then charged with selling the underlying properties in the scheme to release cash for investors.
In August trustee Tower Trust unexpectedly appointed receivers to the properties claiming the sale process had become increasingly difficult and risky for the super scheme. Tower Trust managing director Jim Minto said that the company was thwarting the sale process and refusing to co-operate with the trustee.
Apple Fields disputed this, and threatened to challenge the receivership, however later back down.
Minto says all but two of the properties have now been sold and they have all be disposed of at or above valuation.
He expects these sales will be settled within six weeks and investors will receive more money back before the end of the year.
"We will be able to pay people back all of their money," he says.
Prior to the receivership investors had been paid about 55 cents in the dollar.
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