Reduced return for Elderslie investors
Investors in the $140 million of debentures of Elderslie Finance Corporation can expect a return of only 10 cents in the dollar, down from an earlier estimate of 40 cents. About 4000 investors are affected.PricewaterhouseCoopers, the receivers to the failed finance company turned equity investor, estimate that Elderslie incurred losses of around $125 million The Australian reported.The receivers have sold some equity investments but failed to find a buyer at an acceptable price for the lease book that will be retained and externally managed by AMAL, the Financial Review reported.Loans of $97 million to three companies associated with Elderslie's controlling shareholder, Peter George, were "substantially irrecoverable" the receiver told the newspaper.