A group of investors has pledged A$7.1 million to recapitalise Gippsland Secured Investments.More than half these funds have been pledged by existing investors in GSI notes willing to exchange those holdings for equity. Only $2.2 million is new funding.A term sheet released last night identifies the "rescue group" as chaired by David Johnston and states that its aim is to "stabilise GSI in the short term, and provide a means through which noteholders will receive 100 cents in the dollar.John Dahlsen, a former director of ANZ, is one member of the rescue group.Gippsland would close its existing debenture business and set up two new managed investment schemes to continue the business and assume $139 million in liabilities.The rescue group aid there would be a "significant loss" top noteholders in the event of liquidation, and said they believed there as support for a local lender.Johnston and four others will join the GSI board.This afternoon, the Federal Court is due to resume a hearing on whether to appoint a receiver, as proposed by the Trust Company.