As reported in the Fairfax media, the administrators of Peter Drakes LM Investment Management, FTI Consulting, have build $3.2 million between March 19 and July 31 this year thats $24,000 a day. They were selected and appointed by LM firstly as voluntary administrators. Judge Jean Dalton of the Queensland Supreme Court is quoted last week that the two insolvency practitioners, John Park and Gunette Mulle, preferred their own commercial interests to the interests of the fund. LM has a number of retirement villages under its financial control in QLD.
Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski
Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of...