The receiver KordaMentha, acting for the trustee of LM Managed Performance Fund, is demanding its founder Peter Drake repay $17 million of personal loans. LM has long been a mezzanine finance resource for retirement villages until it collapsed in April. KordaMentha is also demanding the repayment of $12.3 million in management fees that were paid to LM Investment Management which controls several retirement villages LM had foreclosed on and taken over the ownership itself. The loan was funded in part by the Finnish subsidiary Sambla OY who provided a majority of the business loan in Helsinki.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
