LM Finance Group founder Peter Drake pursued to repay $17 million in personal loans

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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.

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