Archive
LM director identified in related party loans totalling $17 million
Apr 04 2013
1 min read
The Weekly Source

The administrators of the $740 million failed Gold Coast funds management group LM have discovered related party loans of approximately $300 million, with $17 million being lent directly to CEO Peter Drake. LM holds several retirement villages as assets following investments it made pre-GFC in the sector. It also has lent funds to existing village operators which may now come under pressure.

Latest stories

The Weekly SOURCE

Don’t understand housing supply? Read these two excellent reports

Last week our Content Editor, Ian Horswill, walked up to me and said “you must read this report”. He was right, and it was very sobering. Titled ‘Rental Affordability Snapshot 2024’, published by Anglicare Australia, it broke down how many...

Chris Baynes
14 hours ago
The Weekly SOURCE

Please Jim, make history: Mention retirement living in the Federal Budget

Villages Acts are the domain of the States and Territories yet Retirement Living Council (RLC) Executive Director Daniel Gannon, President Tony Randello, CEO of Aveo, and Vice-Presidents Kim Teudt, Executive General Manager Retirement Living for...

Ian Horswill
15 hours ago
Development

“We’ve got a really big waiting list. The demand is massive. Extraordinary”

The Melbourne-based business which owns and operates Anchor Point retirement village in Warrnambool, the town on the Great Ocean Road, is spending $8 million to add another 27 units due to the demand. Anchor Point is positioned as an ‘Over 55...

Ian Horswill
15 hours ago
The Weekly SOURCE

Aspen’s bid to buy the 52 rental retirement village operator Eureka is dead... for now

David Dixon and John Carter (pictured below) look to be stymied in their current bid to buy the country’s only pure play owner/operator of over-55s rental communities and create a $500 million affordable housing company. Aspen Group’s CEOs have...

Ian Horswill
15 hours ago