Prime Trust administrator chasing Bill Lewsky and other directors to pay back $90 million

Bill Lewsky made $90 million out of publicly listed retirement village operator Prime Trust in just two quick transactions. He received a $30 million success fee when Prime Trust listed, plus he was somehow given the management rights for the 12 villages for no cost - which he then on sold to Babcock & Brown Communities, now Lend Lease/Primelife, for $60 million. Prime Trust is now in administration, with 9,000 mum and dad unit holders unable to trade their investments. Stirling Horne, the Prime Trust administrator from Lawler Draper Dillon, has issued letters to 10 current and ex directors to repay up to $90 million, including Lewsky. The Trust owns 12 villages, most in receivership with banks chasing money. The banks that financed Prime Trust buying the villages now also want the management rights back from Lend Lease to maximise the sale value of the villages. Lend Lease obviously doesn’t want to play in this game. They understand they acquired the rights correctly. They also have had the responsibility of the residents living in villages in administration. Not an easy place to be.