Unpicking LM will take months: Administrators
Advisers with clients in LM funds were told today that the administrators will need longer than usual to report back to creditors on the future of the firm.
Tuesday, March 26th 2013, 3:11PM
by Susan Edmunds
FTI Consulting representatives held a phone conference with advisers on both sides of the Tasman.
They said LM’s frozen First Income Mortgage fund would make distributions as planned, with “minimal disruption”.
The first payout had been due this month.
FTI’s representatives told advisers that they would be applying to the court to push out the second meeting of creditors for three months because it was not realistic for them to have anything to report in the standard 30 days.
It would be at the second meeting that the administrators would reveal whether the firm could be saved or whether it would go into liquidation.
They said advisers who were owed commissions by LM Investments should complete the paperwork to be listed as creditors.
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