ASIC wants LM wound up
Friday, July 19th 2013, 8:19AM
The Australian regulator, ASIC, has asked the Queensland Supreme Court to take action to wind up the LM First Mortgage Income Fund
ASIC said it wanted registered liquidators from PricewaterhouseCoopers appointed as the receivers to wind up the fund rather than see continued fighting for control among rival fund managers and creditor Deutsche Bank.
It believes receivership is the most efficient and cost effective way to provide maximum return for investors.
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