First Step investors will likely get more repayments this year
Calibre Asset Services chairman Edward Russell told investors in his end of year report that they "anticipate the next repayment to investors will be made in the first half of 2010," though this will not be made in respect to all six of the trusts.
"In addition, we advise that we expect to be able to make further repayments to investors during 2010," he said. Calibre anticipates a cash inflow of some $69 million.
That comes after the trustee had to write down a further $53 million to Geotherm over the loans to a geothermal project in Taupo, and the $13.5 million to Structured Finance, which entered a moratorium last month, leaving the total cash shortfall at $170.7 million.
The trusts were also forced to make "considerable write downs in the value" of its loan to Club Finance, which ultimately had a complaint laid with the Serious Fraud Office by non-executive director Doug Somers-Edgar following a review into its loan portfolio by KordaMentha.
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