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Ross investors upset at distribution plan

The High Court has ruled on how recovered Ross Asset Management funds should be distributed, and some investors are not happy.

Thursday, August 9th 2018, 8:54PM

In their most recent update, liquidators said they had $18.8 million on hand and were in a position to distribute $17.5m.

But they need the court to determine how that can be done – and whether it can advise them to distribute the money with anything other than a net contribution model - giving it back to investors and creditors according to the money owed.

The liquidators said it could be considered fairer to implement an alternative model, taking into account any payments of capital that investors received before the failure of the firm, or a rising tide model, in which the liquidators tried to evenly spread loss across all investors with higher distributions to those who had lost a greater proportion.

But Judge Kenneth Johnston ruled that a net contribution model was the approach that should be taken.

Investor representative Bruce Tichbon said it was a blow to those who had lost money.

“Hundreds of investors will see even more of their money stolen by the David Ross Ponzi handed to other investors in a new court judgement that defies common sense and fairness,” he said.

"The effect will be that one group of investors will get on average about 65% of their stolen money back and a far larger group of investors can only expect about 14% of their stolen money back.  The better return of the smaller group will occur because money stolen by Ross has effectively been transferred from one group to the other."

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Last updated: 19 October 2018 6:18pm

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