Strategic book value deficit at $195.5m
The deficit is based on the stricken firm's estimated assets and liabilities as at May 31 and confirms unsecured creditors are likely to get nothing.
Liquidators John Cregten and Andrew McKay said they won't call a meeting of creditors because they "believe the value of the assets of the company available for distribution to unsecured, non-preferential creditors is likely to be zero."
On that basis, a creditors' meeting would impose an "unreasonable" additional expense on funds available to complete the liquidation.
The financial statement shows Strategic had some $11.7 million in cash, assets and accounts receivable that haven't been specifically charged and are available to preferential creditors. Charged assets include the net property loan book at $234 million, making assets available to secured creditors $246.7 million.
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