News
Tower appoints receivers
Thursday 6th of March 2003
Tower Trust has put the companies behind the Metropolis property bond issue into receivership in the hope of returning at least half of investors' money.
Tower Trust acting chief executive Glenn Clark said the trust has appointed Grant Graham and Michael Stiassny of Ferrier Hodgson as receivers to Pacific Properties (Metropolis) and Courthouse Capital Ltd.
Investors put $21 million into the property bonds in 1998 and are now owed $34 million after the issuers defaulted on payments in May 2001.
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