Not a lot is happening on the Bridgecorp front at the moment. The situation can pretty much be summed up as followed:
Bridgecorp (Australia) owes about 1'000 people roughly $24 million. This can be divided into two groups: Debenture Holders - $19m, and Unsecured Note Holders - $5m. Bridgecorp also has other liabilities of ~$3m.
Bridgecorp has assets of ~$50 million -- on paper. $14m are loans to other parts of the Bridgecorp empire (which has collapsed), $7m is a tax refund that looks uncertain, and $18m is owed by a property developer in Queensland.
How much investors get back depends on how many of these assets can be realised -- a lot, for example, depends on how much this property developer can pay back. Once the monetary position has been finalised, the debts are paid, with Debenture Holders preceeding Unsecured Note Holders, and shareholders right at the end.
Judging by the coverage, there's little for me to do but sit around and wait for information. And contemplate whether choosing Unsecured Notes was worth the extra few percent interest.
Bridgecorp (Australia) owes about 1'000 people roughly $24 million. This can be divided into two groups: Debenture Holders - $19m, and Unsecured Note Holders - $5m. Bridgecorp also has other liabilities of ~$3m.
Bridgecorp has assets of ~$50 million -- on paper. $14m are loans to other parts of the Bridgecorp empire (which has collapsed), $7m is a tax refund that looks uncertain, and $18m is owed by a property developer in Queensland.
How much investors get back depends on how many of these assets can be realised -- a lot, for example, depends on how much this property developer can pay back. Once the monetary position has been finalised, the debts are paid, with Debenture Holders preceeding Unsecured Note Holders, and shareholders right at the end.
Judging by the coverage, there's little for me to do but sit around and wait for information. And contemplate whether choosing Unsecured Notes was worth the extra few percent interest.
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