Crown Asset Management keeps Allied Farmers on life support with funding deal

Fri, 21 Dec 2012

By Paul McBeth Dec. 21 (BusinessDesk) - Crown Asset Management, the entity set up to handle assets from failed finance companies backed by the government's deposit guarantee, will take up what's left of the decimated Hanover and United Finance property assets from Allied Farmers. The deal sees CAM take the assets on to its accounts at their $13.5 million book value and pay out $385,433 owed to a trading back which had a claim on sections at Jacks Point in Queenstown, according to a statement to the NZX. The transaction will satisfy $13.1 m...

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