Frozen Hubbard funds’ administration, legal fees top $17 mln

Thu, 01 Aug 2013

By Paul McBeth Aug 2 (BusinessDesk) - The cost of administering the frozen funds of late businessman Allan Hubbard has topped $17 million, of which almost a third was hoovered up in legal fees. Since the Hubbard entities were put into statutory management in 2010, Grant Thornton’s Richard Simpson, Trevor Thornton and Graeme McGlinn have racked up $1.4 million overseeing the administration of Te Tue Charitable Trust, $6.6 million for Hubbard Management Fund and $9 million for Aorangi Securities, according to their latest reports. Of that, l...

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