KordaMentha concludes receivership of Somers-Edgar's Orange Finance with $10M shortfall

Mon, 29 Jun 2015

By Jonathan Underhill June 30 (BusinessDesk) - The receivers for Doug Somers-Edgar's Orange Finance have concluded their work with a shortfall of about $10 million in principal and interest owed to debenture holders of the failed company. Orange froze repayments to some 2,500 investors owed $25.6 million in late 2008 before convincing debenture holders to agree to a moratorium on redemptions and interest payments until the end of July 2011. That deadline was later pushed out another year with trustee Covenant Trustee's approval. Covena...

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