Repayment to investors in Hubbard vehicle Aorangi reaches 92 cents in the dollar

Thu, 20 Feb 2014

Feb. 21 (BusinessDesk) – Repayments to investors in Aorangi Securities, one of the failed vehicles in the stable formerly run by Timaru businessman Allan Hubbard, have climbed to 92 cents in the dollar, say the statutory managers, Grant Thornton. An amicable settlement reached last April with Hubbard’s widow, Jean, had saved investors the potential for extended litigation and might have limited returns to investors to an estimated 35 cents in the dollar, whereas they were now likely to receive full reimbursement, the firm said in a statement...

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