Following the High Court’s dismissal of the appeal by the Appellants, Trilogy Funds Management Limited (Trilogy, we) as Responsible Entity of the Pacific First Mortgage Fund (Fund), will begin to recover claims of up to $72 million.
Commencing this process, the Australian Financial Security Authority (AFSA) has issued notices of bankruptcy against Messrs Sullivan and Swan. The Fund’s lawyers are currently investigating the enforcement of the judgement debt against the estate of Donaldson. McCormick’s estate is being externally managed in New Zealand as he has previously been made bankrupt.
The Fund’s cash reserve is currently invested in a term deposit, expected to be available at the end of this month. When cash becomes available we intend to make a distribution payment to ordinary unitholders of 1 cent per unit. This distribution is subject to legal advice prior to payment.
Funds are also being retained to assist with the recovery of claims against the Appellants.
We will provide another update as further information about distributions and recovery of claims becomes available.