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Receiver still untangling OPI Pacific's position

OPI Pacific receiver Colin McCloy of PricewaterhouseCoopers has told investors he is unable to give an estimate on how much money he will be able to claw back for them as he continues to untangle the failed finance company's books.

Monday, 10 May 2010

by Paul McBeth

In a letter to investors, McCloy said the "complexity of the receivership, the various claims being pursued and the investigations being carried out by the receivers, (made) it extremely difficult to estimate the return to secured debenture holders." The company formerly known as MFS Pacific paid out 22.19 cents in the dollar under the terms of its moratorium arrangement, but was sent to the receivers last September.

"We are continuing to progress potential claims and our investigations into the affairs of OPI Pacific Finance and are making every attempt to maximise the return to secured debenture holders," McCloy said. "Further time is required to continue the various claims and our investigations before we will be in a position to provide investors with an estimated return."

OPI Pacific had, as at August 31, a net $33.3 million on its loan book, and $20.9 million in respect to a loan to a related company, though McCloy said the companies mainly held second or third ranking mortgages.

McCloy said he had submitted claims in the liquidations of Octaviar, the company's Australian parent, which agreed to cover losses relating to OPI Pacific loans under a put option, and he is waiting to receive confirmation that these have been admitted for the purpose of paying a dividend.

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