Last shout ... Undercurrents at Vic Grill ... Money the root of all trouble ... Mrs K comes up with $4.5 million ... Christmas prezzie for creditors
PHILIP Linacre's top heavy investment scheme continues to disturb the peaceful confines of the Vic Grill and the smell of singed flesh gets stronger.
A little while ago The Hun reported (paywall) that the solicitor has been running a "secretive investment scheme that collapsed owing elite business and legal identities more than $9 million".
Investors may have been under the illusion that they were sinking their readies into a mortgage-linked investment plan, rather than a Ponzi round-robin that spun out of control.
Linacre declared himself bankrupt in August and and handed in his ticket.
The mess is still in the process of being sorted and the former franchise law expert is currently undergoing counselling with the Bureau de Spank.
One suggestion, in need of verification, is that some of the "investment" funds found their way into a trust account under the control of a barristers' clerk.
What could be safer?
Rumours that an entire list is in danger of going belly-up are just too fanciful.
Investigations continue …
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By Appointment, Sarah Key
ON other money matters, trustee Max Donnelly reports that the Royal Pain In The Back Attendant, a.k.a. Sarah Key, a.k.a. Mrs Russell Keddie, is to stump up $4.5 million for the creditors of the bankrupt former solicitor, her hubby.
This is almost 100 percent of the claims the trustee was making against Mrs K.
The settlement involves recouping Russell's last minute transfers of his 50 percent interest in properties at Double Pay and Bungan Beach, plus money contributed in capital improvement to a family trust property (most probably the farm), the recovery of money raised through livestock sales, a Range Rover and plant and equipment.
The London apartment that flipped between Sarah and Russell and back again a month before bankruptcy, is not part of the settlement.
The payment from Sarah will be made in two licks - $3 million in a week's time and $1.5 million over six months.
All up creditors are owed between $22-$23 million.
Last we heard from Max, his optimistic assessment of a dividend was for 29 cents in the dollar.
An interim dividend will be paid in time for Chrissy.