At last - some answers for Blue Chip investors

Tony Collingwood and Maree Aitkenhead are waiting to hear what chance they have of seeing any of their money again. Photo / Paul Estcourt

Progress report due this week on liquidators' investigation into Blue Chip companies About 2000 Blue Chip investors will soon hear about the fate of their $80 million.

After a torturous two-year wait, the mostly elderly investors who used their homes as equity to buy apartments will learn about the chances of getting some repayment.

Jeff Meltzer, liquidator of Meltzer Mason Health, said he would release news on the failed property venture in his six-monthly update on 22 companies which made up the Blue Chip business.

His reports will show work carried out by the liquidation team in the last half-year. Full updates will be posted on the Companies Office website and Meltzer said he would also issue a statement.

He expects to announce progress this week.

"We're still at the investigation stage. We know the path we want to head down out of the work we have done so far. It's by no means completed but I am confident we will get some money for investors," Meltzer said.

Fellow liquidators are Aaron Heath and Lloyd Hayward. In December, Meltzer was reported as saying he was just two to three weeks away from deciding on what action to take.

Blue Chip collapsed in February, 2008 and many have suffered extreme hardships, including being forced to sell their family homes and re-entering the workforce to earn money to survive.

Last week, the District Court dealt with charges against Blue Chip co-founder Mark Bryers, who did not appear at the hearing.

But a small group of upset investors vowed that an angry mob would be waiting for him when he returned on May 20 for sentencing.

Those at the court included Tony Collingwood and Maree Aitkenhead, who are both claiming money from the collapse.