KEY POINTS:
Bridgecorp's receivers yesterday confirmed investors holding $29 million in capital notes should forget about seeing any of their money again.
Colin McCloy of PricewaterhouseCoopers said most of the assets held by Bridgecorp Investments Ltd (BIL), the subsidiary which issued the unsecured capital notes, comprised intercompany advances to, and shares in, other companies in the Bridgecorp group.
The noteholders' entitlement to the group's remaining assets ranks behind that of secured debenture investors who themselves are expected to receive as little as a quarter of the $430 million they are owed. That made it unlikely there would be anything left for the noteholders.
BIL also has a $1.24 million tax asset, but McCloy said it was unlikely that would be realised either.
"Our investigations into potential recovery avenues continue, and the final position will not be known for some time. We will contact BIL capital note holders if the situation improves sufficiently for any return to be made."
Bridgecorp's 14,500 debenture investors were this month told they should eventually recover 25c to 74c for every dollar invested, depending on recoveries from the failed property financier's $393 million loan book.
Bridgecorp, headed by Rod Petricevic, was placed in receivership early last month.
