No more money for LKM victims
INVESTORS in the failed Coffs Harbour-based company, LKM Capital Limited, have been advised they will not receive any money next month and the timing of the next distribution to them is unknown.
Supreme Court proceedings against LKM's three directors, Rolf Koops, Sandra Martin and Stuart Malouf, have also been dropped.
The investment company collapsed in 2008 owing investors $63.6 million.
Debenture holders in the company, who have so far received 20c in the dollar, were told in April that they would receive a further distribution of funds in November, subject to the successful sale of retirement villages owned by the company in Cairns and Mackay.
But these sales fell through and investors will not see any return from the sale of shares in Odyssey Gaming Limited.
Among the hundreds of bitter locals is Nana Glen's Chris Tiley.
Ms Tiley is the carer for one of the long-suffering debenture holders and has been following the saga for him.
She said he had spent five weeks in hospital due to stress and anxiety about the money he had lost.
"All the money they got for Odyssey will go to the receivers and the tax office, which is owed $390,000," she said.
"All that is left is $568,000 which they are not going to distribute.
"Koops Martin bought it for $9 million."
In their 11th report to investors, which makes melancholy reading, liquidators BRI Ferrier report their attempts to recover loans and sell land and strata title units in retirement villages.
BRI Ferrier still estimates investors will finally receive a net return of 45-55 cents in the dollar.