First Payout for Bridgecorp Investors

18 August 2011 - Which Way to Pay

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First Payout for Bridgecorp Investors

The 14,000 or so beleaguered investors in Bridgecorp are set to receive their first paltry payout subsequent to the collapse of the company run by property financier Rod Petricevic four years ago. When Bridgecorp collapsed on July 2, 2007 and was placed into receivership by the trustee Covenant Trustee Company, it owed itís investors about $459 million.

Receivers announced that secured debenture holders of the failed company could expect to get 3.5 cents for each dollar they invested. Colin McCloy, a PricewaterhouseCooper partner commented that he was pleased to finally announce the payout after having signalled a similar dividend of between 3 and 3.5 cents per dollar this June. That said, McCloy also said that under the opinion of receivers, it was likely that secured debenture holders would eventually be paid less than ten cents in the dollar.

The Serious Fraud Office are set to charge former Bridgecorp managing director Petricevic and ex-finance director Robert Roest with charges in a trial set for next March. Petricevic, Roest, former Bridgecorp chairman Bruce Davidson, and two other ex-directors Gary Urwin and Peter Steigrad, are also facing charges set against them by the Securities Commission, now known as the Financial Markets Authority.

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