Headlines:
| Supreme Court to get Cash Plus status report at 3.30 |
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| Monday, 12 May 2008 | |
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Attorneys representing the Co-Interim Receiver Manager of
Cash Plus Limited said they are on track to present their status report on the
failed alternative investment scheme to the Supreme Court. It is understood that one of three attorneys is scheduled to handdeliver the eagerly awaited status report by 3.30 Monday afternoon. The Supreme Court Judge overseeing the matter should outline shortly after how the Receiver/Manager should proceed. The report was delayed by a week after the Receiver/Manager Kevin Bandoian, applied for a seven day extension to complete his work. Another extension was granted on Friday allowing for Monday's expected submission of the report. RJR News was informed that due to the complexity of the process, additional time was required. Mr. Bandoian was appointed Receiver/Manager by the Supreme Court on March 31. He was given the mandate of determining the status of the assets and liabilities of Cash Plus Limited and its affiliates. This will determine whether pay-outs can be made to lenders and creditors. |