Investors are sick of waiting

CHRIS Tiley just wants an answer.

“No-one can tell us anything,” Ms Tiley said.

“Until you're in this position, you don't realise no-one can help you.”

Ms Tiley is one of 1180 investors in Coffs Harbour debenture issuer, LKM Capital, who are still waiting for the latest report from the receiver.

Receiver Ferrier Green Krejci Silvia said a report into the recoverability of $28 million in investments would be released in October, but repeated calls by the Advocate to a spokesperson have been unable to secure a definitive answer on when the report will be available.

Ms Tiley said she emailed the receiver and the reply was less than positive.

“They told me it should have been out last Friday, but now it should be out this Friday,” Ms Tiley said.

“I feel like all I'm getting are broken promises and I'm sure other investors are in the same situation.”

Kerry Hawthorne is another investor anxious to see the report.

“It's my son's money in receivership and I have borrowed the same amount of money and put it in a term deposit so he does not miss out on the loss of any principal,” Ms Hawthorne said.

“It's all the money he's got, and every day I come home expecting to see the report in the post but it's not there.”

The latest report is expected to contain potential distributions, a timetable of payments and details of a future debenture holders meeting.

Yesterday a spokesperson for the receiver said he was unable to comment on when the report would be released or why its release has been delayed.



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