CIRCULAR TO BE MAILED
Questionnaire On S.D.F. (N.Z. Press Assn.—Copyright) MELBOURNE, June 6. A circular and questionnaire would be mailed to all noteholders in Stanhill Development Finance (in liquidation) this week, the trustee for the noteholders announced today. This follows a Supreme Court judgment by Mr Justice Gowans a week ago. S.D.F. is a key company in the group formed by Mr Stanley Korman. (About 6500 people invested 4m dollars in its notes. The liquidator recently announced that about 400,000 dollars was in hand or in sight from realisation. This was about 10 cents in the dollar of the money invested by noteholders.) Discretion The judgment declared among other things, that the trustee had full discretionary powers to represent the noteholders in instituting proceedings for alleged misfeasance for the recovery of money or property by way of restitution or compensation. The trustee is T. and G. Nominees Pty., Ltd. The manager of T. and G. Nominees, Mr K. J. Coventry, said today the trustee had been firmly of the opinion that the noteholders should be consulted.
They were the only people who stood to make any financial gain or loss through the proceedings being contemplated.
The form of the circular and questionnaire to be sent out this week to obtain the views of noteholders had been settled by the Court in consultation with counsel, Mr Coventry added.
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https://paperspast.natlib.govt.nz/newspapers/CHP19660607.2.172
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Press, Volume CVI, Issue 31079, 7 June 1966, Page 17
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227CIRCULAR TO BE MAILED Press, Volume CVI, Issue 31079, 7 June 1966, Page 17
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