EXECUTIVE TRUST

Dominion, Volume 28, Issue 106, 29 January 1935, Page 10

EXECUTIVE TRUST

Dunedin DebentureHolder’s Advice SUPPORT LIQUIDATION Dominion Special Service. Dunedin, January 28. A very large amount of money is invested in New Zealand in the Investment Executive Trust, whose affairs are now in the hands of the Public Trustee, and the debenture-holders are naturally concerned to know what is to happen to their holdings. A Press Association message from Wellington published to-day stated that at a meeting of debenture-holders there, it was decided to recommend the Wellington Debenture Holders’ Committee to carry on and resist compulsory liquidation. This decision docs not meet with the approval of a large Dunedin debenture bolder. lu an interview with a "Daily Times” reporter to-day he stated that the opinion of Mr. Norman Levy at the Wellington meeting that reconstruction would return debentureholders pound for pound was. to say the least, premature. Instead of listening to statements like this, said the debenture-holder, would it not be much wiser to await the report of the accountants appointed by the Public Trustee to go into the affairs of the Investment Executive Trust aud its subsidiary companies? “Mr. Levy does not represent my vote.” continued the Dunedin debentureholder, “and I would advise debenture holders to get solidly behind Mr. Coates and support liquidation. I do not subscribe to the popular idea that debenture-holders deserve to lose their money, but they will forfeit all sympathy if they take Mr. Levy’s ideas in preference to the findings of Mr. Justice Rogers. Mr. Levy says there is £1 for £1 on investments. This is good news indeed and a good reason why voters should thank Mr. Coates for intervening in time. They should give him every support and welcome the opportunity of getting their capital returned. If the accountants (bear out Mr. Justice Rogers’s report I advise getting what debenture-holders can out as early as possible and try to forget it. We debenture-holders have had a very unpleasant experience. Wby let us repeat it?”