$40M will be returned to the mums and dads who invested in the Gold Coast based LM Investment Management Fund which lost $400M when it collapsed two years ago.
The proceeds come from five QLD retirement villages that LM funded. Their sale achieved robust values, negotiated by Colliers, compared to expectations.
LM founder Peter Drake, according to The Australian, will go down as the third largest bankrupt in Australian history. All up 12,000 investors across the world lost $750M, most from Canada.
