The board of the Arch Cru fund cells has signalled its intentions to ramp up legal action against the service providers behind the investments.
So far, SPL Guersey ICC has launched claims at the English High Court against investment manager Arch Financial Products and the firm's chief executive, Robin Farrell, while summons have been issued in Guernsey against other former directors and the former administrators.
In an update to investors on Monday, SPL chairman Hugh Aldous explained how the board would continue to pursue other parties.
"We have more actions to launch against other service providers," he said.
"The key to resolution will lie principally with insurance companies since all the actions are against parties with some significant insurance cover.
"The best outcome may be a global resolution towards which every party and its insurers would contribute to the benefit of investors who have been so badly served and have sadly lost out."
In his update, Aldous also detailed a raft of legal action in Greece against Nicholas Koros, the man behind one of the shipping ventures in which Arch invested.
He is being pursued by the Greek public prosecutor for fraud, while other civil actions are being brought against him, his wife Olga, his sons George and Dimitrios-Symeon, his parents and his sister Katerina.
Koros is the owner of Salamis Shipyards, which was tasked with the conversion of old ships, a project in which Arch invested $179m and one which SPL insists led to "huge losses" for investors.
Aldous said: "We are participating in proceedings with other creditors opposing an application filed by Salamis Shipyards for protection from creditors and we have an action against a confirmatory oath by Nicholas Koros which we believe to have been falsely given.
"We secured judgement against Nicholas Koros in the UK Court but the enforceability of that judgement in Greece is being challenged by him in the Greek Court. We press on."
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