Lifemark investors and the Financial Services Compensation Scheme (FSCS) will next month get to vote on whether to opt for a controlled liquidation of the troubled porfolio or plump for Keydata founder Stewart Ford's $150m rescue bid.
Bondholders who want to try to save the portfolio in the hope their investments will make a return at maturity, can vote for the loan deal put together by Ford and US investment bank Seaport - the Seaport Proposal. The largest of the bondholders is the FSCS since it took over the rights of compensated investors. The other main option is a controlled liquidation. This would see the FSCS pump a $10m loan into the portfolio to ward off any immediate defaults of its secondhand life policy assets and keep some of its value intact, while the fund is wound down. The $10m FSCS loan would r...
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