Lifemark investors have forced a meeting to decide the fate of the troubled portfolio to be postponed while a potential rescue deal is hammered out.
The porfolio's provisional administrator, KPMG's Zia Hossen, has emailed investors saying the 10 November meeting will be adjourned immediately after being opened, following pressure from bondholders for more time. Investors faced choosing between voting for a controlled liquidation of the fund, using a $10m loan from the Financial Services Compensation Scheme, and a 'fire sale' judicial liquidation. A $150m rescue bid from a US investment bank, known as the Seaport Proposal, was dropped after KPMG revealed the bank's name in a public note to bondholders. However the email from Hos...
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