Basis Liquidators Want Piece Of The Pie

Mar 13 2008 | 8:59am ET

Investors in collapsed Australian hedge fund Basis Capital Management received some more bad news yesterday, as the funds’ liquidator said it is considering a claim for some of what’s left of their assets.

Grant Thornton’s lawyers told New South Wales Supreme Court that it may lodge a claim for a slice of Basis’ assets. As it stands, the Basis Yield Fund has a value of just about two cents on the dollar.

Worse still, the liquidator’s move could delay any distribution of the meager remaining assets.

The parties are due back in court next month to thrash out the issue.

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