Published on 21/05/2012

Investors' lawyer Peter Whiteside said evidence showed the statements "were largely fictional in nature" and should not be used to determine ownership.

All shares in the company were bought by a single Hubbard-controlled company and owned by another, rather than individual investors.

By email, one investor polled 160 fellow investors and 75 replied. They wanted the assets pooled and given to investors in proportion to their investment in the fund.

A global pooled trust was the only fair way to reimburse investors as that was how it had been run by Hubbard, Whiteside said.

It was also the way the fund had been run by the statutory managers. And, according to one of the managers' reports, it was identified as the only way to divvy up the assets, until the managers changed their stance, Whiteside said.

To read the full story in The Press, please click here.




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