The Financial Services Compensation Scheme (FSCS) looks set to stump up $10m to allow a controlled liquidation of Lifemark after the other main contender for a rescue of the fund pulled out.
Keydata founder Stewart Ford had brokered a $150m rescue bid to put to bondholders who want to try to save the portfolio in the hope their investments will make a return at maturity. It was backed by US investment bank Seaport and was known as the Seaport Proposal. But the bank has now backed out of providing funding after KPMG, the provisional administrator of the portfolio, revealed the bank's name in a public note to bondholders. The only other main option available to investors is a controlled liquidation supported by a temporary cash injection from the FSCS, one the biggest hold...
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