Schnowzer,
It was always a leveraged investment, our money forming part of the deposit with the bulk of the money borrowed. That was never a secret and is there in the original documentation.
Don't worry, I'm just as p1ssed as you, but it is thee fact that a property was bought for 19 mil and is now valued at 6 that has shafted us.
MAYBE EPI should have seen the writing on the wall a lot earlier and gotten out while there still WAS some value- I remember a certain red-Headed guy saying, in a meeting, that a sale at that point would mean a 15% loss, but that staying in would achieve a return after 5 years instead of 3. In retrospect he must have been smoking something REALLY good.
What I am pretty sure of is that the Foxtrot syndicate guys have a VERY good case for making someone pay- invest in a UAE property fund, then have your money loaned to a failing Australian development that the directors of BOTH funds happen to have money tied up in- Now There's an interesting scenario!
The Oceania fund was downed by the GFC, but I'm very upset to think friends and colleagues money invested in the Foxtrot scheme- which was largely liquid and could simply have been refunded with a small loss- has been lost in a "Good money after bad" desperation move.