The liquidators of the stricken ARM Asset Backed Securities life settlements portfolio has said the directors of the fund raised $68.8m (£41.4m) from the sale of its assets in November 2012.
Liquidators BDO last month estimated that ARM has assets of roughly £62.6m based on the sale and other assets, including cash frozen in UK banks by the FSA in 2011. This still left an estimated shortfall of £79.4m in the portfolio based on the liabilities to investors.
UK-based advisers are due to foot the bill for any losses incurred as the fund was distributed by Catalyst Investment Group, a UK-authorised firm which was censured by the FCA last year. However, a potential interim FSCS levy expected this month has been postponed by the compensation scheme.
In an update yesterday to the Irish stock exchange - where the bonds backed by the ARM fund were listed - liquidators BDO said the money would be paid in installments to ARM over the next seven years.
The portfolio was bought in November 2012 by an Irish listed entity known as Financial Credit Investment I Limited, but until now no details had been released about the amount of money raised.