imf update & deadline, page-2

Yep, IMF would LOVE you to particiapte. Just stump up your money and they will go chase OZL (or anyone else if you pay). It's a great business model and very, very profitable.

I don't have much of an opinion of lawyers anyway, but this mob?? (Note Oz mentioned in article below):

Litigation firm IMF in 466% profit rise
February 20, 2009 - 11:14AM

Litigation funder IMF Australia Ltd has posted a 466 per cent first half profit increase after six major cases were settled in the period.

IMF posted net profit of $18.76 million in the six months to December 31, up from $3.31 million in the previous corresponding period.

IMF expects net profit after tax (NPAT) to be in the upper range of between $20 million and $24 million for the full financial year, with three matters required to be finalised before June 30.

On the first half results, IMF said six major cases had been resolved during the period, returning an increase in income from continuing operations of 267 per cent over the corresponding prior period, the company said in a statement.

Total income for the first half was $33.24 million, compared to $9.06 million for the first half of fiscal 2008.

Included in the litigation settled in the half was an action against Aristocrat Leisure Ltd, which gained IMF a net $21.85 million.

Other settled actions involved Downer EDI Ltd, Shenton Park, Meadow Springs, Concept Equity and Reynolds, IMF said, bringing the total net gain for the period of $31.13 million.

The litigator also announced on Friday the conditional settlement of a claim it funded against some directors of Centaur Mining Ltd, with the condition expected to be met by March 31.

If the settlement becomes unconditional, IMF estimates it will receive revenue of approximately $6.6 million and generate profit before tax of about $5 million.

IMF currently is involved in legal action involving Centro Properties Group, ABC Learning Centres Ltd, OZ Minerals Ltd and AWB Ltd.

The company declared a fully franked interim dividend of five cents.

If full year profit of $20 million is achieved, IMF expects to declare a final fully franked dividend of ten cents.