and the winner is ...

At least it seems that CIY share holders and FMF unit holders are able to thank the same person for their predicament:-


"...Investors in the listed City Pacific and CP1 ploughed $240m and $100m respectively into those companies, with those investments now virtually worthless. City Pacific founder Phil Sullivan -- a former bankrupt whose former property development group collapsed on the Gold Coast in the 1980s -- amassed a personal fortune while at the helm of the group.

Mr Sullivan owns 16 investment properties -- including 10 luxury Gold Coast waterfront homes -- which he bought in the 11 years when he was the group's managing director. ..."
http://www.theaustralian.news.com.au/business/story/0,,25821428-25658,00.html