Spot on Camelia. It seems that the litigation proceeds etc. ("proceeds") have been assigned to the new entity which means each share in the new entity will share equally in the benefits so assigned (that is, if there are benefits).
Since the new units in the PIF hold equal sway in the new entity (as shareholders), they'll share equally in the proceeds with all pre-existing unitholders (as shareholders)
That'll save WC some work (and I suspect some embarrasment) in that they won't have to attempt to seek a court order which would allow the manager (in contradiction of the Corporations Act) to not treat members of the same class equally by denying the newbies (as unitholders in the PIF) a share of the proceeds.
When I look at the loss your fund's suffered up to 30 June 2012, it'll be a tall order for any other entity to do worse with the assets - what a mess.
OCV
octaviar limited
