that's not new, just ask asic

But Michael, are we there yet?
On PIF trail that is?
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LM fund gave loan to Drake

Date July 29, 2013
Michael West Business columnist

Peter Drake gave himself a $26 million loan before his mortgage fund empire, LM Investments, collapsed in March.

Adding this to other loans, including a $16 million loan to a Hong Kong company controlled by the Kiwi-born businessman, and it appears that Drake owes LM at least $46 million and is headed for bankruptcy.

Read more: http://www.smh.com.au/business/lm-fund-gave-loan-to-drake-20130728-2qsnp.html#ixzz2aOEnbxfO