Dear Goggy, I'd like to answer your question from a few days...

Dear Goggy,
I'd like to answer your question from a few days ago.
The $137m debt owed by Octaviar Administration arose from a loan that PIF made to MFS in its dying days. The $206m owed by Octaviar Ltd arose from guarantees made by MFS Ltd to PIF. These loans were assigned by PIF to ARL when ARL was formed in 2012.
The fact that Octaviar Administration has paid only 5.16c per $ to its creditors and Octaviar Ltd has paid nothing to its creditors explains a large part of why PIF unitholders have suffered such large losses since the collapse of MFS.
I hope that makes sense.
Fred Woollard