IMF boon from Sons of Gwalia settlement

Litigation funder IMF (Australia) expects to pocket about $17 million after Sons of Gwalia creditors yesterday voted in favour of a $125 million settlement with the collapsed miner's former auditor, Ernst & Young.


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Litigation funder IMF (Australia) expects to pocket about $17 million . This amount seems extremly high. Would be interesting to see a detailed break down of charges and expenses. Example; how many executive lunches /dinners and entertainment cost. I presume like most administrators they are the only ones to come out miles in front of everyone else.

IMF are litigation funders; they make their money by taking a % of the settlement amount. If they lose they get zero if they win depending on the agreement can get up to 30-50% of the settlement amount. They are not the administrator.

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