Dispute Over Shield Remediation
Paul Chiodo, former director of Shield's responsible entity, and court-appointed liquidators are exchanging criticisms through media releases regarding the recovery of funds and coverage of costs for investors.
Jason Tracy and Glen Kanevsky, receivers and liquidators from Alvarez and Marsal, have disputed Chiodo's claim of a "unitholder-first" deal that would compensate investors before Christmas, as well as the occurrence of mediation.
- Chiodo sought the release of $110 million in frozen funds in City Built accounts.
- The sale of exchange-traded funds (ETF) potentially worth $210 million was also proposed, with the result going directly to investors, bypassing liquidators and Macquarie.
"The judge has urged us to mediate this matter, and the only settlement that makes sense is to make the Shield unit holders whole,"
Chiodo stated in a media release. Author's summary: Liquidators dispute Chiodo's claims.
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