The former founder and chief executive of Sonray Capital Markets (Sonray) has paid close to $200,000 and agreed to surrender all his available assets to the company’s liquidator, Ferrier Hodgson, as settlement discussions continue between both parties.
In a letter from Ferrier Hodgson representative George Georges to Sonray creditors, Georges said Scott Murray has made a payment of $199,116.15, representing his share of the proceeds of sale of his residence.
“The liquidators have not finalised any settlement with [Sonray managing director] Russell Johnson or Scott Murray as at the time of this update,” Georges’ letter, dated 8 July, said.
“Discussions with Mr Johnson are continuing and we are optimistic that a contribution will shortly be made in this regard.”
Last month, Ferrier Hodgson held mediation between Murray and Johnson.
The mediation also included representatives from Sonray, Saxo Bank A/S, HLB Mann Judd, and an Investor Advisory Group comprising Andrew Lythgo, Richard Seaborn, Daniel Faigen and representatives from Arnold Bloch Leibler and Slater & Gordon.
“The discussions between the parties were positive and although no agreement had been reached by late in the evening of 7 June 2011, it was apparent that there was some merit in continuing the mediation on another day to see if the parties could reach a resolution,” Georges said.
He said the parties recommenced mediation talks on 14 June and discussions concluded with a proposal from Saxo Bank A/S and HLB Mann Judd being left open for further consideration by the liquidators and the Investor Advisor Group.
“The liquidators and the Investor Advisory Group have since met on several occasions and discussions have continued with Saxo and HLB to achieve an appropriate outcome,” he said.
No other details on the mediation are available due to the confidential nature of the discussions, he said.
As well as conducting mediation talks, on 5 July, Ferrier Hodgson applied to the Federal Court seeking directions on how to determine the rights of investors to certain cash and property and how they may distribute the available cash and property.
A directions hearing will be held on 2 August 2011.
