A 13 year dispute over former telco giant One.Tel could soon see an end after as former directors James Packer and Lachlan Murdoch edge closer to a settlement.
Packer and Murdoch, who lost $1 billion when One.Tel went under in 2001, say they had been misled about the telco’s financial position.
A settlement payment for Packer and Murdoch is expected to be between $40 to $50 million — far from the $244 million originally estimated by special purpose liquidator Stephen Parbery in NSW Supreme court findings.
Parbery said talks “have reached a very delicate stage” but refused to say when they would be complete.
One.Tel collapsed owing $350 million. Since then liquidation of the company has paid staff the entire $13 million they were owed, but other creditors have received just 21¢ in the dollar, reports the Sydney Morning Herald.
Read more here.
Business Insider Emails & Alerts
Site highlights each day to your inbox.