Investors in Mayfair 101's $67 million secured notes have been told to brace for a total loss as a report filed by provisional liquidators claimed the company behind a highly publicised purchase of Dunk Island in Queensland was doomed from the start.
Said Jahani and Philip Campbell-Wilson of Grant Thornton branded the business model of the M101 Nominees, in which short-term secured notes were raised from the public and loaned to another company within the group, as unsustainable and insolvent from inception in November 2019.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
