Receiver Statement Regarding Bridging Sales Process prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
James Langton
As PricewaterhouseCoopers Inc. (PwC) works to assess the value of a large portion of the assets held in troubled asset manager Bridging Finance Inc.’s funds, investors may start to get reports showing that their investments are worthless.
In its latest update to unitholders, PwC (which is serving as Bridging’s court-appointed receiver) said that with no reliable net asset value (NAV) available for the Bridging funds, retail investors that hold those funds through dealers may soon be receiving June 30 account statements that record their holdings at zero.
Under securities rules, dealers are required to provide investors with values for their holdings based on market information or “other inputs” in cases where market prices aren’t available. Dealers are permitted to report a value is “not determinable” where they can’t obtain any useful pricing information.