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.
Jason Tracy and Glen Kanevsky, receivers and liquidators from the firm Alvarez and Marsal, have disputed Chiodo's claim of a "unitholder-first" deal that would compensate investors before Christmas.
"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 has requested the release of $110 million in frozen funds and the sale of exchange-traded funds (ETFs) worth $210 million, with the proceeds going directly to investors.
The liquidators and Macquarie, which has acquired its members' holdings in Shield, would be bypassed in this proposed settlement.
Author's summary: Chiodo and liquidators dispute Shield remediation costs.