The receivers for OPI Pacific Finance Ltd (in receivership) (“PAC”) (formerly MFS Pacific Finance) wrote to investors on 8 June with an update.

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OPI Pacific Finance, better known as MFS Pacific Finance, has this morning been put into receivership. This follows the Supreme Court of Queensland’s order to put Octaviar Ltd, OPI’s parent, into liquidation.

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A major factor in the demise of OPI Pacific Finance, and its sister company Vestar, was the extensive related party dealings within the wider Octaviar (previously MFS) group.

In 2003 MFS, which wanted to expand into New Zealand, bought Pacific Finance and renamed it MFS Pacific Finance.

In December 2006 MFS bought Northplan from its Ferrari-driving founder Kelvin Sims and renamed it Vestar.

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The OPI Pacific Finance moratorium now looks shaky after the Public Trustee of Queensland won its latest case against Octavier in the Brisbane Supreme Court on 6 March.

The good news is that (more…)

All that time and stress involved in deciding which way to vote, and whether to take the measly cash payout or remain in moratorium, may have been in vain. Fortress Credit Corp called in the receivers at Octaviar yesterday.

The full implications of this move are not yet known and will play out over the next couple of weeks. Here’s a brief background… (more…)

Cash Consideration Offer
Octaviar advised last night that they have agreed to extend the closing date for their Cash Consideration Offer to 4:00pm on Tuesday 30 September 2008.

Octaviar said (more…)

Investors have received letters regarding a complex proposal from OPI Pacific Finance Ltd (formerly MFS Pacific Finance Ltd) and Octavier Ltd (formerly MFS Ltd). We investors have until 6 September to respond. There are two decisions to make… (more…)