The story
On 14 January 2008, City Pacific launched a $1.4 billion scrip bid for Gold Coast operator MFS Limited (now Octaviar), however the bid failed.
Redemptions and distributions have been frozen since early 2008, and the First Mortgage Fund has been declared illiquid by CP.
The chairman of the board of directors is Phillip Graeme Downie (FCA).
From Wikipedia’s article on City Pacific, shared under CC BY-SA 4.0.3