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LM First Mortgage Income Fund squabble settled

The LM First Mortgage Income Fund will be wound up, following a ruling by the Supreme Court of Queensland delivered yesterday.FTI Consulting, the liquidators of LM Investment Management Limited, will take over as the responsible entity of the LM First Mortgage Income Fund.The court rejected a bid by Trilogy Funds Management to take over as the responsible entity of the income fund.Investors in LMIM's First Mortgage Income Fund have had their money frozen for the past four years.FTI said that David Whyte "will be appointed as an independent person to take responsibility for ensuring that the fund is wound up in accordance with its constitution."However, receivers appointed by Deutsche Bank are already in place. LM Investment Management Limited entered administration in March. At the time, it claimed to have a total of A$3 billion in funds under management.

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