One curious aspect of St Laurence's planned recapitalisation and extended repayment plan (stretching over 13 years) is buried in the body of the 112 page plan dispatched to investors this week. The New Zealand financier is asking debenture holders to vote on the plan on December 5. Founder and CEO Kevin Podmore was congratulated by some for putting up NZ10 million of property and other assets into the recapitalisation plan, but the plan also includes a NZ$3 million cash payment back to Podmore's Auguste Holdings after the property is contributed.The property being put into the recapitalised St Laurence includes a half share of the Hilton Hotel in Auckland, a half share of the management contract for Hilton Hotel, some St Laurence Property and Finance shares and Auguste's interest in a second mortgage over a coldstore property.St Laurence acknowledge the review by PricewaterhouseCoopers concluded, in respect of these assets, that the "eventual cash that the Company will be able to realise from these assets, particularly the interest in the Hilton Hotel, is highly uncertain in the current environment". Directors of St Laurence thus do not plan to sell the interests in the Hilton Hotel until 2011.The assets are said to be worth NZ$17.17 million, minus the NZ$4.17 million of debt taken over with the assets. This leaves NZ$13 million of assets, which is reduced by NZ$3 million through the cash payment back to Auguste.Podmore's Auguste is also providing a NZ$20 million guarantee to debenture holders, which would only be paid out 15 months after the liquidation of St Laurence, with the potential for a further three month delay after the demand from the liquidator.Interest.co.nz