But those with significant assets, such as Melbourne internet entrepreneur Nicholas Bolton, may not be so lucky.
BrisCon said yesterday its underwriters Macquarie Group and Deutsche Bank had formally agreed to take up the units they inherited from late April, when there was a shortfall of over $270 million on the instalment call. The take-up of the 276.5 million units, from October 29, will mean Macquarie has a 45.5 per cent stake in BrisCon and Deutsche 35.5 per cent.
It marks the end of a six-month period when BrisCon was required, under the terms of the underwriting agreement, to use its "best endeavours" to force defaulting unitholders to pay up.
It issued a stack of writs and statutory demands against defaulters across the country, including "mum and dad" investors.
BrisCon said yesterday that once the units had been transferred to the underwriters "it will not initiate fresh actions in respect of debt recovery (for failure to pay April's call)."
Macquarie and Deutsche Bank could, under their underwriting agreement, take over BrisCon's legal actions.
But it is unlikely either will want to inherit the mantle.
Most actions against small unitholders that are already in the courts are therefore likely to lapse or be struck out.
BrisCon carefully said yesterday, however, that "it expressly reserves its rights in respect of pending proceedings and further actions in respect of these proceedings will be determined on a case by case basis according to their merits".
The Courier-Mail understands this means people such as Mr Bolton, whose Australian Style Investments was paid $4.5 million by Airport Link contractor Thiess Holland when it looked as though ASI might have a chance of winding BrisCon up, shouldn't sleep easy yet.
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