On jan 20 2010 australian Rubicon US REIT Inc filed for bankruptcy. It filed for bankruptcy five months after administrators found its Australian owner likely to be insolvent. According to its annual report for 2008, Rubicon America Trust had real estate investments worth $529 million as well as $61.6 million in commercial real estate loans. The 2008 annual report also said Rubicon US REIT had issued about $100 million of notes.
Possible Liquidation for Rubicon asset management after Australian Rubicon US REIT BANKRUpTCY
- Property investment fund Rubicon US REIT is a subsidiary of Rubicon America Trust of Edgecliff, New South Wales in Australia. The fund suffered from soured investments in U.S. real estate.
UPDATE : 27 jan 2010
ADMINISTRATORS have wound up Rubicon Asset Management.Propertyreview.com.au - 12:18 a.m. Monday 26th October 2009 EST
Rubicon America Trust's parent, Rubicon Asset Management Ltd, was found likely to be insolvent, according to a letter from administrators on Rubicon America Trust's website. The administrators, Grant Thornton, also said it was likely Rubicon Asset Management would be liquidated.The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.
RAM, which is in administration, is the responsible entity for the Rubicon America Trust (RAT), Rubicon Europe Trust I (RET I), Rubicon Europe Trust II (RET II), Rubicon Japan Trust (RJT) and Rubicon International Lenders Fund (Protected Series 1) (RILF).
RAM was part of collapsed financial service group Allco Finance Group.
Online files on Rubicon Liquidation + links
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1 Dec 2009 ... financiers - REITs, including a snapshot of the Rubicon administration currently being conducted by Grant Thornton. ...