Subprime fall-out A large shareholder in Allco Finance Group, the troubled Australian-listed investment company, is heading for voluntary administration after failing to secure agreements with two margin lenders, who are now seeking to claw back shares in AFG.
Allco Principal Investments, which is the main investment vehicle of several prominent AFG executives, will be put into the insolvency procedure after failing to reach a standstill agreement to cover an estimated A$150m (US$139.8m) of margin loans owed to National Australia Bank and Bank of Scotland International, a unit of HBOS in the UK.
