KPMG Inc., acting as the trustee in bankruptcy for the Portus Estate, has begun mailing cheques representing a return of 62¢ on the dollar to some 19,000 investors in the failed hedge fund, the firm said Thursday.

This is the trustee’s third allocation to Portus investors to date. Two previous allocations have totalled 30¢ on the dollar. With this, the most recent and largest allocation, Portus investors have recovered 92¢ on the dollar.

“Pending resolution of some estate administrative issues, there is also likely to be a small final allocation as well, though the amount and timing of this has yet to be determined,” said Robert Rusko, sr. vp., KPMG Inc., in a release.

“This is an extremely positive result for investors, especially given the scope and complexity of the Portus failure and bankruptcy,” Rusko added.

IE