A judge has been given the task of deciding how to distribute $19 million worth of shares held by collapsed Forluxe Securities and its finance arm.
However, the value of the shares held by the companies at the Central Clearing and Securities System (CCASS) is significantly short of the $66 million in total claims submitted by 440 clients.
Moreover, clients could receive negligible payouts after legal costs and the liquidators' bill are settled.
The same issues dealt with in the CA Pacific case at the Court of First Instance cost clients at least $13 million.
Provisional liquidation costs for Forluxe Securities and Forluxe Finance came to $4.77 million even before the winding-up order was made.
However, clients opted to await the outcome of the CA Pacific case before proceeding with the distribution of shares held by Forluxe.
In December 1998, Madam Justice Maria Yuen ruled that CA Pacific clients had retained a beneficial interest in the securities held in CCASS.