Refund cheques for unsuccessful share applications were sent out last Wednesday. Cheques for the allocated shares will be sent no later than tomorrow. If the listing is revived, the process will start all over again with a new prospectus. Investors will have to reapply and there is no guarantee they will get the amount they were allocated originally. Retail investors will have to bear the interest cost of any margin finance they used to apply for shares. Retail investors' total interest costs are estimated at $112 million to $140 million. The prospectus says the underwriters have 'absolute discretion' to terminate the offer before 8am on the day of listing. As such, it is unlikely they could be sued successfully. Underwriting banks are unlikely to be paid, as this is normally funded from an issue's proceeds. But they may be reimbursed their costs. If the IPO is launched again, they would eventually receive their 1.75 per cent underwriters' commission. The Housing Authority still has to pay legal, financial advisory and auditing fees, and printing and other costs.