Ranger Direct bolsters Princeton committee to help recover losses

RANGER Direct Lending (RDL) has increased its focus on recovering losses from its Princeton investment.

The alternative finance-focused investment trust, which is in the process of being wound up, said on Monday that it has extended its dedicated Princeton committee to include all board members.

A stock market update said this would “enable the board to deepen its focus on the recovery of the Princeton investment.”

RDL, which backs secured business loans mainly in the US, has an investment in Princeton giving it exposure to direct lending platform Argon Credit, which went bankrupt in December.

The fund has been in an ongoing legal dispute over Princeton’s level of exposure to Argon since last year, but this was further complicated by Princeton filing for bankruptcy.

An arbitration panel has awarded RDL net damages totalling $30.7m (£23.8m), plus pre-judgement interest accruing from 30 November 2016, but it will have to wait until Princeton’s own bankruptcy proceedings are complete to see if it has enough assets to comply with the judgement.

RDL has also appointed a new working committee to oversee its zero dividend preference (ZDP) share class.

The ZDP Committee consists of Dominik Dolenec, Brett Miller and Gregory Share.

Read more: Ranger Direct Lending chairman announces resignation