OBVIOUSLY THE CREDITORS LIKE POLO !

After striking a deal with his creditors MFS LIMITED'S founder and polo enthusiast, Michael King, has dodged bankruptcy over $130 million of debts.

King is now locked into an agreement that will require him to make undisclosed payments to his creditors who last month quietly agreed to a two-year ''personal insolvency agreement'' with the founder of the financial group, which collapsed last year owing more than $1 billion.

According to documents filed to the insolvency trustee, King's assets include a laptop and iPod music player (worth a collective $800) and some watches and a wedding ring worth $2000. The former BRW rich lister also had $60.26 in a Commonwealth Bank account and minus $23,442.51 in another account.

Funny, the Canungra property in the Gold Coast Hinterland purchased by King for mor than $6M was not included in the documents filed as an assett of King's, this is now his Polo Farm, Elysian Fields.  Given the polo field is held in trust on behalf of King, it would have been out of reach of creditors had the MFS founder been declared bankrupt.

Under the deal struck with creditors last month, the farm has been included. The trustee has declined to provide details, stressing that creditors could expect to get more out of King through the deal than if he had been declared bankrupt.

All you can say to the Creditors is Good Luck on this on this one !
source: WA Times


Now from the grapevine to be confirmed - Heard that Michael King was involved with the management of a Polo Team included in the competion held at the Packer owned Ellerston Polo, conducted near Scone, New South Wales.  Surely it would be costing him a minimum $100,000 per season to manage a Polo Team.