Wellington, July 24 NZPA - Collapsed share broker and investment advisory firm von Dadelszen and Co is facing losses of more than $500,000 -- but the liquidator may be able to present a rescue package to a group of worried clients within days.

The Bay of Plenty Times today reported owner Andrew von Dadelszen was understood to be arranging funds to make up the shortfall in his business which went into liquidation on July 14.

Many of von Dadelszen and Co's clients are waiting for money from share and fixed interest transactions conducted through fully-fledged broker First NZ Capital in Auckland as late as July 11.

Mr von Dadelszen, an Environment Bay of Plenty councillor, cut short his two-week visit to Australia - he had planned to attend the All Blacks-Australia rugby test in Sydney on Saturday - to try to sort out his arrangements.

Mr von Dadelszen is a director of Quayside Holdings, which holds the regional council's 55 percent shareholding in Port of Tauranga.

Liquidators Rodewald Hart Brown (RHB) now believe von Dadelszen and Co's indebtedness may be less than the $1m original estimate.

RHB said von Dadelszen and Co's financial affairs seemed intermingled with those of Ravenscourt Finance and other entities controlled by Mr von Dadelszen.

"First NZ Capital is helping us in a big way to work out any unsettled transactions and we will know more next week. At the end of the day there may be some positive news," Mr Rodewald told the paper.

Broker Forsyth Barr, which has an office in Tauranga, last Friday bought von Dadelszen and Co's client list -- including about 100 managed portfolios - from the liquidators.

Von Dadelszen and Co acted as an intermediary broker, but was not a member of NZX, and passed on orders to buy and sell shares to First NZ Capital.

The broking industry had been surprised to learn that von Dadelszen and Co issued its own contract notes -- instead of First NZ Capital -- when the share transactions were completed. Forsyth Barr's Shane Edmond said there was a gap in the regulatory regime.

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