Following a recent move by City Pacific to call recievers to three Gore companies regarding a $145m loan, Gold Coast businessman Craig Gore is bringing a $4m lawsuit against City Pacific and it’s founder – Phil Sullivan – relating to an investment in CP’s First Mortgage Fund.

Alleging ‘false, misleading and deceptive’ conduct by City Pacific, Gore is just one of thousands of investors who have been unable to redeem money invested in the $900m fund, which has been declared illiquid.

City Pacific CEO, John Ellis, who recently replaced Mr. Sullivan has merely stated that the company is “considering their position”.