The biggest investor in one of Allan Hubbard's now defunct businesses has defeated an attempt by the statutory manager to limit the amount he is owed.
The statutory manager for Hubbard Management Funds claimed nothing was owed to Graham Carr even though he had invested in it for 24 years.
The High Court has now ruled he is entitled to the money although it has suppressed the amount involved.
Because Mr Carr is the fund's biggest investor, the ruling means the other 300 investors are unlikely to receive as much back.
The Geraldine deer farmer said the statutory manager was trying to argue this was a reason not to pay him what he was entitled to.
"The point was everybody was entitled to what they should get. We didn't want anything more than what we genuinely felt was our entitlement."
Mr Carr said there should be enough money in the fund to pay everybody what they're owed.
Statutory manager Graeme McGlinn said he was working through what impact the ruling will have on the money still due to investors.
So far they have received 50 cents for every dollar invested, totalling $20 million.