Hedley, whose empire collapsed last week with debts of around $280 million, owned 58% of Hedley Leisure and Gaming Property Fund.
But receivers Justin Walsh and Richard Dennis from accounting firm Ernst & Young have taken control of the bulk of that stake (43.7% of the company's shares).
The receivers are acting on behalf of secured creditor Suncorp, which is reportedly owed around $90 million.
The stake held by the receivers is worth around $17 million, but they face a tricky job trying to extract maximum value for the stake.
The stock has fallen from around $3.00 to just 0.24c since over the last two years, as investors became increasingly concerned about the company's debt load of over $700 million.
Trying to offload such a big stake in one chunk could further depress the share prices. Instead, the receivers are likely to spend some time trying to find a buyer or buyers for parts of the stake.
But while it will take many of Hedley creditors a long time to recoup their debts, it appears the Cairns-based former plumber did his best to cushion the impact on local tradesmen.
According to a report in The Cairns Post, Hedley ensured all local subcontractors were paid before receivers moved in on the group last week.
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