A report filed in federal court indicates that the firm accused of defrauding Carnegie Mellon University and the University of Pittsburgh has assets worth $600 million less than what investors are owed.

The judge overseeing the federal case has not determined how to prioritize investors seeking repayment. But based on the report's findings, if all investors were placed on equal footing, they would stand to get back roughly 60 cents on the dollar from Westridge Capital Management and its affiliated entities.

Court-appointed receiver Robb Evans & Associates LLC stated that investors' claims total about $1.5 billion, but a preliminary estimate shows assets of about $893 million. Robb Evans noted that its report is not an audit but rather an update for the court.

The report, filed last week in federal court in Manhattan, focuses on the activities of several Westridge-related entities, including WG Trading Co. LP and WG Trading Investors LP.

Pitt and Carnegie Mellon sued Westridge and its fund managers in federal court in Pittsburgh in February, asking for an immediate return of more than $114 million the schools had invested. Pitt claims it had invested more than $65 million with Westridge since 2002; Carnegie Mellon, which began investing with Westridge in April, believed it had a balance of more than $49 million with the firm as of Jan. 31.

The schools' suit was stayed after the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission filed their own suits against Westridge in New York.

Separately, the FBI charged Westridge's principals, Paul Greenwood and Stephen Walsh, with securities and wire fraud, claiming that the pair bilked investors and diverted the money to fund lavish lifestyles.