# Equititrust?



## kostag (23 June 2010)

I'm an Equititrust investor -  historically, all has been good -  bit I am hearing some disquieting developements -  such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge -  same auditors as MFS used -  same business model -  and even Royal Bank of Scotland loans outstanding/overdue.  There was a press write up about a loan to Al Konstaninidis going bad etc -  and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.


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## Julia (23 June 2010)

Are you able to simply withdraw your funds if you want to?


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## Buffettman (23 June 2010)

Thanks Kostag for the info.  I wasn't aware that Equitytrust had the same business model as MFS.  I didn't even know they had a tourism business nor did I know they were a listed company.  Can you please tell me a bit about these?  What tourism businesses do they invest in?  What is the stock code for Equitytrust?  I couldn't find it.

Isn't that Al guy the one who was involved with Paul Keating in the piggery business?  Isn't he on criminal charges now for fraud or something?


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## Buffettman (24 June 2010)

Kostag,

Mate I think you might be confused.  I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed.  He also said they owe no money  to Royal Bank of Scotland.

Are you confusing them with someone else?  He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time.


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## kostag (25 June 2010)

Hi Buffetman

you have found out more than me and from what you say all sounds good. I dont think that they have any tourism businesses or whether they are listed or not. I dont know that listing helps or hinders. There annual accounts refer to $53M of unpaid redemptions -  now that might be just an issue of caution and prudence. However there are a lot of investors, trying to get their money back, who can't.   I do know from Linkedin search and as per the newspapers that the two MFS excess Anderson and Kennedy are now in charge. I also ready an Choice magazine article that referred to a shonky award for a $40million 'guarantee' that was not really a guarantee. So I don't know where the $70millions comes from. Now Ron or whoever may be right and I trust that he is. But $40M is not $70M and if the market has fallen since the days of the $40M, then that $40M may have turned to vapour. I did read in an artcile by a Mr Nicols on the Gold Coast that Equititrust was owed over $35M by Jimmy Raptis, who I think has gone south again. So if that $35M comes off the $40M, then I dont know what Ron is alluding to. As to the Banks being owed money, my financial planner has some dealings with an existing borrower of Equititrust and he had heard (all rumour I know) that the Royal Bank or something like that was owed about $35Million. Again, you have  to be careful just passing on rumour but there are some issues that cannot be denied and that is something about $40M which if Raptis is $35M (and working on basis of no other bad loans) then $40M is now $5M. and there are 2 ex MFS execs in Court who are now in charge of the outfit. That seems to be fact. Now finally, this is the bit that worried me. When I saw the statement about Raptis owing Equititrust moneys , I looked at teh last fianncial reports on the annual accounts  off the Equititrust web site and looked for any provision for dodgy loans and there was no such write down. So if the Raptis loan is bad, where is it?  So and I can only guess -  whilst you might be very very correct and we all hope you are, there are some issues that do need some addressing, and they dont appear to be addressed.


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## kostag (10 July 2010)

MFS and Equititrust link:

just saw this in the paper about David ANDERSON an ex MFS exec who with David Kennedy - also an ex MFS exec -  now run Equititrust Ltd -  a holder of $300million of public funds, in a similiar structure to what MFS was..... is this someone we want minding our money -  we might get offerred a dollar as well:-  

MFS directors made 'dollar deals' KATE LAHEY 
June 16, 2010
 .MORE than a year after investment group MFS collapsed with $1 billion in inter-company loans and owing creditors $2.5 billion, directors were still making deals through its entities, in one case giving away a third of a company to one of the men for nothing, a court has heard.

As examinations by liquidator Kate Barnet resumed in the New South Wales Supreme Court yesterday, two former directors were questioned about the sale of one particular company, MFS Alternative Asset Ltd (AAL) last year.

BusinessDay has previously revealed that AAL now has a stake in a company, Aurora, which is preparing to float. The sole director and a shareholder of AAL today is former MFS chief financial officer David Anderson.

In June last year, Mr Anderson asked two directors of McLaughlin Financial Services (an original MFS entity) to sell its 33 per cent stake in AAL to Mr Anderson's own company, Management Finance Pty Ltd, for $1. His company would then bill AAL a $1 administration fee, the court heard.


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## equiticriminals (12 July 2010)

Equititrust is a company that will attract the ilk of former MFS executives. 

Run and founded by an equally dubious character called Mark McIvor. This Mirky Financial Character has run under the radar for many years and now it seems the banks are calling in the money. One look at their web site demonstates the amount that had to be paid back to one bank who got wise... 90 Million Dollars... The demand was made by the bank after it lost confidence in Equititrust.

Sources within Equititrust have confirmed that if it were not for the freeze in redemptions "Forced" on Unit Holders the company would have collapsed. 

To add insult to injury the Australian Newspapaer - Anthony Klan www.theaustralian.com.au/business/.../story-e6frg8zx-1225835823806  has reported that whilst investors funds are frozen they have been trying to dupe further investors by issuing another prospectus to raise more funds. 

No surprise that Choice Magazine gave them a shonky award in 2008. Equititrust should be referred to as "No Equity" and "No Trust". Yet a search of google and various news articles on Equititrust reveal that its head Mark McIvor refuses in most cases to talk to the media despite its auditors stating in their annual report they have concerns regarding the stability of Equititrust. This was reported in the Australian in March 2010.

The intertwining of McIvor's personal and business interests is inextricably linked to the underwriting of the fund however this is not properly revealed by  KPMG as the personal assets are in seperate holding companies which own beach front and river front properties etc which are are heavily leveraged and cross collaterised to support the borrowings of Equititrust. Not being able to raise further funds and only being able to survive for the last 2 years by holding people's money hostage is not the way to keep your bankers happy. 

GET YOUR MONEY OUT


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## Buffettman (13 July 2010)

Kostag,

Have you asked for your money back?  What did they say?  You hardly seem like somebody who is concerned about your investment but rather seem hell-bent on causing them damage - isn't what you say more likely to delay your payment than expedite it as others will also want their money back?  I am a little confused how you can claim you just saw the article in the paper that you quote yet it was in the paper almost a month ago and you appear to be well on top of such issues.  Could it be that you actually have no money invested with Equitytrust but are more interested in stirring up trouble?  Are you from a competitor of Equitytrust? If this is the case then please stop the malicious banter as it is only going to affect true investors like myself and everytime you raise something it worries me and I have to call them to check it and I am getting embarassed about this.

BTW I spoke to Equitytrust and they told me that they got all their money back on Raptis plus a couple of million extra in default interest?  How does this change you view as per your post above?

Buffettman


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## kostag (14 July 2010)

Buffetman -  there is a lot of truth in what you suggest and you have better information than is publicly available, to me, anyways. My issue has been the lack of information in troubling times and that a fund that has performed so well over so many years, now seems to be under the new management and control of parties who have just jumped ship out of Octavia coupled with one of the McIvor founders leaving only recently . I agree, I have not pressed for money back but I understand from ASIC that there is over $50million of frozen redemptions, so what is the point. Noone wants to see anyone under false pressure with  silly losses incurred but as I think that we have all now learned from the MFS imbroglio, it is sometimes foolish to wait in the silence in the assumption that in doing so, all will be well. Again, I do not know, as you say, and we all hope that your information is correct. It probbaly is. I think we would all be much much happier to ahve some announcement from the business owners, who we gave our money to, than speculating what is going on.


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## kostag (16 July 2010)

this does not make me feel any better about who is now running the place:-Down but Raptis will be back.jpg
Equititrust is understood to have a S35 million exposure to Raptis Group. The 
property lender, headed by former lawyer. Mark Mclvor, did not ...
http://www.midwoodaustralia.com/_press/Down but Raptis will ... - 114k - Similar pages 
MFS finance officer refuses statutory declaration
18 Jun 2010... NSW Supreme Court yesterday that he has just landed a new job with 
Equititrust, earning $250000 a year as strategic solutions director. ...
http://www.theage.com.au/business/mfs-finance-officer-refuse... - 114k - Similar pages


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## kostag (19 October 2010)

*EQUITITRUST CAPITAL what's happended to the old company*

anyone know what is happening at Equititrust -  lost of chnages -  amy all be for the better -  anyone know?
Seems that Wayne McIvor and John Haney - two long standing Directors -  have suddenly and without comment -  jumped ship.
New executives include David Kennedy and David Anderson two ex senior MFS executives -  both ex KPMG staffers. KPMG also happen to be the auditors and were MFS auditors.
The new management structure seems to indicate that Equititrust has become a property development company with a very hands on role in property development and managament -  in the mould of City Pacific, MFS and a myriad of others. Maybe that's a good thing, however teh tried formula of over 20years seems to ahve gone out the window -  with old long serving directors jumping ship and some new colourful characters now in charge.
The current model may be sound. However it is not what I or anyone else invested in. Also the current PDS on the web site uses well out of date financial material. In the small print you can work out that there seems to be over $50M of unpaid redemptions. This cannot be a good sign. In terms of on-going ability to operate, amongst the small print there is a disclosure that the Fund's bankers, National Australia Bank, seem to have a tight leash on the Fund. There seems to be a loan to value ratio limit of about 24% which whilst that is very low, it does seem that the Equititrust fund is very close to that limit now. Now that concern is that there does not seem to be much provision for impaired loans, but even a very cursory google search on Landsolve or Equititrust spits out recent loan litigation on a number of fronts. A quick calculation base don teh scant information provided would seem to indicate that the Bank set Loan to Value ratio limit may have been (substantially) breached. Where is some ASIC reporting when you need it?


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## kostag (20 October 2010)

*EQUITITRUST who is in charge*

this article popped up in the media today -  it relates to the new COO of the Equititrust funds David Anderson - 

_Liquidator Kate Barnet from Bentleys Corporate Recovery is trying to determine when the company became insolvent, with the focus on about $1 billion in inter-company transactions.

Former MFS director David Anderson was re-examined by barrister Adam Bell SC, on behalf of the liquidator, in the NSW Supreme Court in Sydney today.

Mr Anderson said, claiming privilege, that he drew down $2.2 million from a premium income fund under his control for use by MFS prior to November 2007, but denied this was to address a ‘‘cash flow crisis’’ within MFS.

‘‘It has always been a group seeking to grow at the fastest rate and funding future expenditure was always an ongoing matter to be dealt with,’’ Mr Anderson said.

Mr Bell said the transaction showed ‘‘MFS was struggling with cashflow problems by the end of 2007,’’ and that ‘‘there was a cash crisis at MFS and no other ready source of funds’’.

Mr Bell asked Mr Anderson whether he was aware that using the premium income fund assets to secure a loan to MFS in this way put the beneficiaries’ assets at risk.

Mr Anderson agreed on balance that appeared to be true_


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## kostag (21 October 2010)

*EQUITITRUST: David Anderson new CFO of Equitirust and MFS*

this popped up in the press today:-

_The former chief financial officer of collapsed property group Octaviar Ltd can't recall taking any steps to ensure that more than $256 million of investor funds raised in 2007 were used for their intended purpose.

Financial accounts show the company channelled funds from equity raisings in early 2007 into a series of intercompany loans and debt payments, a public examination in the NSW Supreme Court heard on Wednesday.

The Gold Coast-based property group, previously known as MFS, failed in 2008 owing about $2 billion to creditors.

Advertisement: Story continues below MFS told investors the equity raising was to fund previously announced acquisitions of Sunkids and Sunleisure businesses, barrister Dominic O'Sullivan told the court.

But according to the company's general ledger and operating accounts, those payments were never made, Mr O'Sullivan said.

Former chief financial officer David Anderson said he could not recall any payments being made to Sunkids or Sunleisure.

"I can't see in the documents you have shown me of any payments made to Sunleisure or Sunkids," Mr Anderson said.

Mr Anderson was re-examined by Mr O'Sullivan on behalf of the liquidator for Octaviar Investments Notes Ltd and Octaviar Investments Bonds Ltd, Will Colwell of Ferrier Hodgson.

"Sitting here now ... would you regard it as part of your responsibility to ensure the money was used appropriately, in accordance with the prospectus?" Mr O'Sullivan asked._


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## kostag (21 October 2010)

*EQUITITRUST Allco MFS David Kennedy David Anderson KPMG*

Equititrust auditors are KPMG
David Kennedy ex MFS and ex KPMG now runs Equititrust
David Anderson ex MFS and ex KPMG now is CFO at Equititrust
KPMG audits Equititrust  MFS and Allco


_Of all the similarities between struggling financial companies Allco and MFS, one obvious link has so far escaped media attention: the role of auditor KPMG in the twin fiascos. 

While MFS remains suspended (it lasted traded at 99 cents compared with a high of around $6.70 in June) and Allco continues to struggle (closing at $3.30 compared with a high of approximately $13.00 in March) the common ground between the two companies is that they were both audited by (and more importantly, paid significant non-audit fees to) KPMG.

Both of MFS’s company secretaries were previously employed by KPMG; David Anderson, chief financial officer of MFS, was previously a partner at KPMG in the finance area while Kim Kercher, MFS’s chief “governance” officer was previously a manager at KPMG.

The auditor signing off on MFS reports (which in light of recent announcements, don’t seem to be entirely accurate) was Mitch Craig (who is KPMG’s National Partner in Charge of Risk Advisory Services). According to MFS’s 2007 Annual Report, KPMG were paid $483,600 for audit services. However, the audit fees pale in comparison to the non-audit related services performed by KPMG. The firm was paid $771,098 for assurance, taxation and diligence services in 2007. KPMG also provided $665,600 in non-audit services to MFS satellite, MFS Diversified (KMPG also audited MFS Diversified until last year). _


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## Olman (13 November 2010)

The Equititrust Annual Financial Report makes for some interesting reading.

The Equititrust Income Fund is managed by Equititrust Limited (the "Responsible Entity" - let's abbreviate that to "RE").  

The RE maintains a minimum investment of $40million in the Fund.  This investment is subordinated to the rights of other investors. I take this to mean that ordinary investors get paid out before the RE.  A very noble gesture, on the face of it.  However, there is lucrative compensation available for this gesture.

Income distributions from the Scheme were conducted in the following order of priority:
1. expenses of the scheme in an actual basis
2. benchmark distribution to members
3. payment of management fees to the RE
4. distribution of remaining surplus to be paid to the RE as a return on RE's subordinated units.

The RE takes a management fee of 1.5% (excluding GST) of funds under management ($4.46 million in 2010).

In addition, the RE took $10,531,734 as a return on the RE's subordinated investment, in accordance with priority 4 above.  This was in one year, and amounts to 1/4 of the subordinated investment - a return of 25%.  Not bad, when you consider the rates being paid to ordinary investors of around 8%.

What I find disturbing is that the RE has classified the Fund as a "non-liquid" fund, and on this basis they have frozen redemptions.  If the Fund is really "non-liquid", where did they find the 10.5 million to pay themselves?  Where does the capital invested by the ordinary investors rank in priority as far as redemptions are concerned?  

As I see it, at 25% return, they only have to hang in there for 4 years and they've made their capital back, and the subordinated status turns into a joke at the investors' expense.  All that is required is to hold off redemptions for another couple of years while continuing to rake off the "distribution of remaining surplus to be paid to the RE as a return on RE's subordinated units."

Something smells very fishy here.  Any comments?


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## kostag (14 November 2010)

*Re: EquitiTrust? - you've earned the Equity -  we'll send you bust!*

In the latest PDS materila it also states that whilst REDEMPTIONS are not met etc, that Equititrust shall not be entitled to charge fees etc.

So, there seems to be ~$50M of investors who have asked for their money back and cannot get it, whilst the Manager, who states constantly that they tale the first $40M of risk, keeps getting paid , as you say over $20M a year, presumably from funds that have come in from loans, being the return of capital etc for those people who are still waiting to be redeemed. 

I think that CHOICE MAGAZINE may have been right when they declared this CAPITAL WARRANTY to be the winner of the SHONKY AWARD for 2008. 

How can an entity still raise money from the public whilst this is going on?









Olman said:


> The Equititrust Annual Financial Report makes for some interesting reading.
> 
> The Equititrust Income Fund is managed by Equititrust Limited (the "Responsible Entity" - let's abbreviate that to "RE").
> 
> ...


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## Olman (14 November 2010)

*Re: EquitiTrust? - you've earned the Equity -  we'll send you bust!*



kostag said:


> In the latest PDS materila it also states that whilst REDEMPTIONS are not met etc, that Equititrust shall not be entitled to charge fees etc.
> 
> So, there seems to be ~$50M of investors who have asked for their money back and cannot get it, whilst the Manager, who states constantly that they tale the first $40M of risk, keeps getting paid , as you say over $20M a year, presumably from funds that have come in from loans, being the return of capital etc for those people who are still waiting to be redeemed.
> 
> ...




Just so we are both on the  same page, so to speak, how do you get "$20M a year" for Equititrust?  According to the annual report, the management fee is $4.46 million, and the return on subordinated investment is $10.5 million, which totals around $15 million. 
Also, "In the latest PDS material it also states that whilst REDEMPTIONS are not met etc, that Equititrust shall not be entitled to charge fees etc."  The PDS on the Equititrust web site is dated 06/02/2009 and states that they are not entitled to collect management fees if the *Benchmark Interest Rates are not paid.  They have been paying out the interest (so far), so legally they are entitled to the management fees.  However, there seem to be no conditions on the payment of the return on subordinated investment.  This "return on subordinated investment" is the pot of honey for Equititrust, and seems to me to be a pretty shady area which deserves legal investigation in light of the "non-liquid" status of the fund and the freezing of redemptions.
All is not well with Equititrust.*


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## Olman (14 November 2010)

Kostag, thanks for your email. I can't reply because I need 5 posts on this forum before they will allow me to email anyone (sigh - rules are rules....)

I am an investor with Equititrust and subject to the freeze on redemptions.  I have been concerned about their double-speak for some time.  When all was well (pre GFC) their rhetoric was believable and they seemed like a good bunch of people.  However, since the freeze on redemptions, they seem to have been more concerned with their own survival as an enterprise than with being honourable people as far as their investors are concerned.  I have had several discussions with them about their policies and cannot say that they have my complete trust any more.

(This makes my 3rd post. Two more to go, and I can reply to your email...)


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## kostag (15 November 2010)

*Re: EquitiTrust? mini mee MFS: now you see it, now you don't*

I think that your assessment both pre and post GFC is accurate.

There is no doubt that pre-GFC that Equititrust was (or appeared to be) very reponsible.

Post GFC, the whole model seems to have changed to a point that they are now simply like all the other  failed 3rd tier mortgage models.

Lets look at some of the issues that must raise some query:-

1.  you are right. The latest reports note that the CBA has bene paid back $90M and the National Bank is in line to get $3M a month; new investors are being asked to stump up; yet old investors are owed over $50M with no exit in sight;

2.  Board changes: suddenly we have Messrs Hayney and Wayne McIvor -  both long standing Directors -  off the Board, without explanation. Was there something that concerned them?

3.  We now have two ex MFS senior execs David Kennedy and David Anderson, on the Board - and seemingly having a very big say in what goes on. The Courts seem to be castigating them both over their actions or inactions in the MFS embroglio. How could anyone seriously have them running a major mortgage fund, whilst still under a huge cloud.

4.  Advisers , auditors etc: all in common with teh failed MFS.

5.  Large staff numbers: Equititrust seemed to succed with a  lean closley run business model -  look at the web site in 2008 and now look at the senior executive staff numbers! At say $150K per executive -  what's happended to the overheads and who is paying these!  I guess we are all paying as we are not getting our money.

6.  Landsolve: what is this really all about. I understand that what it really is is to take control of the bad loans in Equititrust -  that is, a failed deal -  rather than report it as a bad loan -  it 'moves across' to Landsolve, with much fanfare. Presumably all this means is that Equititrust now pays all teh bills on a  raft of non-performing loans and assets -  more outgoings, no income and a huge roll of the dice that the market will improve. In the meanwhile, we are presented with PDS and financial reports that record little if any bad or default debt -  when in fact the 'bad' debt is hidden away in Landsolve. Logically, if all the loans were good ones and paying theiur interest and not in default, there would be an orderley flow of funds and we would all see some flow of money. 

7. Loan to Value ratioes: as per the PDS, the National Bank's agreement to roll-over for another year was based on Equititrust maintaining a fixed Loan to Value Ratio. On the face of it, they comply, however, if you try to analyse what might be bad/doubtful loans on projects that have bene side-lined into Landsolve -  there is little doubt in my mind that the National Bank LVR Ratioes have been breached. Now, why would that be good? Well, in my view if Equititrust is being bled on carrying bad loans and bad properties and paying huge salaries to a whole raft of new people -  some who must be considered (from their recent past) to in the least be incompetent, then rather than funds just frittered away, the sonner that ASIC or the National Bank put a stop to this, and put an independent party such as Korda Mentha in control, to start to sell the porperties off properly and cautiously, the better, I suspect, for us all.

In my view, if you scratch the veneer, it is not very thin and what is under that veneer, does not look too good.


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## Equititrust Ltd (16 November 2010)

Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.

If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.

By way of example only, I shall address the matters raised by “kostag” (whose name incidentally is strikingly similar to an associate of a former recalcitrant borrower of Equititrust’s) in his latest post of earlier today.  I shall use the same numbering system as that adopted by him.

1.	Funds from new investors have not been used to repay bank debt – such repayments (which total $96m) have been generated from loan collections.  In addition, outstanding redemptions are actually approximately $40m and not over $50m as outlined as many have voluntary converted to term investments;

2.	Changes to a Board are not at all unusual (particularly when one considers how long they have been on it).  One only needs to look at the calibre of those that have joined the Board to see how the changes have strengthened the Board composition and not weakened it.  I can confirm that the changes were instigated internally in order to provide a greater corporate governance framework and that both Mr McIvor and Mr Chaney expressed complete support for the changes;

3.	Whilst the reference to MFS is hardly worth commenting on given the clear misrepresentation of the true position, it is worth noting that Mr David Anderson is not on the Board as outlined and at no time have either Mr Anderson or Mr Kennedy been castigated or criticised by the Court on any occasion regarding their involvement in MFS.  Incidentally, Mr Kennedy was only at MFS for approximately 9 months and left some 6 months before it collapsed;

4.	KPMG is one of the four largest audit and accounting firms in the world.  It has a niche in auditing financial organizations and in fact is also the auditor of ANZ Bank, Suncorp and one of the largest banks in the world, HSBC to name but a few.  It is also the only Big 4 firm with a serious presence on the Gold Coast and as such it is hardly of significance that both MFS and Equititurst shared the same audit firm (although it should be noted that the MFS audit was conducted out of Melbourne);

5.	Staff resources have been increased in order to protect investor’s interests as a much greater degree of time is required to be spent monitoring and managing our loan book post GFC.  This is consistent with similar increases in our Big Four banks loans management departments post GFC.  It would be irresponsible for us not to have done this.  The significant increase is costs is being entirely borne by the Responsible Entity and not by investors;

6.	Landsolve was not created to take control of bad loans and not one single loan has been “moved across” to Landsolve as suggested.  The birth of Landsolve is a recognition that the world post-GFC is a very different place and that development lending moving forward will need to be managed in a very different way.  The suggestion that the financial reports “record little if any bad or default debt” is simply wrong.  Almost $40m worth of loans have been impaired over the past three years to recognise falls in property values and potential unrecoverability of same.  As Landsolve has no debt or any loans there is no “bad” debt hidden away as suggested;

7.	The NAB LVR Ratios have not been breached as alleged.  The rest of point 7 contains pre speculation which is entirely untrue;

Equititrust is supportive of the right for one to express an opinion but is concerned when posts such as those by Kostag and Olman contain numerous and repeated errors and conclusions that a reasonable person could not possible reach.

The facts speak for themselves:

(i)	In its 17 year history no investor has ever suffered a loss with Equitirust;
(ii)	Income distributions have always been paid in full and on time;

It is unfortunate that redemptions have been frozen and this is regrettable but we had little choice once the federal government decided to guarantee bank deposits and banks decided (notwithstanding such guarantee) to unilaterally curtail credit provision across the country.  It is with some degree of pride that we have managed to pay distributions throughout – something that Commonwealth Bank’s own mortgage fund has not been able to do.

As I said at the beginning, any genuine investor can call us at anytime should they have any concerns about their investment.  I personally invite both Kostag and Olman to contact me personally should they continue to have any concerns about the financial position of Equititrust and I will be sure to provide them with an transparent and honest assessment of same.

Regards

David Kennedy 
Chief Executive Officer


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## ParleVouFrancois (17 November 2010)

Either Kostag is a whistle blower and we should congratulate him for bringing this in hindsight quite obvious deteriorating of corporate structure in EquitiTrust, or he's on a crazed rant because he was a margin called in, investor.

I'd like to read Kostag's reply to the very detailed response by EquitiTrust.

Disclosure: I have no commercial relationship with EquitiTrust, I'm merely curious as to what's really going on.


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## Olman (17 November 2010)

Equititrust Ltd said:


> "Equititrust is supportive of the right for one to express an opinion but is concerned when posts such as those by Kostag and Olman contain numerous and repeated errors and conclusions that a reasonable person could not possible reach".
> 
> It's nice to see a response from the firm - the lack of communication to investors otherwise has been an unsettling component of operations recently.
> 
> ...


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## Buffettman (17 November 2010)

Olman,

Just interested to know if you took up the CEO's invitation to talk to him direct.  If you are as concerned as you suggest then why don't you simply call him.

I am guessing (and it's only a guess) that the CEO was referring to your abusive messages (which have since been removed) rather than the ones which raised valid points.  He did say that he would not be replying to all posts and that he was only replying to the last one by way of example.

I'd be most interested in what he tells you on the phone - please keep us posted.

Cheers


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## Olman (18 November 2010)

Buffetman

Sorry - I didn't realise I had to jump on the phone immediately. I tend to do things at my own pace.  

The "abusive posts" you refer to were removed and of no consequence.  Here's an exerpt from the infraction notice from the forum:

You have received an infraction at Aussie Stock Forums.
Reason: No/Low Content Post
Please ensure your posts add something to the discussion, rather than just add to your post count.

I wasn't expecting any response to the two posts removed, which were throwaway lines to get my post count up, and properly dealt with by the forum admin.

My concerns are clearly expressed in my remaining posts.  

It's true "He did say that he would not be replying to all posts and that he was only replying to the last one by way of example".  Bully for him, but I see this statement as a poor exit line to avoid discussion. 

Have _you_ spoken to the CEO about this particular issue?


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## kostag (18 November 2010)

*Re: EquitiTrust - let's be fair......*

I refer to the posting from Equititrust Limited.
I believe that forums such as this one are very valuable because they allow individuals to raise matters of concern where, for example, regulatory authorities and others so often fall short. 
The collapse of MFS, City Pacific and a raft of others was foreseen by a number of smaller investors who were being dealt with shabbily well prior to the final collapse of those institutions.
In the same light, individual direct queries with Equititrust Limited, yield what?  Are redemption requests honoured?  
In reply, it is commented that redemptions have reduced from $50m to $40m because $10m have reinvested in term deposits.
What choice do they have?  Remain in limbo?  Or accept their position, reluctantly, and reinvest.
By Mr Kennedy’s own admission – they were an outstanding redemption which was presumably not met and on that basis they reinvested.  Before I respond to the responses, let me say simply this:
	(a)	I do know a number of Equititrust Limited borrowers.
	(b)	I do know some investors who are facing enormous hardship.
What do they want (and what would seem appropriate) is for the independent corporate watchdog, ASIC, to appoint a proper independent administrator whose interests are aligned with the investors rather than the RE.  I accept that from Equititrust Limited’s standpoint that they may feel or genuinely believe that they are best to do the job of working out what is clearly a troubled loan book.  
In reality the RE draws enormous management fees and dividends (well over $10M per annum as per Olman POST) and these are being paid when substantial redemptions ($40 million) are still unable to be met and the Fund is unable to repay the National Bank and luckily received a reprieve and was allowed to repay the debt to the NAB over 12 months at $3m per month.  Again, repayments to the National Bank will be made in priority to repayments to outstanding investors.
Again, clearly the interests of the RE are not aligned with those of the underlying investors - the true stakeholders of Equititrust and whose interests are protected by nobody. The NAB gets paid first but where presumably the last ones to invest by comparison.
In such circumstances, the only way to move forward responsibly would surely be with the appointment of an independent Administrator.  
To deal with the responses:
1.	Redemptions not paid from new funds:  I did not suggest this.  I made the statement that banks are being repaid; Equititrust Limited is in the marketplace soliciting for new funds; and existing investors who want their money back are not being repaid.
	This is the facts of the matter.  
	Redemptions have been frozen for quite some considerable time and there is no prospect of them being paid anytime soon.
	This fact is not highlighted in material in the marketplace which solicits for new investor funds. I have just seen a prospectus for a Meridien fund on the Equititrust web site, looking for an extra $10million.  
2.	Changes to the Board are not unusual:  With respect, in relation to Equititrust Limited which has had such a stable Board for many years and a very tight-knit one at that, the changes made to the management of the Fund are enormous.  In fact, only the founder remains with his brother, his solicitor and partner gone.  The new Directors and senior management are in reality all commercially beholden in some shape or form (either through professional service contracts or employment) to the interests of the major shareholder, not the investors whose money is at risk.
	People must be sensitive enough to appreciate that when 2 out of 3 directors, responsible for the management of the business and presumably building the business during a period when it did run with a successful track record, suddenly jump ship when there are enormous changes in the management structure of the underlying entity, of course it raises all manner  of concern.  
	I note the comment that the outgoing directors expressed “complete support” for the changes.  What it does not say is, at whose  instigation or why they resigned.  Surely, new additional directors (if that was needed) could have joined without existing experienced directors jumping ship.
3.	Reference to MFS is not worthy of comment:  With respect, MFS represents one of the biggest corporate collapses in financial services industry in the past 20 years.  I have been told  that Equititrust has taken over some of their securities.  Equititrust has also appointed to two very senior management positions, Mr David Kennedy CEO and Mr David Anderson Director of Strategy – both also very senior executives with MFS.  In fact Mr Kennedy has signed this posting to this website as CEO and was COO of MFS.
	The auditors and other professional advisors are also common between MFS and Equititrust Limited.  I also understand both Mr Anderson and Mr Kennedy are also ex-KPMG staffers.
	In relation to the MFS Court proceedings, I will not comment on my interpretation of those proceedings.  I would invite any reader to do a Google search on those proceedings and read independent reporting of those proceedings and, particularly, the criticism of evidence and in some instances the incredulous revelations with respect to the transfers of large amounts of funds under the watch of Mr Kennedy and Mr Anderson.  
	I think it is fair to say that Mr Anderson’s evidence was considered less than satisfactory and his declaration as to his own financial position was alarming, particularly having regard to the fact that Equititrust Limited has now elevated him to Director status. Does Mr Anderson have any skin in the game?
4.	KPMG:  I acknowledge that they are one of the largest and prestigious firms in the world. So too was Arthur Andersen.   I note that the firm conducts some major audits.  That is not the point, is it?  The reality is that the Gold Coast office has looked after the affairs of both Equititrust Limited and MFS.  I do not imply any wrongdoing here whatsoever.  Simply, those two new executives of Equititrust including its new CEO are former KPMG partners; KPMG was the auditor of MFS; both Messrs Kennedy and Anderson are ex-MFS Executives; and KPMG continues as the auditor of Equititrust. Or am I being unnecessarily squeamish?
	Sensible, logical, basic independence and governance would surely require better independence than this, particularly at a time when values and assets are under scrutiny and the issue of “going concern” is a major issue for all investors.
5.	Staff Numbers:  A comment is made that these have increased to protect investors’ interests in order to monitor and manage the Loan Book.
	However, the response from Mr Kennedy raises two issues.
	Firstly, if one analyses the financial statements and PDS material on-line from Equititrust, there is little if any evidence of any major loan trauma.  In fact, the reader is left with the very distinct impression that the majority of the loans are up-to-date and that in fact there is no cause for concern.  That being the case, one would expect that the same staffs, who presumably have done such a fine job to date, would continue doing a fine job.  This ought to include past directors who we note have resigned. Coupled with a 5 fold increase in staff numbers.
	Whilst keen on the one hand to differentiate the Equititrust business model from that of the banks, Mr Kennedy justifies these swelling staff numbers by reference to similar increases in the bank numbers. Has Equititrust suffered the same trauma and losses as the major banks have suffered, which seems to have caused them to withdraw from commercial property lending and required such large staff numbers?  If so, surely the investors would like to know what has changed. 
	The justification for large staff numbers is also that it would have been irresponsible not to have done it.  The cost justification is that the cost is borne entirely by the RE and not by investors.
	Now this is not entirely correct, is it? If I can’t get my money back from Equititrust, aren’t I somehow paying for this indulgence? 
	 If investors are not being repaid and the RE is collecting management fees, dividends and profits (as outlined in the posting by Olman) then in fact aren’t we investors are paying for this directly or indirectly?
	If the loan assets of the Fund are in good shape (which we would all hope and  believe they are) it does not need a major five fold staff increase  to administer what presumably was being responsibly administered previously with no more than 3 or 4 people.
	Finally, I would invite anyone to take a look at the Equititrust website and look at the senior management and the positions that they now fill.  If they were all loan Administration people or recovery people, then there might be some justification in Mr Kennedy’s argument.  But, in fact (and perhaps I am being unkind), there appears to be a plethora of spin doctors now on board.
	This is a shame.
	I feel that much of this cost and loss could be dealt with if there was a proper financial “fessing up” in relation to the Loan Book – its status, its arrears and what is needed to move forward. 
	If major support is needed to sort out a problem loan book, and then let all stakeholders be involved in that decision process. After all it’s our money.  
CONTINUED:


----------



## kostag (18 November 2010)

*Re: EquitiTrust? CONTINUED*

CONTINUATION:

6.	Landsolve:  I cannot really comment any further because Mr Kennedy is right, my assessment is  based on hearsay and I acknowledge that.  
	It is my suspicion , based on third party material from sources that I feel have some reasonable information, that Landsolve takes control and manages defaulting properties in the Equititrust book.  
	My question is this, “Is it appropriate for a mortgagee to take over active development management of a real estate asset when clearly, whilst under its own loan administration, the loan went bad?”  
	That is not to say that the mortgagee is responsible for the bad practices, stupidity or worse of borrowers – simply that there is a process that once a loan has gone bad then surely it is not for the mortgagee on the one hand to maintain the asset on its books as a good, performing loan whilst on the other hand, ladling out money, which does have spare, and has adverse affect on investors, to prop up such assets and in turn become the (un-disclosed)  de facto borrower. Equititrust prided itself for many years on not being a developer and not lending to itself. Isn’t that what is now happening? 
	In my mind it is all about proper commercial transparency to the true stakeholders.
	I believe the position is simply that Landsolve has in effect become the developer and the borrower that is what MFS and City Pacific did.  
	It is therefore financially propped up by Equititrust Limited, which must have an adverse affect upon investors.  In turn, this means that Equititrust does not close out or sell up underlying assets and realise cash to repay us, and face, perhaps, the harsh reality that there was a capital loss which must be realised and we all must face.
	At what point does a responsible mortgagee turn off the life support systems to a dead mortgagor?
7.	National Bank ratios have not been breached:  Well, there is not much that I can say in response because I do not have access to the detailed loan records.  However, if the foregoing comments about poor loans  is correct and there are in fact bad loans festering away, kept alive on internal “life support” systems, then more than likely prudent loan value ratios have been breached and National Bank loan covenants breached as well. 
Without external checking of the financial reporting, how do any of us know, and when will we fund out? If MFS is any guide and the actions of their then senior management are any comfort, we will only learn if this is the case when it is too late. 
In conclusion, Mr Kennedy is correct when he states in relation to Equititrust that:
	(a)	In its history no investor has had a capital loss; and 
	(b)	Income distributions have always been paid.
BUT he does not add that in that same period, the investors have never not been able to get their capital back. And this is the deal breaker, isn’t it. The game has changed whether we like it or not. 
Now to reflect on that, this was all during a period under tight prudent and cautious management; tight limited staff numbers; and very tight Board control.
Two-thirds of that Board are now gone.  
New parties have taken over management.  
A new CEO presides.  That CEO’s more recent history in financial services is under some cloud.  The business model of Equititrust Limited has changed substantially.  There is cause for concern as to major loan assets and their ongoing management.  There are substantial outstanding loans to banks which could no be repaid on time and it was only the forbearance of those banks (whom Equititrust so soundly attacks), that Equititrust has survived.  
Loyal investors who have stuck with Equititrust for its stellar 17 years history are not being paid their redemptions and are being asked to sit behind the payment of management fees and dividends to Equititrust Limited; and bank loan repayments; and an explosion in overheads and staff numbers and costs. It’s not fair, mate, is it?
Yes, Mr Kennedy, it is unfortunate that redemptions have been frozen.  Perhaps, rather than blame everyone else, including government and banks, that you need to look long and hard within your organisation. 
Cut costs and overheads; defer payment of your own large dividends and fees; tell the bank that we are owed money first, and get us repaid before them. 
Then once we are repaid, then you can do what you want, when you want and how you want to do it.
Mr Kennedy, you know all the figures. Are you prepared to state in clear words that no investor will suffer any capital loss as it stands today?
We are all victims of the GFC but there is a point in blaming that event for ever ,  when we all have to get over it and take responsibility for our own actions.
Let us also be fair, Mr McIvor did an incredible job over a period of 17 years to build a very formidable and supportive lending institution.  It is tragic that he, like so many, got caught up in  changes in both world and local finance such that an asset that he has built up so well is at threat.  He is not different than many others.  
Sometimes it is hard to let go.  I admire anyone who fights on.  However, there is a time, particularly when you have substantial external stakeholders, to be frank and open in disclosures and not a deliverer of spin.
I was always comforted by messages from the CEO because I knew that he held a substantial personal stake in the business.  Whilst I suspect with bad and doubtful debts that stake has unfortunately eroded, I am not comforted with announcements made by a CEO of such short history who I presume has no personal stake in the business, but is rather the recipient of a large salary.
Finally, I am aware that a number of individual investors have made representations and approaches for their money.  This has not seen them repaid.  Individual investors, as we have all witnessed so many times in this country, have little if any voice and little if any redress.  They are usually sadly let down by the authorities charged with responsibility to oversee such matters.
I personally hope Equititrust Limited survives. Contrary to Mr Kennedy’s suggestion, it is does not assist a borrower or an investor for their to be further loss or turmoil.  
If it does not survive, there are many of us who stand to lose much.
HK


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## kostag (18 November 2010)

*Re: EquitiTrust? BUFFETMAN*

I think BUFFETMANs conciliatory approach is probbaly reasonable and I think we should all try that - even those with issues and complaints should try to work through this mess not rail against the powers that be


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## Equititrust Ltd (18 November 2010)

I refer to the posts of Olman and Kostag.

Your posts raise some relevant points which, if based on accurate information, would have merit.  Unfortunately they appear to be based on either inaccurate or misunderstood information.

It is simply inappropriate for us at Equititrust to continue a dialogue on a forum such as this.  *Once again I invite both of you (or any other investor) to contact me should they have any genuine areas of concern and I will address them*.  If, after speaking to me, you wish to continue to post comments, that is a matter for you but at least you will be better informed prior to doing so.

What I will say is this:

(i)  The two directors who have retired from the Board have done so by mutual agreement at the company's instigation in order to inject fresh blood onto the Board.  They have not resigned due to any dissatisfaction with the way the company has been operated and Equititrust is extremely grateful for the role they have played in Equititrust's development;

(ii)  Equititrust Ltd has taken no dividends whilst the fund has been frozen and has received no net cash distributions on account of its subordinated yield.  Almost all of the yield on the subordinated investment of circa $10m has been utilised to fund impairments on various loans in order to shield such impairment from investors.  The balance has been used to fund operating costs (for which the management fee is insufficient).  Whilst Equititrust is entitled to use its principal subordinated investment to absorb such impairments and take the cash distribution it has not done so.  It has made a conscious decision to leave its subordinated investment at $40m in the Income Fund and to use its distribution instead to absorb such impairments and operating costs which could have been charged to the funds.  There can be no doubt this has provided additional protection to investors over and above what is required;

(iii) Mark McIvor remains firmly in control of Equititrust and his commitment to protect investor's interests has not wavered.  Furthermore, his investment in Equititrust has continued to increase over the past two years.

I further confirm that no Equititrust shareholder has received any net distribution from the subordinated yield whilst the Income Fund has been frozen. 

Finally, on a personal note the continued references to MFS and myself are misguided and ill-informed.  I was employed at MFS for a little over 9 months and left 6 months before it collapsed.  The Court records (to which Kostag alludes) show that my employment was terminated when I raised corporate governance issues with the then CEO which were exacerbated after I refused to backdate various documents.  At no stage have I been criticized for any part of the role I played at MFS - in fact quite the opposite has transpired.

As discussed above, I feel it is inappropriate to continue this dialogue and therefore won't be posting in this capacity again.

Regards
David Kennedy
Chief Executive Officer


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## Equititrust Ltd (19 November 2010)

Further to the last post I omitted to mention that the information about NAB is completely false.  There is no luck involved in NAB agreeing the repayment program of $3m per month.  It was a negotiated term with NAB that should either NAB or Equititrust decide not to continue with the rolling LOC facility then we had the option of repaying them at the rate of $3m/mth.  This was simply responsible fiscal management by Equititrust.


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## kostag (19 November 2010)

*Re: EquitiTrust? National Bank*

Correct: far better to negotiate an instalment repayment program with regard to your NAB debt than to have it called up etc, however the question or statement was, that clearly the NAB is being repaid in prioirity to repayment to investors. That was not denied, so presumably, the confirmation is that investors capital repayments in fact rank last. Is this a correct statement or not? Was the repayment of $3M a month a part of the original National Bank facility? or was it the case that the NAB wanted to be repaid; Equititrust could not repay them, because they could not obtain repayment from loans that were made to Borrowers; so the NAB had to accept $3M a month or otherwise, commence legal action.

Secondly, in regard to a request for a definitive statement from you as CEO as to whether or not any investor will face a capital loss, you have been silent on that point. This is, I imagine, some degree of the comfort that we would like to hear.

Thirdly, in regard to Mr Mark McIvor remaining firmly in charge, if he is not CEO and not the Chairman, and you are the CEO, in what capacity does he remain in charge?

Fourthly, in regard to MFS and your conduct, when in your senior capacity you were asked to backdate documents, which would sounds to me to be horribly illegal, did you report the matter to Police or ASIC, as I presume would be your responisbility , or were you simply dismissed?

Thankyou.


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## Buffettman (20 November 2010)

Kostag/olman,

Have either of you called the CEO? If so what did he say? 

If you haven't then it is fairly obvious that you don't want answers but are more interested in spreading rumors. Makes me think that Mr Kennedy is right when he suggested you are probably disgruntled borrowers rather than investors if you haven't called him.

I think it's high time you guys either put up or shut up as your apparent malicious conduct has the potential to cause damage to us genuine investors.


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## Olman (20 November 2010)

Buffetman,

Take it easy, mate.  Nobody here is carrying arms.  I reiterate that I am an investor in Equititrust.  I also see no reason to disbelieve Kostag's statement that he is an investor.  The CEO's insinuations otherwise are pure conjecture and a tad paranoid.  

The concerns raised by myself and Kostag are genuine concerns. The Equititrust response is welcome information, and furthers the debate.  I have more to think about before I respond any further.  

We all want a successful outcome, but this does not mean we should grasp at straws and settle for an imperfect understanding.  I think the debate has progressed in the posts on this board.

I found this quote in another member's post - it seems relevant:

*Do you have patience to wait till your mud settles and the water is clear? Can you remain unmoving till the right action arises by itself?*
老子 - Laozi, circa 350BC.

Have a cuppa tea and relax, mate!


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## doctorj (20 November 2010)

*Re: EquitiTrust? National Bank*



kostag said:


> Correct: far better to negotiate an instalment repayment program with regard to your NAB debt than to have it called up etc, however the question or statement was, that clearly the NAB is being repaid in prioirity to repayment to investors. That was not denied, so presumably, the confirmation is that investors capital repayments in fact rank last.



Not sure of the structure of EquitiTrust and your investment, but in every single deal I've seen debt is senior to equity and quasi-equity (in fact, it's the point of debt...)


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## kostag (21 November 2010)

*Re: EquitiTrust : Debt Vis Equity QUESTION ?*

Doctor:
I agree debt does rank above equity, except investors in Equititrust were told taht we were secured by a quality mortgage book and further that the proprietors ranked after us through some sort of warranty protection. Now, nowhere was I told that a) at anytime a secured creditor could pop up in front of our secuirty in terms of security and or capital repayment, nor in fact that b) the proprietors would be entitled to receive very large fees and return on their funds, ranking ahead of the repayment of our capital. I did not understand (my fault) that I woudl finish up as an equity holder, ranking last in the list.

Now, as to the second part, re contacting the CEO, let me simply pose these questions and in the interests of transaparency, let us all be told:-

a) are their any defaults in terms of valutaion or solvency that cause a default in any arrangment on foot with the National Bank;

b) is there any likelihood of the National Bank taking moves to enforce their security, to our detriment; and should they do so, is there any likelihood of capital loss;

c) given what the CEO knows of the loan book, its values etc and the quality of Borrowers and the loans status in general , is there any risk of any further impairment or capital loss?

d) if I was to make formal request for repayment of a related series of investments of approx. $1.5million, would same be repaid within approx 14-21days?

e) is the Fund solvent?

f) are there any other secured creditors other than the National Bank who hold any security over any of the loans of the company or associated companies, and if so, do they rank ahead of our investments?


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## kostag (23 November 2010)

*Re: EquitiTrust: what is going to happen to unsecured investors*

Saw this article pop up - it outlines Equititrust's plans to raise about $50M and that $50M will rank ahead of all existing investors, some $40M of whom are still waiting for redepmtion since their moneys were frozen back in 2008 _http://www.businessday.com.au/business/equititrust-wants-banks-out-investors-in-20101122-1847k.html_

doesn't look to _equit_able to me


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## Olman (23 November 2010)

*EquitiTrust*

Re the Equititrust Income Fund:

I rang Equititrust yesterday and spoke to CEO David Kennedy and CFO Sid Super about the issues surrounding the Return on Subordinated Investment (RSI).  They say that these funds for the past 3 years have been largely applied to impaired loans.  There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone. 

The RSI for the last 3 years has totaled in the vicinity of $40m.  $30m has been applied to impaired loans, with the remainder being used to pay administrative costs over and above the annual administrative fee.  

The 2010 Annual Report states  impairment losses of $1.85m which is the current actual level of impairment (after application of the RSI).  While any impairment is unwelcome, this figure represents .73% of the total loans.  If the RSI was not applied to the impairments the level would be of greater concern.

Re Kostag’s post today, the Bank of Scotland loan mentioned in the news article is a loan within the Equititust Premium Fund (EPF) and does not apply to the Equititrust Income Fund (EIF), except insofar as statements about mergers are concerned.  David Kennedy said today that a merger is not being pursued. 

I get the impression that while Equititrust is sailing fairly close to the wind, the strategies in place to deal with the current difficult conditions deserve a chance to prove themselves.  Lack of information to investors has been a key issue which is being addressed by the publication of future Equititrust Limited reports, which will allow investors to be more fully informed.

The lending banks seem to be out to kill.  With their extraordinary profitable results of recent times, this is either because they want to stifle _any_ competition, or they expect the property market to go leg up in the near future and are shoring up their funds to cope with rising mortgage defaults.  

Remember the old adage - when America sneezes, Australia gets the flu.  At least we have some remedy in a degree of regulation and a modicum of respect for the law, unlike our freewheeling freedom loving cousins in the US!


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## kostag (23 November 2010)

*Re: EquitiTrust*

Olman: good work. We cannot complain regarding Messrs Kennedy and Super's frankness. 
Maybe a first step in the right direction. 
Personally, talk about plan A and Plan B from a financial instituion does worry me. It implies some doubt as to the bank's acceptance of plan A. It also seems to me that survival of the Fund is dependant on $50Million of new funds being raised, correct? Is this likley in this climate?

Secondly, those new funds (as with the banks) are all secured and ahead of us.

Finally, if the RE's funds were $40M and there have bene <$40M of impairment losses, does this now mean that the capital warranty fund etc exists no longer? Or is the suggestion that there was at some stage say an $80Million fund, which has absorbed a $40Million hit and still stands at $40Million?

Good work Olman.


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## Olman (24 November 2010)

*Re: EquitiTrust*



kostag said:


> Personally, talk about plan A and Plan B from a financial instituion does worry me. It implies some doubt as to the bank's acceptance of plan A. It also seems to me that survival of the Fund is dependant on $50Million of new funds being raised, correct? Is this likley in this climate?
> 
> Secondly, those new funds (as with the banks) are all secured and ahead of us.
> 
> Finally, if the RE's funds were $40M and there have bene <$40M of impairment losses, does this now mean that the capital warranty fund etc exists no longer? Or is the suggestion that there was at some stage say an $80Million fund, which has absorbed a $40Million hit and still stands at $40Million?




Equititrust has to find $20m to pay off the Bank of Scotland, or merge the two funds.  If the capital raising succeeds, I imagine it would be used in the first instance to retire this debt. In effect it would result in a debt swap from BOS to the new corporate bond holders.  

It is logical that this debt would be secured ahead of unitholders, along the same lines as in DoctorJ's earlier comments: ".... debt is senior to equity and quasi-equity (in fact, it's the point of debt...)".  That's business.  There is no loss to unitholders by this action - it's a debt _swap_.

The impairment losses were $30m, not $40m. Because the RSI payments were applied to these losses, they have been accounted for and the $40m capital guarantee remains unmolested to date.

If the capital raising fails, then it looks as if the merging of the Income and Opportunity Funds may have to happen, unless there is another angle that Equititrust are keeping mum about. There is not much we can do at present but wait it out.


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## kostag (4 December 2010)

*Re: EquitiTrust -  lok at Note 10 in the 30/6/10 accounts*

Take a look at the 30th June 2010 on www.equititrust.com.au

Go to Note 10. 

Note 10 deals with the Loan assets.

My very quick and ill-informed (perhaps) reading raises some issues:-

a) of some $255,338,826 of mortgage loans , some $163,088,936 are listed as 'static'. I presume that 'static' means ' do not pay interest'. I cannot find a definition of 'statis'. Does that mean we have $92,249,890 of loans that do pay interest? Now, if we assume that these loans return an interest rate of say 12% per annum, that is $11,069.986 of gross revenue. This revenue has to service i) interest to the National Bank on its $35,000,000 debt; ii) interest to external investors (you and me) - lets say 7% on how much -  I cannot work out how much we all have tied up  iii) interest on the $25million facility with Bank of Scotalnd, and finally iv) if last year and 2008 are anything to go on, over $14million to Equititrust Ltd. Now, if you expenses each year are substantially over your income, does not this mean, eiether 1. your are insolvent , or 2. you are operating by using capital bein repaid , or 3. relying on new investors to put in new money, when old investors are not being repaid. Now, in circumstances where existing investors find their investments stuck in behind the Banks; and payments of $14milliona  year to the founder's company; and now the loan capital, which is presumably, our 'asset' is now being used to pay for all of this.

b)  Loan categorised as 'mortgagee in possession' suddenly account for $71,247,884 or a staggering 28% of the overall loan book of $255,338,826. Is this normal? I can only assume that for a property to be mortgagee in possession, that would mean that the original borrower and property owner, could not generate sufficent sales or cash flow from the property to meet obligations or repay the loan, or worse, get anyone else to take over the loan. That being the case, surely, there must be some high level of anticpated impairment. The level of LVR reported on note 10 (c) (ii) on page 25 in the range 41% (I'd be looking at why the Borrower could not repay if that LVR was/is correct!) upt to 77%, seem to be based in the main on valuations done in 2009, atleast a year out of date and presumably since then there has bene further decline generally in line with the state of the real estate markets.

These are troubling disclosures. Sadly, KPMG, as auditor, does not address the issue of going concern and ability to survive.

I am none the wiser having read these reports.


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## kostag (4 December 2010)

*Re: EquitiTrust: has KPMG issued a qualified AUDIT REPORT*

you've earned the EQUITY -  we'll give you a thrust!


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## Olman (7 December 2010)

Regarding Kostag's post: much of this post is based on incorrect assumptions. Comments in blue:



kostag said:


> Take a look at the 30th June 2010 on www.equititrust.com.au
> 
> My very quick and ill-informed (perhaps) reading raises some issues:-
> 
> ...


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## kostag (8 December 2010)

*Re: EquitiTrust: detailed replies*

 A very detailed analysis by OLMAN -  who clearly has a pretty good line to good info from Equititrust - a few quick questions then and I guess we just sit it out and keep our fingers crossed that the detailed analysis is correct:-

Take a look at the 30th June 2010 on www.equititrust.com.au

My very quick and ill-informed (perhaps) reading raises some issues:-

a) of some $255,338,826 of mortgage loans , some $163,088,936 are listed as 'static'. I presume that 'static' means ' do not pay interest'. I cannot find a definition of 'statis'. Does that mean we have $92,249,890 of loans that do pay interest?

"Static" does not mean "does not pay interest".

1) A "Construction and Development" loan is one where there is ongoing construction, or development which enhances the value of the underlying security (mostly civil works such as roads, drainage, sewerage etc).

2) "Static" loans are for finished stock or vacant land. 

INTEREST BEARING IS ONE THING - ISSUE HERE IS, ARE THEY INTEREST EARNING I.E: IS INTEREST BEING PAID 3) All loans are interest bearing.

iii) interest on the $25million facility with Bank of Scotalnd, 

I DON'T UNDERSTAND THE WHOLE EPF AND EIF THING -  MAYBE I DON'T NEED TO KNOW - BUT DOES THAT MEAN THAT SOME OF OUR EQUITY OR ASSETS ARE MOVED INTO EPF RATHER THAN EIF? I DONT KNOW WHETHER THIS IS GOOD OR BAD -  SO I CANNOT COMMENT ON WHAT I DONT UNDERSTAND. I GUESS MY ONLY COMMENT IS THAT I CANT SEE WHY IT IS NOT ALL IN ONE POT.  As per my post of 23 November, "the Bank of Scotland loan ......... is a loan within the Equititust Premium Fund (EPF) and does not apply to the Equititrust Income Fund (EIF)". 

and finally iv) if last year and 2008 are anything to go on, over $14million to Equititrust Ltd. 

ALL OF THIS IS NO DOUBT LEGALLY CORRECT - BUT ISN'T THE ISSUE THIS -  THAT INVESTORS ARE NOT HAVING THEIR CAPITAL REDEEMED AND SO MUCH MILEAGE IS MADE OF THE CAPITAL WARRANTY ETC -  NOW, I DONT HAVE A CAHS FLOW ANALYSIS AND I HAVE ASKED THE QUESTION ABOVE ABOUT INTEREST ACCRUED WHICH IS ONE THING AND INTEREST PAID WHICH IS ANOTHER -  BUT IF THE EIF IS SHORT OF FUNDS - WHICH SEEMS TO BE THE CASE -  A $14m RETURN PER ANNUM ON WHAT I ASSUME IS A CASH INVESTMENT (NOT SOME BOOK EQUITY) OF $40m IS NOT BAD GOING WHEN THERE ARE $40-$50m OF US WIATING TO GET OUR MONEY BACK. NOW, WHOEVER HAS ACCESS TOI A CASH FUNDS STATEMENT (mAYBE OLMAN CAN GET THIS) CAN THEY ASSURE US THAT THE RETURN TO EQUITITRUST AND ALL OTHER OPERATING COSTS ARE PAID OUT OF INCOME EARNDED IN CASH NOT FUNDED BY RETURN OF CAPITAL AND OR FURTHER BORROWINGS? THAT WOULD SEEM TO ME TO BE THE UNANSWERED CONCERN. The $14m was the Return on the Responsible Entity's Subordinated Units (RSI) as described on p4 of the 09/10 Financial Report. The order of priority of payments (on the same page) show that these funds can only be paid if there is any surplus after actual expenses of the EIF, distributions to members, and management fees, are paid. IT SEEMS TO HAVE BENE THE SAME AMOUNT EACH YEAR FOR 3 YEARS Obviously this sum varies according to the financial circumstances in any one year, and is itself subject to the solvency of the EIF. If there is no money left after expenses, distributions and management fees, there is no return. Again, as stated in my post of 23 November, "these funds for the past 3 years have been largely applied to impaired loans. There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone". AGREE THAT LEGALLY WE MAY ALL BE OVER A BARREL -  BUT WHAT IS THE WARRANTY ABOUT AND 'PUTTING OUR MONEY WHERE OUR MOUTH IS' -  THE MONEY TO REPAY US IS NOT THERE BECAUSE LOANS HAVE GONE BAD -  SO WHY WOULD ANY MANAGER BE REWARDED UNTIL WE CORE INVESTORS ARE REPAID   Equititrust Ltd could have legally taken these funds for their own use and left the impairments to erode the value of the subordinated investment and investors' funds. YOU MIGHT SAY IT -  I'D SAY IT IS THE LEAST THAT ANY HONEST MANAGER WOULD DO AND SHOULD BE LEGALLY OBLIGATED TO DO It has to be said that Equititrust's application of the RSI to impairments is a demonstrable act of good faith.

The Financial Report clearly shows on p8 under Liabilities that there is around $39m total liabilities at 30 June 2010, which includes the $35m NAB loan which is scheduled to be completely repaid by 01 Sept 2011. WELL DBET FREE OTHER THAN FOR THE FACT THAT INVESTORS ARE STILL OWED HUNDREDS OF MILLIONS Thereafter, the EIF is substantially debt free. 

b) 1. DO MORTGAGEE PROPERTIES PAY INTEREST? I ASSUME NOT  Loan categorised as 'mortgagee in possession' suddenly account for $71,247,884 or a staggering 28% of the overall loan book of $255,338,826. Is this normal? I can only assume that for a property to be mortgagee in possession, that would mean that the original borrower and property owner, could not generate sufficent sales or cash flow from the property to meet obligations or repay the loan, or worse, get anyone else to take over the loan. That being the case, surely, there must be some high level of anticpated impairment. The level of LVR reported on note 10 (c) (ii) on page 25 in the range 41% (I'd be looking at why the Borrower could not repay if that LVR was/is correct!) upt to 77%, seem to be based in the main on valuations done in 2009, at least a year out of date and presumably since then there has bene further decline generally in line with the state of the real estate markets.

1) AGREED NO QUESTION ON THIS Property financing has been through much turmoil in the past few years, and it is no surprise that Equititrust has had to take action to manage defaults. According to the CEO: "Most of the increase of the (Mortgagee in Possession) statistic comes from us taking possession of the Wirrina Cove Resort Development in South Australia. WHAT IS THE EIF COMPONENT MEAN? DOES THAT MEAN THAT EPF ALSO CLAIMS INTEREST IN OUR ASSETS - JUST DON'T UNDERSTAND THIS PART -  IF THERE IS A $77m VALUATION ON AN ASSET WHERE WE ARE OWED ONLY $32m , I AM GREATLY COMFORTED - BUT IF EIF AND EPF ARE BETWEEN THEM OWED SOME OTHER FIGURE ON THIS ONE FOR EXAMPLE -  THEN LETS KNOW THE TRUE DISCLOSED DEBT TO LOAN RATION... RATHER THAN GETTING A PART ANSWER WHICH ON ITS FACE SEEMS A VERY COMFORTING ANSWER   The EIF loan component on this loan as at 30 June was circa $32m and the valuation performed in Sept 2008 (some 1.75 years prior and well into the GFC) was for $77m. Whilst it is likely the property has dropped further (maybe 10-15%) there is ample coverage of our debt and we are now selling the various components of the resort and expect full repayment (along with a healthy amount of default interest)". 

2) AGREED THAT COULD EXPLAIN IF A PROPERTY HAS TOO MANY LOANS ON IT WHY THE BORROWER COULD NOT DO ANYTHIGN TO RE-FINANCE - AGREE OLMAN. Comments on borrowers' abilities to refinance don't acknowledge the fact that many of these developments have additional financiers ranking behind Equititrust. The LVR's in the Financial Report are solely attributable to Equititrust's financing arrangements. The borrowers' LVR's may have to take into account further financing (in addition to borrowings from Equititrust), which would have some bearing on whether they are able to refinance on their own account.

3) WHEN PROPERTY VALUES HAVE CLEARLY COLLAPSED OVER LAST 3 YEARS -  THE USE OF 3 YEAR OLD VALUATIONS WOULD BE QUITE INAPPROPRIATE -  OUR ONLY ASSET IS THE VALUE OF THE PROPERTIES. I SPOKE TO ONE LEADING VALUATION FIRM AND THEY SAID THAT A LARGE BULK VALUATION SUBJECT TO GEOGRAPHIC CONSTRAINTS COULD BE DONE AT $1 PER $1,000. SO IN YOUR $70M EXAMPLE - A COST OF $70,000. ASSUME THE WHOLE LOAN REGISTER IS $300m -  $300,000 COST WHICH COMPARED TO $14M BEING TROUSERED BY EQUITITRUST SEEMS TO BE A SMALL COST FOR SUCH RE-ASSURANCE, COMFORT AND CERTAINITY -  EVEN IF IT IS DOUBLE THAT COST - MAKE IT $600,000 -  IN ANY EVENT, WE WOULD NOT NEED ALL LOANS DONE -  PRESUMABLY THERE ARE SOME LOANS WITH VALUATIONS IN THE LAST 12 MONTHS OR SO   - I DONT THINK THAT COST SAVING IS A RELEVANT EXCUSE FOR FAILURE TO HAVE CURRENT VALUED ASSETS  Valuations by Equititrust are done every 3 years to minimise the significant costs of getting them done. Additional valuations are done when considered necessary, such as when selling an asset. Equititrust say that they "continue to monitor security value by looking at comparable sales, performing internal valuations and feasibilities and obtaining real estate agent’s submissions on an ongoing basis". NO -  AN INDEPENDENT VALUATION IS JUST THAT 'INDEPENDENT' ......  INTERNAL SELF SERVING ANALYSIS IS NOT A LOGICAL PRACTICE AND IN ANY EVENT THE NATIONAL BANK LOAN HAS A CAP OF 24% ON IT -  SO PRESUMABLY THEY DID SOME EXTERNAL APPRAISAL -  IF THEY DID, WHAT WAS THEIR APPRAISAL? TO GO AS LOW AS 24% SETS OFF A WARNING BELL WITH ME THAT MAYBE THEY TOOK A JAUNDICED VIEW OF THE VALUES USED IN THE LOAN BOOK.  LETS GET THEIR FIGURE? OF WHAT ETSTING AND VERIFICATION DID KPMG DO AS PART OF THEIR AUDIT? OR DID THEY SIMPLY IGNORE THE VALUES OF THE GROSS ASSETS?  This seems a logical practice.

These are troubling disclosures. Sadly, KPMG, as auditor, does not address the issue of going concern and ability to survive.

NO MAGIC WAND - IT NEEDS DISCLOSURE OF A SIMPLE CASH FLOW ANALYSIS FOR LAST YEAR AND A LIKLEY CASH FLOW ANALYSIS FOR 2011 -  THEN WE CAN ALL FORM A VIEW BASED ON FACTS -  It would be nice to have someone wave a magic wand and dissipate all of the uncertainties of the times, but in the face of reality note 3(i) on pp 14 and 15 of the Financial Report will have to suffice. Here the auditor outlines the issues and conclusions about the "Going Concern".


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## Olman (9 December 2010)

In reply to Kostag: 
(note abbreviations: Equititrust = EQT;  Return on Subordinated Investment = RSI;  Equititrust Income Fund = EIF, and Equititrust Premium Fund = EPF).  
Not sure how this post will appear – it was too long and had to be split in two.  This is the first part: 

1) INTEREST BEARING IS ONE THING - ISSUE HERE IS, ARE THEY INTEREST EARNING I.E: IS INTEREST BEING PAID 

Here is what the CEO has said about interest:
The fact that interest is capitalised does not mean we don’t get paid it – simply that we get it in one lump sum at the end of the loan (or upon sale of the security property).  For example on the Raptis loan (of circa $50m) we were repaid $10-$15m in interest last financial year (including default interest of circa $2.5m).  We were well secured and passed about $10m odd worth of security to the 2nd mortgagee who ranked after us;

2) I DON'T UNDERSTAND THE WHOLE EPF AND EIF THING - MAYBE I DON'T NEED TO KNOW - BUT DOES THAT MEAN THAT SOME OF OUR EQUITY OR ASSETS ARE MOVED INTO EPF RATHER THAN EIF? I DONT KNOW WHETHER THIS IS GOOD OR BAD - SO I CANNOT COMMENT ON WHAT I DONT UNDERSTAND. I GUESS MY ONLY COMMENT IS THAT I CANT SEE WHY IT IS NOT ALL IN ONE POT. 


The distinction between the EPF and EIF is evident on the web site.  At the bottom of the Home Page under the "Navigation" heading, and in the "Invest" pages, is this:

Equititrust Premium Fund
The Equititrust Premium Fund was established in 2003 for a select group of our valued clients; for investors seeking the opportunity for premium rates backed by Equititrust’s own capital protection investment of $10 million and proven management expertise. This Fund is exclusive for wholesale investors.

Benchmark Rates | Download the Information Memorandum 

The “Information Memorandum” states that the EPF is for wholesale investors only, with a stringent definition of the term "wholesale investor".  The financing arrangements are generally riskier than for the EIF, balanced of course by the possibility of better returns than those of the EIF.

Because the structure and rules of the EPF are different to those of the EIF, lumping them all in one as you suggest is not practical, certainly not usual industry practice, and would have to be illegal.  The EPF and the EIF are seperate entities, with no cross-sharing of assets or liabilities, although they may be investors in the same projects on an independent basis.

3) ALL OF THIS IS NO DOUBT LEGALLY CORRECT - BUT ISN'T THE ISSUE THIS - THAT INVESTORS ARE NOT HAVING THEIR CAPITAL REDEEMED AND SO MUCH MILEAGE IS MADE OF THE CAPITAL WARRANTY ETC - NOW, I DONT HAVE A CAHS FLOW ANALYSIS AND I HAVE ASKED THE QUESTION ABOVE ABOUT INTEREST ACCRUED WHICH IS ONE THING AND INTEREST PAID WHICH IS ANOTHER - BUT IF THE EIF IS SHORT OF FUNDS - WHICH SEEMS TO BE THE CASE - A $14m RETURN PER ANNUM ON WHAT I ASSUME IS A CASH INVESTMENT (NOT SOME BOOK EQUITY) OF $40m IS NOT BAD GOING WHEN THERE ARE $40-$50m OF US WIATING TO GET OUR MONEY BACK. NOW, WHOEVER HAS ACCESS TOI A CASH FUNDS STATEMENT (mAYBE OLMAN CAN GET THIS) CAN THEY ASSURE US THAT THE RETURN TO EQUITITRUST AND ALL OTHER OPERATING COSTS ARE PAID OUT OF INCOME EARNDED IN CASH NOT FUNDED BY RETURN OF CAPITAL AND OR FURTHER BORROWINGS? THAT WOULD SEEM TO ME TO BE THE UNANSWERED CONCERN. 

At present, investors' funds are all accounted for and tied up in the loans of the EIF.  Liquidity is the problem.  The recall of bank financing has thrown a spanner into the works and put the screws further on liquidity.  

The bank borrowings produced income above what was necessary to repay interest and charges (that's why borrowing is done - to make money).  The depletion of borrowings means there will be less profit in future, with the fund relying on profits from earnings on investors' funds alone.  The planned capital raising is designed to provide additional capital to replace the bank finance and improve the profit margins.  Until then, there are only investors' funds at work.

The $14m return you refer to is misleading.  As stated in previous posts, the figure was actually $15m for FY09/10 and comprised of $10.5m RSI and $4.5m expenses of the scheme on an actual basis.  Since the RSI was applied to loan impairments, the per annum return to EQT was nil, same as the year before and the year before that.  

$30m of the RSI over the past 3 years was applied to impaired loans, to shore up the value of investors' funds.  While the RSI is a cash value, if these funds were paid out in redemptions, the value of the fund to the remaining investors would have been diminished by the value of impairments.  EQT is obviously considering the interests of *all* investors by acting as they have.  All those who have requested redemption are affected by this, but the rationale employed makes sense when considering the welfare of all investors as a whole.  The capital guarantee of $40m remains intact and unmolested to date, as mentioned previously.

There is a Statement of Cash Flows on p10 of the 09/10 Financial Report. If you want further details, I suggest you ask EQT for it. I respond to your posts because I feel some of the issues you raise have broad interest, and the necessary research and analysis helps me personally to come to grips with what is going on.  However, I don't personally need further cash analysis and I'm not inclined to do your research for you. 

4) IT (the RSI) SEEMS TO HAVE BENE THE SAME AMOUNT EACH YEAR FOR 3 YEARS  

FY08: 21.1m.  FY09: 9.9m.  FY10: 10.5m.  It is not the same amount each year.  Over the three years, $30m went to impaired loans, with the remainder to fund operating costs not covered by the management fee.

5) AGREE THAT LEGALLY WE MAY ALL BE OVER A BARREL - BUT WHAT IS THE WARRANTY ABOUT AND 'PUTTING OUR MONEY WHERE OUR MOUTH IS' - THE MONEY TO REPAY US IS NOT THERE BECAUSE LOANS HAVE GONE BAD - SO WHY WOULD ANY MANAGER BE REWARDED UNTIL WE CORE INVESTORS ARE REPAID

As stated previously, the warranty is still intact.  The manager has not been rewarded for 3 years now, precisely because they have allocated the RSI to impairments and fund costs, as previously described.

6) YOU MIGHT SAY IT - I'D SAY IT IS THE LEAST THAT ANY HONEST MANAGER WOULD DO AND SHOULD BE LEGALLY OBLIGATED TO DO

I haven't seen any other collapsed funds do anything like this.  While maybe they *should* be legally obligated to do so, this is a personal opinion and you'd have to take this issue up with the law makers - it has no bearing on EQT and their actions.

.... (continued in 2nd part).....


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## Olman (9 December 2010)

… continued:

7) WELL DBET FREE OTHER THAN FOR THE FACT THAT INVESTORS ARE STILL OWED HUNDREDS OF MILLIONS 

Investor's funds are presently all accounted for - they still exist in the assets of the fund.  

8) DO MORTGAGEE PROPERTIES PAY INTEREST? I ASSUME NOT

I imagine the interest costs are accounted for when the property is sold. See para 1).

9) WHAT IS THE EIF COMPONENT MEAN? DOES THAT MEAN THAT EPF ALSO CLAIMS INTEREST IN OUR ASSETS - JUST DON'T UNDERSTAND THIS PART - IF THERE IS A $77m VALUATION ON AN ASSET WHERE WE ARE OWED ONLY $32m , I AM GREATLY COMFORTED - BUT IF EIF AND EPF ARE BETWEEN THEM OWED SOME OTHER FIGURE ON THIS ONE FOR EXAMPLE - THEN LETS KNOW THE TRUE DISCLOSED DEBT TO LOAN RATION... RATHER THAN GETTING A PART ANSWER WHICH ON ITS FACE SEEMS A VERY COMFORTING ANSWER

Language can be so tricky!  The "EIF COMPONENT" is the total amount of EIF funds in the project.  Other financiers may have additional interests, hence the distinction. I dunno about the EPF involvement - it's irrelevant to me.  I understand the EIF ranks first for payment.

10) 3) WHEN PROPERTY VALUES HAVE CLEARLY COLLAPSED OVER LAST 3 YEARS - THE USE OF 3 YEAR OLD VALUATIONS WOULD BE QUITE INAPPROPRIATE - OUR ONLY ASSET IS THE VALUE OF THE PROPERTIES. I SPOKE TO ONE LEADING VALUATION FIRM AND THEY SAID THAT A LARGE BULK VALUATION SUBJECT TO GEOGRAPHIC CONSTRAINTS COULD BE DONE AT $1 PER $1,000. SO IN YOUR $70M EXAMPLE - A COST OF $70,000. ASSUME THE WHOLE LOAN REGISTER IS $300m - $300,000 COST WHICH COMPARED TO $14M BEING TROUSERED BY EQUITITRUST SEEMS TO BE A SMALL COST FOR SUCH RE-ASSURANCE, COMFORT AND CERTAINITY - EVEN IF IT IS DOUBLE THAT COST - MAKE IT $600,000 - IN ANY EVENT, WE WOULD NOT NEED ALL LOANS DONE - PRESUMABLY THERE ARE SOME LOANS WITH VALUATIONS IN THE LAST 12 MONTHS OR SO - I DONT THINK THAT COST SAVING IS A RELEVANT EXCUSE FOR FAILURE TO HAVE CURRENT VALUED ASSETS

According to the CEO, "Valuations on the loan portfolio cost circa $300k-$500k to perform."  It might not be big biscuits to some, but I agree with the concept of not paying if it's not necessary. While the valuations are done every three years, they are not necessarily all due at the same time, and they have all been done sometime in the past three years.  If we take a median cost of ,say, $400k for a complete valuation, then (assuming your notion of "current value" requires yearly valuations) that would be 3 x $400k = a total of $1.2m over the three years.  I accept EQT procedures on this one until I see some credible evidence that there is an associated problem.

11) NO - AN INDEPENDENT VALUATION IS JUST THAT 'INDEPENDENT' ...... INTERNAL SELF SERVING ANALYSIS IS NOT A LOGICAL PRACTICE AND IN ANY EVENT THE NATIONAL BANK LOAN HAS A CAP OF 24% ON IT - SO PRESUMABLY THEY DID SOME EXTERNAL APPRAISAL - IF THEY DID, WHAT WAS THEIR APPRAISAL? TO GO AS LOW AS 24% SETS OFF A WARNING BELL WITH ME THAT MAYBE THEY TOOK A JAUNDICED VIEW OF THE VALUES USED IN THE LOAN BOOK. LETS GET THEIR FIGURE? OF WHAT ETSTING AND VERIFICATION DID KPMG DO AS PART OF THEIR AUDIT? OR DID THEY SIMPLY IGNORE THE VALUES OF THE GROSS ASSETS? 

Yes, EQT could be dudding the valuations, just like there could have been weapons of mass destruction.  The procedures could be designed to be absolutely watertight and fault free, but in the absence of world wide perfection let's get some proof of wrongdoing before jumping the gun.

12) NO MAGIC WAND - IT NEEDS DISCLOSURE OF A SIMPLE CASH FLOW ANALYSIS FOR LAST YEAR AND A LIKLEY CASH FLOW ANALYSIS FOR 2011 - THEN WE CAN ALL FORM A VIEW BASED ON FACTS

For last year’s facts, see p10 of the Financial Statement 09/10 - "Statement of Cash Flows".  For future projections, I would contact EQT, or use the data in the latest Financial Report to make my own assumptions.  There are no guarantees either way, since the future can be a slippery concept that doesn’t always conform to the forecasting of the present.

Cheers!


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## kostag (12 December 2010)

*Re: EquitiTrust - still feeling very vulnerbale*

I think in summary what OLMAN is saying on behalf of EQUITITRUST, is that:-

1.   valuations are not done regularly and the justification is that $400K cost per annum across a $300M potfolio is excessive and lets not jump too quickly until we have evidence of anything being wrong. With respect, things in the finance sector are not right -  anyone knows that. In case of Equititrust redemptions are not being met! By his own admission, OLMAN admits that interest is not being paid in many cases  but 'comforts' us by saying that it will (might?) get paid if and when the loan is repaid or the asset is sold up!  Anyhow other than very very real cash flow concerns and ability to meet costs as they fall due  -  clealry, external investors and lenders could not rely upon internally prepared self serving valuations.

2.   in terms of cash flow -  there is some refernce to weapons of mass destruction, the connection to Equititrust escpaes me! I need to know what the future might hold. Now if Olman's briefing from Equititrust is that they simply don't know and it is all very rubbery -  well, current valuations become all the more relevant.

3.   I note the comment about returns paid etc and Equititrust applying them to impaired loans etc, but isn't this what the 'capital warranty' is all about -  external invetsors taking no capital loss. Now, unless I am misisng the point here, loan assets are beign repaid, these are 'our' assets too! that money goes to pay back external lenders, opertaing costs, interest, and Equititrust's expenditure on properties, setting up new divisions such as Landsolve, paying themselves $14M a year -  some of which they then apply to picking up losses on impiared loans -  does this all mean that if we are not getting our capital redemtpions met, atht we are actually oaying , in cash terms, for the impaired losses -  and this also makes the regular accurate current valuations more and more relevant. Because if assets keep getting sold up and or relaised and the moneys continue to dissipate as they seem to be getting allocated, that we will get left with the sub-stdnanrd assets that cannot be turned over (presumably) at what MIGHT be dubious valuations -  and all of this against the backdrop of Olman and or Equititriust saying that they cannot forecast future cash flows with any accuracy.

Olman, are you an investor in Equitrust? or their PR department?


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## Olman (14 December 2010)

*Equititrust.*

Kostag: 

As I have stated in two previous posts here, I am an investor in the Equititrust Income Fund.  I am not a spokesman for the company, nor a representative of any PR department, and do not speak on anyone’s behalf other than my own.  I have spoken directly to Equititrust management about my concerns and have clearly identified company comments in my posts; researched the available literature on the web; and related what I have learned for the general information of anyone interested, rather than jump to conclusions which cannot be substantiated and contain errors of fact.

I would like to know why *you* do not discuss any of your misgivings and queries with Equititrust management.  Surely a necessary source of information is from the horse’s mouth?  Why do you not answer any direct questions put to you in this thread, or in personal mail to you?  

For the information of other readers, I was hoping for a more general discussion here.  On the whole, Equititrust investors must be a relatively contented lot. There have been more than 500 views of this thread in the last week, and other than Kostag and me, no-one else has made any comment.  I don’t pretend to have all the answers, but in the interests of understanding I am prepared to have a go at describing what I see as the current situation with the EIF.

There is much information on the problems with other Mortgage Lenders posted on this forum, and while there are issues raised about corruption, lies and what seems to be outright theft of investors’ funds, I am not convinced that Equititrust is in the same league.  Nevertheless, it would be naÃ¯ve not to remain cautious and open to all possibilities.

The FY2010 Financial Reports will be the next indicator of the health or otherwise of the Fund.  By then all outstanding finance repayments should be substantially settled and the bare bones of the operation will be more readily visible.  There are other factors which may further impact on future liquidity, but unless there is more interest in discussion of same I don’t see any point in raising them here at present. 

If there are any other views from anyone out there, I am most interested in hearing about them.

Cheers to all.


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## kostag (14 January 2011)

*Re: EquitiTrust: The Australian: 13-1-11*

dont know who this is -  but saw this comment on an article blogged to the Australian web site:

Disgruntled Equititrust Investor of Sydney Posted at 9:53 AM January 11, 2011 
Another looming disaster which ASIC has ignored is Equititrust which is holding 240 million dollars of investor's money ransom for over 2 years. Despite the media highlighting the company's precarious position nationally yesterday ASIC still sits on its hands and does nothing. I am not surprised by ASIC's recalcitrance in the Oswal case above. It seems to be their standard procedure.


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## zencorp (28 January 2011)

Equititrust – an investment bank with 'developmental skills'. A brief history for those concerned: Mark Mclivor, a former scrupulous mortgage and property lawyer founded Equititrust some 17 years ago. Well that’s the current company – where it all started was in a company called M C Mortgage Management Pty Ltd (ACN 051 165 587) in 1991, which rebranded to Equitiloan Securities Pty. Ltd., then to Equitiloan Pty. Ltd.  and then to Moribund Pty. Ltd. – which I may mention is **UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED** according to ASIC. For the faint hearted, that means there has been receivers and/or managers appointed as a result of the company not being able to pay its debts when they fell due and owing. Or in other words – it’s broke. 

Follow this carefully – the current company (which so proudly has been around for 17 years) – also was incorporated as M C Mortgage Management Pty. Ltd. (ACN 061 383 944) in 1993, then rebranded to Equitiloan Pty Ltd. and then to Equititrust Ltd. There is no mistake here – an ASIC search reveals similar directors (for example, former Equititrust Director (and Mark Mclivors brother) Wayne McLivor was the director who signed the ASIC form 507C “Report as to Affairs Regarding Court Winding Up”. It is obvious that the current Directors of Equititrust Ltd. devised a plan whereby the company’s name was changed to Moribund and Wayne was to take the fall – hence he resigned as a Director of Equititrust. Not to mention that Wayne is now involved with Insight Equity Ltd. – a direct competitor to Equititrust – I guess the old saying applies: Where you smell smoke, there is always a fire. 

Lets move beyond Equititrust’s sister company being broke and on to its current situation. Mark Mclivor, Managing Director and Founder of Equititrust – WOW there has been a lot of name and title changing in that company – wasn’t he the Chief Executive Officer? An insolvency practitioner from Hong Kong – David Kennedy, has replaced Mark. David is apparently very good at his job but according to court transcripts he can’t even read a document (just signs away – helping to loose investors money in another investment scheme similar to Equititrust).    

This $50 Million Priority Class Income Fund – hmm. Who will the prey be this time – pensioners life savings? Call me naive – but if it was SO safe and such a sound investment - why have both the CBA and NBA retreated out of the EIF and now the Bank of Scottland wants out of the EPIF? I am sorry – but this must be a heck on an investment. 

Lets look at it for a second and play out a pretty serious scenario. This priority class income fund (Priority Fund) managed by Equititrust is to be the lender and the Equititrust Income Fund (EIF) is to be the borrower. EIF is borrowing to pay out the NAB (which sees the fund as a risk – obviously) and to commence redemptions to those investors who currently have their money FROZEN.  What a plan, borrow more to get out of a debt problem - clever. Anyway, everything is going beautifully – BUT, what happens when the EIF defaults under the loan documents because the value of the underlying security property is really lower than what Equititrust has divulged?  OR alternatively Equititrust one month does not have enough earnings to pay interest on this loan because borrowers are in default and cannot afford to pay interest?  – (remembering that a large proportion of the EIF’s investments are currently in default). Well in a traditional matter the borrower would be in default and the lender would take action to recover monies lent.  

But this could be of detriment to the EIF so Equititrust writes to the investors of the Priority Fund and says sorry we have had to freeze the fund (just like they did to the EIF) and you may have to wait for many years to receive your money back. Meanwhile, Equititrust as trustee for the EIF is enjoying freedom away from the stresses usually associated with default under a loan document. BUT DON’T WORRY – we will still continue to advertise on our website “Post the global financial crisis, our record speaks for itself. In 17 years we've never lost a cent of Equititrust's investors' capital.” YEAH SURE but can I have my money back please – response “sorry the fund is frozen, but we haven’t lost it yet”. 

In actual fact, Equititrust as trustee for the Priority Fund may decide that it cant even pay the Benchmark amount (which I stress is not an interest rate – it is only the rate investors must receive before Equititrust receives its [exorbitant] management fee – on top of something called an expiry fee & other fees, fees, fees – how else to you sustain some 50m in retained earnings?) – BUT DON’T FORGET, Equititrust is still receiving its management fee on the EIF so Equititrust need not worry! All in all – Bank’s want out – so should you. Why do you think most investors want out of the EIF?


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## zencorp (28 January 2011)

Olman - I will start to make my way through this entire thread and comment on individual points which require input. But on a rather serious note - I am not sure what David Kennedy has divulged to you but in accordance with Equititrust's loan documents - the cost of a Valuation is borne by the Borrower not the lender. In actual fact, all Equititrust needs to do is request a valuation from the Borrower and if the Borrower does not comply the Borrower would be in breach of the loan covenants and automatically in default. 

I think you have been mislead away from the underlying point - what valuations were 12-18 months ago, take 40% off and you have the current market valuation. A cost of 400k by Equititrust is a vast overstatement and i am afraid you have been lied to by a man newly found as CEO of Equititrust. To be honest, have a little look into David Kennedy's past - and particular, his old job. Peruse the court documents (where he was required to give evidence) and then have a think to yourself about the integrity of his word.


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## kostag (30 January 2011)

*Re: EquitiTrust: this material from ZENCORP is unbelievable*

Zencorp -  if ever you need a job at giving analysis and advice, call me! Is what you are saying true and provable! If so, this is REDHOT! How come ASIC and APRA can let a new PROSPECTUS be floated on the Internet promising real solid returns when all of this is true. The new money (CAPITAL) being raised is being raised to both pay back existing loans (IN DEFAULT) and also some allowance for the $60M plus of 'mums and dads' who after 2 years still cannot get their money! 

By definition, isn't borrowing new moneys to pay back returns on the old money somethign developed by Charles Ponzi! and called a PONZI SCHEME!

so what is really going on?

and how could David Kennedy and David Andersen both whom most recently ran the failed MFS OCTAVIAR finance collapse , be in control now?

I guess the NATIONAL BANK can happily sit because they have themselves secured ahead of all of us wood ducks - we should get some of our money back -  but only after Bank of Scotland and National Bank 'nab' their moneys and fees.  We lose again! Thanks ASIC and thanks APRA! Not.

Now, if we take a good look at the loan book of EQUITITRUST we now see that a good percentage of the loans are Qlsd and regional and whilst you cannot blame Equititrust for the recnet floods, if respected property veteran Kevin Seymour is even half right -  the Qlsd secuirty- particulalry regional Qlsd -  held by Equititrust has halved in value! so we are all really in the financial quagmire!

I heard that McIvor has a big exposure in Ipswich area (over $50M) to a character called Quinlivin and a big direct exposure of $15M plus in Toowoomba. This would be lovely, wouldn't it?

The catchcry for Equititrust should perhaps now be  _"you've earned the equity -  we'll send you bust!"_


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## Equititrust (31 January 2011)

It is not unusual in our industry to have recalcitrant borrowers attempt to cause damage to Equititrust’s reputation by making untrue or ill-conceived allegations against us.  The common thread of such accusations tends to be that they are only ever made anonymously and when invited to discuss their issues directly with Equititrust the invitation is never taken up yet the accusations continue.  By way of example, “Kostag” has been invited on numerous occasions to contact me yet he has declined to do so.  Instead he continues to make unsubstantiated or erroneous allegations.  I do not intend to further address matters raised by him on this forum.

In relation to the comments of zencorp (who incidentally has just joined the website and does not state whether or not he is an investor but states he has knowledge of our loan documents which may suggest he is in fact a borrower), I point out the following:

(i)	Moribund Pty Ltd does not have Receivers appointed to it as zencorp says.  Moribund (as the name suggests) has not traded for approximately 10 years and a Liquidator was appointed at the company’s own instigation to facilitate tidying up its affairs.  It is not at all unusual for a company in a group to be wound up when it is no longer used;

(ii)	Moribund was never called M C Mortgage Management Pty Ltd as zencorp alleges.  He is simply mistaken in this regard notwithstanding his suggestion that care has been taken in tracing Equititrust’s history and “that there is no mistake here”;

(iii)	The ill-founded suggestion that “it is obvious that the current directors of Equititrust Ltd devised a plan whereby the company’s name was changed to Moribund and Wayne was to take the fall” is not supported by the facts.  Four out of the five current directors of Equititrust were neither directors nor employed by Equititrust when the name was changed to Moribund in October 2009.  In fact Wayne was still a director at that time so to use zencorp’s logic, Wayne himself must have voted for the name change to set himself up for a fall.  The suggestion is incorrect and untrue;

(iv)	There was nothing for Wayne McIvor to take the fall for with respect to Moribund.  He left Equititrust voluntarily to pursue other interests, one of which is Insight Equity Ltd.  Insight Equity was established by a former Equititrust employee and it is therefore not at all unusual that he invited Wayne to join him after he left Equititrust.  Insight Equity has a different model to that of Equititrust and is not a direct competitor of Equititrust as zencorp alleges.  I understand that those associated with Insight Equity agree that we are not competitors;

(v)	The court transcript comments referred to with respect to me are simply untrue.  There was never a suggestion during my examination (and I might add approximately 20 people have been examined to date as part of the MFS administrations) that I can’t even read a document.  Furthermore, and more importantly, it is impossible for zencorp to have seen such a transcript as it is sitting on my desk at home as I am still reviewing it for accuracy before I sign it and it is finalised. Perhaps zencorp may enlighten us as to his alleged source in this regard?;

(vi)	To answer the question why CBA, NAB and BOSI have retreated out of the EIF and EPIF, one has to look at their individual circumstances.  CBA have publicly acknowledged they want to withdraw from the entire mortgage fund industry (as a result of losses they have incurred in this sector) and have in fact wound up their own mortgage fund.  NAB have decided they are overweight in the property sector and as such do want a long term relationship in this industry.  They have indicated they would be prepared to entertain discreet lending opportunities with Equititrust and its customers.  They have also stated that there is no risk of them losing any money with Equititrust.  Finally, BOSI are withdrawing from Australia and repatriating capital back to the UK.  This is well known by everybody in the financial world.  The withdrawal of the banks in a tight credit market is not at all unusual and is not reflective of their attitude to Equititrust as a company.  Put simply, their appetite to lend to this industry has changed and we respect that;

(vii)	The comments regarding the Priority Class Fund show that zencorp, at best, misunderstands the fund.  It is not borrowing more to get out of debt, it is substituting one debt for another which has more attractive terms.  It is ,in effect, refinancing existing debt and it is being done for the following reasons:

(a)	 When the banking facilities were established/utilised, the banks were offering debt at interest rates which significantly lowered our cost of capital.  With a tightening credit market and rising interest rates this is no longer the case and as such it was considered appropriate to offer investors the opportunity to stand in the shoes of the bank (ie same interest rate, same security position);

(b)	In the unlikely event EIF were to default under the facility, then the PDS requires Equititrust to call a meeting of unit-holders (ie investors) to let them determine if they want a new manager appointed to replace Equititrust – ie it is up to the investors to decide what happens to the fund.  It is not possible for Equititrust to simply freeze the fund as zencorp alleges;

(c)	The fees referred to by zencorp as “exorbitant” show that he has either not even read the PDS or is being malicious in his comments.  The management fee payable to Equititrust if all investors have received there benchmark return (it is described in this way due to ASIC requirements) is .15%.  That equates to a maximum fee of $75,000 per annum if the fund is fully subscribed to $50m.  There are no expiry fees or other fees as zencorp alleges.  I am not sure any objective person would describe these fees as exorbitant.

(viii)	Zencorp’s comments about valuations are ill-informed and without basis.  If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).   

(ix)	The comments regarding my integrity do not warrant comment other than to say that my integrity was never questioned as part of the MFS collapse (actually quite the contrary).  It is simply not possible to defend one’s self against faceless and anonymous allegations (it seems akin to “parliamentary privilege”) but if zencorp would like to post the same comments disclosing his details I would be more than happy to address them in the appropriate manner.

The GFC and its lingering effects were unprecedented.  Whilst Equititrust is not happy about freezing redemptions on its funds, the fact remains that this has been necessary to protect all investor’s interests.  ING is the 7th largest corporation in the world yet it froze redemptions on several of its mortgage funds.  Commonwealth Bank is one of the Top 20 rated banks in the world yet it froze redemptions on its own mortgage fund.  We are proud that investor returns have been paid in full and on time throughout the GFC.

Over the past two years, Equititrust has reduced bank debt from $155m to $44m and anticipates having this fully extinguished in the next 6 months.  We can then start the process of repaying investors who want there money back.

We are working assiduously to ensure investor’s rights and interests are protected and with a large investment of our own ($40m of which was voluntarily subordinated at the onset of the GFC) underpinning EIF we are showing that we are putting our money where our mouth is.

As always, if any genuine investor has any concerns about their investment they can contact us at Equititrust and we will do our best to address such concerns.

Regards
David Kennedy


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## kostag (31 January 2011)

*Re: EquitiTrust: a ponzi scheme -  borrowing new to repay old*

well, one must admire Mr Kennedy for one thing -  he does not hide from issues.

I posed a question sometime ago though which has been avoided. Mr Kennedy as CEO would know the answer to this better than probably anyone and he also knows as a lawyer, excatly what his liabiltiies are:-

1.   Is Equititrust currently trading on teh basis that it can meet its liabilties as and when they fall due?

2.   In relation to the loans (let's limit this to the major loans) are all the larger loans (say over $10million) current, that interest being paid, rather than being accrued,  by the Mortgagors? and if not, to what extent, let's say in tens of millions -  are loans not being serviced by the Mortgagors?

3.   Was the National Bank loan repayments of $3M a month paid in Dec 2010 and Jan 2011?

4.   In relation to the loan portfolio generally, is Mr Kennedy as CEO able to assure all investors that all loans are in good order - save for the disclosed provisioned loans -  paying their interest; and the valuations on those loans current and relevant and reflective of the arm's length nature represented between Lender and Borrower?



1.







Equititrust said:


> It is not unusual in our industry to have recalcitrant borrowers attempt to cause damage to Equititrust’s reputation by making untrue or ill-conceived allegations against us.  The common thread of such accusations tends to be that they are only ever made anonymously and when invited to discuss their issues directly with Equititrust the invitation is never taken up yet the accusations continue.  By way of example, “Kostag” has been invited on numerous occasions to contact me yet he has declined to do so.  Instead he continues to make unsubstantiated or erroneous allegations.  I do not intend to further address matters raised by him on this forum.
> 
> In relation to the comments of zencorp (who incidentally has just joined the website and does not state whether or not he is an investor but states he has knowledge of our loan documents which may suggest he is in fact a borrower), I point out the following:
> 
> ...


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## kostag (1 February 2011)

*Re: EquitiTrust: a ponzi scheme -  borrowing new to repay old THE FLAGS ARE UP*

Following on from earlier comments - lets all be objective for a moment.

Investors in Equititrust hardly want it to fail, but they probably do want losses and overheads to stop and they’d love to see their money back.

Borrowers – bad ones or good ones - hardly want Equititrust to fall-over and then face a gauntlet of litigation.

Opposition? I don’t know. I suspect industry peers don’t want to see more blood on the streets. It would no no-one any good. Correct?

Now, David Kennedy. Well, he seems to be doing a good job. But what’s his job? Surely his first job is to keep his job. So David has to accept that anything that he says must be viewed as biased. Secondly, despite what is said, he did preside in a very senior role at MFS and in its dying days certainly turned a blind eye to a regime that allowed assets to be plundered and moneys shuffled around. Well, that’s how I read the media coverage of his less than frank court evidence.

So what is all this threads and posting really about?

David Kennedy is correct on this point, we are all guessing and running blind. However, the selective material that is released and the spin we are fed does not help. You cannot run a mantra that no investor has suffered a loss for 17years, when for the past 2 to 3 years, there are tens of millions of dollars of mums and dads who cannot get their money out.

You cannot simply blame the big bad banks. Equititrust borrowed hundreds of millions of dollars from the banks over 3 years ago. Now, knowing that it runs a relatively short term book, it was Equititrust’s job to ensure that within some reasonable percentage, that the repayment of those loans was covered. The fact that some three years latter, there is still $44million owing (if that is the true figure) is not a source of comfort, I have to say.

But let’s just use some dead reckoning and try to dig deeper.

Let’s say that the average Equititrust loan is 2 years. Let’s say. Their rates are high so we can assume that most people don’t borrow form them for the long haul.

Now, the GFC started when, let’s say Nov 2008. That’s what, about 27months ago?

Equititrust says (David Kennedy says in his posting in fact) that values have not dropped much, and lets say that Equititrust on average loans lets say 70% of value.

Now, being a prudent mortgage manager, as at the start of the GFC 50% of the loans must have lad an outstanding life of less than 1 year, for every dollar that had a life of over 2 years. Correct?

Now, if a reasonable percentage of those were good borrowers, you would expect that a) loans would have been repaid and let’s assume that half the loan book paid back, well if the loan book was at one time how much $450million or more? Well wasn’t that money siphoned off to the banks and what happened to the rest?

But look at the remaining loans. Are we actually saying that as Equititrust would not have made any new loans since Nov 2008, as it had no spare money (it couldn’t pay me back, so one must assume it would not make a new loan and leave us all in the lurch), so half the loan book, some $225million cannot pay their loans back and worse, assuming that we are told the truth and the lending ratio is 70% or so, Equititrust cannot sell the underlying securities and clear the loans that way?

So, we investors then look on the Equititrust loan site and see not 4 or 5 staff like there used to be. We see probably closer to 45 staff, and many of them senior (and I guess) expensive executives. Many of them have come from other failed financiers and development companies. Now, we don’t blame them all for all the failures but it is hardly comforting that people who failed elsewhere in similar models are now presiding over our money.

So about half the loan book frankly cannot pay us back. After some 27 months there is not really an answer to recovery. We are told that redemptions will get caught up not from realisation of assets but from another new raising of capital where Equititrust is borrowing from mums and dads to lend to the ‘other’ Equititrust. And whilst this is going on, paid by either our money, management fees (which still come out of our money) or form new borrowings, is presumably millions and millions of salaries and wages to a ‘cast of thousands’ who frankly, other than web site spin, have not delivered after some 27months.

Mr Kennedy, that’s what we are worried about. 

I suspect that core values of larger loans are inflated; I suspect that overheads and operating costs and wages are all paid not from income but from the return of capital (our capital); I suspect that larger loans are not properly paying interest; and that the residual loons sitting on the ledgers are those that simply (and perhaps this is the fault of the GFC) cannot be realised and unlikely to be realised for some time. So in that instance, where there is life, there is perhaps hope. So we need to get rid of those pesky bankers who want their money out and once we have done that, we all know ASIC will do nothing, and the smucks like me will just get told ‘sorry guys, it was those dammed banks, you just have to wait -  but you can rely on us , we have never missed a beat in 17years’. 

I hope that I am wrong but all the flags are up. 


kostag said:


> well, one must admire Mr Kennedy for one thing -  he does not hide from issues.
> 
> I posed a question sometime ago though which has been avoided. Mr Kennedy as CEO would know the answer to this better than probably anyone and he also knows as a lawyer, excatly what his liabiltiies are:-
> 
> ...


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## No Trust (2 February 2011)

January 10 2011 Business Day Sydney Morning Herald "Equititrust acknowledges potential conflict in funding roles" the article by Colin Kruger is very well researched and to the point. The fact that The Sydney Morning Herald ran the story and outlined the facts is enough said. The story was subsequently run nationally through the Fairfax Newspapers.


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## No Trust (2 February 2011)

"Frozen funds still raising money, say auditors" Anthony Klan - The Australian March 02, 2010 is another well written article by a multi award winning Australian journalist.

The above articles are easily found by a simple google search and make interesting reading as they are objective and well researched.

I commend the two journalists for their efforts in highlighting another potential problem area in an industry beset with collapses.


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## Olman (2 February 2011)

No Trust said:


> "Frozen funds still raising money, say auditors" Anthony Klan - The Australian March 02, 2010 is another well written article by a multi award winning Australian journalist.
> 
> The above articles are easily found by a simple google search and make interesting reading as they are objective and well researched.
> 
> I commend the two journalists for their efforts in highlighting another potential problem area in an industry beset with collapses.




A new username called "No Trust" is a little suspect when talking of objectivity in this thread, doncha think?  As for awards, Hitler wore many medals and history showed us his worth.  This is not to denigrate the journos - they are paid to write after all, but the beat up of their credentials is irrelevant. Besides, what were these "multi awards" won by the journo?

Nothing new in all this - the statements concerning Equititrust are available on the Equititrust website in the Financial Reports, and the bulk of the article refers to the Richmond Mortgage Fund.  It's a bit of a stretch to call them "well researched", considering the lack of real content.

No Trust's post is a beat up.  

Now, to avoid a punch up on the board, I think I'll go and register under another username....


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## Olman (2 February 2011)

zencorp said:


> Olman - I will start to make my way through this entire thread and comment on individual points which require input. But on a rather serious note - I am not sure what David Kennedy has divulged to you but in accordance with Equititrust's loan documents - the cost of a Valuation is borne by the Borrower not the lender. In actual fact, all Equititrust needs to do is request a valuation from the Borrower and if the Borrower does not comply the Borrower would be in breach of the loan covenants and automatically in default.
> 
> I think you have been mislead away from the underlying point - what valuations were 12-18 months ago, take 40% off and you have the current market valuation. A cost of 400k by Equititrust is a vast overstatement and i am afraid you have been lied to by a man newly found as CEO of Equititrust. To be honest, have a little look into David Kennedy's past - and particular, his old job. Peruse the court documents (where he was required to give evidence) and then have a think to yourself about the integrity of his word.




I think the Equititrust reply has addressed these points.


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## No Trust (2 February 2011)

In response to the above postings, the username No Trust has been registered for some time and is a  "general statement" about the public's scepticism of banks and financial institutions..  

To mention Hilter when referring to respected journalists and punch up's on the board seems to speak for itself.. 

As for a recent award please refer to 1 Nov 2010 ... THE Australian's Anthony Klan was named winner of the Sir Keith Murdoch award for excellence in journalism.

The post is not a beat up in any sense of the word, it is referring to well researched credible, financial jounalism which obvioulsy some find hard to swallow.

The January 10 2011 Business Day Sydney Morning Herald Article "Equititrust acknowledges potential conflict in funding roles"  by Colin Kruger was ignored. This article is the most recent published on a national level and I again commend the Journalist for highlighting the issue..


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## Olman (2 February 2011)

No Trust said:


> In response to the above postings, the username No Trust has been registered for some time and is a  "general statement" about the public's scepticism of banks and financial institutions..
> 
> To mention Hilter when referring to respected journalists and punch up's on the board seems to speak for itself..
> 
> ...




You registered on ASF 22 Nov 2010, with only two posts here, both in this thread today (three now). There are a number of other threads in this forum on banks and financial institutions but you have not commented elsewhere.  

Although I can relate to the rationale behind the name as per your explanation, all you have said in your posts is that you applaud the journos - other than that you have offered nothing to the debate.  Pardon my scepticism.  

The analogy with Hitler and medals illustrates the problems with accepting industry accolades as proof of virtue - I'm sorry you don't get that.  Read Kostag's posts and you may understand the concept of punch-ups on the board - don't be too literal with your dissection of the language, it's the idea that's important.  

My comments about Klan equally apply to Kruger - the information is not news, being all available on the Equititrust web site.  My Google search on Klan shows *one* award - this does not qualify him as a "multi-award winner" as per your post.  

I'm interested in intelligent debate from any source, but when intelligence and debate are both missing I do tend to become irritated by senseless negativity. The Eqititrust issue is important to the investors, and nonsensical distractions do nothing to further the discussion.  I stand by my comments.


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## No Trust (2 February 2011)

In response to the above posting:

•	Olman only registered in November 2010

•	What threads I respond to is entirely up to me. My response in regard to this thread was precipitated by the fact that the national media has found cause to shine a spotlight on the issue.. 

•	I am sure better analogies can be found other than "Hilter".. to refer to credible awards given to respected journalists.

•	In terms of information, it seems your solution is the ultimate source of information should be the Equititrust Website.. I think any reasonable person would be sceptical of this. 

•	The investors both present and incoming should have as wide a view of the facts as possible. 

Please also refer to:
Business Journalist of the Year 2007
Anthony Klan, The Australian, who led the paper’s news breaking coverage of the Fincorp collapse. 

In any independent assessment of the facts would conclude this does qualify Anthony Klan as a "Multi Award Winning Journalist"

In terms of the information it was clear that Anthony Klan's coverage was more reliable than the Fincorp Website.. 

It seems the only recent award Equititrust has won is a Choice Shonky Award in 2008. Given again by the highly respected consumer magazine Choice. 

•	In terms transparency and debate, the fact that someone is irritated and highly sensitive to published articles which shine a spotlight on the subject is of no consequence.. This is a forum for free and open discussion.

•	In regard to the Equititrust Website noticeably absent are the interim financials usually posted in December as well as the annual review usually posted in August.


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## kostag (2 February 2011)

*Re: Equititrust: now HITLER comes into the debate - dont mention zee War!!*

OLMAN has in the past raised some interesting rebuttal -  but the debate sinks from credulity to twaddle when we attack respected media and their journalists by some weird anaolgy to awards. Firstly, in terms on awards, other than a relatively minor award bestowed by others in WW1, Hitler's subsequent awards were self awarded. Surely, OLMAN is not suggesting that the Fairfax media staff awarded themselves their own awards or exceuted those who opposed such awards!

We all use this website because it affords annoynimity which hopefully we all use reservedly and without malice.

Just as David Kennedy speculates that every negative "poster" is a bad Borrower etc of Equittitrust (gee! how many bad borrowers do they have?)  -  I think that we can safely speculate that OLMAN is an Equititrust sycophant and perhaps at the highest level. The skilled wordsmith is cetrianly reminiscent of much of EQUITITRUST's published spin.

In terms of branding and catchcrys -  I for one have some diifuclktuty waiying for close to three years for my money back and hearing "You've earned teh equity and we've earned the trust". We all had a good run up till 2008 -  but it has all chnaged. Diretcors have jumped ship. Staff numbers have skyrocketed. Lots of loans have repaiud BUT the loan procicnpal has been diverted to pay off extravanagant and reckless bank loans and pay huge incraesed overheads and wages! There is simply no end in sight. 

LANDSOLVE is simply more spin. An EQUITITRUST company filled with -for teh most part -  failed ficniaers and dveleopers -  runnign Equititrust's own distrssed loans as some form of indepenendet speiclaists. When in fact is it a loosley cobbled, recent start up, huge staff and alarming costs unde rthe pretennce taht we are some streamlined skilled property management oeprtaion who will, under the same dietcoirs who got us all into this mess, somehow get us all out. All that seems to have chnaged is explosve staff numbers and a new name.  Rather than Landsolve -  how about MONEYSOLVE! Somone who simply realises assets and pays people back. 

What seems t have bene lost in all of this , is this is not Equititrust's money -  it is our money. WE gave them our money to look after on a cetrian basis -  that basis of trust was broken and simply, we wnat our money back - and we can't get it back.

In my last posting -  I asked David Kennedy some simple direct questions and asked him, bearing in mind his civil liability -  to give direct publci answers -  as we can't get current icnofmrtaion as the website is absent with current reporting.

Now, we don't hear a peep from David Kennedy -  because he knows that if he gives the correct answers etc he is then 'on the block' so to speak.

Waht we do get though is the tag-team of OLMAN pop up -  with analogies to Hitler and anythign else to smoke screen away from reality.

Shamefully, ASIC will not take up teh call.

Nirther will the NAB or Bank of SCotland - as they are well covered for secuirty -  they are owed less than $50Million on a book that is worth  -  how much -  ahone guess BUT over $200million.

So whilst they accrue rollover fees and high interest our equity just dwindles away. 

That's the truth of hit. 

When asked something direct, David Kennedy reverts to spin - usally -  "I understand...."  then an answer -  rather than simply saying -  "the truth is....."

Anyhow, speaking of Hitler -  this is all a bit too much Mein Kampf (My striggle for those who don't know).....

It is a struggle and I fear one that we will lose....



No Trust said:


> In response to the above posting:
> 
> •	Olman only registered in November 2010
> 
> ...


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## Ozab (2 February 2011)

Kostag,

If you read the chain of postings you will see that Olman was not particularly complimentary of Equititrust in earlier posts.  He then appears to have taken up Kennedy's invitation to discuss his concerns and the bulk of his concerns appear to have been addressed.  Maybe you should do likewise rather than continue to post material which for the best part appears wrong.  You are certainly not acting like an investor.

You complain about Kennedy not answering your questions and you draw inferences from this.  My reading of the posts show that he has made it clear he will not further be addressing matters raised by you.  In the circumstances it hardly seems appropriate to draw negative inferences about someone's non-reply when they have made it plain they will not be replying.


If you don't want to talk to them that is fine but for crying out loud, learn to use spellcheck.


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## No Trust (2 February 2011)

Another well written article where Equititrust gets a mention is: 

by Michael West of the Sydney Morning Herald (Copy Below) it now seems prophetic of the mortgage fund industry and of what was to come.

The Gold Coast train wreck Michael West 
September 12, 2008
A few weeks before the stock market crashed in October 1987, Christopher Skase issued a big profit upgrade.

Earnings for his flagship company Qintex were shaping up to be stronger than ever in 1988.

Fast forward 20 years. Skase's "blue sky'' was all a mirage, just like Phil Green's $750 million profit forecast for Babcock & Brown earlier this year.

And just as the wealth-destruction feats of the '80s entrepreneurs are now being replicated by the financial engineers of the new millennium, the Gold Coast property market is once again hurtling towards a train wreck.

It's a re-run of the '80s - minus the Japanese investors, who were so scarred they never came back to Surfers Paradise. In a fitting symbol of the cycle, Chris Skase's Mirage Resort is back on the market again - both Sheraton Mirages are, in fact: Port Douglas and Main Beach.

This time around, thousands of small investors in mortgage funds will get the drubbing, not to mention the banks, once again. The banks have simply stopped lending, as property developer Jim Raptis cruelly found out this week when one of his financiers pulled the plug just 14 weeks from completion of his bellwether development at Southport.

While Raptis goes cap in hand to his bankers, the likes of construction giant Multiplex and a couple of other trade players are running the rule over Raptis Group and its projects. The question these vulture capitalists are asking themselves is, can we buy these assets cheaper still?

The answer is, almost certainly, yes.

While bank lending screeched to a halt months ago, the train wreck of crumpling corporates is happening right now. This week alone, receivers were appointed to one Raptis entity and to Rob Borbidge's debenture spruiking Asset Loan Co.

This outfit, like City Pacific - which froze redemptions to its funds early this year - advertised its high-yield "investments'' in the media and peoples' savings to property developers.

These were the "bricks and mortar'' investments. But they weren't "as safe as houses''. Rather, they were only as safe as the leverage and the counter-parties in a speculative high-rise development whose bricks and mortar were yet to be brought to the site.

The problem is all the players are intertwined. They jointly venture on the same developments, they lend each other money, they borrow from many of the same banks and mortgage-fund players.

Raptis, for instance, has a loan to repay to Mark McIvor's EquitiTrust. It also has a joint venture with CP1, a relation of Phil Sullivan's City Pacific, which is suspended from trading on the ASX and negotiating for its life.

This very afternoon, Octaviar (the old MFS) awaits judgement from a Queensland court on whether it will be liquidated or not. There is roughly $1 billion of assets there, assets soon to come on the market.

Unlike the previous cycle two decades ago, the banks are loath to appoint receivers and hand control to external parties to chew through diminishing profits with their large fees.

Hence the shock for Jim Raptis. Raptis may have been highly geared but he had been around for 35 years and was hardly one of the raciest developers about.

Among the $900 million in Raptis debt, about $750 million is secured, most of it over the Southport Central project. Suncorp is owed $230 million and St George $60 million.

The property fraternity on the Coast has been rattled by the fact that Capital, a division of HBOS, didn't try harder to refinance or rescue Raptis, rather just calling in its receivers. The move puts every Raptis associate and counter-party in a bind.  Korda Mentha is believed to have been advising Capital.

So, this week there is now another nine acres of five-star beachfront hotel at Surfer's up for grabs. The Sheraton Mirage Resort is on the block again, this time the price tag is $100 million.

The ghost of Christopher Skase is stirring.



When the flow stops 

A few words of interest for those with mortgage fund investments. When a mortgage fund tries to act like a bank and lend funds to developers, there is a fundamental flaw in the model.

For one, it is usually second-tier developers who use mortgage funders such as City Pacific as the financially-sound developers have equity to put into their projects and greater access to banks and upmarket financial institutions.

Development loans by their nature require ongoing commitments to supply more funding in a series of draw-downs. Unless the fund leaves large amounts of cash on standby (and therefore is prepared to lose money) they need one of three things:

1 Perfect matching of inflows and outflows so no development can run late, no settlements delayed and developers have to meet their sales targets.

2 More and more people putting investment funds in.

3 An overdraft facility to smooth out the cashflow.

When these three fall out of sync, the mortgage lender and borrower begin to get into trouble. What happens when all three wheels come off and the bank that provides the overdraft loses patience - as they generally hold first ranking security over fund assets (such as in Premium Income Fund)?

This is the beginning of the train wreck.

Projects stop, mortgagee sales occur, losses to investors and losses to creditors, who are often just the small tradespeople, mount.

Add to this the various exotic accounting treatments, not least the widespread practice of capitalising interest.

Unless new investors' funds are coming into the fund, there is no liquidity to pay returns.

Make no mistake, Raptis is by no means the most precarious of the property developers on the Gold Coast and City Pacific and Asset Loan will not be the only spivvy lenders to fall.

mwest@fairfax.com.au

BusinessDay


----------



## Olman (2 February 2011)

In the face of the continued hysterical attacks by Kostag the following quoted private messages cut through the veneer and show a glimmer of understanding of the true nature of the man – or should I say men?

In the history of this thread Kostag’s postings appear to have a bipolar personality.  Most of his posts exhibit confused logic and poor expression, while occasionally the language polishes up and a semblance of order can be seen to occur in the reasoning of the message.  To further illustrate this contradiction, I quote the two personal messages received by me from Kostag via this forum in their entirety and with formatting as received:

First message 14 November 2010.
kostag  
Join Date Jun 2010
Posts 30
Equititrust
you seem to have a good handle on what is going on here. Have you money invested and cannot get redemption, or is your interest purely academic?

comment: well spoken, good grammar, intelligent post.

Second message 30 January 2011:
kostag  
Join Date Jun 2010
Posts 30
Re: Equititrust
sorry mate - never used teh PRIVATE MESSGAE system before

there is now material from called ZENCORP

frankly - I think that we have done our dough.

Comment:  "never used the private message system before" -WTF????  The first message above indicates otherwise.

It's time for Kostag and his friend to wake up to themselves.  As the saying goes, "you can fool most of the people some of the time, but not all of the people all of the time"..... 

There is a consistency to Equititrust's comments posted here and on their web site, and in personal communications, which is difficult to ignore.  I have trawled through the information provided on the web site in detail, and I have studied all 48 pages of the PDS for the Priority Class Income Fund.  The information provided is very comprehensive and gives a pretty good picture of the current strategy for dealing with the problems created by the banks' withdrawal of support for the second tier mortgage industry.  

Equititrust have a plan of action which is documented and explained pretty well.  The detractors posting here are keen to put the boot in, but don’t come up with any credible alternative plan.  If the capital raising succeeds, there is every chance that Equititrust will recover and investors will get some peace of mind about the operation of the fund.  

The truth of the press articles mentioned is not in question, but it’s a long shot to call it revelatory news when Equititrust has clearly presented the information on its web site.  The adulation of journos displayed in recent posts is another thing altogether.  I don’t wish any disrespect to the journos mentioned, or the profession generally, but it does seem strange that any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon.  C’mon fellas – you’ll have to do better than that.


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## No Trust (3 February 2011)

The above post lost "all" credibility when he /she stated that credible journalist’s awards were comparable to Hitler and the Nazi regime. Then in explanation the poster tried to say that the "Hitler" analogy was related to industry accolades.. ??  


Criticize Journalists all you like but exercise some political correctness and respect the fact that the Australian Journalism Fraternity is also comprised of members of the "Jewish Community" who I am certain would find the comparison of their industry awards to Hitler highly distasteful.  


Is the Business Journalist of the Year 2007 award given to Anthony Klan in question? 


Independent Review 

The articles that are referred to above and published by the most well repected papers in the country provide an accurate and “independent” review of the information provided by Equititrust on its website and information in the public domain. The articles provided an invaluable service to all investors in the country.  


Transparency

No organisation, its products or its performance should be excluded from public scrutiny where the public's money is concerned.  


Sydney Morning Herald

This is even more pertinent now than ever, as Michael West of the Sydney Morning Herald correctly outlines in his article dated September 12, 2008.

“Development loans by their nature require ongoing commitments to supply more funding in a series of draw-downs. Unless the fund leaves large amounts of cash on standby (and therefore is prepared to lose money) they need one of three things:

1 Perfect matching of inflows and outflows so no development can run late, no settlements delayed and developers have to meet their sales targets.

2 More and more people putting investment funds in.

3 An overdraft facility to smooth out the cashflow.

When these three fall out of sync, the mortgage lender and borrower begin to get into trouble. What happens when all three wheels come off and the bank that provides the overdraft loses patience - as they generally hold first ranking security over fund assets (such as in Premium Income Fund)?

This is the beginning of the train wreck.” (End Quote)

As mentioned previously "The investors both present and incoming should have as wide a view of the facts as possible." 


FINANCIAL INFORMATION

The above post also seems to ignore the fact that the all informative Equititrust Website as he puts it is missing Interim Financials usually posted in December as well as the annual review usually posted in August.


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## No Trust (3 February 2011)

Colin Kruger's article below "is" worthwhile reading..



> Equititrust acknowledges potential conflict in funding roles
> 
> Colin Kruger Sydney Morning herald
> 
> ...




More: http://www.smh.com.au/business/equi...conflict-in-funding-roles-20110109-19jur.html


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## kostag (3 February 2011)

*Equititrust: Kolonel Kennedy and the "I know nothing!" approach to public scrutiny*

This forum seems to have deteriorated into an argument between two factions. One faction is quite clearly allied to Equititrust and is more than likely Equititrust management. (Ozad has popped up defensively of Olman -  claiming that Olman has legitimacy as a spokesman because at first he was critical so that must make him ‘one of us’ -  but then – miraculously -  he spoken to David Kennedy -  and all was solved -  a bit too corny and contrived, I am sorry Ozad).

On the other side, you have a mix of parties whether they are disillusioned borrowers or upset investors. Each of these would have their separate motives. I think that we can all accept that.

Let’s leave all of this to one side.

Aussie Stock Forums is a place where questions can be posed and hopefully information provided. Concerns are raised and then debated (hopefully).

Analogies to Adolf Hitler and the credibility of Australian reporting media are probably best left where they belong - at least pre 1946. Frankly, I find the references quite offensive. However, whilst on that note, perhaps David Kennedy has adopted the persona of Kolonel Klink who would quite regularly say, when confronted with some awful reality:  “I know nothing…!!” (from this day forward perhaps it is Kommandant Kennedy -  sorry I could not resist this one!)

What Equititrust does seem to forget in all of this is this. They have other peoples’ money. And quite a lot of it -  over $200million of it. 

This is their very inconvenient truth, I am afraid. 

It is well and good for Olman to say ‘why don’t you talk to David Kennedy and get all the answers’ (maybe we have spoken to Equititrust) and ‘I have read to the PDS and it answers all my questions etc’.

Well, Olman seems to be the only one with all the answers. No-one else can get the information that they really need.

Now, I posed a series of simple questions to David Kennedy a few posts back. I respect David Kennedy’s right to say nothing. That’s fine. But don’t use Aussie Stock Forums on occasions  to 'beat your drum' on the one hand, but then when very simple direct questions are asked, simply ignore them and say I am not going to answer any more etc. It’s akin to  the boy in the schoolyard who says “If I am not the Captain of the team, I am going to take my ball home and none of you can play”.

It is David’s right to say nothing however it is also our (quite legitimate) right to assume that he either cannot answer or is not prepared to publicly answer the concerns raised. It does his credibility little if any good to hardball it and say 'I wont play anymore'. As the media pointed out, it didn't work when he was under court room scrutiny by Bentleys over his role as COO of the failed MFS/Octaviar financial 'basket case' -  it equally does not work with his many public investors in Equititrust which he now resides over as CEO. 

Now, Equititrust puts some of the criticism of it down to scuttlebut by ‘recalcitrant borrowers’ -  I guess that means people who borrowed moneys from them and could not or did not pay them back. In some instances, these Borrowers will have a prior first mortgage from a bank with Equititrust holding a second mortgage. Correct? I think that we can accept that there would be some degree of this so some commentary must be taken with a grain of salt and tested before it is relied on. 

However, lets look at Borrowers and Lenders and what happens and should happen.

If Equititrust has loaned someone money and they don't pay them back -  Equititrust, not unreasonably, takes the legal steps to enforce its securities. 

It takes the view, rightly so, you have our money and we want it back. 

Now, the Borrowwer may have a tough bank on a first mortgage who has not helped or let them down, the GFC issues, a whole range of problems. But notwithstanding all of this, Equititrust moves in. You borrowed our money and we want it. (You only have to google search for the last year or so and up pop a load of cases where Equititurst has sued to get their ('our') moneys back).

What Equititrust seems to forget -  they have our money. We want our money back. They got greedy and allowed banks to get in ahead of us and take security. In fact they owed the banks – how much? Close to $200million. What were they thinking? What was any of us thinking? This had to end in grief.  Moneys borrowed on our securities, to rank ahead of us, to enable Equititrust to explode their loan book and make, with hindsight, what appear to be a whole range of very large  and very greedy and imprudent loans.

So, the Banks wanted their moneys back. Where’s the surprise there? We want our money back.

But unlike Equititrust and its borrowers, we , as the major lenders to Equititrust, get told what is going to happen. Like it or lump -  we have your money -  get used to it!

It is akin to a Borrower of Equititrust saying to them -  ‘sorry, we don’t want or can’t pay you back right now. We are really sorry -  the GFC you know -  terrible stuff – and then there’s the bank who has a first mortgage ahead of you – they wanted their money -  you just have to wait and sit while still  we do something -  and in the meanwhile, we are going to borrow even more money, pay out the Bank and put this new loan ahead of you’.  

Can you imagine? So where’s the difference? 

There is no difference. 

Olman suggests to a few of us that we ‘get real’. I suggest that Olman and his fellows at Equititrust do a bit of soul searching and understand that a constant barrage of spin does not take the place of a redemption cheque. 

Blaming others, year after year, simply does not cut the mustard. We have all had enough. Frankly it is time that someone stepped in, just as Equititrust uses independent Receivers to step in when its Borrowers get out of line, and take control of their  securities – that is what we need – someone to start to collect money and start to pay us back.




Olman said:


> In the face of the continued hysterical attacks by Kostag the following quoted private messages cut through the veneer and show a glimmer of understanding of the true nature of the man – or should I say men?
> 
> In the history of this thread Kostag’s postings appear to have a bipolar personality.  Most of his posts exhibit confused logic and poor expression, while occasionally the language polishes up and a semblance of order can be seen to occur in the reasoning of the message.  To further illustrate this contradiction, I quote the two personal messages received by me from Kostag via this forum in their entirety and with formatting as received:
> 
> ...


----------



## kostag (3 February 2011)

and when did you join Equititrust?



Ozab said:


> Kostag,
> 
> If you read the chain of postings you will see that Olman was not particularly complimentary of Equititrust in earlier posts.  He then appears to have taken up Kennedy's invitation to discuss his concerns and the bulk of his concerns appear to have been addressed.  Maybe you should do likewise rather than continue to post material which for the best part appears wrong.  You are certainly not acting like an investor.
> 
> ...


----------



## No Trust (3 February 2011)

Further to Olmans post above he states :

"The adulation of journos displayed in recent posts is another thing altogether. I don’t wish any disrespect to the journos mentioned, or the profession generally, but it does seem strange that any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon."

It would be great it he could be more specific and state what untruths the media bandied around about Equititrust with "Gay Abandon"..  Maybe in Olmans's skewed perception of the issues there is a conspiracy against Equititrust by Homosexual Nazi's in the Media..


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## kostag (3 February 2011)

NO TRUST -  I share your frustration at the  illogical arguments being thrown at us BUT let's us not sink to this level -  this web site provides those of us with legitimate concerns  to raise them and seek information. Now, we all know by the fact that it is a website etc that there will be different people with diffrent motives and agendas -  soem will be oppostion, some will be disgruntled clients some will be bad borrowers etc  and some will be active Equititrust execs.... I think we can all sort out who is who  and hopefully, at some point some truth and good sense will prevail - 







No Trust said:


> Further to Olmans post above he states :
> 
> "The adulation of journos displayed in recent posts is another thing altogether. I don’t wish any disrespect to the journos mentioned, or the profession generally, but it does seem strange that any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon."
> 
> It would be great it he could be more specific and state what untruths the media bandied around about Equititrust with "Gay Abandon"..  Maybe in Olmans's skewed perception of the issues there is a conspiracy against Equititrust by Homosexual Nazi's in the Media..


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## No Trust (3 February 2011)

The most current article by Colin Kruger of the Sydney Morning Herald on *10 January 2011*casts some uncertainty on the future payment of investors. The publication of interim financial results on the Equititrust Website (As was previously done every December) would go a long way in assisting existing and potential incoming investors on the state of affairs. 

The Australian Financial Press may also find this informative


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## Olman (3 February 2011)

No Trust said:


> Further to Olmans post above he states :
> 
> "The adulation of journos displayed in recent posts is another thing altogether. I don’t wish any disrespect to the journos mentioned, or the profession generally, but it does seem strange that any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon."
> 
> It would be great it he could be more specific and state what untruths the media bandied around about Equititrust with "Gay Abandon"..  Maybe in Olmans's skewed perception of the issues there is a conspiracy against Equititrust by Homosexual Nazi's in the Media..




ROFLMAO! Consider this bit which I wrote in an earlier post yesterday: "The truth of the press articles mentioned is not in question".

Then read this bit again in the post quoted above: ...."any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon".   

Your homophobic lack of comprehension indicates a remarkable degree of illiterate ignorance.  You guys have certainly shown your true colours to any reasonable person who cares to read this thread.  Cheers!


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## No Trust (4 February 2011)

Olman, It is pleasing to hear that you agree that the press articles in regard to Equititrust are true..  The predominant theme you have put across though is that we shouldnt read them and only refer to the Equititrust Website. 

Thanks also for the clarification on the phrasing of your post, however any reasonable person reading the post in question will find it contradictory. Other "reasonable" people who I have referred the post to agree..

Let’s dissect it for you 

1. First you agree the news articles are true.. (ok, so why are you criticising the journalists and questioning whether they have won awards, when they actually have)??

2. Then you say the adulation of journo's in recent posts is another thing (There has been no adulation just provision of news articles relating to Equititrust)

3. Then in the same paragraph you say any perceived criticism of journalists is akin to heresy (Heresy?? Bit extreme)

4. Then immediately following, and in the same sentence you say "while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon" 
(the inference being that the journalists have been behind unfounded allegations and untruths) 

Enough of the semantics... 

You seem deadly silent though on the lack of Interim Financials on the Equititrust website..


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## kostag (4 February 2011)

*Re: Equititrust: who is OLMAN*

as protective as a she-bear -  I think we all have a pretty good idea who OLMAN must be. 

It is just a shame that Equititrust will not just, as NOTRUST suggests, simply list the INTERIM financials on the WEBSITE -  so that the Directors and Auditors publicly declare (as they are legally obliged to do) what the true position is with OUR money, which is under their custodianship.

That's all we want -  is some truth.



No Trust said:


> Olman, It is pleasing to hear that you agree that the press articles in regard to Equititrust are true..  The predominant theme you have put across though is that we shouldnt read them and only refer to the Equititrust Website.
> 
> Thanks also for the clarification on the phrasing of your post, however any reasonable person reading the post in question will find it contradictory. Other "reasonable" people who I have referred the post to agree..
> 
> ...


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## Olman (4 February 2011)

No Trust said:


> Olman, It is pleasing to hear that you agree that the press articles in regard to Equititrust are true..  The predominant theme you have put across though is that we shouldnt read them and only refer to the Equititrust Website.
> 
> Thanks also for the clarification on the phrasing of your post, however any reasonable person reading the post in question will find it contradictory. Other "reasonable" people who I have referred the post to agree..
> 
> ...




1. My criticism was not directed at the journos, but at the idea that the articles contribute anything new to the debate here in this thread.  Your statement that one of them is a multi-award winner has no relevance to the argument.

2. Adulation : I quote from your posts (my comments in blue):

"the article by Colin Kruger is very well researched and to the point".
A pretty simple reiteration of info provided by Equititrust (all available on their web site) hardly needs the qualification you provide.  After all, it's a journo's job to get it right. My criticism of your style here is minor, but we're talking about adulation and here is the first evidence.

another well written article by a multi award winning Australian journalist.
Again, a minor example of irrelevance to the subject of this thread.

I commend the two journalists for their efforts
how much of an effort is it to repeat the EQT info from their website? The articles seem like routine work pieces to me.

THE Australian's Anthony Klan was named winner of the Sir Keith Murdoch award for excellence in journalism.
Does this mean that journos who don't get awards are not to be trusted?  Again, irelevant to the subject matter of this thread. 

I again commend the Journalist for highlighting the issue..
- again? I hope you compliment the garbage collectors for doing their job...

To save bandwidth I won't dignify Kostag's adulatory contributions with a mention. The comments quoted above are pretty innocuous and not worth comment on their own, but collectively they imply that obeisance to the journalistic deity is the final arbiter of life on earth. (Relax, Kostag, I acknowledge this is hyperbole).  This is what I mean by adulation.

3. "Heresy - a bit extreme"..... yes, probably, but the spirited defence of your adulation is also extreme IMHO.

4. What don’t you understand about my statement that the press articles are true? The statement you are quibbling about is again quoted as follows:
...."any perceived criticism of journalism in this thread is considered akin to heresy, while unfounded allegations and untruths regarding Equititrust are bandied about with gay abandon".   
Note the bit in red.  Then note the comma between the two clauses. The qualification 
"in this thread" applies to *both* clauses, the inference being that *posters in this thread* have been behind unfounded allegations and untruths. There are some very simple explanations of grammar available on the web which may help with your understanding.

Semantics indeed.  I don’t intend to indulge in any further explanations of basic syntax and grammar in future posts, especially when it strays well away from the nitty gritty of the subject of this thread. 

Re my silence on the lack of Financials on the web site, this is your issue, not mine.  For what it’s worth, I understand your criticism (it's the only valid point you've made in this thread), but I’m not associated with EQT in any way other than an investor, I’m not privy to any explanation, and I’m certainly not going to do research on your behalf.  Why don’t you ask them directly and find out for yourself?  I note that EQT have recently issued a Supplementary PDS (SPDS) for the EIF on the web site with more detailed information.  They have also stated they are planning an updated SPDS to be issued shortly which will incorporate the EIF December 2010 results.  If you are an investor, you would have received a mail-out about this.  

Why don't you discuss your concerns directly with EQT management if you are an investor?  Would you care to explain your interest?


----------



## No Trust (4 February 2011)

Olman, thanks for your response, It seems I have achieved my objective in getting your attention and the attention of others who read this thread in regard to the media and Equititrust.

The main theme of your criticism is that the journalists are reporting on what is already on the Equititrust Website and that this is not adding to the debate. We can agree to disagree here however one thing that is clear is that when both local and national media do contact Equititrust for comment or clarification they are rebuffed..


*Example 1.*Raptis seeks saving grace 
Scott Rochfort  Sydney Morning Herald
September 12, 2008

“The stricken City Pacific First Mortgage Fund has lent on several Raptis projects.
A mortgage fund run by Equititrust has also lent money to Raptis. *The Equititrust chief executive, Mark McIvor, did not return the Herald's calls to explain how his company's Income Fund, which holds about $300 million of unit holder deposits, was placed to handle the crisis*. The Income Fund was ordered by the Australian Securities and Investments Commission in April not to make any "offers, issues, sales or transfers" to new investors.
Equititrust has a $35 million loan due for repayment on September 30, which was originally due to expire on May 31.”

http://www.smh.com.au/business/raptis-seeks-saving-grace-20080911-4epr.html

*Example 2*.

“More mortgage funds frozen as jittery investors take cover Anthony Klan From: 
The Australian October 22, 2008

A spokeswoman for fellow Gold Coast mortgage fund Equititrust, which holds about $300 million of ordinary investors' funds, said *managing director Mark McIvor ``won't take your call''. *“

http://www.theaustralian.com.au/business/in-depth/mortgage-funds-frozen/story-e6frgagx-1111117816240

*Example 3.*

Mariners Cove 'transferred' to mystery partner
Nick Nichols, business editor Gold Coast Bulletin  |  February 5th, 2009

Meanwhile, Chevron Island-based merchant bank Equititrust is understood to have a $35 million exposure to Raptis Group.
The property lender, headed by *former lawyer Mark McIvor, did not respond to questions put to it by The Gold Coast Bulletin yesterday.*

http://www.goldcoast.com.au/article/2009/02/05/45965_gold-coast-business.html

In all 3 examples given the CEO would not talk to the media and in one example explicitly told the staff to say that *“he won’t take your call”* 

Having discussed this with a director of one of Australia’s most prominent corporate communications companies, the feedback was that this was a text book case in “handling the Media Badly” The Public perception is another matter.


As custodians of the public’s money this is not acceptable, I have spoken to investors who were gobsmacked by this bunker mentality and felt that the questions being asked were valid and in the public’s interest. 

The Public’s interest being the security of the money already invested in the fund as well a “clearer” picture for potential new investors.

In a sea of collapses in the mortgage fund sector it is critical to keep all investors informed. If the media do come knocking which they will, handle them in a corporately responsible manner.  

All investors be they current or prospective will make their future decision to invest or not to invest on the basis of transparency. 

Ego’s have to be taken out of the equation when you are in the custodianship of hundreds of millions of dollars of public money


One does not have to look to far back to see another example of mishandling of the media by Michael King of MFS. It wasn’t long after that that he was forced to resign..


It seems the new CEO of Equititrust has learnt a few lessons along the way and is engaging the media to date.  However he is not the final arbiter on how the media will be handled.

The ultimate question.  Is it too late ?


----------



## Olman (5 February 2011)

An interesting post, No Trust.  You'd have to be a journo - I don't understand why you don't declare your interest.  It shouldn't diminish your contribution, and would actually add to the credibility of your posts.  Regardless of what or who you may be, criticism without admitting where you're coming from is deceitful and obviously leads to suspicion and distrust.  

The examples quoted show that EQT has not been open to the media. Equally, each example quoted appears to lump EQT with other questionable players in the industry.  I can understand the reluctance of EQT to lay themselves open under such circumstances.  

You post here without declaring your interest, with criticisms of the company which could possibly have a public effect, and in the next breath we are told that EQT's reluctance to play your game is not in the public interest?  This smacks of hypocrisy.

EQT is the custodian of *investors'* money - there is a subtle distinction between "the public's interest" and “investors’ interest”.  I have to say that any time I have spoken to Equititrust they have been cooperative with information.  After the effects of the GFC began to be felt I became suspicious of the lack of investor advice, especially in the face of media coverage such as your examples, but when I eventually got back to direct communication with them I found their provision of information comprehensive and gratifying.  Any other investor has the right to speak to the company and receive similar satisfaction, and I have yet to hear of any bona-fide investor being shafted in this regard. 

If potential new investors are concerned by this, they have the right to talk, and the choice to walk. They would have to be crazy to be suspicious of the operation and still go ahead with an investment.

The fact that EQT still actually exists as an independent entity in the face of other corporate collapses that have occurred to date, and unfounded attacks such as those that have appeared in this thread, must say something.  The extent of scrutiny by regulatory observers and others is intense enough to indicate that continued survival is more a matter of good management than good luck.

In a perfect world I agree that there should be full transparent disclosure to the media, but sadly the media cannot be considered flawless and are quite capable of pursuing their own agenda.  You acknowledge the improvement in media communication with the current CEO, and there is absolutely no doubt from an investor's perspective that the company has made remarkable progress with the provision of information to keep investors informed.  

Too late?  I don't think so.  I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust.

On another level, I have a sneaking admiration for Mark McIvor's stance.  Who says the world has to operate according to the dictates of the media?  It’s an unfortunate fact that media power can be directed against any perceived opposition, and Mark McIvor has laid himself open to the possibility, but it’s rather refreshing to see principle triumph over pragmatism for a change.  

In the final analysis, disclosure and communication are available to investors simply by talking to management.  The media does not have a mandate to force a private company to behave as the media wishes.  I agree that it would be desirable for full and frank public disclosure, but at the very least Equititrust seems to fulfil its legal obligations in this regard, and it would be short-sighted to rely solely on the media as the only source of truth.

What’s that old saying ….. “believe none of what you hear, and only half of what you see” ?  

It may be worth noting that I do keep myself up to date with media reports, and regard them as a necessary source of information amongst all others, but not the *only* source.  I don’t know why Mark McIvor rebuffs the media, but I’m sure there is a valid reason.

Cheers!


----------



## No Trust (5 February 2011)

Let’s put the whole issue of the Media in very simple terms.. You cannot as a "responsible corporate entity" use the media to your advantage one day and *rebuff it at the next. * 

The management of corporate communications is a fact of life. If the communications are managed badly all stakeholders become wary.  How many current and prospective investors were lost in that critical time.  Investors do read the paper and expect the custodian of their funds to act in a mature and responsible manner.  The investors spoken to went into an immediate panic and the perception issues linger on and on..


The media releases by Equititrust to both local and national media late last year are a good example. The scepticism of Equititrust is reflected in the articles subsequently written by the journalists.

*Example *

Coast's Equititrust comes out fighting
Nick Nichols, business editor   |  October 26th, 2010

*"In his first address to investors in about two years*, Equititrust founder Mark McIvor yesterday outlined the problems of the past and his plans for a future"

The article was prefaced by the fact that there has been no statement for *2 YEARS* 

The reader comments are also reflective of the general level of scepticism built up over those 2 years.

http://www.goldcoast.com.au/article/2010/10/26/265891_gold-coast-business.html

The ostrich approach to crisis is not the answer..

In terms of criticisms facts are facts and another point of view is being expressed, which I am sure everyone in this country is entitled to.  


In terms of corporate survival to date... Well that is another matter which may warrant some detailed discussion in another post. However most of the mortgage funds that still exist today are still *FROZEN*. If the mechanism allowing funds to be frozen was removed and companies in the  mortgage fund sector still managed to survived I would accept your argument on corporate survival to date..

However while investors do not have the right to redeem funds it’s a *one sided affair*. The situation cannot go on forever there has to be a *time limit *on how long the funds can be frozen. This applies to the whole industry be they big players or small.

There will come a day of reckoning when the GFC excuses and "capricious" attitude of major Australian Banks will no longer be acceptable and a spotlight will be shone on the lending practices of the whole mortgage fund industry. If the lending practices were *reckless* leading to inordinate delays in the return of funds lent then someone has to step in at some stage on behalf of the investors. 

There is another old saying... "Where there is smoke, there may be fire"


----------



## No Trust (6 February 2011)

Olman's post above states

"Too late? I don't think so. I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust."


Yet 

*Equititrust admits funds conflict *Colin Kruger of the Sydney Morning Herald January 10, 2011, 

Highlights a critical problem facing the company which may not endear the same level of confidence and blind loyalty amongst others.


*"It also said EIF had a sufficient level of cash to ''meet its operational cash needs, including income distribution payments to investors for the next three months''.*


“Equititrust has met all distribution payments to the fund's investors to date *but it may face challenges in the future.* There was *$77 million worth of EIF loans in default in November*, representing *29 per cent of funds under management.”*


http://www.smh.com.au/business/equi...conflict-in-funding-roles-20110109-19jur.html

Which month are we in now Month 2 or 3 ?? 

Why was this left to the *last minute *??  *3 months of "sufficient cash"??*

Is there a plan B apart from the 50M fundraising ?

What happens after 3 months?

If the situation with the banks was getting so dire, why was this initiative not instigated earlier to protect the interests of all stakeholders, *most important being the investors..?*

These are the questions that investors are now asking whilst they look on with grave concern.

Posting of the *overdue* Interim Financial Results on the company website would go a long way in restoring investor confidence about the immediate future.


----------



## Olman (6 February 2011)

No Trust said:


> The investors spoken to went into an immediate panic and the perception issues linger on and on..
> 
> The media releases by Equititrust to both local and national media late last year are a good example. The scepticism of Equititrust is reflected in the articles subsequently written by the journalists.
> 
> ...




aw, c'mon...... the article is mostly quotes from Equititrust with nothing controversial until the statement by the journo that  "Equititrust has a $50 million sub-ordinated investment in the funds, providing retail investors with a 10 per cent buffer against losses."  For the EIF there is a $40m sub-ordinated investment.  Investor's funds in the EIF are $220m, excluding Equititrust's investment.  Now, using simple maths: 
40m /220m x 100= 18% buffer against losses for the EIF.  Better than 10%.....

No statement for 2 years - public statement that is -yes, Equititrust may have fluffed there, but I think they were a bit busy with administration. There has been a GFC, and it is still reverbating through the industry.  Your saying the GFC is over and can now be deleted from the causes of current problems is ludicrous.  You can't rewrite history.

Equititrust have made a statement now - a public statement that is.  On the other hand, any concerned investor could speak to management at any time in those two years, and to the present day, and get a response.  The media is not the only channel of information available, so it's not like investors were shut out in the cold. 

The reader comments are Kostag by any other name - same tired old Ponzi claims and vitriol.  

Regarding your statement that "The investors spoken to went into an immediate panic and the perception issues linger on and on.."  - who are these "investors spoken to" (by you) : not Kostag by any chance?  If this statement is expected to be accepted as a fact you have to provide some substantiation.  Investors I have spoken to applauded Mr McIvor's management skills and expressed unwavering confidence in Equititrust....     

As I asked you before at the very end of my post of 4th Feb: "Would you care to explain your interest?"   

Are you an investor?


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## No Trust (6 February 2011)

*Not making a public statement in 2 years *is not "fluffing it".... Its Stuffing it up... Its also highly irresponsible and *not good management*. 

Making the excuse, "oh I think they were a bit busy with Administration" to make a public statement is *absolute nonsense*. 

The GFC is not over nor is the principle of prudent and responsible lending. The issue I am alluding to is that the sector as a whole has a lot answer for in terms of risky lending. Not all of the problems can be attributed to the GFC. 

The investor you have spoken to would not have been yourself would it ?  

Having never spoken to or met Kostag, the same accusation could be levelled at you in the reader comments section of the Gold Coast Bulletin Article. Are you the poster named "Another Equititrust Investor” or Equititrust or one in the same.  

In terms of interest, providing the rules of this forum are adhered to, it could be any number of things related to the current saga none of which have to be dutifully revealed to any other party posting on this thread.. 


Other Investors spoken to *do not *have the same level of “unwavering confidence” in regard to the  issues outlined less than a month ago by Colin Kruger of the Sydney Morning Herald.

They are valid concerns


"It also said EIF had a sufficient level of cash to ''meet its operational cash needs, including income distribution payments to investors for the next three months''.


“Equititrust has met all distribution payments to the fund's investors to date but it may face challenges in the future. There was $77 million worth of EIF loans in default in November, representing 29 per cent of funds under management.”


http://www.smh.com.au/business/equit...109-19jur.html

For ease of reference these are the other questions being asked by other investors..

Which month are we in now Month 2 or 3 ?? 

Why was this left to the last minute ?? 3 months of "sufficient cash"??

Is there a plan B apart from the 50M fundraising ?

What happens after 3 months?

If the situation with the banks was getting so dire, why was this initiative not instigated earlier to protect the interests of all stakeholders, most important being the investors..?


----------



## kostag (6 February 2011)

I think that both NO TRUST and OLMAN have interests other than what has been declared. Certainly, OLMAN plays the "good cop bad cop" line to perfection.

That aside, what has been good about the dialogue, is that 'issues are getting raised' and whilst probably not getting answers etc -  there is soem action at some level.

But simply:-

1. Equititrust like it or not has $200m plus of public money

2. to claim to be 'too busy with administration' as an excuse not to provide proper timley financial data on the web site atleast, simply is pretty poor stuff. Worse, if Equititrust does not have accurate timely financial information at hand, perhaps that explains why they now seem to have a severe cash crisis. This 'less than 3 months of cash available' is teh first that I have heard (thanks NO TRUST for this reporting) of such a serious issue. If some 2 years after the GFC and over $60M of redemptions not being repaid, we now have a 3 months cash crisis -  how serious is the mess? 

3. It is not good enough to say that on the one hand Equititrust is too busy with administration to report however on the other hand, investors (how many hundreds of us are there) should simply pick up the phone and have a chat with the ever-friendly and transparent management. Frankly, I don't know half of what I am meant to ask. However, what I would like is that if proper reporting in the format that the law requires is posted that the relevant powers such as ASIC -  the corporate watch dog -  would vet it and then if something was wrong, then step in. If all is OK, then good stuff -  we can all switch off. However with Equititrust frantically trying to raise $50m that will rank as better secured to our money; less than 3 months opertaing cash in hand; banks breathing down there necks; and a loan book that at best would seem to be heavily in default and weighted toward larger imprudent develeopment style loans in suspect areas etc -  ofcourse, I am worried -  and so should we all.

4. Media and Mr McIvor: I understand that he is a reclusive chap and has for many years singlehandedly driven a tough business, very well. I guess I can therefore accept that he has a policy of not currying favour with the media. That personal choice is OK when all is in order however when it all changes, suddenly you do have to answer to teh $200million plus of public whose money you are playing with. I am sorry, David Kennedy does not impress. He answers what he wants , when he wants. Anyone who answers direct questions with words such as  "I understand" is simply mincing words. I don't wnat his understanding, I wnat plain simple certified facts and if he is not prepared to provide that, then Mr McIvor should put someone in control who both has the information and is prepared to standbehind it. 

5. The subordinated investment etc that Equititrust claims to have in one of its funds of $40million etc totally confuses me. Perhaps unfairly, Choice Magazine saw it worthy of an 'accolade' as some shonky award. All that aside, it is presented to me as  being some cash investment made by an exterior party (even if related) into the fund. However, isn't it in reality some 'round robin' transaction where past accumulated profits and resreves are treated as some form of investment, one fund in the other, and frankly, it is perhaps only as good as the inflated valuations and earning, now to be written back, as then may have been applicable. I have been involved with two other investments, both whom had in effect these 'revaluation reserves' adding to so-called Equity etc. Financial planners interpreted this all to be that the company had so much equity swinging before I could ever to be at risk. Well, post GFC, the suspect valuations collapsed and the paper 'revaluation reserve' dissappared, and others and myself were dead in the water. Definitively, did Mr McIvor or interests associated with him actually invest some cash reserve of $40m into the company and agree to subordinate it behind our money? Frankly, I for one don't expect anyone to do that, but I do resent being told to take comfort because of it, if it is simply some accounting trick or contrivance.
6. My final concern and along much the same note, is that logically if $40m of investment is sub-ordinated behind all of us investors, why should the sub-ordinated investment  receive -  a) such a large return   and, b) actually get the return paid , when so many of us can't get our money out. By the time the sub-ordinated inverstment gets called on, at the high rate of return it is getting, they will have in effect been fully repaid. I would swap my $1.2M for sub-ordinated investment too if I could get paid the same rate of return. 

Anyhow, I suspect that none of us will get answers and we will have to keep watching the newspapers for what is happening. I hope that I find future news in the re-BIRTH section not the DEATHS.


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## No Trust (7 February 2011)

*Total Loans in Default*

The information below is an extract posted on the Equititrust website today:


*Equititrust Income Fund
Supplementary Product
Disclosure Statement*

*3rd February 2011*


Equititrust deems any loans for which interest payments are greater than 90 days in arrears to be in default.


As at *31 December 2010*, there were fifteen (15) loans that were 90 days or more in arrears. Loan principal for these loans totalled *$98,973,029*, being *37.4% of total loans by value.*


Given the current economic climate it is possible, depending on loan repayments received and the progress of recovery action undertaken by Equititrust, that the value of loans in default will increase to approximately *50% of total loans by 31 March 2011*, and to approximately *80% between 30 April 2011 and 31 December 2011*.

It seems that since the Publication of Colin Kruger’s Article in the Sydney Morning Herald on 10 January 2011 the loan default position has deteriorated dramatically in one month. 

Quote Colin Kruger Sydney Morning herald

"There was *$77 million *worth of EIF loans in default in November, representing *29 per cent of funds under management.*http://www.smh.com.au/business/equit...109-19jur.html"


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## kostag (8 February 2011)

*Re: Equititrust: 50% of loans in default in less than 55days!*

NOTRUST: this is a very alarming revelation and it seems that whilst constantly castigated, people such as Mr Kruger and others in the media are spot on. What alarms me the most is that Equititrust has crowed about their Landsolve strategy as being the way to calmly resolve bad loans and in fact, despite huge cost and overheads; much time spent; and new moneys raisings etc -  we see a prediction of 50% of the whole loan book as being in serious distress (still) with less than 55days!
Now, what must alarm all investors even more is that Equititrust 1 is otu trying to raise $50M at a high rate and in priority to our capital , and intends to lend that moeny to Equititrust 2. Equititrust 1 will continue to get high fees and interest on its (so-called) sub-ordinated fund. 
If the good loans are by 31-3-11 down to 50% or less than say $130Million, we are starting to look very very shaky. In fact, take off the new high interest loan of $50Million, we investors have less than $80million to share between us. I don't even want to go for the calculator to work out how many cents in the dollar that equates to. THis is using Equititrust's own rubbery figures!
This is final confirmation of what we have all been fearing!


----------



## No Trust (8 February 2011)

Let’s look at it in Summary:


Investors Funds Frozen for *over 2 years*

Lack of public statements to investors *for over 2 years*

*3 Months of remaining Cash *to fund operations and Investor Returns

Eye watering Internal Company Forecast that *80% of loans *may be in default by April 30 i.e. *51% increase in loan defaults in 5 months*

Hasty announcement that a further 50M will raised from the public ???

Parallels - Similarities to anything else in recent history???? 


The doomed capital raising by MFS also shone a spot light on why 300m was *"really needed" *The article below and prophetic comment by analyst Charlie Green is an interesting read for those interested in recent history of the mortgage fund sector which originated from Gold Coast Law Firms..

*Michael King opens up about MFS
Nick Nichols, business editor   | January 17th, 2010*


Market analyst Charlie Green, formerly a long-time supporter of MFS, is probably the man who crystallised the collapse of MFS.

He's the one who called it 'all over' during the teleconference.

*"I don't think you'll make Valentine's Day, Michael," Mr Green told Mr King at the time, and he was right.*


http://www.goldcoast.com.au/article/2010/01/17/179445_gold-coast-business.html


It would be interesting to get Charlie Greens take on the Equititrust saga especially after yesterday’s revelations..  

The answer may be *"EQUITISOLVE"*


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## kostag (8 February 2011)

*Re: Equititrust: analysis by Charlie Green*

I dont know Mr Green. Does he still operate on the Gold Coast? If so, does he have any financial analysis or comment on Equititrust? 



No Trust said:


> Let’s look at it in Summary:
> 
> 
> Investors Funds Frozen for *over 2 years*
> ...


----------



## No Trust (8 February 2011)

Charlie Green I believe is an analyst of Public Companies traded on the Australian Stock Exchange; I think he is based in Brisbane.

The comment was referring to what a "respected analyst would conclude from the summary of facts to date"


----------



## kostag (8 February 2011)

*Re: Equititrust: an update to a 2009 PDS*

I am not a financial analyst, however there are a few things in the long overdue PDS worthy of comment:-

_Capital Warranty Investment
As detailed in the PDS, Equititrust Limited has invested a substantial proportion of its retained earnings in the Fund._

Now, as I speculated yesterday -  Equititrust has not invested in the true sense of the word $40million into anything. In fact, with the payment of management and interst fees of circa $15million, it is a net 'taker' out of the business, at a time when it is cash strapped. The 'investment' which the respected consumer magazine CHOICE saw fit to award the 2009 SHONKY award to, is in fact some profits, not with drawn. This is a whole lot different from having cold hard cash on the block.

_As at 31 December 2010, there were fifteen (15) loans that were 90 days or more in arrears. Loan principal for these loans totalled $98,973,029, being 37.4% of total loans by value._

The 'dud' loans now consume 37% of the total. 

_As at 31 December 2010, 16.7% of investors’ funds under
management were in the pending withdrawal category._

As at 31-12-10 I am going to guess that this equates to approximately $37,400,000! I have to guess because (convienently) nowhere can I find a current summary of the loan book or the investor and bank exposure.  Where is Charlie Green when you need him!

_ Resignations
Wayne McIvor resigned as a Director of Equititrust on 14 May 2010.
John Haney resigned as a Director of Equititrust on 3 September 2010._

Why did these long standing respected Directors jump ship!

_Equititrust is also seeking to raise up to $50 million via
the newly established Equititrust Priority Class Income
Fund (ARSN 089 079 729) to refinance the existing facility
with NAB, for future lending with board approval, and for
payment of distributions and redemptions to investors._

The National Bank and Bank of Scotland are rumoured to be owed approximately $45million. Un-repaid invetsors are owed (my guess) about $37Million. So that adds to $82Million. The loan book , asusmign that it is about $235,000,000, will be half in default by 31-3-11 (that is the PDS estimate), so we have about $117,000,000 of loans less: the Banks of $45million; less default investors who have not been paid back to date of $37,000,000 , that leaves about $35,000,000 to repay the balance of the investors. Now, I am running blind because the PDS is devoid of real detail, however that is how it looks to me, right now.


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## No Trust (8 February 2011)

*Product Disclosure Statements Not Available On Company Web Site*

As of yesterday morning the company Web Site has removed its Product Disclosure Statements:

*Product Disclosure Statements *

Equititrust Income Fund - *Not currently available*

Equititrust Priority Class Income Fund - *Coming soon*

What precipitated this ?


Interim Financials normally posted in December are *still not published*..


----------



## kostag (8 February 2011)

*Re: Equititrust. PDS Statements removed*

Perhaps OLMAN can call Equititrust's David Kennedy and find out what is happening


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## No Trust (8 February 2011)

*Public Statement - Loan Book - Equititrust*

All investors deserve a *"Public Statement"* about the *implosion* of the Loan Book. If this is not a *material event*, then what is...

In terms of raising another *50M* from the Australian Public this information should now be placed at the very front of the PDS (as a supplementary disclosure of change in material circumstances) seeking to raise these funds. 

Given the company's acknowledged *change in material circumstances *yesterday, it would seem prudent from a legal perspective to also have the auditors revisit their assessment of Equititrust as a going concern. 

From past performance it seems that this will only be done if ASIC regulations demand it. An updated statement by KPMG that the company is in a position to continue as a going concern would go a long way in reassuring investors given the current and projected status of loan book. 

The last statement by KPMG was over 6 months ago and as we can see from the loan book a lot can change in a *month* let alone *6 months*.


----------



## No Trust (9 February 2011)

*Frozen funds still raising money, say auditors*

*Frozen funds still raising money, say auditors 

Anthony Klan From: 

The Australian March 02, 2010 *


"The auditors of Equititrust, which holds about $270m of investor funds, raised concerns about the group's stability in late 2008 and again in October last year."

"A *material uncertainty *exists which *casts significant doubt *about the scheme's ability to continue as a going concern," KPMG warned in the group's 2009 full-year accounts."

"*Despite the continuing freeze and the stability concerns raised by KPMG*, Equititrust has continued raising funds under a prospectus issued in February last year. Equititrust managing director *Mark McIvor did not return calls yesterday *but has previously said the fund is in a *healthy position *and offers a "capital warranty investment" whereby the management would incur the first $40m of any potential losses."

http://www.theaustralian.com.au/bus...ney-say-auditors/story-e6frg8zx-1225835823806

The above article is less than a year old and what a difference a year makes. 

The comments from KPMG regarding *"Material Uncertainty"* and *Significant Doubt"* were made when the default level was a fraction of what is  today and what it is estimated to be by April.

As to the fund being in a healthy position.. It would be a brave man who would make that statement today...


----------



## klua (9 February 2011)

*Re: Equititrust: an update to a 2009 PDS*



kostag said:


> The National Bank and Bank of Scotland are rumoured to be owed approximately $45million. Un-repaid invetsors are owed (my guess) about $37Million. So that adds to $82Million. The loan book , asusmign that it is about $235,000,000, will be half in default by 31-3-11 (that is the PDS estimate), so we have about $117,000,000 of loans less: the Banks of $45million; less default investors who have not been paid back to date of $37,000,000 , that leaves about $35,000,000 to repay the balance of the investors. Now, I am running blind because the PDS is devoid of real detail, however that is how it looks to me, right now.




In the above calculation it seems to assume that if the loan is in default then it has no value. However even if the loan is in default that doesnt mean that the underlying mortgage security over real estate is worthless. 

Now the value of the underlying securities has most likely been reduced somewhat in the present market but the mortgages still have real value nonetheless and I think they should be included in the above calculations. I dont know anything about the other figures in the above calculations.

As an investor in ET I find the impending loan default rate really worrying however there are still real estate assets to be realised and a few quick mortgagee sales would make me feel a whole lot more comfortable.


----------



## Olman (9 February 2011)

*Re: Equititrust: an update to a 2009 PDS*



klua said:


> In the above calculation it seems to assume that if the loan is in default then it has no value. However even if the loan is in default that doesnt mean that the underlying mortgage security over real estate is worthless.
> 
> Now the value of the underlying securities has most likely been reduced somewhat in the present market but the mortgages still have real value nonetheless and I think they should be included in the above calculations. I dont know anything about the other figures in the above calculations.
> 
> As an investor in ET I find the impending loan default rate really worrying however there are still real estate assets to be realised and a few quick mortgagee sales would make me feel a whole lot more comfortable.




You're right, klua.  But don't expect any reasonable discussion with the hyenas circling the kill here.  Default loans are taken over by Equititrust at an early stage to salvage what they can.  One can imagine the monumental task they're facing.  With the lousy condition of the property market, values have been eroded significantly, but there is still value to be realised.  It will be a long and painful haul to the end, no doubt, but beware of placing too much credence in the rubbery logic and unfounded allegations posted here.  These guys are not investors and have an axe to grind.  I can recommend direct communication with Equititrust to discuss any concerns.  You may not gain much comfort from the realities, but at least it will be relevant. 

cheers!


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## No Trust (9 February 2011)

*Equititrust Loan Default Disaster*

Olman's previous post above states

"Too late? I don't think so. I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust." This was only last week.

This confidence seems to have evaporated in the light of the *disclosure *of implosion of the loan assets.

The only information offered yesterday was the company's own *nightmare assessments *of the loan book.  Up to *80% of the loan book in default *by April is in anyone’s terms a failure of monumental proportions..

In terms of quick assets sales, this won’t happen. Landsolve from all appearances is now acting in the guise of a quasi-receiver over the default assets. 
Another inherent Conflict of Interest?? Equitisolve if it is solving anything should be able to give the investors a truthful assessment of the value of the default assets and realisable returns. The issue is, does anyone *want to face the truth *at the moment ??

The assets are still worth something, the question is how much. 

If a receiver was appointed to immediately sell the assets, a valuation would immediately be done and realisations would occur. At the moment no one knows what the black hole will be. Impairments to loans to date have been substantial.

Blaming the lousy property market is one thing, however *a full and proper investigation of the lending practices undertaken *which have led to a loan book approaching 100% default status is now warranted.

In light of the loan book revelations, surely the 50M Capital raising has to be in serious doubt..


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## Olman (9 February 2011)

No Trust:

"The assets are still worth something, the question is how much. 

If a receiver was appointed to immediately sell the assets, a valuation would immediately be done and realisations would occur."

Spoken like a true speculator - not hoping for a fire sale, by any chance?  

Why don't you declare your interest?


----------



## kostag (9 February 2011)

*Re: Equititrust: an update to a 2009 PDS*

sorry KLUA - you are ofcourse 100% right. Let's assume that 50% of the book is in distress and I guess lets assume that those loans take write off of 50% -  taht would mean in reality a 75% recovery rate of the gross assets, and I suspect that this is close to the mark. On that basis, INVESTORS maybe considering an 80cents in the $ return, which is a lot better than some of us have speculated.

Sadly, (and again not Equititrust's fault) the Qlsd market is almost terminal in terms of investment property with now the floods etc -  so I doubt if there is a retail market that would be supported by the Australian banking system.

There are also disquieting rumoours now in the marketplace about a fund called LM Mortgages Management -  another Gold Coast outfit - they have even more loans than Equitrust, and if they fail as well, the sheer weight of distressed properties hitting the market, is going to make it even worse.



klua said:


> In the above calculation it seems safe to assume that if the loan is in default then it has no value. However even if the loan is in default that doesnt mean that the underlying mortgage security over real estate is worthless.
> 
> Now the value of the underlying securities has most likely been reduced somewhat in the present market but the mortgages still have real value nonetheless and I think they should be included in the above calculations. I dont know anything about the other figures in the above calculations.
> 
> As an investor in ET I find the impending loan default rate really worrying however there are still real estate assets to be realised and a few quick mortgagee sales would make me feel a whole lot more comfortable.


----------



## No Trust (9 February 2011)

The qualification that the "assets are worth something" is juxtaposed as to the postion that they are worth nothing.. 


Apart from confidence *evaporating * is seems that paranoia has set in as well..

In terms of the loan assets that Equititrust is currently burdened with, well that’s another issue all together. Whether there is a fire sale or not, *investors now have to be given a voice * in terms of voting on *who continues to manage their investment. *

If the loan book will hit an *80% default rate *and the money will have been frozen for over 2 and a half years, isn’t it time that the investors were given another choice ?

In a democratic process let the majority decide based on the performance to date..

As mentioned in a previous post, my interest may be varied as it is concerns the current saga that is unfolding, and as far as the rules of the forum are concerned, this interest or otherwise does not have to be dutifully disclosed to any other party posting on this forum.


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## kostag (9 February 2011)

*Re: Equititrust: loyalty -  I guess we should show some*

Olman: I think that you are correct on one issue, and that is there is a mob sentiment developing and that can't be good for anyone. However, rather being foistered on David Kennedy (who had a chequered association running fialed Gold COast financier MFS which is not noted in his Equititrust CV) old time investors need to hear some no nonsense truth from Mr McIvor. He is not at fault here. The markets, floods, GFC, bank withdrawals -  you name it! That is all accepted however its is as NOTRUST correctly points out with cash predicted to run out by 31-3-11; loan defaults skyrocketing to 80% !; and investors repayments frozen for 2years plus -  investors now need and demand some action. Again, this is not the blame game. It is reality. What does a call to David Kennedy do right now? All is OK? We are working on it? Landsolve (a looseky and recently cobbled crew of failed property developers and financiers) is going to fix all. It is simply an expanded version of highly paid Equititrust. If loans are  in default (and we are now at stage where the majority of them are) why should we investors keep getting deferred whilst what little cash there is is paying big salaries and massive returns and fees on the "sub-ordinated loan" (which is not a loan at all, as we finally found out)  and the whole time, despite beign assured it is being stabilised and corrected/managed, it is in fact getting a whole lot worse and predicted (by Equititrust itself) to get a whole lot worse in the next 3 months -  potential bad debt  level of 80% and complete cash run out. In my view, Mr McIvor really has to stand up and say that he has done his best and we would all agree with that and do thr proper thing; cut the overheads and call in the experts.  and 







Olman said:


> No Trust:
> 
> "The assets are still worth something, the question is how much.
> 
> ...


----------



## Olman (9 February 2011)

No Trust said:


> As mentioned in a previous post, my interest may be varied as it is concerns the current saga that is unfolding, and as far as the rules of the forum are concerned, this interest or otherwise does not have to be dutifully disclosed to any other party posting on this forum.




We know that anyone can post; this is not in question.  

The actual question is, *why* do you not disclose your interest?


----------



## klua (9 February 2011)

*Re: Equititrust: an update to a 2009 PDS*



kostag said:


> sorry KLUA - you are ofcourse 100% right. Let's assume that 50% of the book is in distress and I guess lets assume that those loans take write off of 50% -  taht would mean in reality a 75% recovery rate of the gross assets, and I suspect that this is close to the mark. On that basis, INVESTORS maybe considering an 80cents in the $ return, which is a lot better than some of us have speculated.




It may be even a little bit better return since the loans are not made up to the full valuation of the property. 

You also mentioned LM Management. I just googled LM Investment Management and according to the SMH a Mr Tweed is trying to get hold of the Register of members of LM, and LM is fighting this.
http://www.smh.com.au/business/fund-manager-to-fight-tweed-in-court-20110120-19y0b.html

I remember receiving a letter from ET early last year advising someone had obtained ETs register of members.


----------



## No Trust (9 February 2011)

*Equititrust Loan Default Disaster*

Accurate *updated valuations on the loans in default *is what is required. Simple and prudent..  In the normal course of recovery by a Major Bank i.e.  Commonwealth, NAB, Westpac etc a current valuation is undertaken by the bank or receivers and the asset sold in a timely manner. 

The valuations to date were done for mortgage security purposes i.e. for the purposes of realisation in a reasonable period of time if the loans fell into default. 

The unorthodox approach of sequestering the loans in default under the guise of Landsolve does not have seemed to have worked.  Further Landsolve *does not have any track record *and *is not at arm’s length to Equititrust*. Its interests and those of Equititrust are interconnected. 

An independent third party appointed to sell the assets such as a receiver takes all self interest and self preservation out of the equation.

Landsolve if they are doing their job will have an accurate independent assessment of what is recoverable. The issue is, will this information will be released to investors. 

The bombshell in regard to the implosion of the loan book was released on Monday in a supplementary PDS

*Yet*


within  “Think Solutions Update for Investors – January 2011 


 “As we continue to progress the restructuring of the Fund’s loan portfolio, please note that there are some *material changes *detailed in the SPDS.”

Material changes being the loan default status one would assume..

Then in closing

“We would be delighted if you *would consider further investment *or *recommend Equititrust to someone you know*.”

The investment that should be occurring *immediately *should be from the directors themselves. Their cash and private assets should be pledged to support the investors that have been prevented from redeeming their funds for over 2 years. 

Company assets are one thing, private assets are another. If new investors are expected to put their money on the chopping block, the directors should also show their unwavering faith and put their houses etc on the line as well.

In the current situation, austerity measures such as salaries cuts to directors should be implemented immediately and all unnecessary expenditure stopped.

Anything less is unacceptable


----------



## No Trust (9 February 2011)

*Equititrust Loan Default Disaster*

A fundamental question that also needs to be answered in light of the Loan Default Disclosure is whether any of the loan covenants with NAB and Bank of Scotland have now been breached, or will be breached at any time in the near future as a result of the loan book falling (into default) over a certain level.


----------



## No Trust (10 February 2011)

Things are going from *Bad to Worse *there was a reason why Equititrust removed both PDS statements from its Web Site on Monday. Refer to post 88

*Four out of five loans in default at Equititrust fund *
*Colin Kruger Sydney Morning Herald
February 10, 2011*

*"The Australian Securities and Investments Commission took action last month *after BusinessDay reported on Equititrust's potential conflict in trying to raise money from new investors to effectively bail out the EIF."

http://www.smh.com.au/business/four...fault-at-equititrust-fund-20110209-1an0h.html


Whoever came up with the idea to raise funds in this manner should be fired..  You cannot raise funds when you have a Conflict of Interest.  Ethics let alone ASIC guidelines don’t allow it.  


Was legal opinion or regulatory approval sought??  So much for the new  “directors’” so called expertise .  Any money spent on this charade should come out of the director’s pockets and not the investors.


*Public Relations Disaster*
This is a MONUMENTAL public relations disaster... ASIC having to step in and make the company withdraw the PDS is reflective of the reckless decisions being made within the company. 

*Compliance*It was only in December that the company with great fanfare issued Press Releases in the National Media spruiking its new 50M Dollar Fund Raising and embarking on a series of Investor Briefings. But did anybody check whether the PDS was compliant??


On the same day both the PDS Statements were removed by order of ASIC Equititrust added its:

“Think Solutions Update for Investors – January 2011” where McIvor states:

*The Equititrust Priority Class Income Fund*

"As part of our strategy to accelerate an exit from the banks, I am delighted to announce that we have now officially opened the limited offer Equititrust Priority Class Income Fund. Since its launchjust over a month ago, the Priority Class Fund has welcomed its first investors and is continuing togrow in popularity."   Yes ASIC loved it...

“We would be delighted if you would consider further investment or recommend Equititrust to someone you know.” 


These statements were placed on the Web Site on Monday the 7th of February 2011 whilst being fully aware that ASIC had put a stop on the Priority Class Income Fund. The statements still remain on the Web Site..  Who checks the Web Site for accuracy? 


Why not just be honest and tell the Investors what’s happening and place a statement on the Web Site saying that the PDS has been withdrawn due to ASIC’s intervention.

Instead the Investors yet again have to get their information from the newspapers..

In terms of the CEO saying he sees zero impact on the Funds 1500 Investors he must be kidding and totally out of touch with the average investor. 


*IMPACT 1​*
Firstly the fund has kept the investors’ money frozen for over 2 and half years. That’s a massive impact


*IMPACT 2​*
Secondly, the opportunity cost of not being able to redeem the funds is incalculable


*IMPACT 3​*
Thirdly, there is no timeframe for the return of Investors money. Investors cannot plan their future and get on with their retirement.


*IMPACT 4​*
Not having a concern about the funds being repaid to borrowers and 100% Guarantee are two total different things. (The fund has suffered over 40M dollars in impairments over the last 3 years). The Impact being continued uncertainty.


*IMPACT 5​*
There has been no further statement as to the remaining of 3 month operational cash flow which is used to pay investor returns. Now the 50M fundraising has been stopped by ASIC the investors are none the wiser as to whether their returns will be paid in the coming months. 


To date.. the Interim Financials have still not been posted on the Equititrust Website.


----------



## No Trust (10 February 2011)

*Laughing Stock*

Scott Rochfort
Business Day 
Sydney Morning Herald

*SLIGHT HICCUP*


February 10, 2011


http://www.smh.com.au/business/putting-profits-into-perspective-20110209-1an0e.html

It looks like David Kennedy dodged a bullet in this *mocking * article instead Mark McIvor was in the crosshairs.... and Deservedly so..

"The Gold Coast financial concern Equititrust Capital has hit a last-minute hurdle in its plans to raise $50 million to establish a fund aimed at *rescuing another of its funds*, which *has been frozen for two years*.

*The Australian Securities and Investments Commission* has *forced* the finance firm to withdraw a product disclosure statement for the Equititrust Priority Class Income Fund.

The *hiccup* comes just after Equititrust highlighted its financial robustness to budding investors.

Maybe they can use some of that "pozzolan concrete" to try and repair the damage to their reputation.


----------



## No Trust (10 February 2011)

*Laughing Stock*

Scott Rochfort
Business Day 
Sydney Morning Herald

SLIGHT HICCUP


February 10, 2011


http://www.smh.com.au/business/putti...209-1an0e.html

It looks like David Kennedy dodged a bullet in this *mocking *article instead Mark McIvor was in the crosshairs.... and Deservedly so..

"The Gold Coast financial concern Equititrust Capital has hit a last-minute hurdle in its plans to raise $50 million to establish a fund aimed at *rescuing another of its funds*, *which has been frozen for two years."*

*"The Australian Securities and Investments Commission* has *forced* the finance firm to withdraw a product disclosure statement for the Equititrust Priority Class Income Fund."

"The *hiccup* comes just after Equititrust highlighted its financial robustness to budding investors." 

"The $240 million EIF mortgage fund expects to have *80 per cent of its own loans in default by the end of this year*. Equititrust drew *$4.5 million *in management fees last financial year.  End Quote


Maybe they can use some of that "pozzolan concrete" to try and repair the damage to their reputation.


----------



## kostag (10 February 2011)

*Re: Equititrust: substantial staff layoffs underway*

Scott Rochfort 
February 10, 2011


SLIGHT HICCUP

The Gold Coast financial concern Equititrust Capital has hit a *last-minute hurdle *in its plans to raise $50 million to establish a fund aimed at rescuing another of its funds, which has been *frozen for two years*.

*The Australian Securities and Investments Commission has forced the finance firm to withdraw a product disclosure statement for the Equititrust Priority Class Income Fund.*

The hiccup comes just after Equititrust highlighted its financial robustness to budding investors. ''We consider our reputation for capital protection to be our single most important asset. We have come through the GFC.

*''Your capital is intact,''* said a recent update from the managing director of Equititrust, *Mark McIvor.*

The money raised from the new fund was designed to *repay a $26 million debt *the Equititrust Income Fund has with *National Australia Bank.*

''The Priority Class Income Fund provides existing and new investors with a once-only, unique opportunity to take up the balance of the bank's first-ranking position in the Equititrust Income Fund,'' McIvor said in his update.

The *$240 million EIF mortgage *fund expects to have *80 per cent of its own loans in default* by the end of this year. *Equititrust drew $4.5 million in management fees *last financial year.

Equititrust has also bolstered itself by using as its logo a Roman voussoir arch. ''The Roman voussoir arch was a breakthrough in structural stability,'' Equititrust notes on its website.

''Combined with pozzolan concrete, it was one of the sturdiest methods of construction the world had ever seen.''


----------



## kostag (10 February 2011)

*Re: EquitiRUST: a case study in CONCRETE CANCER*

_*''Combined with pozzolan concrete, it was one of the sturdiest methods of construction the world had ever seen.'' *_..... I suspect that we may have a case of the infamous Gold Coast  CONCRETE CANCER


----------



## kostag (10 February 2011)

*Re: EquitiRUST: Landsolve staff layoffs*

only a rumour -  large staff layoffs yesterday in LANDSOLVE -  this means that the proposed 'property workout' model has failed as NOTRUST predicted. 

Is anyone able to confirm this to be the case?


----------



## No Trust (10 February 2011)

*Skeleton Staff*

With *no further investor inflows*, all that is required is a "skeleton staff". *NOTHING MORE *

Austerity measures of the Highest Order are essential and all *unnecessary staff **including those in senior management should be laid off immediately to preserve cash. 

The company is well and truly under the spotlight after this latest self inflicted disaster ; every move will now be scrutinised in detail by the investors and the Australian Press.*


----------



## kostag (10 February 2011)

*Re: EquitiRUST - National Bank*

I would presume that the NAB required and covenanted LVR of 24% has bene breached as a result of the default provisioning of atleast 50% of the loan assets. That being teh case, one would expect either NAB will flick their loan secuirty to some third party or else, we can expect the ilk of Korda Mentha to be on site, any time soon.


----------



## kostag (10 February 2011)

*Re: Equititrust: MEMBERS MEETING TO WIND UP FUND*

The following is straight from the ASIC website -  if 100 members vote, there must be a meeting held and we can, if we think fit, move to wind the fund up:-

_*What rights do investors have?
Members of registered managed investment schemes have certain options open to them if they believe that their scheme is no longer performing as intended or if the management of the scheme is not meeting their expectations, including requesting a members’ meeting and applying for court orders.
Requesting a members' meeting
Members collectively have the right to call meetings to consider resolutions in respect of the scheme and its management. Meetings can be held to consider a range of resolutions including to:
• amend the constitution;
• remove and replace the responsible entity; and
• wind up the scheme.
The responsible entity must call and arrange to hold a meeting of members within 21 days of receiving a request from either 100 members, or members holding 5%, who are entitled to vote on a proposed special or extraordinary resolution. The meeting must be held within two months of the request being given to the responsible entity. The responsible entity may meet the costs of holding the meeting from the assets of the scheme.
Any request for a meeting must be in writing, state any resolution to be proposed at the meeting and be signed by the members proposing to move the resolution. The responsible entity must distribute to each member a copy of the proposed resolution and any accompanying statement as soon as practicable after it gives notice of the meeting.
Obtaining a copy of the register of members
The responsible entity of a scheme is required under the Corporations Act to maintain a register of members of the scheme. The register may assist members considering calling a meeting by providing contact details for other members. A responsible entity must provide a copy of the me*_


----------



## No Trust (10 February 2011)

*Equititrust: MEMBERS MEETING TO WIND UP FUND*

Other investors spoken to seem to be of the same opinion. The recent situation was so badly mishandled * all confidence has evaporated*.

The biggest concern now is that the 50M Fund Raising has failed. 

This was a direct result of the National Media highlighting the Conflict of Interest .  ASIC were forced to act resulting in a Public Relations Disaster at the worst possible time. 

This story has been *run nationally *in the Brisbane Times, The Melbourne Age, WA today etc..

So in effect the forced stoppage by ASIC is out in the open *for all to see *and the Fund Raising (With an inherent Conflict of Interest) *was exposed *for what it was.. 

The issue now is, the available sources of funds will have dried up as a result of the ASIC fiasco and the only remaining options are, *if there are any **Lenders Of Last Resort * who will rank in front of the poor suffering investors.


----------



## kostag (10 February 2011)

*Re: Equititrust: lenders of last report*

There is a dilemna though, isn't there?  OLMAN is correct when he says that un-restrained forced sales will accelerate/increase losses. I think most people would agree with him on that one.

A lender of last resoirt? Well, lets think about that. Does someone out there have $50million? Probably.

Now, lets take the loan book and allow for say 50% val;ue impairment. That would leave say $110million (+ or -) of reasonable loan security.

So for the right interest rate, is a $50milion loan on a $110million asset -  that's about 50% -  is that OK? I guess it is.

Now, in this very rocky market and knowing that anyone who went ahead of all the true investors etc, in terms of ranking of security, then a lender of last resort would know that there will be hell to pay when he/they need to sell up loans and start to realise losses. Now remember, they will only be chasing their $50million + interest, costs and fees, lets say $60million. Theoretically, they could butcher the security and take a nice windfall.

Ofcourse, that leaves all of us 'down the toilet'.

So, we ask, is there any restraint on what the Board of Equititrust can do? I guess the answer is probably no. They could in theory borrow $50million at the same crazy rate and terms that they pay themselves on their 'sub-ordinated' loan (ie: the loan you make when you don't really lend any money).  

If they did that, and the $50million starts attracting 20%+ interest, coupled with Equititrusts $15million + or - fees and interest, then our remaining equity would dissapear in how long?  $10million in interest + $15million in fees and subordinated interest etc. So $25million comes off any value tat might exist right now.

Now are values goign to increase or go down over the next year. Lets not be harsh and who has a crystal ball? Lets say they will stay square.  If we believe that Landsolve had some idea of value adding (which we now see was falwed anyway) well , they are all or substantially being laid off right now, so we have to assume, values don't improve but equity will dwindle by atleast $25million over the next year.

The $50million does what to help any of us? Well, it seems that all it does is pays out the NAB and Bank of Scotland -  so they have jumped ship say $45million ; Equititrust management (whoever is left) have kept their highly paid positions - how much?; so increased debt; higher interest costs and fees; diminishing property value and equity -  and this is the best outcome, if we engage in this continued folly for another year.

Lets go the other way. A respected experienced Receiver steps in . Straight away a whole layer of execeutives are gone. Now I know these guys don't come cheap. But they are not trying to keep the business going for the sake of protecting their own job. Their legal obligation is to realise securities and even if they face say a 10% hit in value terms because it is a Receiver sale, is that as bad as the near certain 25% hit that I think we face, if we let this dinosaur continue to lumber along?

Maybe I am not on the right track. Maybe there is some rainbow that none of us are aware of. If there s, well, it is a well kep secret.


----------



## No Trust (10 February 2011)

*Equititrust Loan Default Disaster*

Kennedy's Comments about an unnamed Investment Bank stepping up to the plate are most likely precipitated by the *Shell Shock *of the ASIC Intervention.  Something needed to be thrown out there.

Equitrust promotes itself as an experienced Fund Manager yet they cannot even get the fundamentals of a PDS right. So the regulator has to step in and force them to withdraw it.. 

It’s a joke and it’s no wonder that the Media are poking fun at them. Scott Rochfort of the Sydney Morning Herald was restrained but *nonetheless hilarious *.  

In an environment where there have been major collapses - City Pacific, Asset Loan and MFS, Equititrust embarks on this *idiotic fund raising which was dead before it started. *Then they wonder why they get branded in the same category as the others. Well the reason is they are making the same *bad decisions*..

They are getting *so sloppy *that they are serving themselves up on a plate to their detractors and are reinforcing the view that the *Gold Coast is full of Spivy Financiers *in the Southern Capitals.   

If this mysterious Investment Bank Funding was available why was it not taken up instead of the Suicidal Fund Raising via the Equititrust Priority Class Income Fund which is now - "Moribund" ??? ... 

If the Directors were asked about the Fund Raising efforts a few weeks ago, the same answer would have been given, ahhhh "Nothing to worry about.. All Good". Then a few weeks later total MELT DOWN. 

A register of the members of the scheme now needs to be obtained and the members given a say via an *Equititrust Investors Action Group* or *EIAG*.  

If the *Investors Do Not Control Their Own Destiny - Someone Else Will*


Who says that the board has to make all the decisions from now on..


----------



## No Trust (11 February 2011)

*Making A Lot Of Noise Lately*

*Weekend Gold Coast Bulletin
Saturday 06/11/2010* 


*The Power 100 *


*The Gold Coast's most Influential People*


After a low-profile business career spanning 28 years on the Coast, the merchant banker is starting to *make some noise lately*. If the latest plans for his Equititrust empire *come to fruition*, *Mark McIvor *will become a key link in the city's development chain.

http://www.prohenderson.com.au/uploads/32/File/the POWER 100 - 06_11_10.pdf


The chain is only as strong as its weakest link... Anyone’s guess which list he will be on this year..


----------



## GumbyLearner (11 February 2011)

*Re: Making A Lot Of Noise Lately*



No Trust said:


> *Weekend Gold Coast Bulletin
> Saturday 06/11/2010*
> 
> 
> ...




What a terrible pdf link No Trust. I was reaching for the free Barf bag provided on airlines.  
So to surmise, the Gold Coast is run by a bunch of old megarich ugly people with the exception of Scott Prince? :
Diced-carrot awards anyone?


----------



## No Trust (11 February 2011)

*Equititrust Loan Default Disaster*

Yeah, not pretty is it..

Neither is the crisis facing the Investor's of Equititrust


----------



## kostag (11 February 2011)

*Re: Making A Lot Of Noise Lately*

Hey, guys 

I dont think that it is gair or proper to go slagging off at anyone who appears in some profile list that they probably did not produce themselves.

The Gold Coast is what it is and attracts what it attracts.

Our issues right now are surely the proper and prudent re-structuring of what was once a good business now running badly, and facing wipeout.

Mark McIvor had 26 good years. The last 2 years have been shockers.

Could he (or should he) have done things differently? Well, it seems to me now (with the benefit of 20/20 wonderful hindsight) yes! So what do we do? Flog and crucify theguy?  I think not. He made me good money and for that I am grateful.

What Mr McIvor should do is to have the good sense to realise that the time for bluster and trickery is over and only serves to demean and ridicule what has otherwise been a  good career. Hand the keys over to an independnet body of investors. Don't let the failed MFS guys near the steering wheel, again!

But the show has come to an end and as Charlie Green said to Michael King (MFS) two years ago .... _you wont make Valentines Day._

Maybe it is time for the NAB to step in.



GumbyLearner said:


> What a terrible pdf link No Trust. I was reaching for the free Barf bag provided on airlines.
> So to surmise, the Gold Coast is run by a bunch of old megarich ugly people with the exception of Scott Prince? :
> Diced-carrot awards anyone?


----------



## No Trust (11 February 2011)

*Equititrust*

No sympathy whatsoever for McIvor or Equititrust Management. He oversaw the Fund Raising which ASIC forced them to withdraw. This Fund Raising was done at the last minute with 3 months cash left. Why was there nothing done a year ago...  This last roll of the dice was done at the expense of Investors.  The Sydney Morning Herald yesterday has made them look like fools and deservedly so...                     

No word from David Kennedy as to the current cash position.. It seems every time they are silent there is another bombshell..

Still No Interim Financials on the Equititrust Web Site


----------



## kostag (11 February 2011)

*Re: Equititrust: DESPERATE NEW BORROWING*

Isn't the real problem this?

What highlighted this issue to me is that I don't think that any investor in EQUITITRUST realised that the DIRECTORS could go into the marketplace and borrow as much as they liked and secure that new DEBT ahead of our investment.

This meant that if EQUITITRUST was losing money; could not pay their own management fees; put on a  stack of new expensive staff -  they could simply borrow as much as they wanted, at whatever cost, give these NEW LENDERS the best secuirty in town -  pushing us further to the back of the line, whilst choosing not to repay/redeem us one red cent! of our hard earned EQUITY.

Now, the Bnak of Scotland and National Bnak put the squeeze on , so in the interests of SELF PRESERVATION not the INVESTORS, Equititrust goes out into the MARKET and borrows as much as they need at whatever rate they want to pay -  so that they can payout the NATIONAL BANK and BANK OF SCOTLAND back; keep their own jobs; keep paying exorbidant fees etc, and all at our cost and expense.

No-one I repeat NO-ONE is watching this or stopping this. 

Why wouldn't they pay 50% interest per annum? and destroy our equity. Just to grab a life raft for themselves. They can never lose. We lose. 

Now, I spoke to a lawyer who mentioned that CREDITORS who are on notice of potential insolvency etc and press their position and get paid ahead of others may be treated as PRIORITY and have to put the money back. Well, that's what's happening here right now.

So because this website is a semi public forum I want to put NATIONAL BANK and BANK OF SCOTLAND and for that matter , the EQUITITRUST fund all *ON NOTICE* (that draws out the management fees etc), that our INVESTMENT FUND is more than likely INSOLVENT and that should any money be taken from this FUND from this day onwards that I will refer to this POSTING in any litigation as you having been given NOTICE of this.

You cannot say that you have not been warned!

I might just be one voice out of hundreds BUT if I get anything less than 100cents in the dollar, I will be suing David Kennedy as CEO who misled us all that all was well as well as  any ENTITY who withdraws money or gets better secuirty from this day onward.

11-2-11  at 12:20pm


----------



## No Trust (11 February 2011)

*Equititrust Loan Default Disaster*

The Solvency of Equititrust is yet to be determined, there have been *no statements as to the cash position* and the long overdue Interim Financial Results are *yet to be released *despite *promises to do so*.

In light of the above, and Media Articles exemplifying the fact that Equititrust *(in their own statements)* have said that they *3 months *of operational cash left, it is no surprise that in the absence of timely updates *issues of solvency *are being raised.

*Preferential Payments *

In terms of preferential payments to creditors, this will not apply to a bank with a registered security and in terms of replacing this debt with another first ranking security the investors can do nothing about that. Equititrust can replace this debt.  

*Not what was signed up for*

There is one fundamental difference though and that is when the Investors signed up , they signed up for a prudently managed fund which was to maintain a healthy loan book. 

In the past, Equititrust's additional funding requirements were provided by main stream banks, such as the long established relationship with NAB and more recently the short lived relationship with Commonwealth. 


The replacement of main stream banks with a hastily cobbled together PDS (which ASIC forcibly stopped last week), and now possibly lenders of last resort, was not what the investors signed up for. 

They signed up for a conservative fund which in the day Equititrust was.


*Lender of Last Resort*

I am not being alarmist when I say lenders of last resort because the facts speak for themselves. There is not one main stream bank in Australia that will lend to Equititrust at the moment. 

ASIC have put a stop to further fund raising which in the current climate just snowballs the perception issues facing Equititrust when it goes cap in hand to raise 50M. 


The projections that the loan book will be approaching an *80% default rate *do not bolster an image of stability. All of that combined, I think that any reasonable person can conclude that a conservative lender will not go near them. 

Any funding that will be secured will only come from a lender of last resort under conditions that it dictates. Equititrust stated in its updates that NAB's conditions for maintaining the debt were *not commensurate to the risk*. Well with the greatest respect it seems that NAB's offer should have been taken up with both hands considering the risk profile now. Additionally NAB would have been a lot easier to deal with due to the long established relationship.

What does Equititrust and McIvor do instead... It goes on a tirade of abuse against both Commonwealth and NAB on its own Web Site; calling them capricious and opportunistic and for good measure *posts jokes and a cartoon about banks on its Web Site*. 

It’s tantamount to throwing all the toys out of the cot...  Is this a mature and professional way to handle the matter? 


Having exhausted all other avenues, Equititrust is now left in the unenviable position of now having to accept whatever funding it can get at whatever cost. 


Its ability to negotiate is effectively zero.


The investors did not sign up for this and have unwittingly been strapped to the back of Equititrust whilst it continues its folly.  


If the investors do not put their foot down where will it end..


----------



## No Trust (12 February 2011)

*FORGET ABOUT THE FUTURE AND PRETEND ITS THE PAST*

Equitritrust, on its Web Site, under *Equititrust Income Fund * has replaced the  PDS with a version issued in 2009 which has previously been withdrawn.

Extract Below:

Continuous Disclosure Statement
Equititrust Income Fund ARSN 089 079 854
Equititrust Limited ACN 061 383 944, AFLS 230471
This Continuous Disclosure Statement is dated *11 February 2011.*_________________________________________________________
Equititrust Income Fund - Product Disclosure Statement
Attached is a copy of the past Product Disclosure Statement (PDS) dated 6
February 2009.
Please note that this PDS is not currently in-use and has been withdrawn.
However, it is provided purely for the purposes of Continuous Disclosure, for
*historical reference *and for use by existing investors of the Fund only.


What has precipitated this?? Very unusual indeed...  Maybe "nothing" else to put in place of the PDS that ASIC forcibly stopped..

Let’s hope that a modicum of sanity prevails and the *long overdue * Interim Financials are published *rather* than a set of financial from a *previous year*..


----------



## kostag (12 February 2011)

*Re: Equititrust: DEFAULTS AND MORE PDS TROUBLES -  MERIDIEN 'OPPORTUNITY'*

Does any investor or adviser have the answer to these questions?

Q1:  What projects does Landsolve manage for its parent company right now? We are told that Landsolve steps in once a loan is impaired (that is, Equititrust has stopped capitalising interest on the loans) , so we can therefore safely assume that the projects under Landsolve control are all the potential ‘write off’ category.

Q2:  In relation to the Opportunity Fund: Meridien Information Memorandum which is on the Equititrust web site:-

	Q2.1:  who is the existing Senior Debt financier who is owed $14M?
	Q2.2:  is that existing senior debt facility in arrears?
Q2.3: does any Equititrust entity have any existing exposure to this security and Meridien generally, and if so:-
Q.2.3.1	How much do they owe? (if they owe anything -  how much of this new fantastic opportunity being raised to assist future development, is actually being siphoned back to Equititrust?) 
Q.2.3.2	Is interest presently being actually paid on those loans or capitalised?

For those of us who thinks that ‘capitalised’ is some finance expression of merit etc - it is usually a warning bell - it simply means that borrower is not or can’t pay interest, so the lender just tacks it onto the amount already owing (which the borrower cannot repay or service either ) and as long as the Lender is legally able to do this and or hoodwink ASIC and the auditors that this practice is OK, then they can say that the loan is a good one and not in default? 

You might (or should) ask "How come the loan, on which interest is not being paid, is not in default?"  Answer:   Because the Lender is just adding it to the already unpaid debt, dummy! A nice bit of accounting trickery, eh?
How stupid are we all? Next time that I am a running a bit short, I will ask my bank to keep me in good standing and just ‘capitalise’ my payments. I thought that I had to keep paying my bills to stay out of default. Seems not!


----------



## Olman (12 February 2011)

*Re: FORGET ABOUT THE FUTURE AND PRETEND ITS THE PAST*



No Trust said:


> Equitritrust, on its Web Site, under *Equititrust Income Fund * has replaced the  PDS with a version issued in 2009 which has previously been withdrawn.
> 
> Extract Below:
> 
> ...




Look at your statement:  "......the PDS that ASIC forcibly stopped."   Wouldn't that "precipitate this" removal of the PDS?  Your question demonstrates a lack of objectivity that does nothing for rational debate.

As a true believer in the almighty integrity of the press, you seem to overlook the reported statements that Equititrust removed the PDS voluntarily after discussions with ASIC.

The hysteria of recent posts here is staggering.  While valid points are occasionally raised, they get lost in the general bile.  Many unfounded statements have been addressed in earlier posts, but are swept aside and restated as if volume and frequency will somehow give them legitimacy.

The few members posting here are an indication of the quality of the thread. What we see is a constant repetition of press articles with the odd quote from Equititrust's publications, and lots of bold type and underlining to emphasise the squawking negativity.  How about toning down the emotional vitriol and sticking to the point?


----------



## kostag (12 February 2011)

*ASIC VISITS -  SO WE GET ACTION AT EQUITITRUST*

I guess no-one can answer my reasonable requests for information. 

I am not interested in vitriol etc. 

What exactly does this quote from OLMAN mean:- *Equititrust removed the PDS voluntarily after discussions with ASIC* Their choice was what? Be attacked through the Courts by ASIC and look even more shonky?

when ASIC visits, I presume as the corporate watchdog, it is them telling someone what they have to do, and so to avoid being dragged off to Court, Equititrust or whoever does what they are told.....

I think we should know what the process is, before Equititrust has us all believing that they are one minute out there flogging a PDS )that they knew was wrong and conflicted) -  however then just voluntarily withdraw it. Isn't the truth, the corporate watchdog came calling? and then the game was over.

Isn't a bit like saying -  as a result of the Police visiting X, that X voluntarily popped down to the Police station to be charged. 







Olman said:


> Look at your statement:  "......the PDS that ASIC forcibly stopped."   Wouldn't that "precipitate this" removal of the PDS?  Your question demonstrates a lack of objectivity that does nothing for rational debate.
> 
> As a true believer in the almighty integrity of the press, you seem to overlook the reported statements that Equititrust removed the PDS voluntarily after discussions with ASIC.
> 
> ...


----------



## klua (12 February 2011)

*Re: FORGET ABOUT THE FUTURE AND PRETEND ITS THE PAST*



Olman said:


> The hysteria of recent posts here is staggering.  While valid points are occasionally raised, they get lost in the general bile.  Many unfounded statements have been addressed in earlier posts, but are swept aside and restated as if volume and frequency will somehow give them legitimacy.




I must agree about the hysteria of some posts and reposting of unfounded statements even after corrections. 

I am as concerned as anyone about my investment and I respect anyone’s right to post opinions.  However if we all try to post accurate statements based on facts then we all would be better informed and look for a rational resolution.


----------



## kostag (12 February 2011)

*EQUITITRUST: ASIC AND MERIDIEN: Choice Magazine: we have another nomination for 2011*

does anyone know if ASIC took a look at the other PDS that good old EquitiRust is flogging around the traps itrying to cobble together some high rate funds of some $10M or so secured on a second mortgage on a marina of all things where some $6M goes to paydown some other existing debt.

This is now as we all know a classic sign of  PONZI sign when large amounts of expensive money are borrowed to pay down existing debt rather than furthering the underlying security.

and more of the CHOICE MAGAZINE shonky capital warranty -  take a look at the schematic which forms part of the PDS -  anyone work out what it means in real terms? I dont think that it means they ever write a cheque out -  just that some 'paper' entry sits at the back of all the real money (I think?) 

Just more costs and more interest on an existing security without any real advancement.

Warning Doctor Robinson, Warning!


----------



## kostag (12 February 2011)

*Re: FORGET ABOUT THE FUTURE AND PRETEND ITS THE PAST*

I agree KLUA someone has an axe to grind here however look at my last few postings -  I have asked some reasonable questions that I think we need answered and frankly someone from Equititrust is clearly one of the 'parties' in all this traffic, and they simply won't answer the questions.  I have managed to track down a former emplyee (sacked this past week) who has an axe to grind, so I expect to get some truth and this will get posted this coming week.



klua said:


> I must agree about the hysteria of some posts and reposting of unfounded statements even after corrections.
> 
> I am as concerned as anyone about my investment and I respect anyone’s right to post opinions.  However if we all try to post accurate statements based on facts then we all would be better informed and look for a rational resolution.


----------



## No Trust (12 February 2011)

*EQUITITRUST WAS FORCED TO REMOVE THE PDS*

Please refer below, as reported on the 10th of February Equititrust was Forced to remove the PDS..



Scott Rochfort
Business Day 
Sydney Morning Herald

SLIGHT HICCUP


February 10, 2011


http://www.smh.com.au/business/putti...209-1an0e.html

"The Gold Coast financial concern Equititrust Capital has hit a last-minute hurdle in its plans to raise $50 million to establish a fund aimed at rescuing another of its funds, which has been frozen for two years.

The Australian Securities and Investments Commission *has forced *the finance firm to withdraw a product disclosure statement for the Equititrust Priority Class Income Fund.


----------



## No Trust (12 February 2011)

*Equititrust in Crisis*

The key issue is communication and Equititrust *does not do this*. Why were the investors not told that ASIC intervened, and whichever way you want to phrase it, put a stop to the PDS for the 50M capital raising.. A this juncture, it was the rescue package for the Equititrust Income fund.


What many investors spoken to, want to know, is where are the Interim Financials which are long overdue... 

There is no vitriol just a statement of the facts and the REALITY that the rescue package and fund raising was *botched up..*  No one can deny this... and mark my words any lender that will lend money to Equititrust will be a lender of last resort.   

Unless there is some statement about the *3 month cash *position which was highlighted on the 10th of January 2011 by Colin Kruger there will be concerns about solvency.


----------



## No Trust (12 February 2011)

*Equititrust in Trouble*

In regard to the , Meridien Opportunity Fund I doubt that it ever got off the ground..

In regard to Landsolve, again no information given to any of the investors..


----------



## kostag (12 February 2011)

*Re: Equititrust: slience is not golden: investors is the dark*

NOTRUST: sadly whenever there is hype and hyerbole, OLAMN and OZAD from Darwin, jump into action with wonderful words and condemnation for anyone who dares raise any questions.

Reality is though that they and their friends at Equititrust will simply not answer real questions, again, as you say a continuation of the public relations 'mushroom treatment' instigated by David Kennedy, after Mr McIvors 20+ years of successfully running a smaller, tight ship.

This is why so many people who probably would have  hung in (for old times sake) have simply had to face the hard bitter truth, that they are all being hoodwinked and it is time to act.


----------



## klua (12 February 2011)

*Re: Equititrust: slience is not golden: investors is the dark*



kostag said:


> Reality is though that they and their friends at Equititrust will simply not answer real questions, .




Have you called ET and asked them the questions?


----------



## No Trust (12 February 2011)

*Equititrust in Crisis*

I love how the stooges are sent out to push the corporate line... 

Ok let’s do this, those who want to call Equititrust can do so and report back on this site as to the *delay in the financials *and the *3 month cash position*..    It won’t happen though because these guys are Equititrust themselves trying to stifle information. There will be nothing posted. Again I put the challenge out.... These guys say call but they haven’t called themselves because they are Equititrust posting under assumed names...

On the other hand Equititrust seems to be quite "obedient" when it comes to ASIC, so I will direct my issues as to the 3 months cash remaining and delayed financials directly to the head of ASIC..


----------



## kostag (13 February 2011)

*Re: Equititrust: call em -  sure can: PUBLIC RELATIONS SPIN NOW IN OVERDRIVE*

KLUA, yes I did.

In December I called EQUITITRUST under the ruse of increased investment.

I spoke to a very nice fellow who seemed to know what he was talking about. In fact, I am sure he was knew his stuff.

I then spoke to a more senior fellow.

I was very easy with my questions about the status quo etc, as I was calling supposedly about new investment.

I was told several times that there was a new re-financing product and that all was on track etc. PDS statements were up to date. External bank facilities were in order etc.

Now, you dont shoot the messanger however as we know from recent events -  all was not/is not well; fund raisings are not on track; disclosures are not current and more than likely deceptive, false and misleading; there is a severe cash crisis on hand; their is massive insolvency and bad debt risk and exposure.

Now, what concerns me perhaps the most is that these people (and to be fair, they are employed to do a job, which they were doing well) would have taken my money (so any new investors, please take care) -  new money, to pay old bills (a classic PONZI scenario). My money would have been locked in with little prospect of redemption and now as we know, secured by dodgy assets -  default loans not paying their interest (who lends money to people who can't even pay interest?) 

Now, OLMAN (or the EquitiRUST Director of Public Relations, whoever you may be) used an inappropriate analogy to HITLER in an earlier post which I (and a lot of others) found quite offensive. However to perhaps make my point clearly to OLMAN (and at a level that clearly he likes to operate in)  -  using his HITLER analogy -  *call Equititrust and find out how things are going? I think not *-  a bit like the rabbi calling _Hitler in 1944 just checking that all is going well with the ethnic population_. (I am sorry for offending one by the way).

I still think that my analogy to good ol' Kolonel Klink and _*I know nuthink!*_ is more to the point when describing now muzzled EquitiRUST Spinmeister  and ex - MFS supremo, and EquitiRUST CEO -   David Kennedy. 

We need the independent arbiter and watchdog ASIC or perhaps for the NATIONAL BANK to appoint an independent RECEIVER such as McGRATH NICHOLS or BRI FERRIERS who can get the banks paid out and then do the best job that they can with the loosely cobbled up rag tag bag of assets that holds our money and get us the best deal that they can, before fees, new loan costs and massive salaries for people simply paid to keep some delusional dream alive and feed us spin and manure -  waste whatever equity remains.  We've earned the equity -  don't let us go bust! 





klua said:


> Have you called ET and asked them the questions?


----------



## kostag (13 February 2011)

*Re: Equititrust: EQUITITRUST PUBLIC RELATIONS SQUAD: OLMAN  OZAD AND KLUA*

*OZAD, OLMAN, KLUA:    DECLARE YOUR INTEREST GUYS -  COME ON -  IT WILL MAKE IT EASY FOR US ALL*.......







kostag said:


> KLUA, yes I did.
> 
> In December I called EQUITITRUST under the ruse of increased investment.
> 
> ...


----------



## No Trust (13 February 2011)

*Choice - Expose on Equititrust*

The Choice Expose on Equititrust in June 2008 is a harbinger of things to come...

ASIC have had to take action against Equititrust in the past,


"In April 2008, *ASIC took action *against Equititrust’s previous advertising and PDS. It ordered that adverts couldn’t imply that the investment is suitable for a particular class of investor such as retirees, or comparable to a bank deposit. ASIC also stipulated that Equititrust *can’t advertise words like 'safety', 'secure', 'warranty' without stating the size of the warranty and the size of the income fund*. Following the action, *Equititrust’s advertising and PDS promptly complied with these new requirements*." 


"If safety for a 6–24 month investment term is what you’re looking for, *you’d be a lot safer with your money in a bank.* Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s. " End Quote


http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

Those who had their money deposited in the banks are not facing the hardships that the Equititrust investors have had to suffer..  When people finally realised *what they had invested *in and wanted their money out their money was frozen and still remains frozen over 2 years later... 

The investors need to be given a timeframe as to when they will get their money. 

Instead Equititrust is embarking on a self preservation exercise at the expense of the investors...


----------



## No Trust (14 February 2011)

*Its Valentines Day For Equititrust...*

It looks like its *"Valentine’s Day"*for Equititrust and *as usual *it has taken pressure from the *Media*, *ASIC* and the unwavering pressure from the *posts on this web site *for a public statement as to the true state of affairs to come out... 



*Update on Equititrust expected to show $35m in impairments*


Colin Kruger 
Sydney Morning Herald

February 14, 2011


http://www.smh.com.au/business/prop...o-show-35m-in-impairments-20110213-1as0d.html



Thanks firstly needs to go out to *Aussie Stock Forums *for providing such an invaluable tool on an already excellent web site allowing Australian Investors to have a voice.

Secondly many thanks to Kostag for starting this thread and his unwavering efforts in bringing the Equititrust saga to the attention of the Australian Public. 

To the detractors posting against us and trying to stifle the truth i.e. Equititrust and its many non de plums. You *can’t stop the truth* and you have not done the right thing by investors by withholding it... 

The company has to be forced dragging to make a public statement to fully inform the investors.  Its analogous to the Egyptian saga recently played out when the regime tried to stop the flow of information. Look what happened there...

ASIC was justifiably concerned, they had to reveal the full financial picture to them. Can you imagine this outfit was trying to raise another 50M from the unsuspecting Australian Public not having released the Interim Financials *whilst hiding the 35M of Impairments * during that period. It’s incomprehensible and hence the forced ASIC withdrawal of the PDS. *Good work ASIC*.. 

*"ASIC also expressed concerns over the company's disclosure related to the Equititrust Income Fund, as well as the fund that was to be used for the $50 million raising".* Sydney Morning Herald -  *Which in effect means you MUSt disclose the 50M in impairments over the last 6 months.*


*"For investors the write-downs add to apprehensions about the safety of their money after Equititrust admitted last week that up to 80 per cent of its loan book might be in default by the end of this year"*. Sydney Morning Herald

After not communicating and not disclosing the full financial status of the fund the investors are now expecting to maintain the faith in these guys whilst they have racked up 35M in impairments in 6 months. That’s almost 6M a month..

Last Thursday Kennedy told the Sydney Morning herald there was zero impact on the investors, yet he did not reveal there were 35M of impairments to December until he was forced to do so most likely by ASIC. 

What happened to Landsolve and the extra expenditure spent there, total waste of investors’ money and approximately 6M a month in impairments. Landsolve was meant to add value to the assets. What happened there. The company has clearly steered off its path..  

Frankly Kennedy has not even been there for 9 months and I don’t think he really knows Equititrust's business..


----------



## No Trust (14 February 2011)

*Its Valentines Day For Equititrust...*

Typo correction in the above post below:

*"ASIC also expressed concerns over the company's disclosure related to the Equititrust Income Fund, as well as the fund that was to be used for the $50 million raising". *Sydney Morning Herald - *Which in effect means you Must disclose the 35M in impairments over the last 6 months.*


----------



## No Trust (14 February 2011)

*Its Valentines Day For Equititrust...*

Was *John Goddard *"*The Chairman*" of Equititrust  aware of the Sydney Morning Herald's revelations or is he just reading about it in the paper today like everyone else..

If he wasn’t fully informed, maybe the investors should inform him and ask him what going to happen to their money.  In fact the investors should call all of the directors new and old and lobby them as to *what the hell is going on.. *They are all responsible...

These guys are getting fat salaries and what are the *mostly retiree investors *getting... Frozen funds for over 2 years and nightmare revelations in the papers of 
*35M* of impairments in 6 months which were *never disclosed *prior to the suicidal 50M fund raising... 

Why don't the Directors, Chairman and CEO announce a freeze in their salaries until this disaster is over.. Their performance over the last year was not worthy of any compensation whatsoever!  You wont see such a noble gesture from Equititrust !!

The loading of the decks last year with new directors, extra staff and the establishment of Landsolve was a front to portray a false image of strength and stability; to top it off they also threw in an Arch on their Web Site for good measure... The Sydney Morning Herald found the arch quite comical.

This farce was at the expense of the investors.

It is no wonder the Interim Financial Results were *not published *and issued in tandem with the 50M PDS for new investors..


----------



## Olman (14 February 2011)

*Re: Equititrust: call em -  sure can: PUBLIC RELATIONS SPIN NOW IN OVERDRIVE*



kostag said:


> KLUA, yes I did.
> 
> In December I called EQUITITRUST under the ruse of increased investment.
> 
> ...




All this from Kostag who has clearly demonstrated that he will employ underhanded means (calling Equititrust on "the ruse of increased investment"), and actually lie (he has never sent a personal message before, after sending one to me a month or two beforehand), and constantly state wonky figures that do not add up and cannot be verified (as per numerous examples brought to his attention over the early course of this thread).  Never one to waste time on explaining his inconsistencies when challenged, he then ridicules the bona-fides of anyone who dares to disagree with his outlandish views.  

He mentions no names of people he spoke to in Equititrust.  Considering his attacks on anyone he can identify that doesn't agree with his "views", I find this a bit strange, and considering his record of lies, inaccuracies and unfounded allegations, I certainly have my doubts as to whether this supposed communication with Equititrust actually happened. 

Besides, if Kostag actually spoke to Equititrust in December, to imagine him keeping it to himself for any longer than a couple of nanoseconds defies belief.

Kostag's supposed investment in Equititrust is a matter of conjecture.  He avoided any declaration of interest for a considerable time in the beginnings of this thread, despite being asked point-blank about it on several occasions, and now implies he has an investment is $1.2m or $1.5m (depending on which post one reads) while excitedly mis-typing his contributions.  I gave him the benefit of the doubt at first, but my doubts have surely evaporated as time has passed and his true nature has emerged. 

If Kostag is really an investor, why did he have to use a "ruse" to get information?  Surely quoting his Equititrust investor number would have been sufficient?

The trouble with deceitful practices is that those who practice them end up seeing deceit as a normal course of events in daily life, and cannot themselves accept that others may be presenting themselves truthfully.  

This thread has become a crazed rant by Kostag and No Trust with very little in the way of intelligent debate.  I am concerned about my investment, as any investor would be, but other than the rare reference to a recent and relevant press release I find nothing of interest here.  I don't wish to spend my life countering the absurdities expressed, and find the repetition tedious to the extreme. I can't imagine any sane person being sucked in by it.

I'm out of here.  There are decent people I would rather relate to, and they are rare on the ground in this thread.


----------



## kostag (14 February 2011)

*Re: Equititrust: call em -  sure can: PUBLIC RELATIONS SPIN NOW IN OVERDRIVE*

OLMAN from DARWIN (or is it Chevron Island) is clearly scrapping very low.

So I called Equititrust saying that I was looking at further investment -  so what? I wanted to learn more information. Wouldn't you too OLMAN other than you probably already know, don't you.  Secondly, I had not ever  used , to my knowledge, what you referred to as the 'personal email' system however you pointed out that when I clicked onto your name and replied, that is what had occurred (I thought it was a general reply).

So what, I made a mistake because I didn't understand the technology. What turns on that? I emailed you twice, so you know -  what did I gain? 

Is this all you've got in the face of the litany of lies that Equititrust would now seem to be spinning us.

You're out of here? You were never here. I don't mind Equititrust putting positive spin on a troubled situation -  so you've done your job well. However facing the groundswell of media reporting (who seem to be close to the money) and ASIC (Who I suspect are right on the money) -  with Equititrust having to fess up to massive impairments whilst out trying to raise new money (_why not recommend us to one of your friends? _ - hell, that would be a short lived friendship) , and only pulled up by urgent ASIC intervention -  no redemptions, no accurate PDS statments or financials -  the very very best that OLMAN with all his literary skills -  the best he can is attack  the man not the team. OLMAN: do you suggest that any of this summary of disasters is wrong?

I am very dissapointed at, and for one, wont miss your 'contribution' (or lack thereof) to the POSTING.

Just one single shred of factual current honest and accurate reporting from Equititrust could have avoided all of this.

We'll see, I guess.





Olman said:


> All this from Kostag who has clearly demonstrated that he will employ underhanded means (calling Equititrust on "the ruse of increased investment"), and actually lie (he has never sent a personal message before, after sending one to me a month or two beforehand), and constantly state wonky figures that do not add up and cannot be verified (as per numerous examples brought to his attention over the early course of this thread).  Never one to waste time on explaining his inconsistencies when challenged, he then ridicules the bona-fides of anyone who dares to disagree with his outlandish views.
> 
> He mentions no names of people he spoke to in Equititrust.  Considering his attacks on anyone he can identify that doesn't agree with his "views", I find this a bit strange, and considering his record of lies, inaccuracies and unfounded allegations, I certainly have my doubts as to whether this supposed communication with Equititrust actually happened.
> 
> ...


----------



## No Trust (14 February 2011)

*Its Valentines Day For Equititrust...*

Remember when Olman/ Equititrust said this only a few weeks ago:

Too late? I don't think so. I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust.

Unfamiliar stirrings??  Well maybe a check up is required.......

When it hits the fan Olman/Equititrust have nothing to say and as I predicted they did not call Equititrust or themselves rather, get an update on the delayed Financials and on the 3 Month Cash position and then post those answers on this thread.  They have been exposed....

I notice Olman has no comments on today’s disastrous media revelations about Equititrust, too much to handle I guess. For some the truth is....  Bye Olman

PS Happy Valentine’s Day


----------



## kostag (14 February 2011)

*Re: Equititrust. beware ides of march*

Charlie Green said of MFS. You won't make Valentine's Day. Equititrust can't make March.


----------



## Bill M (15 February 2011)

I have no interest in Equititrust, I just thought I might add something to the discussion. First of all after reading this thread I would wonder why anyone new would want to invest with them as there is a lot of negative publicity about them. A simple google search will highlight several web sites (including this one) and news stories about them. If I was to stumble across this thread by accident through such a search I would think they wouldn't be the kind of risk I would take on.

I am a victim of a similar type of organization which I might add was based in the Gold Coast originally too. Mine was called a "Safe and Secure" investment that specialised in first mortgages. It was all going well until out of the blue the business was on-sold to another mob without our knowledge or consent.

About 8 Months after the business was on-sold I got the dreaded email. The trustees called in the Receivers because they were in default of the trust deed. Letters from the directors were coming in saying how badly they were dealt with by the receiver and they wanted us debenture holders to unite and stop the receivers. The truth was that they defaulted and that was that. I decided at that point I just wanted my money back as I could no longer trust them but that wasn't going to happen. The receiver's were the only option left. 

We were told that at best we would get back 55c to 65c in the dollar, how pathetic is that?

It is now 2 and a half years since they went into receivership and we have only got back half of our money. We have been told we must wait for the other half of the 60c in the dollar.

What happened to all those first class mortgages? It has been found that they were over valued and were worth nothing near the price they said it would be. The directors also advanced loans to themselves to the tune of hundreds of thousands of $$$. Apparently this was allowed in the trust deed and they still haven't paid this back.

So what I wanted to say to all you contributers to this thread is this. Your company is not in receivership and I hope they never will be. I want and wish for all of you to get your money back. Having read what I read so far on this thread doesn't sound promising but I do wish all of you the best of luck.

I just wonder why our authorities allow such shonky operations to continue. My story was minor compared to other mates of mine who had everything tied up up in other mobs. Where are our regulators? And why aren't they doing a better job? This should never be allowed to happen.

I personally will never ever put any money with a debenture or mortgage fund again. Too much risk for a so called "safe and secure" return.

Anyhow good luck to you all.


----------



## No Trust (15 February 2011)

*Equititrust  Crisis*

Well said and indicative of why investors will *NEVER* put another dollar into mortgage funds again, particularly ones from the *White Shoe Brigade Gold Coast*.

It staggers belief that Equititrust were trying to raise another *50M *whilst in this perilous position. To have not disclosed the *35M *in losses and the fact that the loan book was going to be *80% in default *is on *another level of non-disclosure*.

I would not be surprised if ASIC is investigating possible breaches of the Corporations Law as well as contraventions of the Trade Practices Act..

McIvor in his investor updates  - January even states that they have welcomed their first investors to the new 50M Fund. What will happen to this money if it is actually true that someone was so uninformed that they invested.  Will the money be returned ? 


After this stunt of Non Disclosure to new and existing investors the question now, *will ASIC allow them to raise funds from the Public again?* The information that was withheld was of the most fundamental importance to any investor be they seasoned or otherwise. Withholding key financial data is inexcusable.. 


The advent of the internet and social media is giving investors *some claws and teeth *in their ability to fight back and *demand transparency*. This web site and thread is a perfect example of the empowerment of investors.  

I wish you luck as well in recovering the remainder of your money.


----------



## GumbyLearner (15 February 2011)

Can you eat?



I loved the Blythe Masters piece on his show.

Global klepocrats. 

great label

cheers 
GL


----------



## kostag (15 February 2011)

*Re: Equititrust  DISGRACEFUL  CONDUCT*

Olman and others have heaped lots of scorn on me -  however this :- _McIvor in his investor updates - January even states that they have welcomed their first investors to the new 50M Fund. What will happen to this money if it is actually true that someone was so uninformed that they invested._ Will the money be returned ? -  ranks as a disgrace and tantamount to fraud of the highest order. Worse, we have to _presume that the NATIONAL BANK who stood to get paid back, stood idly by, knowing that this new raising was more than likley a con, but happy to do nothing in order to get their money back._ At this time that this PDS was being flogged, Equititrust CEO Kennedy and the Board knew that they were sitting on atleast another $35M of bad loan write offs as well as a three month cash crisis -  just smother the bad news  -  however were happy to welcome new investors! A bloody disgrace. Hey, Olman -  don't call me a liar because I cannot recall whether I sent you a private email or not. Get real pal.

My last comment on most of this is that at the time most of us got involved with Equititrust when the McIvor boys were running it (pre the MFS cowboy days), we were well secured and only had small debt, if any, secured ahead of our investment.  Then slowly over a few years, someone's greed got in the way. How? well, our money was all supposed to be in mortgages -  safe mortgages, with borrowers who paid their interest, on time. Now, Equititrust took out a bit for fees and costs and we got the rest. That was all OK. However, some bright spark figured out that if they could give away our security to the greedy BANKS at a lower rate, we would get pushed into the status of being second mortgagees -  which is not what we ever agreed to. Equititrust would charge higher interest and take on more dodgy and risky borrowers, with the extra money they now had on hand; these dodgy borrowers would pay higher fees to them -  not us!. That did not cost Equititrust anything. Even the BANKS took no risk because if some of the loans went bad, which they now have, it came out of our money, and we never stood to gain from the income of any of these dodgy loans which were financed with BANK MONEY but using our SECURITY. _*We stood to gain NIL but did stand to take all the loss!*_

Now, OLMAN, keeping a straight face if you can, tell me that we haven't been conned and that the NATIONAL BANK hasn't been part of this. The AUDITORS KPMG know and are into it. ASIC must know this is how it has all worked. 

If you need any proof of this, look what happended when the COMMONWEALTH BANK merely wanted their money back. How dare they ask for their money bank -  this has bene a great con, why wreak it now? 

Our money has been in long before them. The CBA money probably went into the crazy loan book expansion into dodgy loans. They want their money back, so EQUITITRUST who signed all the papers that gave them the first right to get paid back, pays them back, freezes our requests for redemptions, however still is able to somehow blame the CBA for being lucky enough to be able to weasel their money out. I am pissed off. However, I guess I have to say well done CBA. 

Now the Equititrust spinmeisters -  OLMAN and OZAD -  will turn all of this onto us. We are just spreading rumours. Yep! That's what it is. We all work for the CBA.

Equititrust, OLMAN, OZAD -  (quoting Michael Douglas from Wall Street) -  I'll do a deal with you -  _stop telling lies about us and we'll stop telling the truth about you._ How does that sound? 






No Trust said:


> Well said and indicative of why investors will *NEVER* put another dollar into mortgage funds again, particularly ones from the *White Shoe Brigade Gold Coast*.
> 
> It staggers belief that Equititrust were trying to raise another *50M *whilst in this perilous position. To have not disclosed the *35M *in losses and the fact that the loan book was going to be *80% in default *is on *another level of non-disclosure*.
> 
> ...


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## zencorp (15 February 2011)

I have a feeling that Mr. Kennedy will come back to us and tell us that ASIC is wrong, Sydney Morning Herald is wrong, The AGE - Melbourne is wrong, the BrisbaneDaily is wrong and THEY ARE ALL BORROWERS. Because Mr. Kennedy, only Borrowers complain about your salary and only borrowers have something to gain out of Equititrust being wound up and only borrowers have something against Equititrust. You are wrong - Investors simply want their money back.


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## kostag (15 February 2011)

*Re: Equititrust Kolonel 'Klink' Kennedy . . . I know nuthink!*

The guilty man's mantra ignore reality just deny deny deny . . . . 







zencorp said:


> I have a feeling that Mr. Kennedy will come back to us and tell us that ASIC is wrong, Sydney Morning Herald is wrong, The AGE - Melbourne is wrong, the BrisbaneDaily is wrong and THEY ARE ALL BORROWERS. Because Mr. Kennedy, only Borrowers complain about your salary and only borrowers have something to gain out of Equititrust being wound up and only borrowers have something against Equititrust. You are wrong - Investors simply want their money back.


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## No Trust (16 February 2011)

*Equititrust  Crisis*

Interim Financial Reports *still not issued*, *no comment *on 3 months remaining cash position... Public Perception is Terrible

Statements from Kennedy one day.. *Then a gagging order.. *Then statements from McIvor on the Web Site regarding the media. *Who is running the show... *Public Relations / Media Management expertise... *Zero *


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## kostag (16 February 2011)

*Re: Equititrust  MEDIA*

If FAIRFAX did contact EQUITITRUST and IF they were given CONTRARY material which they were able to CHECK and then did not give un-biased reporting of same -  then McIVOR's compliant raised on his web site dated 14-2-11, is valid.

I dont know the answer to this etc HOWEVER I suspect that given McIVOR can pen a two page media retraction in a day of the MEDIA EXPOSE and still choses some 8 months after 30-6-10, fails to provide any accurate financial reporting etc -  I think, speaks volumes.

It is too trite by the way, when referring to what was clearly ASIC's reluctant intervention, to pass it off as a simple mis-understanding and 'they had their view and we had ours'. If ASIC's view of the PDS was NOT correct, do any of us belive for one minute that it would have been withdrawn? Clearly, the PDS was wrong and had to be pulled or a STOP ORDER would have followed.

Clearly, given subsequent revelations about CASH SHORTAGE and DEFAULT LOAN STATUS, there were and remain SERIOUS issues of DISCLOSURE (or rather NON DISCLOSURE) that remain outstanding.

At this stage, any reasonable person would surely form the view that COLIN KLUGER of Fairfax raised matters which clearly are of ,and ought remain,  matters of serious PUBLIC INTEREST.



No Trust said:


> Interim Financial Reports *still not issued*, *no comment *on 3 months remaining cash position... Public Perception is Terrible
> 
> Statements from Kennedy one day.. *Then a gagging order.. *Then statements from McIvor on the Web Site regarding the media. *Who is running the show... *Public Relations / Media Management expertise... *Zero *


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## Equititrust (16 February 2011)

Equititrust is unable to reply in detail to the numerous inaccurate rants posted on this website.  This is not the forum to be disclosing matters about Equititrust.  

Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.  The correct forums for this disclosure are in our letters to investors and our regular updates on our website.  I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made.  As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies.  They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.

It is all too easy for anonymous parties to make outlandish allegations on websites that are simply not supported by the facts.  If we addressed each such allegation we would be spending all day dealing with such issues rather than the issues that are important such as getting  money back to those investors that want it.

Some matters however do warrant specific mention:

(i)  The accounts for EIF are not late as some participants on this site repeatedly state.  They are currently being audited and will be completed and posted on our website well prior to the ASIC deadline of 16 March 2011;

(ii)  The articles appearing in several Fairfax newspapers contain numerous errors of fact and the newspaper knows that they are untrue - their excuse was one of confusion or misunderstanding.  A visit to our website will show our response to such articles and what action we intend to commence against Fairfax;

(iii) EIF will not be incurring impairments of $35m (or in fact anything even close to this figure).  The true figure for impairments will be posted on our website in the next few days as soon as it is finalised with our auditors.  We shall also be posting a detailed assessment of all EIF loans greater than $2.5m (which collectively represent approx 95% of the loan book) outlining current debt, last valuation, date of last valuation, exit strategy and likely timing of repayment;

(iv) When a borrower defaults we work with them to repay the loan.  It is only if they are unwilling to assist or dishonest that we take more formal steps.  Several dishonest borrowers have made it clear to us that if we continue to pursue them for outstanding monies they will do what they can to cause damage to our reputation.  By way of example, one such borrower made it perfectly clear that he has friends in the Sydney Morning Herald and that he would use them to cause damage.  The first article about Equititrust appeared several days after we appointed Receivers due to theft by the borrower.  We will not shy away from such steps to protect our investors' interests merely because someone threatens us with commercial terrorism;

(v) Olman is not a representative of Equititrust.  He is a genuine investor who took up Mr Kennedy's invitation to discuss areas that concerned him (an invitation not taken up by many of those who continue to rant and rave when surely a phone call would have been the most efficient way to address concerns rather than anonymous postings).  Equititrust has no influence or control over Olman's posts but applauds his objectivity (ie criticise when it is warranted and compliment when it is likewise).

The irony of the attacks on Equititrust by the SMH (whose investment performance over the past 3 years has been nothing short of woeful) is not lost upon us.  $1 invested in Equititrust in 2007 is still worth $1 with investor returns of approx 25c made during this time.  $1 invested in Fairfax in 2007 would now be worth 41c (and that's after dividends).  That's correct, an investor in Equititrust would be more than three times better off than a Fairfax investor.  In the circumstances one cannot help but note the hypocrisy of their attacks.

We are not happy about the deferral in redemptions with some $40m worth of redemptions outstanding (which is more likely $20m-$25m after allowing for those investors who have advised us that they are asking for more so that their pro rata redemption amount in increased).  We have however repaid banks approx $100m and paid redemptions of approx $21m since the deferral commenced, all the while maintaining income distributions in full and on time.   

We are proud of our history of protecting investor interests (including voluntarily subordinating $40m worth of our own investment in EIF upon the onset of the GFC).  In addition Equititrust has voluntarily absorbed all impairments on loans since the onset of the GFC.  By way of contrast, the performance of Colonial First State's Mortgage fund (owned by the government guaranteed Commonwealth Bank) does not compare.

Would we like to state that investors investment is 100% safe?  Yes we would but ASIC guidelines restrict us from making such statements.  What we can say is that Equititrust would have to lose its entire $40m investment before investors lose one single cent.  Such commitment to protecting investors is unheard of in the Australian mortgage fund industry.


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## No Trust (17 February 2011)

*Equititrust*

Equititrust's post on this web site and letter to Investors regarding the Media on its Web Site is one version of events.... There is another version which they cleverly fail to mention...

Outlined below is what is *not in dispute *and is a critical factor for an *existing investor *and a potential *new investor*:


INVESTORS FUNDS HAVE BEEN FROZEN FOR 2 YEARS 


LOAN DEFAULTS ARE ESTIMATED TO HIT * 80%* BY THE END OF APRIL DESPITE SO CALLED LANDSOLVE INITIATIVES 


3 MAJOR BANKS HAVE WITHDRAWN THEIR FUNDING TO EQUITITRUST


1.   COMMONWEALTH
2.   NATIONAL AUSTRALIA BANK
3.   BANK OF SCOTLAND 


EQUITITRUST HAVE ACTED IMMATURELY IN POSTING CARTOONS AND JOKES ABOUT AUSTRALIAN BANKS IN THEIR ANNUAL REPORT . (_*Investors thought Mr McIvor was more mature than this*_) 


50M DOLLAR PRIORITY CLASS INCOME FUND WITHDRAWN AFTER ASIC INTERVENTION (_ASIC obviously has concerns and the simple fact remains after much fanfare the PDS was withdrawn_) (_Why was the PDS not submitted to ASIC for review prior to its launch_)

Comments in regard to the Interim Financials do not relate to an * ASIC Deadline * but to the fact that the Interim Financials and *inherent impairments * should have been expedited and published by the end of January. More importantly they should have been published prior to the new 50M PDS being launched so that new and current investor's had a full and transparent report as to the financial affairs of the company..  


The fact that the loan book will have an *80% Default Rate *is enough in itself to raise concern amongst investors and the general public. Any reasonable person would agree that an *80% default rate is not acceptable*. In light of these revelations, coupled with the fact that there are no new loans being issued and limited, if any, investor inflows Equititrust has a number of major issues it should not be happy about apart from investor redemptions being frozen. And as Choice magazine correctly stated Equititrust:


"doesn’t have a credit rating (for example, by an organisation like Standard & Poor’s). Its credentials haven’t been independently researched by a credit rating agency or investment research house, meaning it wouldn’t generally be on the lists of approved products used by professional fund managers and investors". 


http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

Equititrust cannot prove that Olman is not Equititrust itself, if it could it would have...

Equititrust aligning themselves to Olman's comments and comparisons of legitimate Australian Media Awards to *"Hitler" * will I am sure, endear Equititrust to Australian Journalists of Jewish Origin and the Jewish Community in general.  

The fact that Equititrust has resorted to having having *immature battles *with people posting on internet websites and making alliances with others indicates a company in crisis. Equititrust's CEO in previous posts has said he would no longer post on this site, yet they are back again. No serious player in the finance industry having over 240M dollars of investors money would play Facebook over the internet. Their posts are welcome however, if only for comedic value... 

Comparing Equititrust to Fairfax Media is laughable. I don’t think such a ludicrous comment has ever been made by an Australian Company which has had a negative story published about it.. The *journalists *are writing a story in the public interest. Does Equititrust in its paranoia seriously think the Fairfax Media has a VENDETTA against it..  Again Equititrust employs a bunker mentality and has the temerity to accuse the Sydney Morning Herald of colluding with one of its borrowers. The ridiculousness of this conspiracy theory is beyond belief. 

In any event every investor in Fairfax *had the ability to sell their shares * even at a loss. In Equititrust the money has been frozen and investors have not had the ability to move on with their lives. There is still no firm date as to when and if investors will get 100% of their money back. Equititrust cannot give that guarantee.. Further I know of no banks that have withdrawn funding to Fairfax.


All the comments meant to comfort the investors about Equititrust having to lose 40M do not substitute the fact that if the Investors money was deposited in a bank, they may have received a slightly lower interest rate however, they could have withdrawn their money AT ANY TIME and do not have to go through a harrowing hardship redemption process. This is the fundamental flaw with investment in a mortgage fund; they can freeze your money for many years... Having to worry about whether the bank has to lose money before you do is irrelevant.  

In any event don't believe me, read what highly respected consumer magazine *Choice*  has to say specifically about Equititrust and make your own conclusion:

"In April 2008, ASIC took action against Equititrust’s previous advertising and PDS. It ordered that adverts couldn’t imply that the investment is suitable for a particular class of investor such *as retirees *, *or comparable to a bank deposit*. ASIC also stipulated that Equititrust * can’t advertise words like 'safety'*, *’secure *', *'warranty'* without stating the size of the warranty and the size of the income fund. Following the action, Equititrust’s advertising and PDS promptly complied with these new requirements." 


"If safety for a 6–24 month investment term is what you’re looking for, you’d be a lot safer with your money in a bank. Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s. "

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx



Equititrust *CANNOT* state that Investors Money is 100% safe, ASIC restricts it from doing so...


----------



## kostag (17 February 2011)

*Re: Equititrust: they emerge: David Tweed: where are you?*

Typical Kolonel Klink Kennedy -  this website is not the place to answer factual matters, so we will answer what it suits us to answer now and leave the real facts in the closet. More of the same non-disclosure.

Now, let's look at this last lot of diatribe:-

1. The SMH Journalist cannot be believed, because his own company's share price has fallen. Wow, where did that logic come from? Dare say, Colin Kruger and his editors are independent and objective and not influenced by share price and whimes of their proprietor.

2.  The non-paid redemptions are much lower if you exclude those poor individuals who had the temerity to ask for more money back (their money by the way!) than the ASIC hardship guidelines. How do you lower the figure that you clealry cannot repay, by blaming the very investors who ask for their money back, using the peverse logic, that they asked for more than they should be asking for! Glad to see that McIvor doesn't miss out on his $15M a year, snout in the trough!

3.  Equititrust $1 investment is still worth $1: is that right? Like to show the poor old investors how this can be the case if 40% of the loan book is in default and likley to climb (in Equititrust's words) up to 80%! If it's worth a $1, why can't we get it back when we want it back. Where is David Tweed when you need him?  

4.  We'd love to tell you 'we are safe' but the Corporations Law and the Corprate Watchdog (ASIC) won't let us tell you that. And why would that be? Because they are there to protect investors by chance? 

I am sorry -  my patience with this self serving cowboy outfit is at an end. I intend to move for the ASIC to appoint an independent Receiver. Alternatively, the National Bank ought very carefully consider their conduct.




Equititrust said:


> Equititrust is unable to reply in detail to the numerous inaccurate rants posted on this website.  This is not the forum to be disclosing matters about Equititrust.
> 
> Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.  The correct forums for this disclosure are in our letters to investors and our regular updates on our website.  I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made.  As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies.  They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.
> 
> ...


----------



## kostag (17 February 2011)

*Re: Equititrust: now,  some false reporting..... when is an investment just a puff*

I asked this question previously:-

Kolonel Klink:  Has Equititrust ever invested $40M in real money in its own fund? I mean by this, such as people like us who invested,  and wrote a cheque out?

This is what you keep saying and everyone has a real issue with:

_We are proud of our history of protecting investor interests (including voluntarily subordinating $40m worth of our own investment in EIF upon the onset of the GFC). _

We are all tired of manure, smoke, relfective glass and Gold Coast b--l s--t! 

Did you put your money in in 'real money' or is this just more media and accounting spin!

FINALLY: what sort of Borrowers does Equititrust have -  they for the most part, cannot pay their interest as Equititrust 'capitalises' it; they cannot pay back their loans; they dont know who to develop the property, as Landsolve has to do that; and now, they are dishonest and crooks!!!   What have we paid Equititrust to do? and entrusted them with our money for? To cobble together a bundle of misfits who can't pay; can't develop; liars and dishonest!  Hell, it just gets better every day doesn't it! 


ps: Colin Kruger -  well done -  keep to the facts at all times and keep us posted please!

THIS IS UN-FOLDING INTO A MEL BROOKS STYLE FARCE -  OR MAYBE MICHAEL CAINE AND STEVE MARTIN CAN DO A REMAKE OF DIRTY ROTTEN SCOUNDRELS.


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## kostag (17 February 2011)

*Re: Equititrust: spin spin spin*

If OLMAN had been told in DECEMBER when he supposedly called t the KOLONEL'S SPINNMEISTER BUNKER that, a) there was to be a cash run out in 3 months and b) impairments reaching 80% -  OLMAN would have reported that on this web site, surely. He did not .

So only one of two things could have happened:-

1. OLMAN was told all this bad news by Kolonel Klink and chose not to report it -  in which case, we can put Olman's objectivity in proper perspective, atleast, OR

2. OLMAN was not told by the Kolonel any of the bad stuff that was brewing (and forced to be announced only days latter!), in which case we can now all well understand why a call to the SPINMEISTERS OF CHEVRON ISLAND was then and remains today -  futile.

It can only be only of the two.....


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## No Trust (17 February 2011)

*Dirty Rotten Scoundrels - 2  A Story of The White Shoe and Hair Brigade*

Ok, if Dirty Rotten Scoundrels is remade, who will play Ruprecht... McIvor or Kennedy... 

After their last desperate, yet hilarious, late night posting on this web site, looks like they are both vying for the role...

Tip guys, don’t drink and post, you may regret it in the morning...  Ouch


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## No Trust (17 February 2011)

*Equititrust's History of Handling The Media*

Here is a reminder of how Equititrust has handled the Media in the past..

Example 1.Raptis seeks saving grace 
Scott Rochfort Sydney Morning Herald
September 12, 2008

“The stricken City Pacific First Mortgage Fund has lent on several Raptis projects.
A mortgage fund run by Equititrust has also lent money to Raptis. The *Equititrust chief executive, Mark McIvor, did not return the Herald's calls *to explain how his company's Income Fund, which holds about $300 million of unit holder deposits, was placed to handle the crisis. *The Income Fund was ordered by the Australian Securities and Investments Commission in April not to make any "offers, issues, sales or transfers" to new investors.*Equititrust has a $35 million loan due for repayment on September 30, which was originally due to expire on May 31.”

http://www.smh.com.au/business/rapti...0911-4epr.html

Example 2.

“More mortgage funds frozen as jittery investors take cover *Anthony Klan From: 
The Australian* October 22, 2008

A spokeswoman for fellow Gold Coast mortgage fund Equititrust, which holds about $300 million of ordinary investors' funds, said *managing director Mark McIvor ``won't take your call''. “*http://www.theaustralian.com.au/busi...-1111117816240

Example 3.

Mariners Cove 'transferred' to mystery partner
*Nick Nichols, business editor Gold Coast Bulletin *| February 5th, 2009

Meanwhile, Chevron Island-based merchant bank Equititrust is understood to have a $35 million exposure to Raptis Group.
The property lender, *headed by former lawyer Mark McIvor, did not respond to questions put to it by The Gold Coast Bulletin yesterday*.

http://www.goldcoast.com.au/article/...-business.html

In all 3 examples given, the CEO would not talk to the media and in one example explicitly told the staff to say that “he won’t take your call” 


*There are two sides to every story*, and Equititrust's *appalling history *in handling both the local and national media continues...


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## kostag (17 February 2011)

Now ain't this re-assurring.... _(Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical. The correct forums for this disclosure are in our letters to investors and our regular updates on our website. I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made. As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies. They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.) _    shame is - what about some warning to new INVESTORS who almost got sucked into the recent $50M VORTEX by the Kolonel.....  thank heavens for vigilant ASIC and reporters such as COLIN KLUGER - who were onto it and pulled this one up.....it was only going to end very badly -   whilst EQUITITRUST was 'welcoming new investors' and 'why not refer a friend' ...... _come on in, the water's fine _- the BOYS in the SPINBUNKER Boiler room at CHEVRON ISLAND were trying to figure out how to gloss up the news about the CASH RUN OUT in 3 months and the POTENTIAL 80% LOAN IMPAIRMENT.

With an AUDIT LOOMING  KPMG had best make sure their PI INSURANCE is paid up. I presume the NATIONAL BANK will be taking a long hard deep look at those figures.







Equititrust said:


> Equititrust is unable to reply in detail to the numerous inaccurate rants posted on this website.  This is not the forum to be disclosing matters about Equititrust.
> 
> Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.  The correct forums for this disclosure are in our letters to investors and our regular updates on our website.  I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made.  As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies.  They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.
> 
> ...


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## Olman (17 February 2011)

The pace is hotting up with post after post of drivel from the failed developer brigade.... 

It seems that volume, frequency and endless repetition are necessary to drown out the odd piece that does not agree with the thrust of the babbling barbarians attempting to push the post off the page in a vain attempt to make it disappear.  Out of sight, out of mind?  

Out of mind seems appropriate ...

LMAO.  Very entertaining!


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## kostag (17 February 2011)

seems OLMAN may have succumbed to reality, at last.

OLMAN: perhaps in the interest of maintainingjust a facade of impartiality -  when you called the Kolonel in December 2010, were you told about:-

a) cash flow situation : ie: 3 month cash run out

b) increased detioriation in DEFAULT LOANS from 37% to whatever % it is today

If NOT told, does this not concern you at all?


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## Olman (17 February 2011)

kostag said:


> seems OLMAN may have succumbed to reality, at last.
> 
> OLMAN: perhaps in the interest of maintainingjust a facade of impartiality -  when you called the Kolonel in December 2010, were you told about:-
> 
> ...




Sigh. Your lack of comprehension of plain English is remarkable. The failed developer brigade are you and No Trust - Equititrust does not fit that status, despite your illusions. 

As stated many times, I am a concerned investor.  However, I don't expect to be told of problems that don't exist until they become a reality.  The 3 month run out of cash is your invention.  Equititrust have not made any statement about it. Equititrust does still have some cashflow, and if it does evaporate I expect investors will be told.  

I didn't ask about possible increases in defaults, and I became aware of them from the information posted on the website. I certainly don't expect Equititrust to bombard me with an encyclopedia of possibilities - that's your job.  Rational projections and actual facts are fine by me. 

Yawn.


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## No Trust (17 February 2011)

*3 Months Of Remaining Cash*

Looks like Olman is back at the behest of Equititrust and accusing all and sundry of being failed developers. I guess Choice Magazine, The Gold Coast Bulletin, Sydney Morning Herald and The Australian are all failed developers... Welcome back Olman / Equititrust we missed you..


The *3 Months of remaining cash *is no invention; Equititrust have made denials about other matters but they have not made denials about this in their letter posted on their website or in their posting on this forum last night. 

*Equititrust admits funds conflict Colin Kruger 
January 10, 2011*


"It also said EIF had a sufficient level of cash to ''meet its operational cash needs, including income distribution payments to investors for the next three months''."


http://www.theage.com.au/business/equititrust-admits-funds-conflict-20110109-19jsz.html

It’s very simple, if it is not true, deny it.. Investors are concerned..


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## kostag (17 February 2011)

*three  Months Of Remaining Cash -  since 1-1-11 -  only 6 weeks to go!*

NOTRUST: Somethings that you may be able to clear up for me -  the confirmation by EQUITITRUST that they only had 3 months operational cash left (reported early Jan 2011), seems to be written as to imply that this would be the position after they raised the new $50M and I presume from that they repaid the $26M owed to the National Bank on a well overdue facility.

Now, earlier EQUITITRUST revelations included a disclosure buried away somewhere that they were committed to repaying the NAB at a rate of $3M a month. (This came about because they could not repay the NAB when they were due to be repaid)

The questions I ask , out of genuine concern, is this.....

Q1:  Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money. Yes or No?

Q2:  On the basis that they have had that money grab attempt frozen by ASIC, what operational cash is left and how long will it last?

Q3:  If A2: was modelled on the basis that the NAB was repaid out of the $50M 'trousering' by the EQUITITRUST boys -  then is the 3 months of NAB payments of $3M per month covered or not covered from existing cash NOT reliant on the $50M grab?

Q4:  I presume that the '3 month' estimate was made as at say 1-1-11 (it was reported in financial press in early January 2011) -  does this mean, there is now less than 6 weeks operational cash to go (as at 17-2-11)?

Q5:  National Bank: were they paid $3M in January and $3M for February 2011? or do they too have to make an application through ASIC under 'hardship relief' provisions to get repaid? I guess they aren't kept waiting, as they hold the secuirty that we are all meant to hold. 

Q6:  In terms of cash grab, Landsolve is still out there trying to grab $10M for the Meridien Marina group. Of the amoutn raised, a big chunk is slated to go the existing senior provider. Is that senior debt provider any entity related to Equititrust?  In other words and simply, is Equititrust loading up another of 'our security assets' to grab some extra cash?

Now presumably OLMAN has asked these questions and has the information from the Kolonel! 







No Trust said:


> Looks like Olman is back at the behest of Equititrust and accusing all and sundry of being failed developers. I guess Choice Magazine, The Gold Coast Bulletin, Sydney Morning Herald and The Australian are all failed developers... Welcome back Olman / Equititrust we missed you..
> 
> 
> The *3 Months of remaining cash *is no invention; Equititrust have made denials about other matters but they have not made denials about this in their letter posted on their website or in their posting on this forum last night.
> ...


----------



## kostag (17 February 2011)

*Re: Equititrust: yawn! wakey wakey, hand off snakey Olman*

I would have thought with respect that if you were a true investor, you would have expected the illuminati in the SPINNBUNKER to have told you (and I can imagine you must be very very hostile at such material and blatant non disclosures) - _and oh,  by the way whilst you are contempating 'investing' in our latest glossy brochure -  we have just completed our review of our cash and our loan book - and looks like we are 37% default and less than 3 months cash.._.... Corporate WATCHDOG ASIC certainly saw it all as significant enough to pull the PDS.

Thank heavens respected *CONSUMER ADVOCATE (and I guess, failed developer) CHOICE *MAGAZINE blew the whistle on this back in 2008. Sadly, few of us heard the call! 

Failed developers? Take a look at some of the backgrounds of some of the motley LANDSOLVE crew -  they come from a fine array of sucessful operations -  *MFS, OCTAVIAR, PETRAC, BIG PINEAPPLE* - a fine array of personal success stories. 

Now, I understand OLMAN why you are still yawning -  you are just starting to wake up! Wakey, wakey! I'd started trembling, not yawning. 



Olman said:


> Sigh. Your lack of comprehension of plain English is remarkable. The failed developer brigade are you and No Trust - Equititrust does not fit that status, despite your illusions.
> 
> As stated many times, I am a concerned investor.  However, I don't expect to be told of problems that don't exist until they become a reality.  The 3 month run out of cash is your invention.  Equititrust have not made any statement about it. Equititrust does still have some cashflow, and if it does evaporate I expect investors will be told.
> 
> ...


----------



## zencorp (17 February 2011)

*Re: Equititrust Capital Investment Warranty*

This 40m Capital Investment Warranty David K. keeps going on about - I want to know how this came about. Reason: 
1. It stipulates in the EIF PDS. that on FINANCIER APPROVAL Equititrust can reduce the investment from 40m to 20m. So was the 40m invested as a result of the NAB/CBA putting a covenant on the extension on the expired facilities - do it or be wound up - and Mark and the cowboys deciding to market this as a voluntary investment rather than a mandatory one? 
2. Once (if) the NAB is payed out, what Capital Investment Warranty do we have that Equititrust wont pull out the 20m because they aren't subject to bank covenants?
3. Under the PDS it also notes that if Equititrust is removed as manager of the fund (against its will) - the 40m or 20m (whatever the case may be) becomes an access investment (i.e. ranks equal to our money not subordinate) - what happens if Liquidators are appointed and Equititrust is put into External Administration - OR - Under the constitution (like most constitutions), when a liquidator or receiver is appointed to a trustee/manager, that entity is automatically vacated from the role as trustee/manager.  Or ASIC steps in and appoints new managers because the current ones are not so good. Does the Capital Investment Warranty still exist?

I think there has been a little puffery around how this investment came about - from the looks of it, it seems Equititrust was forced. 

Can anybody shed some light on the above?!


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## Ozab (17 February 2011)

I LOVE EQUITITRUST - THEY ARE THE BEST!!!!!


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## Ozab (17 February 2011)

GO EQUITITRUST - YOU ARE THE BEST!!!!!


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## Ozab (17 February 2011)

WE LOVE YOU EQUITITRUST - YOU ARE THE BEST!!!!!


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## Sean K (17 February 2011)

Should this be closed?


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## kostag (18 February 2011)

*Re: Equititrust: INVESTOR INTERESTS: media*

In the latest posted McIvor rant, he identifies that investors have expressed concern that Equititrust has put their interests ahead of ours. At one point he says:- 

_We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first._

Well, there are some questions :-

Q1:   Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2:    Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor,  how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments  were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3:   When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4:   We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( Isay obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5:   Equititrust pays itself a very high interest (I recall something in the order of 24%) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :-   _our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first._

Q6:  How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost?

Simple questions, just require a modicum of honest reply. It won't take Equititrust all day -  just 6 questions.


----------



## Olman (18 February 2011)

*Re: Equititrust: INVESTOR INTERESTS: media*

 

Kostag: Read the Equititrust EIF PDS on their website.  Then go back to the beginning of this thread, read carefully the few posts from people other than yourself and No Trust, and you will find the answers to your questions, which have been addressed several times.  Constant repetitious carping does not change the facts.  A basic knowledge of finance would also help you along considerably - a Google search can show you where to find a lot of simple information available on the web.  Equititrust have also demonstrated their willingness to discuss any issues directly with investors....

Zencorp will also find his questions best answered by a call to Equititrust.  If, as a supposed investor, intelligent doubts remain about what he learns, then let's hear about them.     



kostag said:


> In the latest posted McIvor rant, he identifies that investors have expressed concern that Equititrust has put their interests ahead of ours. At one point he says:-
> 
> _We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first._
> 
> ...


----------



## katie534 (18 February 2011)

I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks. 
In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
As people, they show consideration and kindness in their dealings with me. 
It is a great shame that the GFC has caused problems for many people and companies. However, **** happens and then life has to struggle onwards.
What is an even greater shame is the total lack of caring shown by some people who respond on this blog. I have watched the 'views' go from about 4000 to over 9000. Ordinary people, many who are investors, will read what you say.
I suppose some of you might sit there and think what heroes you are, kicking Equititrust and slandering its employees and directors. Big heroes.
Did it ever occur to you, before you wrote some of that damaging and offensive material, that other people read these blogs.These people might be equally concerned about their money and future and then read your views on the shape of the world. Are you financial accountants? Are you auditors? Did you think of the effects of what you  wrote on others who are probably suffering financial hardship and concern?
There is an old saying and in these circumstances I think it is applicable "If you can't say something good, say nothing." 
You would and are causing a lot of innocent people further distress. Deal with Equititrust if you must and keep your negative views to yourselves. It is the mark of an advanced human, the ability to really care about others - in other words, grow up.


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## kostag (18 February 2011)

*Re: Equititrust: INVESTOR INTERESTS: media*

Thankyou OLMAN.

I have worked through the WEBSITE and the THREADS here.

The questions that I have posed hereunder dealt specfically with the ethicacy of Mr McIvor and his published (on his web site) PDS DISCLOSURE which seeks to refute MEDIA reporting by assuring us all that at all times he has acted with our interests first and foremost.

What I then did simply, was gather up from threads and emails and web site, the instances that seem to ahve worried a lot of people (none the least ASIC and the Media) and posed a number of questions, which deal with the assertion made by Mr McIvor.  Now, search as I may, I dont find the answers to my questions and I daresay that they won't be answered and in that regard the silence speaks volumes. 

Olman, with respect, I think you have lost the plot. You spoke to them in December and you are suddenly all warm and fuzzy. Then some shocking revelations are announced in January 2011, and none of this seems to concern you at all.

I can only suspect that the loss of your capital has hammered you so severley, taht you are in some form of clinical denial of reality. I'll see a financial analyst to assist me -  I think you require some medication.





Olman said:


> Kostag: Read the Equititrust EIF PDS on their website.  Then go back to the beginning of this thread, read carefully the few posts from people other than yourself and No Trust, and you will find the answers to your questions, which have been addressed several times.  Constant repetitious carping does not change the facts.  A basic knowledge of finance would also help you along considerably - a Google search can show you where to find a lot of simple information available on the web.  Equititrust have also demonstrated their willingness to discuss any issues directly with investors....
> 
> Zencorp will also find his questions best answered by a call to Equititrust.  If, as a supposed investor, intelligent doubts remain about what he learns, then let's hear about them.


----------



## kostag (18 February 2011)

Katie

On the face of it, I ought treat you with the benefit of the doubt and that you in fact a very ill investor etc etc.

However, perhaps I have become cynical as a result of my treatment by Equititrust, and there was just a bit too much warm apple pie and _'a little bit of sugar makes the medicine go down' _about your email posting.

I am glad you are getting your interest. Sadly, I had some business troubles and a serious health issue and needed a large chunk of money back from a  few of these Gold Coast outfits and sadly, they have alll told me the same story. Two are now broke and I suspect the other two are close behind.

I am glad that you have not had to ask for your loan principal back. I would not ask for it back prior to going into surgery, because you will probably need a quadruple bypass to get your heart rate back in order, when you get the answer. The cupboard is bare Katie. I am told that they are out in the market place right now trying to sell off parts of their loan assets to pay back the National Bank. 

Katie, they are our assets, yours and mine. Being packaged up and sold off. Is this right? Is this people dealing with our moneys honestly? Call me harsh. Harsh? I haven't started yet.

None of us can get our capital back, Katie. Aren't you reading the media. None of us can. You can't! (But Mark McIvor drew out how much last year -  $15million!!!) 

Now, knowledge is power. Sit in the dark and bask in ignorance if you must. 

Ever wondered why these second rate money bucket shops prey on retirees like us? Because they are people who write the sort of emails you do. Let's see all the good in people, its a wonderful world out there. Let's be nice. Let's not ask nosey questions of all those poor highly paid individuals. THey are under enough stress, trying to save their jobs, to have to deal with our nuisance questions. That's not nice.

Katie, to use your french, _I say enough b-ll s--t!_

We want to know where our money is and what they are doing with it and about it. No more time, no more _warm apple pie,_ no more _big mean investors_ just want their $200million back -  we wnat some truth.

Now, read my six questions posted today. 

Nothing rude or offensive. Perhaps you might tell me which of those questions you say are rude or out of line, or perhaps -  one better, you might have the answers to these questions.

Well, lets make it easy then. Let's dispell all the nasty rumours. Just answer the questions and then we have some information, and all move on. 

How does that sound?








katie534 said:


> I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks.
> In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
> As people, they show consideration and kindness in their dealings with me.
> It is a great shame that the GFC has caused problems for many people and companies. However, **** happens and then life has to struggle onwards.
> ...


----------



## Olman (18 February 2011)

How refreshing to see another genuine investor speaking up.  Of course, there has already been a predictable response from the cut-throat failed developers.  Common decency is in very short supply here.  It would be nice to see more ordinary investors voicing their concerns, one way or another, to give some balance to the thread.  




katie534 said:


> I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks.
> In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
> As people, they show consideration and kindness in their dealings with me.
> It is a great shame that the GFC has caused problems for many people and companies. However, **** happens and then life has to struggle onwards.
> ...


----------



## kostag (18 February 2011)

*Re: Equititrust: the hills are alive, with the sound of music!*

If anyone needs any proof that this website is full of EQUITITRUST plants and employees, then this last post by OLMAN  has to surely put paid to any doubts.

I asked *six reasonable questions *about our money and the Equititrust contention that the investor comes first. Not a whisper -  nor will there ever be. 

Poor Katie (if she is an investor) posts that she is sick and _why can't we all be nice_ - and OLMAN fires up, _isn't it nice to hear from real investors_.  



Olman said:


> How refreshing to see another genuine investor speaking up.  Of course, there has already been a predictable response from the cut-throat failed developers.  Common decency is in very short supply here.  It would be nice to see more ordinary investors voicing their concerns, one way or another, to give some balance to the thread.


----------



## zencorp (18 February 2011)

Olman - I do believe that you are a genuine investor and Katie - I’ve seen one other post akin to yours earlier when Equititrust was under the pump by media - nevertheless, I will give you the benefit of the doubt. 

However, Kostage does point out some serious issues that can’t be put to bed - You can’t honestly say that earning 24% on a Capital Warranty Investment is fair. To be honest, it looks as if Equititrust has forecasted what the estimated loan impairments would be on a yearly basis and made that their interest rate to ensure that they don’t loose capital in the fund. Remember, while Equititrust may have its investors in the EIF at heart - the proposition of losing its 40m would be more daunting. I think that their 40m should do exactly what it was designed to do - be wiped out by impairments - and the 15M (or whatever the figure is) should be applied against bank debt or distributed to investors. 

You see Equititrust go on about how they invested 40m of their own money - but what they don’t say is that they earnt this money by borrowing (using our investment as security) at a lower rate from the banks and lending to the dodgy developers out there. I think that because of the hardship that followed from Equititrust making this "wise" decision, they shouldn’t earn interest on money that they earnt which was ultimately derived from our investments. Its criminal and a vicious cycle.    

Think about this concept for a second - pretty basic maths: If Equititrust lets say had 40m in the fund - would it make a difference in the interest earnt on that money if the 15m (or whatever this figure is) of impairments was made in the first quarter or the last quarter? Of course it does - but they don’t disclose when the impairment incurred - they charge the full interest on their investment and then deduct any impairment at the end of the year. It simply doesn’t add up - and you can't say that the losses were occurred on the last day of the financial year. 

Also, you keep making comments about contacting Equititrust - but you need to understand the way people communicate has vastly changed. Forms of media, such as this one, are more effective and bring to fruition truths quicker. Maybe Equititrust should have its own blog, where people can ask questions and they can answer. Even issue individual investor ID/Logins  - put the blog in a secure environment where search engines cant crawl and then ask all posters on this blog to delete their comments. You need to understand that we want information when we want it - while patience may be a virtue, we are missing (already missed in the stock market - CBA almost doubled) the biggest bull mark in the last 20 years. While Equititrust can tell us that they haven’t lost our capital (yet), what they have cost us is the opportunity of using our money at our discretion. 

And Kostag - id love to hear a source for this, is Equititrust really trying to flog assets?


----------



## kostag (18 February 2011)

*Re: Equititrust: COLIN KRUGER of SMH or ASIC -  can you answer me, please?*

Only  six questions -  these are simply raised as the latest EQUITITRUST PDS (see their webiste - *www.equititrust.com.au*) states and I quote:-

_Mark McIvor:_ _We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first._

So, in the interests of balance, I have asked on behalf of all investors (sorry, except OZAD, OLAN and KATIE, who for the record advise that they are very happy and all their questions get answered by the really nice friendly people at Equititrust) who may have some trouble accepting the contention or lets assume they don't know, have a right to know, these six questions _(if they are rude, offensive, personal, nasty or a bit too probing -  I apologise in advance):-_


Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland,  *over $150MILLION *pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost?


----------



## kostag (18 February 2011)

*Re: Equititrust: balanced and to the point*

balanced and to the point.......



zencorp said:


> Olman - I do believe that you are a genuine investor and Katie - I’ve seen one other post akin to yours earlier when Equititrust was under the pump by media - nevertheless, I will give you the benefit of the doubt.
> 
> However, Kostage does point out some serious issues that can’t be put to bed -
> And Kostag - id love to hear a source for this, is Equititrust really trying to flog assets?


----------



## No Trust (18 February 2011)

*3 Months Cash Remaining*

In terms of the *3 months cash remaining*, I believe the time period referred to in the (Sydney Morning Herald Article by Colin Kruger on 10 January) related to cash available when the PDS was launched. 

Despite Equititrust's (other statements) and ample opportunity to make a statement to investor's on this issue. *Nothing has been said *to clarify the position or put the investors’ concerns at ease. 


The article was published more than a month ago and if the statement was materially incorrect, any company would make a public statement and or publish a clear and concise denial on their own web site. *Equititrust has not done this *.


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## Ozab (18 February 2011)

READ THE RUBBISH FROM SOME POSTS - GO EQUITITRUST - IGNORE THEM!!!!!!!!!


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## No Trust (18 February 2011)

*Questionable Loans*

How does Olman know that the other "supposed Equititrust" investor is genuine.. In the same context when Equititrust were challenged to prove that Olman was a real investor  and not Equitititrust themselves *they couldn't  *.I have serious doubts and will give you an example below of how Equititrust is trying to control debate or comments on the web, by posting under assumed names. 

http://www.goldcoast.com.au/article/2010/10/26/265891_gold-coast-business.html

Read through the reader comments and you can clearly see Equititrust’s hand at work again trying to protect its now very tarnished image.

The accusations that all people with genuine concerns are Failed Developers is another feeble defense mechanism from Equititrust.  On proper analysis though, and discussions with senior executives in the banking and finance industry, the overwhelming conclusion is that, with a loan book approaching an *80% default rate *and a fund that has been frozen for well over 2 years Equititrust has now fallen into the category of a *Failed Financier*.


The withdrawal of 3 major banks from any company is a harbinger of things to come. All of the Gold Coast mortgage funds crowd, Asset Loan, City Pacific and MFS and now Equititrust cried the same old story of the media attacking them etc etc. The fundamental question though is the way the companies conducted their lending and managed their exposure. 

A previous post has mentioned that Equititrust has a substantial exposure to a Quinlivan in Ipswich. 


If this is the case and it is a Dudley Quinlivan or his companies, who was named in Queensland Parliament as King Con (Widely reported in the press) for the 2 tiered real estate marketing scams, was recently banned by ASIC for acting as a company director and has been a multiple bankrupt going back many years, then Equititrust, has some serious answering to do to its investors.


Hopefully the new statement in regard to loans in default will clarify whether a single dollar was ever lent to Dudley Quinlivan.  

A simple statement by Equititrust, maybe here or on its website, as whether loans were ever made to Quinlivan or his companies and whether they make up any part of the current loans in default would also ally investors’ fears as to the lending practices of Equititrust.


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## zencorp (18 February 2011)

Equititrust has breached its loan covenants with the NAB - read more on their website. Benchmark Update 31 December has been released. What a fail. + Still not liquid, and given the lack of incoming funds (i.e. ASIC putting a holt on the 50m raise)... I think we should be worried. + Three year old valuations? seriously.. Wake up and smell the sunshine!


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## zencorp (18 February 2011)

*Re: Questionable Loans*

Heard they have at least a 50m exposure to Dudley - maybe that's the large 54m loan. 



No Trust said:


> How does Olman know that the other "supposed Equititrust" investor is genuine.. In the same context when Equititrust were challenged to prove that Olman was a real investor  and not Equitititrust themselves *they couldn't  *.I have serious doubts and will give you an example below of how Equititrust is trying to control debate or comments on the web, by posting under assumed names.
> 
> http://www.goldcoast.com.au/article/2010/10/26/265891_gold-coast-business.html
> 
> ...


----------



## No Trust (18 February 2011)

*Shonky Loans to Shonky Developers ?*

If it is the case, that there is a substantial exposure of *"investors money"* to Quinlivan or his companies then Equititrust's credibility has completely evaporated..


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## No Trust (18 February 2011)

*Shonky Loans to Shonky Developers ?*

Did Equititrust lend this individual any money??? I hope for all the investors' sake that it isn’t true. If a single investor's dollar was lent knowing the background of Quinlivan as reported below, then Equititrust needs to be held to account..


*Quinlivan unfit to direct companies *Anthony Marx From: The Courier-Mail January 01, 2011 12:01AM 


http://www.couriermail.com.au/ipad/quinlivan-unfit-to-direct-companies/story-fn6ck2gb-1225979578562


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## kostag (18 February 2011)

*Re: Shonky Loans to Shonky Developers ?*

Thankyou NOTRUST Just got off phone from my well connected Brisbane advisor who told me Equititrust has a huge exposure to Quinlivan and at one stage Quinlivan was bragging that he was running some Equititrust default projects and getting paid millions to do so. My contact will get the details tomorrow. This is a nightmare.  QUOTE=No Trust;612754]Did Equititrust lend this individual any money??? I hope for all the investors' sake that it isn’t true. If a single investor's dollar was lent knowing the background of Quinlivan as reported below, then Equititrust needs to be held to account..


*Quinlivan unfit to direct companies *Anthony Marx From: The Courier-Mail January 01, 2011 12:01AM 


http://www.couriermail.com.au/ipad/quinlivan-unfit-to-direct-companies/story-fn6ck2gb-1225979578562[/QUOTE]


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## Olman (18 February 2011)

Wow - amazing volume from the failed developer brigade!  Since Kostag pays no attention to facts, I see no point in specifically responding to him and his six unreasonable questions, but I have done a trawl through this thread and gathered the following relevant points which throw some light on a few misconceptions:

Equititrust: 18 November 2010:
Equititrust Ltd has taken no dividends whilst the fund has been frozen and has received no net cash distributions on account of its subordinated yield. Almost all of the yield on the subordinated investment of circa $10m has been utilised to fund impairments on various loans in order to shield such impairment from investors. The balance has been used to fund operating costs (for which the management fee is insufficient). Whilst Equititrust is entitled to use its principal subordinated investment to absorb such impairments and take the cash distribution it has not done so. It has made a conscious decision to leave its subordinated investment at $40m in the Income Fund and to use its distribution instead to absorb such impairments and operating costs which could have been charged to the funds. There can be no doubt this has provided additional protection to investors over and above what is required;

doctorj: 20 November 2010:
[Originally Posted by kostag:  
Correct: far better to negotiate an instalment repayment program with regard to your NAB debt than to have it called up etc, however the question or statement was, that clearly the NAB is being repaid in prioirity to repayment to investors. That was not denied, so presumably, the confirmation is that investors capital repayments in fact rank last.]
Not sure of the structure of EquitiTrust and your investment, but in every single deal I've seen debt is senior to equity and quasi-equity (in fact, it's the point of debt...)

Olman: 23 November 2010:
I rang Equititrust yesterday and spoke to CEO David Kennedy and CFO Sid Super about the issues surrounding the Return on Subordinated Investment (RSI). They say that these funds for the past 3 years have been largely applied to impaired loans. There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone. 

The RSI for the last 3 years has totaled in the vicinity of $40m. $30m has been applied to impaired loans, with the remainder being used to pay administrative costs over and above the annual administrative fee. 

The 2010 Annual Report states impairment losses of $1.85m which is the current actual level of impairment (after application of the RSI). While any impairment is unwelcome, this figure represents .73% of the total loans. If the RSI was not applied to the impairments the level would be of greater concern.

Re Kostag’s post today, the Bank of Scotland loan mentioned in the news article is a loan within the Equititust Premium Fund (EPF) and does not apply to the Equititrust Income Fund (EIF), except insofar as statements about mergers are concerned. 

Olman: 24 November 2010:
Equititrust has to find $20m to pay off the Bank of Scotland, or merge the two funds. If the capital raising succeeds, I imagine it would be used in the first instance to retire this debt. In effect it would result in a debt swap from BOS to the new corporate bond holders. 

It is logical that this debt would be secured ahead of unitholders, along the same lines as in DoctorJ's earlier comments: ".... debt is senior to equity and quasi-equity (in fact, it's the point of debt...)". That's business. There is no loss to unitholders by this action - it's a debt swap.

The impairment losses were $30m, not $40m. Because the RSI payments were applied to these losses, they have been accounted for and the $40m capital guarantee remains unmolested to date.

Olman: 06 December 2010:
[Kostag: if last year and 2008 are anything to go on, over $14million to Equititrust Ltd.] 

The $14m was the Return on the Responsible Entity's Subordinated Units (RSI) as described on p4 of the 09/10 Financial Report. The order of priority of payments (on the same page) show that these funds can only be paid if there is any surplus after actual expenses of the EIF, distributions to members, and management fees, are paid. Obviously this sum varies according to the financial circumstances in any one year, and is itself subject to the solvency of the EIF. If there is no money left after expenses, distributions and management fees, there is no return. Again, as stated in my post of 23 November, "these funds for the past 3 years have been largely applied to impaired loans. There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone". Equititrust Ltd could have legally taken these funds for their own use and left the impairments to erode the value of the subordinated investment and investors' funds. It has to be said that Equititrust's application of the RSI to impairments is a demonstrable act of good faith.

The Financial Report clearly shows on p8 under Liabilities that there is around $39m total liabilities at 30 June 2010, which includes the $35m NAB loan which is scheduled to be completely repaid by 01 Sept 2011. Thereafter, the EIF is substantially debt free. 

**************************************************************
There's more..... but those who really want to know the truth can go back and find it in posts other than Kostag's or NoTrusts.  While there are a few pages to skim, the relevant posts are few once the trash is skipped.  I think I have demonstrated the point that the same old manure keeps being tossed about, regardless of replies pointing out the realities.


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## Ozab (18 February 2011)

I just spoke to a confidential informer I know in Brisbane whose ex-best friend's girlfriend's brother's dog's vet says the Equititrust loaned money to someone who was seen on the grassy knoll in Dallas in 1963.  If this is true then the US government needs to get involved in this ASAP.


----------



## Olman (19 February 2011)

Ozab said:


> I just spoke to a confidential informer I know in Brisbane whose ex-best friend's girlfriend's brother's dog's vet says the Equititrust loaned money to someone who was seen on the grassy knoll in Dallas in 1963.  If this is true then the US government needs to get involved in this ASAP.




ROFLMAO!  Captured the mood nicely!      :bier:


----------



## No Trust (19 February 2011)

*Equititrust - Stockholm Syndrome*

The realities relating to Equititrust are the fact that the investors’ money has been frozen for over *2* years.. *80% * of the loans will fall into default and *ASIC *intervention stopping the 50M rescue of the Income Fund. Every finance facility Equititrust has had with a major bank has been withdrawn.

Show those fundamentals to an analyst anywhere in the world and they will have grave concerns. Equititrust's own auditors, KPMG have been obliged to state in the company's 2010 financial accounts that "there is material uncertainty regarding its continuation as a going concern".

As for the Equititrust cheer squad, if they are Investors ??, which everyone reading this thread seriously doubts, they seem to be suffering *Stockholm Syndrome *from their money being held hostage for so long..


If they are so confident about the future of Equititrust, why don’t they throw some more money in to the pot.. Oh, hang on, there are no more PDS Statements on the Equititrust Website after Equititrust was forced to have a little talk with the Corporate watchdog ASIC.. 

Simple fact is, *to survive*, you have to have inflows of investors’ money and then lend that money out. Equititrust at the moment does not even have the capacity to raise a single dollar from the public whilst their PDS are withdrawn and have themselves stated that they are not making any new loans. So what you have is a company left to languish whilst the investors are strapped to their backs... 

The *Australian Financial Media *see it, the *Australian People see *it from the extensive coverage, the only ones that don’t, are Equititrust and its sycophants / themselves posting on this web site.

Another Gold Coast Fairy tale in the making..


----------



## Joe Blow (19 February 2011)

As the administrator of ASF I feel it is my obligation to point out to those reading this thread that the user names Equititrust Ltd, Buffettman and Ozab have *all* been logged into from the same PC. I am aware of this because we employ sophisticated measures to detect those operating multiple accounts.

Whether or not all these accounts are being operated by the same person is something I cannot be absolutely certain of.

The accounts Equititrust Ltd and Buffettman were previously suspended for violating the ASF Terms of Use and now the account Ozab has likewise been suspended.

I suggest that all those participating in this thread take a moment to review this thread: https://www.aussiestockforums.com/forums/showthread.php?t=6397

I would also ask all thread participants to not resort to personal attacks but to stick to discussing the facts of the situation.


----------



## No Trust (19 February 2011)

*Equititrust Stooges Confirmed by ASF*

Thank you Aussie Stock Forums for confirming what we have all suspected. Not only is ASF an excellent Web Site which gives genuine investors a voice, it’s monitoring of people or in this case, Equititrust is excellent...

What is *incomprehensible* though, is that a company who has over *200M *of mostly *retiree investor *money would engage in such conduct over the internet.

A review of Buffetman's and Ozab's posts from Page *1* onwards clearly shows that their intent was to mislead people reading this thread into believing that they were someone else other than Equititrust. I assume now that all and sundry will be accused of being failed developers for revealing this truth.


It’s one thing to give your point of view, everyone is entitled to their opinion and assessment of the facts, however to use multiple accounts and misrepresent who you actually are over this Forum is deception of the highest order..  Especially when genuine Equititrust Investors are reading this thread and trying to get a grip on what is happening..


Not only is this revelation a breach of ASF rules, I believe it is also a material breach of the Trade Practices Act as well as the Corporations Law.  

This level of conduct, over the internet, by a Corporation and its Officers (which is allowed to raise money from the Australian Public) is unconscionable.

WHO at Equititrust condoned this ??  McIvor or Kennedy…


----------



## kostag (19 February 2011)

*EQUITITRUST OUTED! OZAD  BUFFETMAN  OZAD*

I imagine all investors expected that at some stage, this FORUM would become a legitimate exchange of questions and flow of information, provided under annonymity that a number of us required, between EQUITITRUST and CUSTOMERS/INVESTORS.

I recently posted 6 reasonable questions which resulted from the latest PDS posting by Mr McIvor, and all we then saw from postings now attributed back to EQUITITRUST themselves was mocking and derision.

Someone raises yesterday the issue that the notorious DUDLEY QUINLIVAN may have borrowed circa $50M from Equititrust. I make a check with a third party and post a confirmation that an independent advisor in BRISBANE confirmed this to be the case. Now simply, any legitimate business operation with nothign to hide, would simply respond, YES or NO. Yes -  we have an exposure to QUINLIVAN GROUP of over $XXMillion and that loan is in default/under control/ being repaid etc.

No -  what we get from either the PC of Mr McIvor or Mt Kennedy is some mockery about sisters and cousins and grassy knolls etc. Frankly, it shows the true concern that this company has for its investors.

OLMAN is another Equititrust 'plant'. Someone called Katie posted some 'polly anna'ish' drivel, and OLMAN embarks on a  campaign of thanks and congratulations on such insightful revelations. "Will that be more sugar coating with those fries, mam?"

However, when faced with my 6 questions (which I note that he has no obligation to answer) he fills about 50lines of space referring to some old web postings etc -  but just won't go near the 6 questions. No-one from Equititrust will go near those 6 questions -  why not? because they know that the PDS statment is simply untrue and the factual evidence is that INVESTORS' INTERESTS have been placed very much secondary in all EQUITITRUST DECISION MAKING since 2008.

EQUITITRUST, you can rant and rave as much as you want. You are the masters of spin. It has all caught up with you. It is time to start to provide some facts, not ladle out drivel.

I (and imagine all legitimate posters) who have business dealings with EQUITITRUST will be offended and gutted by the current position and the "outing" by JOE BLOW.

I suspect that the MEDIA will and can quite legitmately have a field day with this -  if only to simply refer their readers to www.aussiestockforums.com  and this thread -  perhaps pitning out to readers that postings under the names of EQUITITRUST, OZAD, OLMAN and BUFFETMAN have all emanated from the same PC.


----------



## kostag (19 February 2011)

*Re: Equititrust Stooges Confirmed by ASF*

HEAR! HEAR!  



No Trust said:


> Thank you Aussie Stock Forums for confirming what we have all suspected. Not only is ASF an excellent Web Site which gives genuine investors a voice, it’s monitoring of people or in this case, Equititrust is excellent...
> 
> What is *incomprehensible* though, is that a company who has over *200M *of mostly *retiree investor *money would engage in such conduct over the internet.
> 
> ...


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## kostag (19 February 2011)

*Re: Equititrust: LEGITIMATE PARTIES*

I think that we can now safely say that any LEGITIMATE customer, business partner, client, investor and borrower, can now safely disregard most material that has beenput forward by supposed supporters of EQUITITRUST as in fact emanating from EQUITITRUST.

The questions and concerns posed on this WEB SITE however remain OUTSTANDING.


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## kostag (19 February 2011)

*Re: Equititrust: NAME THE BANNED USERS*

JOE BLOW: I wonder whether you could look at provising an area in the HEADER for each THREAD to LIST teh names of the BANNED USERS for this threa etc. That way, when any PARTY reads a THREAD they can see that this PARTY was banned for MULTIPLE ACCOUNTS etc . Then puts a lot of material you read in TRUE perspective.



Joe Blow said:


> As the administrator of ASF I feel it is my obligation to point out to those reading this thread that the user names Equititrust Ltd, Buffettman and Ozab have *all* been logged into from the same PC. I am aware of this because we employ sophisticated measures to detect those operating multiple accounts.


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## kostag (19 February 2011)

*Re: Equititrust: MORON OUTED*

_*This is the sort of response we have come to expect  This was posted by OZAD who has now been outed as EQUITITRUST) .....*_


Ozab said:


> I just spoke to a confidential informer I know in Brisbane whose ex-best friend's girlfriend's brother's dog's vet says the Equititrust loaned money to someone who was seen on the grassy knoll in Dallas in 1963.  If this is true then the US government needs to get involved in this ASAP.


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## Olman (19 February 2011)

Joe Blow said:


> I would also ask all thread participants to not resort to personal attacks but to stick to discussing the facts of the situation.




Kostag, please take note. 

Kostag: 19 February:
OLMAN is another Equititrust 'plant'. Someone called Katie posted some 'polly anna'ish' drivel, and OLMAN embarks on a campaign of thanks and congratulations on such insightful revelations. "Will that be more sugar coating with those fries, mam?"


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## No Trust (19 February 2011)

*Equititrust Deception Caught Out*

The deception perpetrated by Equititrust and revealed this morning by the Administrators of this web site exemplifies the *Worst* of Corporate Australia and obviously a *company in crisis*..

I will be writing to the * Treasurer, Wayne Swan * this morning as well as *ASIC* in regard to their actions. I encourage all persons aggrieved by their false and misleading conduct to take appropriate action in terms of making a complaint..


The *Sydney Morning Herald *and *ASIC *were not wrong about these guys…


Thanks need to go out again to ASF for running an Ethical Web Site.


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## kostag (19 February 2011)

*Re: Equititrust: I APOLOGISE*

CORRECT. I APOLOGISE. 

OLMAN, ARE YOU ABLE TO STATE THAT YOU DO NOT WORK FOR OR ARE ASSOCIATED WITH ANY EMPLOYEE OR DIRECTOR/SHAREHOLDER OF EQUITITRUST??   







Olman said:


> Kostag, please take note.
> 
> Kostag: 19 February:
> OLMAN is another Equititrust 'plant'. Someone called Katie posted some 'polly anna'ish' drivel, and OLMAN embarks on a campaign of thanks and congratulations on such insightful revelations. "Will that be more sugar coating with those fries, mam?"


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## Olman (19 February 2011)

*Re: Equititrust: MORON OUTED*



kostag said:


> _*This is the sort of response we have come to expect  This was posted by OZAD who has now been outed as EQUITITRUST) .....*_
> 
> 
> Ozab said:
> ...




Still, it was very humorous, apt and to the point.  I find it interesting that the two most vocal detractors here have failed to declare their interests, despite numerous requests to do so, and yet all who dare to post anything not considered derogatory to Equititrust are slandered and vilified.  

There has been no denial of the charge that these antagonists are failed developers out for blood.  The constant repetition of baseless accusations adds nothing to the debate.  It would be refreshing to see something original, rather than tired old rehashing of press releases from years ago and statements already released on the Equititrust web site.

Empty threats to call in the big guns do not elevate one's status by association.  These things normally proceed without trumpeting beforehand.  It will be interesting to see the outcome of such action - I hope the results will be posted.


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## Olman (19 February 2011)

*Re: Equititrust: I APOLOGISE*



kostag said:


> CORRECT. I APOLOGISE.
> 
> OLMAN, ARE YOU ABLE TO STATE THAT YOU DO NOT WORK FOR OR ARE ASSOCIATED WITH ANY EMPLOYEE OR DIRECTOR/SHAREHOLDER OF EQUITITRUST??




Read my previous posts.  I have stated this many times. Can you confirm that you are an investor with Equititrust, and not a disgruntled borrower?


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## kostag (19 February 2011)

*Re: Equititrust: TODAYS SYDNEY MORNING HERALD*

MY ADVISER HAS CHECKED AND TOLD ME THAT THIS PROPERTY JUST SOLD BY THE FIRST MORTGAGEE WAS INVOLVED IN SUPREME COURT PROCEEDINGS LAST YEAR, INITIATED BY EQUITITRUST, WHO HELD A SECOND MORTGAGE.

I AM TOLD BUT I DO NOT KNOW AND CANNOT CHECK -  THAT THIS SALE AT THE PRICE ACHEIVED HAS RESULTED IN A 100% LOSS BY EQUITITRUST OF ITS LOAN OF $2.5m PLUS/MINUS, INTEREST AND ALL LEGAL COSTS.

smh: PAGE 1: ARTICLE HEADED:  Obeid joins the jetty set Kate McClymont and Jonathan Chancellor 
February 19, 2011


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## kostag (19 February 2011)

*Re: Equititrust: I APOLOGISE*

READ MINE.



Olman said:


> Read my previous posts.  I have stated this many times. Can you confirm that you are an investor with Equititrust, and not a disgruntled borrower?


----------



## Olman (19 February 2011)

*Kostag - investor or failed borrower?*



kostag said:


> READ MINE.




I have read your posts. While I have seen many inferences in your posts, I have not seen a definite statement that you are an investor in Equititrust, or a denial that you were an Equititrust borrower. Where exactly do you state specifically that you are an investor in Equititrust?  Where exactly do you specifically state that you are/were not an Equititrust borrower?  If you can't actually quote the date of the posts, a straightforward statement here and now about your interest will do.


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## Olman (19 February 2011)

*Re: Equititrust: TODAYS SYDNEY MORNING HERALD*



kostag said:


> MY ADVISER HAS CHECKED AND TOLD ME THAT THIS PROPERTY JUST SOLD BY THE FIRST MORTGAGEE WAS INVOLVED IN SUPREME COURT PROCEEDINGS LAST YEAR, INITIATED BY EQUITITRUST, WHO HELD A SECOND MORTGAGE.
> 
> I AM TOLD BUT I DO NOT KNOW AND CANNOT CHECK -  THAT THIS SALE AT THE PRICE ACHEIVED HAS RESULTED IN A 100% LOSS BY EQUITITRUST OF ITS LOAN OF $2.5m PLUS/MINUS, INTEREST AND ALL LEGAL COSTS.
> 
> ...




This SMH article says nothing about Equititrust - not a mention; zero; diddlysquat.  Your insinuations are not substantiated by any proof other than hearsay and personal conjecture.  How can you expect this to be taken seriously?


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## kostag (19 February 2011)

*TODAYS SYDNEY MORNING HERALD*

IN THE SUPREME COURT
OF NEW SOUTH WALES
EQUITY DIVISION


GZELL J

WEDNESDAY 22 SEPTEMBER 2010


2009/288092 EQUITITRUST LIMITED V SLJM PTY LIMITED & ORS 
JUDGMENT 
1 The subject of these proceedings was a loan of $2,650,000 made on 13 December 2007 of which the first defendant, SLJM Pty Limited, was the named borrower. Also on that day an earlier negotiated loan to the second and third defendants, Mick Bechara Hakim and Yvonne Hakim, of $1,188,000 was advanced. The advances were made simultaneously for the completion of the purchase by Mr and Mrs Hakim of a residence in Woolwich they had contracted to buy for $11,005,000 on 19 March 2007. 




Olman said:


> This SMH article says nothing about Equititrust - not a mention; zero; diddlysquat.  Your insinuations are not substantiated by any proof other than hearsay and personal conjecture.  How can you expect this to be taken seriously?


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## No Trust (19 February 2011)

*Equititrust Deception Caught Out*

Hi Olman,

Diversion, diversion diversion. What do you say about Equititrust’s multiple accounts and deceit... I guess you can’t say much can you...

In regard to the big guns as you call them, *THEY ARE NOT EMPTY THREATS* in any way or form. *I will post the outcomes as they reach the press*, as I have posted other outcomes before... 

It’s not trumpeting, it’s not threatening it’s a *PROMISE* that this deceit will be reported as others were to both ASIC and the Australian Media... ASIC's justified stance against Equititrust as well as the comprehensive media coverage nationally, is well documented. My track record speaks for itself...


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## Olman (19 February 2011)

*Re: TODAYS SYDNEY MORNING HERALD*



kostag said:


> IN THE SUPREME COURT
> OF NEW SOUTH WALES
> EQUITY DIVISION
> 
> ...




So Equititrust went after another failed borrower - this seems a logical and responsible thing to do. The remainder of your post remains unfounded insinuations and meaningless unless you can provide further substantiation.


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## kostag (19 February 2011)

*Re: Equititrust: EQUITITRUST LIMITED V SLJM PTY LIMITED*

reading this case....

House bought for $11Million

NAB advanced $7M

Equititrust advanced a total of $3.8M

Total borrowed:  $10.8M 

Now, clearly, I must have missed something, because this is close to 100% lending by EQUITITRUST.

Now, the house is sold for $8.5M

I dont know what unpaid default interest was owing to the National Bank (clearly enough for the loan to be in default -  so lets assume 6 months at 10% per annum on $7M -  $350,000?; costs of recovery; GST on the sale?; etc -  so OLMAN is correct. I don't know the answers and if I hold my breath for Equititrust to answer anything other than what they want -  I'll never know. 

*However, on the face of it, a reasonable person would form the view that EQUIITRUST has taken another massive hit.*


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## kostag (19 February 2011)

*Re: TODAYS SYDNEY MORNING HERALD*

ah, the constant babbling mantra -  _failed borrowers, failed developers, corrupt vindictive media, vindictive competitors, now it is those pesky investors who want information_..... OLMAN, you have to take a break.... enjoy the oxygen!  



Olman said:


> So Equititrust went after another failed borrower - this seems a logical and responsible thing to do. The remainder of your post remains unfounded insinuations and meaningless unless you can provide further substantiation.


----------



## Olman (19 February 2011)

*Re: Equititrust Deception Caught Out*



No Trust said:


> Hi Olman,
> 
> Diversion, diversion diversion. What do you say about Equititrust’s multiple accounts and deceit... I guess you can’t say much can you...
> 
> ...




Crikey, I'm in awe of your connections.  I wrote to the Prime Minister once, but he didn't reply.  In my many dealings with regulatory bodies, the results were inevitably a long paper trail that evaporated in the end to nothingness.  I have had letters published in the press, and have been subject to interviews by the media, but in all honesty I can't say that it proved anything, other than the media is generally out to get a story and often publish anything to fill a gap. 

What is your track record?


----------



## kostag (19 February 2011)

*Re: Equititrust: those pesky questions just won't go away , will they*

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost?


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## Olman (19 February 2011)

*Re: Equititrust: EQUITITRUST LIMITED V SLJM PTY LIMITED*



kostag said:


> reading this case....
> 
> House bought for $11Million
> 
> ...




Heavens above, your use of large type is frightening!  I have reading glasses and have no problems with 10point type - can I ask you to be more considerate?

According to your post above, Equititrust loaned 3.8m.  It's sad when developers' and borrowers' stated intentions do not go to plan, and we can see that there was a screw up here.  So Equititrust went after their legal dues.  The rest is (again), your story; unsubstantiated by any further facts.  You may be correct.  Equally, there may be more to it.  I prefer to deal in cold hard facts rather than possible fantasies.


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## Olman (19 February 2011)

*Re: Kostag - investor or failed borrower?*



Olman said:


> I have read your posts. While I have seen many inferences in your posts, I have not seen a definite statement that you are an investor in Equititrust, or a denial that you were an Equititrust borrower. Where exactly do you state specifically that you are an investor in Equititrust?  Where exactly do you specifically state that you are/were not an Equititrust borrower?  If you can't actually quote the date of the posts, a straightforward statement here and now about your interest will do.




kostag
Re: Equititrust: those pesky questions just won't go away , will they

Nope. They just keep on keeping on.


----------



## kostag (19 February 2011)

*Re: Kostag - investor or failed borrower?*

you are a lawyer OLMAN.

You were asked what your relationship to EQUITITRUST was/is?

You answered by questioning me, which is fine.

My questions remain my questions.

Fact is -  whether I am a BORROWER, a disgruntled INVESTOR, an associate of EITHER, really does not change the VALIDITY of the questions does it?

(Look what happended when some one raised some character called Dudley Quinlivin which it is alleged owes Equititurst some $50million or almost 25% of its entire asset base -  we get two posts (one yours) about doctor sister vet dog smoking gun grassy knoll - what the hell?   which we must therefore read simply as _'yes, Quinlivin is a current Equititrust borrower'_ (and we would bet must be in massive default) 

However, if you are, as we are led to believe, a genuine happy well informed INVESTOR then your posted replies have some modicum of legitimacy. I suspect not.

Now, BUFFETMAN OZAD and others all claimed to also be happy, well informed INVESTORS etc and we all drew some comfort from that. But, guess what? They weren't at all, were they?  

Now, we all give you the benefit of the doubt. 

Fine, the real issue is not who you are? (which you wont disclose anyway- and that's your right I guess) or who I am. What if I am an unhappy client who is being sued by you. That would explain my vitriol, however would it change the content of the questions? It might just give me some insight into what is really perhaps going on and being hidden, and surely, this assists all people be they investors or members of the public about to tip money into Equititrust. On the other hand, if I am an investor, does it make my questions more or less relevant or poignant? Probably not. At best, it lets you say, these pesky questions are coming from upset clients? or failed developers? So what. Why dont you list the last employer of half the motley crew at Landsolve, and see what that list throws up. A list of failled lenders and property industry 'characters'. So don't scratch the veneer too hard. 

One of many  issues that is very relevant is that there are material  false (sorry, false is maybe too strong) _misleading  disclosures _which have been identified. Legitimate questions have therefore been asked by a range of the public -  be they ASIC, Media, Investors and or Borrowers (who cares who they are). Everyone is attacked by Equititrust (and you, Ozad, Buffetman etc) - no answers though. Nothing changes.

Whilst EQUITITRUST continues to play with over $200Million of public money and adopt this bunker mentality to providing proper information irrespective of who raises the question, whatever their motive, whether Equititrust  likes it or not, it is they who are open and will remain open to public scrutiny. 

Not me my friend.

. 







Olman said:


> kostag
> Re: Equititrust: those pesky questions just won't go away , will they
> 
> Nope. They just keep on keeping on.


----------



## Olman (19 February 2011)

*Re: Kostag - investor or failed borrower?*



kostag said:


> you are a lawyer OLMAN.
> 
> You were asked what your relationship to EQUITITRUST was/is?
> 
> ...




 Again, you have not read the posts correctly.  I replied to your question about whether I am an investor by making a statement that I have replied to your charge many times in this thread, and that you should go back and read my replies again - nothing has changed.  Your question has been answered.  My response was not a "question in reply to a question", but a statement which replied directly to your question.

Then I asked you about your bona-fides.  You still avoid the question and have not answered directly.  We know that anyone can post here, investor or not.  However, you have inferred that you have an investment, without actually coming clean about your true position.  You have made countless unsubstantiated allegations which fail the least investigation, and it is patently obvious that you have an axe to grind specifically against Equititrust.

Most people would come to this thread seeking some understanding about what is happening with Equititrust.  The constant irrelevant untruths that have been posted here are distracting, until the reader grasps the worthlessness of much of the tactics and begins to skim the manure.  If you are/were in fact a failed developer/borrower, it would put your posts in a proper perspective and your motives, as low and mean as they appear to be, would at least be understandable.  Your refusal to declare your interest is deceitful, and your posing as an investor by inference is despicable.

To be taken seriously, one has to demonstrate integrity, rather than duplicity. 

By the way, it was OZAB, not "OZAD".  If we can manage to get the little things right, the big things will naturally fall into place.


----------



## Joe Blow (19 February 2011)

It is not my intention to jump into this thread on a regular basis, but recent events have made it impossible not to. I would like to make a few very important points:

1. It is policy here at ASF to reveal when we detect multiple accounts operating from the same PC posting in any thread, irrespective of what side of the debate they are on. I have no interest in taking sides in this (or any other) debate, I just want to do my best to ensure that it is conducted in an honest and constructive way.
2. Please do not use oversized fonts and different colours in posts in this thread. If you wish to emphasize something please use bold or italicized text. From this point on posts using oversized fonts or different colours will be removed.
3. Please proofread your posts and be careful when using the 







> tags when quoting other thread participants. Those who do not understand how these tags are used should review this thread: https://www.aussiestockforums.com/forums/showthread.php?t=2737
> 
> I do not wish to see this thread degenerate into personal attacks and insults. I encourage constructive debate and discussion but will come down hard on anyone whose sole purpose is to abuse or taunt others.
> 
> Thank you all for your co-operation.


----------



## kostag (19 February 2011)

*Re: Kostag - investor or failed borrower?*

just more spin....... I think that we can all elminate OLMAN from our 'reading' list and wait with baited breath for the answers to the six questions....



Olman said:


> Again, you have not read the posts correctly.  I replied to your question about whether I am an investor by making a statement that I have replied to your charge many times in this thread, and that you should go back and read my replies again - nothing has changed.  Your question has been answered.  My response was not a "question in reply to a question", but a statement which replied directly to your question.
> 
> Then I asked you about your bona-fides.  You still avoid the question and have not answered directly.  We know that anyone can post here, investor or not.  However, you have inferred that you have an investment, without actually coming clean about your true position.  You have made countless unsubstantiated allegations which fail the least investigation, and it is patently obvious that you have an axe to grind specifically against Equititrust.
> 
> ...


----------



## kostag (19 February 2011)

*Re: Equititrust: is any out there ?*

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremos


----------



## kostag (19 February 2011)

*Re: Equititrust: Number 2: is any one out there*

these questions posted since 17-2-11:-

Q1: Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money. Yes or No?

Q2: On the basis that they have had that money grab attempt frozen by ASIC, what operational cash is left and how long will it last?

Q3: If A2: was modelled on the basis that the NAB was repaid out of the $50M 'trousering' by the EQUITITRUST boys - then is the 3 months of NAB payments of $3M per month covered or not covered from existing cash NOT reliant on the $50M grab?

Q4: I presume that the '3 month' estimate was made as at say 1-1-11 (it was reported in financial press in early January 2011) - does this mean, there is now less than 6 weeks operational cash to go (as at 17-2-11)?

Q5: National Bank: were they paid $3M in January and $3M for February 2011? or do they too have to make an application through ASIC under 'hardship relief' provisions to get repaid? I guess they aren't kept waiting, as they hold the secuirty that we are all meant to hold. In other words, is Equititrust now in breach of loan covenants to National Bank?

Q6: In terms of cash grab, Landsolve is still out there trying to grab $10M for the Meridien Marina group. Of the amoutn raised, a big chunk is slated to go the existing senior provider. Is that senior debt provider any entity related to Equititrust? In other words and simply, is Equititrust loading up another of 'our security assets' to grab some extra cash?

Q7:  Does the Quinlivin Group or any entity associated with Dudley Quinlivin owe Equititrust an amount circa $50million?

Q8:  Did Equititrust take a complete write off of loan principal in the recent published (SMH: front page Sat 19-2-11) sale of house at Anglo Road Woolwich NSW owned by Hakem family to O'Beid family?


----------



## No Trust (19 February 2011)

*Equititrust Deception Caught Out*

It is clear from my previous question directed at him that, _Olman does not want to comment on the fact that Equititrust had Multiple accounts and was attempting to deceive readers of this forum..._  This speaks volumes in itself particularly the fact that Equititrust referred to him directly in their post this week.

What I do encourage investors to do, is to call Equititrust and ask if there were loans made to Dudley Quinlivan and whether any investor's money has exposure to him or his companies..

The sad fact is that, as each day goes by, the news about Equititrust _keeps getting worse for investors._ The claims that money was recovered from Raptis with interest is misleading. The Raptis assets had intrinsic value in terms of their location and were recovered via a receiver appointed by the Bank of Scotland. 

The reason that 80% of the loans will now go into default is due to the fact that if the remaining loans and assets that supported them were prime, they would have been recovered. The remaining loans are subprime and if made to the likes of Quinlivan may have as many layers as an onion and be very difficult to recover without incurring major losses similar to what Kostag has alluded to in Sydney.

The issue at hand is the fact that if Equititrust appoint receivers to these assets in the same manner that Bank of Scotland did with Raptis then these assets will be sold at today’s values and today's valuations.   Equititrust does not want to do this for a few reasons, 

firstly if they do appoint receivers to do the job an independent approach will be taken and the assets will be valued at today’s market prices. 

Secondly if the loans are not fully recovered this will add to the growing perception problem Equititrust already has with investors, the media and its clients.  LANDSOLVE  has not solved anything..   The appointment of a receiver does..

Thirdly as there are no inflows due to ASIC intervention, the lifeblood of the company has stopped, a sell down of the assets equals a diminishing loan book which means that investors will start to get their money back and the fee base that Equititrust charges will diminish, as was the case with City Pacific just prior to their collapse. The only thing sustaining City Pacific in the end was the fees and after they were removed as the Responsible Entity they collapsed.

What we have developing in the case of Equititrust is a perfect storm which has hit the Gold Coast before.. The sad thing is, _investors are caught in its vortex _


----------



## zencorp (19 February 2011)

Olman - Answer these questions: 

1. Do you believe that Equititrust is trustworthy given that they have been posting on this forum as investors? 

2. Do you find it comforting that Equititrust has now lied both to you and everyone else reading this forum? 

3. Can you honestly say that you trust what David K. has told you when he lies to the world about who he is - makes out that he is an investor and involves himself in misleading and deceptive conduct. 

4. His intention was to mislead and deceive us - do you disagree?


----------



## Olman (19 February 2011)

zencorp said:


> Olman - Answer these questions:
> 
> 1. Do you believe that Equititrust is trustworthy given that they have been posting on this forum as investors?
> 
> ...




The use of multiple accounts was a terrible error of judgement and I am disappointed by the occurrence.  However, after reading the three posts from Ozab, there was nothing misleading or of any earth-shattering importance involved, with the last two being simply flippant remarks, and all three had their relevance in the context in which they were made. Nowhere did he claim to be speaking as an investor.

As pointed out by Joe Blow, "Whether or not all these accounts are being operated by the same person is something I cannot be absolutely certain of.There is no conclusive proof that it was the same person".   

I see no reason to throw the baby out with the bathwater.  The information provided by Equititrust in a formal capacity has been factual and comprehensive to date.  Nothing has been said to alter the facts.  

What about the constant barrage of unsubstantiated claims presented by the posters here? Are they of no concern to you?  There's a strange odour of hypocrisy in the air....


----------



## Bill M (19 February 2011)

*Re: Kostag - investor or failed borrower?*



Olman said:


> Most people would come to this thread seeking some understanding about what is happening with Equititrust.  The constant irrelevant untruths that have been posted here are distracting, until the reader grasps the worthlessness of much of the tactics and begins to skim the manure.




Most new investors would come to this thread as part of research for a new investment. The fact that all of this is being debated is enough to put a new investor off, I certainly wouldn't put any money with them after reading it. A simple google search puts this thread in the top few results.


----------



## kostag (19 February 2011)

*Re: Equititrust*

With respect to poor 'ol man -  anyone who reads his posts would have to form the view that he simply could not be an investor in Equititrust. 

To assist, I summarised in two posts (on previous page) a number of QUESTIONS reasonably based, that are simply ignored.

However, in his view, Equititrust have been factual and comprehensive to date... I think on that point, enough said.




Olman said:


> The use of multiple accounts was a OR JUST OUTRIGHT DECEPTIVE terrible error of judgement and I am disappointed by the occurrence.  However, after reading the three posts from Ozab, NO, NOT MISLEADING, JUST WRITTEN BY EQUITITRUST there was nothing misleading or of any earth-shattering importance involved, with the last two being simply flippant remarks, and all three had their relevance in the context in which they were made. Nowhere did he claim to be speaking as an investor.
> 
> As pointed out by Joe Blow, "Whether or not all these accounts are being operated by the same person is something I cannot be absolutely certain of. NOW YOU ARE SUGGESTING, WHAT A BREAK IN AT EQUITITRUST? BY FAILED DEVELOPERS OR THOSE PESKY MEDIA?  There is no conclusive proof that it was the same person".
> 
> ...




Never to miss a chance though and not making any claims at all , just asking questions.... OLMAN , please pop across to the next office to whoever is on the EQUITITRUST/BUFFETMAN/OZAD PC and ask him to have a crack at answering these QUESTIONS for us all....

these questions posted since 17-2-11:-

Q1: Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money. Yes or No?

Q2: On the basis that they have had that money grab attempt frozen by ASIC, what operational cash is left and how long will it last?

Q3: If A2: was modelled on the basis that the NAB was repaid out of the $50M 'trousering' by the EQUITITRUST boys - then is the 3 months of NAB payments of $3M per month covered or not covered from existing cash NOT reliant on the $50M grab?

Q4: I presume that the '3 month' estimate was made as at say 1-1-11 (it was reported in financial press in early January 2011) - does this mean, there is now less than 6 weeks operational cash to go (as at 17-2-11)?

Q5: National Bank: were they paid $3M in January and $3M for February 2011? or do they too have to make an application through ASIC under 'hardship relief' provisions to get repaid? I guess they aren't kept waiting, as they hold the secuirty that we are all meant to hold. In other words, is Equititrust now in breach of loan covenants to National Bank?

Q6: In terms of cash grab, Landsolve is still out there trying to grab $10M for the Meridien Marina group. Of the amoutn raised, a big chunk is slated to go the existing senior provider. Is that senior debt provider any entity related to Equititrust? In other words and simply, is Equititrust loading up another of 'our security assets' to grab some extra cash?

Q7: Does the Quinlivin Group or any entity associated with Dudley Quinlivin owe Equititrust an amount circa $50million?

Q8: Did Equititrust take a complete write off of loan principal in the recent published (SMH: front page Sat 19-2-11) sale of house at Anglo Road Woolwich NSW owned by Hakem family to O'Beid family? Today 02:08 PMkostag 

The second lot from the 14-2-11:-

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost.

IN SOME  _formal capacity_ WOULDN'T A  _factual and comprehensive_ SERIES OF REPLIES BE REFRESHING?


----------



## Olman (19 February 2011)

*Re: Kostag - investor or failed borrower?*



Bill M said:


> Most new investors would come to this thread as part of research for a new investment. The fact that all of this is being debated is enough to put a new investor off, I certainly wouldn't put any money with them after reading it. A simple google search puts this thread in the top few results.




The high Google profile is a tactic of repetitious mass postings employed by the failed developer's brigade, and is regrettable.  

My original post was from the point of view of existing investors.


----------



## No Trust (19 February 2011)

*Deceptive Conduct by Equititrust*

There is no excuse for Equititrust's attempts to deceive on this Web Site.  There is a code of conduct for companies holding a Financial Services License.


----------



## katie534 (19 February 2011)

I agree Olman. That is how I came to find the thread. I have told the moderator my name and occupation.  Kostag would never believe it anyhow!
Life can be challenging and no serious investor who wanted to an entity to have a chance to fight its way out of trouble would go to this much vitriolic public trouble.  
Any sensible person would have seen problems coming anyhow.
Whatever happens in life happens. Sometimes things get out of your control and you lose money and possibly, your life.
Wise people choose where to fight and aim to win. This is, unfortunately, not a win-win situation. No amount of answers, arguments, etc can have any effect right now. They either survive or go under. And if Kostag has his way, they will go under sooner rather than later. 
Some people affected by all this drama might be seen to be suffering severe anxiety and depression. Perhaps they should look to medical help for some of their problems before it all gets too much. Life is very short and each breath is a gift. Why waste it worrying about things you cannot control. I am sure that this is a distressing situation but it is out of some people's control. Live with it and get help.


----------



## Garpal Gumnut (19 February 2011)

I am quite sure that ASIC are monitoring this thread. 

Go for it. 

I should not need to point out that in any criminal matter if directors or entities associated with a company are making misleading statements in *any* medium, they can be prosecuted. 

Not that I am implying any criminality in any posts, or by any posters on this thread.

Fair comment is good.

gg


----------



## kostag (19 February 2011)

*Re: Equititrust: ASIC*

welcome GG-  you are 100% correct - and I suspect that the questions that I have raised will be high on theirs and the National Bank's lists of questions for Equititrust.

A number of parties have fought against lies and deceit by false POSTERS to get the proper information and questions out there. Sadly, at the end of the day, Equititrust has not been up to the test.

We all look to the corporate wtachdog to now do its stuff and sort this mess out.





Garpal Gumnut said:


> I am quite sure that ASIC are monitoring this thread.
> 
> Go for it.
> 
> ...


----------



## zencorp (19 February 2011)

Olman - see bellow. Equititrust (David Kennedy) posted as Buffettman saying that he was an investor - then throughout the thread Buffettman supported Equititrust heavily. This is misleading and deceptive conduct in its most basic form. Their AFSL should be revoked. Without offence, maybe you should actually read his posts before commenting? 



Buffettman said:


> Kostag,
> 
> Mate I think you might be confused.  I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed.  He also said they owe no money  to Royal Bank of Scotland.
> 
> ...


----------



## Garpal Gumnut (19 February 2011)

Joe Blow said:


> As the administrator of ASF I feel it is my obligation to point out to those reading this thread that the user names Equititrust Ltd, Buffettman and Ozab have *all* been logged into from the same PC. I am aware of this because we employ sophisticated measures to detect those operating multiple accounts.
> 
> Whether or not all these accounts are being operated by the same person is something I cannot be absolutely certain of.
> 
> ...






Garpal Gumnut said:


> I am quite sure that ASIC are monitoring this thread.
> 
> Go for it.
> 
> ...






kostag said:


> welcome GG-  you are 100% correct - and I suspect that the questions that I have raised will be high on theirs and the National Bank's lists of questions for Equititrust.
> 
> A number of parties have fought against lies and deceit by false POSTERS to get the proper information and questions out there. Sadly, at the end of the day, Equititrust has not been up to the test.
> 
> We all look to the corporate wtachdog to now do its stuff and sort this mess out.






zencorp said:


> Olman - see bellow. Equititrust (David Kennedy) posted as Buffettman saying that he was an investor - then throughout the thread Buffettman supported Equititrust heavily. This is misleading and deceptive conduct in its most basic form. Their AFSL should be revoked. Without offence, maybe you should actually read his posts before commenting?





Should all this be true, and I am not alleging it is,  I have never seen such bravery in all my years on ASF. 

The Arnage needs a good run down the Bruce and Pacific Highways. 

( Note to ASIC ) The address is the Ross Island Hotel, Townsville for any subpoenas.

The reason a mouse is called a mouse is that it leaves droppings all the way back from where the mouse is clicking. 

Also the rate of intestinal movements, or typing style, rate and cadence, can actually be identified to ascertain whether it is from the same colon, or different ones.

And a subpoena is just a subpoena, always has and always will be. 

But a subpoena is quite frightening, unlike a mouse. 

gg


----------



## No Trust (19 February 2011)

*Equititrust Deception Caught Out*

All posts under the Equititrust Banner were signed off from David Kennedy except for the last post, so if the other two deceptive posts were from the same PC then it looks like the culprit is the one who sits at this computer. 

As CEO of Equititrust David Kennedy has serious obligations’, in part being the custodian of retirees money. For the company to engage in this type of conduct and pose as someone else over the internet is outrageous and totally out of the bounds of what investors would expect from the company as well as its CEO.. 

Trying to hijack a forum under false pretences is indicative of a company fighting for its life..

As CEO he is also answerable to the regulator in terms of the information that is put into the public domain on behalf of the company. This conduct is a serious breach of the law, no matter how innocuous olman etc want to make it. 

_It is against the law to pose as someone else on the internet _.


What is the Chairman of Equititrust saying about this, surely he does not want his name sullied by this behaviour..


----------



## kostag (20 February 2011)

*Re: Equititrust: QUINLIVIN $50M ???*

Good point NOTRUST, where is Chairman JOHN GODDARD when you'd expect a chairman to step up to the plate and take appropriate action.

Second question: which in all this 'purple' haze' just keeps getting swept under the mat, OLMAN: does EQUITITRUST have an exposure circa $50Million to a Dudley Quinlivin or companies associated with him on real estate projects in the IPSWICH region? 

A number of people have raised this on this website. So it is not a vindictive statement, just a simple question.


----------



## No Trust (20 February 2011)

*Does Equititrust Have Exposure To Quinlivan?*

In terms of categorising the assets and potential loan book realisations, a Borrower Profile report should be provided to the investor’s and stakeholders.

If Quinlivan or his companies form a component of the delinquent loans then it should be disclosed given the current situation facing Quinlivan and his companies. 

A contact in Queensland has stated that Quinlivan and or his companies at some stage in the past, leased space in the Equititrust Building on Chevron Island. 

If this is the case, it seems the relationship may have existed for some time. 


If there are loans supporting Quinlivan developments, it would be interesting to see who the properties were marketed to and whether the old 2 tiered marketing scam was perpetrated again on unsuspecting investors.


Further inquiries are currently being made to confirm this. Others on this thread may be able to shed further light on the past relationship if any. 

It is important, as it begins to show a pattern of lending practices which may have led to the current crisis..


----------



## kostag (20 February 2011)

*Re: Does Equititrust Have Exposure To Quinlivan?*

I am yet to verify BUT I am told that Quinlivin was called in by EQUITITRUST as an expert and put in charge of managaing some other major EQUITITRUST default loans. In other words, on some basis, QUINLIVIN was not only a serious defaulting borrower of EQUITITRUST (with a very colourful and let's say questionable past) but was also paid by EQUITITRUST to manage some its larger defaulting LOAN assets. I will not get names until sometime MONDAY.

It seems that QUINLIVIN was another desperate attempt at the failed LANDSOLVE model.




No Trust said:


> In terms of categorising the assets and potential loan book realisations, a Borrower Profile report should be provided to the investor’s and stakeholders.
> 
> If Quinlivan or his companies form a component of the delinquent loans then it should be disclosed given the current situation facing Quinlivan and his companies.
> 
> ...


----------



## kostag (20 February 2011)

*Re: Equititrust: QUESTIONS THAT INVESTORS OUGHT BE ABLE TO GET ANSWERS TO*

These questions posted since 17-2-11:-

Q1: Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money (capital raising now frozen by ASIC) . Yes or No?

Q2: On the basis that they have had that money grab attempt frozen by ASIC, what operational cash is left and how long will it last?

Q3: If A2: was modelled on the basis that the NAB was repaid out of the $50M 'trousering' by the EQUITITRUST boys - then is the 3 months of NAB payments of $3M per month covered or not covered from existing cash NOT reliant on the $50M grab?

Q4: I presume that the '3 month' 'survival' estimate was made as at say 1-1-11 (it was reported in financial press in early January 2011) - does this mean, there is now less than 6 weeks operational cash to go (as at 17-2-11)?

Q5: National Bank: were they paid $3M in January and $3M for February 2011? or do they too have to make an application through ASIC under 'hardship relief' provisions to get repaid? I guess they aren't kept waiting, as they hold the secuirty that we are all meant to hold. In other words, is Equititrust now in breach of loan covenants to National Bank?

Q6: In terms of cash grab, Landsolve is still out there trying to grab $10M for the Meridien Marina group. Of the amoutn raised, a big chunk is slated to go the existing senior provider. Is that senior debt provider any entity related to Equititrust? In other words and simply, is Equititrust loading up another of 'our security assets' to grab some extra cash?

Q7: Does the Quinlivin Group or any entity associated with Dudley Quinlivin owe Equititrust an amount circa $50million?

Q8: Did Equititrust take a complete write off of loan principal in the recent published (SMH: front page Sat 19-2-11) sale of house at Anglo Road Woolwich NSW owned by Hakem family to O'Beid family? Today 02:08 PMkostag 

The second lot from the 14-2-11:-

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost.

IN SOME formal capacity WOULDN'T A factual and comprehensive SERIES OF REPLIES BE REFRESHING?


----------



## Armslength (20 February 2011)

*Re: Equititrust: QUESTIONS THAT INVESTORS OUGHT BE ABLE TO GET ANSWERS TO*

I am not an investor, employee or borrower of Equititrust.

I do however personally know many of the people working there and I can assure any genuine investor that the Equititrust staff are working their butts off to ensure that investor's interests are protected and that the fund returns to liquidity ASAP.  I also know that they are always willing to talk to investors if they have any concerns, the questions below should really be addressed to the appropriate people at Equititrust,  surely this is the appropriate way to address concerns rather than faceless and anonymous postings on sites like this.

I am in the financial services industry and have several clients in the funds management industry.  There are numerous legal restrictions in Equititrust addressing some of the matters repeatedly raised by some of the users of this site.  There are also many fundamental errors/assumptions made by some users which they state as fact.  Just one example is the repeated emphasis on the 3 month cashflow question.  The disclosure by Equititrust does not mean that they only have 3 months cash left.  What it says is they have enough for 3 months which is the requirement under the quarterly Benchmark disclosure requirements (ie they are 3 monthly statements).  It's a bit like a company saying in their annual accounts they have enough cash to keep them going for the next 12 months - that doesn't mean that's all they have - it's what they are required to confirm.

I certainly would not get too hung up about multiple user accounts.   
It may well be that a staff member posted some comments to counteract the vitriol appearing on this site.  As long as they didn't breach any disclosure laws (and looking at the comments it is clear this has not
happened)

Finally, one cannot help but comment on the nature of the attacks on Equititrust and their staff.  Many of the attacks are very personal and ignore the monumental efforts being put in by these people to ensure the future viability of the company.  Hardly seems like the sort of damaging comments a true investor would want to make. Many of the competitors of equititrust have fallen by the wayside, however through careful managment, the team at equititrust seem to be moving forward with the investors interests at heart.  

anyway just some thoughts.   




kostag said:


> These questions posted since 17-2-11:-
> 
> Q1: Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money (capital raising now frozen by ASIC) . Yes or No?
> 
> ...


----------



## kostag (20 February 2011)

*Re: Equititrust: QUESTIONS THAT INVESTORS OUGHT BE ABLE TO GET ANSWERS TO*

THANKS ARMSLENGTH:

HOW COME YOU KNOW SO MUCH.

*DOES QUINLIVIN OWE EQUITITRUST $50M ??? *  -  IT IS PROBABLY A MATTER OF PUBLIC RECORD, SO YOU ARE NOT DIVULGING ANY SECRETS. THIS QUESTION SEEMS TO HAVE HIT THE 'CONE OF SILENCE' 

NOT INTERESTED IN VAGUARIES SUCH AS "ALL WORKING THEIR BUTTS OFF" - WHATEVER THAT MEANS. LETS START TO GET SOME FACTS OUT THERE IN THE MARKET PLACE -  NOT ANOTHER SYCOPHANT. ANYWAY, THAT'S WHAT THEY TAKE $15M A YEAR TO DO, I IMAGINE.

PLEASE DONT INSULT ALL OUT INTELLIGENCE TO SUGGEST THAT THE PC USED BY DAVID KENNEDY TO REPLY TO THIS FORUM HAS JUST HAPPENED TO BE USED BY SOME OTHER STAFF MEMBER DEFENDING AGAINST 'VITRIOL'.  WHAT THE CEO'S PC IS ALSO OPEN ACCESS TO ALL AND SUNDRY IN THE OFFICE? 

FINALLY, MOST INVESTORS (ATLEAST $40M+ OF THEM ) -  ARE NOT INTERESTED IN THEFUTURE VIABILITY OF THE FUND -  THEY WANT IT WOUND UP PROFESSIONALLY AND THE CAPITAL REPAID - THE ONLY PEOPLE INTERESTED IN THE LONG TERM VIABILITY ARE THE PEOPLE TAKING THE $15M A YEAR. ITS NOT A BLAME GAME BUT A PROJECTED 80% DEFAULT LOANS WITH 37% CONFIRMED AS DEFAULT NOW, DOES NOT ENGENDER ANY CONFIDENCE, NOR DOES IT BESTOW ANY RIGHT FOR EQUITITRUST TO CONTINUE TO MANAGE PUBLIC FUNDS.

FRANKLY, THE FALSE POSTINGS UNDER NUMEROUS NAMES -  REPORTING DRIVEL LIKE "I JUST SPOKE TO SID SUPER AND HE TOLD ME ALL ETC ETC.... IS A DISGRACE, MISLEADING AND DEISIGNED TO CREATE A FALSE IMPRESSION IN THE MINDS OF THE PUBLIC, SOME OF WHOM MAY HAVE BEEN BEGUILED BY THE NEXT "OFFERRING" OF $50M. SO SORRY, ARM'SLENGTH, THE RAMNIFICATIONS OF FALSE POSTINGS IS A SERIOUS ISSUE. NOT AS EASILY DISMISSED AS YOU ATTEMPT TO DO. 

LOYALTY IS ADMIRABLE, NAIVETE (IF THAT'S WHAT IT IS) IS DOWNRIGHT DANGEROUS WHEN DEALING WITH $200M OF PUBLIC MONEY..





Armslength said:


> I am not an investor, employee or borrower of Equititrust.
> 
> I do however personally know many of the people working there and I can assure any genuine investor that the Equititrust staff are working their butts off to ensure that investor's interests are protected and that the fund returns to liquidity ASAP.  I also know that they are always willing to talk to investors if they have any concerns, the questions below should really be addressed to the appropriate people at Equititrust,  surely this is the appropriate way to address concerns rather than faceless and anonymous postings on sites like this.
> 
> ...


----------



## Garpal Gumnut (20 February 2011)

*Re: Equititrust Deception Caught Out*



No Trust said:


> All posts under the Equititrust Banner were signed off from David Kennedy except for the last post, so if the other two deceptive posts were from the same PC then it looks like the culprit is the one who sits at this computer.
> 
> As CEO of Equititrust David Kennedy has serious obligations’, in part being the custodian of retirees money. For the company to engage in this type of conduct and pose as someone else over the internet is outrageous and totally out of the bounds of what investors would expect from the company as well as its CEO..
> 
> ...





If this is true, it would be more worrying to me than any amount of financial reports or audits, as these are dry information capable of being fiddled, shaded, changed or otherwise altered, to the benefit of the author. 

Matters of governance predominate in my assessment of any company, board or executive. 

gg


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## katie534 (20 February 2011)

I remain so surprised that some people on this blog are so intent on bagging Equititrust yet leave themselves open to serious questions about their own morality. 
You have asked Equititrust to divulge confidential client information to you - an unknown and vitriolic collection. 
I suggest you familiarize yourself with the current Privacy Laws of your State.
To divulge client information is against all the standards I was trained in.
What would you say if some unknown person started hounding your solicitor, accountant or doctor for information about you?
You go on with threats about ASIC but what would they say to a company that divulged private corporate information on a blog? Unbelievable.
When you call for all these outrageous matters to be dealt with by breeching any client or investors confidentiality, it shows more about you than anyone else. You are very naive. Or a bully?
Do you know what business principles are involved in breeching client confidentiality?
I trust Equititrust with my private information. 
I would never trust some people who post here.
I look forward to ASIC following this blog. Not for the reasons you think though.
All businesses can make mistakes. They then have the opportunity to trade out.
Time is a great healer of all things and Equititrust and its employees have the same rights to privacy and respect as anyone.
You can call them anytime - the same as I do.
I have chosen not to withdraw or use hardship withdrawal.
My choice because I am a calm, rational person.


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## zencorp (20 February 2011)

This does not derogate from the fact D Kennedy posed himself as an investor on this forum, lied about his status and while doing so accusing others of being failed developers. It is obvious that he intended to sway and influence others by being dishonest to the public. If I decided to call him, would I ask for Buffettman - the investor - Ozab the avid Equititrust supporter - or David Kennedy the CEO? Hmm.. given this level of dishonesty - could I trust anything that managed to come out of his mouth?! He might even try to tell me he is still an investor (depending on which persona he decided to take on). 



katie534 said:


> I remain so surprised that some people on this blog are so intent on bagging Equititrust yet leave themselves open to serious questions about their own morality.
> You have asked Equititrust to divulge confidential client information to you - an unknown and vitriolic collection.
> I suggest you familiarize yourself with the current Privacy Laws of your State.
> To divulge client information is against all the standards I was trained in.
> ...


----------



## kostag (20 February 2011)

*Re: Equititrust: its a public money raiser*

Katie Katie Katie

the point that you and Equititrust both seem to miss is that this is public money that they hold and they are out in the market place soliciting new money.

Katie, you are correct. No-one can ought or should ask you to divulge your private details. Thats a 'given'. However EQUITITRUST has an open website and by law they are obliged to make certain statements available to the PUBLIC. They hold and take money from the public -  so you cant have it both ways and hide behind some veil of privacy when it suits.

Now, in circumstances where they a) cannot pay back people who are asking for their money , and b) at the same time out there trying to raise $50m; and c) at the same time making rapidly detioriating admissions about the business; its cash flow; its assets and viability -  well, sorry, Katie -  they do have an obligation to answer.

Now, as to your 'vote of confidence' that you will be leaving your investment with them -  well, sorry to upset you, you have no choice. They are not paying redemptions.

If you are/were a true investor, the questions that I posed in my recent posting would alarm you, surely. If you are not an investor, well, ofcourse you dont care.





katie534 said:


> I remain so surprised that some people on this blog are so intent on bagging Equititrust yet leave themselves open to serious questions about their own morality.
> You have asked Equititrust to divulge confidential client information to you - an unknown and vitriolic collection.
> I suggest you familiarize yourself with the current Privacy Laws of your State.
> To divulge client information is against all the standards I was trained in.
> ...


----------



## kmint (20 February 2011)

I don't normally follow Aussie Stock Forums - I just came here from a Google search on “Equititrust”.  Amongst other things I am a part time computer geek and my attention was drawn to Equititrust because of an email I received earlier this week.  The email (copied below) was purportedly sent by a David Kennedy from Equitilost@gmail.com and it referred me to several links of articles recently appearing in the Sydney Morning Herald. 

------------

  From: David Kennedy [mailto:equitilost@gmail.com] 
Sent: Tuesday, 15 February 2011 5:27 PM 
To: 

Subject: Equititrust

    Seems Equititrust has been busy over the last week:

    http://www.smh.com.au/business/prop...ow-35m-in-impairments-20110213-1as0d.html    
http://www.brisbanetimes.com.au/bus...fault-at-equititrust-fund-20110209-1an0h.html
    http://www.smh.com.au/business/putting-profits-into-perspective-20110209-1an0e.html  

---------

I can see from the thread that there has been a lot of discussion to identify each posters relationship with Equititrust, so I'll let you know up front that I'm not a borrower, investor or employee of Equititrust.  My interest is with how the internet can be used to make anonymous viral attacks on someone. I don't have anything to add to the debate about what's going on with money people have invested, etc. but I do have some thoughts about some of the things that are happening in your discussion. 

As has been mentioned in the thread, there are some posts and comments which seem to be purely personal and designed to incur damage without regard for the truth.  When you defame someone by saying something that isn’t true then there can be consequences by way of monetary judgement, apology etc.  When defamation is a deliberate intent to cause damage then it becomes criminal defamation with far greater consequences.  The way that things are progressing in this thread, I think some posters should be starting to get a little nervous right now. I wouldn't be surprised if Equititrust started a defamation process for some of the things being written - they probably should. 

I am surprised ASF would allow this sort of vilification.  It is akin to a conviction without a fair trial.  They may well also have liability given they have allowed the postings to be published.

I have read the attacks in recent days about Equititrust’s alleged multiple accounts with some bemusement.  There is an old legal phrase which says “He who seeks equity must come with clean hands”.  Given that people have now started doctoring email accounts (Equititlost@gmail.com posing as "David Kennedy"), it leaves some question mark about whether or not the multiple accounts are all Equititrust’s.  Having read the posts associated with the alleged multiple accounts it does appear as if they may at least be associated but that may be as work colleagues, spouse, child, parent, friend etc.  I wouldn’t be jumping to any conclusions in that regard – particularly if you don’t have clean hands.


----------



## katie534 (20 February 2011)

http://www.articlesnatch.com/Article/Cyber-Bullying-Against-Corporations/1786679

I strongly suggest any readers of this blog to investigate cyber bullying against corporations.

It is easy to search for more.

Clean hands on this thread?


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## No Trust (20 February 2011)

*Equititrust Deception Caught Out*

Trying to divert the fact that Equititrust was using 3 accounts on this web site won’t work.. 

I believe Equititrust's old account is still open and they can make a statement on this web site as to why they were operating 3 accounts.

The excuses that are now being thrown around about other staff members, children, friend etc using the computer and making comments is a joke.

In the same vein, when someone seeks Equity they must come with clean hands, more importantly when a *party seeks to raise Equity *they must come with cleans hands too.


Unfortunately for all the poor suffering investors of Equititrust this web site has revealed what immature individuals are managing their money. Equititrust has clearly been caught with its hands glued to the keyboard. No way around it..


In regard to this, they will squarely have to answer to the Regulator. I have discussed their actions with a _*senior barrister in Sydney *_who specialises in Banking and Finance Law. His assessment is what they have done is illegal and a clear breach of their duties as directors in charge of a responsible entity. 

His comments were that even in the face of a barrage of comments on a forum, a corporation and its directors _ought to take the high road and not get involved __*under assumed names*_. He went on further, to say that after he had read the thread that he could not believe that Equititrust had even responded to the thread in the first place. His example was that the four major banks have many things said about them on the internet and that it would be unthinkable that NAB, COMMONWEALTH, or WESPAC etc would participate in forums on these websites. 

Further he said that if one of the major banks was caught posing as an investor or someone that they were not that this _*would be a breach of the highest order *_due to the fact that the financial institution has obligations under a code of conduct as well as the fact that the company is licensed to raise money from the public. More importantly he said that if the CEO was behind the deceptive postings that this would _*take the breach to another level *_in that it is *incomprehensible* that a CEO of a company with a financial services licence would engage in such conduct over the internet.


What is occurring now is an attempt at damage control, in that Equititrust’s own legal advice will confirm the same. So the blame is now trying to be shifted to anyone, friends, work colleagues, parents, etc etc.. This won’t work as Garpal Gumnut  correctly said the* person can be traced by other sophisticated means*. 



Posting under other assumed names here such as Armslengh or Kmint won’t make it go away...


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## kostag (20 February 2011)

Lets get back to serious debate about a serious issue and that is public disclosure  by a corpoation which seems to have some serious problems and  which has custodianship of $200M of public money. Legitimate questions have been raised and frankly repeatedly mocked. 

Lets just face reality, 'we' won't get answers. ASIC might, 

I cant however overlook this -  someone called ARMSLENGTH joins this FORUM is Feb 2011 and starts with  " _I am not an investor, employee or borrower of Equititrust_."

then this POST by KMINT - another new member - he/she says:- " so I'll let you know up front that _I'm not a borrower, investor or employee of Equititrust_"

Got a familiar ring?

KMINT , I agree if someone is sending GMAILS around under the name EQUITILOST and under the name 'David Kennedy' etc -  is certainly wrong. No-one would give that tactic any credence. However, I suggest to you that any recipient  would not have taken any such email seriously -  what David Kennedy berating his own company? You didn't take it seirously, did you?  I dont. So, it is a joke -  in very poor taste - yes, but a joke. More than likely some poor attempt at satire. However (and not by justification) David Kennedy passed himself as BUFFETMAN, OZAB and who knows Katie and maybe even you, Kmint. So maybe someone was simply sending up the hypocrisy of it all. If CEO David Kennedy addressed legitimite issues and concerns with resorting to bunker mentality - this whole tawdry exchange of email postings may have simply gone away. 

However, the facts remain -  despite all of this diversion by the _"staff of Equititrust" _there are a number of serious questions posed on this site which are continuously ignored.

I guess, we have all formed a strong view as to why they are ignored.









kmint said:


> I don't normally follow Aussie Stock Forums - I just came here from a Google search on “Equititrust”.  Amongst other things I am a part time computer geek and my attention was drawn to Equititrust because of an email I received earlier this week.  The email (copied below) was purportedly sent by a David Kennedy from Equitilost@gmail.com and it referred me to several links of articles recently appearing in the Sydney Morning Herald.
> 
> ------------
> 
> ...


----------



## zencorp (20 February 2011)

Does any one know when the interim finincials are due - ie for December? 

Kmint - if we were using multiple accounts we would have already been outed by ASF. Let's just deal with facts shall we - David K used his work computer to log these posts. Whether it was David or a collegue doesn't matter - according to their financials - mm holdings pty ltd is the only related party with an investment in the scheme. The posts which came from David's computer claimed (buffettman) was an investor and was really happy with the scheme. Missleading in it's finest form!


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## ASICK (21 February 2011)

kmint said:


> ...  I can see from the thread that there has been a lot of discussion to identify each posters relationship with Equititrust, so I'll let you know up front that I'm not a borrower, investor or employee of Equititrust.  My interest is with how the internet can be used to make anonymous viral attacks on someone. I don't have anything to add to the debate about what's going on with money people have invested, etc. but I do have some thoughts about some of the things that are happening in your discussion. ...




I'm not an investor in Equititurst either - I've been suckered elsewhere.  Apart from your despair, among other things, four issues always rise to the surface in these dud managed fund threads: Debt, Mistrust, ASIC and Doubtful Identities in Forums.

A managed fund incurring debt seems as natural as expecting the sun to rise each morning - if fees are calculated on FUM, then debt increases management fees while increasing investor risk.   There are most incentives for a manager to incur debt than not to.

The failure of trust in a managed fund typically means the start of the end for that trust and the freezing of assets - there aren't too many circumstances where mistrust is a good thing, but a manager of a frozen fund is in a unique position of not having to work hard to encourage investment simply because investors cannot leave the fund - a good situation for the manager, but a terrible one for investors.  Add debt and the freeze is entrenched for perhaps years and years.

Many investors look to ASIC to open up the 'can of worms' and save the day, but it won't - ASIC, like the US SEC, waits until the 'accident', looks around for 'victims' and then MAY try to sort out what happened.

'Doubtful Identities' always seem to come up in these forums - normally not much can be done about it.  In most cases their postings are subtle but sometimes they run so hard against the truth of the matter (to the utter disbelief of embattled investors) that they are obvious - most times they are not.  Members have to be careful when reading postings.  

It's  cold comfort, but many funds have gone before you (Westpoint, Timbercorp, City Pacific, Octaviar (PIF)), and I'm sure many will pass after you.

One thing is for sure, you have to work hard and fight for the return of what's left of your money, no one else is going to do it for you.


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## kostag (21 February 2011)

*Re: Equititrust: a balanced view*

Thanks ASICK -  in balance, a good posting. I think that we could all learn from that. Irrespective of whether you are EQUITITRUST, an INVESTOR, an EMPLOYEE, a TWISTED VINDICTIVE FAILED DEVELOPER/BORROWER.... the facts are the facts



ASICK said:


> I'm not an investor in Equititurst either - I've been suckered elsewhere.  Apart from your despair, among other things, four issues always rise to the surface in these dud managed fund threads: Debt, Mistrust, ASIC and Doubtful Identities in Forums.
> 
> A managed fund incurring debt seems as natural as expecting the sun to rise each morning - if fees are calculated on FUM, then debt increases management fees while increasing investor risk.   There are most incentives for a manager to incur debt than not to.
> 
> ...


----------



## kostag (21 February 2011)

*Re: Equititrust: QUINLIVIN*

this is from the DEC 2010 DISCLOSURE

Borrowers Borrowers' % of Total
By Size Total Loans Loans
Borrower 1 $52,213,753 20.8%

Is this LOAN , QUINLIVIN ????


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## No Trust (21 February 2011)

*Cash Position*

Does Anybody / Investor know what Equititrust's actual cash position is ??

It seems that the cash projection has not been revealed to the investors to date. Hopefully the Interim Financials will clearly outline remaining cash.


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## kostag (21 February 2011)

*Re: Equititrust: MEDIA BEING INCORRECT OR DAMAGING*

On 14-2-2011: the EQUITITRUST website published this comment:-

_"We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first."_

This comment gave rise to these questions. If FAIRFAX MEDIA was not correct, then the answers to these questions would deal with any inaccuracy:-

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost.


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## ASICK (21 February 2011)

Some casual observations (from a non-investor):

http://www.equititrust.com.au/Pdfs/FinReport062010.pdf

Page 15 - "...  Note 4 Net Assets Attributable to Investors - Liability
...
The distribution paid on subordinated units is the surplus that remains after the payment of:
• expenses of the Scheme
• benchmark returns to members; and
• management fees of the Responsible Entity.
This payment was equivalent to an annual distribution rate of 39.04% (2009: 27.66%) on the Responsible Entity’s investment, which is reflective of the rate associated with the subordinated nature of units. ..." - just more debt - It must be fun to base fees on valuations a manager can believe in.  Are the subordinate units really subordinate at these sort of interest rates? I don't think so.

Paying tax? What if you don't get all your capital back?  How will you get income tax back if you incur capital losses?  Income tax cannot be offset against capital losses.

http://www.equititrust.com.au/Pdfs/Benchmark_Update_Dec_2010.pdf

Page 5 - "... Loan Covenants
Equititrust, as the Responsible Entity for the Fund, has breached several minor covenants with respect to the NAB facility. ..."  Cash flow problems?

Page 6 - "... LVR Table
> 90.0% 7 $39,673,887 15.8% ..."  Potential losses here?  The security could be worth as much the loan, or it could be worth substantially less.

Page 6 - "... Loans with Interest in Arrears
60 - 90 days 7 $29,286,244 $763,540 11.6%
90 - 120 days 4 $19,846,283 $815,912 7.9%
120+ days 11 $74,573,392 $4,332,315 29.7%
Total 22 $123,705,919 $5,911,767 49.2% ..."  (edited to fit table) - Potential losses here too?


----------



## kostag (21 February 2011)

THIS IS THE SORT OF RIGOROUS ANALYSIS CEO KENNEDY OUGHT BE PROVIDING TO THE MEDIA, PUBLIC AND INVESTORS.

WELL DONE ASICK (sic)



ASICK said:


> Some casual observations (from a non-investor):
> 
> http://www.equititrust.com.au/Pdfs/FinReport062010.pdf
> 
> ...


----------



## ASICK (21 February 2011)

CAPITAL WARRANTY or LICENCE TO SKIM?

http://www.equititrust.com.au/Pdfs/EIF_Pds_200902.pdf

(page 5), "... Is there a capital warranty?
As proof of its commitment to investor security, Equititrust must maintain a minimum investment in the Fund of $20 million as a Capital Warranty Investment to act as a buffer and absorb losses on loans should they occur. 

Equititrust may maintain a higher level of investment in the Fund; as at 31 December 2008 that investment totalled $40 million. Equititrust’s investment is subordinated to the interests of investors and its entire investment would have to be lost prior to any investor loss. For further information see Section 7.5. ..."

(page 18), "... 7.5 Capital Warranty Investment
Equititrust holds a Capital Warranty Investment in the Fund.
The Capital Warranty Investment is the amount invested by Equititrust as a subordinated investment. This is a minimum sum of $20 million with no maximum. As at 31 October 2008, $40 million was held as a Capital Warranty Investment.
Capital Warranty – in the event the Fund suffers a capital loss, that loss is first incurred against the Capital Warranty Investment held by Equititrust in the Fund. The Capital Warranty Investment is a separate class of units on issue in the Fund and these units rank behind other investors in the payment of distributions. 

The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access investment ranking equally with other investors. *Despite the Capital Warranty Investment provided by Equititrust, there can be no guarantee of a return of capital or payment of income to investors. *..."

(page 14), "... When the income of the Fund is higher than the amount necessary to pay all investors Benchmark Rates, Equititrust will, after payment of the Benchmark Rates, receive its managed fee and any remaining surplus will be paid to Equititrust as the holder of the subordinated Capital Warranty Investment. ..."

"... The price of units in the Fund has historically remained at $1.00 per Unit. Equititrust has invested in the Fund a minimum $40 million to 31 October 2009 and thereafter at least $20 million as a Capital Warranty Investment. The Capital Warranty Investment acts as a buffer in the event the Fund suffers a loss arising from the operation of the Fund. ..."

Sorry to post again, but after looking at the purpose of the so-called 'Capital Warranty' as a subordinated investment, I fail to see just how the so-called 'Capital Warranty' warrantees anything if the manager is able pull out up to 39.04% of that warranty each year as a 'return' on a 'subordinated' investment (page 15, http://www.equititrust.com.au/Pdfs/FinReport062010.pdf)

(Financials, page 28), "... 10. Financial instruments (cont)
c. Financial risk management (cont)
(iv) Capital protection
The Responsible Entity’s Board policy is to maintain a minimum investment of 40,000,000 units in the Scheme. The rights attached to this investment are subordinated to those of other investors. This affords protection to investors and finances that any first loss up to $40,000,000 will be absorbed by the Responsible Entity’s investment. The Responsible Entity has the discretion to reduce the minimum
investment to $20,000,000. ..."

I'm always amazed how managers are able to set up SCHEMES to ensure the best outcome for themselves.    The so-called 'capital warranty' seems to do no more than skim the extra profits out of the fund in any year, rather than have them off-set against potential losses in future years.

At the rate the manager of the fund is going, it'll have most of it's money back in three years.  Of course, don't forget, than even if a 'return' is not available to the manager from the subordinate holding, the manager still racks up a management fee on those units.   In any event it'll already have back more than $40m including leaving the $20m which would remain at risk (that is, withdrawing $20m at a later date, and leaving $20m as the warranty) when considering the over $20m in returns from the subordinate investment.

Interestingly, if for any reason the manager is replaced, then the warranty reverts to an ordinary unitholding (PDS, page 18). 

If the fund does strike real trouble, then I reckon you'll get a real feel for your situation if the $40m so-called 'capital warranty' is suddenly reduced to the minimum $20m in the event no profits are on the horizon.  Of course, investors won't get to know about it  (if it happens) until the financials are released (which could be months later). 

It also seems that the $20m is able to paid back to the manager regardless of the state of the fund which leaves only $20m at risk by the manager.  

So, all the time the manager was able to rip out up to 36% of $40m and if things get tough, it'll able to redeem $20m even in bad times (non-liquid fund).

These are great SCHEMES if you can get one up and going.


----------



## kostag (21 February 2011)

*Re: Equititrust: CAPITAL WARRANTY*

ASIK

I htink that it is a bit worse than this -  I don't think that anyone ever actually out $40M in. I thtink that this is part of the accumulated profits over the years which have been 'capitalised' into UNITS etc. Not quite the same thing. Normal accounting practice is that LOSSES would be first absorbed by ACCUMULATED PROFITS before impacting on THIRD PARTIES. But to still get 39% on it in the meanwhile, appears a bit rich.


----------



## ASICK (21 February 2011)

*Re: Equititrust: CAPITAL WARRANTY*



kostag said:


> ASIK
> 
> I htink that it is a bit worse than this -  I don't think that anyone ever actually out $40M in. I thtink that this is part of the accumulated profits over the years which have been 'capitalised' into UNITS etc. Not quite the same thing. Normal accounting practice is that LOSSES would be first absorbed by ACCUMULATED PROFITS before impacting on THIRD PARTIES. But to still get 39% on it in the meanwhile, appears a bit rich.




Yes, I see that, "... Combining absolute commitment to investor protection with keenly honed property finance skills, Equititrust has grown substantially. To ensure it is adequately resourced, Equititrust Limited has maintained a long-term strategy of growing retained earnings (as at 31 December 2008 this figure was $62,053,068) A substantial portion of the earnings are invested in the Fund ($40 million as at 31 December 2008). This investment: • is subordinated to the interests of investors as a safety buffer against loss; and • in this PDS is referred to as the Capital Warranty Investment.

but nevertheless, it's the structure the manager put up (and declared in the PDS) to give some comfort to investors, but in just two short years they're recovered over $20m in 'returns' from that 'investment'.   Consequently, if the manager reduced the capital warranty to $20m, then it's already taken well over $20m from the fund in just years anyway (then the manager would have recovered more than the $40m warranty (over $20m in 'returns' + $20m redeemed + $20m remaining security).

Yes, the fund was consolidated into the accounts of Equititrust Limited and the amount, as you say, was retained earnings held as capital warranty units.  After the issuance of the PDS, the fund was deconsolidated so the Equititrust Limited would no longer be permitted to skim profits off the fund or be liable for the fund's debts (whichever was applicable). 

As permitted in the PDS, Equititrust Limited skimmed the profit in the fund but limited it's capital warranty to a minimum of $20m (or $0 if ousted as manager) - a much better deal than having the fund consolidated into the company's accounts.

The PDS added another level of security for all capital warranty amounts over $20m by allowing redemption such units even in  a non-liquid fund:-  

PDS, page 25, Paragraph 12.11, "... (f) subject to paragraph (d) above, the redemption of the Capital Warranty Investment can only occur:
(i) with the consent of Equititrust; and
(ii) all valid withdrawal request forms have been processed and paid at a withdrawal price of not less than $1.00 per unit; and
(iii) provided the redemption does not breach any existing facility agreement;
(iv) there being retained sufficient surplus in the Fund to meet any income warranty for the current month; and
(v) Equititrust has a reasonable belief that any income warranty will continue to be met. ..."

So, in particular circumstances, $20m of the $40m warranty would be able to redeemed.  To my mind, that turns at least $20m of the 'capital warranty' to a debt.  That would make the debt equal to the sum of the NAB loan AND $20m of the capital warranty.

It's a great deal to rip 36% of $40m in a year, but if that drops to very little or even zilch, then I'd be surprised if $20m of the capital warranty isn't redeemed (whether the fund is liquid or non-liquid) at the soonest possible moment.   Of course, investors won't know about it until informed in the fund's financials.

It'd be my guess that the redemption of up to $20m of capital warranty units would be the 'canary' in your fund as was the deconsoldiation of the City Pacific First Mortgage Fund from the accounts of City Pacific Limited.

Of course, if the manager is replaced (for any reason whatsoever), the capital warranty converts to access units. 

To my mind, this 'capital warranty' gives at best $20m of security, while the other $20m seems to sit more snugly with the concept of debt (because it's able to be redeemed at full $1.00 value even while the fund is non-liquid)

Mind you, I'm no expert at this - just self-taught in another messy fund.


----------



## kostag (21 February 2011)

hell, ASICK. I think that I understand what you are saying here. It is good to see that we have knowledge in these matters assisting in the analysis.

ASICK, in your expereince how is this all heading?

Perhaps the EQUITITRUST strategy is not akin to City Pacific, Asset Loans, MFS etc and others.

Maybe the fact that they are there now is a testimony to good management rather than skullduggery.

How do you know?


----------



## ASICK (21 February 2011)

kostag said:


> hell, ASICK. I think that I understand what you are saying here. It is good to see that we have knowledge in these matters assisting in the analysis.
> 
> ASICK, in your expereince how is this all heading?
> 
> ...




Well, it's a bit like the old adage, "This won't hurt - did it?" 
One minute you're a happy little vegemite, and the next minute you can't get your money back - and the manager's the only who knows when your fortune is about to change.
.. then after paying tax on interest for years, you might find out you've made a capital loss after paying tax on money that probably was nothing more than your own capital being fed back to you to keep you happy.
And then you suddenly become interested in the terms of your PDS, your fund's constitution, and the Corporations Act. 
You join a forum and look for the latest news.
Ah! gone are the days of just sitting back and watching your bank balance grow.
[let's hope all the foregoing doesn't apply to you - It sure as hell appliles to me].


----------



## kostag (21 February 2011)

*Re: Equititrust: TAX LOSS OR CAPITAL LOSS*

so ASICK: what you are saying is that I pay TAX on the 8% interest that I get -  so I finish up with about 5.5% -  however , if I loss say $200,000 on a $1Million, that $200,000 is not a tax deddductible loss?  How crazy is that!

BY the way, did you see in teh financial press, the COLONIAL FUND owned by CBA with over $800M in it, CBA took $17M in fees, and again INVESTORS don't get their money back there eiether!

Its a disgrace.

Just one thing though they piad $17m in fees on $800M, we are paying $15m fees on $200million!

Either way -  it is wrong by both entities.

None of us should be paying any fees for such lowly performance!


----------



## awg (21 February 2011)

This thread exemplifies why I dumped all managed funds, especially property and mortgage funds, sacked my financial advisor, established an SMSF, and invested in LISTED entities.

If you are going to get ripped-off by directors, bankers, etc there are plenty of opportunies on the ASX, or other exchanges, but at least I can part company with them in 30 seconds.

No direct knowledge of Equititrust, but the postings here indicate that high fees are being charged, and investors cannot redeem


----------



## No Trust (21 February 2011)

*Equititrust Deception Caught Out*

It seems a lot of investors missed the point as AWG sets out and thought their money was liquid. There needs to be a timeframe as to how long a fund can remain frozen. The fee gouging when the fund is frozen is also unbelievable.


Then to top it off you have Equititrust acting in the most *unethical and unprofessional *manner, operating multiple accounts on this Web Site and *pretending *to be investors. It does not get any worse than this.


The administrator of this web site thankfully stepped in and made everyone aware of what was happening..


----------



## ASICK (21 February 2011)

*Re: Equititrust: TAX LOSS OR CAPITAL LOSS*



kostag said:


> so ASICK: what you are saying is that I pay TAX on the 8% interest that I get -  so I finish up with about 5.5% -  however , if I loss say $200,000 on a $1Million, that $200,000 is not a tax deddductible loss?  How crazy is that!  BY the way, did you see in teh financial press, the COLONIAL FUND owned by CBA with over $800M in it, CBA took $17M in fees, and again INVESTORS don't get their money back there eiether!
> 
> Its a disgrace. Just one thing though they piad $17m in fees on $800M, we are paying $15m fees on $200million!   Either way -  it is wrong by both entities.
> 
> None of us should be paying any fees for such lowly performance!




A ponzi scheme may be described as a scheme in which members are paid back capital as interest.  Alternatively, it might be described as a scheme in which new investment is paid out as interest to members.

These schemes need a continuous inflow of investment capital as the 'oxygen' that keeps them 'alive'.   Management of cash flow and accurate valuation of assets are critical elements of funds management so.  In the strictest sense, managed funds/banks/building socieites are non-liquid all the time and, as they cannot repay all investors on demand,  they may be defined as ponzi schemes because they rely on new investment money and general cash flow to satisfy redemptions and/or withdrawals.

In the event the scheme formally freezes (lack of new investment/mass demand for redemption) then the scheme relies heavily on the value of assets: there is no ballast provided by the ebb and flow of capital to keep the fund afloat.  I think it is that ballast which obfuscates the true financial position of a fund.  If there is a high level of investment and a low level of redemption, then the value of assets need not be tested (by sale).  So, it's possible to pay income (based on particular asset value) in circumstances where assets have been overvalued for one reason or another. Alternatively, if those assets were properly valued, no profit might be recorded, and therefore no payment of income possible.

However, when a fund freezes, there is no more new investment and the ONLY source of liquidity is from asset sales: it is at this time where investors see the REAL value of assets as those assets are sold in order to satisfy fund expenses and hopefully, investor redemption payments.

So, let's say a fund runs fine for 5 years, and during that time it returns 10% per annum. Let's say that fund then freezes and members suffer a 20% loss of capital.  What's the tax position?  Well Joe Investor duly paid tax for the five years,  but will be unable to offset the capital loss against his previous or future income.  He's have to find a capital gain in order to recover the loss.  This is one issue that doesn't seem to be addressed by members of all the damaged funds - and it's one that ASIC and the ATO seem not to want to get involved with.

The issue is being or has been raised in the  US.  Madoff investors' payment of tax on income which turned out to be no more than an eked out return of their very own investment capital.  I don't know what the outcome is/was, but investors paid tax believing they were earning income, but in reality they were not, so surely they would be entitled to a tax refund?

Don't you think you'd be entitled to a tax refund if you paid tax on income earnt in this fund this year if you found out next year the fund had suffered substantial capital losses which went back in time to, say, last year?  

Now your fund's mettle is being tested, and it wont be until loans are finally wound up that you'll find out the true value of the fund's assets and if necessary, the quality of other securities backing loans made by the fund: a process that might take years and years.

So, you're earning money now, and may be paying tax .. but you don't know the eventual outcome for your capital.  Even the High Court of Australia is perplexed by the distinction been income and capital, but the beat goes on .. and the distinction persists.

My guess is that most members of damaged funds have been ripped off by paying tax in circumstances where assets were overvalued for one reason or another.  Sadly, that tax becomes just another loss many investors have to suffer in silence.

Yes, I was sent the link about the Colonial fund.  If these managers were paid only on performance, many of them wouldn't be paid.   As to the fees, you have to look to the PDS.  Yes, it's not right, but it what we signed up on.  I certainly won't make the same mistake twice.

As for your fund, investors won't find out how they'll fare until loans are wound up and the sale value of assets and if necessary, securities are pursued.   I wouldn't be surprised if your fund starts to incur impairments now that it's non-liquid, but I hope I'm wrong.   I think investors should see any further redemption of the capital warranty investment as a foreboding: after all, what would cause a manager to take money out if it had the potential to earn nearly 40%? [Answer, only when it stood to earn nothing].

I don't expect everyone (or anyone) to agree with me - just my self-taught opinions.



..


----------



## kostag (22 February 2011)

*Re: Equititrust: TAX LOSS OR CAPITAL LOSS*

Thankyou ASICK, you have certainly taught me some things and you are right, the tax treatment is patently wrong. It is also fair to say, that Equititrust are not alone and have done a good job on the one hand to have been able to survive for so long.  Lets see how it all plays out. I wont be lodging my 2010 tax return just yet, that's for sure.



ASICK said:


> A ponzi scheme may be described as a scheme in which members are paid back capital as interest.  Alternatively, it might be described as a scheme in which new investment is paid out as interest to members.
> 
> These schemes need a continuous inflow of investment capital as the 'oxygen' that keeps them 'alive'.   Management of cash flow and accurate valuation of assets are critical elements of funds management so.  In the strictest sense, managed funds/banks/building socieites are non-liquid all the time and, as they cannot repay all investors on demand,  they may be defined as ponzi schemes because they rely on new investment money and general cash flow to satisfy redemptions and/or withdrawals.
> 
> ...


----------



## kostag (22 February 2011)

*Re: Equititrust: CYBER BULLYING -  ANOTHER DIVERSION FROM THE ISSUES*

1.   This apppeared on the EQUITITRUST web site yesterday -  a warning about cyberbullying and CEO David Kennedy -  see www.equititrust.com.au

2.   How would a 'cyber saboteur' get the email addresses of EQUITITRUST investors?

3.   Has any INVESTOR received anythng? I haven't.

4.   as per a previous POSTING on this website -  the emails come from EQUITILOST@GMAIL and are signed off as David Kennedy. If true, it is a cheap shot and probably illegal HOWEVER would any investor serioulsy beleive that the CEO of the company would send out emails as EQUITILOST? We now know that DAVID KENNEDY was outed sending postinsg tot his site under the names of BUFFETMAN, OZAB and OLMAN etc -  surely no-one believes that anything has serioulsy fooled anyone under the name of EQUITILOST. 

5.   finally, the allegation is that some recent BORROWERS were foreclosed upon etc and that they are behind a smear campaign. Anyone out there know of any recent EQUITITRUST foreclosures?  

Anyone who is serious -  all they wnat are some proper answers.


----------



## Olman (22 February 2011)

*Re: EquitiTrust*

Nice to see ASICK posting well researched comment here - it makes a welcome change.

Concerning the Return on Subordinated Investment, this quote from an earlier post sheds a bit more light and gives a more positive understanding:




Olman said:


> Re the Equititrust Income Fund:
> 
> ....these funds for the past 3 years have been largely applied to impaired loans.  There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone.
> 
> ...




Furthermore (with apologies for the clumsy quoting procedure - I'm still investigating the idiosyncracies of the system): (extract quoted from Olman 6th-December-2010 11:35 PM Post #40 this thread):

The $14m was the Return on the Responsible Entity's Subordinated Units (RSI) as described on p4 of the 09/10 Financial Report. The order of priority of payments (on the same page) show that these funds can only be paid if there is any surplus after actual expenses of the EIF, distributions to members, and management fees, are paid. Obviously this sum varies according to the financial circumstances in any one year, and is itself subject to the solvency of the EIF. If there is no money left after expenses, distributions and management fees, there is no return. Again, as stated in my post of 23 November, "these funds for the past 3 years have been largely applied to impaired loans. There are no compensatory arrangements or fees payable to Equititrust for this facility, and they do not regain the funds foregone". Equititrust Ltd could have legally taken these funds for their own use and left the impairments to erode the value of the subordinated investment and investors' funds. It has to be said that Equititrust's application of the RSI to impairments is a demonstrable act of good faith.    (End of quote)

Another point worth mentioning is that there is a distinction between Equititrust the company, the Equititrust Income Fund, the Equititrust Priority Fund and the other sub-entities within the company.  For most investors, the EIF is the major consideration.  Some posters here have confused the circumstances of the EIF and the EPF. An example: the Bank of Scotland is an issue for the EPF, but has little to do with the EIF.  Risk is also substantially different between the EIF and EPF: the EIF has primarily first mortgages for a lesser risk than the EPF, which does second mortgages for a higher risk/higher return.   

The health of Equititrust as a whole is one thing, but care must be taken to distinguish current effects between the different elements of the company and funds.


----------



## Olman (22 February 2011)

*Re: Equititrust: CYBER BULLYING -  ANOTHER DIVERSION FROM THE ISSUES*



kostag said:


> 1.   This apppeared on the EQUITITRUST web site yesterday -  a warning about cyberbullying and CEO David Kennedy -  see www.equititrust.com.au
> 
> 2.   How would a 'cyber saboteur' get the email addresses of EQUITITRUST investors?
> 
> ...




Ho hum - heard of hackers?  People with connections and friends of influential people who are well respected in the fields of skullduggery would have no problems in spreading misinformation.  It happens on here all the time.

As Joe Blow suggested recently, people who post should proofread their comments before hitting the Reply button.

Olman is not a nom de plume for Equititust.  Your post is offensive and untruthful.


----------



## Joe Blow (22 February 2011)

*Re: Equititrust: CYBER BULLYING -  ANOTHER DIVERSION FROM THE ISSUES*



kostag said:


> We now know that DAVID KENNEDY was outed sending postinsg tot his site under the names of BUFFETMAN, OZAB and OLMAN etc -  surely no-one believes that anything has serioulsy fooled anyone under the name of EQUITILOST.




I would just like to clarify a couple of points:

1. The user names that ASF were alerted to as being logged into from the same PC were "Equititrust Ltd", "Buffettman" and "Ozab". "Olman" was not one of these user names.
2. We cannot be certain that the user names "Equitrust Ltd", "Buffettman" and "Ozab" were all operated by the same individual, just that they were all logged into from the same PC.


----------



## zencorp (22 February 2011)

I think I understand all of this now - basically, Equititrust new or ought to have known what the certain dollar figure was going to be in impairments. So basically, they calculated a rate of return on the subordinate investment which would ensure that their 40m would remain whole while impairments were absorbed by the large return. I get it. & Yes I do agree - it is nice to see some solid analysis of the situation. I wonder now that given this 50m campaign has been stopped, when Equititrust expects to have the fund to return to Liquid. I guess that is why they said up to 80% of loans may be in default by the end of the year - looks like they are taking enforcement action to get cash back in. Good form - so hopefully, enforcement/litigation doesn't take to long and things are back to normal sooner rather than later. I herd along the grape line that D. Kennedy and the team were looking into getting an investment bank in - does anyone have anything constructive on this. cheers.


----------



## kostag (22 February 2011)

*Re: EquitiTrust*

good information that goes someway to allaying concerns 



Olman said:


> Nice to see ASICK posting well researched comment here - it makes a welcome change.
> 
> Concerning the Return on Subordinated Investment, this quote from an earlier post sheds a bit more light and gives a more positive understanding:
> 
> ...


----------



## kostag (22 February 2011)

*Re: Equititrust: CYBER BULLYING -  ANOTHER DIVERSION FROM THE ISSUES*

correct -  you did say that -  apologies



Joe Blow said:


> I would just like to clarify a couple of points:
> 
> 1. The user names that ASF were alerted to as being logged into from the same PC were "Equititrust Ltd", "Buffettman" and "Ozab". "Olman" was not one of these user names.
> 2. We cannot be certain that the user names "Equitrust Ltd", "Buffettman" and "Ozab" were all operated by the same individual, just that they were all logged into from the same PC.


----------



## kostag (22 February 2011)

my advisor told me that an approach had been made to Moss Capital.



zencorp said:


> I think I understand all of this now - basically, Equititrust new or ought to have known what the certain dollar figure was going to be in impairments. So basically, they calculated a rate of return on the subordinate investment which would ensure that their 40m would remain whole while impairments were absorbed by the large return. I get it. & Yes I do agree - it is nice to see some solid analysis of the situation. I wonder now that given this 50m campaign has been stopped, when Equititrust expects to have the fund to return to Liquid. I guess that is why they said up to 80% of loans may be in default by the end of the year - looks like they are taking enforcement action to get cash back in. Good form - so hopefully, enforcement/litigation doesn't take to long and things are back to normal sooner rather than later. I herd along the grape line that D. Kennedy and the team were looking into getting an investment bank in - does anyone have anything constructive on this. cheers.


----------



## zencorp (22 February 2011)

*Re: EquitiTrust*

I must admit you do seem to know a lot about Equititrust. The EPIF is only available for Wholesale investors... yes? is that fund frozen as well...  



Olman said:


> Nice to see ASICK posting well researched comment here - it makes a welcome change.
> 
> Concerning the Return on Subordinated Investment, this quote from an earlier post sheds a bit more light and gives a more positive understanding:
> 
> ...


----------



## zencorp (22 February 2011)

Do we know how much they are looking at borrowing... the same amount? 50m...?


----------



## ASICK (22 February 2011)

*Re: EquitiTrust*



Olman said:


> ...
> 
> If there is no money left after expenses, distributions and management fees, there is no return.
> 
> ...




Hi Olman,

yes, it's true that a return will only occur in the event of a profit - that's how the fund is swept free of excess cash, rather than leave the money in the fund to offset future losses.  I guess the bonus of any annual profit could have went to either investors or the manager, but since it's the manager's game, the manager took the bonus.

I'm not quite sure what you mean by 'these funds' being applied to impaired loans.  Certainly any impairment would reduce profit and there reduce the size of any return to the manager from the capital warranty, but there is no 'application' of the manager's units to offset impairments to date under the present PDS.  You might be kind enough to point out these offsets.

Again, I'm not sure what you mean by "there are no compensatory arrangements or fees payable .. for this facility .. they do not regain the funds foregone." because there are no funds foregone to date under the present PDS. Again, if I'm wrong, please be kind enough to point out the fees foregone.

Yes, Equititrust Limited could have taken the surplus subordinated investment over and above the minimum $20m as set out in the PDS, but it's clear that would be a silly move while the fund is turning a profit and offering up a return of near 40%, however, when profit disappears, it seems it would be a good move to extract (as they are able to, as any other secure lender to the fund) as much as possible.

That's where this so-called 'security' has been a real boom to Equititrust Limited at investors' expense.     I guess most investors thought the subordinated investment was really a security, but if they'd thought about it a little bit, they would have seen it's no more than a mechanism which allows the fund to be swept of profit while only leaving a relatively small security of up to $20m (zero if the manager is replaced for any reason).

This so-called security has allowed the manager to invest in the fund in order to glean extraordinary profits while offering not much at all in the way of security for members.


----------



## kostag (22 February 2011)

*Re: EquitiTrust:OLMAN*

I dont think it matters if OLMAN is tied closely with EQUITITRUST or not -  from the depth of inside knowledge he (or she) has -  we all assume that to be the case -  what is good though, is we do seem to be getting some detail, at long last.

A quck one for OLMAN -  does Dudley QUINLIVIN or any entity associated with him owe any of theFUNDS circa $50Million?



zencorp said:


> I must admit you do seem to know a lot about Equititrust. The EPIF is only available for Wholesale investors... yes? is that fund frozen as well...


----------



## Olman (22 February 2011)

*Re: EquitiTrust*



ASICK said:


> Hi Olman,
> 
> yes, it's true that a return will only occur in the event of a profit - that's how the fund is swept free of excess cash, rather than leave the money in the fund to offset future losses.  I guess the bonus of any annual profit could have went to either investors or the manager, but since it's the manager's game, the manager took the bonus.
> 
> ...




The ability of the fund manager to "sweep up the excess cash" is a consequence of the business model as outlined in the PDS.  When I became aware of this, I drew the same conclusions you have (ie, Equititrust was skimming the profits while the fund was frozen) , and posted my concerns which can be found in the beginnings of this thread.

Eventually I spoke directly to Equititrust about this, and they pointed out that for the three years prior the RSI had been applied to impairments and admin costs as previously outlined.  The nitty gritty details do not appear in the EIF PDS, but were reflected in Equititrust Ltd Annual Reports.  This appeared to be because of the seperate administration and reporting structures of the EQT identitities.  Reporting at the time was pretty scratchy, and has improved dramatically over the past 6-12 months.

The ability to take the excess profits is clearly stated in the PDS.  Investors put money into EQT for the benchmark rate of return, and the manager's profits were not the investors' issue.  If they were an issue to an investor, they had the choice not to invest.  We were in it for the stated return.  I don't think anybody expected any windfalls as a result of their investments.

The funds foregone were the RSI returns that were legally available to EQT - some $40m over the three years specified.  $30m was applied to impairments, and $10m went on admin costs.  Being naturally suspicious and cynical like you, I asked EQT about this, figuring they would probably charge these amounts foregone as some sort of debt due to them at a later date.  There response was "there are no compensatory arrangements or fees payable .. for this facility .. they do not regain the funds foregone."  

The subordinated investment is currently $40m.  This can be reduced to $20m subject to conditions you allude to and outlined in the PDS.  The RSI is compensation for the risks associated with the subordinated investment.  If there is any capital loss, the subordinated investment is diminished all the way to zero before any investor loses capital.  The RSI is a lucrative return for EQT when all goes well, but as recent history shows, EQT take the first hit in the event of impairments.  

When these facts are considered, Equititrust appears to be acting honourably, in my book.  The constant calls in this thread for them to explain away every possible contingency of existence are beyond reason.  If the posters throwing in these distractions are so smart, why are they not running their own empires - how do they find the time to dream up such scenarios?

cheers!


----------



## Olman (22 February 2011)

*Re: EquitiTrust:OLMAN*



kostag said:


> I dont think it matters if OLMAN is tied closely with EQUITITRUST or not -  from the depth of inside knowledge he (or she) has -  we all assume that to be the case -  what is good though, is we do seem to be getting some detail, at long last.
> 
> A quck one for OLMAN -  does Dudley QUINLIVIN or any entity associated with him owe any of theFUNDS circa $50Million?




Never one to lose an opportunity to insinuate, Kostag continues to fling manure.  

The "depth" of my "inside knowledge" comes from reading the publications on the Equititrust web site and actually speaking with management, which is a logical process for any genuine investor. 

I don't see any need to check out any of your querulous statements or questions with them.  I thought you had all the answers?  What's the matter with your well respected and trusted advisor?  Falling down on the job, is he?

"We all assume..."    - yeah, you sure do.  You and all your mates.


----------



## kostag (22 February 2011)

*Re: EquitiTrust*

OLMAN, and you were going so well.

Every line and bit of witty reparte you pull out of your arsenal of cynicism, ruins what was othewise illuminating.

However you do lose the point that others are making, in reality losses do get hacked out of retained earnings of any entity -  no big deal - in Equititrust's case by accelerating the rate of its return (circa 40% per annum!) , is Equititrust simply getting its money out in another form?

Olman, you seem to be able to get so much detailed information out of EQUITITRUST who simply wont tell anybody else -  can you do us all a favour and clear these lingering questions.

Q1:   QUINLIVIN: yes/no -  owes Equititrust circa $50M?





Olman said:


> The ability of the fund manager to "sweep up the excess cash" is a consequence of the business model as outlined in the PDS.  When I became aware of this, I drew the same conclusions you have (ie, Equititrust was skimming the profits while the fund was frozen) , and posted my concerns which can be found in the beginnings of this thread.
> 
> Eventually I spoke directly to Equititrust about this, and they pointed out that for the three years prior the RSI had been applied to impairments and admin costs as previously outlined.  The nitty gritty details do not appear in the EIF PDS, but were reflected in Equititrust Ltd Annual Reports.  This appeared to be because of the seperate administration and reporting structures of the EQT identitities.  Reporting at the time was pretty scratchy, and has improved dramatically over the past 6-12 months.
> 
> ...


----------



## kostag (22 February 2011)

*Re: Equititrust: INVESTOR INTERESTS? FIRST, LAST OR ........ ? YOU ASK THESE QUESTION*

the EQUITITRUST website published this comment:-

_"We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first."_

This comment gave rise to the following  questions. If FAIRFAX MEDIA was not correct in theri assessment, then the answers to these questions would deal with any inaccuracies:-

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, over $150MILLION pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( I say obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest rate (I recall something in the order of 24% (3 times what we get) ) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the exact amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost.


----------



## kostag (22 February 2011)

*Re: EquitiTrust:OLMAN: MANURE ? I think an INCONVIENIENT TRUTH*

More diversion from the SPINMEISTERS OF CHEVRON.

Perhaps you might do me a favour -  in regards to the  QUESTIONS that  you deem not worthy of comment -  perhaps you can steer us all to what part of the out of date PDS material deals with any of  the issues.

Bluster and bravado and manure slinging wont make these issues go away.....

By the way, I am not insinuating anything. I am simply asking legitmate questions. Equititrusts (and your) continual denial of these issues (and refusal to answer) speaks volumes to all legitmate and concerned investors....

Q1:    Is the QUINLIVIN group a $50Million borrower as one of the posters suggested a few days ago. If he is and if you are a legitimate investor, I dare say the prospect of 20% of your money 'floating' in Ipswich controlled by Quinlivin group may give you cause for heart murmur.





-  







Olman said:


> Never one to lose an opportunity to insinuate, Kostag continues to fling manure.
> 
> The "depth" of my "inside knowledge" comes from reading the publications on the Equititrust web site and actually speaking with management, which is a logical process for any genuine investor.
> 
> ...


----------



## No Trust (22 February 2011)

*Equititrust Loans To Quinlivan*

It does appear that loans may have been made to Dudley Quinlivan and his companies.. 

If this is the case then Equititrust needs to *explain * why these loans were made to an individual who's past history has been known for well over 10 years.

The Gold Coast White Shoe Brigade continues down its spivy path again and again..


----------



## ASICK (22 February 2011)

*Re: EquitiTrust*



Olman said:


> ...
> 
> Eventually I spoke directly to Equititrust about this, and they pointed out that for the three years prior the RSI had been applied to impairments and admin costs as previously outlined.  The nitty gritty details do not appear in the EIF PDS, but were reflected in Equititrust Ltd Annual Reports.  This appeared to be because of the seperate administration and reporting structures of the EQT identitities.  Reporting at the time was pretty scratchy, and has improved dramatically over the past 6-12 months.
> 
> ...




As previously declared, I don't have a horse in this race, but I must say that I'm surprised by your comments about the detail being in the fund reports (which don't seem to be available online).

A transaction appears in the annual report for 2009 (which was swept clean to the tune of in excess of $9m) page 4 (in part):-
http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf

"... 4. Net assets attributable to investors - liability
... 30 June 2009
Ordinary investments 277,510,458 13,193,674 (42,136,143) (42,083,486) 248,620,646
Subordinated investments - 40,300,000 42,136,143 (42,403,370) 40,032,773
Total 277,510,458 53,493,674 - (84,486,856) 246,517,276 ..."

The transaction is the transfer of $42,136,143 from ordinary investments into $42,136,143 as a subordinated investment.  

It'd be interesting to see whether this transfer happened before or after the fund was frozen.  I wouldn't have thought it would be permitted to happen if the fund was frozen.

I wonder why the 42 million wasn't simply redeemed - because if the fund was frozen, then the redemption wouldn't be permitted, unless of course, it was deemed to be a subordinated investment.

I mean, if the manager had 42 million units as an ordinary investment and the fund was frozen, then those 42 millions would be frozen and unavailable for redemption except when offers/payments are made.

If on the other hand, the units are subordinate units, then the units are redeemable in that same frozen fund.

Great isn't it? The manager has converted ordinary units into redeemable subordinate units for redemption rather than redeeming them directly  -- food for thought?  If you really want to think about it.

Certainly in the 2008/2009 year there were no impairment plugs.   In any event, any short term plugs on impairments (keeping in mind, impairments are not actual losses) would be offset by profits in any event.

i'll leave for members to be concerned about what happens to the subordinate units, but I'll bet that the most that will lay at risk will be no more than $20m.

The manager always has the inside scoop - the manager will know when there's trouble on the horizon - members only find out these things months and months later.

That little $42m two-step between ordinary investments and subordinate investments is really something I'd be giving some thought to if I was an investor in the fund.  As they say, "Timing is everything".

I guess investors never really thought they'd get a bargain, but I'd guess they never thought they'd make a loss either.


----------



## Olman (23 February 2011)

*Re: EquitiTrust*



ASICK said:


> As previously declared, I don't have a horse in this race, but I must say that I'm surprised by your comments about the detail being in the fund reports (which don't seem to be available online).
> 
> A transaction appears in the annual report for 2009 (which was swept clean to the tune of in excess of $9m) page 4 (in part):-
> http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf
> ...




I have inadvertently misled you. The accounting for the application of the RSI to impairments was in the Equititrust Ltd Financial Reports, which are not publicly available, but which were made available for my perusal after enquiring into the issue.  

The subordinated investment of $40m in the EIF is subordinated to the rights of ordinary investors, and can be reduced to $20m "provided it has the approval of the finance credit line providers".  Currently the value of the fund has to erode by $40m before any investor is affected.  The current value of the fund is the key issue.  I understand that Equititrust will be mailing an update on the loan portfolio and valuations to investors within the next few days.  There will be more to discuss when the information is available.

The fact remains that no investor has made a capital loss to date. Interest is still being paid.  While there are no guarantees into the future, I'm inclined to wait for the update before jumping to conclusions.


----------



## ASICK (23 February 2011)

*Re: EquitiTrust*



Olman said:


> I have inadvertently misled you. The accounting for the application of the RSI to impairments was in the Equititrust Ltd Financial Reports, which are not publicly available, but which were made available for my perusal after enquiring into the issue.
> 
> The subordinated investment of $40m in the EIF is subordinated to the rights of ordinary investors, and can be reduced to $20m "provided it has the approval of the finance credit line providers".  Currently the value of the fund has to erode by $40m before any investor is affected.  The current value of the fund is the key issue.  I understand that Equititrust will be mailing an update on the loan portfolio and valuations to investors within the next few days.  There will be more to discuss when the information is available.
> 
> The fact remains that no investor has made a capital loss to date. Interest is still being paid.  While there are no guarantees into the future, I'm inclined to wait for the update before jumping to conclusions.




Thanks Olman,

Yes, it seems you did.  Accounting within Equititrust Ltd. has nothing to do with the fund. 

Still, $42m was redeemed as a subordinate investment in 2008-2009, such investment starting life in that same reporting period as an ordinary investment.  It's worthwhile noting that the manager's subordinate investment redemption of $42m equalled the whole of the ordinary investment redemption for the fund in 2008-2009.

While impairments have been small, they have risen from $1.123m (2009) to $1.856m (2010) and that is a really good effort in the current climate.  Those impairments have been offset against profits, not against the capital warranty - however, in the end, it is the manager which takes the brunt of the loss.  But now that the fund is frozen, then the fund is 'bare' (so to speak) because the only source of capital return is the finalization of loans - as I speculated, this is the time the fund's mettle will be truly tested.

It also dawned on me that the manager is taking a bit of hit at the moment.   I notice that there is no benefit for the manager to hold  more than the minimum $20m in the fund to get the maximum return benefit from the capital warranty.  $20m gives the same return as $40m.  

I guess it'd look piggish for the manager  to take another $20m when other investors have to cue up in line to get their money, and it'd look piggish if the near 40% return on the warranty was to rise to near 80% (by achieving the same return on half the capital)! As a matter of interest to investors, they might like to check if the manager is entitled to take another $20m while the fund is frozen to ordinary investors (then at least you'd know).

I also note that the manager was careful to make the following note in regard to its $42m two-step, "... ** These applications and withdrawals were made prior to the deferral of redemptions on 31 October 2008.* ..."  (2010 financial report, page 32) - now, aren't they lucky? see, "Timing is everything", right in the gap between 1 July 2008 and 31 October 2008.  Don't you all wish you had had such foresight?

Of course you have to keep in mind that there is no financial benefit (in terms of return) to transfer $42m from an ordinary investmnet to a subordinate investment - in fact, quite the opposite, because the ordinary investment was earning a rate of interest, while increasing the subordinate investment did not increase the return.

So, one has to ask "Why would a manager take $42m from a interest bearing account, transfer it to a non-interest bearing account, and then redeem it in a very different way to that of an ordinary investment?"

HYPOTHETICAL: Imagine a fund which becomes non-liquid - and imagine investors find out that management had withdrawn their investments within a short time period of the date of the freeze - wouldn't that raise some concerns?  Isn't it the manager which freezes the fund?   Isn't it the manager who has all the inside information?

..


----------



## kostag (23 February 2011)

*Re: Equititrust Loans To Quinlivan -  CONFIRMED?*

how have you been able to verify this to be the case?

Apparently there is also on-going litigation (run GOOGLE re Windsor Turf Farm and Equititrust) regarding a very large loan made to parties associated with a Mr Al Constaninidis and Mr Ian Lazar both of Sydney associated with a large turf farm on the Hawkesbury River, Windsor NSW. I am told that over $20million is at risk and there is some issue with the enforceability of the security documents.



No Trust said:


> It does appear that loans may have been made to Dudley Quinlivan and his companies..
> 
> If this is the case then Equititrust needs to *explain * why these loans were made to an individual who's past history has been known for well over 10 years.
> 
> The Gold Coast White Shoe Brigade continues down its spivy path again and again..


----------



## kostag (23 February 2011)

*Re: Equititrust Loans To Quinlivan: WHAT SPIVY PATH ???*

ask a question of very real concern -  finally get an answer -  and the asker of the question is a spiv?  Not much credibility left NOTRUST ???..... 







No Trust said:


> It does appear that loans may have been made to Dudley Quinlivan and his companies..
> 
> If this is the case then Equititrust needs to *explain * why these loans were made to an individual who's past history has been known for well over 10 years.
> 
> The Gold Coast White Shoe Brigade continues down its spivy path again and again..


----------



## kostag (23 February 2011)

*Re: Equititrust: GOOD WORK ASICK -  the $42M sideways shuffle..... GOTCHA!!!*

ASICK identified this in a recent posting:

_I wonder why the 42 million wasn't simply redeemed - because if the fund was frozen, then the redemption wouldn't be permitted, unless of course, it was deemed to be a subordinated investment.

I mean, if the manager had 42 million units as an ordinary investment and the fund was frozen, then those 42 millions would be frozen and unavailable for redemption except when offers/payments are made.

If on the other hand, the units are subordinate units, then the units are redeemable in that same frozen fund.

Great isn't it? The manager has converted ordinary units into redeemable subordinate units for redemption rather than redeeming them directly -- food for thought? If you really want to think about it.

Certainly in the 2008/2009 year there were no impairment plugs. In any event, any short term plugs on impairments (keeping in mind, impairments are not actual losses) would be offset by profits in any event.

i'll leave for members to be concerned about what happens to the subordinate units, but I'll bet that the most that will lay at risk will be no more than $20m.

The manager always has the inside scoop - the manager will know when there's trouble on the horizon - members only find out these things months and months later.

That little $42m two-step between ordinary investments and subordinate investments is really something I'd be giving some thought to if I was an investor in the fund. As they say, "Timing is everything"._

THIS IS AN OUTRAGE AND OUGHT BE INVESTIGATED BY ASIC IMMEDIATELY!


----------



## Olman (23 February 2011)

*Re: EquitiTrust*



ASICK said:


> So, one has to ask "Why would a manager take $42m from a interest bearing account, transfer it to a non-interest bearing account, and then redeem it in a very different way to that of an ordinary investment?"
> 
> HYPOTHETICAL: Imagine a fund which becomes non-liquid - and imagine investors find out that management had withdrawn their investments within a short time period of the date of the freeze - wouldn't that raise some concerns?  Isn't it the manager which freezes the fund?   Isn't it the manager who has all the inside information?
> 
> ..




In answer to the HYPOTHETICAL part of your post,  of course the manager has all the inside information.  I would expect the manager to manage the fund responsibly. Whether this actually is happening or not is a matter of opinion.  The funds "withdrawn" by management were converted from the *profits* of the fund to amortise impairments - they haven't been taken from investors' capital.  Investors contributions are still currently accounted for and theoretically still exist.  We can view all of this negatively as you have, or weigh up the probabilities based on the integrity of the company to date and see it realistically as management techniques to deal with problems of liquidity.

There have been many shonkies out there in the financial industry that have fallen over and been exposed as charlatans.  Equititrust has had a constant barrage of accusations and criticism from this thread alone, but so far none of it has stuck convincingly.  Perhaps there is one good apple in the barrel.  While it is wise to be aware of the possibilities of skullduggery, it is silly to conjure up demons that don't exist. 

You put a lot of accent on the manager "withdrawing" funds via the subordinated investment mechanism, and give scant credence to the application of those funds to impairments.  From my investigations, I believe the manager has made nothing for 3 years other than administrative fees.  This speaks volumes for those who have an open mind.  

It will be interesting to see the final outcome in this whole sorry saga.  Investors may or may not lose capital, but to forecast a definite result either way is pure conjecture at this point in time.  The updated EIF information to be released shortly will be interesting reading.


----------



## ASICK (23 February 2011)

*Re: EquitiTrust*



Olman said:


> In answer to the HYPOTHETICAL part of your post,  of course the manager has all the inside information.  I would expect the manager to manage the fund responsibly. Whether this actually is happening or not is a matter of opinion.




Agreed, yes it is.  



Olman said:


> The funds "withdrawn" by management were converted from the *profits* of the fund to amortise impairments - they haven't been taken from investors' capital.




Well, with respect, they have been taken from *fund capital *- the units were converted (or by whatever mechanism) from an ordinary investment to a subordinate investment and then redeemed from the fund.  The full amount finally redeemed from the subordinate investment meant that capital was withdrawn from the fund.  Yes, it's the manager's investment, there is no argument there.   

There is no issue about the manager's entitlement to its investment, as there is no issue about the entitlement of any other investor to his/her/its respective investment.   The only issue to give some thought to is the manager 's redemption of about  $42m within months of the fund being frozen.   

To me, it's not a good look .. the upshot is that the manager redeemed $42m (of its own money) while those remaining the fund (with their own money) are now locked away and fed on the drip feed.   Certainly the manager no longer has $42m being eked back.  

Your assertion that the funds were used to 'amortise impairments' is just plain nonsense. How is it possible to amortise impairments (such impairments being well within the capital warranty return), within three months, by converting $42m from an interest bearing investment to a subordinate investment and then redeeming about the same amount? 



Olman said:


> Investors contributions are still currently accounted for and theoretically still exist.  We can view all of this negatively as you have, or weigh up the probabilities based on the integrity of the company to date and see it realistically as management techniques to deal with problems of liquidity.




I don't view anything negatively - I'm a skeptic who likes to delve into the facts, which facts eventually lead on to conclusions.  

Yes, investors funds are accounted for and, as you say, "theoretically still exist", subject to loan performance and the quality of security asset valuations.   

The outcome for the fund will be what it will be (sorry for the cliche), but for sure, while members await capital returns from ordinary investments, the manager does not (at least to the tune of $42m).



Olman said:


> You put a lot of accent on the manager "withdrawing" funds via the subordinated investment mechanism, and give scant credence to the application of those funds to impairments.




Again, nonsense.  The funds were redeemed - and once redeemed, were not able to be applied anywhere within the fund.  Any accounting within the manager's own business has nothing to do with the fund. 



Olman said:


> From my investigations, I believe the manager has made nothing for 3 years other than administrative fees.  This speaks volumes for those who have an open mind.




Are you reading the same accounts as I am?   This is from the 2010 accounts, 
"... Responsible entity fees and other transactions ..
Management fees 
4,460,638 (2010) 5,494,519 (2009)
Return on Responsible Entity’s subordinated investment 
10,531,734 (2010)  9,913,410 (2009)
Totals 14,992,372 (2010) 15,407,929 (2009)
The Responsible Entity is entitled to a management fee of up to 1.5% (exclusive of GST) p.a. of funds under management. In addition, the Responsible Entity is entitled to receive a return on its subordinated investment of 40,032,773 units. This return is the amount remaining after payment of Scheme expenses, the payment to investors of their benchmark return and the payment of the management fee to the Responsible Entity. Management fees of $389,703 (2009: $436,740) were outstanding as at 30 June 2010. Returns outstanding on the Responsible Entity’s subordinated investment at 30 June 2010 were $1,022,883 (2009: $3,737,917). ..."



Olman said:


> It will be interesting to see the final outcome in this whole sorry saga.  Investors may or may not lose capital, but to forecast a definite result either way is pure conjecture at this point in time.  The updated EIF information to be released shortly will be interesting reading.




Yes, true - and the final place to assess whether members will lose of not will be when it's all over.  

The simple reality is that the manager no longer has at least $42m at risk in that final place because it was able to redeem just in the nick of time (not including the existing capital warranty).  "Timing is everything".


----------



## kostag (23 February 2011)

*Re: Equititrust: another one bites the dust: QUINLIVIN*

today's press:



> INVESTORS trapped in a troubled $240 million Gold Coast investment fund face further uncertainty after money loaned to a company linked to two-time former bankrupt Dudley Quinlivan was forced into administration.
> 
> Croftworth Property Holdings (No.1 and No.2) of which Mr Quinlivan is a former director and remains a shareholder in a related company were placed in administration last week after Westpac Bank called in receivers.
> 
> The move places a question mark over Gold Coast-based Equititrust Income Fund, which loaned money to Quinlivan-linked companies in 2007.




More: http://www.couriermail.com.au/ipad/...uncertainty/story-fn6ck2gb-1226010323788Edite


----------



## zencorp (23 February 2011)

*Re: Equititrust: another one bites the dust: QUINLIVIN*

I herd that while Equititrust may have first mortgages on some of the properties owned by Dudley, what made up their LVRs in the disclosure statements was a cross collateralization between those properties that they hold 1st on a others they hold 2nds on. With Westpac moving (as first mortgagee), it will be good to see just how sound Equititrust's security is over Dudley. I think we are in for some impairments here.



kostag said:


> today's press:
> 
> 
> 
> More: http://www.couriermail.com.au/ipad/...uncertainty/story-fn6ck2gb-1226010323788Edite


----------



## No Trust (23 February 2011)

*Loans to King Con*

Well it seems that the Queensland media is also now on the case of Equititrust. Despite silence on Equititrust's part it has taken the media to reveal who the investors’ money is *REALLY* lent to . To have lent *a single investor's dollar *to Quinlivan is a disgrace of monumental proportions. Hey what do you expect from the Gold Coast White Shoe Brigade Mortgage Funds..


----------



## kostag (23 February 2011)

*Re: Loans to King Con: WATCH THIS SPACE*

I think we can all safely say, WATCH THIS SPACE, as more poor loan revelations will follow.....



No Trust said:


> Well it seems that the Queensland media is also now on the case of Equititrust. Despite silence on Equititrust's part it has taken the media to reveal who the investors’ money is *REALLY* lent to . To have lent *a single investor's dollar *to Quinlivan is a disgrace of monumental proportions. Hey what do you expect from the Gold Coast White Shoe Brigade Mortgage Funds..


----------



## kostag (23 February 2011)

*Re: Equititrust: another one bites the dust: QUINLIVIN: 2nd MORTGAGES WORTH NOTHING*

experience tells us all that when a BANK MOVES as 1stmortgagee, equity dissipates immediately -  I will lad with my chin here -  I will wager that any second mortgages on raw land in IPSWICH and BUNDALL will have ZIP equity....

both locations are commercial disaster areas.

I under respected insolvency advisors, McGRATH NICHOLLS are running an eye over this



zencorp said:


> I herd that while Equititrust may have first mortgages on some of the properties owned by Dudley, what made up their LVRs in the disclosure statements was a cross collateralization between those properties that they hold 1st on a others they hold 2nds on. With Westpac moving (as first mortgagee), it will be good to see just how sound Equititrust's security is over Dudley. I think we are in for some impairments here.


----------



## kostag (23 February 2011)

*Re: Equititrust? anyone have any info on this one: Al Constantinidis and David Kenned*

anyone have any information on this one. Our sources say that this loan was brokered by BAA-led Ian Lazar, a colourful Sydney financier, who is now in litgation against Equititrust Ltd.

Apparently, Lazar holds some superior security, with the result that Equititrust's $22million loan is at risk.

_THIS ARTICLE APPEARED IN THE SMH:-

 SMH ARTICLE: 
Whose grass is it?...Al Constantinidis and David Kennedy. Illustration: John Shakespeare 
Some of the former executives of MFS Limited (aka Octaviar) appear to have developed a keen interest in the turf sector in the two years since the multi-billion dollar implosion of the Gold Coast finance firm.

Far from the white-shoed marinas of Queensland, MFS's former chief operating officer, David Kennedy, has been hard at work lately trying to convince Paul Keating's former piggery business partner, Al Constantinidis, to vacate a 360 hectare turf farm in Windsor.

Seems the estimated $22 million of loans Constantinidis took out from the Mark McIvor-headed Gold Coast finance firm Equititrust have proven to be his Achilles heel._[/I]

Looks like another bad debt brewing!


----------



## No Trust (23 February 2011)

*It All Adds Up*

Choice Shonky Award + Frozen Funds For Over 2 Years + Conflict Of Interest + ASIC Intervention + Loan Impairments + 80% Of Loans To Go Into Default + Failed 50M Rescue Capital Raising + Loans to King Con = *The Real Equititrust*


----------



## Garpal Gumnut (23 February 2011)

Any news on the alleged posters from the same computer, alleged to be entities associated with Equitytrust, over last weekend.

Have ASIC been on to it?

gg


----------



## No Trust (24 February 2011)

*Equititrust Deception Caught Out*

I believe that ASIC are monitoring this thread quite closely in light of recent developments.. I also believe enough people have been shocked by these actions that they will not let it go and will keep pushing the issue with relevant authorities until there is an answer

Of note though, is the fact that a computer normally has one password, its standard practice in terms of security. 

As with the loans to Dudley Quinlivan Equititrust are not commenting on areas where they are _soft in the underbelly_. It takes the media to finally set the record straight, I believe this will be the case in this instance as well..


----------



## ASICK (24 February 2011)

*Re: Equititrust Deception Caught Out*



No Trust said:


> I believe that ASIC are monitoring this thread quite closely in light of recent developments.. I also tnough people have been shocked by these actions that they will not let it go and will keep pushing the issue with relevant authorities until there is an answer. ...




You overrate the corporate undertaker.  They hardly take any notice of the press, why should they take any notice of this forum?  

Have you read the book "The World According to ASIC: We ARE the World"? (just kidding).

Use of one of more aliases is fine if there is no intention to commit fraud or deceive.

I think members should find it easy to see when a poster is trying to mislead. 

"Truth has no agenda".


----------



## zencorp (24 February 2011)

latest update re: borrowers on Equititrust's website.


----------



## Garpal Gumnut (24 February 2011)

*Re: Equititrust Deception Caught Out*



ASICK said:


> You overrate the corporate undertaker.  They hardly take any notice of the press, why should they take any notice of this forum?
> 
> Have you read the book "The World According to ASIC: We ARE the World"? (just kidding).
> 
> ...




So many new members, so few posts, and all on the same topic, and all anonymous. 

Now that's conspiratorial.

Wouldn't Guy Fawkes have loved it all.

Let's hope it doesn't all blow up in someone's face.

gg


----------



## ASICK (24 February 2011)

*Re: Equititrust Deception Caught Out*



Garpal Gumnut said:


> So many new members, so few posts, and all on the same topic, and all anonymous.
> 
> Now that's conspiratorial.
> 
> ...




What's your inference?  Why don't you say what you want to say?


----------



## No Trust (24 February 2011)

*Loans to King Con*

On my assessment it appears the exposure to Dudley Quinlivan and companies is *68.8M *if you follow on from the story in the Courier Mail yesterday.

The major loan over *50M* appears to have languished for over 1 year, Equititrust saying they have done a lot of homework on it. What an *absolute joke*, how much* "homework"* did McIvor and Co do on this loan to King Con before they put retiree investors’ money at risk.

Seriously what end result did McIvor and the so called credit committee think they would get by dealing an individual like Quinlivan. Loans were made in *2007* yet Quinlivan was named in QLD state Parliament as King Con many years before that. 

Now that it is confirmed that Equititrust made these loans they have to become a "developer" to pull their ass out of it. It is an absolute and utter disgrace that a company could be so reckless in dealing with an individual whose abysmal reputation preceded him..


----------



## Ruby (24 February 2011)

*Re: Equititrust Deception Caught Out*



No Trust said:


> I believe that ASIC are monitoring this thread quite closely in light of recent developments..




I wouldn't bet on that!  There are many financial services companies on the Gold Coast which are operating blatantly fraudulent businesses, literally stealing clients' money, and ASIC does *nothing *about them.  

Firstly (and I have been told this by an ASIC lawyer), they *only *act when an official complaint is lodged; they do *not *go trawling through sites like this and then start investigating what they read.  The complainant needs to have hard evidence to support the complaint.  Anonymous postings on a forum do not constitute evidence.

Even when you go through all the hoops and provide them with proof of fraudulent activity, there is no guarantee they will act.  I know this from personal experience.

ASIC in my view is a paper tiger.


----------



## No Trust (24 February 2011)

*Equititrust Deception Caught Out*

The reason I say this, is that I belive a complaint has been made and that reference has been made to this site where the deception occured..


----------



## ASICK (24 February 2011)

*Re: Equititrust Deception Caught Out*



No Trust said:


> The reason I say this, is that I belive a complaint has been made and that reference has been made to this site where the deception occured..




You have to make a formal complaint. Go to the following link and make the complaint:
https://www.edge.asic.gov.au/008/complaintV005?get/complainant/t=4d1751bb93f1fe40d0a5d0a276c7fc78dc33cc

If you want something done, you have to do it yourself.  

I don't think it takes a brain surgeon to note that NOBODY uses their real name on this forum - big surprise - we're all anonymous!   Aliases are not illegal - except when used to defraud or deceive.  

Now, back to Mr. Nuts .. what's your inference? why don't you say what you really want to say?  Are you inferring that I'm part of some conspiracy? If you are, then you should come up with the evidence, or if you can't, then you should  say 'sorry' and let the matter rest.


----------



## Olman (24 February 2011)

*Re: Equititrust Deception Caught Out*



ASICK said:


> You have to make a formal complaint. Go to the following link and make the complaint:
> https://www.edge.asic.gov.au/008/complaintV005?get/complainant/t=4d1751bb93f1fe40d0a5d0a276c7fc78dc33cc
> 
> If you want something done, you have to do it yourself.
> ...




Such reason is not welcome here, ASICK.  (I'm being facetious.  Your cut-throat style takes a bit of getting used to, but the basic thrust shows through).

wait - hear it?  - the distant rumble of the rabble scrabbling about to collect their wits to formulate a deluge of type to drown out any dissent to the collective nonsensus of this thread .....

The volume of response is about to rise.  Equititrust has published more info on their web site, outlining the current loan details and prospects for recovery.  There will be a predictable outcry about valuation dates, and who owes what to whom, from the eggspurts.  I see the release as a reasonable attempt to inform investors of the current state of play.  There are no guarantees, but absolute chaos is not yet upon us.


----------



## ASICK (24 February 2011)

*Re: Equititrust Deception Caught Out*



Olman said:


> Such reason is not welcome here, ASICK.  (I'm being facetious.  Your cut-throat style takes a bit of getting used to, but the basic thrust shows through). ...




amended: from the fund update
".. It’s worth noting that, as indicated in previous investor updates, Equititrust has also absorbed over $30m in impairments across the loan book in the past three financial years. These impairments were funded by other investments and from Equititrust’s yield on the subordinated Capital Warranty investment. Whilst it was not necessary for us to absorb these impairments – they could have been offset against the subordinated investment units – we do not believe that this would have been consistent with our investment philosophy that any capital loss is to be first borne by Equititrust to the extent possible.  ..."

I can see you're very, very, very pro the manager.. and that's fine ..  but my comment has never been about your fund's performance (except to say it had fared quite well to date), rather only about $42m the manager two-stepped out of the fund a very short time before the fund was frozen.  The outlook for your fund is a matter for members only - it's their money at risk.  Certainly the manager has $42m less at risk now than it did on 1 July 2008.

Why are you so concerned about a link to ASIC's ecomplaint line? It's the perfect mechanism for members to make complaints - and yes, ASIC has to investigate the complaints.  ASIC is unlikely to act on complaints aired on this forum.  I can tell you that if I was an investor in your fund, then I would raise a concern about the $42m with ASIC (as I would be entitled to do).

I've seen all the promises of managers, and I've seen all the disappointed investors - promises are one thing - return of capital in many cases is quite another thing altogether.   If there is a sting, it's always in the tail.

By the way, what is "the basic thurst" which shows thru?  (amended)


----------



## ASICK (24 February 2011)

*Re: Equititrust Deception Caught Out*



Olman said:


> ...    The volume of response is about to rise.  ... There will be a predictable outcry about valuation dates, and who owes what to whom, from the eggspurts.  I see the release as a reasonable attempt to inform investors of the current state of play.




Nah.. I'm sure 2008 / 2009 valuations will be just fine.  $81.5 valued too high.. no worry, legal advice is being sought ($$$).  Lawyers are always happy to see new business.

But I would be a tad concerned about the impairments ... see, the statement the manager makes about offsetting impairments outside of the fund would concern me, because it's not being reported in the fund's accounts .. if it is, then I'm happy to push aside the concern.  $30m is a wack of impairment not to show up on the fund's accounts !!!!  Is that legal? I guess it is .. but wouldn't you have thought that investors were entitled to know that fund loans were losing money BIG time?

"... Whilst it was not necessary for us to absorb these impairments – they could have been offset against the subordinated investment units – we do not believe that this would have been consistent with our investment philosophy that any capital loss is to be first borne by Equititrust to the extent possible. ..." - "investment philosopy"? how about disclosure?

And now you find out the $40m Capital Warranty is reduced to $28m, a further downhill run of $12m - Total $42m.

Gee, looks more and more like a good move for the manager to do the $42m two-step.

"Timing is everything"



Olman said:


> There are no guarantees, but absolute chaos is not yet upon us.




How far away is it?


----------



## Olman (24 February 2011)

*Re: Equititrust Deception Caught Out*



ASICK said:


> amended: from the fund update
> ".. It’s worth noting that, as indicated in previous investor updates, Equititrust has also absorbed over $30m in impairments across the loan book in the past three financial years. These impairments were funded by other investments and from Equititrust’s yield on the subordinated Capital Warranty investment. Whilst it was not necessary for us to absorb these impairments – they could have been offset against the subordinated investment units – we do not believe that this would have been consistent with our investment philosophy that any capital loss is to be first borne by Equititrust to the extent possible.  ..."
> 
> I can see you're very, very, very pro the manager.. and that's fine ..  but my comment has never been about your fund's performance (except to say it had fared quite well to date), rather only about $42m the manager two-stepped out of the fund a very short time before the fund was frozen.  The outlook for your fund is a matter for members only - it's their money at risk.  Certainly the manager has $42m less at risk now than it did on 1 July 2008.
> ...




Whew - take it easy, mate - with due respect, you are a little touchy.... you have misread the intended meaning of my post.  The "basic thrust" which shows through in your posts is attention to detail and realistic comment, even if I don't completely agree with every one of your assumptions. This was a backhanded compliment - I'm sorry you didn't get it, and will try to be more direct in future. I thought the qualification of "facetious", referring to my comment (rather than yours), would be understood, but the complexities of language are many, I suppose. 

I'm not so much pro the manager as anti crap.  I can see the possibilities of malpractice, but I don't see any hard evidence to date, and the probabilities come down on the side of Equititrust in my opinion.

I'm not concerned at all about ASIC.  The holding up of this bogey man is simply wishful thinking.  I agree totally with your comments on this.

My understanding of the $42m so-called "side-step" comes from Equititrust's early posts on this thread and further personal communications with the company.  I'm not an accountant and have some difficulties with understanding and expression of finer accounting principles and facts.  I can relate to your perceptions about the amount - I shared them in the beginnings of this thread, but have reached a personal conclusion from the research I have undertaken and management statements that has satisfied me.  I'm genuinely sorry I can't give you a more bricks and mortar response on this one.  It will be interesting to see what comes of this issue in the long term.

I understand your comments about promises of managers and disappointed investors, and the sting always being in the end of the tale.  My view is that while this has proved many times to be so, there is no proof yet that this is happening with Equititrust.  Healthy scepticism is a good thing, but one size does not necessarily fit all.  I remain cautiously optimistic at this stage.

No offence meant to you.

cheers.


----------



## ASICK (24 February 2011)

Dear Olman,  

I accept that no offence was intended.  

The $42m TWO-STEP: Take into consideration that $30m of holes have been plugged and right before that, the manager switches $42m from ordinary investment to subordinate investment and then redeems that money between 1 July 2008 and the freezing of the fund on 31 October 2010.  If that transaction doesn't raise an eyelid, then what would?

DISCLOSURE - I hope that the $30m of impairment plugs have been disclosed in the fund's accounts, because if they were not, I would see such non-disclosure as something I would take the time to make a complaint to ASIC about.

ASIC - we have to rely on ASIC and we have to make formal complaints - there is no other way out.  At least we can hope that ASIC will investigate complaints in order to give investors some solace about their respective investements in the fund.

FUND GENERALLY - I didn't see anything good in the lastest disclosure, but then again, I'm a skeptic.


----------



## kostag (24 February 2011)

*Re: Equititrust: LOAN DISCLOSURE*

David Kennedy (ie: not OZAB or BUFFETMAN) has posted to the web site a long overdue promised loan analysis.

One of the most worrying aspect of this disclosure is that all of this BAD NEWS was known at the same time as EQUITITRUST trumpeted its new $50M capital raising in December 2010. Thank heavens for this website and ASIC!

Lets deal with some quick numbers.

1. There are 22 loans which represent some $228.9M or 90% of the loan book.

2. Of these, 19 loans out of 22 ($217.9M) are all vacant sites and vacant land.

3. Of these 22 loans, atleast 17 appear to be 'mortgagee in possession' or 'under external administration'

4. Based on 3. above (total of $204.3m) of loans are not paying interest -  based on a loan book of some $254.4million -  81% of loan book is not paying interest! so by Equititrust's definition must be in default category. Assuming 10% interest is collected on the remaining $50.1Million of loans -  that is $5Million per annum of income to service - the subordinated investment return (Equititrust of $15million) and interest to investors, lets assume 8% per annum on roughly -  who knows who much investors are owned -  (I'll guess) $200Million -  that's $16million a year in interest -  so the fund needs atleast $31Million a year in and has about $5million a year in interest income -  and this ignores the capital commitment cash outflows that Equititrust must have to some borrowers and or 'distressed' projects. 

5. Prudent lenders loan 50% against vacant land or sites -  Equititrust seems to be closer to 80%.

6. Only1 loan (loan 22 for $3.3M) appears to be in a CAPITAL CITY -  the rest seem to be regional and or remote locations -  Ipswich, Mackay, Yamba, South Australia, Windsor......

THIS IS NOT A LOAN BOOK THAT HAS BEEN CAUTIOUSLY OR PRUDENTLY ASSEMBLED OR MANAGED.


----------



## ASICK (24 February 2011)

I hope these are helpful:

Update, page 4, "... Historically, for most development loans and some commercial loans undertaken by the Fund, we have capitalised interest, as this is the nature of the lending performed by the Fund, whereby the interest is included in the loan facility and deducted progressively. Over the past three months, however, we have, with few exceptions, stopped the capitalisation of interest so as to allow the loan to go into default and thus enable Equititrust to take enforcement action for the control of it. ..."

"... Capitalizing interest is usually observed in deferred or insufficient payments, where the interest is carried over to succeeding payment periods ..."
http://www.banks.com.au/tools/glossary/c/capitalising-interest/

I'm puzzled by the manager's statement in the above excerpt because it seems to suggest interest capitalization is a condition of lending which the fund is not contractually bound to.  Capitalized interest is a great way to reduce fund's security margin by increasing the debt held about that security.   Makes everything look good when it may not necessarily be so (also see "Accrued Interest").

Update, page 4, "... The difficulty with this strategy is that whilst it allows us ultimate control of the borrower’s underlying security for the loan, it does mean that our loans in default percentage has increased substantially and will continue to do so. In effect, the increased percentage is an indicator of our strategic initiatives to take control, and investors should not be alarmed by it. ..." 

Don't be alarmed about cash flow drying up - but give some thought to the rising impairments and whether or not the fund will be capable of paying your interest payments.maybe this is one of those times you have to think about capital/interest conundrum?  Maybe the manager could have provided members with an assurance about the fund's ability to pay interest to members for the foreseeable future?


----------



## kostag (24 February 2011)

*Re: Equititrust: they have finally gone MAD !*

Is EQUITITRUST absolutely  mad.....  its a *good indicator *that loans *are not paying their interest*, so that we can step in and run the project and somehow fund all the costs and also pay interest to ourselves so that we can pay you some interest????  is that what they are saying to us?    stark ravvving mad!  

EQUITITRUST SAID:  _In effect, the increased percentage is an indicator of our strategic initiatives to take control, and investors should not be alarmed by it._





ASICK said:


> I hope these are helpful:
> 
> Update, page 4, "... Historically, for most development loans and some commercial loans undertaken by the Fund, we have capitalised interest, as this is the nature of the lending performed by the Fund, whereby the interest is included in the loan facility and deducted progressively. Over the past three months, however, we have, with few exceptions, stopped the capitalisation of interest so as to allow the loan to go into default and thus enable Equititrust to take enforcement action for the control of it. ..."
> 
> ...


----------



## No Trust (24 February 2011)

*Equititrust Loan Default Disaster*

The mind absolutely boggles at this kind of reasoning.. Do they think investors and the general public are stupid.

Of the remaining loan assets over *30%* have exposure to Dudley Quinlivan and his companies. All of which are now in default.. 

The investors now see the *"Real Equititrust" *and the spivvy mob they lend to on the Gold Coast. Michael West of the Sydney Morning Herald was correct in his analysis of incestuous nature of the Gold Coast.

http://www.smh.com.au/business/the-gold-coast-train-wreck-20080912-4f4n.html

"Add to this the various exotic accounting treatments, not least the widespread practice of capitalising interest.

Unless new investors' funds are coming into the fund, there is no liquidity to pay returns.

Make no mistake, Raptis is by no means the most precarious of the property developers on the Gold Coast and City Pacific and Asset Loan will not be the only spivvy lenders to fall."

mwest@fairfax.com.au

It seems that Michael West's predictions are now being played out at Equititrust


----------



## kostag (24 February 2011)

*Re: Equititrust Loan Default Disaster*

YES -  after already substantial impairment write downs (about $10Million) which as ASICK has pointed out really come out of our money anyway, I estimate that QUINLIVIN owes about $59.2Million plus interest and costs -  which is about 24% of total loans of about $254million.....  24% -  just one man, holds 24% of the entire loan book -  all effectively vacant land in second rate areas with dodgy valuations to boot.... our best hope for recovery it seems is to sue the valuer -  our best hope for recovery I suspect is to sue the Manager -  perhaps this explains why Wayne McIvor and Tom Haney jumped ship in May 2010 and in came the MFS mob......some South Australian mob has about 16% in one loan where the valuation is atleast 25% off the pace (Equititrust's view of it) - then there's $24.1million on the Windsor Turf farm -  10% of the whole loan book on a turf farm where we now see there is litigation in regards to the security and its enforceability -   this is not a loan book -  its a 'who's who'  of failed developers who have been granted commercial largesse with our money by some manager who claims some lending credential.... who are we kidding....  can anyone spot one good loan in the 90% / 22 loans listed? maybe the first mortgage (I am guessing it is a first mortgage) in Middle Harbour Sydney $3.3million out of $250million -  the rest is a litany of festering commercial rubbish and no wonder no-one wants to re-finance it; the National Bank and Bank of Scotland want out; and Equititrust cannot recover any of it in the last 2 years or so.....  so much for 37% default loans -  we have hit close to 90% default loans already and its not even end of February 2011!




No Trust said:


> The mind absolutely boggles at this kind of reasoning.. Do they think investors and the general public are stupid.
> 
> Of the remaining loan assets over *30%* have exposure to Dudley Quinlivan and his companies. All of which are now in default..
> 
> ...


----------



## ASICK (24 February 2011)

*Re: Equititrust Loan Default Disaster*



kostag said:


> YES -  after already substantial impairment write downs (about $10Million) which as ASICK has pointed out really come out of our money anyway,  ...




Sorry Kostag, I hope I didn't say or infer that.  The fund now has impairments of $12m (as at 31 December 2010) which sum is being deducted from the capital warranty, not from members's capital.   The manager's been out plugging holes in your fund for a couple of years at it's own expense: swabbing money off the deck, and then diving into the water to plug holes in the hull, just to keep passengers on the good ship "Equititrust" from feeling alarmed! -  very strange.

It's just a guess, but I think the actual value of impairments will be more than those affecting the warranty and there must be NO return for the manager on it's capital warranty investment, or alternatively, income has been reduced dramatically.

One aspect of accrual accounting and capitalization of interest is that when paying loans dry up and asset sales slow down, then the rot really starts to set in.

Members should keep in mind that we're nearly into March 2011, nearly 3 months AFTER the impairments the manager is talking about.   The reports always come months and months after critical events.    Every nasty event seems to follow on about three or four months after a report period.


----------



## No Trust (25 February 2011)

*Loans to King Con - Fully Confirmed*

*Equititrust reveals details of problem loans to 'King Con' *

Colin Kruger 
February 25, 2011


http://www.smh.com.au/business/equi...problem-loans-to-king-con-20110224-1b76g.html


"Asked *why the company did business with the controversial developer*, a spokesman told BusinessDay: ''Equititrust assesses all loans in accordance with a comprehensive due diligence process which is reflective of the prevailing economic and market conditions and places *heavy reliance upon the quality of the security offered*.''


If given the choice and investors were told that loans would be made to Dudley Quinlivan _how many investor's would have parted with their money_. It is no wonder that ASIC, Commonwealth Bank, NAB and Bank of Scotland had their respective concerns.  

It is copy book Gold Coast..  All of Australia can now see that lending to a character who was named "King Con" in Queensland Parliament is an IDIOTIC and reckless thing to do with retiree investors’ money. *If there is a loss on these loans the directors of Equititrust and the so called credit committee should be held personally liable.*


The loan book is a second rate mish mash of loans. Obviously no other financial institution will refinance these developers, Equititrust cannot resell the sites quickly for fear of taking a "massive bath" in terms of the resale price. The property in Ipswich or as Equititrust quaintly puts it,  "West of Brisbane" is the biggest headache as they have been sitting on it for over a year and now have to obtain development approvals to try and make it work with less lots.  


After revelations regarding these loans, Equititrust’s credentials as a prudent and conservative financier have been put in question; it is certainly not a property developer.

The question I have now is that what faith do the investors have in Equititrust solving this problem when they were the ones who led the investors into this quagmire by lending the money out in the first place.. It is illogical for Equititrust to now say trust us we can sort it out, we will just put another cap on and become a property developer. This is another emerging Conflict of Interest..


----------



## Judd (25 February 2011)

Concerns about Mr Quinlivan have been around for sometime.  This from 2005.

http://www.jenman.com.au/news_alert.php?id=66


----------



## No Trust (25 February 2011)

*Loans to King Con*

As Judd correctly points out above in his link, Quinlivan was known for his activities for years. Yet Equititrust felt it was a good bet to *risk retiree investors’ money *on his latest foray into property development. 

McIvor as CEO and founder was at the helm of the ship then and was involved in approving all those loans to Quinlivan, what is he going to say to the retiree investor's now ? Don’t worry I will put my house on the line to cover any losses... Don’t hold your breath.. Although if the directors really did want to show that they are *100%* behind the investors how about buttressing those guarantees to investors with the titles to their own homes. This magnanimous gesture would be appreciated by the investors whose money was risked on "King Con" anything less is a cop out..


----------



## kostag (25 February 2011)

*Re: EQUITITRUST: LANDSOLVE IS A JOKE*

The CEO of EQUITITRUST Mark McIvor set up and is CEO of LANDSOLVE. He made the loans of circa $60M to KING CON. In the latest loan report, KOLONEL KLINK KENNEDY -  who obviously sees, hears and feels nothing - states that they are looking at suing the VALUER -  however in this statment (COLIN KRUGER SMH) they claim that loans were only made to KING CON after rigourous research, _heavy reliance upon the quality of the security _,  and finally _comprehensive due diligence process which is reflective of the prevailing economic and market conditions and places _ so the VALUER has his defence right there BUT worse, McIVOR claims to now have the skillset to manage and workout $200M of screwed up loans using the same due diligence and analysis -  God help us all! 




No Trust said:


> *Equititrust reveals details of problem loans to 'King Con' *
> 
> Colin Kruger
> February 25, 2011
> ...


----------



## kostag (25 February 2011)

*Re: Equititrust: NIGHTMARE ON ELM STREET ?????*

WITH 22 LOANS OR 90% OF THE LOAN BOOK BEING IN DEFAULT STATUS -  HOW CAN THIS PROJECTION BE ANYTHING OTHER THAN HALLUCIJENIC:

"The risk of significant further impairments is reducing and asset realisations should be sufficient to ensure that (the fund) returns to a liquid status during 2011," Mr Anderson said.


MEET DAVID ANDERSEN:


http://www.businessspectator.com.au/...W?OpenDocument

''....Former chief financial officer of failed company MFS Ltd David Anderson has refused to provide a signed statutory declaration to liquidators of his personal finances, Fairfax media reports. 

He told the NSW Supreme Court on Thursday that he didn't want the "homework". 

Mr Anderson told the court he had just got a new job as a strategic solutions director at Equititrust and was earning $250,000 per year, Fairfax said....'


TODAY’S GOLD COAST BULLETIN -  DAVID ANDERSEN IS NOW THE SPOKESMAN:
THE frozen Gold Coast-based Equititrust Income Fund is expected to become liquid this year, despite one of its borrowers being placed in the hands of receivers.
The Chevron Island-based funds manager said the appointment of receivers to Croftworth Property Holdings -- a company linked to two-time former bankrupt Dudley Quinlivan -- "was neither unexpected nor caused concern".
Westpac moved last week on Quinlivan's company, whose main Gold Coast asset is a strata-titled office block at 100 Bundall Rd, Bundall. Croftworth also had been slapped with a winding-up order by the Australian Taxation Office.
Equititrust chief executive David Anderson said the Equititrust Income Fund had no Croftworth securities in common with Westpac.
"We are working with the bank's receivers as we have adjacent properties and a joint campaign may be beneficial to both," he said.
"Discussions with the bank commenced well before receivers were appointed."
Mr Anderson said Equititrust had been "strategically involved" with Mr Quinlivan's assets and had "influenced direction for more than 12 months".
"As a general rule, we consider it more effective to work with a borrower than formally appoint a receiver and, ordinarily, only appoint where a borrower has demonstrated an unwillingness or inability to work with us."
In an update released yesterday to investors, Equititrust revealed it was expecting to become liquid this year after freezing redemptions more than two years ago. If it does so, it will be become the first Gold Coast-based fund to recover after a torrid three years for the sector.
Equititrust said it had realised $120 million in loan repayments over the past two years, with a total of $99 million repaid to the Commonwealth Bank and the National Australia Bank.
It has taken a $12 million hit against its own investment in the fund, reducing its subordinated debt buffer to $28 million. The company said it had absorbed an additional $30 million in impairments over the past three years.
"The risk of significant further impairments is reducing and asset realisations should be sufficient to ensure that (the fund) returns to a liquid status during 2011," Mr Anderson said.

AND WHAT A GREAT JOB THEY'VE DONE:

_Mr Anderson said Equititrust had been "strategically involved" with Mr Quinlivan's assets and had "influenced direction for more than 12 months"._

_so they've known about this mess for a year -  thanks for telling us and disclosing in the last PDS where you sought to trouser $50M! _
⨪


----------



## No Trust (25 February 2011)

*Equititrust Loans To Quinlivan*

Notice the Gold Coast Bulletin twist to the truth, no mention of the 80% loans in default or the failed capital raising or ASIC intervention or conflicts of interest.. No mention of the poor investors either who were taken for a ride whilst Equititrust loaned money to King Con...

Thank god for credible papers across Australia like the Sydney Morning Herald and Courier mail which people actually read..

If the Gold Coast Bulletin printed anything else but spin for these guys how would they get any other gullible southern investors..


----------



## kostag (25 February 2011)

*Re: Equititrust Loans To Quinlivan GOLD COAST PRESS*

NICK NICHOLLS of GCB is a respected journo and whilst protective of his own patch -  give him a chance to digest the state of the loan book (22 loans or 90% default) and he wont go soft. This deserves  solid public scrutiny and dont wory he is up to the task....



No Trust said:


> Notice the Gold Coast Bulletin twist to the truth, no mention of the 80% loans in default or the failed capital raising or ASIC intervention or conflicts of interest.. No mention of the poor investors either who were taken for a ride whilst Equititrust loaned money to King Con...
> 
> Thank god for credible papers across Australia like the Sydney Morning Herald and Courier mail which people actually read..
> 
> If the Gold Coast Bulletin printed anything else but spin for these guys how would they get any other gullible southern investors..


----------



## ASICK (25 February 2011)

*Re: Equititrust: NIGHTMARE ON ELM STREET ?????*



kostag said:


> NICK NICHOLLS of GCB is a respected journo and whilst protective of his own patch -  give him a chance to digest the state of the loan book (22 loans or 90% default) and he wont go soft. This deserves  solid public scrutiny and dont wory he is up to the task....




Sorry Kostag, I'm suffering with  the idea that Nichols would worry about detail at all - I'd love to share your view, but I just can't.



			
				 ;Kostag;  said:
			
		

> "The risk of significant further impairments is reducing and asset realisations should be sufficient to ensure that (the fund) returns to a liquid status during 2011," Mr Anderson said. ...




'LIQUID'? ho ho ho ...


----------



## kostag (25 February 2011)

*Re: Equititrust: LIKLEY IMPAIRMENT/LOSSES*

No-one is putting pen to paper, so let's take a look -  bear in mind some need DA, some need work, all need on-going new capital etc - so all being sold essentially as vacant and distressed sites with inflated valuations:-

Loan1: North NSW coast industrial -  allow 10%   $3.3M

Loan 2: SA land -  likley realisation $20M -  allow $19M

Loan 3, 4, 5  Quinlivin: allow $36M w/down on Ipswich vacant site -  others Bundall assume OK -  loan 5: assume 50% -  so a total w/down on King Con: $40M

Loan 6: Port Augusta site: allow 50% -  $2M

Loan 7: Mackay: allow 33% -  $1.7M

Loan 8: Vacant land -  Lennox head: allow $1.6M

Loan 9: North Qlsd -  substantial hit likley - $5M

Loan 10: assume collectible

Loan 11:Maclean: not zoned:  $2.25M

Loan 12: Yamba: land: $3.5M

Loan 13: slight agreed write down $300K

Loan 14: likley repayment

Loan 15: DA delays forced sale -  likley write down $4.3M

Loan 16: assume repayment

Loan 17: likley repayment

Loan 18: high rise Gold Coast site:  shaky JV proposal: likley write down $4M

Loan 19, 20, 21: turf farm: litigation: shady identities: assume 50% recovery  $12million write off

Loan 22: seems OK

TOTAL ASSESSED WRITE OFFS:   $98.95M

less: BALANCE HELD IN WARRANTY FUND: $28M

LIKLEY INVESTOR HIT: $70:95Million I reckon 70cents in the $ back -  best case! 

this is my tip!!!  see how close we are

OLMAN , ask David Kennedy if he will still go to print and confirm a 100% capital repayment to all investors.


----------



## ASICK (25 February 2011)

Good afternoon Kostag.

If you are right, what do you make of your interest payments you've been receiving for the last periods and whatever you get in the future?  You'll pay tax on your interest payments from the fund (distribution), but, according to your figures, you'll lose capital, how do the two sit together? (since capital losses cannot be written off against income).  If you're wrong, then it's a moot point - generally speaking this is a tax issue, and if you don't pay tax, then it doesn't matter.

I couldn't imagine that the impairments come over the fund in an instant.  The manager admitted to having capitalised interest (which now seems to be probably lost) to a large extent within the fund: given the now sudden appearance of substanital impairments, wouldn't the manager's receipt of the return from the capital warranty raise an eyebrow?

Just when did things go wrong? If it's the case that the manager has been running around plugging holes in fund assets, then I'd guess investors should be entitled to be shown exactly how that money was applied, the reasons why investors weren't informed so they might make decisions to protect their investments, and amend the fund's account to reflect the external transactions which have not been disclosed to members.

You guys have been investing in a fund for years, and it seems you didn't have a clue that the fund was stressing for at least a couple of years, because the stresses where not disclosed in your accounts - I can't see how that should be allowed to stand without question.

As spoken to above, just a couple of months (or maybe days, because I don't know the actually dates of the transactions) of the manager existing $42m ($42m two-step), the fund is frozen.  Cause to raise an eyelid?

Within just months of the manager existing with a further $13m (or whatever) in returns from the capital warranty, the fund discloses substantial impairments.  Cause to raise an eyelid?

It's your investments, it's up to you what you do about it.


----------



## kostag (25 February 2011)

*Re: Equititrust: GOOD POINTS -  I AM ROOTED*

I AGREE - I HAVE MADE COMMENTS HEREUNDER .........



ASICK said:


> Good afternoon Kostag.
> 
> If you are right, I HAVE TO PAY TAX ON THEM FOR EACH YEAR what do you make of your interest payments you've been receiving for the last periods and whatever AGAIN, MADNESS PREVAILS -  IT IS INTEREST AND TAXABLE you get in the future?  You'll pay tax on your interest payments from the fund (distribution), but, according to your figures, YEp, I RECKON PROBABLY 30% DOWN you'll lose capital, how do the two sit together? (since capital losses cannot be written off against income).  If you're wrong, then it's a moot point - generally speaking this is a tax issue, and if you don't pay tax, then it doesn't matter.
> 
> ...


----------



## ASICK (25 February 2011)

*Re: Equititrust: GOOD POINTS -  I AM ROOTED*



kostag said:


> I AGREE - I HAVE MADE COMMENTS HEREUNDER .........




What can you do? 

You can make a complaint to ASIC about every issue that concerns you.
Here is the link:
https://www.edge.asic.gov.au/008/complaintV005?get/complainant/t=60a37098f872ae10ad1b51e2473d6259f26cad95

You will not get any support from ASIC unless you make a formal complaint. 

Do not waste your time phoning or writing to ASIC, you must make a formal complaint.


----------



## kostag (25 February 2011)

*Re: Equititrust: not going to get anyone any money back!!*

wont get any investors any money though, will it ??  







ASICK said:


> What can you do?
> 
> You can make a complaint to ASIC about every issue that concerns you.
> Here is the link:
> ...


----------



## kostag (25 February 2011)

*Re: Equititrust: THIS FORUM AND OPEN FLOW OF INFORMATION*

Despite the attempts of EQUITITRUST and David Kennedy to frustrate and mislead this FORUM with false names and information etc, isn't interesting that with persistent probing media and some investors (and others) just sticking to the knitting and probing away, eventually the truth comes out.

Notice how quiet these USERS - 

Equititrust
Ozab
Katie
Olman
Buffetman, 

are.

Not much to say, I guess.


----------



## No Trust (26 February 2011)

*Equititrust Loans To Quinlivan*

Well is impossible to defend the "Indefensible"..


----------



## kostag (26 February 2011)

*Re: Equititrust: the HOSPITAL PASS?  a new CEO*

in some deft footplay, looks like the Equititrust "CEO" hot potato has been flicked from founder and former head honcho, Mark McIvor across to David _"Kolonel  Klink" _Kennedy (dont mention Buffetman or Ozab or Katie) , who in the face of his "outing" (ie: multiple 'personalities') on this website, has done a last minute _"hospital cut out pass" _across to the financially _fleet of foot _ David _"dont mention the MFS supreme court examination"_ Anderson. 

Dave did a superb job 'forgetting' (Allan Bond would have been proud) his executive actions (or lack of) at MFS in the dying days of that financial car crash, when the MFS management played _pass the parcel _with investor millions, as the  doors came slamming shut!

Perfect man to have at the wheel and to be looking after the Spinmeister Bunker of Chevron Island, as _mis_-management tries to eke out some return from the Quinlivan and Constaninidis $90Million train smash.

Hope Dave takes some notes this time (in case of memory loss) - don't forget to have a pad and pencil handy.

GOLD COAST BULLETIN 25-2-11: 

_Equititrust chief executive David Anderson said the Equititrust Income Fund had no Croftworth securities in common with Westpac._

I predict out of $60M loaned to Quinlivan Group -  expect write downs of $40Million - watch this space. Ipswich? post floods? vacant land?  DA issues? worth $60Million? dillusional?


----------



## No Trust (28 February 2011)

*Financier In Strange Web Word Fight*

*Financier in strange web word fight* 

Mitch Gaynor From: The Courier-Mail February 28, 2011 

http://www.couriermail.com.au/ipad/financier-in-strange-web-word-fight/story-fn6ck2gb-1226013110857

*STRANGE INDEED*

Strange indeed... Strange it took this website and both *The Courier Mail *and *The Sydney Morning Herald* to highlight amongst other things Equititrust's Conflict Of Interest in trying to raise 50M dollars whilst not having declared that 80% of its loans were about to go into default, Subsequent ASIC intervention stopping the capital raising, Some 70M of loans to Dudley Quinlivan named King Con in QLD Parliament, withdrawal of Commonwealth, NAB and Bank of Scotland as lenders to the fund and more recently posting under assumed names on this website.

*MEDIA ATTENTION*

Whilst Equititrust does not like the media attention it has only itself to blame. Its actions, particularly lending *70M Dollars *of retiree's money to Dudley Quinlivan needed to be put under the spotlight in terms of both its current investors as well as the new investors that were being encouraged to invest in the cancelled 50M capital raising only last month. What would have incoming investor's said if they knew that loans were made to KING CON and that some had been in default for up to a year as was revealed last week.

As stated before the ethical actions of Aussie Stock Forums in revealing the suspensions and multiple postings from "one" Equititrust computer is to be commended.  


*SYDNEY MORNING HERALD AND COURIER MAIL*

Both *Colin Kruger *of The Sydney Morning Herald and *Mitch Gaynor *of The Courier Mail have done an excellent job over the last 2 months through their multiple stories on Equititrust. They have informed both current and prospective investors of matters of critical importance which Equititrust unfortunately has not.


----------



## ASICK (28 February 2011)

*Re: Equititrust: not going to get anyone any money back!!*



kostag said:


> wont get any investors any money though, will it ??




Well, you have to do the best you can.  ASIC is the regulator and complaints should be formally brought to ASICs notice.

I know some of you think that ASIC is an all-seeing, all-hearing, multifunctional pro-active go-get-'em laviathan, but that's far from the case - I htink it's better described as an i-dotting, t-crossing form-fill checking fixator.

My impression is that ASIC sees managers as profesionals, yet sees investors as naive and solely responbile for their own personal losses due to poor prudential choice.

But in the end, ASIC is the regulator, and the proper place to take your concerns.

By the way,  this thread got a mention in the Courier Mail Online:
http://www.couriermail.com.au/business/equititrust-calls-in-private-investigator-as-web-war-of-words-escalates/story-e6freqmx-1226013111852


----------



## Robin (28 February 2011)

Wanted to check out this forum after reading the recent news articles.

Having read from start to finish I don't think I have ever seen such a concerted attempt by one or two individuals to ruin a business.

Kostag - I hope you have yourself covered - looks like they have finally had enough of your ranting!  I wonder whether we are going to find out a little more about you on the front pages of the newspapers sometime soon!!


----------



## ASICK (28 February 2011)

Robin said:


> Wanted to check out this forum after reading the recent news articles.
> 
> Having read from start to finish I don't think I have ever seen such a concerted attempt by one or two individuals to ruin a business.
> 
> Kostag - I hope you have yourself covered - looks like they have finally had enough of your ranting!  I wonder whether we are going to find out a little more about you on the front pages of the newspapers sometime soon!!




My guess is that Kostag is what the media call 'a disgruntled investor' now that he's found out that the fund in which the manager redeemed $42m within months of the fund being frozen, and in which the manager took over $17m in management and other payments, is a fund in which the manager has now disclosed impairments of $42m, $30m of which had occured but were not disclosed until the end of last week.

Gee, I'd figure that's enough reason to be peeved.

I've been exactly where he (and all of you are), and it's not a pleasant feeling.

I don't think you need to bother about Kostag affecting your fund, I think the manager is doing a great job of that by itself.


----------



## No Trust (28 February 2011)

*Equititrust Loans To Quinlivan*

The Courier Mail Article states:

"It comes as the company acknowledged it had made *large loans *to a *two-time former bankrupt on Gold Coast property deals*.

*Mr Kennedy was not employed by Equititrust when the deals were made *."

Of note, it seems the CEO is distancing himself from the loans to Dudley Quinlivan which were made prior to his employment. 


Any company which is the *custodian of public money *will be subject to scrutiny including _its lending practices which have a direct impact on investors_. The revelations about substantial loans to Quinlivan came to light from media scrutiny. The Sydney Morning Herald and The Courier Mail has given both current and prospective investors a _transparent view of the lending practices of the company _to date.


----------



## kostag (28 February 2011)

*Re: Equititrust Loans To Quinlivan: be fair to David Kennedy*

I have been tough on DAVID KENNEDY however you cannot blame him for wanting to qualify the fact that he did not make the loan to QUINLIVIN and I dare say that neither he nor David Andersen made any of the 22 disaster loans that now comprise 90% of the assets of the company. That is not the aspect of their conduct that has dissapointed.

These disasterous loans (whihc obvioulsy go back pre 2009) may explain Wayne MacIvor and Tom Haney deciding it was a good time to jump ship in May 2010, though.



No Trust said:


> The Courier Mail Article states:
> 
> "It comes as the company acknowledged it had made *large loans *to a *two-time former bankrupt on Gold Coast property deals*.
> 
> ...


----------



## Robin (1 March 2011)

Having read this current thread in detail, I believe the forum needs to take a closer look at its conduct guide.

The rules clearly state that excessive ramping of stocks is strictly prohibted.  However there seems to be absolutely no regulation as to excessive and cordinated attacks.

It is quite obvious from the numerous threads from Konstag and No Trust that they have an alterior motive.  If they are investors, then surely they would be more interested in taking their complaints a more private route otherwise they risk destroying their own investment.

If they are borrowers of money from Equititrust, then the only conceivable reason for their concerted and cordinated attack would be revenge.  You might be forgiven for thinking that perhaps their investment has not gone to plan.

The only other possibility in my mind for such excessive behaviour might be that they are journalists without their own official / formal outlet.  If this was found to be the case then I am certain they would quickly lose the public's vote for their excessively agressive approach.

Whatever their agenda might be, I do feel that they have been vindictive and excessive and only loosely interested in the facts.  Does the manager of this forum really want to encourage what may after official investigation, maybe deem to be criminal conduct?  I think it might be a close call if Equititrust decides to take its investigation the full distance.

Before either Konstag and/or No Trust ask, I am not an investor in Equititrust, an employer of Equititrust or a Client of Equititrust.


----------



## doctorj (1 March 2011)

Robin said:


> Having read this current thread in detail, I believe the forum needs to take a closer look at its conduct guide.



In fact, the forum has quite a well developed set of standards already in place to deal with this situation. If you, or anyone else, have grounds to believe a specific post is false or misleading, please avail of the post reporting function to draw it to the attention of our moderators who will investigate in short order. That said, the quantity of posts made by one or more individuals on a topic is usually irrelevant and each post will be judged fairly on its own merits.

I should also point out that this is a stance that ASF takes on all its threads. The internet is a real-time medium and sometimes mistakes occur, but with the help of our users to highlight errors we hope to increase the information value for all by removing factually incorrect information as quickly as possible.

This thread is obviously particularly passionate and active. In order to not take it any further off topic, I would ask that should you want to discuss this further, that you would please do so via private messaging. I'm happy to answer any questions you may have.


----------



## GumbyLearner (1 March 2011)

doctorj said:


> In fact, the forum has quite a well developed set of standards already in place to deal with this situation. If you, or anyone else, have grounds to believe a specific post is false or misleading, please avail of the post reporting function to draw it to the attention of our moderators who will investigate in short order. That said, the quantity of posts made by one or more individuals on a topic is usually irrelevant and each post will be judged fairly on its own merits.
> 
> I should also point out that this is a stance that ASF takes on all its threads. The internet is a real-time medium and sometimes mistakes occur, but with the help of our users to highlight errors we hope to increase the information value for all by removing factually incorrect information as quickly as possible.
> 
> This thread is obviously particularly passionate and active. In order to not take it any further off topic, I would ask that should you want to discuss this further, that you would please do so via private messaging. I'm happy to answer any questions you may have.




I'll second that. There is nothing like the feeling of getting ripped off.


----------



## No Trust (1 March 2011)

*Re: Equititrust*

There seems to be a _severe sensitivity _by Equititrust and or its supporters / employees to the reporting by the media on various issues. The fact that, what is in the public space, is discussed and referred to on this forum is called free speech and it is legal to do so..

The same applies to reporting in the media. If the company has any issues with the accuracy of stories published the publisher can be asked to correct or retract the story.  

The frequency of media articles relating to the company in recent months is what has precipitated the "public's interest" and vigorous discussion on this thread which the Equititrust and its staff have participated in.. When a company raises money from the public *"it is in the public interest"*..

As the moderator correctly states, "if anyone has grounds to believe a specific post is false or misleading, please avail of the post reporting function to draw it to the attention of our moderators". That option is open to everyone..

It seems that “Robin” does not have a grasp of the *Uniform Defamation Laws enacted across Australia in 2006 *which effectively enshrines the right to free speech which is afforded by this web site..


----------



## ASICK (2 March 2011)

*Re: Equititrust*



No Trust said:


> There seems to be a _severe sensitivity _by Equititrust and or its supporters / employees to the reporting by the media on various issues. The fact that, what is in the public space, is discussed and referred to on this forum is called free speech and it is legal to do so..
> 
> The same applies to reporting in the media. If the company has any issues with the accuracy of stories published the publisher can be asked to correct or retract the story.
> 
> ...




Members of damaged funds should never been concerned about voicing their complaints on forums such as this.  Members should not feel intimidated.

Keep to the facts  and don't worry about speculating too much.

Non-disclosure of fund loan impairments and the manager's exit strategy for the $42m are issues you should be looking at as carefully as possible.  

How is it possible for a manager to take $17m in fees and then within just a few months, the fund suffers substantial losses?

Where is your fund's auditor?


----------



## ASICK (3 March 2011)

*THE BIG WHEEL AT STAR CITY CASINO*

http://www.smh.com.au/money/super-and-funds/consumers-vulnerable-20110301-1bcbb.html

''... There was much backslapping and self-congratulation among officialdom after it become apparent that Australia was to be spared the worst of the financial crisis. Our regulators were credited with doing a good job. 

However, there were tens of thousands of victims, mostly retirees, of poor or dodgy investment schemes and financial advice extending further back than just the past few years. The apologists for the big end of town tend to apportion most of the blame to the victims - saying it's the investors' fault if they get caught out and should not expect regulators to come to the rescue. 

That's nonsense. The losses experienced by small investors have not come about just because of market crashes, or because they were ripped off by someone operating outside the law. The losses have come because of shonky operators who have been licensed by ASIC and have been operating right under the regulator's nose.

Australia remains the wild west of ''innovative'' financial products - fee-laden, opaque products that never should be allowed anywhere near small investors. There is absolutely nothing stopping anyone, for example, from gaining a financial services licence and then putting investors' money on the big wheel at Crown or Star City Casino. ...''


----------



## kostag (3 March 2011)

*Re: THE BIG WHEEL AT STAR CITY CASINO*

ASICK you are even more cynical than I am -  you must have lost some serious $$$$$



ASICK said:


> http://www.smh.com.au/money/super-and-funds/consumers-vulnerable-20110301-1bcbb.html
> 
> ''... There was much backslapping and self-congratulation among officialdom after it become apparent that Australia was to be spared the worst of the financial crisis. Our regulators were credited with doing a good job.
> 
> ...


----------



## ASICK (3 March 2011)

*Re: THE BIG WHEEL AT STAR CITY CASINO*



kostag said:


> ASICK you are even more cynical than I am -  you must have lost some serious $$$$$




Kostag,  $'s are $'s - loss is the issue.   The article was written by the SMH, not me. 

If you read the whole article, you'll see the SMH is extremely cynical.

I've just had the experience of going thru all this before you have - I would say that most investors in your fund are still in the 'wishful thinking' stage, where you fear the worst, yet hope for the best.

My only hope for you is that you don't go to the next stage, which is coming to grips with loss ... then acceptance .. and then doing something about it.

My guess'll be that you guys start losing interest payments due to no income into your fund - it's just a gues


----------



## No Trust (4 March 2011)

*Equititrust - Loans to Dudley Quinlivan*

Another Frozen Gold Coast Mortgage Fund has loaned money to Dudley Quinlivan..

*Receivers move on former bankrupt Dudley Quinlivan's Gold Coast canal-front home* Mitch Gaynor From: 

The Courier-Mail March 02, 2011 


http://www.couriermail.com.au/prope...coast-front-home/story-e6frequ6-1226014399570

Will the spivvy Gold Coast ever learn..


----------



## kostag (5 March 2011)

*Re: Equititrust - Loans to Dudley Quinlivan EQUITITRUST AND SHAKESPEARE HANEY*

THis is all very very incestous. Until May of 2010, Mr Haney was also a Director of EQUITITRUST!!!!!  If you look closely at the financial accounts you will see that Shakespeare Haney loaned moneys to EQUITITRUST at one stage. 

How indepdendent could this Board have been!!!

_The Courier-Mail revealed two Quinlivan companies, Croftworth Property Holdings (No.1 and No.2) borrowed what is believed to be millions of dollars from the $240 million Equititrust Income Fund.

EIF froze redemptions in its fund because of the global financial crisis and is speaking to administrators of Croftworth this week to see what assets it can pursue as creditors.

Just like EIF, Shakespeare Haney also froze redemptions to investors.

However, it did write to investors offering to release up to $10 million of its $145 million fund last October.

According to its 2010 annual report, the fund suffered $16 million in impairment losses, with auditor KPMG saying there was a "significant doubt about the scheme's ability to continue as a going concern".

It is understood millions of dollars are tied up in loans after Shakespeare loaned money to both Pegasus and Sandtrend._













No Trust said:


> Another Frozen Gold Coast Mortgage Fund has loaned money to Dudley Quinlivan..
> 
> *Receivers move on former bankrupt Dudley Quinlivan's Gold Coast canal-front home* Mitch Gaynor From:
> 
> ...


----------



## kostag (5 March 2011)

*Re: Equititrust: FINANCIERS*

Talk in the general market place is that Bank of Scotland and National Bnak are both at the end of the road in terms of supporting the EIF etc. There was a rumour that Deutschbank who is a major funder to LM Mortgage Managment also was approcahed but declined, as was the case with Bill Moss' very credible Moss Capital.

All only rumours however INVESTORS have a legitimate right to know -  if their Manager will not tell them -  who might pop us the financier ranking ahead of them!

I suspect after the CITY PACIFIC imbroglio that both the EIF's bankers would be loathe to be seen as widning up the find and then investors blaming them (the Banks) when the losses start to roll in.

Based on prior disclosures and commentary, based on a $250million loan book with 22 loans (90%) of the book in 'mortgagee in possession' status, we can all assume (in light of the Manager not revealing this key data) that a) none of the 22 loans actually pay any interest ie: 10% of the loan book pays interest - lets say $25Million at 10% -  so $2.5Million a year in cash income -  to service bank debts of $50million, investors of how much $200million+, plus Equititrust's management fee grab of $15million+. Therefore, ASICK is right, can only be getting paid by capital therefore the income we think we get is our own capital back! A mess!

And secondly, taking the Quinlivan loans as an example -  a $40-$50million write off -  are we looking at losses of up to $100million on $250million of loans. After paying the Banks out and meeting costs of sale, GST etc -  does that leave INVESTORS with how much?  45cents in the dollar?  

I accept that all my calculations are speculative and could be wide of the mark. I just ask, can someone show me where we are widely off the mark?


----------



## ASICK (5 March 2011)

Fund's 30 June 2010 finacials, page 17, "... The existing finance facility of $35,000,000 is a principal and interest reduction facility that is secured over the Scheme’s mortgage loans and expires on 31 August 2012. The facility of $35,000,000 was fully utilised at 30 June 2010 (2009:$64,000,000) with nil unutilised facilities available (2009: $249,135). Interest is charged at a variable rate. At year end the weighted effective average interest rate on this facility was 9.03% per annum (2009: 6.63%). ..."

The fund's December 2010 RG45 discloses the facility to be paid down to $26m.

9% on $26m (or more? since the mid-term financials are not yet released) is a lot of interest to pay for a fund suffering substantial impairments and seemingly not much income to speak of.

There is an increased risk of the options available to the facility provider being exercised - see paragraphs  (a), (b), and (c) in the excerpt below.

Fund's 30 June 2010 financials, page 17, "... Loans and borrowings are subject to maintaining certain loan covenants. One of the current covenants is to
maintain a set debt to eligible asset ratio percentage of 25.0% (2009: 27.5%). If the debt to eligible asset ratio is exceeded and not rectified within 14 days the finances are entitled to review the facilities and may decide to do all or any of the following:
(a) by notice to the borrower declare the secured money immediately due and payable, and the borrower shall immediately pay the secured money;
(b) by notice to the borrower cancel the commitment;
(c) at the cost of the borrower, appoint a firm of independent accountants or other experts to review and report to the lender on the affairs, financial condition and business generally of the borrower and the Scheme.
At 30 June 2010, the debt ratio was 20.59% (2009:26.35%). ..."

I think this is very worrying:-

February 2010 continuous disclosure statement dated 18 February 2011, page 4, "... Historically, for most development loans and some commercial loans undertaken by the Fund, we have capitalised interest, as this is the nature of the lending performed by the Fund, whereby the interest is included in the loan facility and deducted progressively. Over the past three months, however, we have, with few exceptions, stopped the capitalisation of interest so as to allow the loan to go into default and thus enable Equititrust to take enforcement action for the control of it. ..."

Ah! capitalized interest - Cash flow? what cash flow? 

I think members should also keep in mind that the $28m of capital warranty remaining in the fund, as I understand it, is not a guarantee of interest/distribution payments to investors.   These are the times when I think the auditor for the fund should step forward and assure investors that interest/distribution payments to investors are derived from discernible profits.  After all, the auditors are engaged by the fund, not by the manager - in essence, the auditors responsibility is to report to investors.

So, with loans in default,  lack of income in the fund,  high facility costs, the burden of management fees, and a slow market for particular assets, what will the facility provider do?  (a), or (b), or (c), or  none of the above?

As an aside, has anyone reconciled the December 2010 RG45  dated December 2010 report with the continuous disclosure statement dated 18 February 2010 with respect to the LVR table and to the cash flow projections given the newly discloses impairments and the manager's action to cause loans to default rather than capitalize interest? (since they both relate to the fund's performance as at 30 December 2010)


----------



## ASICK (6 March 2011)

*Re: Equititrust: FINANCIERS*



kostag said:


> ...  plus Equititrust's management fee grab of $15million+.  ...




Kostag, the fee grab was for the 12 months up to 30 June 2010 and was about $17m (which included about $13m in returns on the capital warranty)

The management fee is about $4m - since losses have eaten into the capital warranty, I couldn't imagine the manager getting a return on the remaining $28m as at 31 December 2010.


----------



## kostag (6 March 2011)

*Re: Equititrust: when is INCOME NOT INCOME?  nothing up my sleeve! Voila..... income!*

Interesting excerpt from an interview by Brian Gaynor of Mark Hotchin ex-Hanover boss -  another failed second tier financer.....

They have the same 'capitalised interest' trick -  great on paper -  not too good in the bank though and they had the same accounting regime of big dividend grab and no actual cash flow to speak of..... 

_It appears that $31.5 million of the dividends was used to repay loans, and the other $37 million of related loan repayments came from other sources.

The huge dividend payments should not have been made because the finance company sector was in trouble and Hanover's profits were essentially illusory because most of its interest income was capitalised interest, which is a non-cash item.

It is also illusory for Hotchin to claim that for every $1 that went out $2 went in.

The reality of the situation up to June 2008 was:

Watson and Hotchin companies took $117.8 million out of Hanover Finance in related party loans.

They then received dividends of $45.5 million.

They paid back related party loans of $68.5 million_.

ASICK has raised some interesting material. From what he says it is likley that both KPMG the auditors and any insolvency firm who has done an INDEPENDENTS ACCOUNTANTS REPORT on Equititrust for either National Bank or Bank of Scotland, would have first hand knowledge of the CASH FLOW (or lack thereof) of EQUITITRUST.

Now, I raise this in this PUBLIC FORUM because all INVESTORS should be now aware that it is LIKLEY that their INTEREST PAYMENTS are in fact being funded from CAPITAL. There does not seem to be any prospect that EQUITITRUST has the income cash flow to cover these paymments. Likewise, the BANK facilities' and their interest are more than likley being paid out of OUR capital.

Now, if that is the case and their advisers including the AUDITORS KPMG are aware of this -  then they are all on PUBLIC NOTICE and they would be joined in any proceedings in the event of any CAPITAL shortfall.

You (the EQUITITRUSTS'S BANKERS AND THEIR ADVISERS + AUDITORS) cannot have knowledge that there is a cash problem and just grab the money and run and leave the Mum and Dad investors hanging. It is not some game of business _finders / keepers_. 

INVESTORS -  we dont know what is going on however the foregoing seems a likley scenario and we ought be aware and thevarious large lenders ought be aware (as well as their advisors) that they cannot just sit on this knowledge whilst they sort out their own nests and think that we all have no rights of redress ro recovery.

ASIC take note!


----------



## zencorp (6 March 2011)

Equititrust has recently changed their website from (words to the effect of):

"In seventeen years we have never lost a cent of our investors capital, were proud to say "You've earned the equity, we've earned the trust"". 

TO: 

"On the back of our 17 years of experience, we're proud to say, "You've earned the equity, we've earned the trust."". 

Looks like in seventeen years, Equititrust *has lost a cent* of their investors capital. Most likely in this dudley fiasco and we will find out soon (most likely when its too late). Thanks.


----------



## kostag (6 March 2011)

*Re: Equititrust? ZENCORP*

I hadn't noticed that -  I'd suggest that ASIC may have said something and right now, I reckon that they have  lost 50cents for every dollar w ehave in there..... atleast the accuracy of the reporting has improved!


----------



## ASICK (6 March 2011)

*Re: Equititrust? ZENCORP*



kostag said:


> I hadn't noticed that -  I'd suggest that ASIC may have said something and right now, I reckon that they have  lost 50cents for every dollar w e have in there..... at least the accuracy of the reporting has improved!




2010 Financials, page 25, "... Loans which have been renegotiated whose carrying amount would otherwise be impaired or past due as at reporting date were as follows:
(2010) 31 loans $183,023,971 72% -  (2009) 26 loans $73,235,423 24% ..."
These loans are not considered at risk and have been re-negotiated on terms that enable timely payment and adequate yield. ..."

Isn't it an extraordinary statement "... whose carrying value would otherwise be impaired or past due as at reporting date ..." .. SEVENTY-TWO PERCENT OF THE FUND!

I wonder what  terms could the manager "renegotiate" with a lender when the loan prior to the "renegotiation" would be impaired or past due?  Such loans jumped from 24% to 72%.

But all is well, on 30 June 2010, the manager considered the loans not ar risk, and the loans have, by the "renegotiating" power of the manager, mutated from loans either impaired or past due, to ones complying with "timely payment and adequate yield".

Great .. all is well .. for 74% of the fund.  phew!

and the good news is, the manager seems to have exhibited this power for a number of years .. in (2008), 27 loans $69,049,941 17%.

2008: 27 loans $69,049,941 - 17% of the fund
2009: 26 loans $73,235,423 - 24% of the fund
2010: 31 loans $183,023,971 - 72% of the fund

Notice anything about the figures?   Seems at least 25% of the fund has been continually "renegotiated" for three years - but the explosion in 2010 must seem like a big surprise!

I would have thought that to be extraordinary - but I guess it mustn't be, the auditors (KPMG) don't seem to think so.  

I wonder if investors consider these 'renegotiated' loans as much as a safe bet as has the manager over these past years? 

This is where that term 'capitalized interest' comes in (the non-cash item).

"... over the past three months, however, we have, with few exceptions, stopped the capitalisation of interest so as to allow the loan to go into default and thus enable Equititrust to take enforcement action for the control of it. ..."

One wonders why they didn't take that same action three years ago?


----------



## No Trust (7 March 2011)

*Cashflow - Investor Returns*

In terms of cash flow, capitalised interest on the majority of loans and the cancelled 
50M Capital raising, will Equititrust be able to pay investors returns for much longer..


The interim Financial Results were promised by the company prior to the required lodgement date of 16 March. Let’s see if that promise is kept.. 

The accompanying auditor's report will be of interest to all investors and stakeholders..


----------



## kostag (7 March 2011)

*Re: Equititrust? LOANS UNDER RE-NEGOTIATION*

Was QUINLIVIN LOANS under re-negotiation? PRESS articles quoting EQUITITRUST last week all stated that EQUITITRUST had bene involved in this asset etc for over a year -  so why wasn't the $70Million impaired exposure raised at that time.

Why didn't the auditors raise it then???



ASICK said:


> 2010 Financials, page 25, "... Loans which have been renegotiated whose carrying amount would otherwise be impaired or past due as at reporting date were as follows:
> (2010) 31 loans $183,023,971 72% -  (2009) 26 loans $73,235,423 24% ..."
> These loans are not considered at risk and have been re-negotiated on terms that enable timely payment and adequate yield. ..."
> 
> ...


----------



## zencorp (7 March 2011)

*Re: Equititrust? ZENCORP*

Basically - in order to support the bank debt facility, Equititrust must have a certain proportion of eligible assets in order for the facilities to be rolled. Keeping this in mind, Equititrust was most likely required to sugar coat the majority of its loans and not put them in default. Once a loan goes into arrears for a certain proportion of time (i think 90 days), the loan does not form part of the "eligible assets" under the banking facility and hence the NAB would have moved earlier. Equititrust has now basically freed itself from the grasp and control of bank covenants (i.e. NAB bar for 26M) and is quickly trying to realize assets to get the fund back to a liquid state. However, it looks as if a perfect storm has hit Equititrust with Westpac moving on entities associated with one of its largest borrowers (i.e. Dudley). 



ASICK said:


> 2010 Financials, page 25, "... Loans which have been renegotiated whose carrying amount would otherwise be impaired or past due as at reporting date were as follows:
> (2010) 31 loans $183,023,971 72% -  (2009) 26 loans $73,235,423 24% ..."
> These loans are not considered at risk and have been re-negotiated on terms that enable timely payment and adequate yield. ..."
> 
> ...


----------



## kostag (8 March 2011)

*Re: Equititrust? ZENCORP: AN ALARMING ANALYSIS AND ONE THAT MUST WORRY KPMG*

this is very good analysis work.... 







zencorp said:


> Basically - in order to support the bank debt facility, Equititrust must have a certain proportion of eligible assets in order for the facilities to be rolled. Keeping this in mind, Equititrust was most likely required to sugar coat the majority of its loans and not put them in default. Once a loan goes into arrears for a certain proportion of time (i think 90 days), the loan does not form part of the "eligible assets" under the banking facility and hence the NAB would have moved earlier. Equititrust has now basically freed itself from the grasp and control of bank covenants (i.e. NAB bar for 26M) and is quickly trying to realize assets to get the fund back to a liquid state. However, it looks as if a perfect storm has hit Equititrust with Westpac moving on entities associated with one of its largest borrowers (i.e. Dudley).


----------



## ASICK (8 March 2011)

http://www.equititrust.com.au/Pdfs/Priority_Class_Income_Fund_SHORT.pdf

Hey, the 'Priority Class Income Fund" PDS is a good read.

"... The purpose of the loan is to refinance an existing credit line facility provided by the National Australia Bank (NAB) and for future lending with board approval, payment of distributions and redemptions to EIF investors. ..." (emphasis added)

The words "payment of distributions" should have made the hairs on the backs of investors' necks stand up ... 

Couple the continued capitalization of  interest with up to $25m @ 9.00% to 9.35% payments to the new investors, and the newly divulged loan difficulties, then it seems (at least to me) that the members have been more than lucky with ASIC's decision to disallow the capital raising.  The capitization of interest could have gone on for years to come.  

This is what has happened in at least one other fund (Citypac) whereby a facility provider provided extra money ($90m) in circumstances such as are now being suffered in the EIF  (capitalized interest / loan defaults) - in fact, Citypac, at times, were a little more creative - It seems some capitalized loans were paid out by further capitalized loans to other related entities. 

I think fund managers should be forced to separately itemize capitalized interest and cash receipts of interest.  In City Pacific's fund, such amounts were disclosed as one total for each loan, "Interest Paid/Payable" - who could tell what was what?

At least EIF disclosed what was being done, except of course, the little thing about running around the periphery and plugging $30m of fund loan impairments.    

Investors didn't know about the $30m, but I wonder whether the NAB did?

I wonder if  investors were initially  hopeful that the $50m fundraising would have worked?  I wonder if those who were hopeful are now disappointed that the capital raising was put to rest?


----------



## ASICK (8 March 2011)

*Re: Equititrust? ZENCORP: AN ALARMING ANALYSIS AND ONE THAT MUST WORRY KPMG*



kostag said:


> this is very good analysis work....




Yes, Zencorp did a good job.  A braver man than I, is he.
You're doing well too Kostag.


----------



## ASICK (8 March 2011)

An amendment to posting #364:

"... Couple the continued capitalization of interest with up to *$50m* @ 9.00% to 9.35% payments to the new investors, and the newly divulged loan difficulties, then it seems (at least to me) that the members have been more than lucky with ASIC's decision to disallow the capital raising. The capitization of interest could have gone on for years to come.  ..."


----------



## kostag (9 March 2011)

*Re: Equititrust: dont worry: what's $25M when you are not counting*

who's checking     







ASICK said:


> An amendment to posting #364:
> 
> "... Couple the continued capitalization of interest with up to *$50m* @ 9.00% to 9.35% payments to the new investors, and the newly divulged loan difficulties, then it seems (at least to me) that the members have been more than lucky with ASIC's decision to disallow the capital raising. The capitization of interest could have gone on for years to come.  ..."


----------



## Joe Blow (11 March 2011)

I do not wish to see hearsay posted in this thread (or anywhere else on the forums). All discussion should be based around verifiable publicly available information or articles/reports published by the mainstream media. 

Posting unsubstantiated speculation only serves to muddy the issue and any posts containing this kind of questionable second or third hand information from unnamed sources will be removed from the thread.


----------



## No Trust (13 March 2011)

*Promised Interim Financials*

The interim financials, *promised * to be issued by Equititrust earlier than the ASIC due date of * 16 March * would be welcome by all investors and stakeholders. To date nothing.. 

The longer the delay the greater the perception issues the company faces. 


The interim financials will also be a barometer of the *merits * of the *failed 50M capital raising *.  The state of the finances, coupled with the Auditor’s report, will clarify whether ASIC had any other concerns in regard to the capital raising and whether this would affect incoming investors.

A statement as to alternate funding arrangements to replace NAB and Bank of Scotland would also be welcome. 

General statements by Equititrust that the fund will become liquid, in light of recent media revelations, is mere puffery..


----------



## zencorp (13 March 2011)

Gold Coast Bulletin today - Equititrust has a 10m exposure to a company linked to the Nikiforides Family. This company is in receivership with the principal financier being owed some 50m. 

Another failed investment the newspapers bring to our intention.


----------



## No Trust (13 March 2011)

*New Loans in Default*

Is there a web link to this story in the Gold coast Bulletin..


----------



## zencorp (13 March 2011)

*Re: New Loans in Default*

Not yet - I have looked for the web version. I have a hard copy so if its not up on the web by tomorrow I will scan it and attach the file. 



No Trust said:


> Is there a web link to this story in the Gold coast Bulletin..


----------



## kostag (14 March 2011)

*Re: EQUITITRUST: New Loans in Default: any confirmation of large loan to NIKIFORIDES*

did you find the PRESS article  







zencorp said:


> Not yet - I have looked for the web version. I have a hard copy so if its not up on the web by tomorrow I will scan it and attach the file.


----------



## zencorp (15 March 2011)

*Re: EQUITITRUST: New Loans in Default: any confirmation of large loan to NIKIFORIDES*

SEE ATTACHED. 



kostag said:


> did you find the PRESS article


----------



## zencorp (15 March 2011)

http://www.tweedecho.com.au/archives/full_versions/TweedEcho0321.pdf

SEE Page 3  - looks like Landsolves efforts are not being warmed to kindly. Is this another soon-to-be loss?


----------



## kostag (15 March 2011)

*Re: Equititrust: LANDSOLVE:   or is it EQUITIDISSOLVE*

great to see we are in good competent hands once more........



zencorp said:


> http://www.tweedecho.com.au/archives/full_versions/TweedEcho0321.pdf
> 
> SEE Page 3  - looks like Landsolves efforts are not being warmed to kindly. Is this another soon-to-be loss?


----------



## No Trust (15 March 2011)

*Equititrust - Greyhound Racing*

Well, loans to King Con using retiree investors’ money, and now dabbling in Greyhound Racing in Northern New South Wales... It looks like Equititrust has really gone to the dogs..

The cowboys from the Gold Coast just keep on polishing those white shoes don’t they..


----------



## No Trust (15 March 2011)

*Interim Financials*

*STILL NO INTERIM FINANCIALS AS PROMISED*


----------



## zencorp (15 March 2011)

Who is the fraudster now Mr Kennedy? Why the sudden drop in Buffetman posts? 



Buffettman said:


> Thanks Kostag for the info.  I wasn't aware that Equitytrust had the same business model as MFS.  I didn't even know they had a tourism business nor did I know they were a listed company.  Can you please tell me a bit about these?  What tourism businesses do they invest in?  What is the stock code for Equitytrust?  I couldn't find it.
> 
> Isn't that Al guy the one who was involved with Paul Keating in the piggery business?  Isn't he on criminal charges now for fraud or something?


----------



## zencorp (15 March 2011)

Kostag and No Trust. 

The loan summary provided to us by Equititrust, in Loan 19, they make reference to the sale of water licences worth 1.75m. This has now fell over and Equititrust has lost its opportunity to sell these to the crown. 

ANOTHER LOSS.


----------



## zencorp (15 March 2011)

*Re: Interim Financials*

There is simply no disclosure which is causing concern among investors. 

Equititrust come out with this lovely storey how they will be Liquid in 2011, then shortly after the papers bring to our attention all of these failed loans. 

What are we to do? 

They simply wont give us the information required to assess the company's ability to continue as a going concern... While at the same time guzzling a "Management Fee" and ridiculous return on the subordinate investment.  



No Trust said:


> *STILL NO INTERIM FINANCIALS AS PROMISED*


----------



## kostag (16 March 2011)

*Re: Equititrust. beware ides of march*

I think anyone reading these threads has a pretty good idea what the interim financials must look like. I made a prediction months ago about the Ides of March. I am sticking to that prediction. I think that clearly there is now evidence of King Con Quinlivin receiving large amounts of funds from Equititrust and he and his sons being put in control of other Equititrust lian assets with large amounts of funds being somehow diverted to him


----------



## No Trust (16 March 2011)

*What were they thinking*

Seriously, what were they thinking when they lent money to King Con... The reason investors are in the quagmire they are now in is a direct result of the *appalling lending decisions that were made*. Now it is revealed that there is another *$10M *exposure to another failed Gold Coast Developer and yet Equititrust is not concerned..  

It will take years to realise these loans, whilst investor's money is kept hostage. The GFC excuse peddled by Equititrust does not cut it anymore once the truth has been revealed about loans to the ilk of King Con. 

This is not what retiree investor's signed up for. Imagine an Equititrust commercial on TV outlining that loans were to be made in the tens of millions of Dollars to King Con.. 

How many retiree investors would have invested their hard earned retirement money ?? 

Let’s get the *promised* Interim Financials and Auditor's report which is due to be lodged with ASIC tomorrow and find out what is really going on.. Self preservation is one thing but people’s future is another. If the situation going forward is financially untenable then reality has to be faced and the fund needs to be wound up..


----------



## No Trust (16 March 2011)

*Interim Financials - Promise Not Kept*

Below is an extract from a post on this Web Site Thread directly from Equititrust.

*16th-February-2011 10:10 PM *

(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and will be completed and *posted on our website well prior to the ASIC deadline of 16 March 2011*; 


The PROMISE to post the Interim financials ‘Well prior to the ASIC deadline of 16 March 2011” *has not been fulfilled*.  *NOTHING* has been posted on the Equititrust Website..


To all investors and stakeholders this *broken promise by Equititrust *as to the publication of its financial statements is of great concern as it is now clear the company publically states one thing and does another..  

*Interim Financials please Equititrust..*


----------



## No Trust (16 March 2011)

*Re: Interim Financials*

Becoming liquid in 2011 is akin to Equititrust previously saying the *50M *capital raising will go ahead. Look what happened to that when ASIC stepped in and put a stop to that. 

But days before that the picture was made out to be rosy and they were even encouraging people to tell their friends to invest..  The *Sydney morning Herald Story by Colin Kruger in January *shone a spotlight on the issue and deservedly so. ASIC had no choice but to step in and thankfully saved many other investors the misery that current investors now have to endure going into *Year 3* of their funds being frozen. 

To rub further salt into the wounds of the retiree investors, revelations in the national media of *loans to King Con on stagnating development sites*; while Equititrust takes hefty management fees for a *disaster that it created*. To have mismanaged retiree investors’ money on loans of this nature is a *SHAMEFUL ACT *by Equititrust.





zencorp said:


> There is simply no disclosure which is causing concern among investors.
> 
> Equititrust come out with this lovely storey how they will be Liquid in 2011, then shortly after the papers bring to our attention all of these failed loans.
> 
> ...


----------



## zencorp (16 March 2011)

STILL NO FINANCIALS!!!!!!!


----------



## No Trust (16 March 2011)

*Equitisolve*

The question that needs to be put to Equititrust by the Media is whether King Con was actually used by Equititrust in any project management or recovery role on any of its other loan assets. 

The business relationship between King Con and Equititrust needs *TO BE PUT INTO THE SPOTLIGHT*. Maybe the answer is *EQITISOLVE*..


----------



## No Trust (17 March 2011)

*ASIC Deadline Has Passed - No Financials*

The ASIC Lodgement date of 16 March has passed and still no interim Financials on the Equititrust Web Site.. Remember their post on this website below:


*Equititrust Post on this Thread *

16th-February-2011 10:10 PM 

"(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and *will be completed and posted on our website well prior to the ASIC deadline of 16 March 2011; "*

*The perception issues are NOT GOOD..*

Once again, Equititrust, where are the long overdue promised financials? ASIC we assume has them why has the promise made on this website not been kept? 


This is the transparency the new incoming investors in the failed 50M Capital raising would have had to deal with.  It’s a good thing ASIC stepped in..


----------



## No Trust (18 March 2011)

*Equititrust Crisis*

What is precipitating the *Non Provision *of Interim Financials by Equititrust ?


----------



## awg (18 March 2011)

just guessing here folks, 

but for any legitimate auditor to sign off anything, they would have to be satisfied they had ALL relevant information laid out for them.

not a steaming crock of u know what


----------



## No Trust (19 March 2011)

*Equititrust  Crisis*

AWG , I think you may be right in terms of the Auditors Report; I guess that they will have to take a serious look this year as to whether Equititrust can continue as a going concern. 

The auditors as the media have reported have raised these issues in the previous 2 years.  With the recent “previously undisclosed” information about *80% loan defaults *and *massive loans to King Con*; this year seems to be shaping up as an Annus Horribilis of unprecedented proportions. 

Issues of liquidity and cash flow going forward must now be matters of critical concern.


----------



## kostag (19 March 2011)

*Re: Equititrust: NATIONAL BANK*

does nayone know whether EQUITITRUST has serviced the $3M a month payment to NATIONAL BANK.

One would assume with less than 10% of the loan book servicing interest debt, that there simply would not be the CASH FLOW to fund the covenanted payments to the NAB, and it is perhaps this post report date failure that is giving the AUDITORS some despair.

It is my belief that this is why we have not seen ACCOUNTS published -  the whole issue of going concern and solvency.

Plus: I suspect that if there is DEFAULT, that the NAB would not want to be seen as the party to be make the move against EQUITITRUST and therein threaten the return to the INVESTORS who sit behind their security.


----------



## ASICK (20 March 2011)

*Re: Equititrust: NATIONAL BANK*



kostag said:


> ... Plus: I suspect that if there is DEFAULT, that the NAB would not want to be seen as the party to be make the move against EQUITITRUST and therein threaten the return to the INVESTORS who sit behind their security.




I somehow think you won't hold that view next month, however, I hope I'm wrong.


----------



## No Trust (21 March 2011)

*Insight Equity or Equititrust Mark II*

*Is this Equititrust Mark II*

*Former Equititrust execs in new venture *

Colin Kruger 
Sydney Morning Herald
*March 21, 2011*

http://www.smh.com.au/business/former-equititrust-execs-in-new-venture-20110320-1c274.html

Again Colin Kruger shines a spotlight on another Gold coast Mortgage Fund and the Directors *former backgrounds*!!  

The former Equititrust Directors make *no mention of their role in approving the loans to King Con whilst they were at Equititrust??  *Maybe this is one of the "keenly observed mistakes of others".. ??



Maybe Colin Kruger or the public for that matter may want to ask whether any loans will be made by Insight Equity to Equititrust or whether *any other directors or staff from Equititrust will soon be joining Insight Equity*??  Interesting as to what the answer may be!!


----------



## kostag (21 March 2011)

*Re: Equititrust: COLIN KRUGER is right on the mark again!*

can't hold a good team nor a good "business model" down, now can you? 

borrow what you can

pay it back when you like -  if you like

http://www.brisbanetimes.com.au/business/former-equititrust-execs-in-new-venture-20110320-1c274.html


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## No Trust (21 March 2011)

*Former Equititrust executives try again with a new $250m fund*

Probably a more apt Headline

Former Equititrust executives *try again *with a new $250m fund 

http://www.smh.com.au/business/form...gain-with-a-new-250m-fund-20110320-1c281.html


----------



## No Trust (21 March 2011)

*Equititrust  Crisis*

Where are the promised financials, remember Equititrust's promise below:

*Equititrust Post on this Thread *

16th-February-2011 10:10 PM 

"(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and *will be completed and posted on our website well prior to the ASIC deadline *of 16 March 2011; "

What is going on.......


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## ASICK (21 March 2011)

*Re: Insight Equity or Equititrust Mark II*



No Trust said:


> http://www.smh.com.au/business/former-equititrust-execs-in-new-venture-20110320-1c274.html




"... The fund will also eschew bank debt. ''Gearing really puts the bank in front of the investors,'' said Mr Gwynne. ..."

Layman's Definition of "an  investor in a managed mortgage/property fund" - an investor who is paid to take risk and ensure a facility provider's LVR.


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## kostag (21 March 2011)

*Re: Equititrust: good work Colin KRUGER !!! ESCHEW or CHOW DOWN......*

well it takes former MFS executives McIvor and Gwynne to admit what we all now now.....(we probably now know what Nick Haney and Wayner McIvor had learned when they jumped ship in May 2010)......

_The company says its executive team has ''keenly observed and learnt from the mistakes of others''.

Advertisement: Story continues below It should have. Two of its directors, including the company founder, Damien Gwynne, held senior positions at Equititrust when it was forced to freeze redemptions because of the crisis and the withdrawal of bank funding._

wish that they had eschewed bank debt when they ran Equititrust - rather than eschewed, they chowed right in..... pushing us very much to the back of the line....

_The fund will also eschew bank debt. ''Gearing really puts the bank in front of the investors,'' Mr Gwynne.

Investors will get a return of up to 9 per cent with an additional feature that also appears to be borrowed from Equititrust - the reinvestment of Insight Equity's retained profits into ''subordinated units''_


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## No Trust (22 March 2011)

*Equititrust No Interim Financials*

The perception issues surrounding Equititrust are going from bad to worse. Despite promises to post the Interim Financials as per their post below *NOTHING!*


*Equititrust Post on this Thread *16th-February-2011 10:10 PM 

"(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and will be completed and *posted on our website well prior to the ASIC deadline of 16 March 2011*; "


----------



## No Trust (22 March 2011)

*Annual Review*

Equititrust also promised investor's an *Annual Review *which is also notably missing from their website. *What is really going on ??  *


----------



## kostag (23 March 2011)

*Re: Equititrust: the ACCOUNTS are not on the web site because*

whoever signs them has committed financial suicide....... the auditors wont sign them -  the bankers are waiting with baited breath to see them -  the investors? well, the accounts will only confirm what COLIN KRUGER from Fairfax is telling us


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## No Trust (24 March 2011)

*Equititrust No Interim Financials*

Why does it always take the media to extract information from Equititrust.. A perfect example is loans to King Con.. King Con was never featured in the Equititrust Annual Reviews like other borrowers. Why ?? Maybe the innocent retiree investors would find that kind of action too fast and loose for their liking.. 

The moral to the story is don't lend tens of millions of dollars to people you don’t have the guts to put in your annual review or advertising campaigns..


In the same vein it seems the Media will *again* have to take the lead in extracting the Financial Information promised by Equititrust but not delivered. It is incomprehensible that a company with an Australian Financial Services License would make statements as to the *issuance of its Interim Financials *on a *public forum *and then *not deliver*.. Equititrust then have the temerity to criticise this website which they use to make public statements. 

A reminder to all, this is what Equititrust posted:


Equititrust Post on this Thread 16th-February-2011 10:10 PM 


"(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and will be completed and *posted on our website well prior to the ASIC deadline of 16 March 2011; *"


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## No Trust (27 March 2011)

*No Financials - King Con*

Apart from the *broken promise *by Equititrust to provide the Interim Financials well prior to the 16th of March there is good reason to question Equititrust as to the alleged use of King Con and or his companies on its non-performing loans..  If this was the case, I don’t think retiree investors signed up for this kind of action either..  


*Hopefully some light new light will be shed on this soon..*

PS. The longer the Interim Financials remain outstanding the worse it looks..

PPS. Don't make promises on this website that you cannot keep..


----------



## kostag (29 March 2011)

*Re: Equititrust: ASIC Receiver appointment*

ASIC had the courage and good sense to force Equititrust to withdraw its misleading $50M new capital raising. Why is it now, that in light of all the evidence that is emerging,  that will not now move and do what the National Bank and Bank of Scotland seem reluctant to and that is to appoint an indepdent insolvency firm such as McGrath Nicholls to ensure that cash flow bleed through excessive payments of on going high overheads and massive payments on the supposed subordinated investment is brought to an end and an orderly responsible asset realisatioin is undertaken forthwith before we see a destruction of whatever value remains.


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## zencorp (29 March 2011)

I don't think the NAB are sitting on the sidelines - I am sure they are watching Equititrusts performance closely  - even as close as having their own people inside Equititrust at the moment monitoring their ability to pay them their money back.


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## ASICK (1 April 2011)

zencorp said:


> I don't think the NAB are sitting on the sidelines - I am sure they are watching Equititrusts performance closely  - even as close as having their own people inside Equititrust at the moment monitoring their ability to pay them their money back.




Nothing would be done without the chargee (bank) giving permission - and that, in my opinion,  would have been going on since the debt was first raised.  The bank would have known the true state of the fund for years - they're not out of the loop like investors are.   The bank's interests are absolutely before investors' interests, and don't think for even a micro-second that that's not the case.

The bank is not in there to protect investors, it's there to protect it's loan to the fund.


----------



## No Trust (1 April 2011)

*Still No Financials*

In the dying days of City Pacific didn’t Commonwealth or one of the Banks have someone sitting on the board representing their interests till they were paid out?

The fact the interim financials have not been issued by Equititrust as promised on this thread just adds to the confusion and public perception issues.  


*What was really behind the failed 50 Capital Raising*

Questions too may be raised about the failed 50M capital raising ultimately stopped by ASIC. It now seems it was always doomed to fail considering the loan book was going to have a 80% default rate. This was never disclosed prior to or during the capital raising.. What is of interest is whether NAB knowing all the problems has put further pressure on Equititrust that the public is not aware of precipitating a hastily put together capital raising to have NAB paid out.. Under any other circumstances, with a *clear and unequivocal **Conflict of Interest *as outlined by the Sydney Morning Herald a prudent and stable fund would not go to the market cap in hand looking to raise funds, only to have the whole process shot down by ASIC..

*Loan Covenants with NAB Breached*

Equititrust on their own admission has acknowledged that the loan covenants with NAB have been breached. This related to the percentage of loans in default last year; this was said to be a minor issue, this has now snowballed to a catastrophic rate of *80% in 2011.. *

*Going Concern*

The issue now is how the auditors will classify the loans with NAB and Bank of Scotland in terms of Equititrust continuing as a going concern.  The question the Public now have in light of the Interim Financials not being issued is; *Are the Loans with NAB and Bank of Scotland in Default??*


----------



## No Trust (2 April 2011)

*State Of The Market*

The Article below in the Courier Mail is an indication of the state of the market at the moment. It is also an indicator of what lies ahead in terms of Equititrust’s problem loans to King Con in Ipswich.. 

The valuer from HTW is correct in his assessment of marketers and loaded prices of properties sold to southern investors. 

The assets left to Equititrust in Ipswich after their little gamble with Retiree Investors’ money on King Con will not be easy to realise given the assessment of the market in the article below.


http://www.couriermail.com.au/prope...-some-developers/story-e6frequ6-1226032241063


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## zencorp (4 April 2011)

These guys are simply hopeless.


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## No Trust (4 April 2011)

*Equititrust No Interim Financials*

No even a whisper of the long overdue Interim financials being issued. *WHAT IS GOING ON ???*


----------



## No Trust (4 April 2011)

*Equititrust No Interim Financials - NAB, Bank of Scotland*

Has there been any further developments with Equititrust's bankers NAB and Bank Of Scotland which is causing a delay of the Interim Financials ??


----------



## JFJDM (5 April 2011)

A new poster and an upset investor. For your information Equititrust has now suspended monthly repayments while "undergoing loan restructuring". Been with them a long time and am frankly worried sick by this.


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## ASICK (5 April 2011)

JFJDM said:


> A new poster and an upset investor. For your information Equititrust has now suspended monthly repayments while "undergoing loan restructuring". Been with them a long time and am frankly worried sick by this.




I think in this case, 'suspended' means not to be paid until the twelth of Never.

No payment of distributions means no profit after the manager takes its management fees - heck, it might be driven into a loss!  This is the bad part, watching your investment value drop while the manager is handsomely paid.

Still there's a bit of a buffer against capital loss - I guess you'll all be waiting with bated breath to see what happens next (as soon as the fund's financials are released).

Bad news never travels fast.


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## No Trust (5 April 2011)

*Equititrust  Crisis*

“Loan Restructuring" ??? Didn't the CEO recently state in the press that all arrangements with their bankers were in order..  

I must reiterate that the *broken promise *made by Equititrust to publish their Interim Financials well prior to the lodgement date of 16 March is indicative of what is now playing out. Investors have every right to be concerned.


----------



## kostag (5 April 2011)

*Re: Equititrust: WHAT - THEY HAVE NOW STOPPED EVEN PAYING INTEREST !!!*

THIS IS AN OUTRAGE AND SURELY PROMPTS ASIC TO APPOINT AN INDEPENDENT INSOLVENCY EXPERT..........







JFJDM said:


> A new poster and an upset investor. For your information Equititrust has now suspended monthly repayments while "undergoing loan restructuring". Been with them a long time and am frankly worried sick by this.


----------



## kostag (5 April 2011)

*Re: Equititrust: JUST A LITANY OF LIES*

ARRANGEMENTS IN ORDER?   I THINK NOT..... THEY SLIPPED PAST THE IDES OF MARCH..... BUT APRIL 2011 LOOKS LIKE D DAY 



No Trust said:


> “Loan Restructuring" ??? Didn't the CEO recently state in the press that all arrangements with their bankers were in order..
> 
> I must reiterate that the *broken promise *made by Equititrust to publish their Interim Financials well prior to the lodgement date of 16 March is indicative of what is now playing out. Investors have every right to be concerned.


----------



## kostag (5 April 2011)

*Re: Equititrust: NO .... BUT AS EQUITITRUST SAYS "IT BOLTS BY HORSE" !!!*

GET ON YOUR HORSES!



ASICK said:


> I think in this case, 'suspended' means not to be paid until the twelth of Never.
> 
> No payment of distributions means no profit after the manager takes its management fees - heck, it might be driven into a loss!  This is the bad part, watching your investment value drop while the manager is handsomely paid.
> 
> ...


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## zencorp (5 April 2011)

I wonder if they have enough money to pay wages to all those high payed Employees?????? OR is it just the investors who are loosing out? DO YOU HAVE a letter which notes that investors are not being paid?  If its addressed to you - just crop out your name and post it on here!! Thanks.


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## No Trust (5 April 2011)

*Equititrust in Trouble*

A search of the ASIC register shows that Equititrust Income Fund *has not lodged Interim Financials to date*. Has this got anything to do with the "Loan Restructuring" ?? If the loans are not restructured what happens next ??


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## zencorp (5 April 2011)

I think this means: Equititrust is now being forced to pay the NAB back and cannot afford to pay investors at the same time. Whats the old saying, if you cant pay your bills when they fall due and owing, arnt you insolvent? BUT, the Corporations Act allows Equititrust to stop paying investors - hmm. ASIC Intervention required.


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## ASICK (5 April 2011)

zencorp said:


> I wonder if they have enough money to pay wages to all those high payed Employees?????? OR is it just the investors who are loosing out? DO YOU HAVE a letter which notes that investors are not being paid?  If its addressed to you - just crop out your name and post it on here!! Thanks.




If there is a loss, then investors lose out - the order of payments are: (1) bank interest, fees, and charges, (2) management fees, (3) custodian fees, (4) audit fees, (5) legal fees, (6) general operating costs - and then, any left over goes to investors.

If all outgoings exceed incomings, then a loss will occur - then that loss will reduce investors' capital (or reduce the capital guarantee). Loss of distributions (interest) will only occur when expenses exceed income.

Your fund is lucky that it has a capital guarantee, but the real questions are (1) will you ever get distributions again? and (2) will the capital guarantee protect you against loss?

Even getting taxable income with capital losses is better than losses all the way around:  and, yes, you'll pay tax if it's due, regardless of how your assets are faring.  Even if income is directed to assets within the fund, tax would be assessable in any event.  It's a moot point for members who have no tax liability.

However if worst comes to worst, you might find yourseves without income and waiting for years watching interest, fees, and charges eat away at your capital as assets are caught in the mire of a potentially slow market.


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## ASICK (5 April 2011)

zencorp said:


> I think this means: Equititrust is now being forced to pay the NAB back and cannot afford to pay investors at the same time. Whats the old saying, if you cant pay your bills when they fall due and owing, arnt you insolvent? BUT, the Corporations Act allows Equititrust to stop paying investors - hmm. ASIC Intervention required.




Investors aren't regarded as creditors.  Because the fund is frozen to redemptions, then it's able to pay its creditors via asset sales: investors are the first to lose out, and are the  first line to crumble when things go pear-shaped.  

It would be a different matter if investors were creditors, then it'd be all over - but thanks to the Corporations Act,  the PDS you signed up on, and your fund's constitution, you're all sitting ducks  until your fund is eventually wound up (no matter how many years in the future).


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## JFJDM (5 April 2011)

You people! Jesus, I have money, my retirement fund invested here. Have been with them before they became Equititrust. Never had any trouble until Krudd decided to guarantee the banks etc. All of a sudden cannot access MY money, had to almost BEG to get some funds released. Cannot give any written answers  as yet. Monthly payments expected as usual APRIL 1st (appropiate date). No money,  rang and was told what I have already said. I am now in my late seventies an everything looks like turning to ****.
Thanks Mark.


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## No Trust (5 April 2011)

*Equititrust in Crisis*

*WHAT IS GOING ON !!!*


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## kostag (5 April 2011)

*Re: Equititrust? this day has been coming for 3 years*

JFJDM you are paying tax on 'interest' income when in reality you have been receiving your principal back for probably 3 years. You should simply ring ASIC and lidge ur complaint. Have you received a written advice from Equititrust that interest payments have cwased?  



JFJDM said:


> You people! Jesus, I have money, my retirement fund invested here. Have been with them before they became Equititrust. Never had any trouble until Krudd decided to guarantee the banks etc. All of a sudden cannot access MY money, had to almost BEG to get some funds released. Cannot give any written answers  as yet. Monthly payments expected as usual APRIL 1st (appropiate date). No money,  rang and was told what I have already said. I am now in my late seventies an everything looks like turning to ****.
> Thanks Mark.


----------



## klua (6 April 2011)

*Re: Equititrust? this day has been coming for 3 years*



kostag said:


> Have you received a written advice from Equititrust that interest payments have cwased?




I have not received a letter myself but I have seen a leter sent from from Equititrust to a friend of mine advising that interest payments have been suspended. That letter was received by my friend yesterday (Tuesday) and I expect to receive my letter today.


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## ASICK (6 April 2011)

*Re: Equititrust? this day has been coming for 3 years*



kostag said:


> JFJDM you are paying tax on 'interest' income when in reality you have been receiving your principal back for probably 3 years. You should simply ring ASIC and lidge ur complaint. Have you received a written advice from Equititrust that interest payments have cwased?




Kostag, it's accruals accounting that allows a 'profit' to be created, a profit which is of an accounting nature only, and not one based on actual cash receipts.   Income Distributions are made out this accounting profit as are real cash profits directed to the head company - but there must come a day of accounting, and that day starts to dawn as cash flows dry up and assets begin to be disposed of.

If you look at page 16 of the fund's 2010 Financials, you'll note *Interest income arises *(in most  part) from , "Investments in mortgages"  35,921,428 (2010) 43,344,650 (2009)

Page 16 states (in part), "... 3. Significant accounting policies (cont) (b) *Interest income* Interest revenue is recognised in the income statement as it accrues, using the effective interest method. The effective interest method is based on the rate that exactly discounts estimated future cash flows of each loan, which includes interest received on a loan and establishment fees. ..."

It was accounting profits generated, but real cash paid out  - ne'er the twain shall meet. The real cash was paid from asset sales, not entirely from a real profit cash pool!   

I guess it's much like thinking you're got a pan full of gold, but once panned out, there's not as much gold as you first thought -  you will simply not know the true state of your fund until all the assets are sold (when your fund is 'all panned out').

In my view, it is the lack of transparency in relation to cash as permitted by accruals accounting which allowed all the damaged funds to continue on at great risk to investors' capital.


----------



## No Trust (6 April 2011)

*Equititrust Train Wreck*

Media Article *confirming the worst* just posted on the Gold Coast Bulletin Website.

http://www.goldcoast.com.au/article/2011/04/06/305725_gold-coast-business.html


Now we know why there have been no Interim Financials. It seems for all intents and purposes that the banks are in control and have stopped investor interest payments.

The Gold Coast white shoe brigade strikes innocent retiree investors again.. What were they thinking gambling tens of millions of dollars on King Con??  Not one Gold Coast Mortgage Fund which stopped paying investor distributions has survived..  Just look at Equititrust’s peers Asset Loan, City Pacific and now MFS.

Let’s hope the director’s show some restraint and stop driving their Mercedes and BMW’s to work and rubbing more salt into retiree investor’s wounds.  Now is the time for the directors to *step up and put their own assets on the line, including the ones held in their wives name*.  These guys should be ashamed to show their faces on the Gold Coast..


----------



## seamisty (6 April 2011)

Hi All, I have closely followed this thread because I was concerned of the striking similarities to the original MFS Premium Income Fund, especially with previous MFS staff on board. Our Fund was meant to have a $50million support facility which never eventuated. Here is a media article concerning your Fund. Good luck, I hope you do not end up as badly screwed as us! Seamisty



   Property woes hit distributions plan
Tracey McBean   |  April 6th, 2011

GOLD Coast fund manager Equititrust Capital has suspended monthly distributions from two of its flagship investment funds blaming the city's lacklustre property market.

Equititrust Capital managing director Mark McIvor said the move was prompted by ongoing market uncertainty which had delayed settlement of the sale of several assets, totalling more than $15 million alone in the Equititrust Income Fund.



Full Story here:

http://www.goldcoast.com.au/article/2011/04/06/305725_gold-coast-business.html


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## No Trust (6 April 2011)

*More Problems Recovering Assets*

Another News Article that appeared this morning. *More problems recovering problem loans..*


http://www.bordermail.com.au/news/n...obeid-dream-house-back-on-market/2125126.aspx


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## No Trust (6 April 2011)

*Auditors Report*

If the Interim Financial Statements ever get issued, the Auditors Report by KPMG will be interesting reading..

So instead of the promised Annual Review where I thought *"as a courtesy", * Equititrust would interview Dudley Quinlivan / King Con (to showcase him to retiree investors) we may be getting an obituary..


----------



## klua (6 April 2011)

*Re: More Problems Recovering Assets*



No Trust said:


> Another News Article that appeared this morning. *More problems recovering problem loans..*
> 
> 
> http://www.bordermail.com.au/news/n...obeid-dream-house-back-on-market/2125126.aspx




That article appears to me to be a little drop of good news in an ocean of bad news.

Quote The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon will instead be auctioned on May 7 by the National Australia Bank.............

It is understood Equititrust, one of Mr Hakim's lenders, viewed the sale as below the market and was threatening legal action against the NAB, who hold the first mortgage. EndQuote

So on this occasion it appears to me ET is fighting for our money and has helped convince NAB to auction the house. Lets hope the auction raises enough money to repay ET 's (ie our) mortgage.


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## No Trust (6 April 2011)

*Equititrust Train Wreck*

Is it good news or just throwing Petrol on the fire. NAB who Equititrust were threatening to sue are the *key banker *to Equititrust. It’s the old adage, you apply pressure here and we will apply pressure there, and hence the position today..

Equititrust should simply not have made these loans in the first place..  Retiree Investors’ money was unnecessarily put at risk on the likes of King Con and second rate assets..

This is a small loan, the main game is with the default loans to King Con in Ipswich..


----------



## awg (6 April 2011)

*Re: Equititrust Train Wreck*



No Trust said:


> Media Article *confirming the worst* just posted on the Gold Coast Bulletin Website.
> 
> http://www.goldcoast.com.au/article/2011/04/06/305725_gold-coast-business.html
> 
> ...




This post would be amusing, if it wasnt I feel for the investors.

Thats WHY the directors put their assets in Super, trusts, or family members names

They will continue to suck the blood of the host, for wages, costs and fees, as will all the other parasites.

The holders of Senior Secured Debt ALWAYS will act in a cut-throat manner, they couldnt care less about anyone down the food chain. 

They also charge an absolute sh!tload in penalty interest and fees on non-performing loans.

I make no judgements on the ethics of the principals, things go bad in business.

I was involved in a corporate restructure where imo the office-holders acted in a manner that maximised their chances of keeping a job, NOT in the shareholders best interest.

This caused me to miss a very large profit, which, while being better than taking a loss, does stay in your memory


----------



## zencorp (6 April 2011)

Managing Director, Mark, should put up his company MM Holdings Pty. Ltd. (and all the associated trusts) as security for the NAB and Bank of Scotland loans - he doesn't need the 8 or so homes he owns. What about the poor investors? 

What about David Kennedy... does he still get paid $250,000 + a year for writing on forums such as this one... and misleading the public.  Where are the Financials David K?


----------



## No Trust (6 April 2011)

*Equititrust*

Well investors *have a right to protest.. *Equititrust should not be allowed to get away with lending tens of millions of dollars of retiree investor's money on the likes of King Con. 

A *peaceful protest *by investors directly in front of the Equititrust Offices on Chevron Island should get the message across to Equititrust and Ex MFS Management sitting in their offices collecting their salaries and fees while the investors starve..  

Whilst the investors are denied their income distributions is it ethical that the people who created this disaster get paid.. 

Put the investors first and *pledge your own assets *to pay Investor Redemptions..


----------



## ASICK (6 April 2011)

The sad reality is that a frozen fund is a manager's delight.

They don't have to please the market and they'll get their management fee anyway.

Investors will want their money back but they'll sign up to any disclaimed promise by the manager in absolute dread of fire sales.

You'll all groan and it'll get you nowhere.

Get a new manager as soon as you can - wind up the fund - and see if you can get some money back through some legal actions.

There is no point dragging yourselves along with the very people who've seemingly failed to serve you well.

The more time you waste talking, the more time you waste (IMO).


----------



## No Trust (6 April 2011)

*Equititrust - Words coming back to bite them*

*Remember this:*

Merchant bank freezes fund redemptions
Shannon Willoughby   |  *November 8th, 2008*


http://www.goldcoast.com.au/article/2008/11/08/21461_gold-coast-business.html


The merchant bank, which has more than $363 million on loan to 83 borrowers, has deferred redemptions for *90 days*.

"It is simply prudent and in the best interests of the fund to take this step for a *short period* to properly assess investor sentiment.

*"Our income distribution will continue unaffected".*



Today McIvor is again promising a *90 day *period for the suspension of income distribution payments ??? The last time 90 days was promised in regard to a freeze on Investor Redemptions was in *2008 *and the *fund is still frozen today*!!!


----------



## ASICK (6 April 2011)

There is only one reason a fund doesn't pay income distributions, and that's when it can't.

My guess is that the bank is very much in control of your fund, and it'll be looking after its interests first.

It's all 'carrot on a stick' stuff - to drag investors along from the present to some time in the future, and then perhaps another carrot on another stick, and so on  ....  It's all about time, and time for a manager, means money.

It seems that you're all just following the City Pacific Mortgage Fund and MFS (PIF) :-

http://www.smh.com.au/business/city-pacific-extends-freeze-on-fund-20080728-3m9h.html

http://www.goldcoast.com.au/article/2008/01/30/7245_gold-coast-business.html

It's not surprising that such bad news hasn't arrived on the main site yet.


----------



## klua (6 April 2011)

*Re: Equititrust Train Wreck*



No Trust said:


> Is it good news or just throwing Petrol on the fire. NAB who Equititrust were threatening to sue are the *key banker *to Equititrust. It’s the old adage, you apply pressure here and we will apply pressure there, and hence the position today..




Isnt the position that if Equititrust gets more return on its second mortgage then it has more money to pay out its own loans, including its key banker?

Furthermore if ET had not sought to realise full value of its second mortgage then there would most likely be legal, moral and ethical matters to consider.
Wouldnt  investors rightly be critical of ET if it hadnt sought to maximise its return?

On a more sombre note I received my letter today confirming the suspension of interest payments.


----------



## zencorp (6 April 2011)

*Re: Equititrust Train Wreck*



klua said:


> On a more sombre note I received my letter today confirming the suspension of interest payments.




These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.


----------



## kostag (6 April 2011)

*A MORTGAGEE SALE OF A LUXURY SYDNEY HOME ISN'T GOOD NEWS, MY FRIEND*

another Equititrust complete balls-up..... so much for the LANDSOLVE skill-set -  idiots!  the market now knows that $8.5M would have bought it. They have bulldozed in -  you watch -  EDDIE OBIED will buy the property at auction for even less than $8.5M.

EQUITITRUST used a classic PYRAMID structure where they snowballed..... investors funds kept coming in a greater rate than they paid it out and or lost it.....

the end of the ride is when the VALUE is shaken out....

what w ehave out of $260M of assets.... is about $224Million of non-performing loans and of that KING CON is $70M.

How much would you pay for this book?

That is where the problem is -  RECEIVERS cannot see a way out within 2 years -  the WHOLESALE MARKET wont touch the book.

I predicted a 40-50% WRITE OFF of INVESTORS' CAPITAL -  you wait and see!

They crow about "never had an investor loss in 27 years" -  not YET......

.







klua said:


> That article appears to me to be a little drop of good news in an ocean of bad news.
> 
> Quote The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon will instead be auctioned on May 7 by the National Australia Bank.............
> 
> ...


----------



## kostag (6 April 2011)

*Re: Equititrust Train Wreck: EQUITITRUST is not a BANKER*

we all invested when they called themselves MERCHANT BANKERS -  ASIC even pulled that sign off the wall......



zencorp said:


> These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.


----------



## ASICK (6 April 2011)

*Re: Equititrust Train Wreck*



zencorp said:


> These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.




Hi Zencorp, you're aware that the mere fact that investors' income stream has now been cut off will have no effect on the manager's fees, and you'd be aware that  it's unlikely that the manager would be willing to give up a nice income stream (in the millions $), so what steps will you intend to take to remove the manager (if any)?


----------



## kostag (6 April 2011)

*Re: Equititrust: HOW MUCH  YOU OWED???*

I would budget on 50cents in the $1 maximum



JFJDM said:


> You people! Jesus, I have money, my retirement fund invested here. Have been with them before they became Equititrust. Never had any trouble until Krudd decided to guarantee the banks etc. All of a sudden cannot access MY money, had to almost BEG to get some funds released. Cannot give any written answers  as yet. Monthly payments expected as usual APRIL 1st (appropiate date). No money,  rang and was told what I have already said. I am now in my late seventies an everything looks like turning to ****.
> Thanks Mark.


----------



## kostag (6 April 2011)

*Re: Equititrust Train Wreck: GOOD POINT*

other than freeze payments to BANKS and INVESTORS, nothing stops EQUITITRUST drawing its fees etc .... and you can bet that it is.... someone should press KOLONEL 'KLINK' KENNEDY to confirm that they are not drawings out funds whilst INVESTORS interest payments are on suspension.......



ASICK said:


> Hi Zencorp, you're aware that the mere fact that investors' income stream has now been cut off will have no effect on the manager's fees, and you'd be aware that  it's unlikely that the manager would be willing to give up a nice income stream (in the millions $), so what steps will you intend to take to remove the manager (if any)?


----------



## kostag (6 April 2011)

*KLINK: isn't 'klink' the sound that two empty vessels make when 'clunked' together?*

has a familiar ring to it    







kostag said:


> other than freeze payments to BANKS and INVESTORS, nothing stops EQUITITRUST drawing its fees etc .... and you can bet that it is.... someone should press KOLONEL 'KLINK' KENNEDY to confirm that they are not drawings out funds whilst INVESTORS interest payments are on suspension.......


----------



## zencorp (6 April 2011)

Equititrust said:


> Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.
> 
> The accounts for EIF are not late as some participants on this site repeatedly state.  They are currently being audited and will be completed and posted on our website well prior to the ASIC deadline of 16 March 2011;
> 
> ...




LIAR LIAR LIAR - HOW ARE THE DISTRIBUTIONS COMING ALONG NOW DAVID KENNEDY? You must have known at the time of that post the dieing state of the fund but you still tried to mislead the general public into believing the fund was 100% safe. 

Where are the Financials as promised? 

You are currently revaluing the units in the fund... How much is each unit really worth? 50c? 55c? HOW MUCH have you LOST?


----------



## zencorp (6 April 2011)

katie534 said:


> I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks.
> In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
> A




Are you aware that they are now not paying you income?


----------



## No Trust (6 April 2011)

*Interim Financials - Promise Not Kept*

At a minimum, don't the investor's deserve the Interim Financials... The fact that they have been *promised by Equititrust *and not issued in light of the current developments is an utter disgrace and *slap in the face of all investors*.. 

Equititrust and its directors will still collect management fees and salaries and live in *Multimillion Dollar Homes *whilst letting the *investor's starve*. 

Maybe as a gesture of penance Equititrust can set up a soup kitchen for those retiree investors who will now find it hard to survive. "Equitisoup" or "Let them eat cake"..


----------



## kostag (6 April 2011)

*EQUITITRUST:  it's pretty hollow now!*

On the back of our 17 years of experience, we're proud to say, "You've earned the equity, we've earned the trust."

and where's the reference to "no investor having suffered a capital loss"

no - 

if you cannot get repaid your money when you ask for your money AND you dont get your interest paid each month AND by the Fund's own admission 90% of the loan "book" (or is it a 'comic book') does not pay INTEREST ..... at what point do we say "it's over".

Isn't this another MFS being presided over by the same tag team of the "two Dave's" -  Kennedy and Andersen -  still gettign their $250K pa plus salaries AT OUR EXPENSE! 

and they will just move on -  "Oh, Equititrust -  yes, I was only there a short while -  I didn't make any of the bad loans. All done before me. Terminal case that one....such a shame .."


----------



## kostag (7 April 2011)

*EQUITITRUST: INTEREST being paid out of CAPITAL! SMH 7-4-11*

quote in SMH 7-4-11: 

_''Unfortunately, as part of the review and as a result of the delayed settlements of secured properties, it is necessary to postpone distributions from the funds until we are able to provide investors with a clearer picture of the long-term future of the funds,'' Mr McIvor said._

Have no doubt what this means.

EQUITITRUST through its CEO is admitting that it is because some sales of security property (presumably mortgagee sales) did not occur, that our INTEREST cannot be paid.

Now, that says (logically) that there is insufficent INCOME to meet OUTGOINGS. They are relying on liquidating our underlying SECURITY assets to pay us our INTEREST.

However -  are all the salaries being paid? I bet they are being paid and out of our INVESTMENT CAPITAL! not even from INTEREST INCOME and cash flow!

We are NOT GETTING interest and probably have not been for two years. They are selling down the 'fractured' loan 'comic book' and returning us 'peice meal' bits of capital and calling it INTEREST.

You want proof?  It's in the very words of the CEO......

Thankyou to COLIN KRUGER for telling us what EQUITITRUST will not admit to.

It has taken a few of us nearly ONE YEAR to finally get to the truth and get this admission. Against false postings on this site tracked back to its protemps CEO KENNEDY etc ... without even a denial other than "someone else accessed my PC" -  yeah, that'd be right! ......

So where to now???


----------



## kostag (7 April 2011)

*EQUITITRUST: anyone able to translate DIATRIBE ?*

Todays GOLD COAST PRESS:

_Mr McIvor said that the company was likely to take a conservative view of unit values in the EPF and the EIF as it reviewed their structure.

Mr McIvor said in response to a reassessment of security values, Equititrust Capital had already substantially written down the value of its $10 million capital protection in the EPF._

A conservative view?? What does that mean?  They hitherto, weren't being conservative with our money? Or worse: get ready for a round of value write downs.  

Dont forget, unless we have the FUNDS liquidated by a qualified independent EXPERT in such matters, EQUITITRUST  can determine the UNIT values -  that is HOW MANY CENTS IN THE DOLLAR we get back. What if they say they are now worth 50cents each? What do we 'sheep' do? Just cop it.    My BET is still a 40-50cents per $1 write off. I'd like someone from EQUITITRUST release to all investors right now their modelling that shows how their view of the ASSET value is tracking.  Where is CHAIRMAN GODDARD? and DAVID TUCKER -  with their experience? 

Secondly, wasn't the $10M Capital Protection Fund, actually $40M? (so what's happended here!)  How 'substantially' can you write down $10M against $260M of loan assets?  Presumably, what someone is trying to articulate is that there is no CAPITAL PROTECTION FUND and frankly, as CHOICE MAGAZINE couragously decalred to the WORLD two years ago when they bestowed the "SHONKY AWARD" on all of this (and got sued and attacked for it) -  it was at very best a misleading CLAYTON's investment. What's an investment when you dont actually write out the cheque and put your own money in?


----------



## kostag (7 April 2011)

*Re: Equititrust: time to take stock*

Never forget : on the 24th June 2010 , BUFFETMAN (who was since outed as being an EQUITITRUST PC) posted this rebuttal on this very WEB SITE:

 Re: EquitiTrust? 
Kostag,

_Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time. _
Now, it is these same people , still in control right now. So why would any of us, listen to a single word. 

Just go back to page 1 and 2 of this BLOG and look at what we were getting fed!


----------



## No Trust (7 April 2011)

*Equititrust freezes distributions Colin Kruger*

*Equititrust freezes distributions 
Colin Kruger 
April 7, 2011*


http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html



"*Company executives were not available for further comment *but *hinted *that *fresh investor *funding was needed to meet its *debt payment schedule.* "The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said."

"Fresh Investor" funding... You have to be kidding..  Ok Fresh Investor's talk to the retiree investors who are now on then bread line because of Equititrust's delusions on gambling their retirement money on King Con. The last attempts by these *vampires * to get fresh blood was stopped by the "Cross" of Colin Cruger of the Sydney Morning Herald who then forced ASIC to intervene. 

Sorry guys but the Australian Public has seen the LIGHT...


----------



## No Trust (7 April 2011)

*The Ghosts of MFS*

Surely the Directors of Equititrust have heard of "Energy Travelling" from one disaster to another..

Installing the *Ghosts of MFS *was one monumental error..  


It’s hard to see the *“LIGHT”* when enveloped in *Darkness*..  " A wise old man"


----------



## ASICK (7 April 2011)

You guys have two simple choices, (1) deal with your present manager, or (2) replace your manager with another one.

Why on earth would you feel the need to continue to reward your present manager in the circumstances?

Be careful of these words ( from http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html )

"... In a prepared statement, the Equititrust founder, Mark McIvor, said the company is reviewing the structure of its two major funds  ..."The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said. ... "

"... Yesterday, Mr McIvor said the company is ''well advanced in the forging of strategic partnerships'' with wealth advisory and asset management operations.  ''These partnerships may culminate in mergers … ," ..."

You might start to hear 'fire sales' soon .. and you'll be so scared that you might just about agree to anything  (that'll be the new 'strategy' that'll be put to you as a review of the funds' structure which restricts new investment).

Many have gone before you, and you have to learn from their mistakes. 

You should replace the manager as soon as possible.  In fact, you should be out looking for a new manager right now.

(I have no units in your fund and I have no interest in buying into it)


----------



## seamisty (7 April 2011)

*Re: The Ghosts of MFS*



No Trust said:


> Surely the Directors of Equititrust have heard of "Energy Travelling" from one disaster to another..
> 
> Installing the *Ghosts of MFS *was one monumental error..
> 
> ...



No Trust ASIC was contacted by hundreds of extremely concerned MFS Premium Income Fund investors with serious concerns relating to breaches of loan covenants and non disclosure in early 2008.

'INTERIM REPORT FOR HALF YEAR ENDED 31 DECEMBER 2007
The Fund Auditor, Price Waterhouse Coopers, has completed the Fund's interim report for the half year ended 31 December 2007.
The report notes;

A breach of a ratio covenant of loan facility with a third party bank resulting in interest bearing liabilities of $184 million becoming repayable on demand as at 31 December 2007 (discussed further below under "Loan Facility Agreement");


Uncertainty surrounding MFS Limited and its related entities which has impacted the recoverability of certain assets of the Fund'

It took ASIC until Nov 2009 to launch civil proceedings with still no charges having been made to date!!! 

'ASIC alleges that in November 2007, officers of MFSIM caused PIF to transfer $130 million to MFS Administration so that MFS Administration could use those funds to pay financial obligations of other MFS subsidiaries, including $103 million owed to Fortress Credit Corporation by MFS Castle.' 


MFS was still taking PIF investors money in Jan 2008!

I understand Kennedy and Anderson are both under scrutiny as to their previous involvement with the collapse of MFS and the subsequent alleged missapropiation of money from the PIF and some dodgy documents.

Should there not be some legislation in place to suspend directors/staff of being in a position to handle investors money in any way, shape or form until they are cleared of any wrong doing? Don't police get suspended from duties if they are under any sort of cloud until proved innocent?

Shouldn't ASIC and other so called regulators  be held accountable for not acting sooner on information they were given if those alleged of financial misconduct are found guilty but have been allowed to still hold similar well paid positions in the interim where it is found that other investors are financially affected due to poor decisions made by those same people?

Seamisty


----------



## ASICK (7 April 2011)

The simple reality is that ASIC is not a prudential regulator - and if a manager makes poor investment decisions, that is not a matter for ASIC.  ASIC will not protect you against an incompentent manager. If you sign up for something, then that's your problem.

Apart from the obvious issues arising out of this mess, two other issues stand up like the proverbial, (1) the fact that Equititrust Limited has been making good impairments in the fund's loans without advising members, and (2) there doesn't seem to be a cash income stream from the loans (as opposed to cash received by way of asset sales).

(1) at least in my mind, deprived investors in the affected fund/s from making prudent decisions about the future of their investments at a much sooner stage, and (2) indicates that interest paid to investors probably was accounted as a consequence of accrued (and not cash) income and paid from the sale of assets.

How is it possible for a manager to race around paying out impairment without advising investors?  I would have thought this a matter ASIC  should indeed be interested in.

Issue (2) is precisely the outcome for every defective fund that I'm aware of.

I'm aware of the structure of loans made by managed property funds, but each fund should be compelled to report CASH receipts for each loan, with each loan being separately accounted for in order that investors may scrutinize the precise state of their investments.

The total lack of disclosure in managed property funds is the vehicle by which shonky managers are able to ride the good times, and then ride the bad times.

The longer the returns to investors are eked out, the more desperate investors become.

Just wait til next year, or the year after .. you'll get the feeling.


----------



## klua (7 April 2011)

ASICK said:


> You guys have two simple choices, (1) deal with your present manager, or (2) replace your manager with another one.
> 
> Why on earth would you feel the need to continue to reward your present manager in the circumstances?
> 
> ...




I dont have a copy of the PDS to hand but my understanding of the PDS is that if ET is replaced as manager then the capital guarantee looses its subrogation and then ranks equally with us unitholders in any distribution.
Perhaps someone can confirm if this is the case?

If this is the case then replacing the manager might cost us dearly.


----------



## ASICK (7 April 2011)

klua said:


> I dont have a copy of the PDS to hand but my understanding of the PDS is that if ET is replaced as manager then the capital guarantee looses its subrogation and then ranks equally with us unitholders in any distribution.
> Perhaps someone can confirm if this is the case?
> 
> If this is the case then replacing the manager would cost us dearly.




I'd be guessing, but I couldn't imagine there's any guarantee left anyway, especially since Equititrust Limited has (from the smh article of today), "... flagged potential investor losses ...".  For investors to lose money, it must mean the guarantee has been lost.

** Deleted **

The only way you'll get a real look inside your fund is to put a new manager in, and have that manager conduct a legal review of your fund, and IMO, the sooner you do that, the better.

However, you guys are the investors, and it's your money.

LATER ADD ON (PDS Page 18):
"... The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access investment ranking equally with other investors. ..."


----------



## ASICK (7 April 2011)

From the PDS:

"... If any investor, other than the subordinated Capital Warranty unit investor, does not receive, or have accrued, their Benchmark Rate in a particular month during the term of their  investment, Equititrust is not entitled to receive any management fees
Management Fee. ..."

http://www.equititrust.com.au/Pdfs/Benchmark_Update_Dec_2010.pdf

Income Fund - Benchmark Disclosure Update 31 December 2010, page 10:

"... The Benchmark Rate is the distribution rate that must be paid monthly to ordinary unit investors, or accrued if not paid monthly, before Equititrust is entitled to be paid its management fees. ..."

"... Equititrust does not represent that investors will receive their Benchmark Rate of distribution. As mentioned above, the Benchmark Rate is the hurdle rate that must be achieved before Equititrust is entitled to its management fees. ..."

http://equititrust.com.au/Pdfs/Benchmark_Update_Dec_2010.pdf


----------



## klua (7 April 2011)

ASICK said:


> I'd be guessing, but I couldn't imagine there's any guarantee left anyway, especially since Equititrust Limited has (from the smh article of today), "... flagged potential investor losses ...".  For investors to lose money, it must mean the guarantee has been lost.
> 
> ......
> 
> ...




The Capital Guarantee shoulnt yet be lost. The flagging of investor losses would indicate that the entire capital gurantee will be lost in the future and then additional shareholder funds will be lost on top of the capital guarantee is gone.

If the fund manager is replaced then all losses from $1 will be shared by everyone. 

The other section of the PDS that you referr to in your next post is really interesting. Thanks for pointing that out.


----------



## ASICK (7 April 2011)

klua said:


> ... If the fund manager is replaced then all losses from $1 will be shared by everyone. ...




If the capital warranty is gone, then all investors will share losses in any event, with the existing manager, or with a new one.  At least a new manager will cast an arm's length eye over past transactions.

There is only three ways the manager will gain a management fee, and they are (1) restructure the fund (meeting of members), (2) restructure the loans in order to come up with income from the loans (in lieu of capital), or (3) accrue the interest distributions. [(2) might not be legal so I'm not sure if it's permitted]

Clearly the manager will not be prepared to run the fund for free, and clearly investors can't sit back and speculate about whether or not the manager is in fact drawing fees.

In the case loans are restructured, then I think investors need to know whether an income stream has been developed whilst deferring capital payments. As mentioned, I'm not sure such a restructure would be permitted in the circumstances, and I'm not suggesting that the manager would do anything improper.

If  interest payments to members are accrued in order to draw management fees, then members ought to know just how the manager intends to make good such payments in the circumstances.

It will also be important for members to be informed whether management fees are suspended for the same period of the suspension of the interest distributions.  You mightn't be told unless you ask.

None of this happened overnight, although from investors' perspectives, they probably thought it did.  However,  the manager hasn't been thinking that way: From today's SMH article, "... Yesterday, Mr McIvor said the company is ''well advanced in the forging of strategic partnerships'' with wealth advisory and asset management operations. ..."

The banks aren't interested and market capital raising via a PDS is not permitted, what's left?      Oh.. you don't really want to know.


----------



## kostag (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*

No Virginia -  there isnt any Santa Claus.....



klua said:


> The Capital Guarantee shoulnt yet be lost. The flagging of investor losses would indicate that the entire capital gurantee will be lost in the future and then additional shareholder funds will be lost on top of the capital guarantee is gone.
> 
> If the fund manager is replaced then all losses from $1 will be shared by everyone.
> 
> The other section of the PDS that you referr to in your next post is really interesting. Thanks for pointing that out.


----------



## klua (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*



kostag said:


> No Virginia -  there isnt any Santa Claus.....




I am surprised and dissappointed you made this comment.

I am surprised because to my knowledge there is no evidence that the Guarantee has gone.

I am disappointed since in this thread I have assisted you overcome a very basic financial misconception and would have expected a more courteous reply. 

However this isnt getting my money back and if the points correct that ET will not be getting management fees while we do not receive interest then we have some breathing space to ascertain the facts of the situation.


----------



## zencorp (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*



klua said:


> I am surprised and dissappointed you made this comment.
> 
> However this isnt getting my money back and if the points correct that ET will not be getting management fees while we do not receive interest then we have some breathing space to ascertain the facts of the situation.




WHO IS PAYING DAVID KENNEDY HIS 250K A YEAR THEN? IS MARKY BOY DIPPING INTO IS SUNDAY CAR MONEY?


----------



## ASICK (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*



klua said:


> ... I am surprised because to my knowledge there is no evidence that the Guarantee has gone. ...




Well, the outcome is going to depend on what 'flagging investor losses' (SMH 7 April 2011) means.  I would have  thought investors would only start losing when the warranty had been used up, because up until that time, the warranty would offset any loss.  

Secondly, there is no proof that the manager isn't drawing a management fee for the period investors' interest distributions are suspended.  Suspended does not mean payable at a later date, suspended means the distributions are not to be paid.

Mere non-payment of interest distributions isn't enough to ensure non-payment of management fees.  It would be wise for investors to press the manager to disclose whether management fees will or will not be suspended while interest distributions are suspended.

Time is always on management's side - once income dries up and capital is whittled away by fund expenses and inflation, it's the investors who will always suffer in these screwed up schemes.


----------



## zencorp (7 April 2011)

Don't forget the Capital Warranty Investment allows Equititrust to receive money from the Funds. It might not be phrased as Management Fees but they are definitely receiving money.


----------



## klua (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*



ASICK said:


> Well, the outcome is going to depend on what 'flagging investor losses' (SMH 7 April 2011) means.  I would have  thought investors would only start losing when the warranty had been used up, because up until that time, the warranty would offset any loss.




Agreed.
But "flagging investor losses" does not mean that all the guarantee has been used up at this point in time. just that it is expected it will be used up and then the investors will cop the losses. But the point I was making is that if the Manager is replaced at a point in time before all the guarantee is used up the we will loose the benefit of any unused guarantee.



> Secondly, there is no proof that the manager isn't drawing a management fee for the period investors' interest distributions are suspended.  Suspended does not mean payable at a later date, suspended means the distributions are not to be paid.




The precise wording used in the letter to investors is that the board has resolved to "postpone all distributions".

So now we get down to definitions. "postponed' "paid" "accrued" etc

The paragraph you cited and with the preceeding paragraph are interesting.



> Mere non-payment of interest distributions isn't enough to ensure non-payment of management fees.  It would be wise for investors to press the manager to disclose whether management fees will or will not be suspended while interest distributions are suspended.
> 
> Time is always on management's side - once income dries up and capital is whittled away by fund expenses and inflation, it's the investors who will always suffer in these screwed up schemes.


----------



## ASICK (7 April 2011)

*Re: Equititrust : what CAPITAL WARRANTY -  it is long gone girls and boys*



klua said:


> ...  The precise wording used in the letter to investors is that the board has resolved to "postpone all distributions".




I'm not in possession of the letter so I'm only able to work from the media reports.

'Postphone all distributions' would be of greater concern to me as an investor than would the 'suspension of distributions'.

My guess  (and that's the best I'm always able to do) is that postphoning distributions raises the exclusion that the manager is entitled to management fees if interest distributions are accrued (as postphoning suggests), yet there is no guarantee that investors will in fact be able to receive those fees.

Either the fund has the capacity to make interest distributions, or it does not.

If it is the case that most loans are substantially impaired, then what is the source of income sufficient to cover management fees, bank charges, interest, and fees and general fund expenses and then be capable of  paying out interest distributions? 

Surely the manager cannot draw interest payments from non-performing lenders in preference to capital protection by way of  foreclosure?  

This is where capitalization of interest goes so badly wrong in badly damaged funds  -  a theoritical income which in most cases cannot crystalize into actual cash.

Investors remain at continuing risk while non-performing loans aren't foreclosed on.


----------



## No Trust (8 April 2011)

*Interim Financials*

The Equititrust Crisis having now reached the next Phase, it is essential that the Interim Financials are produced as promised.  This is clearly now a company on the brink and for investor’s transparency as to the financial position is now essential.

The Interim Financials were promised to be posted on the Equititrust Website well prior to the ASIC lodgement date of the 16 March 2011. 

When a company does not issues its financials as promised you know something is going on. 

I encourage ALL investors to call Equititrust on Monday morning and ask for an explanation as to why the financials have not been issued..


----------



## kostag (8 April 2011)

*Re: Equititrust: TITANIC - do you want a deck chair on A deck or B deck*

when we start to debate "postpone" "defer" etc -  we are all just becomign desperate and delusioned.

We are not getting paid.

How can any of the "non-cash" CAPITAL WARRANTY (whatever that means) be in tact -  it was not there as a reserve in cash at any stage (as Choice Magazine pointed out three years ago!)

90% of the loan book is "deferred" and or "impaired" and this did not start lats month - so cash flow has come from where....

a)  INCOME?   no

b)  NEW FUND RAISING?  No -  ASIC froze that one?

c)  CAPITAL WARRANTY RESERVE?   No -  that is an "accounting creation" it's not cash....

well, where has each months interest come from for the past however many months? 

Well as FOREST GUMP said "I am just a simple man, but I know what a (scam) is"....

It has come from REALISATIONS from the few good loans that were left - so CAPITAL was being collected and paid to us all as INTEREST..... and you guessed it, we have been paying TAX in INCOME but we are yet to take a CAPITAL HIT.....

now, if I am WRONG - someone just tell me/show me and then I will shut up and go away..... until then -  lets play word games of what does what mean..... we have to play that game because we are not getting facts and must rely on MEDIA and leaks on web-sites like this to try and second guess......


----------



## ASICK (9 April 2011)

*Re: Equititrust: TITANIC - do you want a deck chair on A deck or B deck*



kostag said:


> when we start to debate "postpone" "defer" etc -  we are all just becomign desperate and delusioned.
> 
> We are not getting paid.
> 
> ...




The capital warranty is real money.

The following is general comment only:-

Many of these types of funds lend money on the basis that the interest for the period of the loan  is included upfront with the loan.  

Many developers cannot repay these loans until they actually start selling properties into the market, so there is no expectation that cash will be received, so the 'income' is accounted for on an accrued basis.

If one sold a tv set for $1000 cash, then cash is exchanged for the tv set.  Selling a tv set for $1000 on the basis that the $1000 cash would be paid in ten months time could be accounted for at $100 per month for each of ten months.  No money is actually received until (hopefully) the tenth month - the accrual accounting process records the $100 each month even though the money has not been received.

If a loan (which included interest) was not paid on time, then the manager has two options, (1) foreclose, or (2) capitalize the interest, that is, extend the period of the original loan and start charging interest on the loan (which already included interest).

In the event the interest is capitalized, then this too is accounted for on an accrual basis.

It's also possible to lend to one entity, and then at the end of the period, lend to a related entity which then pays out that first lender's obligation and the whole process repeats itself without even a cent of capital or interest being paid.

Cash flow to fund distributions is an essential element in development lending - it might be the case that in particular funds, that the cash flow is syphened from the inflow of investor deposits - these are the funds which are most at risk, because if investor sentiment turns sour, then the demand for return of capital will necessarily cause the fund to freeze redemptions.

If loans are not repaid, and if  a large portion of anticipated interest becomes capitalized, then in most cases, profits will be declared from accrued income, but distributions will most likely be paid from assets sales. 

The foregoing are by way of general comment only and are not intended to refer particularly to your fund.

However, your 18 February 2011 update, page 4, states in part, "... Historically, for most development loans and some commercial loans undertaken by the Fund, we have capitalised interest, as this is the nature of the lending performed by the Fund, whereby the interest is included in the loan facility and deducted progressively. Over the past three months, however, we have, with few exceptions, stopped the capitalisation of interest so as to allow the loan to go into default and thus enable Equititrust to take enforcement action for the control of it. ..."

Did your  manager act promptly to foreclose on non-performing loans and thereby cease  accounting for accrued (and not cash) interest?  

Did the manager roll over loans (capitalize interest) which were not performing rather than foreclose?

What is the impairment values for each of interest and capital?

You should keep in mind that since interest has been accounted as an asset, any failure to bring that interest into the fund is a liability.

Any failure by a manager to act promptly in foreclosing on non-performing loans means that investors are at risk of seeing no more than their own capital (capital loss) being fed back to them as (taxable)  'distributions'.

Losing one's capital is one thing, but paying tax on any return of part of that capital in the guise of 'distributions' adds insult to injury.


----------



## kostag (9 April 2011)

*Re: Equititrust: TITANIC - ACCRUAL Vs CASH + apology to DAVID KENNEDY*

I AGREE..... but..... the CAPITAL WARRANTY is not real money..... I agree that under ordinary circumstances, the accrual method of accounting and matching of accrued income to expenses (paid and accrued) is normai business practice. That would not be an issue ordinarily -  BUT in this case: a number of investors have been told quite specifically that the "founder has $70M of his own money in the fund" - now, even accepting the accrual accounting argument re: earnings comprising both actual cash and accrued interest income etc -  that is a long way from "the founder having $70M of his own money in the fund".....  - I do agree that Members Funds in this case seem to comprise LOAN ESTABLISHMENT FEES and INTEREST EARNED AND NOT PAID etc and that the OWNER has not drawn these down yet BUT that is not the POLICY nor situation that I believe anyone understood to be the case....  take an example: KING CON -  gets a $70M loan from EQUITITRUST - based on history, track record, the type of asset etc -  we could all assume that full repayment was/is unlikley (to be kind) -  now lets assume that a 10% fee is accrued for LOAN SETUP etc -  (NOW THIS IS NOT WHAT OCCURRED IT IS JUST ME SPECULATING for a moment so bear with me ) so $7M is credited straight away to MEMBERS' FUNDS.... correct..... would this entitle anyone to say "I have $7M of my own funds invested in the fund"  ?  Because that is what has happended in this case except it is on accumulated BUT unpaid/not received INTEREST INCOME.... I beleive that this is correct and if I am wrong and someone corrects me on this I will be the first to retract....

SIMPLY a lot of people drew comfort knowing that their investment was ranking ahead of the FOUNDERS own hard cash -  when it is not the FOunders hard cash -  that comfort evaporates....

Finally, in regards to SPECULATION -  I have on a number of times attributed the false postings of BUFFETMAN to DAVID KENNEDY.... I wnat to apologise BECAUSE THERE IS NO EVIDENCE that the PC which both BUFFETMAN and DAVID KENNEDY use is exclusively DAVID KENNEDY's computer -  we can all form a view of whether key executives would be relegated to having to share a PC with others or not etc BUT agsin, for my part that would be speculation and this WEB FORUM cannot maintain legitimacy in the market place if it is acts as a conduit for speculation -  so I simply stick to the facts - that I understand that postings by BUFFETMAN and DAVID KENNEDY are form the same PC and I have no evidence that BUFFETMAN and DAVID KENNEDY are one and the same.

I apologise to all concerned. 



ASICK said:


> The capital warranty is real money.
> 
> The following is general comment only:-
> 
> ...


----------



## No Trust (9 April 2011)

*Buffetman is Equititrust*

Kostag, you are very kind in your apologies, as we all know Equitirust is going through a bit of a rough patch at the moment and it is not beyond the bounds of reality that the *Ghosts of MFS *and the *Managing Director *are all taking turns on one computer... *It could happen*... 

I wonder if the Private Investigator that they hired took one look at their computers and told them to p#ss off.  Maybe he should have been hired to look for the *missing Interim Financials*...


Equititrust or whoever is in control there *NAB*, or *Bank of Scotland  **INVESTORS* want and *DEMMAND* the *Interim Financials*..


----------



## seamisty (9 April 2011)

Perhaps Equititrust investors could hire David Andersons company 'Business Puzzle Solutions Pty Ltd' to solve the 'puzzle' of the missing financials? Seamisty


----------



## ASICK (9 April 2011)

*Re: Equititrust: TITANIC - ACCRUAL Vs CASH + apology to DAVID KENNEDY*



kostag said:


> I AGREE..... but..... the CAPITAL WARRANTY is not real money. ...




If the warranty was generated from non-cash income (accrued income), then it's probably fair to say that you would be right.

Where is a copy of the fund's constitution?

You raise an interesting point about other fees and charges paid by lenders from your fund.  Where such fees paid directly to the manager?


----------



## kostag (9 April 2011)

*Re: Equititrust: FEES AND CHARGES*

I suspect that as long as the INTEREST is paid to the INVESTORS that the EQUITITRUST funding model allows them to take the INTEREST SPREAD and any FEES and ESTABLISHMENT COSTS -  I dont think that this is an issue that would concern us, as long as we got paid our agreed interest.



ASICK said:


> If the warranty was generated from non-cash income (accrued income), then it's probably fair to say that you would be right.
> 
> Where is a copy of the fund's constitution?
> 
> You raise an interesting point about other fees and charges paid by lenders from your fund.  Where such fees paid directly to the manager?


----------



## ASICK (9 April 2011)

*Re: Equititrust: FEES AND CHARGES*



kostag said:


> I suspect that as long as the INTEREST is paid to the INVESTORS that the EQUITITRUST funding model allows them to take the INTEREST SPREAD and any FEES and ESTABLISHMENT COSTS -  I dont think that this is an issue that would concern us, as long as we got paid our agreed interest.




It's your investment - but it would be interesting to see if the manager is being paid those fees while the loans are non-performing - I guess that source of income would take the sting out of not receiving a management fee (that is, IF no management fee is being charged).  Of course, such fees are a nice little earner anyway (if they're being charged).

In the end, if being charged, all those fees come off your capital in the event the fund is losing money.  Again, it's your money to lose in such circumstances.

In City Pacific's fund, members voted to amend the constitution to prohibit the manager charging such fees.

I had an interesting  thought that if the manager passed management onto another manager, it could protect its capital warranty by having it converted into an Access investment 'ranking equally with other investors'.

But, I'm sure it wouldn't do anything like that - interesting thought though.

PDS, page 18, "... The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. *In the event Equititrust ceases to be the responsible entity, *then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access investment ranking equally with other investors. ..." (emphasis added)

http://equititrust.com.au/Pdfs/EIF_Pds_200902.pdf[


----------



## No Trust (9 April 2011)

*Interim Financials*

At what point does ASIC have to take action for *non- lodgement *of the Interim Financials.

The auditor's report will be critical in assessing the future. The question is, will it ever see the light of day. I cannot see Equititrust ever moving forward without the release of this information..


----------



## kostag (10 April 2011)

*Re: Interim Financials: GOING CONCERN basis*

I can't see them moving forward once they release the "true" financials.....



No Trust said:


> At what point does ASIC have to take action for *non- lodgement *of the Interim Financials.
> 
> The auditor's report will be critical in assessing the future. The question is, will it ever see the light of day. I cannot see Equititrust ever moving forward without the release of this information..


----------



## zencorp (10 April 2011)

Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting...  I wonder if they are going to bring the Interim financials??????


----------



## kostag (10 April 2011)

*Re: Equititrust: these are the GOOGLE postings in current order*

*LOSSES: we are kidding, right?*
_Equititrust - You've earned the equity, we've earned the trust.Post the global financial crisis, our record speaks for itself. In 17 years we' ve never lost a cent of Equititrust's investors' capital.
www.equititrust.com.au/_

*we just don't redeem capital nor do we pay interest! *

*LIQUID? we wish:*
_Equititrust set to become liquid in 2011
Nick Nichols, business editor   |  February 25th, 2011

THE frozen Gold Coast-based Equititrust Income Fund is expected to become liquid this year, despite one of its borrowers being placed in the hands of receivers.

The Chevron Island-based funds manager said the appointment of receivers to Croftworth Property Holdings -- a company linked to two-time former bankrupt Dudley Quinlivan -- "was neither unexpected nor caused concern"._

*
CONFLICT OF INTEREST?? ASIC thought so and obviulsy they were right as the proposal was never tried agin:*_
Equititrust admits funds conflict Colin Kruger 
January 10, 2011
 .Ads by Google
Buying Property via SuperWealthAdviser.com.au

Get our Free Ebook on Investing in Property using your Super Fund

MORTGAGE fund operator Equititrust faces a conflict of interest as it raises $50 million from new investors to aid a fund which has been frozen for more than two years with $240 million of investor money.

Some of the fresh funds raised were expected to be used to pay distributions to the frozen Equititrust Income Fund (EIF) and redeem unitholders' investment in that fund, the company said.

EIF was an unlisted investment vehicle. It was forced to freeze redemptions in 2008 to prevent mass withdrawals when the government placed a guarantee on bank deposits._








zencorp said:


> Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting...  I wonder if they are going to bring the Interim financials??????


----------



## kostag (10 April 2011)

*Re: Equititrust: INVESTOR BRIEFING : LETS HOPE ASIC IS THERE*

+ the media 



zencorp said:


> Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting...  I wonder if they are going to bring the Interim financials??????


----------



## No Trust (11 April 2011)

*Investor Briefing*

*First* matter on the agenda should be the Interim Financials... 

*Second*, what on earth were they thinking *risking Retiree Investor's Money on King Con*, who makes up the bulk of the loan book.  

*Third*, are the loans to NAB and Bank of Scotland in *default* under the respective loan covenants.

I expect a lot of *"angry people"*there... *Disgusting* what Equititrust have done to their Investors whilst the directors have not put their own houses on the line. 

Maybe thats what the director's should be asked, will they pledge *their own assets *including *their homes *to offset any losses to retiree investors..


----------



## No Trust (11 April 2011)

*Interim Financials - The Ultimate Disaster*


*Equititrust forced to renegotiate NAB loan Colin Kruger *

*April 11, 2011*



http://www.smh.com.au/business/equititrust-forced-to-renegotiate-nab-loan-20110410-1d9da.html

As per my previous post, it looks like the truth has *"FINALLY"* come out. 

Effectively INSOLVENT yet paying itself *$4M in Fees*... *Colin Kruger *has again exposed Equititrust and its claims it has investor's interests ahead of itself. 

This will create a riot amongst retiree investors who have put their life’s savings into Equititrust.  Effectively $4M to Equititrust as a last ditch grab and let the investor's eat cake..

No remorse for the loans to King Con..

NAB put everyone out of their misery and wind them up…


----------



## No Trust (11 April 2011)

*Equititcrap*

*Equiticrap*, is effectively what all investors have been fed; that’s the only conclusion that can be made after this morning’s revelations by Colin Kruger..

The * Notorious Gold Coast White Shoe Brigade * has struck again..

*ASSET LOAN
CITY PACIFIC
MFS*


*The Gold Coast train wreck 
Michael West *


September 12, 2008


http://www.smh.com.au/business/the-gold-coast-train-wreck-20080912-4f4n.html

“Make no mistake, Raptis is by no means the most precarious of the property developers on the Gold Coast and City Pacific and Asset Loan *will not be the only spivvy lenders to fall*.”


----------



## ASICK (11 April 2011)

".... The Equititrust Ltd Board has resolved to postpone all distributions (including the April distribution) for the following reasons:
1. Settlement moneys from several asset sales (totaling in excess of $15m) has been delayed for reasons beyond our control;
2. To accelerate repayment of our secured bank debt owed to the NAB;
3. To update valuations of secured properties; and
4. To determine current unit pricing of units in the Fund. ..."

Aren't you all lucky little vegemites - looks like you might get taxable distributions while you potentially suffer capital losses  .. welcome to the world of the frozen and defective managed property fund!

Well, I guess since the manager is 'determing the current unit pricings of units', that means you'll all probably make a loss - and as correctly pointed out by 'No Trust' (immediately above), City Pacific wasn't going to be the last.

http://equititrust.com.au/Pdfs/EIF_CD_Investor_distributions_04_April_2011.pdf

Bad luck for investors that the fund went down so quickly - it was just over six months ago when the manager scraped out over $10m in rewards for its subordinated capital warranty - lucky them.

I'm sure your manager will have a scheme for you that you really can't (but really should) resist.


----------



## zencorp (11 April 2011)

*Our Record*
Since the establishment of the Equititrust Income Fund in 1999, all investors in the Fund have received 100% of their Benchmark Rate on their investments. 

http://www.equititrust.com.au/benchmark_Income.html

About time the website was updated?

Particularly in circumstances where you suggest, "[Your] hallmark skill is providing excellence in investment income."

http://www.equititrust.com.au/invest.html


----------



## No Trust (13 April 2011)

*Investors May Hit Equititrust With Class Action*

*Investors may hit Equititrust with class action 

Colin Kruger

April 13, 2011*


http://www.smh.com.au/business/investors-may-hit-equititrust-with-class-action-20110412-1dcl5.html

Whether the boys at Equititrust put their *houses on the line * or not, it looks like the LAWYERS are going for them anyway and rightly so...


"The investigation is expected to look at potential claims against EIF's *directors * for allegedly *breaching their statutory and fiduciary duties to the fund*."


*What would those statutory breaches be guys ??*


Apart from the fact that everyone can now see that they are *FINISHED* it is encouraging to see that someone is coming into bat for the investors who have suffered enough at the hands of the current directors.


----------



## No Trust (13 April 2011)

*Investors May Hit Equititrust With Class Action*

*The Gold Coast White Shoe Brigade strikes again.... *

So will Equititrust and the Directors now move on to *INSIGHT EQUITY *a *firm set up by McIvor's brother Wayne *or will those former directors also get caught up on the current legal imbroglio which is shaping up to be a *BIG* one..

Will ASIC now also get involved? By the sounds of it, it looks like it will..


----------



## ASICK (13 April 2011)

*Re: Investors May Hit Equititrust With Class Action*



No Trust said:


> *The Gold Coast White Shoe Brigade strikes again.... *
> 
> So will Equititrust and the Directors now move on to *INSIGHT EQUITY *a *firm set up by McIvor's brother Wayne *or will those former directors also get caught up on the current legal imbroglio which is shaping up to be a *BIG* one..
> 
> Will ASIC now also get involved? By the sounds of it, it looks like it will..




Is this is the company?

Site looks like its been there forever:
http://www.insightequity.com.au/default2.asp?active_page_id=165

But a search of ASIC records indicates it was born on 28 September 2009:
"... Name INSIGHT EQUITY LTD    ACN 139 340 195   ABN 40 139 340 195 
 Type  Australian Public Company, Limited By Shares 
Registration Date 28/09/2009 
Next Review Date 28/09/2011 
Status  Registered 
Locality of Registered Office Alderley QLD 4051 
Jurisdiction  Australian Securities & Investments Commission  ..."

AFS Licence registered on 5 July 2010 & PDS in use 1 October 2010
 "... 01/10/2010 7E3207270  3 FS88A Pds In-Use Notice - By Afs Licensee 
 22/09/2010 1F0340539  5 484E Change to Company Details Appointment or Cessation of A 
 05/07/2010 0L0307970  22 FS02 Copy of Afs Licence ..."


----------



## No Trust (13 April 2011)

Yep, thats them.

Recent Article for your reference in the Sydney Morning Herald. Read the article and look at the similarities. A fresh pair of white shoes to step right into ??... Coincidence.. Me thinks not..

*Former Equititrust executives try again with a new $250m fund Colin Kruger 
March 21, 2011*


http://www.smh.com.au/business/form...gain-with-a-new-250m-fund-20110320-1c281.html


----------



## awg (13 April 2011)

*Re: Interim Financials - The Ultimate Disaster*



No Trust said:


> *Equititrust forced to renegotiate NAB loan Colin Kruger *
> 
> *April 11, 2011*
> 
> ...





err...I know little of equitrust debts or holdings, but heres my guess how Senior Debt Holders will proceed

hold a dagger to the throat of the wounded victim, whilst defiling it for (capitalised) penalty interest rates, (fat profits to be had at he expense of investors), orderly disposal of quality, secured assets.

When the carcass is drained of equity, they ditch the skeleton in a undeveloped Industrial estate, outback of a swamp in Ipswitch, which coincidentally is where the remaining investments might be located


----------



## No Trust (13 April 2011)

*Piper Alderman Class Action on Website*

*Piper Alderman *now have a page on their Web site dedicated to the *Equititrust Class Action*. It specifically refers to *KING CON*


http://www.piperalderman.com.au/firm/equititrust-limited-class-action

[B_]"In what appears to be an attempt to further allay investor concerns, Equititrust has called a meeting of unit holders for Wednesday 20 April 2011. One of the many issues likely to be raised by unit holders will be why the EIF's difficult liquidity position has not prevented Equititrust withdrawing $4 million in management fees"[/_B]




_*"Of particular concern is the $70 million of EIF's loans to Croftworth Property, a company that entered external administration with the appointment of receivers in February 2011. The Australian Taxation Office also appears to have grievances with one of EIF's largest debtors, recently slapping a winding up order on Croftworth Property. ASIC has recently expressed concern over the level of disclosure by Equititrust in relation to the EIF."*_

*All investors should read this.. *


Equititrust on the other hand will tell you to ignore it, just like it tried to tell investors not to read our postings on this web site..


----------



## No Trust (13 April 2011)

*Ditching The Skeleton*

AWG, as always an amusing, yet *spot on *assessment of the facts. 

It seems that once the banks have finished draining the Equity the Class Action Lawyers will be going for the other wounded victim’s jugular _(who thought the only wounds were their reputations)_ and draining some, *if not ALL*, the personal assets out of that..  

The directors are now squarely in the crosshairs.. It seems that some investors have learnt from the demise of MFS and City Pacific and are taking action now whilst there is still some blood running through the veins…

Any skeletons in the closet guys???


----------



## No Trust (13 April 2011)

*Investors May Hit Equititrust With Class Action*

The Class Action having the backing of a litigation funder will now give investors another option... *An increased return... *

Equititrust will not like this new development at ALL.. Instead of eating the cake that Equititrust is forcing down the throats of investors. Investors can now say no thank you..

*Mareva Injunctions*
In the interim I would not be surprised if the Class Action Lawyers sought *Mareva Injunctions against Equititrust and the Directors assets *to protect the interests of investors..


----------



## No Trust (13 April 2011)

*NAB PENALTY INTEREST*

At the investor briefing investors should demand to know how much penalty interest is being paid now to NAB. The amount may shcok you !!!


----------



## ASICK (13 April 2011)

*Re: NAB PENALTY INTEREST*



No Trust said:


> At the investor briefing investors should demand to know how much penalty interest is being paid now to NAB. The amount may shcok you !!!




I don't think the penalty interest will shock anyone, in fact, I think it'll be the least of your problems.

For a class action to be successful, the claimant needs to prove that liability falls in the hands of an entity/entities with deep pockets - otherwise, it'll be a much ado about nothing.

I have a feeling that the goings-on with the fund will have more twists and turns than a game of 'Snakes & Ladders'.


----------



## kostag (13 April 2011)

*Re: Equititrust: ITS OVER !*

in light of class action... what next ???


----------



## kostag (13 April 2011)

*Re: Equititrust: A PARACHUTE ....*

My speculation - and be clear that it is only speculation but deisgned to encourage debate and investigation -  is that the set up of this FUND last May 2010 was not a coincidence....  







No Trust said:


> Yep, thats them.
> 
> Recent Article for your reference in the Sydney Morning Herald. Read the article and look at the similarities. A fresh pair of white shoes to step right into ??... Coincidence.. Me thinks not..
> 
> ...


----------



## No Trust (13 April 2011)

*A fresh New Pair of White Shoes*

Well coincidence or not, all directors of Equititrust current and former will now it seems be investigated as per Piper Alderman's advices to the Sydney Morning Herald.

The investor briefing will be an interesting affair!!! 

*Time to pay the piper..*


----------



## No Trust (13 April 2011)

*Media Having a Field Day*

*Sydney Morning Herald*

*Scott Rochfort 
April 13, 2011*

*CBD*

*FUND'S FINESSE*

"The Gold Coast mortgage fund operator Equititrust *should have plenty to share *with investors at a briefing next Wednesday.

Less than a week has passed since income distributions were suspended on its two biggest funds, which are also expected to report investor losses sometime soon.

An investor class action is also on the cards.

Our guess is the company founder, *Mark McIvor*, *will not repeat *a statement he made last year in another company update: ''Post the global financial crisis our record speaks for itself. In our 17-year history we've never had an investor loss. We're proud to adopt our new slogan, 'You've earned the equity; we've earned the trust'.''


http://www.smh.com.au/business/atlas-road-fees-take-toll-on-shareholders-20110412-1dcn1.html

Scott Rochfort is spot on in his satirical assessment of *"Fund’s Finesse"* or should it be “Fund’s Incompetence”

The National Media is now poking fun at the Cowboys in White up North. Won’t be long before another amazing investor opportunity from the Gold Coast pops up, Hang on it already has… Equititrust Version *2.0* – Insight Equity same *DNA*..


----------



## No Trust (15 April 2011)

*Equititrust Website*

The Equititrust Website is quite _*peculiar lately*_, one minute the Interim Financials are posted then they are removed. Another minute there is an update on the loan to NAB and then it is removed.. Strange indeed.. *WHAT'S GOING ON*???????


----------



## ASICK (15 April 2011)

*Re: Equititrust Website*



No Trust said:


> The Equititrust Website is quite _*peculiar lately*_, one minute the Interim Financials are posted then they are removed. Another minute there is an update on the loan to NAB and then it is removed.. Strange indeed.. *WHAT'S GOING ON*???????




http://equititrust.com.au/Pdfs/EIF_Fin_statement_DEC_31_10.pdf


----------



## No Trust (15 April 2011)

*Lawyers Breathing Down Their Neck - It really is a Troubled Fund*

I guess it must not be comfortable for the White Shoe Brigade to have * Class Action Lawyers * breathing down their necks now.. About time too, investors have had enough of the double talk whilst the *"Irresponsible Entity"* pockets * 4M * Dollars of their money. 

All of this whilst trying raise another * 50M * from the *unsuspecting public*. 

Look at the position that NAB is in now, that is the position the new investors would have been in. It is no wonder that ASIC stepped in when it did, they had no choice but to take action..

Smartest move was by Commonwealth Bank, they saw the writing on the wall and took their money and ran, pity the poor retiree investors could not do the same.


----------



## ASICK (15 April 2011)

*Re: Lawyers Breathing Down Their Neck - It really is a Troubled Fund*



No Trust said:


> I guess it must not be comfortable for the White Shoe Brigade to have * Class Action Lawyers * breathing down their necks now.. About time too, investors have had enough of the double talk whilst the *"Irresponsible Entity"* pockets * 4M * Dollars of their money.
> 
> All of this whilst trying raise another * 50M * from the *unsuspecting public*.
> 
> ...




Actually the new capital raising would have been a good bet for the new investors because they would have stood in line ahead of existing investors in your fund.


----------



## No Trust (15 April 2011)

*No Betting on Equititrust*

Actually *"No bet"* is a *"good bet"* on Equititrust.

If investors had put their money in a bank as *Choice Magazine had recommended *they would not be going through the heartache they are going through now.


Of interest it seems the Equititrust stooges Olman etc have all gone deadly quiet... Must be trying to get their money back.


----------



## Olman (15 April 2011)

*Re: No Betting on Equititrust*



No Trust said:


> Actually *"No bet"* is a *"good bet"* on Equititrust.
> 
> If investors had put their money in a bank as *Choice Magazine had recommended *they would not be going through the heartache they are going through now.
> 
> ...




I am not, and never have been, an Equititrust stooge.  You, on the other hand, are a negative, carping individual with a vindictive streak that is disgusting to observe.  While some posters here actually contribute to the debate, nothing you have said is original, and I notice very few direct replies to the drivel you post.  Your mindlessness is astounding.


----------



## No Trust (15 April 2011)

*Equtitrust Melt Down*

Everyone has a right to an opinion and I will stick to mine over yours any day as this site has *exposed the truth *and the predicament of retiree investors at the hands of Equititrust. 

I do recall you said you had an *"unfamiliar stirring of confidence about the future of Equitirust in one of your posts..* What now?? Will you back the loans made to *King Con *and the *4M* in fees paid out in the last half year whilst distributions have stopped?? Will you join the class action?? I think we all know the answers in advance..

Good to see your still out there and reading the thread


----------



## ASICK (15 April 2011)

Interest received $15,065,706 (page 6) but only $3m CASH (page 9) of which 236k is from bank interest received, $2.756m from mortgage loans. 

oh.. that's fun - about $12m of paper profits!

http://equititrust.com.au/Pdfs/EIF_Fin_statement_DEC_31_10.pdf

$2.264m return on the subordinated investment - cash out from paper (page 9).


----------



## No Trust (15 April 2011)

*Interest Fron Thin Air*

If there is no *cake* let the investors eat *paper

A guess this is why there is class action pending...*


----------



## ASICK (15 April 2011)

There's no cash - if assets can't be sold .. then


----------



## ASICK (16 April 2011)

ASICK said:


> There's no cash - if assets can't be sold .. then




"... EIF held cash funds in excess of $4m as at 8 April 2011 and has sufficient funds to meet its ongoing obligations for the foreseeable future. ..."

http://equititrust.com.au/Pdfs/NAB_Facility_Extension.pdf

However, the statement must be taken in context - and that context relates to the fund's obligations to the NAB, not to investors.

It might also be  that 'foreseeable' isn't too far into the future.


----------



## zencorp (16 April 2011)

*Equititrust*

*Interim Financial Report + Continuous Disclosure Statements* 

Several questions need to be raised as to why there was a delay by Equititrust in producing the Interim Financial Report – 31 December 2010. 

It is interesting that both the Fund’s auditor and David Kennedy signed the report on 16 March 2011 but yet it took almost one month to make such report available to the Investors. The question is simply answered by reference to Current  Assets (and in particular “Cash and cash equivalents”) found at page 7 of this report.  At 31 December 2010 the Fund had only $301,433 available in cash – simple mathematics suggest approximately 3-4 weeks of wages and other costs associated with management of the Fund.

Or in other words, if the report was produced WHEN IT WAS PROMMISED to be, investors would have been made aware of the weak position of the fund. Nevertheless, David Kennedy CEO obviously didn’t want to have cachous on his hands, so he decided to not honour his word and delay the production of such report. 
Moving forward, the Directors of Equititrust decided to postpone Investor Distributions (obviously because the EIF was out of cash and couldn’t pay) – it is not enough to say that “Oh, we want to revalue and restructure the fund” – the Fund either has the cash or it doesn’t. 

Contemporaneously with making the financial report available Equititrust also decided to salt the wounds of the Investors by posting a Continuous Disclosure Statement noting the “EIF held cash funds in excess of $4m as at 8 April 2011 and has sufficient funds to meet its ongoing obligations for the foreseeable future” – Interesting, does Equititrust not see paying its investors their distributions an “Obligation” - or at the very least a “moral obligation”? Simply put, give us your money, but don’t worry, we don’t have any obligation to pay you your distribution – or in fact your money back at all. This is very comforting Equititrust, particularly in circumstances where paying the distributions to Investors was the only reason why we TRUSTED and SUPPORTED you during this trying time. This TRUST is GONE. 

Anyway, it is interesting that on the Investor Distribution communication dated 4 April 2011 Equititrust stated that “the Equititrust Ltd Board has resolved to postpone all distributions (including the April distribution)” and then days later posts a Continuous Disclose Statement expressing the concept – Everything is ok, we have $4m in cash which we were meant to give to you as your distribution. We can now pay our wages and legal bills. 

*Class Action *
Equitirust posted a further Continuous Disclosure Statement dated 15 April 2011 in an attempt to bandaid the pending class action.  I make comment as follows: 

*Equititrust Noted:* 
_Piper Alderman states that “It appears as though distributions have been suspended to enable an increase in debt repayments in the hope of appeasing the NAB and obtaining the Bank’s agreement to a restructure 
of the EIF’s debt facility”.  This statement is incorrect.  
At no time has NAB asked for, or suggested, that distributions should be suspended.  This decision was made by the Directors based upon events that have transpired over the past four weeks and was done so in order to be prudent whilst updated valuations of the underlying security for the EIF loan book are carried out.  NAB was advised of the suspension as a matter of courtesy at the same time the announcement was made to unit-holders_

*Comment: *
Interesting, particularly in circumstances where Equititrust’s own Communication dated 4 April 2011 expressly notes that one of the reasons why investor distributions have been delayed was to “accelerate repayment of our secured bank debt owed to the NAB”. 

*Equititrust *
_Piper Alderman states that “The NAB has not yet made a decision [with respect to the proposal for repayment of the facility]”.   This statement is incorrect.  
NAB has formally agreed to Equititrust’s proposal and this has been disclosed on the Equititrust Limited website.  The Piper Alderman statement is also misleading in that it ignores the disclosure in the interim accounts that “The external financier [NAB] have indicated that they are broadly supportive of such proposal…”.  The Directors felt it was prudent to disclose the ramifications for EIF if NAB did not agree to the revised proposal request notwithstanding that they were confident (based upon ongoing discussions with NAB) that such proposal would be accepted._

*Comment *
It is interesting that ALL of the disclosure Equititrust seeks to rely on was posted on its website 2-3 days ago AND the information that Piper Alderman relied upon was the ONLY information available given Equitrist’s failure to disclose when PROMOSIED. Furthermore, Equititrust uses the word “formally” when dealing with the NAB Facility BUT in the Continuous Disclosure Statement dated 13 April 2011 titled “Notification of NAB Facility” expressly states “Formal documentation of the extension is expected to be completed by 20 April 2011”.  NO disclosure has been made in respect of that “formal” documentation and therefore NAB has not “formally” agreed to the extension. Nothing is formal Equititrust until it is documented and signed. David Tucker, Partner of law firm Tucker and Cowen OBVIOUSLY would have explained this to you. Notwithstanding, both Mark Mclivor and David Kennedy are/were Lawyers or have studied law. Please refrain from being misleading Equititrust – you are quickly loosing the support of investors.    

*Equititrust *
_Piper Alderman states that the meeting called for unit-holders for 20 April 2011 has been called in an “apparent attempt to further allay investor concerns”.  The meeting has not been called to allay investor concerns but rather to address them.  Equititrust recognizes that investors will be concerned at the suspension of distributions and the meetings are but one forum that Equititrust is using to address such concerns;_

*Comment*
Rather hearsay Equititrust don’t you think? What is the material difference between “address” and “allay” investor concerns – seriously? It is obvious that the Investors have concerns and the intention of that meeting is to address/allay those concerns because ultimately you need to support of the investors. 

*Equititrust *
_Piper Alderman states that “One of the many issues likely to be raised by unit holders will be why the EIF’s difficult liquidity position has not prevented Equititrust withdrawing $4 million in management fees”.  This statement is incorrect. Equititrust did not draw $4m in management fees for the six months ending 31 December 2010.  The accounts quite clearly show that the management fee paid to Equititrust was less than $2.3m.  Of this management fee, approximately $450,000 was used to pay legal costs, audit fees and other professional fees and charges for EIF that were quite legitimately able to be paid directly by EIF.  Even if one ignores such reimbursable costs, the management fee was still not sufficient to cover the ongoing running costs of EIF which included wages, rent, IT costs, consultant’s fees etc. 
The shortfall was paid by Equititrust Limited.  It should be noted that Equititrust was entitled to claim such shortfall out of EIF but chose not to do so;_

*Comment*
OK – point taken, but let’s look at this for a second: $2,144,754 Management Fee + $2,515,477 Return on Subordinate Investment = $4,660,231. 
NOW this $450,000 of legal costs, audit fees and other professional fees and charges – HOW MUCH did you pay to TUCKER & COWEN????? For those who miss the link, David Tucker (Director of Equititrust) is a founding Partner of Tucker & Cowen. ALSO, you wouldn’t have to pay all these legal costs if you did your job correctly and vetted your Borrowers a little better. The last time I checked it wasn’t too difficult to check for Bankrupts!!! Surely this is part of your diligence. 

Enjoy. 

Ps. I have retained true copies of all of the supporting documentation below in instances where Equititrust decided  to “update/change” them: 

http://equititrust.com.au/Pdfs/EIF_Fin_statement_DEC_31_10.pdf
http://equititrust.com.au/Pdfs/Investor_distributions_April_2011.pdf
http://equititrust.com.au/Pdfs/NAB_Facility_Extension.pdf
http://equititrust.com.au/Pdfs/PIPER_ALDERMAN_CLASS_ACTION.pdf


----------



## ASICK (16 April 2011)

*Re: Equititrust*



zencorp said:


> *Equititrust *
> "...  Of this management fee, approximately $450,000 was used to pay legal costs, audit fees and other professional fees and charges for EIF that were quite legitimately able to be paid directly by EIF.  Even if one ignores such reimbursable costs, the management fee was still not sufficient to cover the ongoing running costs of EIF which included wages, rent, IT costs, consultant’s fees etc.  The shortfall was paid by Equititrust Limited.  It should be noted that Equititrust was entitled to claim such shortfall out of EIF but chose not to do so ..."




What a load of codswallop!  How is it possible for the holder of an AFSL to say such things?

Equititrust Limited ("Equititrust") ripped out a  $2.264m return on the subordinated investment - cash out from paper (page 9).  
http://equititrust.com.au/Pdfs/EIF_F..._DEC_31_10.pdf

Whether the fund paid for the expenses or whether Equititrust paid for them works out precisely the same for both the fund and for Equititrust,  providing the total costs did not exceed the $2.264m skimmed as the subordinated investment return.

If the expenses are paid by Equititrust, then the subordinated return is diminished by the value of those expenses - if the fund pays, the same outcome would be achieved.

It's just crap for Equititrust to state that it's doing investors a favour, when it's doing nothing of the sort.  If the fund paid, the profit would be reduced, and so would the return on the subordinated investment.  If Equititrust paid, the effective return from the subordinated return is likewise reduced.

Such statements as those made in respect of this matter should be withdrawn by Equititust Limited.


----------



## No Trust (16 April 2011)

*Class Action*

Unlike the previous Gold Coast Mortgage Fund Disasters, Asset Loan, City Pacific and MFS the investors have wised up and have sought independent Legal Advice. Of course Equititrust *do not like *this as they think that they are infallible.

Equititrust as per their most recent advises will only offer retiree investors a loss on their investment. An investment that they were meant to be prudently managed.  There are valid reasons why investors are lining up to join the class action.

I note that none of the directors to date have offered to pledge their own personal *assets / houses *to pay for the predicted losses, yet the investors have to suffer non-payment of distributions and a loss on their original investment in the fund.  Don’t see the Equity in that at all..


----------



## kostag (17 April 2011)

*Re: Equititrust  I just don't think that they get it*

I think most of us admire a fighting and defensive spirit. I admired that in Mr McIvor. However in this instance they must accept that most investors have lost confidence in their management and integrity and just want our money back. Now most of us seem to have formed the view that the only to acheive this is by initiating legal action. Under Court process, we will get to the bottom of cosy arrangements such as existed with Dudley Quinlivan and what seems to be Quinlivan's access to funds, even management of other Equititrust loan assets. I think both NAB and BOS conduct will be exposed. I hope that they co-operate.


----------



## No Trust (17 April 2011)

*The Trust is Gone*

As per the recent Media Articles in the Sydney Morning Herald, it is clear that Investors *have lost confidence*. 

This is now *copybook City Pacific *with the banks calling the shots until they are paid out.. The investors will then be left to fight over the carcass as AWG so aptly put it whilst *left without an income*.

All of this whilst the directors live in Multimillion Dollar Homes and Beachfront weekenders and still have an income to pay essential bills. The retiree investors are left to find money to pay for food bills or alternatively go on welfare.

A class action it seems is the only option left to Investors considering how the other Gold Coast Mortgage Fund Disasters have played out. You dont have to look to far back in history to see what happened to investors in Asset Loan, City Pacific and MFS.

Nice work Equititrust


----------



## ASICK (17 April 2011)

*Re: The Trust is Gone*



No Trust said:


> As per the recent Media Articles in the Sydney Morning Herald, it is clear that Investors *have lost confidence*.
> 
> This is now *copybook City Pacific *with the banks calling the shots until they are paid out.. The investors will then be left to fight over the carcass as AWG so aptly put it whilst *left without an income*.
> 
> ...




What do you think will be the basis of the class action?   There haven't been any investor losses to date.   Maybe something in the future?


----------



## No Trust (18 April 2011)

*More Problems Recovering Assets*

The latest news featuring an Equititrust asset in default..

*Sydney Morning Herald
April 18 

*http://www.smh.com.au/nsw/obeids-ho...d-by-burglars-20110417-1djv5.html?from=smh_sb


----------



## No Trust (18 April 2011)

*Change Of Venue for Investor Briefing*

The Venue has been changed for the Investor Briefing on the *20th of April * at 10.00am to Royal Pines Resort..

I hope the directors put on a lunch for the *Retiree Investors who cannot pay essential bills *and have to *resort to welfare for the first time in their lives*.  

I think investors have a lot of uncomfortable questions to ask the directors.. I hope all have the guts to turn up and face the music.. 


http://www.equititrust.com.au/Pdfs/Investor_Briefing_location.pdf


----------



## No Trust (18 April 2011)

*Piper Alderman Class Action Latest Update*

*Piper Alderman Class Action Latest Update*

18 April 2011


http://www.piperalderman.com.au/firm/equititrust-limited-class-action


----------



## No Trust (19 April 2011)

*Investor Health ????*

*Stewart Washington
Sydney Morning Herald

19 April 2011*


*Briefly noted 2*: Equititrust Capital has moved its venue for its investor briefing in Brisbane tomorrow *''due to safety concerns''*.

Given it has suspended distributions as it renegotiates financing on its $260 million fund, *we are glad to see Equititrust cares for investors' physical health*. Their financial health? Another matter entirely.


http://www.smh.com.au/business/strange-bedfellows-in-a-close-network-20110418-1dlm5.html


Equititrust again the *laughing stock of the National Media*, should be an interesting meeting tomorrow when investors will FINALLY get to have there say...


----------



## ASICK (19 April 2011)

*Re: Piper Alderman Class Action Latest Update*



No Trust said:


> *Piper Alderman Class Action Latest Update*
> 
> 18 April 2011
> 
> ...




"... One of the many issues likely to be raised by unit holders is why Equititrust has been able to withdraw over $4 million in management fees while investor redemptions have remained frozen. ..."

I hate to be a party-pooper, but as far as I can see, there is no prohition against the manager drawing management fees while the fund is frozen: in fact there is no prohibition against the manager drawing fees while deferring income distributions (providing such distributions are paid).

I think the solicitors need to go back and do some soul, eh sorry, fact searching. 

I'll try again - what is the basis of a class action if there is no damages? - sure, if investors suffer damages, then you look for a culpit, but until then, what's the claim?

To date, all losses have been absorbed by the capital warranty.


----------



## kostag (19 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*

1.  imprudnet lending outside stated guidelines
2. ware housing loan losses
3. loading costs onto one loan whilst using those funds to prop up another bad loan -  the QUINLIVIN relationships. What do you think that this was all about?
4. drawing funds whether they be called -  managment fees or anything else, whilst knowing the company to be in effect insolvent -  each and every Director goes on this one!
5. the non-performing loans by Equititrusts' own admisison are close to $220M -  the Capital Warranty (or whatevaer they call that accouting  entry device) has $10M in it

Let's not think that once PIPER ALDEMAN get their noses out there , they there won't be a lot of material forthcoming from let down Borrowers and Invetsors.








ASICK said:


> "... One of the many issues likely to be raised by unit holders is why Equititrust has been able to withdraw over $4 million in management fees while investor redemptions have remained frozen. ..."
> 
> I hate to be a party-pooper, but as far as I can see, there is no prohition against the manager drawing management fees while the fund is frozen: in fact there is no prohibition against the manager drawing fees while deferring income distributions (providing such distributions are paid).
> 
> ...


----------



## kostag (19 April 2011)

*Re: Piper Alderman Class Action Latest Update: DONT BE BEGUILED*

Let's be frank we owe it to ourselves to give tomorrow's meeting a 10am a fair go. We want it to work. But, having been to one other like this -  I am afraid to say that we are going to get, in my view, a massive dose of warm syrup and spin..... These guys are all fighting for their commercial lives. Nothing that we have bene told for the past 3 years has bene true -  so why would tomorrow be any better? We are going to hear what we want to hear - there is a fabulous merger proposal coming; the National Bank is happy (ofcourse they are, they somehow rank ahead of our funds); there is money in the Bank (sadly, just not in our Bank) -  it will all be designed to divide and conquer us..... we have no idea in fact what is going on. ASIC, no-one other than the media has helped us -  so whatever they tell us, we just have to sit there and nod our heads. Unless there is money on the table, my view is take it all with a grain of salt -  dont lose our resolve. Piper Aldeman attacked Lehman Bros and had a huge win. They have the skillset to run this and we need them to forensically attack every transfer of funds and or securities over the past two years. We are going to be very surprised as to what we are going to find out, I can almost be the house on it. 

The present plan of EQUITITRUST will be to blame the Australian banks and the GFC for the present position and yes, sadly our $1 units are being revalued down to what??? (they will finish up 50cents in the dollar -  I will buy any at 25cents today)  -  but great news , we can swap / merge you into XYZ Limited -  and all will be well.

Well look at MFS - once under the helm of financial supremos Kennedy and Anderson -  who now run Equititrust.

MFS folded into Octaviar , which folded into Wellington Capital, which then listed all our money on the NSX. It distracted and diverted us all long enough for everyone in command to walk away -  and take a look at what the shares in Wellington are worth today?

It is the same old tune, just a different player.

Stand firm. Enjoy the coffee and biccies -  that's all we will get. 









No Trust said:


> *Piper Alderman Class Action Latest Update*
> 
> 18 April 2011
> 
> ...


----------



## ASICK (19 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*



kostag said:


> 1.  imprudnet lending outside stated guidelines
> 2. ware housing loan losses
> 3. loading costs onto one loan whilst using those funds to prop up another bad loan -  the QUINLIVIN relationships. What do you think that this was all about?
> 4. drawing funds whether they be called -  managment fees or anything else, whilst knowing the company to be in effect insolvent -  each and every Director goes on this one!
> ...




None of what you say makes any sense until you suffer a loss - maybe the lawyers are just hoping they can grab future business?

Your fund is not 'involvent' - that would be impossible, because investors' capital will guarantee the fund's debts.

Non-performing loans do not necessarily translate into loss unless the underlying security is unable to make good the total outstanding loan and interest attributable to that loan.

What the lawyer says simply does not make sense either - the manager is entitled to management fees while the fund is frozen.

What the manager says about doing members a favour by paying particular expenses doesn't make sense either.

My guess is, that if losses occur, then you'll have to cast your net a lot wider than directors if you'll have any chance of recovery.


----------



## kostag (19 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*

ASICK:

with respect you are very very wrong.

INSOLVENCY is simply being unable to pay one's debts as and when they fall due. What part of 'we cannot pay our investors their interest" strikes you as not being able to pay your debts as and when they fall due?

You don't have to sell off the farm etc and have nothing left, to estbablish insolvency.

If that were the case, you would not be able to tip an entity into Liquidation because they would simply argue, your logic, that being, we still have assets that we haven't sold off as yet -  who knows, we might just get out of this mess.

We all know this -  King Con owes $70M. Now, I am just a casual observer, but I have made some phone calls and Corymbia Woods at Ipswich isn't worth $70M -  it is not worth $10M.

So let's go no fufther than that. 

There is no capital reserve to cover that doozy -  and there are a lot more where this one came from.

Trust me, the Law is not a complete ass -  we don't need to sit and watch whilst the Fund Manager plunders $4M each six months presiding off this train crash, whilst we argue the semantics of what constitutes insolvency.

They are insolvent -  we all know that they are insolvent.

The income that they earn - look at their own financial accounts -  represents that interest was  being  paid on less than 10% of the total loan book. BUT they owe us interest on $260M -  and we are entitled to be paid each month. The numbers don't stack and to be out in teh market trying to raise new capital (last December's failed $50M trousering) was done at a time that the Board knew what was brewing.

Now, to deal with your argument that they are entitled to take fees and income, whilst they are knowingly insolvent.

Again, you are simply wrong.

A Pty Ltd has run out of money -  it owes B and C money -  it can't pay them this mornth, when they are due to be paid -  but A Pty Limited decides to pay the owner his annual dividend. 

Now the owner is owed the dividend, but at the time of electing the pay this amount, A Pty Limited ought to have reasonably known that it could not pay its bills.

Now, this is insolvency in its most basic form. It is a preferential payment as well and more than likley ASIC would take A Pty Ltd to task as well.

Whoever is telling you that this structure is OK does not know what they are talking about.

Piper Alderman are on the right track and they will win this, based upon what little information we are getting from the media. 










ASICK said:


> None of what you say makes any sense until you suffer a loss - maybe the lawyers are just hoping they can grab future business?
> 
> Your fund is not 'involvent' - that would be impossible, because investors' capital will guarantee the fund's debts.
> 
> ...


----------



## No Trust (20 April 2011)

*Class Action*

*Investigation at this Stage *
In terms of the Piper Alderman Class action against Equititrust it is only an investigation at this stage. No one has prepared a plaint and is about to serve it so speculation as to whether there are losses at the moment or not is irrelevant. What is certain is that that *Equititrust themselves have mooted losses *and a revaluation of the units in the fund.  Those losses by the way have been *solely caused by Equititrust *not the investors. 

If there are losses attributable to Equititrust where their conduct in administering the fund was proven by a court to have been “not in the best interests of the investors”  then the issue of whether a management fee is payable or not *does come into question*..

I do not agree with a strategy of wait and see, the *investors need to have representation at a critical juncture and that juncture is now..*  You must be realistic Equititrust will do all things in in its own best interest to survive and for them to say that they investor’s interests ahead of their own is a *conflict of interest *in itself..  

It’s a fact of life the first step was to freeze redemptions, the second step was to stop paying distributions and the third already mooted outcome is investors capital losses all in an environment where the fund has breached its loan covenants with its major lender and has had to go begging for *poverty package *extensions to its loan.

*Loans to King Con*
If there are for example matters related to the manner in which certain loans were given to 2 time former bankrupts named as King Con in QLD Parliament resulting in substantive losses to retiree investors. The question will be whether Retiree Investor's ought to have been exposed to this kind of risk in circumstances where any prudent manager would have balked at lending a single investor’s dollar and would have walked the other way. 

It’s one thing to market yourself in one way and act in another. As I have mentioned previously the litmus test for Equititrust would have been to reveal to all investors that they were going to *make loans to King Con *and or add a section on him in the annual review. They did not do that because they knew that *Retiree Investors would have run for the hills.. *Instead the loans were made and Retiree Investors now have a *70M* exposure to *King Con *with no end date in sight..

*Sufficient Information*

What is of relevance is the fact that sufficient information has been provided to Piper Alderman to warrant a litigation funder to give approval to an investigation. Litigation funders do not give tacit approval to every matter that comes before them and are very conservative when it comes to funding litigation matters of this nature.

Piper Alderman being a well respected firm and acting in substantial class action cases against Lehman Bros etc would not have taken the matter this far unless presented with substantive material which warrants investigation.


*Shaking the Tree*
With Equititrust you will not know what is there unless you shake the tree and see what falls out and in effect that is what Piper Alderman are doing. In the end the Investors have nothing to lose and only have transparency to gain..

Instead of waiting until the carcass is bled dry, proactive measures like this are a lot more than what was done for the investors in Asset Loan, City Pacific and MFS. The investors in Equititrust are now effectively in the same position as the investors in those failed funds, at the mercy of the manager. The only difference now is that investors have a national law firm breathing down their manager's necks at a critical time..

It’s very simple, at today’s meeting ask the directors whether they will back up the *dismal financial state of Equititrust *with their *own houses and private assets*.  They risked the investors personal assets on King Con now it would seem equitable that they risk theirs..


----------



## No Trust (20 April 2011)

Latest Media Article on Equititrust in this morning's papers.. Not good.. Should be an interesting meeting at Royal Pines this morning. I wonder if the *Directors got much sleep last night *before they finally front the investors *who now do not have an income..*

*Raptis sued over alleged loan breach 

Mitch Gaynor 

The Courier-Mail April 20, 2011 12:00AM *


http://www.couriermail.com.au/ipad/raptis-sued-over-alleged-loan-breach/story-fn6ck2gb-1226041763661


----------



## kostag (20 April 2011)

*Re: Equititrust: MORE UNTRUTHS*

This is yet again the MEDIA showing us where we have been told UNTRUTHS.

When RAPTIS arrears were raised months ago -  KOLONEL 'KLINK' KENNEDY wrote this defensive missive which was broadcast on this WEBSITE that they had done such a great job with RAPTIS and that RAPTIS had repaid them even with additional penalty interest......now, finally, we get the TRUTH  -  there is (or isn't -  who knows any more) some $3.8M owing by RAPTIS.

Was this AMOUNT included in EQUITITRUST'S income for the year? Bet it was......

I suspect that PIPER ALDERMAN will get some good information etc if they CONTACT some of the major borrowers direct.....

JIM RAPTIS
AL KONSTANINIDIS
MIKE HAKIM
even DUDLEY QUINLIVAN.

I think that a compelety different story will start to emerge.



No Trust said:


> Latest Media Article on Equititrust in this morning's papers.. Not good.. Should be an interesting meeting at Royal Pines this morning. I wonder if the *Directors got much sleep last night *before they finally front the investors *who now do not have an income..*
> 
> *Raptis sued over alleged loan breach
> 
> ...


----------



## klua (20 April 2011)

I wont be able to attend the meeting but I have some questions that perhaps someone else might raise regarding the postponed income distributions;

1 If interest distributions in a *Trust* are postponed and just accrued then despite the non payment does the ATO regard this as a payment when the distribution accrues? Is tax payable in this tax year on the postponed and unpaid distributions?

2 As previously discussed in this thread are we getting income distributions and are we paying unnecessary tax while racking up capital losses?

3 In light of the above questions then would investors be better off if the distributions were cancelled?


----------



## ASICK (20 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*



kostag said:


> ASICK: ...




Kostag, I appreciate your sincerity but your  fund IS NOT a company - it's a trust governed by its constitution (and the corporations act).
There is no INSOLVENCY - investors are the only ones who will lose money.
The simple reality in managed schemes is that it will always be investors who cop the final loss on the chin.
With respect, I don't believe investors even begin to look like having a case  unless a loss has occurred to their capital or perhaps to their distributions - Further, and in any event, it will probably be the case that the manager will be entitled to use the fund's money to defend an action against it.
Please go and pay for some independent legal advice.


----------



## No Trust (20 April 2011)

*Its Already A loss*

Isn't a revaluation of the units in the fund a *loss* ?? That’s imminent as red flagged by Equititrust.

So in light of this revelation isn’t it better to be prepared and have lawyers ready to take action..  The fact that they may use investors’ money to effectively battle with them in court is no shock, it is to be expected from Equititrust. They have *gambled investors’ money on King Con* so why not on a court case if it prolongs their ability to stay alive. 

*Investors have no faith in Equititrust simple as that*.. *The line has been crossed*.. If they did the matter would not have progressed to Piper Alderman..


----------



## ASICK (20 April 2011)

*Re: Its Already A loss*



No Trust said:


> Isn't a revaluation of the units in the fund a *loss* ?? That’s imminent as red flagged by Equititrust.
> 
> So in light of this revelation isn’t it better to be prepared and have lawyers ready to take action..  The fact that they may use investors’ money to effectively battle with them in court is no shock, it is to be expected from Equititrust. They have *gambled investors’ money on King Con* so why not on a court case if it prolongs their ability to stay alive.
> 
> *Investors have no faith in Equititrust simple as that*.. *The line has been crossed*.. If they did the matter would not have progressed to Piper Alderman..




Yes, it is - but impairments are accounting mechanisms and not actual losses.  Clearly it's going to depend on the degree of impairment - a small impairment might be overcome, but a large impairment is most unlikely to be overcome.

Yes, it is better to take steps to protect your interests  - it is the right thing to do.


----------



## kostag (20 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*

Lets agree to disagree. As you say the Fund is governed by Corporations Law. Directors of the Responsible Entity are even more in the firing line. Whilst i don't like where i am sitting right now and agree with you on that point, i a very firm on the point that we can take the legal action the whole distance. 






ASICK said:


> Kostag, I appreciate your sincerity but your  fund IS NOT a company - it's a trust governed by its constitution (and the corporations act).
> There is no INSOLVENCY - investors are the only ones who will lose money.
> The simple reality in managed schemes is that it will always be investors who cop the final loss on the chin.
> With respect, I don't believe investors even begin to look like having a case  unless a loss has occurred to their capital or perhaps to their distributions - Further, and in any event, it will probably be the case that the manager will be entitled to use the fund's money to defend an action against it.
> Please go and pay for some independent legal advice.


----------



## Rockstock (20 April 2011)

*Any Update on the Investor meeting this morning*

I have read all of your postings since this mess began and my family are also, sadly, caught up. Has anyone attended the meeting this morning and can you give me an overview, particularly any news on the Piper Alderman Class Action progress and Directors response to a "hostile investor audience".


----------



## ASICK (20 April 2011)

*Re: Piper Alderman Class Action Latest Update: CLASS ACTION*



kostag said:


> Lets agree to disagree. As you say the Fund is governed by Corporations Law. Directors of the Responsible Entity are even more in the firing line. Whilst i don't like where i am sitting right now and agree with you on that point, i a very firm on the point that we can take the legal action the whole distance.




ok. I'll agree to disagree on the insolvency issue. :bier:


----------



## No Trust (20 April 2011)

*Investor Briefing or Investor Massacre*

*Bad loans slash Equititrust's value Mitch Gaynor From*: 

*The Courier-Mail April 21, 2011 *

12:00AM 

"INVESTORS caught in the *troubled Equititrust mortgage fund *have been told they stand to lose up to *20 per cent of the value of their holdings *largely because of *a loan to two-time bankrupt Dudley Quinlivan." *

"Investors, including one 93-year-old man, simply wanted to know if this meant *the fund was "going down the gurgler".*

"I've lent money for a living for a very, very long time and it's been on the basis of the asset, we've never had the great luxury of *penetrating the ... character*," Mr McIvor told investors.

"Frankly, banks today barely do that but *it certainly will be a significant part of our future."*

"Whether these commercial hands are honourable or *dishonourable hands *has *never concerned me*, provided we can hurt them more than they can hurt us."

End Quotes

Well well well, investors can now see that their money was in *"dishonourable hands". *What an idiotic and insensitive statement to make.. I think that the investors getting the lawyers involved when they did was a good move. Equititrust loses 20% of the fund on the likes of King Con and then says oh we didn’t penetrate the character but it will be a significant part of our future... There is no future guys... No one will ever invest with you again you can be assured of that. 

In terms of the losses the 20% is an optimistic estimate to placate investors it is not a certainty. Losses could be far greater in a final wash up.. Remember that David Kennedy recently posted on this web site: Post *153* - 16 February 2011

"Would we like to state that investor’s investment is 100% safe? Yes we would but ASIC guidelines restrict us from making such statements."

The statements being made by management are a complete and utter joke, 100% safe on Feb 16 to 20% of the fund down the gurgler on 20 April 2011. What’s the next  nightmare announcement. 

Then this idiotic statement by Kennedy:

"Mr Kennedy, who himself has a $43 million exposure to the fund, stayed positive, saying the "opportunity" thrust on to Equititrust would bring more opportunities".

From what I can read from this statement the only thrusting has been on the part of Equititrust over the Investors it could not give a damm about in any way. What opportunities??? The only opportunity I see is liquidation of the fund. Is this guy delusional??? There must also be a typo as Kennedy does not have a $43M exposure to the fund.

The financial implosion and investor losses were known to Equititrust and yet they had the temerity to go back to the Australian Public and ask for another 50M in January. It’s no wonder ASIC stepped in and put a stop to the capital raising.

After yesterday's classic Gold Coast White Shoe Brigade effort, the investors know what they have to do now................  and in the words of the founder of Equititrust which will come back to bite him very very hard...

*HURT THEM MORE THAN THEY CAN HURT US*​

http://www.couriermail.com.au/ipad/bad-loans-slash-equititrusts-value/story-fn6ck2gb-1226042417704


----------



## No Trust (21 April 2011)

*Sydney Morning Herald Article - Investors Losses*

*Investors warned of 20% losses *
*Vanda Carson 
Sydney Morning Herald
April 21, 20*


"THE frozen mortgage fund Equititrust has told *furious investors *in its income fund that they *could lose up to 20 per cent of their investment*."

"He offered cold comfort, telling BusinessDay that they would be better off than the tens of thousands of investors in the Gold Coast financial group MFS who *received considerably less after it collapsed*. *Mr Kennedy is the former chief operating officer of MFS."*
End Quote

More damming Articles in the National Press. 

Investors are *sick of being hurt and having their lives torn apart by Equititrust *whilst the Directors live in Multimillion Dollar Waterfront and Beachfront Mansions. 

Blind Freddy could see what the end result would have been in lending to King Con, yet Equititrust thought King Con was a perfect fit in terms of their spivvy lending practices. 

End result investors lose tens of millions of dollars with a promise to “penetrate the borrowers character” in the future. 

*Equititrust must pay for this negligence dearly..*​

http://www.smh.com.au/business/investors-warned-of-20-losses-20110420-1dowv.html


----------



## No Trust (21 April 2011)

*Investor Briefing Video - Investors Fear Their Super is Gone*

*"Investors Fear their Super Is Gone"*

*Business Day - Video

22 April 2011*

*"Investors in Equititrust fear their life savings may have evaporated after the property trust froze funds and put a stop to monthly distributions." *


Watch this video and listen to what McIvor's paid mouthpiece has to say.. 

"A Mortgage Fund Structure is Moribund" 

So going to the Australian public to raise another 50M from unsuspecting investors was what?? Deceptive Conduct??  Misrepresentation??  

Watch Kennedy's body language when he say's we don't attract new investment now, we can't, we certainly wouldn't, we can’t disclose the state of the fund until we get valuations etc. Valuations are you kidding these should have been continuously updated..  

Equititrust really has no idea what it is doing; it is a rudderless ship with a Managing Director / Founder who is afraid to face the media. Kennedy was not there when the disaster loans were made, McIvor was..

I again bring to everyone’s attention the $50M Capital raising; so it was ok to entice new unsuspecting retiree investors a few months ago and now it’s not. Of course not, ASIC stopped it AND SAVED A LOT OF PEOPLE.

The saddest element in all this is watching the throngs of retiree investors gather in the lobby with worried looks on their faces, without any income, whilst the *“fat cat”* management who look extremely well fed collect their fees and salaries. 

*SHAME EQUITITRUST SHAME​*
http://www.google.com/url?sa=t&sour...l-S7CA&usg=AFQjCNH7lyDk0REhI2yehd_ix7bXZagm5g


----------



## ASICK (21 April 2011)

First of all, I'm really sorry to see members of the fund suffer substantial impairments.

Secondly, it's a shame that ASIC chose to stop the $50m raising (which was a great deal for new investors but not for you) and do nothing to help your investments in the fund.

Thirdly, it's a shame you do have to get engaged with a class action asap because ASIC makes no signal one way or the other that it is willing (or not) to take on the task - bang goes at least 26% of any successful legal claim in fees.

Fourth, the loss has been significant, especially when that loss has absorbed the $40m capital warranty and the $30m outside patch-up job Equititrust Limited did without your knowledge.

There are a lot of legal issues to raise and I certainly wish you all well with them.


----------



## ASICK (21 April 2011)

I forgot .. strange how many will relish taxable income distributions (if any) while capital is lost, however, I can understand how getting any return from a damaged investment is welcomed.
The ATO doesn't care that you can't offset capital loss with income.
It's not only the scheme themselves that are a risk to the public, so are the tax laws.


----------



## klua (21 April 2011)

ASICK said:


> I forgot .. strange how many will relish taxable income distributions (if any) while capital is lost, however, I can understand how getting any return from a damaged investment is welcomed.
> The ATO doesn't care that you can't offset capital loss with income.
> It's not only the scheme themselves that are a risk to the public, so are the tax laws.




As posted previously it is also possible be that the postponed distibutions may well be taxable in this tax year due to the ATO's treatment of Trust distibutions as being income once allocated. It would be nice to have this point clarified.

Add this to your point of paying taxation on dividends that would be better treated as capital return and the cash flow situation looks even less appealing. Not to mention the end result from all this may be less cash in our pockets and an unusable tax loss.


----------



## ASICK (21 April 2011)

klua said:


> As posted previously it is also possible be that the postponed distibutions may well be taxable in this tax year due to the ATO's treatment of Trust distibutions as being income once allocated. It would be nice to have this point clarified.
> 
> Add this to your point of paying taxation on dividends that would be better treated as capital return and the cash flow situation looks even less appealing. Not to mention the end result from all this may be less cash in our pockets and an unusable tax loss.




Capitalised interest is something that I'm sure your lawyers will look at very carefully - this is where profits have been derived but no cash has been received.  I'm guessing that capitalisation probably goes back to late 2007.

If there was no chance the interest could not have been paid, and if the loans should have been foreclosed, then that would be a BIG problem for the manager (and others).

Then members might see just how much they suffer by having paid tax on income over the years while their investments were in jeapody.

I'll again bring forward the issue of the $30m alleged by the manager to have been paid by Equititrust Limited towards fund  impairments which was not brought to your notice at the time the payments were made.

In my view, such a lack of disclosure is a great disadvantage to members because it didn't sound alarms bells to members as to the true state of the fund's loans.

The combination of capitalised interest and  non-disclosure have not been kind to members.


----------



## ASICK (21 April 2011)

ASICK said:


> Capitalised interest is something that I'm sure your lawyers will look at very carefully - this is where profits have been derived but no cash has been received.  I'm guessing that capitalisation probably goes back to late 2007.
> 
> If there was no chance the interest could not have been paid, and if the loans should have been foreclosed, then that would be a BIG problem for the manager (and others).
> 
> ...




"...If there was no chance the interest could not have been paid ..." should read "... if there was no chance the interest could have been paid. ..."


----------



## kostag (22 April 2011)

*No return for a year*

My predictions on this train smash have been correct since I started this thread June 2010. There will be no capital return for 12months unless we get ASIC or a Court order to appoint an insolvency firm to liquidate the loan book. Second, after costs our units will be down 50cents in the dollar. On $240m lians, they will be atleast $80m down. The attempted $50m raising was an attempted fraud and ASIC will be right onto this. 







ASICK said:


> I forgot .. strange how many will relish taxable income distributions (if any) while capital is lost, however, I can understand how getting any return from a damaged investment is welcomed.
> The ATO doesn't care that you can't offset capital loss with income.
> It's not only the scheme themselves that are a risk to the public, so are the tax laws.


----------



## No Trust (23 April 2011)

*50 Million Dollar Capital Raising*

The recent nightmare revelations clearly show the 50 Million Dollar Capital raising was a *last ditch attempt *to save the fund..   

Equititrust is a sinking ship..


----------



## No Trust (23 April 2011)

*Equititrust - Proposed Equity Swap*

As reported Equititrust is "Mulling" over an equity swap for shares in Equititrust?? 

I don’t think investors are that stupid and naive.. *Equititrust is worthless* without the investors, on their own admission the *founders equity has been wiped out*, the company is at the mercy of the banks, their reputation is in shatters and investors are pitched yet another pipe dream.  

As previously mentioned in February Kennedy was posting on this web site saying investors’ money was 100% safe.. *Then look what happened.. *

Sure Equititrust cannot survive without an Equity swap occurring, they need the investors which they have hurt very badly, however the investors do not need Equititrust anymore and its *fast and loose *forays of lending _*tens of millions of dollars to the likes of King Con.. *_

If investors do get their money back at whatever loss to the original face value of the units, they are better off moving on and recovering the rest via the Class Action. To participate in the equity swap I am sure all legal recourse against Equititrust for losses incurred will have to be waived. I dont think investors will fall for this trick. 

The 50M capital raising is a prime example of Equititrust knowingly being aware of the losses and 80% of the loans being in default yet going to the unsuspecting public looking for fresh money.

Loyalty to Equititrust by many of the retiree investors has been rewarded with *incomprehensible loans to a two time bankrupt*. This is unforgivable yet Equititrust is asking investors to stay on the *nightmare roller coaster *with them.  

The *Equity Swap just like the 50M Capital Raising is "doomed" *and I would not be surpised if the regulator steps in again to put an end to this farce once and for all..

*INVESTORS WILL NEVER TRUST EQUITITRUST AGAIN​*


----------



## No Trust (23 April 2011)

*A Glimpse Of The Future*

*CityPac postpones $35m payout 
Colin Kruger 
Sydney Morning Herald*

April 23 2011


If investors need any further evidence as to what they are in for they only need to read the article below in today’s Sydney Morning Herald where *Equititrust gets a mention *as well. 


Equititrust's demise has almost been carbon copy City Pacific. The new manager of the fund is only now looking at starting legal action to recover 100M. It seems the investors of Equititrust are at least a little bit more advanced in terms of a class action being investigated at this stage of the collapse. The rhetoric to investors prior to City Pacific collapsing was similar to that of Equititrust at the moment until the manager was replaced via an investor revolution, something which may not be too far off in Equititrust’s future. 


*“THE continuing decline of Queensland's property market is extracting a toll on struggling property mortgage funds.”*



*“Managers of the City Pacific-founded First Mortgage Fund announced they will have to postpone most of an expected $35 million payout to investors due to worsening conditions.”*


*“The announcement, late on Thursday, followed on from another Gold Coast mortgage fund operator, Equititrust, finally admitting this week that investors in its flagship fund will face a significant loss on their investment. Just a week before, Equititrust cut income distributions to these same investors, whose investment has been frozen since 2008.”*



*“City Pacific executives are expected to be examined in court over their involvement in the fund's disastrous performance, together with executives from the fund's financier, the Commonwealth Bank, and the accounting giant KPMG, which acted as City Pacific's auditor.”*


http://www.businessday.com.au/business/citypac-postpones-35m-payout-20110422-1dram.html


----------



## No Trust (23 April 2011)

*More Problems for Equititrust*

*The Age

Tough times for new apartments*

Apr 23, 2011  

And South Yarra's controversial $120 million, 14-level Tresor development, designed by architects Wood Marsh with sculptures by local artist Mira Gojak, faces uncertainty after key *development partner Equititrust ceased income distributions on several property funds, prompting threats of legal action from investors.*


http://www.optuszoo.com.au/news/state/the-age/tough-times-for-new-apartments/341906


----------



## No Trust (23 April 2011)

*Frozen funds stranded in no man's land*

*Frozen funds stranded in no man's land *
*Annette Sampson 
Sydney Morning Herald *

April 23, 2011



*"Cynics argue that fund managers have no real incentive to resolve the problem. They are still collecting their fees and if they opened up to full redemptions, many believe it would be like opening the floodgates, with investors deserting in droves."*


As the above excerpt correctly states, investors just want out….., this is what Equititrust and its *delusional management* just do not get. There *will be no equity swap *just an opening of the floodgates.  Investors will not and cannot be fooled any longer by a company purely interested in its own self preservation.. 



http://www.smh.com.au/business/frozen-funds-stranded-in-no-mans-land-20110422-1drcj.html


----------



## ASICK (23 April 2011)

*Re: Equititrust - Proposed Equity Swap*



No Trust said:


> As reported Equititrust is "Mulling" over an equity swap for shares in Equititrust??




They're taking a leaf out of Citypac's book - that was the first try on, preferential shares in Citypac Limited were to be offered to PFMF investors, a move that didn't go ahead, and if it did, I believe it would have failed miserably.

The next step was to list the fund.

You guys would be wise to oppose both with gusto.


----------



## kostag (23 April 2011)

*quity swap? Akin to swapping deck chairs on the Titanic*

when is the Equititrust self serving incompetenence going to give way to finally doing the right and proper thing and handing over the reigns to a competent insolvency firm to wind up? Come on ASIC, we are all bleeding... Do something


----------



## kostag (23 April 2011)

*Re: A Glimpse Of The Future AREN'T KPMG AUDITORS FOR MFS EQUITITRUST AND CITIPACFIC?*

There goes the PI insurance



No Trust said:


> *CityPac postpones $35m payout
> Colin Kruger
> Sydney Morning Herald*
> 
> ...


----------



## kostag (24 April 2011)

*Re: Equititrust? class action contacts*

Does anyone have email addresses for people from ASIC or PIPER ALDEMAN who are looking into EQUITITRUST. Have information re Quinlivan and also past representatiobs on loan approval criteria and recent contradictory statements where they claimed not to look into background of borrowers


----------



## kostag (25 April 2011)

1. information is that QUINLIVIN was allowed to run other Equititrust assets and draw above normal fees where those other un-related loans where in theory under their (inflated) LVR.  This allowed Equititrust to actually advance funds to CROFTSWORTH GROUP (Quinlivin) even though all their loans were in default.

2. WINDSOR TURF FARM: there is some tie in with a well know Sydney financier Ian Lazar, where Lazar has a priority security which brings much of this substantial loan asset at risk.

3. JAMES RAPTIS: well the truth will come out in COURT I guess.

4.  SOUTH AUSTRALIA: trying to get more on this one. What on earth would Equititrust be doing lending on a RESORT in SOUTH AUSTRALIA? Sounds like worth a look at.

5.  BANKS: I dont see any mention about BANK OF SCOTLAND anymore, whom I thought was owed over $25M? Story that I heard (only a rumour but worth probing) is that McGRATH NICHOL were in EQUITITRUST running apencil over the place on behalh of BANK OF SCOTLAND.

6. INVESTMENT SWAP FOR EQUITY: If any of us needed any 'assistance' deciding on this one, just look at MFS which became Octaviar and then the INVESTORS took UNITS in Wellington Capital which listed on the NSX. David Kennedy - now running Equititurst - ran MFS...... the more things change, it seems, the more that they stay the same.


----------



## kostag (25 April 2011)

*Re: Equititrust: PIPER ALDEMAN: here you go......*

if you needed anywhere to start take this quote from MARK McIVOR........  "I've lent money for a living for a very, very long time and it's been on the basis of the asset, we've never had the great luxury of penetrating the ... character," Mr McIvor told investors.

"Frankly, banks today barely do that but it certainly will be a significant part of our future."

"Whether these commercial hands are honourable or dishonourable hands has never concerned me, provided we can hurt them more than they can hurt us."

Now, go back through their PDF material off their own web site as to the analysis they purport to undertake before they ladled out OUR MONEY and TROUSERED large fees and interest spread! all with no real risk and certainly no SKIN IN THE GAME! 

Not bad is it? 

Risky loans at high rates to 'dudders' somehow get repaid...... EQUITITRUST gets massive Management fees and HIGH interest on SUB-ORDINATED DEBT (or whatever this is meant to be -  see CHOICE MAGAZINE who bestowed their 2009 SHONKY LENDER ACCOLADE on this doozy!) BUT if it does not work out - look who gets ROGERED!


----------



## kostag (25 April 2011)

*Re: Equititrust: CLASS ACTION -  GOTCHA!!!!*

look at recent statements from CEO about NOT checking into background of BORROWERS -  now take a look at page 7 of EQUITITRUST's PDS 31-12-10!  go to PAGE 7 and hang on to your hats -  because this PDS is the basis upon which we all handed over our money and we were told that this was their lending process BUT now we are told that they didn't even scratch the veneer -  

Piper Alderman! on your mark, get ready! go!!!!

This is an extract from page 7 of the 31-12-10 PDS approved by the CURRENT BOARD! 

"all valuations" "are no more than six months old"

"Borrowers capacity to service loans is assessed in terms of:"

"the background and history of the Borrower;"
"the Borrower's track record and experience;"
"their past credit history and track record" "with.... other lenders"

well how did QUINLIVIN get past these BENCHMARK disclosed tests - or did EQUITITRUST just forget and ladled out their biggest loan to someone who could not have possibly passed any of these criteria! ?  Doesn't EQUITITRUST use GOOGLE or read the NEWSPAPERS ....

the PDS is a very important ASIC imposed disclosure statement and one upon which the INVESTING public are entitled to rely. The disclosures in the current PDS would seem to be patently false.

Come on ASIC!! how about some follow up!


----------



## ASICK (26 April 2011)

kostag said:


> ... 6. INVESTMENT SWAP FOR EQUITY: If any of us needed any 'assistance' deciding on this one, just look at MFS which became Octaviar and then the INVESTORS took UNITS in Wellington Capital which listed on the NSX. David Kennedy - now running Equititurst - ran MFS...... the more things change, it seems, the more that they stay the same.




Kostag, I have to correct you on this one.  Citypac was going for an equity swap but didn't proceed.  Members of the PIF voted to list their fund - stupiest thing they ever did.  I think they were scared of the other option put to them, a fire sale.  There was no equity swap with Wellington Capital.

I guess it won't be too long until you read words to the effect of, 'ordinary wind down in the avoidance of fire sales' in your income trust/fund.


----------



## kostag (26 April 2011)

*Re: Equititrust: ASICK fear you are correct.*

all over



ASICK said:


> Kostag, I have to correct you on this one.  Citypac was going for an equity swap but didn't proceed.  Members of the PIF voted to list their fund - stupiest thing they ever did.  I think they were scared of the other option put to them, a fire sale.  There was no equity swap with Wellington Capital.
> 
> I guess it won't be too long until you read words to the effect of, 'ordinary wind down in the avoidance of fire sales' in your income trust/fund.


----------



## kostag (26 April 2011)

*Re: Equititrust: ASICK fear you are correct ORDERLY WIND DOWN???*

as we have not been able to get at the truth except through the media and we have seen over $4M plundered in 6 months to 31-12-10, why wouldn't we engage INDEPENDENT  experts such as KORDA MENTHA or McGRATH NICHOLL to oversee the wind up of the FUND ????? 

don't need guys on big salaries with other agendas 'looking after' our money, do we?


----------



## kostag (26 April 2011)

*Re: Equititrust: CLASS ACTION -  GOTCHA!!!!  PIPER ALDERMAN Note: this one*

PIPER ALDERMANN:



kostag said:


> look at recent statements from CEO about NOT checking into background of BORROWERS -  now take a look at page 7 of EQUITITRUST's PDS 31-12-10!  go to PAGE 7 and hang on to your hats -  because this PDS is the basis upon which we all handed over our money and we were told that this was their lending process BUT now we are told that they didn't even scratch the veneer -
> 
> Piper Alderman! on your mark, get ready! go!!!!
> 
> ...


----------



## kostag (26 April 2011)

*Re: Equititrust: OLMAN retraction*

In a RECENT thread, I mentioned ERRONEOULSY that OLMAN and BUFFETMAN were sharing an IP address with a representative of EQUITITRUST. It has been pointed out to me that there is no evidence that links OLMAN to any EQUITITRUST IP. I had misunderstood a previous comment made. I have no such evidence etc however and I therefore unreservedly withdraw the comment or insinuation that links OLMAN postings to any IP address associated with EQUITITRUST.


----------



## kostag (26 April 2011)

*Re: Equititrust: RAPTIS DISCLOSURE:*

1.   Recent media:
_Equititrust is seeking to recover a $3.8 million debt held against a Mudgeeraba development site owned by a Raptis company and guaranteed by Mr Raptis personally.

Equititrust chief executive David Kennedy said yesterday that Mr Raptis had not adhered to a refinance proposal.

''We ran out of patience,'' he said. ''We're going after everything and anybody that owes us money.''

But Mr Raptis yesterday said the amount owed was in dispute and he would be defending his position. He was confident of an amicable settlement._




2.


----------



## No Trust (26 April 2011)

*Equititrust Liquidation*

In terms of what is best for the investors, an *independent receiver / manager *seems to be what a lot of investors now feel is the best way forward. 

A key reason for this has been the time spent (1 year Plus) by Equititrust Management trying to *dig themselves out of a hole in Ipswich *on *tens of millions of dollars lent to King Con..* 

Investors know that Landsolve is *nothing more than a cover up *for Equititrust’s *catastrophic loans *now not only in default but causing massive losses to innocent retiree investors… 

Equititrust directors and management enjoyed an Easter with fees and salaries, in their multimillion dollar homes all on the back of the Retiree Investors who had *"no income over Easter"*.

*EQUITITRUST YOU HAVE LET YOUR INVESTORS DOWN AND DON’T DESERVE TO MANAGE THEIR MONEY ANY LONGER​*


----------



## No Trust (26 April 2011)

*Equititrust - Some Pertinent Questions Need To Be Asked*

In terms of the money Equititrust had invested in the Income Fund as a warranty Equititrust have *themselves acknowledged *that this has effectively been *wiped out*.  Considering the massive uncertainty and as Equititrust is in private hands the question that investors need to ask is, what is actually behind Equititrust, what underpins it? What assets support it? Are they cross collateralised to any other private debts?  Is there financial pressure now being put to bare on other fronts? 

In all recent collapses of this nature history has taught us that there is a *domino effect on both the public and private interests of all the stakeholders *and considering the lack of transparency to date this matter may need some thoughtful consideration and investigation, especially when considering whether it may be in the investors *“best interests”* to separate themselves from Equititrust and appoint an independent manager..

*Remember Equititrust owes you and Investors owe Equititrust Nothing..*


----------



## No Trust (27 April 2011)

*Equititrust  A Clear Case Of Self Interest*

As we all know Equititrust is now at the mercy of the NAB and Bank of Scotland. Without the interim support by the banks to effectively get their money and run *Equititrust would have collapsed*. What happens after the banks get their money is a pertinent question for the investors. *Is Equititrust solvent?? 
*What happens when the floodgates open and *investors withdraw their money in hordes*, as they have every right to do ?? 

Investors must not fall into a trap of allowing their money to be held hostage and used as a mechanism for Equititrust to cover their losses and act as a conduit to feed management fees back to the directors/founder for the appalling lending decisions to *King Con *and others that have been made with your hard earned money.


*"DON'T BE FOOLED EQUITITRUST IS FIGHTING FOR ITS OWN SURVIVAL AND NOT THE WELFARE OF THE INVESTORS"​*


----------



## ASICK (27 April 2011)

*Re: Equititrust  A Clear Case Of Self Interest*



No Trust said:


> As we all know Equititrust is now at the mercy of the NAB and Bank of Scotland. Without the interim support by the banks to effectively get their money and run *Equititrust would have collapsed*. What happens after the banks get their money is a pertinent question for the investors. *Is Equititrust solvent??
> *What happens when the floodgates open and *investors withdraw their money in hordes*, as they have every right to do ??
> 
> Investors must not fall into a trap of allowing their money to be held hostage and used as a mechanism for Equititrust to cover their losses and act as a conduit to feed management fees back to the directors/founder for the appalling lending decisions to *King Con *and others that have been made with your hard earned money.
> ...




Unfortunately, with a downward heading market, after the bank your share will be reduced and you'll have to wait until assets are sold to get your money - you'll never have a right to make applications to redeem ever again.

Unfortunately, your money IS held hostage.


----------



## kostag (27 April 2011)

*Re: Equititrust  A Clear Case Of Self Interest: THOSE LOCKED IN MUST CONTACT PIPER AL*

if funded, Piper Alderman can go before a Court and probably get ASIC support to this application and seek to have an external administrator appointed to the run out fund....

about the only way to stop the financial bleed that will now follow 




ASICK said:


> Unfortunately, with a downward heading market, after the bank your share will be reduced and you'll have to wait until assets are sold to get your money - you'll never have a right to make applications to redeem ever again.
> 
> Unfortunately, your money IS held hostage.


----------



## kostag (28 April 2011)

*Re: Equititrust: losses*

1.   look at this: http://www.couriermail.com.au/ipad/bad-loans-slash-equititrusts-value/story-fn6ck2gb-1226042417704

2.   Now, lets do some maths. I am not going to speculate etc because I do not know and as this site's administrators have pointed out, we cannot be reckless etc. So I'll will put in some headings and maybe between us all we can guess the result.

      Loan book:    $240,000,000
      we know that 90% of these loans don't pay interest -  we also know of trouble with RAPTIS, Windsor Turf Farm (Lazar etc -  ??) and Hakem at Hunters Hill BUT lets just deal with the two biggies....   Ipswich and South Australia and use Equititrust's own numbers....  

       Ipswich worth                 $20M
       less:  council rates etc     ($1M)
       less: sales costs etc , say ($2M)   GST ? agents ? 
       Net , say                        $17M

       Loan on books:                $49M
       LOSS                               $32M

       South Australia:
       Worth -  say                    $34M
       less: rates and imposts     $5M    there are caveats on title for stamp duty,       land      tax and rates on my searches
       less: costs of sale/s etc     $3M   GST agents etc
      Net, say                            $26M

      Loan on books                    $42M
      LOSS                                 $16M


so we have $48M straight off the top assuming that everything else is OK

Net loan book -  lets be kind and leave off costs of running (charged by Equititrust etc) - we know this is $8M a year etc....

so loan book:                            $240M
less:  losses above                     $48M

Net:                                          $192M

Now, we guess that NAB is owed     $25M   + on-going default and costs
Bank of Scotland ???                      $25M  + on-going default and costs 

so there is ........................        $142M  left for us to fight over.....

BUT wait -  there is more .....this net figure ignores:

interest to Banks at default rates -  say a year to clean up:  $5M
Equititrust take -  say 1 year                                            $8M

that's another  $13M off the top.....

we have  about $130M net available......

Now, aren't all the UNIT HOLDERS / INVESTORS in the fund  for about $260M - again -  I dont know -  but I saw this figure somewhere -  IF that is correct -  BEST CASE is 50cents in the dollar!!!   Am I wrong? 

NOW: I make it clear that these figures are based on snippets and may not be accurate so in advance I declare this BUT I  post this summary in the interests that others will add material to this that they know to be correct and we might get to the real numbers.

I should also mention that given that 90% of the loans don't pay interest etc (from Equititrust's own disclosures) then there would be a good chance of other loan write downs which are NOT factored into these numbers.

50cents in the dollar was my prediction in FEBRUARY 2011 -  I stick by it!


----------



## Olman (28 April 2011)

*Re: Equititrust: losses*



kostag said:


> Net loan book -  lets be kind and leave off costs of running (charged by Equititrust etc) - we know this is $8M a year etc....
> 
> 
> Now, we guess that NAB is owed     $25M   + on-going default and costs
> Bank of Scotland ???                      $25M  + on-going default and costs




You're still getting confused between the EIF and the EPF.  
NAB is owed money by the EIF.
BOS is owed money by the EPF.

The EIF has no exposure to the BOS.

I would also like to see a reference to your claim of management fees paid.  The best I can come up with in the Financial Reports is around $4.5m a year.  Where does your $8m come from?


----------



## kostag (28 April 2011)

*Re: Equititrust: losses*

Thanks for clarification.

You have information that I do not hence my disclaimer in  my posting.

So, one fund has about $240M in "loan assets" and the other one I presume has some amunt to cover the BOS loan. Correct?

Do you know if NAB and BOS have 'crossed'  their exposures. If they have, then in effect BOS can take a shot at the assets of the other fund and vice a versa. Correct?

Management fees: I saw (I think Piper Alderman) that EQUITITRUST drew out about $8M in cash flow in six monmths to 31-12-10 -  made up of several components etc. I am trying to find it BUT I am very sure that someone identified that amount from the 6monthly figures. You are saying that EQUITITRUST and related entities took out $4M only for the 6 months. If you are correct, unless I can lay my hands on the data -  I would withdraw my comment. 

Re: other figures that I have guesstimated -  do you have any clarification that you can bring to the table?

Thanks for your input.

.



Olman said:


> You're still getting confused between the EIF and the EPF.
> NAB is owed money by the EIF.
> BOS is owed money by the EPF.
> 
> ...


----------



## kostag (28 April 2011)

*Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip*

SORRY: found it......

$2,144,754 Management Fee + $2,515,477 Return on Subordinate Investment = $4,660,231. 

this was for 6 months , so about $9.2Million per annum -  a little more than I thought 








Olman said:


> You're still getting confused between the EIF and the EPF.
> NAB is owed money by the EIF.
> BOS is owed money by the EPF.
> 
> ...


----------



## ASICK (29 April 2011)

*Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip*



kostag said:


> SORRY: found it......
> 
> $2,144,754 Management Fee + $2,515,477 Return on Subordinate Investment = $4,660,231.
> 
> this was for 6 months , so about $9.2Million per annum -  a little more than I thought




It's a wonderful world isn't it?  Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?

There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?


----------



## No Trust (29 April 2011)

*Re: Equitidisgust*

Ahhhh Robbing Peter to pay Paul........


----------



## ASICK (29 April 2011)

*Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip*



ASICK said:


> It's a wonderful world isn't it?  Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?
> 
> There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?




Equititrust could have found the impairments first, in which case they wouldn't have the return on the subordinated investment - I guess Equititrust was just plain lucky.


----------



## kostag (29 April 2011)

*Re: Equititrust: LUCKY, heh?*

This is where PIPER ALDERMAN will earn their money -  it will not be too hard to identify at what point that EQUITITRUST had reasonable notice re QUINLIVIN and SOUTH AUSTRALIA impairments (isn't that a nice soft word for "absolute write off") .... I saw one media article that referred to QUINLIVIN and I think David Kennedy was quoted as saying that they had been working with Quinlivin's bankers for a year or so etc etc ....

now, if PIPER ALDERMAN can show that EQUITITRUST knew what they were sitting on (leaving aside a raft of legal issues about how did these loans (or rather why?) did these loans get made in the first place)   then the timing of what fees and or return that they drew etc becomes very very important .......

I dont think that this is going to be too hard -  I would not be surprised to see BOARD MEMBERS resigning pronto!



ASICK said:


> It's a wonderful world isn't it?  Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?
> 
> There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?


----------



## ASICK (29 April 2011)

*Re: Equititrust: LUCKY, heh?*



kostag said:


> This is where PIPER ALDERMAN will earn their money -  it will not be too hard to identify at what point that EQUITITRUST had reasonable notice re QUINLIVIN and SOUTH AUSTRALIA impairments (isn't that a nice soft word for "absolute write off") .... I saw one media article that referred to QUINLIVIN and I think David Kennedy was quoted as saying that they had been working with Quinlivin's bankers for a year or so etc etc ....
> 
> now, if PIPER ALDERMAN can show that EQUITITRUST knew what they were sitting on (leaving aside a raft of legal issues about how did these loans (or rather why?) did these loans get made in the first place)   then the timing of what fees and or return that they drew etc becomes very very important .......
> 
> I dont think that this is going to be too hard -  I would not be surprised to see BOARD MEMBERS resigning pronto!




It's certainly not unknown for rats to leave sinking ships.


----------



## No Trust (29 April 2011)

*The Good Ship MFS*

One only has to look back at the good ship MFS to see some of the rats abandoning a sinking  ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.


----------



## kostag (29 April 2011)

*Re: Equititrust: new Directors*

I dont think that any of us should be too harsh with the new Board. It seems clear that they all joined well after the disastarous loans were granted. They are really only accountable for their conduct once they knew that the 'gig was up'. Now, these people have careers outside of Equititrust, so one must presume (and the Minutes will show this) that they were either laying down the law or getting assurances of some positive action. That said -  there is pre-emptive action required and I suspect that these external Board members must now all be on very dangerous territory.

Now, in terms of day to day managament -  the company seems to have been run more recently by two ex MFS executives Messrs Anderson and Kennedy -  both of whom were close to the helm during the dying dies of that financial "train smash".

Now, eiether they are just dead unlucky when it comes to seeking new employment or else they seek out or are part of these types of activities. That is not for me to judge -  I simply don't know. 

I am distressed at the level or more the quality of the disclosures on this web-site by Mr Kennedy. I think that the annoucements when taken against the recent events, leave much to be desired. One could form the view that there was simply a policy of mis-information and spin. Certainly, the period of continuing good news, seemed to ahve bene used to drag $4M out of the place in less than 6 months, knowing that such actions would run the business down to less than $300K on hand as at 31-12-10, and presumably knowing that as a likley result, that the NAB would NOT be paid on time, and that more than likley investors would not get paid. And whilst this was going on, an array of new investment offerrings and PDFs were being spruiked and circulated into the market place.

Each of us will form our own view of what happened. But more than that -  the Courts (with Piper Alderman's help) will take the action required. I hope.


----------



## seamisty (29 April 2011)

*Re: The Good Ship MFS*



No Trust said:


> One only has to look back at the good ship MFS to see some of the rats abandoning a sinking  ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.



Not to mention No Trust that those very same fat rats, their brothers, sisters and growing entourage of prospective fat cats are being closely monitored from several different perspectives. Jumping ship is a risky business, I'm thinking 'walking the plank' may be a better alternative for some? Or maybe not? Whatever, there have been so many long suffering investors affected by the so called expert decisions made on investors behalf by directors, CEO's, auditors, financial advisors, fund managers etc who thought they had some protection from tax payer  funded regulators, (still waiting) that are really pissed off and will continue to make some noise, like yourself. As a MFS/OCV premium income fund investor who has been ripped off, I look forward to the day that those responsible are exposed and publically named and held accountable for their self centered actions that impacted on the lives of so many who trusted their apparent 'corn flake packet' qualifications. (That includes the so called 'senior financial advisor' status attached to early MFS documentation)

You have a long, hard road ahead of you, MFS/OCV premium income investors were not apathetic as some would have you believe, just devoid of alternatives offered at a critical time apart from maybe scaremongering from Wellington Capital who led us to believe that Jenny Hutson was our saviour. We were offered a convincible deal by WC that never eventuated, quite the quantrary. That does not mean that PIF investors remain complacent and do not continue to explore a better alternative. I sincerely hope Equititrust investors do not have to walk the path of Wellington Capital premium income investors!!
Seamisty


----------



## ASICK (30 April 2011)

*Re: The Good Ship MFS*



No Trust said:


> One only has to look back at the good ship MFS to see some of the rats abandoning a sinking  ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.




Arr, me hearties, so it be with the good ship FMF too!


----------



## ASICK (30 April 2011)

*Re: The Good Ship MFS*



seamisty said:


> Not to mention No Trust that those very same fat rats, their brothers, sisters and growing entourage of prospective fat cats are being closely monitored from several different perspectives. Jumping ship is a risky business, I'm thinking 'walking the plank' may be a better alternative for some? Or maybe not? Whatever, there have been so many long suffering investors affected by the so called expert decisions made on investors behalf by directors, CEO's, auditors, financial advisors, fund managers etc who thought they had some protection from tax payer  funded regulators, (still waiting) that are really pissed off and will continue to make some noise, like yourself. As a MFS/OCV premium income fund investor who has been ripped off, I look forward to the day that those responsible are exposed and publically named and held accountable for their self centered actions that impacted on the lives of so many who trusted their apparent 'corn flake packet' qualifications. (That includes the so called 'senior financial advisor' status attached to early MFS documentation)
> 
> You have a long, hard road ahead of you, MFS/OCV premium income investors were not apathetic as some would have you believe, just devoid of alternatives offered at a critical time apart from maybe scaremongering from Wellington Capital who led us to believe that Jenny Hutson was our saviour. We were offered a convincible deal by WC that never eventuated, quite the quantrary. That does not mean that PIF investors remain complacent and do not continue to explore a better alternative. I sincerely hope Equititrust investors do not have to walk the path of Wellington Capital premium income investors!!
> Seamisty




Your road will be shortened if you 'sink the boot in' as soon as possible.


----------



## No Trust (30 April 2011)

*Ship Wreck On Chevron Island*

Well it seems that there is well and truly a ship wreck on Chevron Island..
The only issue is that investors on board were not made aware of the impending disaster till well after the King Con "Iceberg" was hit; and yet the directors who steered the ship off course expect the investors to allow them to continue. What the management of EquitiRust haven't come to terms with is that the ship is sinking and they do not have the answers. It is pleasing to hear that there are moves under way to protect the investors from yet ANOTHER Gold Coast Mortgage Fund Melt Down...

If the directors really did care they would be putting their personal assets to auction to help pay for the losses that they have caused. If events keep overtaking the current situation the domino effect may be widespread. Investors need to know the full financial background of the of the entities that hold the shares in Equitititrust..


----------



## kostag (30 April 2011)

*Re: The Good Ship MFS   WHAT IS FMF ???*

what is FMF



ASICK said:


> Arr, me hearties, so it be with the good ship FMF too!


----------



## kostag (30 April 2011)

*Re: Ship Wreck On Chevron Island: HOW LONG DID THEY KNOW ABOUT QUINLIVIN*

from MEDIA I read this was brewing for atleast one year -  this is the date that gives all of them some real problems......   







No Trust said:


> Well it seems that there is well and truly a ship wreck on Chevron Island..
> The only issue is that investors on board were not made aware of the impending disaster till well after the King Con "Iceberg" was hit; and yet the directors who steered the ship off course expect the investors to allow them to continue. What the management of EquitiRust haven't come to terms with is that the ship is sinking and they do not have the answers. It is pleasing to hear that there are moves under way to protect the investors from yet ANOTHER Gold Coast Mortgage Fund Melt Down...
> 
> If the directors really did care they would be putting their personal assets to auction to help pay for the losses that they have caused. If events keep overtaking the current situation the domino effect may be widespread. Investors need to know the full financial background of the of the entities that hold the shares in Equitititrust..


----------



## ASICK (30 April 2011)

*Re: The Good Ship MFS   WHAT IS FMF ???*



kostag said:


> what is FMF




City Pacific's First Mortgage Fund


----------



## kostag (1 May 2011)

*Re: The Good Ship MFS   WHAT IS FMF ???: OK -  yep looks like same disaster*

thanks - now I feel more ill!



ASICK said:


> City Pacific's First Mortgage Fund


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## kostag (1 May 2011)

*CLEAR NO BULL**** COMMUNICATION -  they still dont get it do they......*

read this quote from Mark McIvor -  does anyone really understand what he is saying....  current 'structure of funds' ' restricts us'  'facilitating new investment inflows'

quack quack quack

our funds are in such a  pathetic shape that we cannot get any new money from any more wood ducks to give us money to make any more disastrous loans (or pay back our old punters!)

What is HBOS doing? I presume that they are about to jump all over this guy 



QUOTE care of SMH:


_"The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said.

The company's financial accounts last year revealed that one of its financiers, the Bank of Scotland (HBOS Australia), demanded a restructure of its business and merger of the two major funds, in return for an extension of its loan.

The $20 million it owed HBOS at that stage was to become repayable by New Year's Eve last year if the conditions were not met._

Read more: http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html#ixzz1L3ysqtFc


----------



## ASICK (1 May 2011)

*Re: CLEAR NO BULL**** COMMUNICATION -  they still dont get it do they......*



kostag said:


> QUOTE care of SMH: _"The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said.
> 
> The company's financial accounts last year revealed that one of its financiers, the Bank of Scotland (HBOS Australia), demanded a restructure of its business and merger of the two major funds, in return for an extension of its loan.
> 
> ...




Desperate times sometimes call for desperate measures -- it's not unknown that a fund manager might  go out and seek an 'institutional investor' to buy up mortgages (perhaps at a discount), such mortgages being guaranteed by the fund itself.

The mortgages go off the loan book and it all looks good until one realises it's no more than a shell game to (probably) please the existing bank lender.

Of course fund members pay the price.


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## kostag (1 May 2011)

*SELLING LOAN ASSETS AT DISCOUNT*

*you are 100% correct

I suspect that if EIF simply sold its entire mortgage book to any entity ..... for a discount to get someone to take it on -  we could all get left with a carcass....   100% right ASICK....*


ASICK said:


> Desperate times sometimes call for desperate measures -- it's not unknown that a fund manager might  go out and seek an 'institutional investor' to buy up mortgages (perhaps at a discount), such mortgages being guaranteed by the fund itself.
> 
> The mortgages go off the loan book and it all looks good until one realises it's no more than a shell game to (probably) please the existing bank lender.
> 
> Of course fund members pay the price.


----------



## No Trust (1 May 2011)

*No Buyers For Loas Assets*

There are no buyers for *Sub Prime Loan Assets*, especially when those assets are in *default with legal action pending *not only on the recovery of these assets but legal action against the Equititrust itself.. 

*This ship will not be re floated..*​

It seems that Equititrust is in the *"crosshairs"* on a number of fronts at the moment, the question is whether the Legal Action by Piper Alderman will be the only legal action against Equititrust and its management..


*INVESTORS NEED BE COMPENSATED​*


----------



## kostag (1 May 2011)

*Re: No Buyers For Loas Assets*

Theoretically you are correct, NO TRUST. But there is always a price. 

Lets do some crystal ball gazing -  EIF sells all the loans for 50% in the $. It gets say $100M in the tank - pays out the BANKS (where I presume someone has given some personal Guarantees) -  and with the remaining money -  just kepe going -  now, aren't we all just UNIT holders? We have to take the BOOK WRITE DOWN? If we decide to take LEGAL ACTION to protect our rights, they have say $80M (of our money) to defend any legal action......  don't we get butchered in all ways?



No Trust said:


> There are no buyers for *Sub Prime Loan Assets*, especially when those assets are in *default with legal action pending *not only on the recovery of these assets but legal action against the Equititrust itself..
> 
> *This ship will not be re floated..*​
> 
> ...


----------



## kostag (1 May 2011)

*WONDER WE ARE UPSET? LOOK AT WHAT WE WERE ALL GETTING TOLD IN FEB 2011*

1.    Read about RAPTIS -  all repaid etc -  now look at recent MEDIA -  being sued for over $3M

2.    Why did EQUITITRUST borrow from BANKS? To somehow make things better for us???? Shame -  we are all on fixed interest.... the spoils go to the shareholders -  we get (or are meant to get) the agreed deal. Problem is: Bank gets paid first EQUITITRUST get their fees and subordinated fund return -  we get neither CAPITAL or INTEREST.

3.   LANDSOLVE: This team of genuises (see point 4) must have cost us money. How? Becuase there is/was only one pot of money. The money came out of EIF and went to Equititrust. Wasn't this our money to start with.

4.   THE LOANS: now, we dont have to big too deep to see some real serious bull---- happening. Loan 2: a $75M value BUT the genius crew at EQUITITRUST think it may have dropped as much as 20% -  ie: its worth $60M worst case -  BUT two months latter -  look at what they tell us now -  $35M!!! THis is the sort of rigorous analysis and solid advice that you would expect we would be happy to pay for....  they got this one atleast 50% wrong. Bear in mind, Landsolve was there for a year!

5.  Loan 3: This is King Con......  yep.... they've done (to use their words) 'considerable homework' ober the past 'twelve months' to form the view that the valuation 'was too high'. So they write the loan down from $56.4M to $48.8M.....  we could therefore assume that the property value estbalished a year of further rigorous analysis and work was assessed as being $48.8M+ - but no -  two months latter... $25M! another 50% off the pace! Who are these geniuses? 

This all happended between February 2011 and April 2011 -  two months! No GFC , Banks or Federal Government.... you cannot even blame dodgy Borrowers -  these are the assessments of Equititrust based on the rigorous expertise of LANDSOLVE!  How could any of us seriously listen to anything that comes from this crew in terms of research! (I AM MERELY QUOTING THEIR OWN PUBLISHED MATERIAL BACK HERE). 

6.  Loans 19, 20 and 21 are cleverly disguised with the (false) descrption of them being properties 1 hour north of Sydney. They are 1 hour west of Sydney at WINDSOR and are the disastarous loan made to a gentlemen who I should not name here BUT just run GOOGLE on Equititrust and turf frarm  and it will all come out. There is a litany of legal issues here and I understand that a colourful Sydney financier has bought a second ranking position which might just in fact be a first ranking mortgage position. NOT KNOWN TO BE FACT but strongly represented to me.

How much further do we need to dig in order to lose all confidence?


----------



## No Trust (1 May 2011)

*Trust is Earned Not Taken Advantage Of*

There is * NO CONFIDENCE * whatsoever, this completely evaporated when EquitiRust stopped paying retiree investors. Just look at the disastrous media headlines since January 10 2011..  

Yet EquitiRust was attacking people participating in this forum as well as the Sydney Morning Herald for correctly reporting * 35M *in impairments. Go back to Kennedy's rant on this web site about the Sydney Morning Herald... Colin Kruger was being kind, the impairments are much worse and yet EquitiRust had the temerity to try and cover that up to. This has not been lost on the Retiree Investors who will sink the boot into them at the appropriate time for what they have done. 

It would be good to see some of the *"directors assets"* up for auction soon to pay for this disaster, this may *happen in due course whether they like it or not......*


----------



## kostag (2 May 2011)

*Re: Trust is Earned Not Taken Advantage Of: DIRECTORS ASSETS AT RISK*

I think that the key dates here will be when they (DIRECTORS) were all reasonably aware of the likele and full extent of write downs on the two large loans that they now identify as being the root cause of their problems. I suspect that the problems were known last year (they seem to admit to one year with KING CON) and if during that time they (Equititrust) continued to draw management fees and return on sub-ordinated investment, knowing that more than likely on a reasonable view, all equity was gone -  well, I suspect PIPER ALDERMAN will be onto that before you can say.... LEGAL ACTION.



No Trust said:


> There is * NO CONFIDENCE * whatsoever, this completely evaporated when EquitiRust stopped paying retiree investors. Just look at the disastrous media headlines since January 10 2011..
> 
> Yet EquitiRust was attacking people participating in this forum as well as the Sydney Morning Herald for correctly reporting * 35M *in impairments. Go back to Kennedy's rant on this web site about the Sydney Morning Herald... Colin Kruger was being kind, the impairments are much worse and yet EquitiRust had the temerity to try and cover that up to. This has not been lost on the Retiree Investors who will sink the boot into them at the appropriate time for what they have done.
> 
> It would be good to see some of the *"directors assets"* up for auction soon to pay for this disaster, this may *happen in due course whether they like it or not......*


----------



## kostag (3 May 2011)

*ALL QUIET ON THE EQUITITRUST FRONT .... TOO QUIET*

any one heard what is going on?  This is too quiet, given all that is happening or rather probably not happening.  What about BORROWERS etc taking any action etc -  can you post details so that we get some information?


----------



## kostag (3 May 2011)

*ASIC: APPLICATION TO APPOINT LIQUIDATOR filed 3-5-11!!!!!*

see www.asic.gov.au web site
application lodged today re application to wind up Equititrust -  document scanned so cannot see who the parties are


----------



## No Trust (3 May 2011)

*Re: Equititrust - Winding Up Application*

The Winding Up Application will certainly instil confidence in the investors…  It seems as though a *Statutory Demand *has been made on Equititrust claiming an *act of insolvency*, it will be of interest who has issued this demand and whether it can be defended in court.  This is only the start of *many court proceedings *against Equititrust, its current and  former directors..


----------



## No Trust (3 May 2011)

*Re: Equititrust - Winding Up Application*

For investors who need some information on the procedural background of an application of this type, the link below explains the process succinctly.



http://www.findlaw.com.au/articles/2239/statutory-demands-and-winding-up-applications-150-.aspx


“Even if you intend to settle after the filing and service of a Winding Up Application, *any other creditor of your company can file a Notice of Appearance and make an application to substitute their claim against your company, after you have settled with the party who issued the proceedings, based on the non-compliance with the Statutory Demand*.

This process can technically continue until *all potential creditors have been paid*.

This process will *leave your company in a precarious position *because of the *adverse publicity by having your company named in public records of ASIC*, stating “An Application for Winding Up of the Corporation was filed on .../.../... “ and the *adverse publicity that will result in an advertisement being placed in a national newspaper advising of the hearing date for the Winding Up.*This inconvenience does not end there. You would have incurred substantial legal costs in having representation in relation to substitution by many creditors”.


*Equititrust it seems is on the brink...........*


----------



## kostag (3 May 2011)

*Re: Equititrust - Winding Up Application: WATCH WHAT HAPPENS THOUGH*

This is all our money now being played with BUT someone else has control of it and their number one object now is not to pay us BUT to stay in control -  so I bet that you see some sort of settlement done between now and end of the week. In otherwords, even if the claim does not have much merit (and who will ever know in this viper's nest) EQUITITRUST would best simply pay whatever they need to pay to shut this action down and hope that (using our money) that they can keep doing this - have no doubt, in the end it comes out of our money.............that's why there needs to be some other supporting creditor or intervention.....



No Trust said:


> For investors who need some information on the procedural background of an application of this type, the link below explains the process succinctly.
> 
> 
> 
> ...


----------



## kostag (3 May 2011)

*EQUITITRUST:  did you see on the WEB SITE all staff and manager photoes are gone*

only the reduced Board of Directors details appear


----------



## No Trust (3 May 2011)

*Re: Equititrust - Liquidation*

Investors it seems have been kept in the dark again, one would reasonably presume that Equititrust and its board have known about the winding up application for some time now...  This is a life or death matter yet investors are given the mushroom treatment.  It now seems clear the canary in the mine has well and truly fallen off its perch... 

WHAT NEXT


----------



## No Trust (4 May 2011)

*Wind up application adds to catalogue of woes facing Equititrust*

*Wind up application adds to catalogue of woes facing Equititrust 
Colin Kruger
Sydney Morning Herald

4 May 2011*


"A COURT application has been made to *wind up the Gold Coast mortgage fund operator Equititrust*, adding to a list of woes for the company that faces a potential class action by investors and is *at the mercy of its banks*".


http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


If Equititrust thought it had any chances of survival and some sympathy from investor's its weekly *"Nightmare Headlines"* like this that have sealed its fate. 

There will be more legal proceedings against both the company and the directors in the not too distant future. If this continues its *not a matter of if Equititrust will collapse but when...............     * 



*EQUITITRUST - INVESTORS HAVE HAD A GUTFUL​*


----------



## kostag (4 May 2011)

*COMMERCIAL TERROISM AND CYBERSMEAR ATTACKS.....*

this is all sounding like an adventure novel not a financial services business...  but what does this quote from the SMH 4-5-11 mean:-


_EIF said that while the bank had not waived its rights under the facility, it had ''agreed to not take further action in relation to them''.



Read more: http://www.smh.com.au/business/wind...equititrust-20110503-1e6na.html#ixzz1LK0QVHp6_

now, if you agree not to do anything, when you can, I agree, you have waived your rights..... BUT if you agree that _I am not going to do anything today BUT I reserve rights that means you can, may, might, will do something tomorrow_  and you have NOT waived your rights at all..... - am I missing something? Doesn't this mean that the Bank really hasn't agreed NOT to do anything (sorry about the double negative) but that just that they  are not going to do anything today.

Re: the Court case reported today - dont know what the case is about -  may have no merits at all -  BUT the fact is that some Judge somewhere must have formed a strong enough view that there was sufficent merit in an argument about insolvency to allow this notice to be filed in Court and at ASIC. The insolvency question being dealt with in open Court which allows other creditors to jump up is goign to be the test here. 

If not, I could simply serve some scurrilous demand on BHP for example for say $2million. They dont owe it, they say they have lots of money, but I say that they do owe it and I file some scurrilous application at ASIC.  I don't think that the system is so silly.

One last thing that does concern me (and follows on from my posting yesterday) and should conncern all investors is when David Kennedy says that EIF hold money and can pay this amount many times over etc -  well, in fact, 'they' don't actually hold lots of money, they actually hold our money and the Banks money right now and in any event -  what is this claim all about? If it has enough 'legs' to get passed  a Judge and get filed at ASIC is it just one of any number of claims waiting out there which are presumably not recorded in the latest EIF results?


----------



## No Trust (4 May 2011)

*Re: Equititrust - Winding Up Application*

To give some clarification to Equititrust investors and "other" interested parties it seems that Equititrust had some serious concerns about this matter getting into the public realm as it has the potential to *cause serious damage and concern..  *As posted earlier this is what Kennedy says in today's paper.

*Quote*
"Mr Kennedy said Equititrust advised RSH's solicitors it would be making an application for an injunction to *restrain them from advertising and notifying ASIC of the application*, but RSH filed anyway. ''The case is a clear abuse of process and is simply commercial terrorism,'' he said."
*End Quote*


http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


It has taken some digging however the order issued by the court yesterday   *(Extracted Below from Federal Court Records)* gives you some insight into the lengths Equititrust has gone to keep this under wraps, however it seems the call from Colin Kruger of the Sydney Morning Herald to Kennedy last night has let the cat out of the bag and *all is now in the open.. *This follows on from Kostag's ASIC revelations yesterday afternoon on this website.  

*Of Note: *

• A search of the Federal Court Registry only names the Plaintiff in this matter, *Equititrust is not mentioned*.


• Despite what Kennedy says in the paper today it was *Justice Emmett *who ordered that the *Plaintiff give Written Notice to ASIC by 10.30am this morning*. This was done yesterday afternoon after the order was made.


• If you want any further evidence of the fact that Equititrust wanted to keep this hidden from its investors and the public look at *3 (a), * *(b) *and *(c) *of the order.

So it seems that despite trying to keep this under wraps as outlined in the order, Equititrust have had to reveal to the media that there is a winding up application before the courts. Its pretty hard to conceal when investors and the media are keeping a constant eye on the ASIC website..


*ORDER OF THE FEDERAL COURT AS EXTRACTED FROM FEDERAL COURT RECORDS​*

https://www.comcourts.gov.au/file/Federal/P/NSD558/2011/actions


IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY
GENERAL DIVISION	
	No:  (P)NSD558/2011



RURAL SECURITY HOLDINGS PTY LTD
Plaintiff

EQUITITRUST LIMITED
Defendant

ORDER

JUDGE:
	Justice Emmett
DATE OF ORDER:
	3 May 2011 
WHERE MADE:
	Sydney


THE COURT ORDERS THAT:

1.	As soon as practicable, but no later than 10.30am on 4 May 2011, the plaintiff give written notice to the Australian Securities and Investments Commission (the Commission) of the filing of the defendant’s notice of motion dated 3 May 2011 (the Notice of Motion), together with a request that such written notice be associated with the notice lodged with the Commission on behalf of the plaintiff on 3 May 2011 under s 465A(a) of the Corporations Act 2001 (Cth).
2.	No later than 4pm on 4 May 2011, the parties to the Notice of Motion file and serve any further affidavits on which they intend to rely on the hearing of the motion.
3.	Upon the defendant giving the usual undertaking as to damages, the plaintiff be restrained from:
(a)	publishing any advertisement or notice in respect of the plaintiff’s winding up application;
(b)	otherwise publishing to any person, save for its legal advisors, in any form, the fact of the making of the winding up application; or 
(c)	otherwise communicating, save to its legal advisors, in any form, the substance of the winding up application.
4.	The motion be listed for hearing at not before 10.15am on Friday, 6 May 2011.


Date that entry is stamped:  



Deputy District Registrar


----------



## kostag (4 May 2011)

*who is RURAL SECURITY HOLDINGS and what is the matter about???*

anyone know what this is about and who is really behind it? is it a bona fide claim? if it is: is the contingency detailed in latest financial accounts?


----------



## No Trust (4 May 2011)

*Re: Equititrust - Winding Up Application*

"Equititrust confirmed yesterday that the application was filed by Rural Security Holdings, a company associated with *Ian Lazar*."



http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


----------



## No Trust (4 May 2011)

For all interested parties, this is the order that this will play out..


*As extracted from the Federal Court Registry *.


*Federal Court of Australia, New South Wales Registry *


*03-May-2011 * 14:15 Interlocutory Hearing Justice Emmett Court No. 1, Level 21, Court No. 6, Level 6  


*06-May-2011 *10:15 Notice of Motion Justice Emmett Court No. 1, Level 21  


*10-Jun-2011*  9:30 First Directions NSW Registrar Court Room 18B  

As the affidavits relating to the Notice of Motion have to be filed in the Federal Court by 
4pm this afternoon, a search of the register tomorrow will make for interesting reading and shed some further light on the proceedings..

I'm sure that investors will be keen to know what folly their money is now being spent on. It seems that Equititrust will now have to employ an army of lawyers to defend itself.. How long can Equititrust defend the indefensible??


----------



## kostag (4 May 2011)

*Re: Equititrust? claim valid or not?*

when someone is on the ropes, often all sorts of hare-brained claims can emerge.... at this stage, we dont know whether this claim is real or simply an opportunistic grab.... it's best we all wait and see.... the Courts are not run by fools..........   







No Trust said:


> For all interested parties, this is the order that this will play out..
> 
> 
> *As extracted from the Federal Court Registry *.
> ...


----------



## No Trust (4 May 2011)

*Re: Equititrust - Winding Up Application*

Whatever the claim, be it valid or not, investors have a right to know what is going on, this is all being played out with their money..


----------



## kostag (5 May 2011)

*INTERESTING ANALYSIS*

Quote from EQUITITRUST:


_Equititrust blamed delayed property sales settlements for the need to stop paying income distributions for the forseeable future and reported a $12.3 million loss for the half-year ending December 31._
Read more: http://www.smh.com.au/business/wind...equititrust-20110503-1e6na.html#ixzz1LQaqKtm0

Property settlements are a return of loan capital -  OUR CAPITAL -  I would have thought that the business cannot pay its investors their INTEREST  because it lost $12.3M (with more to come) .... I am not sure whether the recent massive loss revelations about King Con and South Australia, have been factored into the loss of $12.3M, or whether that is more bad news to come!


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## kostag (5 May 2011)

*GOING CONCERN*

this is part of what popped up on the EQUITITRUST web site today. Whilst prima facie this PDS is comforting because it seems that the action against it is scurrilous, look at the last few paragraphs  for a moment....
_
As of today's date Equititrust Group is in a  position to pay all of its debts as and when they fall due. _
Now: I think for the first time we hear of Equititrust GROUP  -  what comprises the GROUP? 

Secondly, if it can pay all of its debts -  then why aren't investors and the bank getting paid? or don't we count as being "debts" anymore?

NOW, finally - look at how the PDS is signed -  no one person has signed -  not David Kennedy nor Mark McIvor -  in other words NO-ONE personally seems to be prepared to mae the statement.

I AM GLAD THAT EQUITITRUST CAN PAY ITS DEBTS AS OF TODAY - I AM LOOKING FORWARD TO MY CHEQUE BEING SENT OUT TODAY AND I AM SURE THE NATIONAL BANK WILL WELCOME THE NEWS.


----------



## No Trust (5 May 2011)

*Solvency*

As Colin Kruger correctly states in his most recent article *"Equititrust is at the mercy of its banks"* Simple as that... 

For investor’s sake in the future, one can learn from this lesson. Any other creditor when not paid can issue a Statutory Demand on Equititrust and if not satisfied can proceed to court to *wind up the company*. 

The way investors are stitched up with Equititrust they cannot do this, those rights are extinguished in favour of Equititrust doing as they please, i.e. stop redemptions and income distributions whilst *lending money to King Con* and *losing 20%* of the investors’ money.. Think about this when asked by Equititrust if you want to continue on their nightmare rollercoaster.... 

They have all the rights investors have none..


----------



## No Trust (6 May 2011)

*Re: Equititrust - Winding Up Application*

Apart from the fact that *80% (plus)* of the loan book is in default, who the hell did Equititrust lend to??? It appears that in its *dying days *it was the *lender of last resort* using retiree investors’ money...  There seems to be one court case after another adding to investor's woes.. 

Now it seems that EquitiRust must also scrounge around for funding from lenders of the very last resort as the mainstream banks have had enough of their fast and loose forays on *King Con *etc and have pulled the plug..   

I think given the current status of EquitiRust there is not a lender in the world that would lend them a dollar.  But don’t underestimate them they will come back to the retiree investors whose money they have held hostage for 3 years and ask them for some more. 

*Gold Coast Cowboys will always be Gold Coast Cowboys​*


----------



## ASICK (6 May 2011)

*Re: GOING CONCERN*



kostag said:


> this is part of what popped up on the EQUITITRUST web site today. Whilst prima facie this PDS is comforting because it seems that the action against it is scurrilous, look at the last few paragraphs  for a moment....
> _
> As of today's date Equititrust Group is in a  position to pay all of its debts as and when they fall due. _
> Now: I think for the first time we hear of Equititrust GROUP  -  what comprises the GROUP?
> ...




'GROUP' will not include your trust/fund.

The best/worst thing that could happen if Equititrust Limited couldn't pay its debts  is that Equititrust would lose its AFSL,  in which case Equititrust Limited could not manage the fund and any remaining capital warranty would revert to an ordinary investment.  In such circumstances, if no arrangements are made by Equititrust then a court would appoint a manager.

$$$$$ which ever way it goes.


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## No Trust (6 May 2011)

*Change the Manager*

Well, it seems that EquitiRust is proving to all and sundry that it is not fit to manage the fund. 

With investors having to bear massive losses due to irresponsible loans and *no answers on the horizon * the company has become a *laughing stock *in the national media... *Another spivvy mortgage fund from the Gold Coast.. *Who else would lend, let alone deal with King Con - Equititrust did and it looks like King Con is *hurting them more * than they can hurt him...   *NICE GAMBLE WITH OTHER PEOPLES MONEY*


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## klua (7 May 2011)

https://www.comcourts.gov.au/file/Federal/P/NSD558/2011/actions

If I am reading the above site correctly it appears the attempted winding up has been dismissed, and with costs awarded to Equititrust.

Curiously the document is headed Order Not entered. Dont know what this means.

IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY
GENERAL DIVISION	
	No:  (P)NSD558/2011

 RURAL SECURITY HOLDINGS PTY LTD
Plaintiff

 EQUITITRUST LIMITED ACN 061 383 944
Defendant

ORDER

JUDGE:
	Justice Emmett
DATE OF ORDER:
	6 May 2011 
WHERE MADE:
	Sydney


THE COURT ORDERS THAT:

1. The originating process be dismissed.
2. The plaintiff notify ASIC as soon as practicable, and in any event no later than midday on 9 May 2011, of the making of order 1.
3. The plaintiff pay the defendant’s costs of the proceeding.
4. The defendant file and serve written submissions on costs no later than 5pm on 10 May 2011.
5. The plaintiff file and serve written submissions in reply no later than 5pm on 12 May 2011.
6. The proceeding be listed for the determination of costs at 9.30am on Friday, 13 May 2011.


----------



## kostag (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*

I wonder what the submissions or rpelied were in regard to SOLVENCY or lack thereof. Presumably by MONDAY we can get a copy of the full judgement etc.

I hear a strong rumour that the NATIONAL BANK is going to sell their security to a THIRD PARTY lender.

Again, just a rumour and may be untrue. Anyone heard anything about this?


Although I expect that all INVESTORS would finish up bearing any costs etc, atleast we would have a realisation process undertaken re: securities, which has to be a good thing.



klua said:


> https://www.comcourts.gov.au/file/Federal/P/NSD558/2011/actions
> 
> If I am reading the above site correctly it appears the attempted winding up has been dismissed, and with costs awarded to Equititrust.
> 
> ...


----------



## ASICK (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*



kostag said:


> ...  hear a strong rumour that the NATIONAL BANK is going to sell their security to a THIRD PARTY lender. ...




Now, why would the bank do that? It's making good money, and it's investment is secure.

What has happened before elsewhere, is that an institutional investor buys the mortgages (probably at a discount - that is, at a loss to investors) and the bank is paid out.   The fund then guarantees the mortgages by becoming second mortgagee to all the mortgages.

Such a move is no more than a shell game at investors' expense.


----------



## kostag (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*

I suspect that there are a number of reasons:-

1.  No bank wnats this kind of loan on their books BUT they don't want to be seen by the poor old investors as the one to pull the pin and trash their investment -  look what happended to the CBA over CityPacific when they finally had to 'pull the pin'. So, if they sell their loan even at the sake of giving up nice penalty rates -  they will probably do it.....

2.  Now why does a privateer buy the bank loan..... well in the case of EQUITITRUST - let's say the Bank is owed $25M and the loan book is Gross say $240M BUT let's write off a good $80Million of that -  that's $160M -  now no matter how hard an inco,ing lender is -  they will get their money back -  it is only the INVESTORS out there who will take the haircut. Plus, the new owner of the security is not worried about good will etc -  so they will simply accelerate interest rates that they charge, penalty fees and costs and that's is where thye make their money PLUS any upfront concession they get form the outgoing Bank. 

Don't be surprised if the BANK OF SCOTLAND took a substantial cut just to get out. That benefit does not come to investors , it goes to whoever buys the mortgage at a discount.....

ONLY plus to us is that this basketcase starts to get realised sooner than latter, so we start to see our money back sooner than latter and the management fee bleed stops as well.

I WOULD BE INTERESTED to see the TRANSCRIPT of the recent court case if it get published MONDAY -  there must be some solvency evidence in there. That should make illuminating reading for us all.





kostag said:


> I wonder what the submissions or rpelied were in regard to SOLVENCY or lack thereof. Presumably by MONDAY we can get a copy of the full judgement etc.
> 
> I hear a strong rumour that the NATIONAL BANK is going to sell their security to a THIRD PARTY lender.
> 
> ...


----------



## klua (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*



kostag said:


> I WOULD BE INTERESTED to see the TRANSCRIPT of the recent court case if it get published MONDAY -  there must be some solvency evidence in there. That should make illuminating reading for us all.




Most unlikely that the transcript will be published.

There was an article about the case in the Gold Coast Bulletin on Sat on page 113.   The article in the Bulletin is interesting reading, not sure if it is online though. 

Even if they had looked at solvency wouldnt they have been looking at the solvency of Equititrust itself and not the solvency of the Equitiust fund?

Lets hope Equititrust can get costs from RSH, perhaps even grab its equipment on the turf farm to pay for the costs.


----------



## kostag (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*

1.   I am in Western Sydney and cannot get GC papers

2.   You are probably correct re full transcript

3.    Solvency: probably correct re Equititrust Ltd as against fund. However, if the claim was re a mortgaged parties assets, I presume that action was against company as the RE or Trustee of the fund and it was in effect the Fund beign sued. I suspect that this is not the last the we have heard of this matter. 





klua said:


> Most unlikely that the transcript will be published.
> 
> There was an article about the case in the Gold Coast Bulletin on Sat on page 113.   The article in the Bulletin is interesting reading, not sure if it is online though.
> 
> ...


----------



## ASICK (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*



kostag said:


> ... Don't be surprised if the (bank) took a substantial cut just to get out. That benefit does not come to investors , it goes to whoever buys the mortgage at a discount. ...




Don't worry, the bank won't take a cut, investors will.  The First Mortgage Fund still has a facility of $40m with the CBA ($10m undrawn).  The CBA seems happy to be there because that's the business its in.


----------



## ASICK (8 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*



klua said:


> Most unlikely that the transcript will be published.
> 
> There was an article about the case in the Gold Coast Bulletin on Sat on page 113.   The article in the Bulletin is interesting reading, not sure if it is online though.
> 
> ...




Sounds like the fund would pay for Equititrust's legal costs anyway since the action seems to relate to fund activities (just a guess).


----------



## No Trust (8 May 2011)

*On going Litigation*

I suspect that the litigation of most concern to Equititrust is when it comes head to head with it's investors... that will be the main game in the not too distant future..


----------



## No Trust (9 May 2011)

*Troubled Indeed*

*Mixed bag for troubled funds 

Colin Kruger 

Sydney Morning Herald

May 9, 2011*


http://www.smh.com.au/business/mixed-bag-for-troubled-funds-20110508-1ee7r.html


Equititrust investors only have to read the article and look at the MFS disaster to see what will happen if they continue on the *nightmare rollercoaster with EquitiRust.. *

EquitiRust needs to have an *independent administrator / receiver appointed *to liquidate the assets and then commence *legal proceedings against the board *who led the retiree investors into this abyss...


----------



## klua (9 May 2011)

*Re: Equititrust: other than the attempt to bring on LIQUIDATION*



kostag said:


> I WOULD BE INTERESTED to see the TRANSCRIPT of the recent court case if it get published MONDAY -





You might be interested in a transcript of an old court case from Feb 2010:
http://www.austlii.edu.au/au/cases/cth/AATA/2010/113.html

Make sure you read number 35.


----------



## kostag (9 May 2011)

*Re: Equititrust: QUINLIVAN*

see Paras 27, 35, 84, 85 and 86

seems 'we' were all well warned and that EQUITRUST even goes reference for him





klua said:


> You might be interested in a transcript of an old court case from Feb 2010:
> http://www.austlii.edu.au/au/cases/cth/AATA/2010/113.html
> 
> Make sure you read number 35.


----------



## No Trust (10 May 2011)

*Equititrust Seeks Share-Issue Solution 
Colin Kruger 
Sydney Morning Herald

May 10, 2011.*


"THE troubled Gold Coast mortgage fund operator Equititrust has proposed that two struggling funds with more than $300 million in assets be converted into shares, *which would remove its obligation to pay back what remains of unit holders' investments *in the funds". End Quote


EquitiRust is trying to pull the wool over the eyes of innocent retiree investors with this *share scam*.. Look at what has happened with the City Pacific and MFS share scam disasters.

Investors are not stupid, *this latest scam will sink *just as quickly as the 50M Capital Raising... look at the parallel to MFS that Colin Kruger has highlighted in his article, it’s enough to make investor's *SHUDDER...*


http://www.smh.com.au/business/equititrust-seeks-shareissue-solution-20110509-1efqs.html


----------



## No Trust (10 May 2011)

*Fund's Future is Natural Selection*

*Fund's Future is Natural Selection 

Scott Rochfort 
Sydney Morning Herald

May 10, 2011.*

The Article by Scott Rochfort in today's Sydney Morning Herald is an absolute classic. Not only does it show that that *EquitiRust and its founder are the laughing stock of the national press *it also exemplifies the farce that investors are facing with another attempt to pull the wool over their eyes with a classic Gold Coast Share Scam..



"The Gold Coast financial concern Equititrust has attempted to offer more soothing words to investors trapped in its frozen flagship mortgage fund.

In an update to investors, Equititrust referred to the Darwinian quote that its founder, *Mark McIvor, apparently ''lives by'' *- ''It is not the strongest that survives, nor the most intelligent; it is the one most capable of change.''

Appropriately, the group, as the next step in its evolution, plans to *drop the Equiti *from the name of its new venture so it can morph into *Trust Capital Group*.

Reminiscent of the now collapsed City Pacific's attempts to convert units in its flagship fund into shares, Equititrust wants to turn unitholders in its mortgage fund into shareholders of the above-mentioned Trust Capital Group.

''Innovation is the ability to see change as an opportunity, not a threat,'' *was another of the quotes offered to reassure investors.*

The company also *offered more fodder *that related to Darwin's theory of natural selection (aka survival of the fittest).

''We remain conscious of the need for a large percentage of investors to receive a distribution in order to cover their day to day living expenses,'' it said. Equititrust noted how distributions would not recommence before August.

The fund, which holds more than $200 million of investor money, will only be able to pay distributions once it has repaid a $25 million debt to the National Australia Bank. Equititrust also admitted it may have to book a $24 million writedown on its second biggest mortgage loan.

As the company was *so recently fond of saying*: *"You've earned the equity, we've earned the trust." Now it now will need to just rely on trust."*End Quote


http://www.smh.com.au/business/funds-future-is-natural-selection-20110509-1efqt.html




*WE HAVE LOST YOUR EQUITY - HOW ABOUT SOME TRUST ???????????????????​*


----------



## No Trust (10 May 2011)

*Transcript on Quinlivan - Personal References for King Con From McIvor and Haney*

Investors of Equititrust need only read the * Decision and Reasons for Decision of The Administrative Appeals Tribunal * to get an insight into the cosy relationship Equititrust had with King Con.  It is a *complete and utter joke *and a slap in the face of Retiree Investors who trusted Equititrust. It’s the usual incestuous Gold Coast Train Wreck. *READ THIS * and then have a *good think about your future *with this sinking ship...

Its no wonder that there is a class action underway.........


Quote
"Mr Haney’s evidence was *effectively a character reference for Mr Quinlivan*. The *evidence of Mr McIvor*, the chief executive officer of Equititrust, was more useful on the question of public interest. Equititrust was Mr Quinlivan’s principal financier. At the time of the hearing, the group companies owed around *$63 million to Equititrust*. We were told determined but so far unsuccessful efforts had been made to obtain alternative sources of finance at lower interest than that offered by Equititrust. If that refinancing does not occur in a timely way and the *Quinlivan group subsequently collapses, Equititrust would be exposed to potentially significant losses*. *Mr McIvor agreed with Mr Haney’s view that Mr Quinlivan’s role in the group was an important ingredient in any success* it has had or will enjoy. Mr McIvor said that Mr Quinlivan’s disqualification would make the group less attractive as a financing proposition. It would also constitute an event of default although there is no guarantee that the financiers would act against the group in those circumstances. 

*Mr McIvor agreed the success of the current development projects was very important to Equititrust.* He said that success would be much harder to achieve in the *absence of Mr Quinlivan’s special skills in property development.* *He said the evidence he had heard about Mr Quinlivan’s chequered business history did not change his mind about the desirability of retaining Mr Quinlivan in a management role at the Quinlivan group. *

*We accept the evidence of Mr McIvor that the failure of companies in the Quinlivan group would have very serious ramifications for the group’s financiers.* That might in turn *have serious implications for those who deposited funds with the financiers*. We note a number of the group companies have already been placed in external administration and continue to experience financial problems that may yet cause the group to fail regardless of any decision we make. 

We accept Messrs Haney and McIvor believe Mr Quinlivan’s continued involvement in the group would assist the successful completion of the developments. While we have expressed our concerns about his management skills, it appears his skills in the development and marketing of property are highly regarded. We accept it would be difficult to replace him in a timely way. 


We have been mindful of the interests of the financiers while we have conducted these proceedings. Mr Quinlivan has remained involved in the management of the group companies (albeit under the careful watch of an accountant familiar with the group’s operations) throughout the hearing process and during the period in which we have deliberated. *Mr Quinlivan and his financiers have had ample time to find fresh sources of funding or to make other arrangements to deal with the possibility of an adverse outcome. *They could have *found new management personnel or liquidated assets or obtained further security.* While we must have regard to their interests, it is also *incumbent upon the financiers to look out for themselves and their depositors. *End Quote 

Well its clear that EquitiRust was not looking out for its depositors in any way...

http://www.austlii.edu.au/au/cases/cth/AATA/2010/113.html


----------



## ASICK (10 May 2011)

http://www.smh.com.au/business/equititrust-seeks-shareissue-solution-20110509-1efqs.html

Convert to shares = isolate yourselves from your investment.
The market would kill you - speak to a Premium Fund Investor.


----------



## kostag (10 May 2011)

*EQUITITRUST CAN'T PAY YOU BACK -  NOW THEY'LL MAKE SURE THAT THEY DONT'T HAVE TO*

http://www.brisbanetimes.com.au/business/equititrust-seeks-shareissue-solution-20110509-1efqs.html

A share swap? How novel? Why are we surprised. We picked this stunt months ago.

Take a look at the characters though. David KENNEDY CEO at MFS -  fund fails -  equity/investment swap! Take a look at that beauty -  its had a stellar run.

Now -  Equititrust. More moves than a cut snake and finally after all their manouvres -  we are going to get stuck with shares! Then no-one has to pay us back. The shares will not be listed -  so we just sit and wait and wait for what???  THis is NOW beyond a joke.

I will tell you one thing to watch and I have bene 100% right so far..... the major backer/shareholder in EQUITITRUST bragged at one time about a $70M investment  in the fund......  there is some speculation whether that was ever a cash investment or not  (more on that one later) BUT I am told in the recent LAZAR led Court action, that Mr McIvor gave an undertaking in Court not to draw on a $15M loan account.

Now, does this mean that over the past year that there have been withdrawals and or sideways movement of assets and loans etc to reduce the loan from $70M to $15M.  If so, PIPER ALDERMAN -  watch this space!!!!


----------



## kostag (10 May 2011)

*Re: Equititrust BUT THEY DONT PROPOSE TO EVEN LIST THE SHARES, so where's the EXIT ??*

we are all in locked in forever....



ASICK said:


> http://www.smh.com.au/business/equititrust-seeks-shareissue-solution-20110509-1efqs.html
> 
> Convert to shares = isolate yourselves from your investment.
> The market would kill you - speak to a Premium Fund Investor.


----------



## kostag (10 May 2011)

*Re: Transcript on Quinlivan - Personal References for King Con From McIvor and Haney*

You really have to say   EXTRAORDINARY......

*He said the evidence he had heard about Mr Quinlivan’s chequered business history did not change his mind about the desirability of retaining Mr Quinlivan in a management role at the Quinlivan group. 

We accept the evidence of Mr McIvor that the failure of companies in the Quinlivan group would have very serious ramifications for the group’s financiers. That might in turn have serious implications for those who deposited funds with the financiers. We note a number of the group companies have already been placed in external administration and continue to experience financial problems that may yet cause the group to fail regardless of any decision we make.*









No Trust said:


> Investors of Equititrust need only read the * Decision and Reasons for Decision of The Administrative Appeals Tribunal * to get an insight into the cosy relationship Equititrust had with King Con.  It is a *complete and utter joke *and a slap in the face of Retiree Investors who trusted Equititrust. It’s the usual incestuous Gold Coast Train Wreck. *READ THIS * and then have a *good think about your future *with this sinking ship...
> 
> Its no wonder that there is a class action underway.........
> 
> ...


----------



## ASICK (10 May 2011)

*Re: Equititrust BUT THEY DONT PROPOSE TO EVEN LIST THE SHARES, so where's the EXIT ??*



kostag said:


> we are all in locked in forever....




You will be -  unless you can go against your instincts and accept losses by getting rid of the fund's assets.


----------



## No Trust (10 May 2011)

*Convenient Name Change Wont Fool Anyone*

One really has to laugh, as the National Media have picked up and had a field day with today, the *NAME CHANGE will not fool anyone*. 

To try and disguise the disaster they have created they have followed in the same footsteps as *MFS* in renaming the sinking ship Trust Capital Group. People will still know it is *the disaster called Equititrust*. Just as Octaviar didn’t fool anyone into believing it was not the shipwrecked MFS this not so original plan *will fail as well...*

On a further note in the summary of the investor briefing posted on the EquitiRust Website McIvor states "I have never observed a market *as opportune * as the next several years".  Is this guy completely delusional, under his guardianship he has *lost tens of millions of dollars of retirees money *and then he keeps on making statements about opportunities , but what are those opportunities?? To take further risks on the likes of *King Con *and multiple bankrupts with innocent retiree investors’ money... He has not dug himself out of the current hole and wont without *massive losses *yet he has the temerity to talk about opportunities....... , sorry but the gig is up. This is a *sunken ship *and the latest scam is an exercise in keeping Equititrust and the founder afloat..  

*INVESTORS WON’T FALL FOR THE CURRENT SHARE SCAM FROM A COMPANY THAT HAS COST MANY INNOCENT PEOPLE THEIR RETIRMENT​*


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## kostag (10 May 2011)

*Re: Equititrust: EXTRACT QUOTE FROM THEIR OWN WEB SITE*

_*A ring of precisely cut stone is fitted together. Then a rope is wrapped around the stones as tightly as possible. The force of the rope causes the reaction of the stones to shift inward and closer together, making a tighter and more secure bond*_

I think that when EQUITITRUST came up with this image for their branding that they were perhaps thinking of us investors and our b--ls!


----------



## No Trust (10 May 2011)

*The Rope May Strangle Someone*

Just as the rope has been wrapped tight around investors, the very same rope may eventually be the *end of EquitiRust and its management* if investors have something to do with it...


----------



## ASICK (10 May 2011)

http://www.wellcap.com.au/assets/pif/updates/2011/nsx%20release%20-%20rights%20issue%20-%206%20may%202011.pdf

Read this document carefully when considering listing your fund. 
Also take the time to read the 'wellington capital' thread on ASF to see the mess PIF members find themselves now that they're listed the fund.

We all walk the same path ... just at different times.


----------



## kostag (10 May 2011)

*Re: Equititrust: wow , how good it this -  a share equity swap!*

_
Equititrust has told investors in its loss-making Equititrust Income Fund (EIF) and Equititrust Premium Fund that there are *no plans to publicly list* the company in which it will be issuing shares, Trust Capital Group.

A *listing would allow unit holders to finally exit *EIF, which has frozen redemptions since 2008 and is no longer paying an income distribution.



Read more: http://www.brisbanetimes.com.au/bus...ue-solution-20110509-1efqs.html#ixzz1LwLb8ZWE_


wow! how good a deal is this.... look at how happy the ex-Kennedy MFS/Octaviar investors are with their listed shares!  

1. we will be no longer unit holders -  so we have no right to our money back
2. there is then no amount that our 'equity' is worth -  shares are worth what some other moron might pay.
3. it will not be not publicly listed -  so no market for them
4. we have no no right to a return of capital or a dividend (wow, Mark hasn't this got you off the hook!) 
5. and , wait for it, who is the new Board going to be? lets guess -  Mark _'no trust' _McIvor, David _'Kolonel Klink'_ Kennedy.... Craig _'there is no'_ Treasure.....   who else? 

the name is BILLY not SILLY......

you have got to be kidding haven't you? 

If these guys can't make it in real estate or finance - they should take up writing fairytales....

Ian Lazar's takeover deal will even look attractive compared to this proposal!


----------



## No Trust (11 May 2011)

*Whats around the corner*

There may be some *"interesting developments"* in the not too distant future... The question is..... will EquitiRust be ready for them ??? This time I think not...


----------



## ASICK (11 May 2011)

*Re: Equititrust: wow , how good it this -  a share equity swap!*



kostag said:


> _ ...
> 3. it will not be not publicly listed -  so no market for them
> ... _



_

You got it! The central issue is that you would isolate yourselves from your investment.

If you have a look at the MFS PIF,  market price was about $0.09 while the NTA per unit is $0.34.    Listed or not listed, who would give a good price for a unit/share with no income and poor prospects?   I don't believe any of this is about what investors get, it's about prolonging the life of the fund and the manager's income stream.

Don't you think that your comment quoted above would just be the perfect reason a manager might give to list shares (if converted from units)?

When a manager  speaks  of concern for those poor struggling investors, it's a warning to all investors to have a really good look at the entire strategy in order to see  who the real beneficiary is.  

For me, I haven't seen a case yet that hasn't been heavily biased in favour of the manager._


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## No Trust (11 May 2011)

*Independent Legal and Financial Advice*

I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam.  

You can imagine what the analysts will say in their advices to the investors. It is encouraging to see that there will be independent assessments on EquitiRust's future other than the crap being peddled at the moment. 

Of further note investors are concerned about effectively going into business with an individual without knowing anything about his personal financial position and how this has been affected by the melt down. When one grinds it down the investors are being asked to go into business with McIvor, the same guy who approved the disaster loans to King Con.....  Investors only need to look back at the 50M Capital Raising to see the lack of transparency in terms of not disclosing that 80% plus of the loans would go into default...


----------



## kostag (12 May 2011)

*COURT TRANSCRIPT*

does anyone have access to the COURT TRANSCRIPT from the recent RHS (Lazar) Vs Equititrust case?

Interested to see submissions made by parties on the question of solvency?

Material provided under OATH would be accurate etc and may give us all some valuable insights.


----------



## kostag (12 May 2011)

*Re: Independent Legal and Financial Advice*

who informed of this???  warning: any aggrieved party who took shares etc in a swap probably loses any rights that they may have in relation to the UNITS etc that they hold  in terms of loss etc ..... 







No Trust said:


> I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam.
> 
> You can imagine what the analysts will say in their advices to the investors. It is encouraging to see that there will be independent assessments on EquitiRust's future other than the crap being peddled at the moment.
> 
> Of further note investors are concerned about effectively going into business with an individual without knowing anything about his personal financial position and how this has been affected by the melt down. When one grinds it down the investors are being asked to go into business with McIvor, the same guy who approved the disaster loans to King Con.....  Investors only need to look back at the 50M Capital Raising to see the lack of transparency in terms of not disclosing that 80% plus of the loans would go into default...


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## No Trust (12 May 2011)

*Be fully Informed*

If investors do swap their units for shares they are *taking shares in a worthless company* that not one Australian bank will continue to fund once the current loans are paid out. If the banks want out what is that telling investors?

I urge all investors to go back to the choice article on Equititrust and review the warnings and assess what position they are in today as a result of Equtitrust's recklessness with their money… 

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

*CHOICE Verdict*

"If safety for a 6–24 month investment term is what you’re looking for, *you’d be a lot safer with your money in a bank.* Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s." 

"For example, at the time of writing, Bank of Queensland was paying a special 8.45 percent pa on six-month term deposits, just 0.05 percent less than Equititrust’s rate for a six month deposit of between $10,000 and $99,999. Even if you invested $100,000 for a year with Equititrust, the present rate you’d get (9.25 percent) is less than 1 percent better than the best bank deposit rates. A one percent difference on a $100,000investment is only worth $1000 extra interest over a year."

*The writing was on the wall...​*


----------



## ASICK (13 May 2011)

*Re: Independent Legal and Financial Advice*



No Trust said:


> I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam.  ... .




Take the time to sit in on a personal injuries case down the Supreme Court one day.  You'll see expert reports - one for the plaintiff - one for the defendant: The plaintiff's expert supports the plaintiff.  The defendant's expert supports the defendant.

We shouldn't be suprised by that - it's the way of the world.

Would you be surprised if the manager's expert supports the manager's proposal? I wouldn't. After all, would the manager give you an expert report which slams the proposal anymore than a plaintiff would turn up in court with an expert report which slams his/her personal injuries claim?

If you want real protection, pay for your own expert report.


----------



## kostag (13 May 2011)

*CHOICE MAGAZINE rang the warning bell and none of us chose to hear it*

their analysis was 100% on the money, wasn't it?



No Trust said:


> If investors do swap their units for shares they are *taking shares in a worthless company* that not one Australian bank will continue to fund once the current loans are paid out. If the banks want out what is that telling investors?
> 
> I urge all investors to go back to the choice article on Equititrust and review the warnings and assess what position they are in today as a result of Equtitrust's recklessness with their money…
> 
> ...


----------



## kostag (13 May 2011)

*JUNE 2010 - POSTING BY BUFFETMAN .......*

_ Re: EquitiTrust? 
Kostag,

Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time. _
well we all finally learned -  YES had a major asset/write down looming in some SA resort project which Landsolve was running; they do owe Bank of Scotland stacks; who said they were listed? but, yes, they are goign to do a share swap etc on some basis now; and finally -  the "owner has $70M of his own money" invested -  GREAT NEWS -  we will all be onto that in a hurry, wont we....... Interest paid on time? Capital available?  scorecard Nil out of 5.


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## kostag (13 May 2011)

*INVESTORS PAST PRESENT AND PROPOSED should re-visit this document*

this is still current and on www.equititrust.com.au

http://www.equititrust.com.au/Pdfs/EIF_Pds_200902.pdf

look at the first few pages - and also looked at the stated policy re valuations; and what about the right to defer for 180days and then another 180days - aren't we well past 360days ????

good reading.


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## ASICK (13 May 2011)

*Re: INVESTORS PAST PRESENT AND PROPOSED should re-visit this document*



kostag said:


> this is still current and on www.equititrust.com.au
> 
> http://www.equititrust.com.au/Pdfs/EIF_Pds_200902.pdf
> 
> ...




Don't worry about the constitution, take the time to read the non-liquid provisions of the Corporations Act (Cth).


----------



## kostag (13 May 2011)

*Re: INVESTORS PAST PRESENT AND PROPOSED should re-visit this document*

does the ACT mean we are stuffed?



ASICK said:


> Don't worry about the constitution, take the time to read the non-liquid provisions of the Corporations Act (Cth).


----------



## ASICK (14 May 2011)

*Re: INVESTORS PAST PRESENT AND PROPOSED should re-visit this document*



kostag said:


> does the ACT mean we are stuffed?




http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s601kb.html

CORPORATIONS ACT 2001 - SECT 601KB 
Non-liquid schemes--offers 
             (1)  The responsible entity of a registered scheme that is not liquid may offer members an opportunity to withdraw, wholly or partly, from the scheme to the extent that particular assets are available and able to be converted to money in time to satisfy withdrawal requests that members may make in response to the offer. 

             (2)  The withdrawal offer must be in writing and be made: 

                     (a)  if the constitution specifies procedures for making the offer--in accordance with those procedures; or 

                     (b)  otherwise--by giving a copy of the offer to all members of the scheme or to all members of a particular class. 

             (3)  The withdrawal offer must specify: 

                     (a)  the period during which the offer will remain open (this period must last for at least 21 days after the offer is made); and 

                     (b)  the assets that will be used to satisfy withdrawal requests; and 

                     (c)  the amount of money that is expected to be available when those assets are converted to money; and 

                     (d)  the method for dealing with withdrawal requests if the money available is insufficient to satisfy all requests. 

The method specified under paragraph (d) must comply with section 601KD. 

             (4)  For joint members, a copy of the withdrawal offer need only be given to the joint member named first in the register of members. 

             (5)  As soon as practicable after making the withdrawal offer, the responsible entity must lodge a copy of the offer with ASIC.

http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s601kd.html

CORPORATIONS ACT 2001 - SECT 601KD 
Non-liquid schemes--how payments are to be made 
                   The responsible entity of a registered scheme that is not liquid must ensure that withdrawal requests made in response to a withdrawal offer are satisfied within 21 days after the offer closes. No request made under the withdrawal offer may be satisfied while the offer is still open. If an insufficient amount of money is available from the assets specified in the offer to satisfy all requests, the requests are to be satisfied proportionately in accordance with the formula:

Amount of money available * Amount member requested to withdraw / Total of all amount members request to withdraw


----------



## kostag (15 May 2011)

*SOLVENCY: transcript of recent Court case*

anyone been able to get a copy of this -  I suspect that there may be some good reading there......


----------



## klua (16 May 2011)

*Re: SOLVENCY: transcript of recent Court case*



kostag said:


> anyone been able to get a copy of this -  I suspect that there may be some good reading there......




Why dont you ring up the Court yourself and ask rather than asking in here.


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## kostag (17 May 2011)

*Re: Equititrust: Court case judgement is out*

look at para 29 and 30 in the judgment:  http://www.austlii.edu.au/au/cases/cth/FCA/2011/512.html

the figures used are as at 30-6-10, and as we have all learned since that date, very material write downs have been admitted to by Equititrust Ltd in relation to Quinlivan and Resort in South Australia.

What is this further write down effect on the question of solvency? If that evidence had been raised by the parties, would this outcome have been the same?

I am not a lawyer. Who knows.


----------



## ASICK (18 May 2011)

*Re: Equititrust: Court case judgement is out*



kostag said:


> look at para 29 and 30 in the judgment:  http://www.austlii.edu.au/au/cases/cth/FCA/2011/512.html
> 
> ...




Very interesting figures:-

At 29, "... In the consolidated statement of financial position in the annual financial report of 30 June 2010, the consolidated total current assets are shown as $152,847,347 as against total current liabilities of $332,670,750. However, the total current liabilities include an item for securitised unit-holders’ funds of $245,336,193. That represents the entitlements of unit-holders.  ..." (emphasis added)

And any assets in Equititrust Limited are protected:-

At 27, "... Another matter, to which attention was drawn as possibly indicating insolvency, is that the annual financial report as at 30 June 2010 shows the Company’s total current liabilities as $18,663,729, as against total current assets of $13,804,048. One rule of thumb that sometimes applies in determining whether a company can pay its debts as and when they fall due involves determining whether or not its current assets exceed its current liabilities. However, the current liabilities included in the balance sheet include an item of $15,588,404, said to be interest bearing loans and borrowings. Mr Mark McIvor is the managing director of the Company. He is also the sole director and secretary of M. M. Holdings Pty Limited (MM Holdings), and is the controlling mind of MM Holdings. Mr McIvor says that from time to time MM Holdings has advanced funds to the Company for the purposes of providing the Company with what is, effectively, an overdraft facility. The terms of the loan are set out in a letter of 1 July 2008. That letter provides, relevantly, that all loans are to be repaid at times mutually agreed between the parties, and, if times cannot be agreed, upon demand by the lender. ..." (emphasis added)


----------



## No Trust (18 May 2011)

*Overdrafts to McIvor*

Did investors know about these loans / overdrafts ?? If they didn't it makes my previous post on the *financial background of McIvor *even more pertinent as investors are effectively being asked to prop up his personal company whilst their money or a good chunk of it has been lost by Equititrust. 
*Investors are not that stupid...​*


----------



## ASICK (18 May 2011)

Just imagine IF:-

1. the manager could no longer earn a management fee from the fund.
2. MM demanded the recall of its loan.
3. Equititrust Limited could no longer function as responsible entity because in such circumstances it'd lose its AFSL.
4. Any residual subordinated debt converts to an ordinary unitholding.

Yep.. it's be a fun time.

Given that Equititrust Limited has consolidated the fund in Equititrust Limited's accounts (perhaps in order to share fund profits), does anyone think the fund would share in Equititrust Limited's asset pool with MM?

I guess it wouldn't be hard to get a sinking feeling..


----------



## kostag (21 May 2011)

*Re: Equititrust: as per its own web site -  what is the main asset?*

_Trust
The key asset in our business is our reputation. As *they* say, “Reputation comes on foot, but departs on horse.” A company’s response to the Global Financial Crisis  provides an enduring litmus test by which corporate character and philosophy are measureable._

and we have all been hoping that the key asset may have been a quality mortgage book!

as a p.s - I don't know who the *'they' *is that the quote refers to -  but I respect that the *horse* has well and truly bolted, down at the old Chevron Corral!

Perhaps, the quote which is more applicable ought be _'reputation built on *bull*, disappears by *horse*'_.....


----------



## kostag (21 May 2011)

*QUINLIVIN: any news on state of this asset and or its recoverability?*

as the largest loan and potentially the biggest write off by far, anyone heard anything on this train-wreck? A total exposure as I understand well over $50M (before write downs) - what is a block of land at Ipswich worth? this seems to be the key to our recovery ............


----------



## kostag (21 May 2011)

*Equititrust: if there was $70M invested and now there is $15M -  what happended?*

back  on 24-6-10, the very helpful BUFFETMAN posted on this web site: _Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested *about $70m of his own money* in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital)._Now, I recently looked up the TRANSCRIPT of the recent Lazar led RSH Court case (link in this web site)  -  in that at paras 29 and 30, MM Holdings declares it is owed $15M! and that there was no agreement as to the repayment term of that..... now, either BUFFETMAN was not told the truth and there was not $70M invested; or, BUFFETMAN was  making up stories (surely not!); or,  there was $70M and $55M has been  repaid between June 2010 and now; or else MM HOLDINGS has written off against moneys otherwise owing to it $55M of loan losses.  Certainly, the later, would be MM doing the right thing. Anyone been able to glean what has occurred?


----------



## Olman (21 May 2011)

*Re: Equititrust: if there was $70M invested and now there is $15M -  what happended?*



kostag said:


> back  on 24-6-10, the very helpful BUFFETMAN posted on this web site: _Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.
> 
> Are you confusing them with someone else? He also said that the owner of the business has invested *about $70m of his own money* in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital)._Now, I recently looked up the TRANSCRIPT of the recent Lazar led RSH Court case (link in this web site)  -  in that at paras 29 and 30, MM Holdings declares it is owed $15M! and that there was no agreement as to the repayment term of that..... now, either BUFFETMAN was not told the truth and there was not $70M invested; or, BUFFETMAN was  making up stories (surely not!); or,  there was $70M and $55M has been  repaid between June 2010 and now; or else MM HOLDINGS has written off against moneys otherwise owing to it $55M of loan losses.  Certainly, the later, would be MM doing the right thing. Anyone been able to glean what has occurred?




Buffetman was a username that came from within Equititrust, as reported in an earlier post by the site administrator.  I think you can safely discount any info from that username.


----------



## No Trust (21 May 2011)

*Deceptive Posts by Equititrust*

The site administrator actually stated that Buffeman and Equititrust were logged on from the same PC terminal. Equititrust's account was used by David Kennedy so one would assume he had a password on that PC. Noboby is fooled by the Equititrust spin that there were multiple users on the CEO's PC. It is incomprehensible that a CEO would share his PC with anyone else. A lot of people in the banking and finance industry as well as the media had a good laugh at this cowboy effort in trying to hide the truth......


----------



## kostag (22 May 2011)

*Re: Equititrust: correct so when did a $70M investment drop to $15M*

NOTRUST: I note your confirmation etc re BUFFETMAN etc -  so was there ever a loan acocutn of $70M and IF there was, what happended to reduce it to $15M ???   Was money repaid to MM in priority to redemptions?


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## kostag (27 May 2011)

*ALL SILENT AT CHEVRON ISLAND*

we were promised some equity swap  offer  by end of May 2011


----------



## ASICK (28 May 2011)

"... To facilitate a flexible structure that allows the development of assets to underpin the unit price, an offer will be made to all unit holders in both the EIF and EPF. The offer will consist of transitioning those investors that seek to accept the offer from a unit
holder in a mortgage fund to a shareholder in Trust Capital Group. ..."

http://equititrust.com.au/Pdfs/Investor_Summary_06May2011.pdf

Isn't that just dandy of Equititrust Limited?

To escape MFS, the investors in the Premium Income Fund (PIF) engaged a new manager Wellington Capital (WC).  WC gave two options (1) wind up the fund and get SFA, or (2) list the fund and achieve the ability to achieve liquidity by way of sale on the NSX.

Well, out of fear of getting SFA in a windup, investors opted to list the fund. It trades on the NSX as PIN http://www.nsxa.com.au/prices_alpha.asp?nsxcode=PIN

You'll notice the trades are less than $0.09, yet the NTA per unit in the fund is $0.34.

What a break for investors, they got the opportunity to sell units on the NSX!! They may as well have called the NSX the "barber': investors are getting one hell of a haircut (if they sell).

Now, WC sought equity for the fund via a rights issue to attract institutional and 'sophisticated' investors at about the NSX price of $0.10 per unit, which, by my estimation will cause the NTA per unit to drop of about $0.03 to about $0.31, isn't that nice?

The members of the fund are now seeking to replace WC with Castlereagh Capital and today, the PIF action group has advised members they're about to commence legal action against WC (I presume in regard to the rights issue).

It might sound nice to become a shareholder in a company, but it's not as nice as being a unitholder in a trust/fund.   It'll be difficult to sell the shares off market (in the dark, so to speak), so eventually you'll see the shares listed (brought into the light, so to speak), and when they're listed, the vultures will come in, and the prices will be low, low, low (eg. PIF nta $0.34, Listed price $0.088).

I just wanted to give you a bit of the background of the PIF - go to the 'Wellington Capital' thread and have a good read through it.  Send a private message to some of the posters and ask them what they think about giving up your rights as a unitholder and transferring same into a shareholding.

Of course, investors are entitled to make their own mistakes - keep in mind ASIC is NOT a prudential regulator, so you'll get no protection if you jump from the 'frying pan' into the 'fire'.  

One of the biggest changes you'll face if you accept a shareholding is that you are no longer entitled to a return of your capital - you HAVE to sell your shares - and that ain't gonna be a pleasant task.

More issues of discussion will arise when you see the scheme/plot/plan/strategy Equititrust Limited comes up with - but keep in mind, right now you own your fund, if you accept shareholdings, you'll only own shares in a structure that doesn't seem to be running very well at all.

Also keep in mind, the value of any shareholding will only be as good as the confidence the market has in the management team and the performance of the company - so, you can start thinking about how much you'd really get for your shares (if you accept a new structure).


----------



## ASICK (29 May 2011)

"... Mark will leave you with a quote from Apple founder, Steve Jobs:
“Innovation is the ability to see change as an opportunity, not a threat.” ..."

Awesome, a quote from one of the most successful entrepreneurs in the world spruiked by a company that foreshadows up to a 20% loss of investors capital while suspending distributions.


----------



## Olman (30 May 2011)

*Change of structure.*

A change of structure to shareholdings will not add anything to the value (or lack of value) of the assets of the funds. The valuations of the assets will not magically increase by any such sleight-of-hand or change of name.  ASICK's recent comments are very relevant to investors, and the record of other busted funds that are further down the same road as Equititust should be clanging the warning bells. The most prudent course is to wind up the funds, accept the losses and take what we can get, and the sooner the better.


----------



## ASICK (30 May 2011)

A fool and his/her money are easily parted. We all did it once.  Just watch how many investors in your fund will part with their ownship in the fund in order to take up shares: Investors in your fund don't seem to have an investor group able to contact those not on a forum: not having such a group is really quite a big disadvantage.

Investors will be hopeful and they'll mostly believe anything put to them by managers, whether it's in their best interests or not.

It's only after they pass thru the gate (as PIF investors did) that they'll realize they made a very big mistake that they won't be able to reverse.  In fact, PIF are in a better position because they can delist the fund if they so vote - your deal WILL NOT allow a reversal of the deal.

Sorry to say,  even if you oppose any deal put by your manager, there's probably not much you can do about it.  You guys have no idea how naive investors in managed funds really are (again, sorry to say).


----------



## No Trust (31 May 2011)

*Shareholding Scam*

Equititrust is *effectively finished *... Let’s face the facts; a share swap is an outright *scam on the investors *who put their trust and hard earned savings in Equititrust only to be betrayed by foolhardy and unbelievably reckless loans to *"King Con"* of all people.  The largest loan in  the loan book was to him. Mindboggling.. 

As ASICK has outlined it has not worked in the past with other Gold Coast Mortgage Funds which have *hit the wall *and it won’t work here..

The best course as Olman has put it, is to *wind up the funds *and be done with it because it won’t get any better in the future. One has to remember that every single bank wants out from Equititrust and *they will never get another investor to invest with them after this disaster.* Now think, is this the kind of company you want shares in ??  *I THINK NOT *


----------



## No Trust (31 May 2011)

*Quotes and Hot Air*

As for the quote 

"... Mark will leave you with a quote from Apple founder, Steve Jobs:
 “Innovation is the ability to see change as an opportunity, not a threat.” ..."

I mean seriously, is this guy *"delusional"* this is not change it is a *catastrophic disaster *where investors stand to lose tens of millions of dollars. His luxurious waterfront / beachfront lifestyle will not change, however the lives of innocent retiree investors will...

Nice quotes and changing the name of the company won't add value to the already heavily degraded assets. Selling some personal assets to cover the losses of innocent retiree investors might go some way in at least reducing the losses. Don’t however expect this magnanimous gesture.  Directors fronting up and paying for the mistakes made with "innocent retiree investors’ money" will have to be *forced by a court order. 
*
It might be time for the management of Equititrust to sit in a witness box and be cross examined just like the formers directors and management of MFS, Could be *"dÃ©jÃ  vu"* for some...


----------



## kostag (1 June 2011)

*WIND UP THE FUND - PIPER ALDERMANN*

Piper Aldermann have targetted areas where they can attack. Any of who are unsure, should jump on their web site and make ourselves known to them. There is power in numbers - united we shall prevail, divided , we all lose, big time.   

There are substantial assets held by Directors outside the EIF. We must attack those. As shareholders we have a) no right to a return of capital  b) no right to a dividend  c) lose our rights against mis-management of the EIF.

Why would any of us be so stupid as to vote for this?

So that the same mob who lost our money get another go at the same money? this time with less restrictions on them?  Yuu are kidding aren't you?


----------



## ASICK (1 June 2011)

*Re: WIND UP THE FUND - PIPER ALDERMANN*



kostag said:


> Piper Aldermann have targetted areas where they can attack. Any of who are unsure, should jump on their web site and make ourselves known to them. There is power in numbers - united we shall prevail, divided , we all lose, big time.
> 
> There are substantial assets held by Directors outside the EIF. We must attack those. As shareholders we have a) no right to a return of capital  b) no right to a dividend  c) lose our rights against mis-management of the EIF.
> 
> ...




No doubt about it, members of this forum have access to information - but those who do not seek out some information (for whatever reason) will be more inclined to live in hope and support the manager.

There is no point having information and not informing the broader unitholding.

You will be surprised just how naive investors are.   You may even be surprised how stupid many can be.  You'll be surprised just how many blindly follow the manager's directions/suggestions (useful idiots).


----------



## kostag (1 June 2011)

*MOVE TO CHANGE EQUITITRUST AS RESPONSIBLE ENTITY OF THE FUND*

under ASIC rules it only requires 100 unit holders to call the MEETING -  if that meetign gets called, we can win this......

email your support to dholland@piperalderman.com.au

we can make the change -  we have it in our power...... act now


----------



## kostag (2 June 2011)

*what are our rights.... knowledge is power*

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/info111-information-for-investors-in-frozen-funds.pdf/$file/info111-information-for-investors-in-frozen-funds.pdf

''....What rights do investors have?


----------



## kostag (2 June 2011)

*ASIC .... please, we're begging you!*

see EQUITITRUST  web site - there is some update with ASIC .... www.equititrust.com  .... lets hope ASIC have the good sense to say _'not another share swap deal'_.....  please no more _death by a thousand cuts_, ASIC..... put in a new RE and give us all some proper independence and competency.


----------



## kostag (2 June 2011)

*EQUITITRUST..... income solutions (?)*

_income solutions_ is their new by-line under the logo..... no doubt this is paramount... question is, after receiving no income for yonks....one has to ask......  _whose income are they solving?_  .... presumably they all get paid, each and every week.......


----------



## No Trust (3 June 2011)

*Another Promise Not Kept*

Investors were meant to be briefed by the 31st of May. As we have come to expect nothing, just a brief message on their website saying the matter is now before ASIC. Why don't these jokers explain to investors "what is under review" with ASIC. The lack of respect for retire investors is beyond belief. ASIC needs to open it's eyes and see that this is a sinking fund that needs to be wound up. Equititrust are trying to pull the same old scams that the other failed Gold Coast Funds have tried. It's time for the regulator to say enough is enough and protect the investors for once. An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.


----------



## Tysonboss1 (3 June 2011)

*Re: Another Promise Not Kept*



No Trust said:


> An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.




I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.

As an investor allocating capital the Buck stops with you.

It is your responsibility to allocate your capital in such a way that you will never suffer a permanent loss large enough to unsettle you.

No investment can ever offer a 100% guarantee that it will not end badly, For this reason your money especially if you are a novice investor should be spread accross a number of different asset classes and spread across a number of investments in each asset class and deployed overtime so as to dollar cost average.

Using this sort of diversification limits the risk of disasters, and should one investment go bad you may only lose 5% of your total networth, which would be made back in several months through the interest, dividend and rental yield from you other assets.


----------



## ASICK (3 June 2011)

*Re: Another Promise Not Kept*



Tysonboss1 said:


> I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.
> 
> As an investor allocating capital the Buck stops with you.
> 
> ...




Most of the investors in managed fund were retirees and they tended to put their 'nest egg' (cash) into what they regarded, and was held out to be, safe investments in property.  None of them thought they were 'speculating', but rather receiving an increased interest rate not too far above bank interest.  Most are aged and very, very trusting - cleary they are not as astute as you are.

Investors caught up in these nasty funds don't need to be put down by telling them what they should have done, they know they shouldn't have invested as such.

The comment 'no end in sight' is one directed to the realization that getting out of this mess is not going to be easy.

If you take a good look at the litigation relating to managed funds you'll note that the failures of many funds wasn't totally attributable to market forces but rather to management not complying with the law.


----------



## kostag (3 June 2011)

*Re: Another Promise Not Kept*

TYSON

on the face of it - your advice is very wise -  spread your risk -  BUT the real issue is here is that the PUBLIC are entitled to rely on statements made by approprialtely licenced persons.....  now, if the natural market forces cause loss -  we are all big boys and we can take that loss....if the  loss results from recklessness, irresponsible practice and or deception..... then, we are not really to blame and ASIC must bring to book those who misled.... surely?  otherwise, none of us can walk out the front door in the morning with any surety of safety and protection and that is what a proper regulated society is surely about -  can we trust a Bank? yes - and why? because we know that there are rulkes in palce and we rely on APRA and others to enusre that the Banks comply - we have to be able to rely on systems, checks/balances  and institutions to function honestly, surely?   



Tysonboss1 said:


> I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.
> 
> As an investor allocating capital the Buck stops with you.
> 
> ...


----------



## kostag (3 June 2011)

*what is happening at CHEVRON ISLAND?*

any one been past the offices lately?

I understand that the place is wound down to just a few staff.

Is Landsolve - the much heralded cure-all -  operating?


----------



## ASICK (3 June 2011)

*Re: Another Promise Not Kept*



No Trust said:


> Investors were meant to be briefed by the 31st of May. As we have come to expect nothing, just a brief message on their website saying the matter is now before ASIC. Why don't these jokers explain to investors "what is under review" with ASIC. The lack of respect for retire investors is beyond belief. ASIC needs to open it's eyes and see that this is a sinking fund that needs to be wound up. Equititrust are trying to pull the same old scams that the other failed Gold Coast Funds have tried. It's time for the regulator to say enough is enough and protect the investors for once. An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.




Wouldn't it be ASIC's M.O. to put a stop to a re-financing deal but then go ahead to allow an equity swap which would really separate you all from your right to redeem?

The "market force" which really puts investors at risk is ASIC itself.


----------



## kostag (3 June 2011)

*ASIC*

I agree -  as long as the boxes get ticked -  ASIC  will let it happen -  like lambs to financial slaughter.... they know the likley outcome, we all can see the train crash coming....... they can say, well, we dont interfere in the free markets etc...... saves them having to do a damned thing ...... they know this has been a jolly-rogering of the retired, un-employed and poorly informed.... those with no poltical or electoral muscle.....  they wont say a thing and even if they did, who hears and who bothers..... ASIC -  you go after the small fish , look at your own web site of "wins" - like a storm in a teacup...... name one major scalp???? even the  MFS big wigs are walkign around trading again..... David Kennedy the ex MFS CEO is now running the Equititrust outfit.......   no-one else anywhere in the world would beleive that this is happening..... *if it wasn't for this web site and the media* , it would be effectively covered up..... shame ASIC, shame!!! 
\


ASICK said:


> Wouldn't it be ASIC's M.O. to put a stop to a re-financing deal but then go ahead to allow an equity swap which would really separate you all from your right to redeem?
> 
> The "market force" which really puts investors at risk is ASIC itself.


----------



## No Trust (3 June 2011)

*Investors Misled*

It’s all well and good to preach about diversification of investment portfolios, however who on earth could have possibly thought that a fund manager would have lent innocent retiree investors’ money to *"King Con". * The largest loans were made to him all under the watchful eye of the founder *Mark McIvor*... It is no wonder that he is now in the crosshairs of the national media, investors and more importantly the class action lawyers..  

Equititrust has proven itself to be nothing more than another spivvy mortgage fund from the Gold Coast that has lost *tens of millions of dollars *of investors’ money through the incestuous lending practices common on the Gold Coast. All the usual developer / bankrupt suspects were there.. How these guys can walk around the Gold Coast with their heads held high and *sleep at night *beggars belief... Sell some of your *"squirrelled assets"* and pay back the investors for your reckless folly...  

As for ASIC, maybe they should be looking at the issue of solvency when it comes to Equititrust as this ship is well and truly below the waterline…


----------



## Tysonboss1 (4 June 2011)

*Re: Investors Misled*



No Trust said:


> It’s all well and good to preach about diversification of investment portfolios, however who on earth could have possibly thought that a fund manager would have lent innocent retiree investors’ money to *"King Con". *




As I said, Even the investment that seems the safest can go bad, So you need to hold a spread of assets because you can never be sure that any one asset doesn't go sour and when (not if) it does go sour you want it to have a limited effect.


----------



## Tysonboss1 (4 June 2011)

*Re: Another Promise Not Kept*



kostag said:


> TYSON
> 
> on the face of it - your advice is very wise -  spread your risk -  BUT the real issue is here is that the PUBLIC are entitled to rely on statements made by approprialtely licenced persons.....  now, if the natural market forces cause loss -  we are all big boys and we can take that loss....if the  loss results from recklessness, irresponsible practice and or deception..... then, we are not really to blame and ASIC must bring to book those who misled.... surely?




When trusting your money to the management of others, the risk that they may do somthing stupid or immoral is a real one. This risk is added on top of the risk of market forces.

By all means if the Manager of the fund has operated outside the law or the rules of the fund, Then yes all attempts should be made to bring the person to justice and seek compensation for your losses.

But this does not take away the real cause of your situation which was your own capital allocation stratergy.

For example if you started with $1M spread accross 10 assets and you equititrust investment of $100K went bad, you would be OK. Offcourse you would still ask questions and if need take part in any litergation, But you wouldn't lose sleep.

However, if you trusted the whole $1M, you would be absolutely devastated, Your wiped out,

Now the reason you lost money might be the mangers bad actions, But the reason you got wiped out is because of your poor capital allocation, and the fact you were speculating when you thought you were investing.


----------



## No Trust (4 June 2011)

*The Investors are Innocent*

The majority of Equititrust investors are innocent retiree investors, not sophisticated fund managers. The marketing which Equititrust employed was scrutinised by Choice Magazine in 2008 as well as ASIC which reprimanded the company.

The innocence of retiree investors looking to get a simple return on their life savings was *severely taken advantage of *in that Equititrust recklessly lent money to the likes of *King Con*... This was a disgusting abuse of investor trust no matter how the founder Mark McIvor likes to pretty it up... At the investor briefing investor’s jaws dropped at his *cavemanlike explanation *about hurting them (borrowers) more than they can hurt us analogy.  The only people that are being hurt now are the innocent retiree investors who have lost tens of millions of dollars at the hands of Equititrust.  It seems that McIvor’s idiotic hurt them more than they can hurt us philosophy has *well and truly blown up in his face *and good old King Con is the one doing the hurting…. 

*How Cosy Was The Relationship *

What does need investigation though is the duration and closeness of the business relationship between * Equititrust and King Con *and whether investors interests were sacrificed in favour of this *"special relationship"* which has now led to tens of millions of dollars of losses… I am sure the Class Action Lawyers will be having a very very close look at this as it seems there is more to this than meets the eye...

*Investors Are Not To Blame For This Disaster​*


----------



## Tysonboss1 (4 June 2011)

*Re: The Investors are Innocent*



No Trust said:


> *Investors Are Not To Blame For This Disaster​*




As I said they are not to blame for the outcome of that investment, But they are to blame for the outcome it had on their situation.

You keep saying "innocent Retirees" as if the laws of common sense don't apply to them.

I mean you can't say they didn't grow up hearing cliches like "Don't put all your eggs in one basket"

I few people have pointed out that the "Investors" (if you can call them that), should not have been expected to diversify because they lacked sophistication when it comes to investing, But if you lack skill you should be taking an approach that involves huge diversification, and if you don't thats your risk that you have to live with.

Please understand I am not saying that the managers did not do any thing wrong, They may have. If they did break the law they should be convicted. All I am saying is that simple diversification protects people from such things which unfortunatly are bound to happen.


----------



## Tysonboss1 (4 June 2011)

*Re: The Investors are Innocent*

At some point the heard about diversification.

At some point they knew that it was not wise to "Put all your eggs (nest egg) in one basket"

At some point they chose to ignore common sense.

.


----------



## kostag (5 June 2011)

*Re: The Investors are Innocent*

I agree with it all EXCEPT I still say that the investor has an entitlement to believe in the honesty of the system......now, if representations were beign made by various parties, knowing them to be false etc -  even down to soliciting as reecently as 5 montsh ago for new funds from existing investors and friends, well who is at fault?  Do you not get on the bus in the morning, because you presume that the bus is well maintained and the driver is properly licensed? where do you stop!   







Tysonboss1 said:


> At some point the heard about diversification.
> 
> At some point they knew that it was not wise to "Put all your eggs (nest egg) in one basket"
> 
> ...


----------



## No Trust (5 June 2011)

*Sophisticated Investors*

One has to acknowledge that not all investors are sophisticated; the fund manager on the other hand would be presumed to be reasonably sophisticated and have the common sense not to lend innocent retiree investors life savings on *"King Con". *In addition to this the proposed 50M Capital Raising was a *scam of monumental proportions *considering the *80% of loans in default *and demands from banks etc etc, hence ASIC's intervention.

I note still no word on the revised valuations as well as the annual review which was promised some time ago. Maybe the Annual Review should be titled *"Hurting them more than they can hurt us" * It seems that McIvor's philosophic statement applies more to investors now than anyone else...


----------



## Tysonboss1 (5 June 2011)

*Re: The Investors are Innocent*



kostag said:


> I agree with it all EXCEPT I still say that the investor has an entitlement to believe in the honesty of the system......now, if representations were beign made by various parties, knowing them to be false etc -  even down to soliciting as reecently as 5 montsh ago for new funds from existing investors and friends, well who is at fault?  Do you not get on the bus in the morning, because you presume that the bus is well maintained and the driver is properly licensed? where do you stop!




Yes they have every right to believe that the operator is honest. And should something not be above board then the manager should be sued for compensation and convicted and jailed if need be.

All I am saying is that you should not have your investments setup in such a way that it wipes you out should somthing terribly dishonest happens through no fault of your own.


----------



## banco (5 June 2011)

The Gold Coast seems to have by far the largest per capita population of shonky businessmen in Australia.


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## kostag (6 June 2011)

*The Investors are Innocent*

look at the funds - MFS, CitiPacific, Donovan Oates, LKM, Equititrust......  all leaders in the sector...... meant to be overseen by ASIC - but look at the lending practices that were subsequently revealed ...... you could have spread your money over them all and lost out big time!  



Tysonboss1 said:


> Yes they have every right to believe that the operator is honest. And should something not be above board then the manager should be sued for compensation and convicted and jailed if need be.
> 
> All I am saying is that you should not have your investments setup in such a way that it wipes you out should somthing terribly dishonest happens through no fault of your own.


----------



## Olman (6 June 2011)

*Re: The Investors are Innocent*



kostag said:


> look at the funds - MFS, CitiPacific, Donovan Oates, LKM, Equititrust......  all leaders in the sector...... meant to be overseen by ASIC - but look at the lending practices that were subsequently revealed ...... you could have spread your money over them all and lost out big time!




What Tysonboss1 is reiterating is the established financial precept that investments should be spread across all assett *classes*.  The examples you have given are all one class - managed funds.  

The spreading of risk across assett classes is a sensible approach to wealth preservation.  Regardless of the integrity or otherwise of the management of such classes, it is foolish to have all your eggs in one basket.

That said, there is no excuse for the mismanagement of funds that we are witnessing, and the full force of the law is justified in dealing with such mismanagement.


----------



## kostag (6 June 2011)

*Re: The Investors are Innocent*

I am a bit slow..... what you are suggesting is some money in mortgage trusts; some in bank; some in shares; some in real estate..... problem is what we need is income not asset growth at our stage of life and I guess this is what people prey on.....  



Olman said:


> What Tysonboss1 is reiterating is the established financial precept that investments should be spread across all assett *classes*.  The examples you have given are all one class - managed funds.
> 
> The spreading of risk across assett classes is a sensible approach to wealth preservation.  Regardless of the integrity or otherwise of the management of such classes, it is foolish to have all your eggs in one basket.
> 
> That said, there is no excuse for the mismanagement of funds that we are witnessing, and the full force of the law is justified in dealing with such mismanagement.


----------



## kostag (6 June 2011)

*More proof that the Equititrust crew were well in control*

this is a quote from the St Vincents web site in South Australia, being thesecond largest disaster loan that Equititrust seems to have made. So McIvor himself wa sin control here for quite some time but the surprise drop in value only popped up this year - I think that Piper Aldermann  will find that the Corymbia Woods (King Con) and St Vincents South Australia loans (which seem to equate to almost 50% of the loan assets )were well known to be bad for atleast an year,  yet during that period Equititrust 'hid' the position and continued to draw down large interest and fees......

_Mark McIvor, CEO of Landsolve (a division of Equititrust) said that “The engagement of GMM as marina managers has brought credibility and a high level of professionalism to the marina operation. The involvement of the Chapman Group working in conjunction with Landsolve would bring about significant positive change at Marina St Vincent”.
Mr McIvor further stated that “This is only one of several initiatives that Landsolve are presently working on at Wirrina Cove toward improvement of the whole development and the achievement of its full potential.”

“We have committed time, resources and money toward the project in order to work through several outstanding issues. In our efforts to date, we have consulted extensively with local consultants, government and the public at Wirrina Cove to ascertain and define the issues affecting the project. The project has long suffered from poor public perception & criticism. We stand ready to embark upon a new campaign to outline & promote the facts and debunk the myths associated with Wirrina Cove.”

“It is truly a fantastic development opportunity”…._


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## No Trust (6 June 2011)

*Smoke and Mirrors*

If the true facts were revealed, the 50M Capital Raising would have had absolutely no chance... In any event EquitiRust had to reveal all to ASIC who were compelled to put an *immediate stop *to the 50M Capital Scam... Full credit to *Colin Kruger at the Sydney Morning Herald *for his efforts in exposing the massive conflict of interest earlier this year. This was a last ditch attempt to *save the fund from going under... *The only thing keeping the life support system going is the investors’ money *held hostage for 3 years *and the NAB and Bank of Scotland wanting their money bank under secured mortgages. Once this money is repaid EquitiRust will be set adrift in a similar manner to City Pacific...The banks can pull the cord, the investors however are trapped whilst the management have *delusional visions *of refloating the Titanic which hit the Iceberg *” King Con ”... *Sorry guys when you do this kind of unforgivable crap to Innocent Retiree investors *you don’t get another chance* to destroy their lives even further...

*EQUITITRUST OUT – INDEPENDENT RECEIVERS IN.............​*


----------



## Tysonboss1 (6 June 2011)

*Re: The Investors are Innocent*



kostag said:


> I am a bit slow..... what you are suggesting is some money in mortgage trusts; some in bank; some in shares; some in real estate..... problem is what we need is income not asset growth at our stage of life and I guess this is what people prey on.....




you could have your networth spread somthing like this,


1, Own you home debt free. ( Provides income in  the form of free rent and eventually can be used as a reverse mortgage)

2, 12 - 18 months living expenses held in high interest bank account.

------------------------------------------------------------------------------
Remainder of assets under line produce income to top up living expenses account

3, A rental property (debt free)

4, Shares in 20 strong Australian companies with a strong history of stable and growing dividends.

5, An Australian income Fund.

6, An Australian Balanced fund.

7, A global fund (Global Index's/Bonds/Property)


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## Tysonboss1 (6 June 2011)

*Re: The Investors are Innocent*



kostag said:


> I am a bit slow..... what you are suggesting is some money in mortgage trusts; some in bank; some in shares; some in real estate..... problem is what we need is income not asset growth at our stage of life and I guess this is what people prey on.....




It's not a bad Idea to have some of your funds held in growth assets because no doubt you will eventually be drawing down on your capital and some growth assets will help grow this capital.


----------



## ASICK (7 June 2011)

*Re: Sophisticated Investors*



No Trust said:


> One has to acknowledge that not all investors are sophisticated; the fund manager on the other hand would be presumed to be reasonably sophisticated and have the common sense not to lend innocent retiree investors life savings on *"King Con". *In addition to this the proposed 50M Capital Raising was a *scam of monumental proportions *considering the *80% of loans in default *and demands from banks etc etc, hence ASIC's intervention.
> 
> I note still no word on the revised valuations as well as the annual review which was promised some time ago. Maybe the Annual Review should be titled *"Hurting them more than they can hurt us" * It seems that McIvor's philosophic statement applies more to investors now than anyone else...




Don't worry "No Trust", 'moms and pops'/'mums and dads' aren't expected to be 'sophisticated' as our new friend suggested, in fact you're supposed to be afforded 'some protection' - the real problem was that 'some protection' simply wasn't afforded:

http://tinyurl.com/3swhmau
"... About the Sophisticated Investor Certificate

There is a special investment opportunity. But it is only open to the "big boys" – not mere members of the public.

If you are only a member of the public then you don't get exposure to these special (unregulated) investment opportunities. The Australian government feels that you need protection. Members of the public can generally only invest in investments which are highly regulated. Examples of regulated investments are often contained in a Prospectus or a Product Disclosure Statement. These investments have to go through many hoops before they can be offered to the general public.

There is at least some protection and regulation for mums and dads.

However, many promoters don't want to nickel and dime the small stuff with the mums and dads. They don't want to go to all the trouble of dealing with a large out of date government regulator called ASIC (Australia Securities Investment Commission). They want to go to a smaller number of the "big boys". The "big boys" are the Sophisticated Investors. They have a lot of money to invest or they earn a lot of money each year.

The Australian Government thinks that if you are that so wealthy then you don't need the protection of things such as the Prospectus and Product Disclosure Statement.

However, before you can get the lofty status of Sophisticated Investor your accountant has to sign off on a complying Sophisticated Investor Certificate. You then show the Certificate to someone that wants to take your money. ..."

However, it seems to me that this forum is directed to solving your problems, not giving mum/dad (unsophisticated)  investors a rap over the knuckles for investing in a 'regulated' managed fund which has gone pear-shaped through no fault of their own.


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## No Trust (7 June 2011)

*Sphisticated Concealment*

Investors at no point were made aware of loans to *King Con *until pressure from this forum as well as the National Press.. At no point was King Con featured in any annual Reviews like other borrowers.. *King Con was someone Equititrust were not proud to publicise for good reason.* This was *Sophisticated Concealment *on both the current investors as well as the prospective investors in the 50M capital raising *stopped by ASIC*.. When you have an outfit who operates like this, rubbing salt into the wounds of innocent retire investors by chastising their investment diversification is a bit tasteless..


----------



## No Trust (7 June 2011)

*They are at it again...*

This posted on YouTube...

http://www.youtube.com/watch?v=HEwwrsr23c0

If you want the definition of a *"gravely worried or constipated man"* just look at this stunted attempt at a rehearsed conversation with a washed up sports presenter with a bad hair transplant... The pauses and facial expressions are classic. Could easliy be mistaken for a commercial for severe and protracted constipation.. Maybe some laxatives may help guys. Hey Mark before you go off on one of your delusional attempts to raise more money under a different guise be upfront and *take responsibility for the Equititrust Disaster*.  *SORRY BUT PEOPLE ARE NOT FOOLED*.

The second video is just as bad, seriously who on earth will believe this crap... These guys have *lost tens of millions of dollars of investors’ money *and now they have concerns and want to help local communities. Ahhh good luck with that, but *this will implode *just like the 50M Capital Raising.

http://www.youtube.com/watch?v=NKr6RQ6WPOg


----------



## Olman (7 June 2011)

*Re: They are at it again...*



No Trust said:


> This posted on YouTube...
> 
> http://www.youtube.com/watch?v=HEwwrsr23c0
> 
> http://www.youtube.com/watch?v=NKr6RQ6WPOg





"Corporate-speak" at its worst.  Neither of the interviews said anything intelligible, other than touting their management systems now wanting to take your money for nebulous projects that require your blind trust.  

The gall of these people is astounding - to expect that sophisticated investors would accept this as a legitimate sales presentation is delusional.  Even ordinary mums'n'dads would have to be pretty thick between the ears to fall for the pitch presented. 

Lesson 1 for vipers: look the intended victim in the eye - hypnotism requires direct eye contact.  For snakes to be charming, better skills are required than those we see here.


----------



## kostag (7 June 2011)

*EQUITITRUST : new houses*

Gold Coast builders GLENZEIL are building a $6M house of Isle of Capri for a 'David Kennedy'  ...... I guess there might a few David Kennedy's with $6M plus to spend.....


----------



## kostag (7 June 2011)

*WHAT AN EMBARRASSMENT!*

The message that I get is that....

1. Equititrust does not feature in any of this -  anywhere. It seems that 'they' have all moved on, under the Landsolve Capital branding. 
2. Not for profit alright -  just speak to Equititrust investors

I think ASIC must be rolling around on the floor laughing - that is why we haven't got our report as yet! 

anyone who missed Matt Corkin and Mark McIvor have just got to watch these....

http://www.youtube.com/watch?v=HEwwrsr23c0

http://www.youtube.com/watch?v=NKr6RQ6WPOg

no wonder the  volume is down and the backing music is so loud -  no-one wants to hear the message! 





Olman said:


> "Corporate-speak" at its worst.  Neither of the interviews said anything intelligible, other than touting their management systems now wanting to take your money for nebulous projects that require your blind trust.
> 
> The gall of these people is astounding - to expect that sophisticated investors would accept this as a legitimate sales presentation is delusional.  Even ordinary mums'n'dads would have to be pretty thick between the ears to fall for the pitch presented.
> 
> Lesson 1 for vipers: look the intended victim in the eye - hypnotism requires direct eye contact.  For snakes to be charming, better skills are required than those we see here.


----------



## No Trust (7 June 2011)

*They are at it again*

The pitch in the interviews is so amateurish and nonsensical that it is now the laughing stock of the Australian Financial Industry. People are going online to have a laugh at this delusional attempt to pull the wool over people's eyes.. McIvor and Co have forgotten the Equititrust Investors and the tens of millions of dollars of their hard earned money they have lost.


----------



## kostag (7 June 2011)

*ah, but like DARWIN  said - evolution of the strong..... well, they have evolved.....*

you cant keep a good crew down can you?


If you cant make money -  only lose it -  then, why not start a  'non for profit'  make your obvious weakness a strength?   Certainly the Chevron Island mob have a great track record in running up losses -  maybe call King Con is as "loss making consultant"...... *Trust Mutual..... *you dont even have to promise to try and make a profit anymore -  love it! Brilliant! Anyone seen Gene Wilder in the movie The Producers? Same concept......

These talents are all wasted -  these guys should be in advertising and marketing - 

Poor old Ian Maurice looks at several stages like he is about to fall out of his chair..... love it when one of the strengths they proclaim  is a Chinese partner -  does anyone understand what that part was all about ????..... next thing, they'll be selling coal to the Chinese... I think the message was - we have a Chinese guy -  we must be strong.... or something along those lines.....

where is David Kennedy in all of this????   CEO gone? 

looks like EQUITITRUST has gone EQUITI DUST......




No Trust said:


> The pitch in the interviews is so amateurish and nonsensical that it is now the laughing stock of the Australian Financial Industry. People are going online to have a laugh at this delusional attempt to pull the wool over people's eyes.. McIvor and Co have forgotten the Equititrust Investors and the tens of millions of dollars of their hard earned money they have lost.


----------



## No Trust (7 June 2011)

*Laxative Commercial*

Ian Maurice should be a ashamed to lend his name to this mob, is he that desperate for work or doesn’t he read the papers..

It is such a joke... though strangely familiar to the investor video made in the comedy movie Step Brothers starring will Ferrell and John  C. Reilly..  Watch the movie and you will see where the inspiration may have come from.  There is absolutely nothing substantive to it whatsoever and throwing in a random Chinese Guy... Seriously what does this mean, it is beyond ridiculous.


----------



## No Trust (7 June 2011)

*Investor Fury*

The latest attempt by Equititrust to morph into something else has really* infuriated investors across the country.* The feedback from investors today is before they go on a fictitious journey to help *"Communities"* how about some help for the Investors who have not been able to redeem their funds for 3 years, are not being paid interest and *face tens of millions of dollars of losses... *

If Equititrust was an animal it would have been put out of its misery a long time ago..


----------



## No Trust (8 June 2011)

*Going No Where*

Read this crap and weep 

http://www.equititrust.com.au/Pdfs/EIF_Update_08Jun11.pdf

It looks like they are priming the investors for a *"larger than expected" * Capital Loss. 

These incompetent idiots should have had these valuations done a year ago... Instead they have deliberately hid the truth from investors for as long as they could whilst taking huge fees for effectively losing investors’ money... On top of this they had the gall to try and scam the Australian Public into investing more money in the now failed 50M Capital Raising. At least ASIC did something about this and made them pull the plug. This money should be paid back to investors directly from *McIvor's pocket*..


----------



## kostag (8 June 2011)

*Re: Going No Where*

Glad that the CEO records his dissapointment at the losses etc.

I ownder whether the rumourred Isle of Capri $6M house construction is his?

When they say that the Equititrust team is working fulltime on the EIF -  hasn't he seen the videos with Ian Maurice and the promtion of Landsolve Capital Partners and Trust Mutual -  that seems to be where the effort is going right now..... maybe David should kick people off his PC and take a look at the YOUTUBE website.....

we are all being lined up for a kick in the b---s!

What does 'we have the valuations and they are being stress tested'.....  if they are independent valuations -  why wouldn't we be seeing them?

Landsolve seesm to be oiff on its own fund raising mission -  so why would have those imbeciles 'stress tested' anything?

We have been put under enough stress and we are none of us taking it too well!

ASIC where in the hell are you?

Thanks to Colin Kruger for atleast giving us a chance. 





No Trust said:


> Read this crap and weep
> 
> http://www.equititrust.com.au/Pdfs/EIF_Update_08Jun11.pdf
> 
> ...


----------



## kostag (8 June 2011)

*final para of latest EQUITITRUST press staement 8th June 2011....*

amd there is "now a capital loss on" (our) "invetsments...."

is there?  not told us till last paragragh.

How much are we gojng to lose?

Six months ago - I said we'd be 40% down.....

you watch -  they'll fess up to 20% loss now BUT the hard cruel world and all those rotten Banks will cause it to drop further....

the offer? you watch:  we can switch  over to Team Mutual or Landsolve Capital Partners - or face another 20% loss.....


----------



## ASICK (9 June 2011)

"... The focus of the Directors of Equititrust and all staff is the management of the current EIF loan portfolio. Once the bank debt has been repaid, it is our intention to continue an orderly realisation of the assets of the EIF so that distributions can be paid to investors. At this time we do not have a definitive timetable for this process but you can be assured this process is our utmost priority. ..."

Is this some sort of joke? Capital losses which are only able to be offset by capital gains, and management is keen to make taxable (for those who pay tax) income distributions?  In such circumstances, shouldn't the fund simply pay capital repayments to members?

These managers certainly know how investors like their 'distributions' - even if it's their own capital coming back as 'income'.  

Does the now touted 'orderly realisation of the assets of the EIF' mean that the proposed strategy has also been canned by ASIC?


----------



## No Trust (9 June 2011)

*A Scam is a Scam*

ASIC must sit back and laugh every time Equititrust or Equitiscam come to them with anther delusional plan. It's very simple ASIC, just say no and get a receiver to put them out of their misery. Independent intervention is essential now... McIvor and Co out and receivers in, investors do not trust you anymore...


----------



## kostag (9 June 2011)

*EQUITITRUST: there is no strategy*

I beleive that the "plan" is......

1.  ASIC will never approve a continuation of the EIF
2. the BANKS will hang in because they dont want to be seen by us mums and dad investors as losing because the banks stepped in etc and McIvor has already shown his masterful skill at blaming the Banks and all and sundry etc to anyone bothered to listen.
3. The EIF will jut be liquidated by the remainign EIF staff on whatever basis they like -  they ofcourse are getting paid out of our money and they will pretty much do as they want
4. Banks get their snouts into the trough first
5. Then, after fees, costs, interest, huge interest on sub-ordinated debt to McIvor - we might start to see some money
6. Now at about this time, we will start to get the spiel 'higher than expected write downs' the 'capricious behaviour of the Banks etc' have all caused your investment to be worth less.....
7. surpirse! surprise! now when we accept say 40% less than we are owed plus another year or two without interest, we will get the wonderful offer to switch our investment into TRUST MUTUAL or LANDSOLVE CAPITAL PARTNERS ... some will simply hoist teh whitefalg and succumb, others will soldier on.....

under any scenario, this will simply drag outwhilst we are bled and head toward the inevitable and very predictable outcome....

The ONLY hope is either PIPERALDERMAN or ASIC step in and give us an indepdent and speedy exit...... without unnecessary impsts and costs.










ASICK said:


> "... The focus of the Directors of Equititrust and all staff is the management of the current EIF loan portfolio. Once the bank debt has been repaid, it is our intention to continue an orderly realisation of the assets of the EIF so that distributions can be paid to investors. At this time we do not have a definitive timetable for this process but you can be assured this process is our utmost priority. ..."
> 
> Is this some sort of joke? Capital losses which are only able to be offset by capital gains, and management is keen to make taxable (for those who pay tax) income distributions?  In such circumstances, shouldn't the fund simply pay capital repayments to members?
> 
> ...


----------



## No Trust (9 June 2011)

*Capital Destruction*

Equititrust has proven itself to be nothing more than a *destroyer of Retiree Investors’ money *and dreams of self sufficiency in their retirement. Whilst McIvor and Co have their *noses in the trough * all they can say is *"ahhh sorry we lost tens of millions of dollars of your money"* in useless letters and spin by paid mercenaries who have no clue what they are doing. Meanwhile the luxury lifestyle in the Multimillion Dollar Waterfront and Beachfront Mansions continues unabated... *But for how long ???? *


----------



## kostag (9 June 2011)

*concerned investors should keep a watching eye out*

For TRUST MUTUAL and LANDSOLVE CAPITAL PARTNERS and see how Equititrust morphs itself.  . A different horse maybe but the same old trainer and jockey


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## No Trust (10 June 2011)

*EQUITITRUST US*

Maybe this is why McIvor was looking so *gravely stressed*, and or *constipated *in his recent embarrassing attempt at a commercial…  Looks like ASIC has not been too keen on the *"Delusional Plans"* of the White Haired / White Shoed Cowboys on the Gold Coast and deservedly so..

*EQUITITRUST US
*Colin Kruger
10 June 2011
Sydney Morning Herald

*EQUITITRUST US
* 
The Big D may be gone but the stormtroopers are still out there keeping the corporate machine in check.

We have it on good authority *ASIC officials *were not snooping around last week at the offices of the Gold Coast mortgage fund operator Equititrust, *but it does not mean their handiwork is not evident.
* 
We can't but help that think there is more than coincidence to the fact that a recent Equititrust announcement appears to *kill the proposal *to swap investors' units for shares, thereby circumventing Equititrust's obligation to pay out investors their original $1 investment.

''Any proposal is unlikely to involve a restructure of the fund but may be a separate opportunity for investors to participate using their investment in the fund,'' it said.

The company *has delayed a report updating investors *on how much of their investment has been lost on *dodgy loans *to the likes of Dudley ''King Con'' Quinlivan, a two-times bankrupt who was loaned as much as *$70 million* on a project which may now be worth as little as *$20 million*

http://www.smh.com.au/business/sydney-airport-gets-new-wingwoman-20110609-1fuzx.html


*"DODGY INDEED"​*


----------



## No Trust (10 June 2011)

*Its all Over Now*

In light of the recent revelations of the failed Share Swap, *it is all over* for Equititrust. Investors will get a massive haircut as a result of *"Dodgy Loans"* to the likes of *King Con *in the wind up of the fund but Equititrust, Landsolve and Trust Mutual will never get anymore *Equity*, *Land to Mortgage *and most importantly *Trust* from any investor in *AUSTRALIA* ever again, so stop making stupid idiotic commercials because every time investors see McIvor's face and constipated facial expressions all they see is tens of millions of dollars of their hard earned life savings *flushed down the toilet *on *"King Con"* whilst he lives a luxurious lifestyle in his Multimillion Dollar Waterfront and Beachfront Homes... *Disgusting*


----------



## kostag (10 June 2011)

*MISMANAGED FUNDS -  look at what these poor people are still going through!*

http://www.moneymanagement.com.au/news/small-victory-for-investors-of-mismanaged-funds


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## kostag (10 June 2011)

*ALAN PEASE..... body language*

read Alan Pease's book on body language and then watch the YOUTUBE videos.

Watch the CEO..... the signs:-

1.  does not look at the camera or even Maurice when he talks
2.  at teh end when asked how can anyone invest , he actually starts to turn his head left to right in effect physically saying 'no' whilst trying to impart a positive message
3. answers are shuffling and un-clear......

the DISCLAIMER at the end - is a repeat of the old EQUIITRUST mantra -  and probably says it all as far as we are concerned....



1.







No Trust said:


> In light of the recent revelations of the failed Share Swap, *it is all over* for Equititrust. Investors will get a massive haircut as a result of *"Dodgy Loans"* to the likes of *King Con *in the wind up of the fund but Equititrust, Landsolve and Trust Mutual will never get anymore *Equity*, *Land to Mortgage *and most importantly *Trust* from any investor in *AUSTRALIA* ever again, so stop making stupid idiotic commercials because every time investors see McIvor's face and constipated facial expressions all they see is tens of millions of dollars of their hard earned life savings *flushed down the toilet *on *"King Con"* whilst he lives a luxurious lifestyle in his Multimillion Dollar Waterfront and Beachfront Homes... *Disgusting*


----------



## kostag (10 June 2011)

*Good old EINSTEIN -  he's at it again!*

and that ancient Roman bridge just won't fall down eiether....

what did Louey the fly -  if you are one a good thing, stick to it!

New horse, same tired old Jockeys. 

http://www.landsolvepartners.com.au/Newsletter_LCSF/LCSF_News.html

http://www.landsolvepartners.com.au/contact.html

http://www.landsolvepartners.com.au/Terms_Conditions.pdf


----------



## No Trust (10 June 2011)

*ASIC*

It seems that Colin Kruger is right in his assessment of ASIC's position on EquitiRust. Not only did they put a stop to the 50M Capital Raising they have also killed the share swap effectively setting them adrift not being able raise any further funds. The banks are desperate to get out and investors have been kept in the dark on how much of their investment has been lost yet McIvor and Co still don't get it and continue to make commercials for things that will not happen. Trust Mutual and Landsolve are just a form of diversion which will never come to fruition. Investors money should not be squandered on these idiotic delusions. Equititrust has now officially become the laughing stock of the Australian Financial Industry not to mention the shame of the Gold Coast. When investors money is squandered in such a reckless manner the directors of EquitRust have sealed their fate in history alongside their peers and good company, MFS, City Pacific and Asset Loan. Investors only choice now is to attack the personal assets of the directors via the class action..


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## kostag (10 June 2011)

FROM THE ARCHIVES......  BUFFETMAN RESPONSE ON THIS WEB SITE......

1. owner has $70M of his own money in the fund? well, we'll see how much of that came out over teh year or whether some one put BUFFETMAN up to what on the ace of it appears to be a materially false statement....

2.  RESORT: yep, they seem to have $44M tied up ina RESORT business.

3. PUBLIC COMPANY: who said they were?

4. BANK OF SCOTLAND: I am very  very sure that BOS is owed something over $20M, in one of the funds.

oh, how the early smokescreen and misinformation was allowed to flow...... and finally, interest always paid on time - nothing about teh CAPITAL -  wow, wasn't this confidence premature ......

THIS WAS THE 24-6-10 POSTING: _Kostag,

Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time. _


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## No Trust (10 June 2011)

*Protecting Their Golden Egg*

From the outset this *"Dodgy Mob"* who made *"Dodgy Loans"* to their mate Dudley *"King Con"* Quinlivan were trying to stifle the truth being revealed on this web site.. 

They did not want investors know the truth about their dealings which proved to be *quite shocking *once the media spotlight was shone on them.  This was all done to protect their Management Fee income stream while in fact the loan book was *80% in default *and massive losses were being hidden by not undertaking current valuations.  Even the media in today's story are calling the loans made by Equititrust *"DODGY"... *I think that says it all...


----------



## No Trust (10 June 2011)

*Einstein They Are Not*

On the Landsolve Web Site another diversionary Quote 

Logic will take you from to A to B, Imagination will take you everywhere. *Albert Einstein*

*It should read
*
Logic will take you from to A to B, Landsolve *(Really Equititrust in disguise)* will take you and your money to *"King Con"*.  Mark McIvor (P.S. Ouch he is hurting us more than we are hurting him)


The above quote is historically correct..


----------



## ASICK (10 June 2011)

"... Again let me record our disappointment that distributions have been suspended and that there is now a capital loss on your investment in EIF.  ..."
http://equititrust.com.au/Pdfs/EIF_Update_08Jun11.pdf

What! not even a "sorry"?


----------



## kostag (11 June 2011)

*disappointed?? not as much as the 1600 poor investors who have been  shafted!*

yep -  it was good of them to be dissappointed..... it is surreal -  it is like it is someone else's fault.....   not "I am sorry for causing this mess and not fessing up".....

that's one of the problems -  simply not taking responsibility for their actions and continuing on with impunity.... 



ASICK said:


> "... Again let me record our disappointment that distributions have been suspended and that there is now a capital loss on your investment in EIF.  ..."
> http://equititrust.com.au/Pdfs/EIF_Update_08Jun11.pdf
> 
> What! not even a "sorry"?


----------



## ASICK (11 June 2011)

*Re: disappointed?? not as much as the 1600 poor investors who have been  shafted!*



kostag said:


> yep -  it was good of them to be dissappointed..... it is surreal -  it is like it is someone else's fault.....   not "I am sorry for causing this mess and not fessing up".....
> 
> that's one of the problems -  simply not taking responsibility for their actions and continuing on with impunity....




That's what I was thinking .. externalization of blame .. oh! that darn market .. the floods .. bad luck ... GFC .. anything but the fault of  the directors of Equititrust Limited.


----------



## kostag (11 June 2011)

*and now the public purging of the 'guilt'....*

Mark and Matt (as seen on youtube) -  the TRUST MUTUAL 'not for profit' -  out there helping communities for nothing..... see, they are all really great guys.....

now, dont we all feel better?

Frued would have a field day .....its a shame that Ian Maurice couldn't hand the microphone over to Sigmund.



ASICK said:


> That's what I was thinking .. externalization of blame .. oh! that darn market .. the floods .. bad luck ... GFC .. anything but the fault of  the directors of Equititrust Limited.


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## No Trust (12 June 2011)

*Sorry = Admission of Liability*

Remember who you are dealing with here, lawyers... So saying sorry to them equates to *"admitting liability"...*

Expect more of this as the momentum for *legal action *against Equititrust and the directors starts to build... ASIC is cutting every escape route as reported by *Colin Kruger in the Sydney Morning Herald…
*

http://www.smh.com.au/business/sydney-airport-gets-new-wingwoman-20110609-1fuzx.html


----------



## No Trust (12 June 2011)

*False Promises*

This is what Equititrust posted on this thread on :

*16 February 2011 *Post Number *153*


"Would we like to state that *investors investment is 100% safe*? Yes we would but ASIC guidelines restrict us from making such statements."

I hope the lawyers preparing the class action scroll through this thread and closely examine some of the *"highly misleading statements"* made by Equititrust...


----------



## No Trust (13 June 2011)

*Investors lose in encounter with King Con*

*Investors lose in encounter with King Con
*
Colin Kruger
Sydney Morning Herald 
*June 13, 2011*

This would have to be by far the *most damming article yet *on Equititrust and more importantly its founder *Mark McIvor*.. Colin Kruger does not hold back any punches in this comprehensive review of what actually happened with King Con and how *tens of millions of dollars of investors’ money was squandered *without the investors knowing.


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

*Quote
*"The judgment reports how *McIvor effectively provided a reference *for the developer, speaking ''of Mr Quinlivan's personal qualities and experience and the pivotal role he plays in the company''.

He told the tribunal Quinlivan's role in the group was an important ingredient in any success it has had or will enjoy and his disqualification would make the group less attractive as a financing proposition.

He said _''the evidence he had heard about Mr Quinlivan 's chequered business history did not change his mind about the desirability of retaining Mr Quinlivan in a management role at the Quinlivan group''.
_


"In January this year, when Quinlivan's appeal to the Full Federal Court of Australia on the ban failed, ASIC said it ''expressed concern that Mr Quinlivan continued to be involved in large-scale commercial property developments''.

*Equititrust did not appear to have any such concerns.
* 
One month later the company was explaining *it would be unaffected by the collapse of Quinlivan's latest property venture*, Croftworth Property, as the EIF held first mortgage over the properties.

*This claim would last until the April *when the meeting of EIF investors were told a massive writedown on these loans to Quinlivan would single-handedly ensure they would lose money on their collective $200 million investment." *End Quote*


This is now becoming a *"National Scandal"* and yet further evidence why management of the fund should be taken out of Equititrust and McIvor's hands. How on earth can ASIC allow McIvor to now try and raise funds via Landsolve and or Trust Mutual in light of these revelations and whilst Equititrust is on the verge of collapse...

If this level of *incompetence *and *misinformation *about the state of the fund is now in the public domain as a result of *Colin Kruger’s Article *today then there is an urgent need for someone competent to step in and *safeguard investors interests* as it is clearly evident that *Equititrust is totally out of control *when it can make statements up until April that there will be no losses on the loans to King Con and then announce in April that *losses may amount to tens of millions of dollars..* This was hidden from investors as well as the public in an attempt to raise a further 50M from the unsuspecting public. Urgent action needs to be taken now to protect investors from an organisation which is clearly in disarray...


----------



## No Trust (13 June 2011)

*Investor Fury*

Investors have every right to be *“screaming mad”* at the revelations in Colin Kruger’s article in the Sydney Morning Herald this morning.. The chronology of events demonstrates that Equititrust clearly had *something to hide *in its dealings with "King Con". Investors spoken to this morning are absolutely disgusted at this farce, particularly the delusional attempts to raise further funds whilst the current disaster goes from bad to worse.. 

It is no wonder that Piper Alderman on their website have stated they are now investigating contraventions of the *Corporations Act..  *It seems there is more to the *"King Con Scandal"* than meets the eye..

In combination with the *Media*, *Legal Action*, *Pressure on ASIC *and *Referral of this Matter to your Local Member to Press for an Inquiry* Equititrust can rest assured that investors will keep digging until they get to the bottom of this murky mess. 
*SHAME EQUITITRUST SHAME​*


----------



## kostag (13 June 2011)

*CROFTSWORTH ANGLE -  there is a whole side to this we are missing*

there is an aspect to this that we are all missing -  we are told that $66M is/was owed and the valuation etc was $88M etc.... so on teh face of it, we assume that the $66M represents something akin to project costs.....

BUT the reality is this......

1. Corymbia Woods -  the Ipswich security - was and remains a vacant block of land. So what was paid for it by Croftsworths and once we know that -  where did the $66M advanced in cash by EquitiDUST go?   Who got it? and if Equititrust has proper secuirty documents which would include a charge over the BORROWER entity, then wherever those moneys (our money) went, they can be tracked down. Those moneys are still part of our secuirty.

2.  The excellent Colin Kruger SMH article shows that up until March 2011, there was still a close relationship between McIvor and Quinlivan. Why? What moneys flowed back and forth, if any? What EQUITITRUST projects did Quinlivan run or have a hand in? What moneys were paid to Quinlivan by Equititrust on other projects as well? What moneys did Quinlivan disburse and to whom? Did Quinlivan simply serve as a convienient 'middle man' receiving and disbursing moneys?

There is atleast a $46M black hole here. It is not just a valuation 'drop' -  this is real cash -  our cash $66M loaned out in cash and only a small part of it spent on the actual property secuirty. Now, any prudent lender would ensure that moneys disbursed were to the benefit of the asset/project and clearly Equititrust failed big time here. However, leaving that to one side -  where did the money go? and who got it? 

That must be attacked.

I suspect that Dudley Quinlivan may even be happy to talk about this whole set-up etc to get it off his back...... and his revelations could be most illuminating.

Piper Alderman and Colin Kruger -  stay on it!   

GH


----------



## No Trust (13 June 2011)

*Forensic Investigation*

This morning's damming Article by Colin Kruger of the Sydney Morning Herald into Equititrust's dealings with King Con resulting in tens of millions of dollars’ of losses to retiree investors warrants an *independent inquiry*. Investors spoken to are now contacting their State and Federal Members to push for an inquiry and to bring this sordid matter before Parliament, just as King Con was named in Queensland State Parliament. I encourage all investors to also contact Treasurer Wayne Swan's Office to push for further action. He is a Queenslander and this disaster is happening under his nose..

*Wayne Swan Contact Details:* 

Email:  ministerial@treasury.gov.au

*Electorate Office
*
Location:

1162 Sandgate Rd
Nundah QLD 4012

Tel: (07) 3266 8244

Postal Address:

PO Box 182
Nundah Qld 4012


Further there needs to be a proper *forensic analysis *as to where every single cent went in relation to the *"King Con"* loans. This can only be done by an *independent party *far removed from Equititrust or its directors..


----------



## ASICK (13 June 2011)

Just another great example of how interest is accrued and then capitalized and of how the fund and its paper profits grew as a hollow facade, only to crash a year or two into the future.

By your manager's own admission, the fund had about $30m in impairments paid from another 'pocket' without the knowledge of the owners of the fund advancing the loans - it's just extraordinary that ASIC pays not attention to such a goings-on.

You guys were just sitting ducks - just like the members of the badly damaged funds which preceded you.


----------



## No Trust (13 June 2011)

*Sitting Duck*

Well said ASICK, however after this morning’s Sydney Morning Herald Revelations it seems that *McIvor is now in the crosshairs*. In terms of responsibility and *"absolute investor fury"* , he may now be the sitting duck...


----------



## kostag (14 June 2011)

*CLASS ACTION OUGHT FOCUS IN LIQUIDATOR OF QUINLIVAN*

I say that the EIF will be atleast $100M short -  40% write down and that has been my calculation since February 2011.

Of this -  some 50% or $50M of losses is probably tied up in one man -  King Con!  McIvor's 'bestie' (if Court transcripts are correct).

Now, as I stated the other day, when a Borrower over-borrows against an asset and does not use the moneys borrowed on the purchase or development of the project - they go somewhere. (Leaving aside whether the Lender has been materially negligent to allow this to occur is anoteher  issue for another day) Unlike an illusory valuation, theyse funds dont just disappear. They might be tied up in family homes, boats, luxury assets, intercompany loans, preferential repayments of loan accounts to family members...... a whole raft of areas that can be both traced and attacked.

Piper Alderman should be adding this tracing to their ocourt sought rders...... there will be millions divreted to third parties.

Now, EIF's culpability will be to the extent that they knew of this or aided this. Maybe (speculation) they somehow privately benefited etc from this. All wmust be and will be revealed. ASIC should be watching this very very closely -  I suspect tthat these issues will be at the core of the losses. 

All good stuff and gives us all the potential for some additional recovery.


----------



## kostag (14 June 2011)

*McIvor and Kolonel Klink Kennedy resigned at 5pm 14th June*

Citing conflicts because of his family's large subordinated investment ... The same delusional diatribe... He doesn't get it does he? $100m of losses... What investment... Anyhow, if anyone is so worried about it... Do the right then by investors and turn it to share capital.    Any how I imagine that ASIC has had a hand in this...maybe the banks, too

Thankyou to Colin Kruger of SMH for his dogged persistence and for the Ian Lazar led court case which brought so much to light.

One has to feel sorry for the remaining Board.... Hopefully they will have the good sense to shut the place down and our money back, as reduced as it now is.

New opportunities from this mob? Please Lord, spare us!


----------



## No Trust (15 June 2011)

*Get Rid Of All Of Them For Total Transparency*

The fact that *McIvor and Kennedy resigned *is a good thing, however it changes nothing... McIvor is still pulling the strings in the background and the board in any independent assessment is not independent... This is the same scam as the 50M Capital Raising where they admitted they had a conflict yet proceeded with the farce anyway to see if they could get away with it.. They say the board is totally independent … So let’s have a closer look at this *“so called”* Independent board.

*Not So Independent
*
Tucker and his firm have been McIvor's and Equititrust's lawyers for many years and in the application of the reasonable man test, independence or the perception of independence would not be met in any sense of the word. How can the company's lawyer as well as the founder Mark McIvor’s lawyer and personal friend be considered to be independent. *This matter should be brought to the immediate attention of ASIC*.

In terms of the other two *"so called" *independent directors, Craig Treasure and John Goddard were previously appointed and *paid by McIvor to sit on the board*. Seriously this is the biggest load of crap being pulled on investors I have ever seen...  *Independence with a few strings attached??? *Nothing surprising coming from Equititrust.

*Damage Control
*
McIvor *clearly reeling *from yesterday's damming Article by Colin Kruger in the Sydney Morning Herald is trying to head off Investor fury as well as *regulatory intervention at the revelations of his intimate involvement with King Con at the expense retiree investor's life savings.*  His presence anywhere near investors’ money or decisions relating to their future was put to bed yesterday by Colin Kruger..

The proposed board is *NOT* independent in any sense of the word and *will not survive... *Investors should have been given the democratic right to vote on whether Equititrust remains the manager of the fund, not a loading of the decks with *McIvor Stooges.* How on earth can ASIC stand by and allow this further CONFLICT OF INTEREST to occur.

*Appointment of Receivers to Equititrust
*
The only way investors can be represented independently is via the appointment of a receiver who will *investigate possible breaches of the Corporations Law *by the directors, *appoint independent forensic accountants *to investigate the murky and highly dodgy "King Con" loans as well as *sell off the remaining assets *as it is clear from yesterday's article in the Sydney Morning Herald that Equititrust has no future.

*The announcement on the Equititrust Web Site reads*:

_"Mark McIvor will now focus on exploring a range of *opportunities* and potential *proposals*" 
_

*Is this a sick joke... *After what was revealed in the SMH Article yesterday the same guy who was behind the loans to King Con will now offer investors opportunities and proposals... Does that mean *brain storming sessions with "King Con"...  **ABSOLUTELY DELUSIONAL*.  These proposals and long promised opportunities never seem to materialise as it seems ASIC takes these idiotic, delusional self-serving proposals and cuts them down at the knees each time McIvor and Co go cap in hand to ASIC...

I encourage investors to contact *ASIC*, *their local member*, *Federal Treasurer Wayne Swan* and *The Media *to put pressure to bear to finally remove Equititrust from the management of the Fund before investors suffer further damage ..

*Wayne Swan Contact Details*:

Email: ministerial@treasury.gov.au

Electorate Office

Location:

1162 Sandgate Rd
Nundah QLD 4012

Tel: (07) 3266 8244

Postal Address:

PO Box 182
Nundah Qld 4012


----------



## No Trust (15 June 2011)

*WHOM WE TRUST
* 
Colin Kruger 
Sydney Morning Herald
June 15, 2011

*Quote
*"More news is expected today from law firm Piper Alderman on a *campaign to oust Gold Coast mortgage fund operator Equititrust as the responsible entity (RE) for its flagship Equititrust Income Fund.
* 
A new manager would help *clear the air *on some of Equititrust's more *colourful decisions*, like its *massive loan exposure to the twice-bankrupt Dudley ''King Con'' Quinlivan.
* 
Alas, a new RE will not be able to shed light on some of the more interesting developments around Equititrust's Chevron Island home.

The company's loan triage operation, Landsolve Partners, appears to have developed a life of its own and is hustling for investor funds.

Only big money is invited this time round - $50,000 minimum - which may rule out some of the *poor pensioners who have done their dough at Equititrust*.

There's not much in the way of details yet. Your columnist could *not find any registration *with the *Australian Securities and Investments Commission*, or any documents, for the Landsolve Capital Solutions Fund.

But don't worry; *there are plenty of familiar faces*. Equititrust and Landsolve Partners share the same telephone number, address and some of the same board members, including Equititrust's founder, *Mark McIvor"*.  *End Quote
*

http://www.smh.com.au/business/arnotts-unwrapped-but-coe-takes-biscuit-20110614-1g21b.html

Well, it seems the *"Not So Independent Board's"* lifespan may be very short lived...  It is good to see that Colin Kruger is exposing the other scams that these cowboys are trying to pull via renamed *Phoenix Funds like Landsolve*... *All escape routes are being blocked for McIvor and co *and it seems that Piper Alderman are about to make their move on behalf of long suffering investors and remove Equititrust, McIvor and his board stooges from the management of innocent retirees money once and for all...

The first cab off the rank for a new Responsible Entity should be a *full forensic analysis of the loans made to King Con*, a *Mareva Injunction over McIvor's personal assets should also be an immediate priority *to protect the interests of innocent retiree investors..  

It now seems that a *receiver being appointed to Equititrust will be inevitable *given there are moves on foot to oust EquitiRust as Irresponsible Entity and actually appoint a responsible one. Given its precarious position to date and *future inability to generate an income stream* through holding investors hostage and collecting extortionate management fees it ultimately may be rather *"Darwinian" *and *"Be the Survival of the Fittest"..*

*GOODBYE EQUITITRUST​*


----------



## ASICK (15 June 2011)

Did anyone make a complaint to ASIC about Equititrust Limited proping up impaired loans and not disclosing this action to investors? Why weren't the auditors aware of the acts?  If the auditors were aware of it, why didn't they advise invesotrs? Could you imagine if you'd been aware of that a year or two ago?

Isn't the auditor KPMG?  a well known co/defendent in so many claims by members of damaged managed funds.

The auditors are there to protect investors.


----------



## kostag (15 June 2011)

*KPMG were also MFS auditors and David Kennedy used to work at KPMG*

all too close in my humble view     







ASICK said:


> Did anyone make a complaint to ASIC about Equititrust Limited proping up impaired loans and not disclosing this action to investors? Why weren't the auditors aware of the acts?  If the auditors were aware of it, why didn't they advise invesotrs? Could you imagine if you'd been aware of that a year or two ago?
> 
> Isn't the auditor KPMG?  a well known co/defendent in so many claims by members of damaged managed funds.
> 
> The auditors are there to protect investors.


----------



## No Trust (15 June 2011)

*McIvors Resignation - Of His Own Accord Or Was He Pushed...*

McIvor's resignation on the same day as Colin Kruger's *"Damming Article"*  in the SMH seems *too much of a coincidence to the average observer*...  The question now is where the pressure came from. Was it ASIC, the banks or did he know about the action about to be taken by Piper Alderman??? Or maybe it was an attempt at face saving i.e. *resign before you are pushed*..

One way or another if he didn't resign, he would not have seen the week out, let alone Valentine’s Day. Deja vu is seems, remember the resignation of Michael King at MFS when his presence was *no longer tenable *... It’s like a broken record on the Gold Coast, replaying itself with the same old twists and turns as MFS, City Pacific and Asset Loan. 

So does this mean that McIvor will respect the corporate veil and not come into the office anymore... One can only hope and pray this will be the case *for the sake of all investors...* But being Equititrust don’t bet your life’s savings on it…

I encourage all investors who as yet have not contacted *Piper Alderman *to do so.

*Piper Alderman *- *Contact Details for the Class Action*:

http://www.piperalderman.com.au/firm/equititrust-limited-class-action

dholland@piperalderman.com.au

or


*Amanda Banton
Partner
*
Dispute Resolution and Litigation
Credit Management and Insolvency

Tel : +61 2 9253 9929
Fax : +61 2 9253 9900
abanton@piperalderman.com.au


Also refer to the *Sydney Morning Herald Article *by *Colin Kruger *13 April 2011

*"Lawyers Weigh Up Equititrust Class Action"*

*Quote*
"The investigation is expected to look at potential claims against *EIF's directors *for *allegedly breaching their statutory and fiduciary duties. 
*
This includes payments to Equititrust, as the fund's manager, which the law firm does not consider bona fide. In the second half of last year EIF paid Equititrust $4 million, leaving the fund with almost no cash by year's end.

Also under investigation are possible *unauthorised*, *imprudent investments **by the company*." *End Quote*


http://www.smh.com.au/business/lawyers-weigh-up-equititrust-class-action-20110412-1dco1.html


----------



## No Trust (15 June 2011)

*Letter Taken of Equititrust Web Site this Morning*

The letter referring to the resignations was *"mysteriously"* taken of the Web Site this morning, what have they changed their minds or are they changing the dates of the resignations ???   

For the reference of Investors here is the link to the letter:


http://www.equititrust.com.au/Pdfs/Disclosures/ChangeofDirectors_14062011.pdf


----------



## ASICK (15 June 2011)

It's really a well-beaten track - a shiny new board (thing) to look at.

A duck for cover?


----------



## kostag (15 June 2011)

*Re: Letter Taken of Equititrust Web Site this Morning NO STILL THERE /.......*

no, no change of heart .....



No Trust said:


> The letter referring to the resignations was *"mysteriously"* taken of the Web Site this morning, what have they changed their minds or are they changing the dates of the resignations ???
> 
> For the reference of Investors here is the link to the letter:
> 
> ...


----------



## No Trust (15 June 2011)

*Piper Alderman - Removal of Equititrust as Manager*

It will be interesting to see what Piper Alderman will announce today...

The investor anger over the *mismanagement of their life savings *is snowballing... 

A new manager as Colin Kruger writes today in the SMH is essential to shed light on the *"King Con Scandal"... *Equititrust and the so called independent Board will not investigate itself.


----------



## kostag (15 June 2011)

*PIPERALDERMAN: where did the $70M loaned to Quinlivan go?*

it sure wasn't use on the security property......

for a Lender to allow such monumental diversion of advanced funds away from the security asset is a disgrace and almost un-precedented.





No Trust said:


> It will be interesting to see what Piper Alderman will announce today...
> 
> The investor anger over the *mismanagement of their life savings *is snowballing...
> 
> A new manager as Colin Kruger writes today in the SMH is essential to shed light on the *"King Con Scandal"... *Equititrust and the so called independent Board will not investigate itself.


----------



## No Trust (15 June 2011)

*Public Examination*

It’s quite simple, to get to the bottom of the *"King Con" Scandal *both *McIvor *and *King Con *need to be *publicly examined*. Transparency of this nature is what innocent retiree investors who have lost tens of millions of dollars, *want*, and *will get*...


----------



## No Trust (16 June 2011)

*Deckchairs Ahoy*

*DECKCHAIRS AHOY*
Colin Kruger 
*June 16, 2011*

*Quote*
"Meanwhile, the deckchairs continue to get shuffled at *flailing mortgage fund operator, Equititrust.
* 
Company founder, Mark McIvor and the company's chief spruiker David Kennedy, have stepped down from the board of its Equititrust's moribund flagship fund - the Equititrust Income Fund.

Equititrust says it us ''unaware of any other fund manager who has installed a totally independent board to the RE [responsible entity] of the fund''. Apparently this will help ''ensure proper corporate governance where there could be the possibility of a conflict of interest''.

*Hmmm, now where o' where could there possibly be a conflict of interest?
*

''Mark is fully supportive of the restructured board and is excited about communicating directly with investors as to opportunities that may be available as they are formalised,'' the statement then goes onto say.

*Equititrust provided no mention of the special independent guidance that has apparently been provided behind the scenes by the Australian Securities and Investments Commission (ASIC).
* 
Now all they need to do is work out how much is left from the $200 million invested by retirees in the EIF and when they will get their money returned."*End Quote*

http://www.smh.com.au/business/watchdogs-last-bark-recollects-his-bites-20110615-1g3oe.html

*Conflict Within a Conflict *

It just goes from bad to worse, when their own statements contradict themselves. It didn't take Colin Kruger long to pick up on it, did it!!

So McIvor steps down due to a conflict of interest and then they state he "*is excited about communicating directly  with investors  as to opportunities that may be available as they are formalised *,'' 

Frankly investors have had a *gutful of McIvor *and don’t want to hear his BS, or see his face on any more stupid, *delusional commercials *for things that *do not even exist*. It may be cathartic for him do these fantasy commercials whilst the ship is sinking, however innocent retiree investors deal in reality. The reality of *not being able to pay for daily living expenses* whilst he lives in *Multi Million Dollar Mansions*. The same goes for the 3 stooges he planted on the board. 

One would think that ASIC would *restrict McIvor from communicating with investors *completely given the self acknowledged *Conflict of Interest*…


----------



## ASICK (16 June 2011)

'Deckchairs Ahoy!' 
I recall speaking about a 'sinking feeling' - do you guys have that feeling yet?
When the ships sink, don't they sink fast?
The real problem is that the capitain/s rarely go down with the ship/s.


----------



## kostag (16 June 2011)

*PROBLEMS GOING FORWARD....*

these are my opinions only and are not supported by anything other my own assessment of what is taking place and my analaysis of published material:-

1. Given that there is now a new fund trying to start up at Equititrust headquarters under the CEOmanship of Mark McIvor - *Landsolve Capital Partners* -  (see Ian Maurice YOUTUBE interview posted earlier on this site) - using the same staff, same phone numbers, same address -  these are presumably overheads and services being funded somehow by the EIF (our money) - that must stop BUT  however, and more significantly, are any loan assets or funds being transferred across from EIF to Landsolve on any basis? THIS IS WHERE THERE IS AN ENORNMOUS CONFLICT and why McIvor ought not be allowed access to the EIF investors.

2. Loan recovery: given that David Kennedy has bene employed and enjoyed the largesse of McIvor -  and one must presume remains close -  dont they share offices? -  how can he remain as CEO of EIF etc - that aside, if McIvor is not there and Kennedy has a conflict of interest (atleast on the face of it) who is :-  liasing with the Banks who hold the charge over all our assets and get repaid before us; are loan assets being 'butchered' just to get rid of the Banks etc ; who is overseeing this realisation process?  Once the assets are sold off etc , we have very little recourse. Once assets are gone, that is it, they are gone!

This place needs an independent RECEIVER in place now.

No disrespect to the 'independent Board' - they may be just that -  however, I understand that David Tucker is a close adviser and confidante of Mark McIvor. I do not know the connection of Craig Treasure to McIvor  -  however we must ask, have any companies of his entities borrowed from EIF ?  Mr Goddard -  again, any connection with McIvor?  other than arm's legth and professional. If there is -  it may not be an issue, but it should be disclosed.

Well done again to colin kluger of SMH. 

I still predict - as I have done since early 2011- *that $1 units will get drip fed/rep[aid to no more than 60cents in the dollar*. Anyone lodging a 2011 tax return ought get advice from PIPER ALDERMAN as to whether the amounts they received in 2010/11 are interest or in reality repaymnet of one's own capital.

Legal talk around is that the *Lazar-led RHS *claim over the *Windsor turf assets* is about to heat up again. Lazar has led some remarkable actions against recalcitrant Mortgagees in the past -  starting with the now famous Nauru loans issues. These actions are not going to stop.


----------



## kostag (16 June 2011)

*Re: Equititrust: 60 cents in the dollar MAX*

the longer the ship takes to go down -  a) the more we wood duck invetsors have to get used to the loss and therein are less likley to take action -  we just give up......   and b) the longer teh time: the greater the costs of realisation.....   MY EXPERIENCE is you cut and run when the place is rotten,  it ain't going to get any better..... time will not cure anything.......



ASICK said:


> 'Deckchairs Ahoy!'
> I recall speaking about a 'sinking feeling' - do you guys have that feeling yet?
> When the ships sink, don't they sink fast?
> The real problem is that the capitain/s rarely go down with the ship/s.


----------



## kostag (16 June 2011)

*ROMAN ARCHES aside, they just dont get it , do they?*

Nick Nicholls of the Gold Coast Bulletin led today with an article that describes in geneal terms McIvor out of the Board room..... 

Nick - that's our fear!  He is only out of the Board - but what remains in the Board room are his own appointees..... and he sits in the next office door to these guys -  same phones, same telephones, same IT guys, same support staff, same mantra and same model.... setting upa what is in effect a rival model....

maybe out of the Board room BUT not out of the tea room, the accounts office, or anywhere else....

this is NOT independence, it is a joke and one that we are all paying for...... 

ASIC! give us a break!!


----------



## No Trust (17 June 2011)

*Sinking Ship*

To the dismay of investor's, McIvor is still running the ship one way or another as Colin Kruger alluded to in his Article yesterday. Why *hadn’t McIvor resigned earlier*, one would assume this conflict had existed for quite some time, or did ASIC have a hand in this as well.. This kind of *deception by Equititrust *is playing into the hands of the lawyers. I think that the lawyers have given Equititrust enough rope to hang themselves and will pull the noose soon.

Once there is a campaign to oust the manager *the domino effect starts*...


----------



## kostag (17 June 2011)

*Re: Sinking Ship*

To be fair, once the Board new a restructure would not fly, and they would need to wind fund up etc and McIvor was off building and promoting MiniMark Version 2, there was a conflict at that point. Those three Board members have a thankless task ahead and are sitting ducks. Probably now victims like all of us. I also suspect that ASIC had a greater hand in this. Anyhow its clearly a mess and has to be dealt with by independent third parties.



No Trust said:


> To the dismay of investor's, McIvor is still running the ship one way or another as Colin Kruger alluded to in his Article yesterday. Why *hadn’t McIvor resigned earlier*, one would assume this conflict had existed for quite some time, or did ASIC have a hand in this as well.. This kind of *deception by Equititrust *is playing into the hands of the lawyers. I think that the lawyers have given Equititrust enough rope to hang themselves and will pull the noose soon.
> 
> Once there is a campaign to oust the manager *the domino effect starts*...


----------



## ASICK (17 June 2011)

If Equititrust Limited isn't permitted to make money from running the fund, then don't you guys think it's the end of Equititrust as manager? - if it doesn't have the requisite liquidity in the company, ASIC will stip the company of its AFSL.

Is your fund in its death throes?


----------



## No Trust (17 June 2011)

*Amended Constitution*

Is anyone aware of an *amendment to the deed of constitution in 2009 *granting *Equititrust 40M subordinated units in the fund in lieu of non-payment of management / performance fees* due to the fund being frozen in 2008? Apparently this was made *retrospective to 2008*. 

To rub further salt into the wound apparently Equititrust's lawyers McCulloch Robertson sanctioned this with an advice saying that this was *“not going to be detrimental to investors”...  
*
Why were investors’ *not made aware of this*????? Why were investors *not given independent legal advice* on this critical change??? Wasn't the advice from the company's own lawyers a *HUGE *conflict of interest particularly if investors were *kept in the dark*.

It’s definitely time for investors to kick these incompetent self interested idiots out, install a new manager and start an inquiry as to what happened behind the scenes of this very murky affair...

I encourage all investors to contact *Piper Alderman *and *join the class action *as soon as possible..


----------



## ASICK (17 June 2011)

"No Trust", first cab off the rank should be a complaint to ASIC about the manager's unilateral constitutional amendment.

Secondly,  your solicitor should obtain the registry from the fund manager and write to all investors - no point trying to contact investors via this forum.


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## No Trust (17 June 2011)

*Amended Constitution*

The revelations about this *"unilateral constitutional amendment" * are mind blowing... It just goes from bad to worse. On the face of it, unless I am missing something, it seems that interest was also paid on the subordinated units that the fund awarded itself...

*Why was this hidden from investors *and how the hell could ASIC let this one slip through the net? It’s no wonder that ASIC are now apparently *taking further action behind the scenes… 
*
I believe the registry has been obtained by the lawyers and all members will be written to in the coming weeks..

*This is becoming a scandal of monumental proportions…
*


----------



## kostag (17 June 2011)

*SUB-ORDINATED UNITS: extra $40M*

is this how McIvor can still spruik he has $35M of his own family money in the EIF?  By getting free $40M units -  in other words he has plundered ever single dollar out of the place???



No Trust said:


> Is anyone aware of an *amendment to the deed of constitution in 2009 *granting *Equititrust 40M subordinated units in the fund in lieu of non-payment of management / performance fees* due to the fund being frozen in 2008? Apparently this was made *retrospective to 2008*.
> 
> To rub further salt into the wound apparently Equititrust's lawyers McCulloch Robertson sanctioned this with an advice saying that this was *“not going to be detrimental to investors”...
> *
> ...


----------



## ASICK (17 June 2011)

Is there a link to the fund's constitution in .pdf? or is anyone able to post the amendment?


----------



## kostag (18 June 2011)

*One big QUESTION for Messrs McIvor and Quinlivan? WHERE DID ALL THE MONEY GO?*

In the next little while, there will be lots of questions and lots of blame.... one real question that might impact on our return is simply -  where did all the money go?

Q1:   How much did Quinlivan pay for Ipswich property?  did he disclose purchase price   to EIF when applying for the loan?
Q2:   Who instructed the Valuer?
Q3:   What cash flow/ability to service the Equititrust loan was provided and checked?
Q4:   Once Equititrust started to ladle out the $60M plus against this 'secuirty' - where did the money go? and if not directly to the project and or its development -  then why not?
Q5:  What advances were made against this secuirty were made to Quinlivan related entities after they stopped/were unable to pay interest to EIF?

In my view, the answers to the above will determine whether or not this is going to be to AUSTRALIA what Bernie Madooff and Ponzi were to the USA.

It will allow the tracing of cash flows and assets held by third parties which we will be able to 'have a go at'...... 

ASIC
PIPER ALDERMANN
NATIONAL BANK
BANK OF SCOTLAND
JOHN GODDARD
DAVID TUCKER
CRAIG TREASURE
COLIN KLUGER -  SMH

one of you please -  just ask the QUESTIONS !!!


----------



## No Trust (19 June 2011)

*Questions will be asked...*

Colin Kruger and Piper Alderman will definitely ask questions, ASIC may if pushed; the others have a *conflict of interest *and *will do nothing *to rock the boat...

An independent inquiry as to where the money went and how *“King Con”* secured such massive loans *to the detriment of retiree investors *is now essential…


----------



## kostag (19 June 2011)

*Sadly, you have got i in one!!!*

you dont want the truth -  you cant handle the truth!



No Trust said:


> Colin Kruger and Piper Alderman will definitely ask questions, ASIC may if pushed; the others have a *conflict of interest *and *will do nothing *to rock the boat...
> 
> An independent inquiry as to where the money went and how *“King Con”* secured such massive loans *to the detriment of retiree investors *is now essential…


----------



## kostag (19 June 2011)

*ASIC - where are you ?*

you can see how HIH, FAI, OneTels, MFS, CitiPacific, Octaviar... all go on under their watch -  they do nothing....

nail and fine the little guys - BUT when hundreds of millions are at risk -  they just throw up their hands.


----------



## kostag (19 June 2011)

*LOOK IN THE 2009 ACCOUNTS -  look, nothing up my sleeves!*

Now, I am not an accountant and call me stupid if you like -  but look at NOTE 4 - there in sub-ordinated units is an 'application' by McIvor for $40,300,000 of units - now, is this the 'entry' that McCullough Robertson sanctioned -  anyhow, in that same year -  whammo!  withdrawals -  in cash -  $42,403,370!

Our am I mis-rading this obscure note?

So, if this is right, the EIF was stripped a year ago. If I am wrong -  I owe everyone a sincere apology!!!

Any how - despite this -  the EIF still paid a huge return in 2010 on the sub-rdinated fund -  when in fact, there was (on my reckoning) no sub-rdinated fund at all.

Mr Steer at KPMG, please explain why the note 4 does not describe what the 'application' of $40,300,000 in 30-6-09 year was all about? was it a $40,300,000 cash application or just another 'journal entry' ???

ASIC, Piper Alderman, National Bank - take note.....

[/B]
Why were investors’ *not made aware of this*????? Why were investors *not given independent legal advice* on this critical change??? Wasn't the advice from the company's own lawyers a *HUGE *conflict of interest particularly if investors were *kept in the dark*.

It’s definitely time for investors to kick these incompetent self interested idiots out, install a new manager and start an inquiry as to what happened behind the scenes of this very murky affair...

I encourage all investors to contact *Piper Alderman *and *join the class action *as soon as possible..[/QUOTE]


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## kostag (20 June 2011)

*INFORMATION REQUEST: OPEN LETTER TO MR P STEER AT KPMG*

Mr Steer,
KPMG - Gold Coast


I am an investor in Equititrust ('EIF').


Attention has been drawn to Note 4 in the 2008-09 financial statements audited by your firm.

The note indentifies as an amount of $40,300,000 as being applied for as 'subordinated units'.


Subject to any contrary note or advice, this would appear to represent that some party applied for and was allotted 40,330,000 of sub-dordinated  units, which by general definition and historical implication, were applied for in cash. 

Were these units applied for in cash?

If not, then on what basis were they issued. In the interests of proper and honest disclosure, why wasn't there some note to investors as to any special circumstances surrounding their issue?


You would be aware that the financial accounts of EIF are posted on the responsible entities web site. In fact, they are still posted there today.


The public and other third parties rely upon these financial statements and their accuracy in making investment decisions. Many made a positive investment decision based upon the representation that stakeholders held a considerable cash investment in the EIF, such being subordinated to the units allotted to the public.


The importance of this particular issue is also:-


1.     Further, I now understand that after certain recent impairment write downs, the balance of the subordinated units is down to some $25Million. If that is true and if the 2008/2009 allotment of $40,300,000 was not in cash, the practical effect is that the stakeholders themselves have an 'ovderdrawn' position of at least $15Million -  not an equity of $25Million.


2.     In 2008/2009 and again in 2009/2010 and presumably in the first half of 2010/2011,  the stakeholders continued to draw a very  lucrative return on the subordinated units (as high as 39% in 2009/2010). The justification for this high return was stated a being the risk of it and the fact that it stood behind all other investors. If in fact the investment is not a cash investment at all, then such high return paid and the justification of same, is clearly false. 


Once more , investors and more than likely financiers etc, relied upon these published accounts.


Your full and frank reply would be appreciated.


Harry.


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## No Trust (21 June 2011)

*Unit Value Disaster*

*Ugly, * very * Ugly * indeed... This is just an estimate it may end up being *much much worse..
*
Get rid of these idiots and *vote in a new manager *so all the evidence can be revealed about their involvement with *"King Con"*. That way 100% of the money can be recovered by taking legal action against the directors..


http://www.equititrust.com.au/Pdfs/Disclosures/EIF Unit Value - 20 June 2011.pdf

*Nice work EquitiRust *


----------



## kostag (21 June 2011)

*Piper Alderman are on the right track*

I urge all and any disgruntled investors to contact them via their web site.  They are on the right course.


----------



## kostag (21 June 2011)

*INDEPENDENT BOARD*

EIF makes much noise about an independent Board etc in place etc -  on the face of it -  this appears to be the case..... BUT is it?

does any subscriber to this web site know of any business connections and or relationships between any of the 'independent Directors' and :-

a) Mark McIvor
b) MM Holdings
c)  Equititrust
d) any employee of Equititrust
e) or one Director with another,

which ought be disclosed?

I have been told that there is some link between certain parties and certain loan facilities with an entity called SECURCORP at Airlie Beach, which brings certain parties into conflict.


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## kostag (21 June 2011)

*THEY NOW ADMIT ATLEAST 22% OF OUR MONEY LOST......*

well, there we have it PRIOR to selling and holding costs -  units are down to 78cents as at 20-6-11 - see link below.....


*http://www.equititrust.com.au/Pdfs/Disclosures/EIF Unit Value - 20 June 2011.pdf*
sales costs - 3% legal costs  1%?  funding costs whilst sales happen %? opertaing overheads at the McIvorbunker %?

40% loss looking close to the money?

 I think so.

Interesting -  this current disclosure still asserts their $40M subordinated investment - which if NOTE 4 in the 2008/09 accounts is correct -  $40,300,000 of subordinated units seems to me, anyway, to be created out of thin air. So what is a loss when you didn't put the money in? Probably our loss somehow....... KPMG will have to face that one

Secondly, this time , no-one seemed prepared to sign the ANNOUCEMENT ..... it seems with these commercial 'jockeys' that  _good news comes (rapidly) by horse, and bad news comes by foot_..... 

it isn't going to get any better now, I am afraid -  come on NAB or Bank of Scotland - ASIC ??  lets get McGrath Nicholl in to this place, and give it a quick and decent burial -  the carcass is starting to smell....


----------



## No Trust (21 June 2011)

*Independent Board*

The board is not independent in any way... *David Tucker*, I have been informed today, *acts for both McIvor in a personal capacity as well as MM Holdings*... 

*How can ASIC allow this to continue???? *When it comes to a vote on the future manager this will be brought to the attention of investors. I do not know why they continue with this farce and try to *pull the wool over investor's eyes*, as there is clear and unequivocal evidence to prove this link.

I guess they feel whilst the company is in its *death throes*, it’s worth trying anything as a last shot. However this last shot mentality is at the cost of innocent retiree's investor's money. All the more reason for the management to be handed over to someone *independent *who will have the investor’s welfare as a first priority.

*LETS GET TO THE BOTTOM OF THE KING CON LOANS ONCE AND FOR ALL...*


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## kostag (22 June 2011)

*What a difference just 5 months brings!*

http://www.equititrust.com.au/Pdfs/MM Investor Letter JAN 2011.pdf

Unfortunately for us , despite Equititrust's masterful use of spin doctoring and analogies..... they have had enormous difficulty in levelling with us......

it seems that their  _spin arrived by horse, and  the reality was swept away by the bagful _(manure,  that is) -  to exploit another of their trite little quotations....

in relation to their love of all things 'Einstein' -  you don't have to be Einstien to work out what has gone on here -  do you?

in terms of Board independence, I think that all investors are entitled to an honest and open disclosure of associations and interests between themslves and then between themselves and the interests of the major shareholder, who is also, by our reckoning, the only unitholder, with a negative balance -  ie: purported investment $25M less: non cash allotmnet of units 2009 (see note 4 2009 financials) =  $15M overdrawn. Phew, wasn't their timing lucky! 

Finally -  the auditors -  KPMG : in relation to open letter sent to them re disclosure and Note 4 in the 2009 accounts -  it seems that the cat may have got the tongue. Maybe if David Kennedy gets his old job back at KPMG , he can help them with some spin.

and finally, finally -  why did they shut down those classic Ian Maurice *youtubes* with the 'Matt and Mark' tap dancing show.....  we had them playing on the large screen in the bar -  classic stuff -  couldn't get off the floor! I wanted to start selling tickets , to recoup some of the investment losses..... but then again that 'not for profit' concept seemed like a dousy -  I'd probably have been  stupid enough to stump up again. Surely not, you say! I don't know, almost bought into the premium $50M fund in January this year. How lucky am I?  

Anyhow, when Ian nearly choked trying to hold back his laughter.....I had tears running down my face, classic stuff. 

I loved the bit where Maurice asks about Board credential and tweedle dee answers ' '_we have a china man on the board.... they know china'_  or something like that.....wow.    They probably haven't herad of Equititrust in China -  and if there really is one born every minute -  with 1billion people on hand, the odds are looking OK...

Anyone manage to get a copy of the *youtube *before Ian pulled it off air???-  I'd like to get some mugs and TShirts printed to go with the DVD copies. What a Xmas present! I know 1600 people who'd probably grab a set.....


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## No Trust (22 June 2011)

*Stupid Videos*

It looks like Ian Maurice got rapped over the knuckles for posting the secret *Equititrust / McIvor agenda *online... 

I believe there are copies floating around in the correct hands, with a direct link sent to ASIC the moment they were posted online…

Idiots….


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## kostag (22 June 2011)

*Ian Maurice could re-badge these videos as 'Dumb and Dumber'*

what a series -  we need to take this to the big screen.....



No Trust said:


> It looks like Ian Maurice got rapped over the knuckles for posting the secret *Equititrust / McIvor agenda *online...
> 
> I believe there are copies floating around in the correct hands, with a direct link sent to ASIC the moment they were posted online…
> 
> Idiots….


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## No Trust (23 June 2011)

*Wanted Returns? Well, You Got Them*

*Wanted returns? Well, you got them 
*
Scott Rochfort 
Sydney Morning Herald
*June 23, 2011.
*

Quote
*CBD 
*

"The Gold Coast fund manager Equititrust has found an *innovative way of demonstrating its claim of having ''pioneered unprecedented, industry leading capital protection initiatives for [its] investors''.
* 
In its latest update, Equititrust put a positive spin on the book value of the units in its *loss-making flagship mortgage fund stumbling *from *$1 to 78 ¢*.

Investors in the Equititrust Income Fund, rather than earning monthly distributions, discovered from the update that they have been getting *capital returns *for the past few months.


''Accordingly, as *EIF has no income to distribute*, the ordinary monthly payments received by investors in the period 2 July 2010 to 29 March 2011 are all partial *repayments of capital *and, therefore, are not income and will not need to be included in the assessable income in an investor's tax return for the current year,'' said the update.

The latest valuation is from April 30 and does *not include *the current review of the fund's loan book.

''*Operating costs*, including future *bank interest *and the *costs incurred in managing the fund*, have *not been recognised in this calculation *and equally further income earned from interest during the realisation process has also not been recognised,'' Equititrust said in relation to its latest valuation.

Equititrust founder *Mark McIvor *and chief executive *David Kennedy **quit* as directors of the fund last week.

The company, however, has yet to get around to updating its website. ''Established in 1999, the Equititrust Income Fund provides you with excellence in monthly and annual income,'' says a blurb on the site.

''The fund offers you the opportunity to invest in a senior investment position backed by *Equititrust's own capital protection investment*.''   End Quote

http://www.smh.com.au/business/wanted-returns-well-you-got-them-20110622-1gffg.html


Its good to see the national press exposing these *Gold Coast Cowboys*... Lets hope that they are not given the opportunity *flush further funds down the toilet.... *

*Equititrust needs to be removed as the manager of the fund immediately...
*


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## No Trust (23 June 2011)

*Illegal Change of Constitution*

It seems others have attempted to *change constitutions *without *investors approval*, look at the link below relating to Wellington Capital's imminent removal… 


http://www.couriermail.com.au/busin...led-for-thursday/story-e6freqmx-1226079456192

The Federal Court subsequently *ruled in favour of the investors *as the story below outlines

*PIF Action Group lands Federal Court win*

http://www.financialstandard.com.au/news/view/12072780/


This has a lot of relevance to EquitiRust Investors as it seems the irresponsible entity wants to *milk the fund for quite some time*. The longer this matter is prolonged the better it is for EquitiRust, whilst investors’ funds keep dwindling day by day.

The only choice for investors going forward is to *kick EquitiRust out *and *install someone independent*.


----------



## No Trust (23 June 2011)

*Piper Alderman - Removal of Equititrust as Manager*

For those investors who have not as yet contacted Piper Alderman *I urge them to do so*. The facts surrounding the *issuance of subordinated units *and the *change to the constitution need to be investigated… *A full inquiry also needs to be undertaken on the *"King Con" Loans *as well to determine whether *directors should be sued personally for the losses. 
*

I believe all investors will be written to by Piper Alderman soon...


----------



## No Trust (23 June 2011)

*Memories Are Made of This! - See Any Similarities to EquitiRust...*

http://www.smh.com.au/business/time-to-shut-down-city-pac-20081023-56zo.html

"... The legion of small investors stuck in City Pacific's mortgage fund should
reject the swap proposal put by management, call in an administrator, put the
thing under as quickly as possible and distribute whatever is left over.

To allow this questionable mob to trade on any longer is merely to allow
Commonwealth Bank to clean up on penalty interest rates, Phil Sullivan and
City's discredited management to rip out more lush fees, and their property
developer mates to stay on the funding drip, all while asset prices are falling.

We will explain in a tick why City Pacific has little hope of ever trading out
of its predicament. Firstly, though, it should be made clear what options are
open to beleaguered investors in the mortgage funds in respect of a wind-up.

CBA is the major secured creditor to the City Pacific First Mortgage Fund (FMF).
It gets paid out first in the event of insolvency. After the employees and the
receiver that is. Unsecured creditors, with their $900 million in savings frozen
in the fund, rank behind secured creditors.

Those who are unlucky enough to own shares in the parent company also, into
which *management is trying to switch FMF unitholders*, rank even further back in
the queue and would be a snowflake's chance in Hades of ever clawing back a cent
were that to go belly up - which is probable.

Investors should also be aware that although CBA is also a creditor its
interests are categorically not aligned with theirs.

Penalties

Already the bank appears to be charging penalty interest rates as City has been
*technically in default*. Those penalties are likely to rise, and they *bite
directly into what FMF unitholders can expect to get back *in a wind-up.

We are not suggesting there has been some sort of Faustian Pact struck here
between City and its bankers, merely pointing out that CBA knows it has a buffer
and will *gouge as much out of this wobbling property empire as it can*.

Simply, the bank is owed at least $121.5 million and a fire-sale of the assets
would throw up more than that. The figure may be 50 cents to 80 cents in the
dollar as long as the insolvency experts didn't dig in for the gouge.

However, the latest published ``average variable interest rate'' on the bank
debt is 11.16%. As this is an average, we can assume that it is now higher than
11.16% as this time last year City was not in breach and bank rates were lower.

Leap of faith

What are the fund's assets worth?

There are 880.3 million $1 units. An impairment charge of $53 million has
already been taken which gives a closing balance of $827.3 million. Strip out
CBA's debt of $121.5 million (it would be higher now, that was on September 25).

If impairment charges - and this is being charitable - are worth 6 cents per
unit and the CBA debt is worth 14 cents per unit, then there is 80 cents per
unit of value left in the fund.

We are assuming here - and this is the greatest leap of faith since the Virgin
of Lourdes - that City's property valuations can be trusted. And we are assuming
that no more impairment charges will be taken.

Reaping

To the operations: City advertises to get peoples' savings into its fund then
on-lends the money to either its own property development operations in the
parent company and elsewhere, and to property developer associates, at a higher
rate.

It makes money on the ``spread'', apart from reaping $38 million in funds
management revenue last year (at a time when the funds were frozen), it booked
$23.6 million in ``rendering of financial services''.

This spread becomes negative when you add in City Pacific's management fees of
the FMF. (If counting just the interest charged to developers and interest
technically due to be paid unitholders, the spread remains slightly positive.)

In other words, the interest which they receive from developers is less than the
11.16% interest payable on the debt in the mortgage fund - which was $13.6
million annualised. This will hit the value of the mortgage fund too.

Looking at the debt maturity breakdown in the FMF annual report, $575.8 million
was due by September 30. That was due five days later and although there is
nothing published lately you can bet City could not have got its hands on even a
decent fraction of that.

The biggest loan was $188.4 million to Martha Cove, a flash development on the
road out of Melbourne to Portsea, and a related party.

All up, some $336.7 million of loans were past due at the end of June, which
were extended by the FMF. Related party loans as of June 30 totalled $255
million.

`Past due'

Which brings us to the next point: capitalised interest. Instead of making
interest payments every month, as you would do under a normal loan arrangement,
most of the City developers don't pay interest. Rather, it is added on to the
principal of the loan to be paid back at the end of the term.

The question is, will it ever be paid back? City the parent company has been
boasted of its profits for years but when you look through them you find they
were based on revenue numbers bulked up by capitalising interest on its loans
and booking it as income.

The loans are rolled over. The interest goes on top. Some are second mortgages
with high-risk rates of 20% or more. So City is booking non-existent profits,
though technically a legal practice, by rolling over developer loans.

That is coming home to roost, and every day this fund trades on with redemptions
frozen the interest charges flow to the CBA and the capitalised interest to
developers escalates.

At June 30, loans ``past due'', or in breach, were $159.5 million and loans due
that were rolled over were $336.7 million. That's $496.2 million which would
have been past due at the balance date had the loans not been renegotiated.

Over half of the entire loan book, in other words, would have been ``past due''
had these extensions not been made.

Piquant aromas

The sad thing is that while City *is burning the savings of its small investors *-
*now blaming the credit crunch *- its executives got rich by generating
supercharged profits from capitalised interest and ripping the money out via
dividends in the head stock.

They should be forced to restate their profits like ABC Learning.

Even on the impairment charge, the principal was $33.3 million and the
capitalised interest $19.7 million. If they didn't capitalise that interest they
would not have dusted that $19.7 million which, incidentally, was dusted mostly
outside the Gold Coast.

Melbourne, it seems, is City Pacific's nemesis.

This reporter first smelt a rat upon hearing that City was flying institutional
investors down in a helicopter to visit the Martha Cove project two years ago.

Helicopters are ``tres'' Gold Coast 1980s. They throw up a piquant aroma of the
flashy entrepreneur desperate to impress.

Following the helicopter ride, City last did an equity raising in the head stock
via a placement to the likes of Perpetual, Dick Pratt's Thorney and others in
February 2007 at $4.60 a share.

They raised $80 million and it was done one week prior to the release of the
interim results. The stock got promptly slammed as a large chunk of the group's
``record'' interim profit was from asset revaluations. Without them profit would
have fallen.

The institutions saw the writing on the wall and bailed. Still, the $80 million
was in the bank and the stock was in the $3 range.

Now, the entire market cap is $25 million. *This thing is gone*.

Once the fund investors appoint their own administrator, CBA will go straight
over the top with its own receiver. Still, the administrator is there to keep
the receiver honest. ..."

mwest@...


----------



## kostag (23 June 2011)

*VALUE OF $1 UNITS 78cents or is it 60cents?*

there was a posting on the www.equititrust.com.au website 20-6-11 -  I cant find it now. Has it been pulled down?


----------



## ASICK (23 June 2011)

"... EIF will record an accounting loss and a tax loss for the year ended 30 June 2011. Accordingly, as EIF has no income to distribute, the ordinary monthly payments received by investors in the period 2 July 2010 to 29 March 2011 are all partial repayments of capital and, therefore, are not income and will not need to be included in the assessable income in an investor’s tax return for the current year. ..."

Drat! nothing earned for the WHOLE year ... but you did get some of your money back .. you can add that to the $0.78c each unit is now worth (as at 30 April 2011).

But wait! there's - two more months to lose some more yet!

My guess - recovery of anywhere near $0.78 is a dream, but it's a dream many investors will cling to for fear of loss.

What a difference a year makes.


----------



## kostag (23 June 2011)

*78cents -  once ! twice! sorry -  60cents max!! more like 50cents*

take 78cents which is based on what some valuer has told them  
now, some properties will have GST to take off - so that could be how much ???
lets say the entire portfolio got sold over the next 6 months -  and that is not going to happen.... so anotehr year of rates, taxes, land tax, maintenance staff etc on larger properties -  all comes out of "our money". 

and then assume another 3 months to settle and mortgagee sales -  lets make it a year of overheads

legal fees; compliance costs; how much is the NAB 'nabbing' each month on $24M say $300K a month ????? lets assume it takes 3 months to clear them....

I predicted 60cents in the $1  back in Feb 2011 when these culpable clowns were saying the money is safe....

I reckon that in the final wash up we will see a $100M plus loss and the units at around 50cents in the dollar...... 

the major loans of $70M and $42M - a total of $112M will be lucky to yield $34M total -  there is 78M just there in one hit!

the other thing that is not factored into to any of these figures is that the security properties themselves have a whole raft of unpaid imposts which have to get cleared before any sales proceeds get to the Mortgagees -  rates, taxes, land taxes......  we have to assume that King Con wasn't too worried about his rates being paid to date.....

let McGrath Nicholl in to Equititrust for a week and get them to sign off on the real and likley nett return....

we are all still waiting for KPMG to post some explanation re Note 4 in the 2008/2009 financial accounts.

It is my view that if my assumption is correct, there would be no entitlement to any return or fees on the sub-ordinated units for 2009, 2010 and to date - and this would see well over $40M clawed back for unit holders.

This wind up process now needs someone of experience and integrity to oversee it.....the return can be increased but it needs complete Board impartiality and some aggressive forward thinking.... something more than people _scampering by horse and foot _or whatever that drivel that EIF posted was all about..... 













ASICK said:


> "... EIF will record an accounting loss and a tax loss for the year ended 30 June 2011. Accordingly, as EIF has no income to distribute, the ordinary monthly payments received by investors in the period 2 July 2010 to 29 March 2011 are all partial repayments of capital and, therefore, are not income and will not need to be included in the assessable income in an investor’s tax return for the current year. ..."
> 
> Drat! nothing earned for the WHOLE year ... but you did get some of your money back .. you can add that to the $0.78c each unit is now worth (as at 30 April 2011).
> 
> ...


----------



## kostag (23 June 2011)

*50CENTS RETURN ESTIMATE.......*

I would love to be wrong -  we cant get detailed figures from Equititrust - so lets see how close this estimate goes:-

Fund assets	per EIF	                                             *$195,476,421* 
Discount -             general	estimate only	                   -$19,547,642 	10.0%
Discount - King Con and South Australian assets best guess   -$30,000,000 
Operating costs of major assets: Resort ???	                     no idea		
Sales costs	estimate	                                               -$9,773,821 	5.0%
Rates and taxes, land tax	estimate	                                  -$4,886,911 	2.5%
Legals and associated sales costs	estimate	                     -$4,886,911 	2.5%
National Bank	EIF	                                              -$25,000,000  
bank interest	3 months	                                                  -$900,000 
Overheads EIF , Directors, staff, lawyers  say 12 months	        -$3,000,000  
*$97,481,137* 
Unit holders		                                             *$203,634,856 * 
Return		                                                                  *   $0.48 	*

SORRY FOR ALL THE RED AUSSIESTOCKS FORUMS I NEEDED TO HIGHLIGHT THE MINUSES FROM THE *PLUSSES*.


----------



## No Trust (24 June 2011)

*Equititrust Mismanagement*

If the same people are allowed to make the same bad decisions the return will definitely be in the *50%* disaster zone... 

There will also not be an independent assessment on the liability of the directors in regard to the *“King Con”* scandal…


----------



## No Trust (24 June 2011)

*Happy 1 Year Anniversary*

Kostag, *Happy 1 Year Anniversary *for yesterday, on starting this thread. Even though EquitiRust & Co despises it and *tried to mislead the public with deceptive postings*, it has been an *invaluable tool for investors *and the *media alike*, and boy a lot has been revealed in one year... *Good Work mate...*


----------



## kostag (24 June 2011)

*YES - one year ago today - we could smell rotting fish and we knew something*

had to be done to start to bring issues to the fore....... seems to have worked...... and almost to the day, one would have to say, we have come close to finalisation of this saga........



No Trust said:


> Kostag, *Happy 1 Year Anniversary *for yesterday, on starting this thread. Even though EquitiRust & Co despises it and *tried to mislead the public with deceptive postings*, it has been an *invaluable tool for investors *and the *media alike*, and boy a lot has been revealed in one year... *Good Work mate...*


----------



## No Trust (24 June 2011)

*King Con*

Yes Rotten Fish indeed... I do recall Equititrust denying the loans to King Con in one of their deceptive posts. I think they may be learning the *power of the internet *and that *spreading misinformation will soon be pounced upon*.

As the National Media have exposed this is a company which has absolutely no concern for the average investor.  Their mate *“King Con”* ranked ahead of them and McIvor even decided to write him a nice reference when *ASIC was banning *him for 5 Years.  *Idiotic incompetence of the highest order *resulting in tens of millions of dollars of losses for innocent retiree investors.

When faced with the realities of what they have done to investors they continue a *delusional charade*. This is something which the Sydney Morning Herald picked up on a few days ago. Imagine spruiking their capital protection credentials on their website whilst thousands of investors go without an income in their twilight years.  The founder then rubs more salt into their wounds by making stupid, delusional and idiotic videos spruiking yet another fund raising venture whilst the *train wreck of the last venture is still smouldering. 
*
*Equititrust must pay dearly *for what they have done to innocent retiree investors. Walking over their backs and enjoying luxurious multimillion Dollar Riverfront and Beachfront lifestyles is only going to *enrage investors further*. What has McIvor done personally to mitigate these losses… *Nothing*… This may change in the not too distant future when all participants will be taken to account for their involvement in the management of Equititrust..  

In the meantime there will be an *unrelentless campaign *put in place to get to the bottom of all the *“King Con” loan scandal*…  If Equititrust think that they can sweep this little indiscretion under the carpet they have *another thing coming*.  

It is also good to see more and more investors becoming proactive and contacting *Piper Alderman *in regard to the *removal of Equititrust as manager *as well as the *class action*. Those who haven’t contacted them yet should do so as soon as possible to protect their rights…


----------



## kostag (26 June 2011)

*KPMG: open letter*

it is worth noting that an open letter to Mr Steer -  the auditor at KPMG -  (David Kennedy's old stomping ground) -  also auditors for among others teh failed MFS Fund- regarding the infamous disclosures (or lack thereof) in NOte 4 in the 2008/09 accouts of EIF, remains un-answered.

It will take Piper Alderman to get into this aspect, perhaps.


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## No Trust (27 June 2011)

*Valuations -Updated or Not*

The revaluation of the units related to valuations only up to 30 April as reported in the SMH. What about the most current valuations which have been withheld from investors. A loan by loan breakdown of each valuation is required. Don't hold your breath for this transparency..  How much is actually going to be written down on the King Con loans. Investors need to be given a full breakdown of each valuation.
Should be an interesting few months ahead when these cowboys will finally be brought to account, that includes the directors who nurtured and maintained the special relationship with "King Con"...


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## kostag (27 June 2011)

*OPERATION OF THE EIF DAY TO DAY*

has anyone been to Chevron Island recently?

Who is actually on-site running the operation?

I have been told that Mr Mc Ivor is overseas.

We know that David Kennedy is relatively new, so his knowledge of the loans must be somewhat limited.

We know that long time Directors, Wayne McIvor and Mr Haney, jumped ship early last year.

The web site now has no details of any senior personnel. It used to be re-assuringly awash with the bios of industry luminaries from such august bodies as BHP, Sunland etc...... presumably they all jumped ship for safer climes.....we have lost the benefit of their skill and experience.....

We know that the rival Insight Capital has snared some former senior Equititrust staffers. Lucky them!

David Andersen has not been mentioned in any recent despatches, so presumably we have lost the benefit of his valuable 'MFS management' expertise and insights.

Ian Maurice seems to have opended the door on new video comedy careers for others..... 

So, who is left running the place?

The Board are non-Executive - so they are not doing the day to day grunt ......  and in any event, they were only snared in the last 7 or 8 months......so how much could they have gleaned in their non-exec, non-conflicted roles.....

so who is looking after our $200M plus of Funds?

The recent attempt at a valuation of unit disclosure (posted on the web site 20-6-11) was not even signed , so whoever crafted that 'wonder' of forensic analysis and property valuation insight, was not prepared to sign it.....maybe it was a last act as they bolted for the 'exit' sign.....

so again, we are left to ask, who is running the shop?

Someone is going to tell me that Dudley Quinlivan has taken the helm. 

No, seriously, I think that 'we' should be told who runs the place......

in this instance, silence is not golden......


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## No Trust (28 June 2011)

*Headless Chicken*

Well it would be reassuring to hear that McIvor *has not gone overseas *shortly after resigning... Coincidently resigning the same day as *Colin Kruger's expose *on *McIvor's involvement in the "King Con" Loan Scandal*. It’s bad enough to be starting another venture and posting videos on the net whilst investors' suffer, but going overseas on a holiday... *I hope this isn’t true*...


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## kostag (28 June 2011)

*"KING CON MONEY GONE" loan scandal -  Australia's 'Bernie Madoff'*

the classic PONZI scheme -  sucking in new investor funds -  to fund repayment of the old money.....

whilst paying interest to investors, then ....... just before June 2011, tell the Investors ...._'dont spend that money too quick -  it wasn't your interest, it was your own capital back....' _  nice one......


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## No Trust (29 June 2011)

*Inquiry and Forensic Accounting Essential*

As a result of the issues raised in *Colin Kruger's Expose *of the *"King Con Scandal" *on the 13th of this month, a full inquiry and appointment of forensic accountants is essential in regard to how *tens of millions of dollars *of retiree investor's money was *squandered on McIvor's buddy*.  No matter how much spin they put on it, the stench of this avoidable scandal will *remain for life*.. Good luck trying to ever raise another dollar from the Australian Public...

*The Game is Over EquitiRust​*


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## kostag (30 June 2011)

*anyone heard what Mark McMadoff or Kolonel Klink Kennedy*

Are up to?   all seems to have gone silent


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## No Trust (2 July 2011)

*Champagne Lifestyles for Some*

Whilst Innocent Retiree Investors have been *thrown on the scrapheap by Equititrust*, the founder having now quit, continues his luxurious Multimillion Dollar Beachfront and Waterfront Lifestyle whilst *making delusional videos *to further upset investors ... How about selling some of those assets to pay for the losses incurred by retiree investors on the *“King Con “* gamble.. 

Now if the same thing had happened to the founder's money what course of action do you think he would be pursing right now???  

All private assets of the directors should be subject to a *Mareva Injunction ASAP*… 

*INVESTIGATE THE “KING CON” SCANDAL​*


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## kostag (3 July 2011)

*Re: Champagne Lifestyles for Some*

what is the financial position of the exceutive Directors?  BY my reckoning on the public avaialable material in y/e 30-6-09, MM Holdings or parties associated may have withdrawn as much as $40M whilst in period to 31-12-10 seems to be around $12M.



No Trust said:


> Whilst Innocent Retiree Investors have been *thrown on the scrapheap by Equititrust*, the founder having now quit, continues his luxurious Multimillion Dollar Beachfront and Waterfront Lifestyle whilst *making delusional videos *to further upset investors ... How about selling some of those assets to pay for the losses incurred by retiree investors on the *“King Con “* gamble..
> 
> Now if the same thing had happened to the founder's money what course of action do you think he would be pursing right now???
> 
> ...


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## No Trust (3 July 2011)

*House of Cards*

One must remember that this is *basically a one man show*... No one knows what financial obligations *MM Holdings* has, do they... This has been a game of smoke and mirrors at the expense of investors hard earned retirement savings. Look at the deception in regard to *"King Con", *as reported by *Colin Kruger *of the *SMH*, *"King Con"* was the largest borrower yet investors did not know about the reckless lending..

Effectively an investment in EquitiRust was an investment in *McIvor INC*... Not such a good investment it seems, but don't worry investors will be given another *"opportunity "* soon.. Just look out for some delusional videos on You Tube, it’s a pity that *ASIC don’t approve delusional schemes*...


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## No Trust (4 July 2011)

*McIvor's Landsolve turns white knight to Equititrust*

*McIvor's Landsolve turns white knight to Equititrust *

*Colin Kruger 
Sydney Morning Herald*
July 4, 2011



AILING Gold Coast mortgage fund operator, Equititrust, appears to have *found a novel solution* to the *cash crisis *that has left its flagship fund at the *mercy of its bankers.
* 
Equititrust stands to be the beneficiary of a $200 million raising by a company that is *so closely aligned it shares Equititrust's address*, *telephone number*, and *founder*, *Mark McIvor*.

The McIvor-founded Landsolve Partners, which describes itself as a ''multi-disciplined finance and property funds management group'', plans to raise *$200 million *via the *Landsolve Capital Solutions Fund*.


''Our objective is to enable investors to *'live life to the fullest'*, through higher yield,'' Mr *McIvor says *in the marketing blurb for Landsolve. ''The Landsolve Capital Solutions Fund aims to provide investors with competitive monthly income, together with capital stability,'' it says in the document.

The information memorandum for the Landsolve fund reports that investors' money will be invested in *''loans to managed investment schemes*, including those *managed by the trustee*, *the licensee *…'' - a reference to Landsolve Partners and *Equititrust* respectively.

*Landsolve* does *not hold *an *Australian financial services licence*, so *Equititrust *will also *handle applications *for the Landsolve fund, *mind the money*, and *issue units *on Landsolve's behalf.

Earlier this year, the Australian Securities and Investments Commission (ASIC) forced Equititrust to scuttle plans to raise $50 million to effectively bail out its flagship Equititrust Income Fund (EIF). 

ASIC was concerned *about potential conflicts of interest *with Equititrust representing investors on both sides of the loan.

EIF was one of $20 billion worth of investment schemes forced to freeze redemptions in 2008 after the government guaranteed bank deposits during the financial crisis.

Just weeks ago, Equititrust reported that Mr *McIvor had resigned *from its board in recognition that there could be a future *''conflict of interest'' *for the company acting as manager of the $240 million EIF, as well as advancing business proposals to investors.

''Mark is fully supportive of the restructured board and is excited about communicating directly with investors as to opportunities that may be available as they are formalised,'' Equititrust said at the time.

David Kennedy, who also stepped down from Equititrust's board, remains chief executive of the company and reports to the ''independent board of directors'', Equititrust says. *Neither Mr McIvor or Mr Kennedy was available for comment.

*The Equititrust fund has yet to disclose the *extent of the loss to investors*, who are no longer receiving income and have not been able to redeem their investment for more than two years.

Mr McIvor is managing director of Landsolve Partners and is also on the company's board. Landsolve's $200 million raising is targeting wholesale investors, with a minimum investment of $50,000. This *removes disclosure requirements *that would be necessary if it were appealing to retail investors, as was the case for Equititrust's EIF.

Landsolve is also open to *using debt *to inflate the fund's returns, despite *Mr McIvor being part of the management team at Equititrust that got burnt *using similar leverage on EIF.

Mr *McIvor was part of the team that blamed *the withdrawal of bank support for the continuing freeze on redemptions. More recently, income distributions to investors were stopped in order to pay down bank debt, which had priority.

Bank debt is one of several issues that led Equititrust's auditor to state in the company's 2010 financial accounts that there was *uncertainty regarding the group's continuation as a going concern.
*

http://www.smh.com.au/business/mciv...ite-knight-to-equititrust-20110703-1gxf4.html


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## No Trust (4 July 2011)

*From Delusion To Insanity*

It’s clear that *Colin Kruger *is not fooled by this *latest stunt by McIvor *and neither is the *rest of Australia*. One read through the Article in this morning’s paper demonstrates the *utter desperation *and *death throws *that this mob are in...

*McIvor and Kennedy would not comment *because they know this is an *utter joke *and *will fail *in the same manner as the 50m Capital Raising earlier this year. *Who at ASIC would allow this to fly*. The smouldering heap of the Equititrust train wreck has not even been cleaned up and *fatalities counted *and yet these people are going to be let loose on the unsuspecting Australia Public??? *I don’t think so... 
*
At least *Colin Kruger *has alerted the *Australian Public* to the *latest scam*... 

*Remember this*:

50 Million Capital Raising         * Failed*  ASIC Intervention

Share Swap                            * Failed * Suspected ASIC Intervention

200 Million Capital Raising       * Failed * *Urgent ASIC Intervention *                                                             and Protection of the Australian Public


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## No Trust (4 July 2011)

*Lands Of Plenty*

*Lands of Plenty*

*Scott Rochfort 
Sydney Morning Herald*
July 4, 2011



Overarching principle ... Equitrust founder Mark McIvor. 

The founder of the Gold Coast financial concern Equititrust, *Mark McIvor*, really *does appear to be living up to the latest Charles Darwin quote *he is promoting as part of his new venture. ''Logic will take you from A to B. *Imagination will take you everywhere.*''

Despite Equititrust's flagship mortgage fund hitting choppy waters recently by having to write down the value of its units *by 22 per cent*, *McIvor is a lot more bullish about his new company, Landsolve Partners Limited*.

''Our hallmark skill is *providing income solutions*. Our objective is to enable investors to *'live life to the fullest' *through higher yield,'' McIvor said in the offer document, which *is trying *to raise up to $200 million for the Landsolve Capital Solutions Fund.

''The global financial crisis has proven the investment market *carries uncertainty*. It is imperative your capital achieves an optimum return.''

The Landsolve fund, aside from making loans to developers, might also *''make loans or invest in other management investment schemes*'' that are run by Landsolve or its related parties (*aka Equititrust*).

*One wonders *if this could include the *struggling Equititrust Income Fund*, which is required to *repay a $25 million facility to the National Australia Bank next month*.

Landsolve has also *inherited Equititrust's Roman voussoir arch logo*. ''The Roman voussoir arch was a breakthrough in structural stability. Combined with pozzolan concrete, it was one of the sturdiest methods of construction the world had ever seen,'' the Equititrust website says.


http://www.brisbanetimes.com.au/bus...lies-in-face-of-adversity-20110703-1gxdy.html


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## No Trust (4 July 2011)

*National Laughing Stock*

It seems that Equititrust and McIvor are again the *laughing stock *of the *National Media *and the *Australian Financial Industry*...

Scott Rochfort's cartoon with *McIvor* *lying* *over an arch *is eye watering stuff.. It’s a pity the tears coming out of Equititrust investor’s eyes are not as a result of laughter but *tears of misery whilst their retirement is ruined *as a result of the reckless management of their money by Equititrust. Remember *“King Con”…*

It’s clear from the equally humorous article that the Sydney Morning Herald thinks the plans are *delusional as well*.. "Mark McIvor, really does appear to be living up to the latest Charles Darwin quote he is promoting as part of his new venture. ''Logic will take you from A to B. * Imagination will take you everywhere*.''

*Let there be a stop these delusional idiotic plans*. ASIC *will you allow *this kind of disgusting charade to continue??? This is the *same conflict of interest *as in January this year under a *different guise!!! *The *attempted recycling of the Equititrust Financial Services License is a disgrace of monumental proportions.. *Why not wait for Landsolve to get its FSL??? Mmmmm *desperate times *call for *desperate measures *I guess..  *Last throw of the dice hey guys???*

Equititrust/Landsolve should be required to put the same warnings on the PDS as cigarette manufacturers. In this case it should read *“Dangerous or fatal to your financial health”... *And  *“May risk your money on King Con and not tell you about it until the money is lost”
*

*Congratulations to the Sydney Morning Herald for exposing these incompetent idiots nationally, let’s hope more investors do not get sucked in to the latest scam..*


*SOMEONE PLEASE STOP THESE COWBOYS BEFORE THEY HURT MORE INNOCENT PEOPLE
*


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## No Trust (4 July 2011)

*Insanity In The Extreme*

So on top of *"enabling investors to 'live life to the fullest"* Landsolve not having a Financial Services License will leave the minding and management of the money to Equititrust... *INSANITY IN THE EXTREME * How is McIvor and Co enabling Equititrust investors to live life to the fullest by *starving them of income and delivering tens of millions of dollars of losses. *Innocent retiree investor's *lives have been ruined by Equititrust.* Throw away lines like this should be banned by ASIC as they are clearly deceptive and contrary to the truth... 


*Equititrust is on its knees and at the mercy of its bankers *as well as in the crosshairs of an *Investor Class Action*. I am sure investors in this new scam of a fund will find comfort in this delusional scenario... *Might as well give Dracula the keys to the Blood Bank…* Who *in their right mind *would invest in this delusional fund???

How can this be allowed to proceed whilst the losses in Equititrust have not even been tallied and an inquiry has not been held into the* “King Con” loan Scandal*…

This really does look like a last roll of the dice before Equititrust Collapses.  

*ASIC needs to put an end to this farce immediately...*


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## No Trust (4 July 2011)

*Remember The Investors Thrown on The Scrapheap*







McIvor and Equititrust *have forgotten these people*.. It’s quite a telling picture of concerned Retiree Investors from the 'Investor Briefing".. 

Quite simple, *fix your first mess *before *wasting more money *on an *idiotic plan *that *will fail *just like the doomed *50M Capital Raising *and the *Share Swap*. What’s next a JV with *"King Con"* ??


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## No Trust (4 July 2011)

*Remember Us*

[video]http://media.watoday.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html[/video]

*Remember Us *- *Sort out our mess and give us our lives back...*


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## kostag (4 July 2011)

*LATEST MEDIA EXPOSE*

1.    does anyone have a copy of the IM for the Ladnsolve raising? If so, where can we see a copy?

2.    Clearly, the new structure proposes to use the 'sophisticated investor' route -  that is, side step ASIC regulations. Raise up to $200M and then feed moneys across to Equititrust. NAB gets paid out etc and then Landsolve steps into NAB shoes within EIF -  probably at a higher rate etc and then again to the disadvantage of existing investors. In fact, what is stopping EIF borrowing $50M from Landsolve? Pay Landsolve more big fees and high interest again ahead of Investor rights. EIF then starts to pay huge fees and sub-ordinated interest to MM Holdings again? It has happended before -  why not now?

3. Using this borrowed money, Investors in EIF start to see some money flow -  so we are all then beguiled into thinking maybe all is OK.....

4. We stop asking questions and demanding an explanation from Directors or the Auditors KPMG (Mr Steer) about Note 4 to the 2009 Financial accounts...... ie: was the issue of another 40,000,000 of sub-ordinated units actually paid for by McIvor in cash or was it a 'present' ???

5. Landsolve is as related to EIF as one's left and right hand share the  same mind. ASIC cannot just sit and let this happen. EIF should be repaying debt and winding itself down or handing over the reigns to someone who knows what they are doing...... not spending our time 'morphing' and re-birthing itself......  bringing a new layer of 'sophisticated investors' simply confuses the EIF investors

The truth behind the resignations; the Ian Maurice videos; now, the media-leaked $200M raising...... it all becomes clear...........

ASIC, Piper Aldermann -  enough is enough.....


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## Tysonboss1 (4 July 2011)

I am sorry, But did the so called "Investors" in this scheme believe it was Zero risk.


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## No Trust (4 July 2011)

*Risk ??? How about King Con !!!*

Nothing is zero risk but *recklessly gambling tens of millions of dollars * of innocent retiree investor's money on *"King Con"* is a *certain risk *and this is what these *incompetent*, *delusional cowboys *from the Gold Coast did... 

Now they have upped the ante and are going for broke - $200M… This *will fail*, apart from *ASIC intervention*, no one is that bloody stupid to invest in this scam given the *precarious financial stability of EquitiRust*…  This is simply another game of smoke and mirrors (which everyone can see through) to try and circumvent *EquitiRust being removed as manager*.  

I urge all investors to contact *Piper Alderman Solicitors in Sydney *and join the class action to protect their rights.


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## No Trust (4 July 2011)

*What Are The losses*

So let’s get this right..., new investors in the *Landsolve-McIvor Delusional Fund *are expected to put money into something that will be channelled into, yep you guessed it Equittrust which has undeclared losses and *incomplete financials*. 

We were all told there would be losses but *how much are these losses*??? 

These are the same desperate tactics as in January this year when they tried to raise 50M. At the time EquitiRust were *hiding massive impairments *of the loans as well as a loan book that would be *80% in default*, let alone the *special super cosy relationship with none other than "King Con". *It’s no wonder that ASIC had to step in. 

In a similar vein how can money be *channelled into a collapsing fund *and then the same collapsing fund be given the *authority to manage *the unsuspecting investor's money. This is a scam of *monumental proportions *as well as a *clear cut conflict of interest* in the same league as earlier this year.  The fact that McIvor resigned is ridiculous as the Sydney Morning Herald outlined this morning, it is *not fooling anyone*... Same address, same phone numbers, same founder same *stupid bloody arch*... *Come on*...

Complaints need to be made to *ASIC *and your *local MP *to bring this matter before *State and Federal Parliament *before more innocent retirees lives are ruined ….  An *investigative report on a national current affairs program *would not hurt either…


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## Tysonboss1 (4 July 2011)

*Re: Risk ??? How about King Con !!!*



No Trust said:


> Nothing is zero risk but *recklessly gambling tens of millions of dollars * of innocent retiree investor's money on *"King Con"* is a *certain risk *and this is what these *incompetent*, *delusional cowboys *from the Gold Coast did...
> 
> .




Maybe it was the "Investors" who were delusional cowboys, Betting the farm and Banking on returns that were higher than bank interest while failing to accept the fact that their must be higher risk involved.


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## kostag (4 July 2011)

you raise a good question.

I think that the issue/s is/are (or rather one of many)

Q1:   did the RE adopt the usual prudent lending guidelines and I think we all now know that they did NOT.

Q2:   once they knew that the Valuations on certain large loans were doubtful -  what did they do?

Q3:   in terms of honest dealings etc -  what is the explanation re Note 4 in the 2009 Financial accounts -  ie: we believed that the stakeholders had a real $40M plus in the game -  did they ???









Tysonboss1 said:


> I am sorry, But did the so called "Investors" in this scheme believe it was Zero risk.


----------



## Tysonboss1 (4 July 2011)

kostag said:


> Q1:   did the RE adopt the usual prudent lending guidelines and I think we all now know that they did NOT.
> 
> ???




The whole system is built around low quality loans, If the borrower fit inside "prudent lending guidelines" they would have sourced cheaper finance from a Bank.

When you are lending money at higher rates than bank rates to speculative businesses ventures, you have to expect there is a chance for big profit but also an equal chance for big loss.


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## No Trust (4 July 2011)

*Risk is Risk a Scam is a Scam*

The level of *non-disclosure *here is *unprecedented* and when we take the level of *reckless lending into account *it is no longer an issue of risk but one of *extreme negligence*...


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## Tysonboss1 (4 July 2011)

*Re: Risk is Risk a Scam is a Scam*



No Trust said:


> The level of *non-disclosure *here is *unprecedented* and when we take the level of *reckless lending into account *it is no longer an issue of risk but one of *extreme negligence*...




Yes there was negligence I aggree, But it was from the "Investors" who piled large amounts of their networth into this speculative lending operation with complete disregard for all the established investments principles ie, understanding the operation/business your investing in, understanding the form of security you are buying, applying a Margin of safty, diversification etc.etc.

If any one investment blows up and it wipes you out or makes you uncomfortable I say "Cry me a river" because you have brought it on yourself.


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## kostag (4 July 2011)

*Re: Risk is Risk a Scam is a Scam*

wer will all agree to disagree I think......   you are seriously  suggesting that an investor in Australian, delaling  with appropriately licensed entities who seem to have  flagrantly abused obligations (and more than likely the law) are somehow to blame because they lent the money and if they hadn't lent the money, then none of this nasty stuff could have happended?  -  wow!  Good luck in whatever field of endeavour you are in.  

Why don't  blame the  bullet makers for the murders , the tyre makers for thecar accidents....and how about the coal miners who cause all the pollution. where does it stop.......

I think we must just leave this one to Piper Alderman, the Courts and ASIC to sort out 



Tysonboss1 said:


> Yes there was negligence I aggree, But it was from the "Investors" who piled large amounts of their networth into this speculative lending operation with complete disregard for all the established investments principles ie, understanding the operation/business your investing in, understanding the form of security you are buying, applying a Margin of safty, diversification etc.etc.
> 
> If any one investment blows up and it wipes you out or makes you uncomfortable I say "Cry me a river" because you have brought it on yourself.


----------



## kostag (4 July 2011)

ah? no -  that is why a FUND MANAGER says -  we check out all BORROWERS, we only lend to say 70% LVR, and we only use proper INDEPENDENT VALUATIONS, and like any normal cautious LENDER 'we only lend to the lower of a % of purchase price or valuation'....we do some due diligence on our borrowers...... ..   NOT:  "give us your money, we will use any fly blown valuation that can be dreamt up, dont care how they can pay the interest or how they will ever pay us back, dont care if the borrower is a known duder, thrice bankrupt -  just dont care.....good luck .." -  

sorry my friend, no-one had the right or obligation to assume blatantly reckless lending practices were the order of the day.......



Tysonboss1 said:


> The whole system is built around low quality loans, If the borrower fit inside "prudent lending guidelines" they would have sourced cheaper finance from a Bank.
> 
> When you are lending money at higher rates than bank rates to speculative businesses ventures, you have to expect there is a chance for big profit but also an equal chance for big loss.


----------



## kostag (4 July 2011)

*BUFFETMAN June 2010*

lets not forget this posting which this web site's convenors  identified as coming from a PC shared by David Kennedy and BUFFETMAN..... still trying to track down "Ron or something"......(note: the quaint mis-spelling of Equititrust's name) - still looking for that $70M too   :-

_Re: EquitiTrust? 
Kostag,

Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the *owner of the business has invested about $70m of his own money in the funds* and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time. _


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## Tysonboss1 (4 July 2011)

kostag said:


> ah? no -  that is why a FUND MANAGER says -  we check out all BORROWERS, we only lend to say 70% LVR, and we only use proper INDEPENDENT VALUATIONS, and like any normal cautious LENDER 'we only lend to the lower of a % of purchase price or valuation'....we do some due diligence on our borrowers...... ..   NOT:  "give us your money, we will use any fly blown valuation that can be dreamt up, dont care how they can pay the interest or how they will ever pay us back, dont care if the borrower is a known duder, thrice bankrupt -  just dont care.....good luck .." -
> 
> sorry my friend, no-one had the right or obligation to assume blatantly reckless lending practices were the order of the day.......




I take it that the "investors" were hoping to gain a higher return than bank interest and hence put their capital into equititrust.

I might be silly, But would that not suggest that the loans which were to fund those higher returns, were paying higher interest than a bank might otherwise charge.

and if the borrower were to be in the market for an equititrust high interest loan would that not suggest they have been shunned by the traditional lenders and is probably a risker investment.


----------



## Tysonboss1 (4 July 2011)

*Re: Risk is Risk a Scam is a Scam*



kostag said:


> wer will all agree to disagree I think......   you are seriously  suggesting that an investor in Australian, delaling  with appropriately licensed entities who seem to have  flagrantly abused obligations (and more than likely the law) are somehow to blame because they lent the money and if they hadn't lent the money, then none of this nasty stuff could have happended?  -  wow!  Good luck in whatever field of endeavour you are in.
> 
> Why don't  blame the  bullet makers for the murders , the tyre makers for thecar accidents....and how about the coal miners who cause all the pollution. where does it stop.......
> 
> I think we must just leave this one to Piper Alderman, the Courts and ASIC to sort out




Yes they are to blame because they threw caution to the wind and put large amounts of their capital into this one operation, if they had of limited there exposure to say 2% - 5% of their funds then offcourse they would be peeved, and could still take part in the class action but still afford to buy potatoes.


----------



## No Trust (4 July 2011)

*Potato Farming Anyone ?*

Tyson, everyone is entitled to a viewpoint, however the mere mention of *"potatoes"* may spur the imaginative juices now flowing at EquitiRust / McIvor INC and be the catalyst for a potato farming venture.  *"King Con" potatoes anyone *? Guaranteed to grow with *McIvor fertilizer*..


----------



## No Trust (5 July 2011)

*Where have the Annual Reviews gone ??*

It seems the annual reviews have been taken down from the EquitiRust Web Site.. 

McIvor also promised one for last year but I guess "King Con" was not available for an interview...


----------



## kostag (5 July 2011)

*LANDSOLVE : more drivel and untruths*

for 18months anyone looking at the EQUITITRUST web site was fed drivel about the power of partnership and how through its subsidiary, Landsolve, all would be well. Now, if Landsolve is a subsidiary, isn't it supposed to be under the control of its parent company -  EQUITITRUST LIMITED -  where we have Messrs Goddard, Turner and Treasure presiding?  Now, if that is true and this is what teh web site has been telling us -  then is it the case that despite assurances of *no conlfict* etc, that a subsidiary of EQUITITRUST (Landsolve) is now out in the market raising funds and claiming to under the control of McIVOR -  who must logically be answering to the Board of his parent company?

Is the new proposal that a subsidiary of EQUITITRUST (Landsolve) is now trying to raise $200M from 'sophisticated investors' (I guess Landsolve is hoping that they are not so sophisticated as to be abele to use a COMPUTER and acess teh web and see what a stellar job their team has done already) at $50K a pop - and then that moeny is going to flicked across the table to the parent company ....... NOW ASIC stopped EQUITITRUST in January 2011 from pulling a similiar stunt -  how could they now stand by now and allow an ameaturish attempt to circumvent their intervention succeed?

Excuse me - I am so confused. Only on the Gold Coast -  thank God! Must be a combination of the bright sunshine and saltwater.......

The website quote was:  _Landsolve is our subsidiary partner company providing multi-discipline property and funds management expertise. Our team's skills span across: ..._


----------



## kostag (5 July 2011)

*LANDSOLVE: I think it needs its own thread     LANDDISSOLVE*

lets go


----------



## No Trust (5 July 2011)

*Landsolve Partners*

You asked for it and now you have it 


https://www.aussiestockforums.com/forums/showthread.php?t=22981&p=643750&posted=1#post643750


----------



## No Trust (6 July 2011)

*Actual Losses and Valuations on a Loan by Loan Basis*

It is essential that investors receive the facts, *valuations on a loan by loan basis *need to be given to all investors as well as a *"realistic"* estimate of the losses. Why is this information being withheld by Equititrust? *Is it that bad? 
*
Without giving full disclosure and audited end of year Financials to current and incoming investors how on earth can they go spruiking for further funds via Landsolve...

Sounds like an *act of desperation *similar to January's attempt to raise 50M. Luckily for investors *ASIC stepped in and put a stop to it..

*Financials guys where are they, we know you are about to make a loss but how *BIG is it *???

*TRYING TO RAISE MONEY WITHOUT FINANCIALS, DELUSIONAL...​*


----------



## kostag (7 July 2011)

*CHOICE MAGAZINE rang the warning bell and none of us chose to hear it*

didn't they get it right -  3 years ago......  http://www.choice.com.au/reviews-and...vestments.aspx


----------



## No Trust (8 July 2011)

*Avoiding The Media*

It seems that McIvor and Kennedy are again avoiding the Media...

When the Sydney Morning Herald contacted them about the Landsolve Capital Raising both were not available for comment... If you are doing the right thing and have nothing to hide why not talk to the media... Looks like their mate "King Con" has taught them a few lessons in starting up new companies under a different guise as well... 
If you want money to save your own asses you need realize the Australian Public are not stupid and the Australian Media will be tracking your every move. Let's hope that ASIC also does the right thing and steps in ASAP...


----------



## zencorp (8 July 2011)

Its been a while since I have been on this forum. Not much has changed. Losses continue to build & Equititrust through its sister companies continue to canvass for poor retiree's money.


----------



## No Trust (8 July 2011)

*Disgusting Behaviour*

After losing tens of millions of dollars of innocent retiree investors money they continue to *prey on weak and elderly investors *... Anyone looking to invest in one of the new *delusional schemes *should speak to a current Equititrust investor to see how their investment *turned pear shape *in the hands of McIvor and Co and his best mate *"King Con"...  *These guys should not be trusted with a single dollar of the Australian Public's money.  Bringing them before a court to be publicly examined regarding the *"King Con"* loans should be the first priority..


----------



## No Trust (8 July 2011)

*Removal of Offer document from Landsolve Website*

It seems that Landsolve have *removed the offer document from their website.. *What’s going on behind the scenes... Have the *numerous complaints to ASIC *about this scam finally had their effect... For the Australian public's sake I sure hope so... looks like interesting times ahead especially if Equititrust *defaults further and cannot repay NAB next month… 
*
Looks like this effort to scam the Australian Public has also failed…


----------



## No Trust (8 July 2011)

*Removal of Offer document from Landsolve Website*

Look at the difference in the *2 *web pages since Colin Krugers Article and unnumerous complaints to ASIC...

*Previous Web Page*

http://www.landsolvepartners.com.au/Newsletter_LCSF/LCSF_News.html

*Current Web Page*


http://www.landsolvepartners.com.au/

Spot the difference at the Bottom of the page.

*Register your interest in the fund
Request an IM* 

Have been removed from the web page...


*DELUSIONAL PLANS DONT LAST VERY LONG DO THEY..​*


----------



## No Trust (9 July 2011)

*NAB Loan*

The question now is, will NAB be paid back in full next month??? Or will there be another default....


----------



## kostag (10 July 2011)

*Re: Equititrust: mini mee number 2: TRUST MUTUAL.....*

http://www.trustmutual.com.au/

'strategic community solutions'

first investors! now, communities! next,  the whole world!!!

priceless.........


----------



## No Trust (11 July 2011)

*Trust Mutual*

It's a pity that the "Trust is Not Mutual"

The Australian Public is not stupid and will not fall for these tricks let alone the delusional video that was posted online. The only thing that stood out was "Matt's side burns...


----------



## Tysonboss1 (11 July 2011)

*Re: Trust Mutual*



No Trust said:


> It's a pity that the "Trust is Not Mutual"
> 
> The Australian Public is not stupid and will not fall for these tricks let alone the delusional video that was posted online. The only thing that stood out was "Matt's side burns...




If you keep holding on to those lemons your never going to get any lemonade,

It's your fault,

Yes you had some bad things  done to you, But you set it up so they could.

Your sheilds will be stronger next time, Move on.

If you focus on the mistake they made, you'll miss the chance to learn from the mistakes you made.


----------



## No Trust (11 July 2011)

*Mistakes Have To Be Paid For*

Thanks for the above advice, however mistakes or in this case extreme negligence has to be paid for.  EquitiRust would love all this to go away, but it won't until investors know where their money went and why it was squandered on "King Con".. Mate this has only started and will not let up until they come clean...


----------



## Tysonboss1 (11 July 2011)

*Re: Mistakes Have To Be Paid For*



No Trust said:


> Thanks for the above advice, however mistakes or in this case extreme negligence has to be paid for.  EquitiRust would love all this to go away, but it won't until investors know where their money went and why it was squandered on "King Con".. Mate this has only started and will not let up until they come clean...




I have seen stuff like this before, if they have lost your money it's gone. and it will take years to work out in the courts and you will have to throw good money after bad and you will never get anything back and you will increase the heart ache.

I Invested $10,000 in a highly speculative scheme 5 years ago, broke all my own rules and all the principles of investment. after varies actions from investor (perish the term) I have received two cheques in the mail one for $11.00 and one for $22.33.

But it was the best $10,000 I ever spent, it sent me down the right path and made me a better investor, The investment operation I run today is better for it.


----------



## No Trust (12 July 2011)

*Piper Alderman Update 11 July 2011*

*Piper Alderman Update 11 July 2011
*

*Equititrust Limited Class Action*

Update - Monday, 11th July 2011

Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited, the responsible entity of *embattled mortgage fund Equititrust Income Fund*, for *breaches of the Corporations Act*.

Following a unit holders' meeting held on 20 April 2011, there have been a number of *reports in the media *relating to *Equititrust Limited's financial position*, that have lead to *significant scrutiny *of its management of the Equititrust Income Fund. Despite *investigations undertaken by ASIC*, Equititrust Limited has *failed to adequately resolve the issues **identified* or address the concerns of individual unit holders.

The recent resignations of Mark McIvor, the driving force behind Equititrust Limited, and David Kennedy, the former CEO, *have further heightened the concerns of investors*.

If you are interested in joining the potential class action, please e-mail dholland@piperalderman.com.au.

http://www.piperalderman.com.au/firm/equititrust-limited-class-action


----------



## No Trust (12 July 2011)

*Trying To Raise 200M - Ah Don't Think So*

Trying to Raise *200M* while *ASIC is investigating you*... Don't think so...

Trying to raise *200M* whilst *tens of millions of dollars of losses *have not been disclosed to Equititrust Investors... Don't think so...

Trying *Raise 200M *whilst *issues investigated by ASIC remain unresolved*... Well that’s *delusional*...

There is more *going on in the background *than investors know about, but that’s not a surprise with Equititrust and McIvor Inc... The *"King Con Loans"* and *tens of millions of dollars of losses *were only revealed to investor a few months back, as reported by *Colin Kruger *in the *Sydney Morning Herald*...


----------



## No Trust (12 July 2011)

*Contact Piper Alderman*

To protect your rights contact Piper Alderman and make a complaint to ASIC..


----------



## No Trust (12 July 2011)

*TV Exposure*

Considering McIvor and Co's passion for making *delusional videos*, it might be time for some *National TV Exposure *via an investigation by one of the *Current Affairs Programmes’. *Let’s see some *tough questions *on *investor losses *and *ASIC Investigations *answered then...


----------



## kostag (13 July 2011)

*LANDSOLVE: have any assets of Equitrust moved across to Landsolve*

I think something thas everyone has to be on guard for is the very real prospect that EQUITITRUST may have allowed loan "assets" (and I use that term very loosley) to transfer across to LANDSOLVE, the Equititrust 'mini-me'.

With the National Bank holding the first charge, we would all like to think that they have been diligent enough and this has not occured.

However LANDSOLVE is hell bent on setting up a FUND and it needs loan assets.

None of us should rule out that LOAN ASSETS may have been flicked sideways.

Piper Alderman, you should be writing to all Directors and even the NAB for that matter and making sure that everyone is on notice.


----------



## kostag (13 July 2011)

*Re: TV Exposure MINI SERIES*

I think there is enough for a mini-series.



No Trust said:


> Considering McIvor and Co's passion for making *delusional videos*, it might be time for some *National TV Exposure *via an investigation by one of the *Current Affairs Programmes’. *Let’s see some *tough questions *on *investor losses *and *ASIC Investigations *answered then...


----------



## kostag (13 July 2011)

*Re: TV Exposure MINI SERIES ACA or TODAY TONIGHT*

would only need a couple of investors to be prepared to step forward..... could all start with the CHOICE MAGAZINE warning.....  then across to the KING CON involvment  -  the PRICELESS Ian Maurice footage -  whenever I watch, I laugh that hard that I hurt  -  where did he find that CORKIN fellow -  very inspiring stuff......  







kostag said:


> I think there is enough for a mini-series.


----------



## No Trust (15 July 2011)

*NAB Loan*

The big question now is, will the *NAB loan *be paid next month???

From the latest update on the *Piper Alderman Website *it seems that Equititrust were *investigated by ASIC *and issues have *not been *satisfactorily resolved.

http://www.piperalderman.com.au/firm/equititrust-limited-class-action

As usual whilst *Equititrust is on the brink of collapse*, investors have been told nothing.


----------



## No Trust (15 July 2011)

*Director's Personal Assets*

Does anyone know if Equititrust Directors *are selling personal assets *as a result of *Equititrust's financial problems*??  Surely buy now the contagion must have spread to *personal assets *and *outstanding loans to banks *as *Equititrust’s future does not look too certain*…

In any event the sale proceeds should be* sequestered in favour of the Equititrust investors *who have *lost tens of millions of dollars *due to Equititrust negligence and *gamble* on *“King Con”…*


----------



## No Trust (15 July 2011)

*Whats going on at Insight Equity*

It seems that Wayne McIvor, Mark McIvor’s brother has disappeared from the Insight Equity Website as a director...  

What’s going on with the McIvor boys...  Has this got anything to do with ASIC or any future class action against the present and former directors of Equititrust... 

The contagion may be spreading far and wide...


----------



## kostag (17 July 2011)

*Re: Director's Personal Assets*

one would expect that the as the true status of the company has been  known for 2 or more years by Directors, that arranagments would have been underway well before any admissions.

I beleive that in correspondence with Borrowers etc, there is ample evidence which will emerge that will show authorities that Equititrust knew of their valuation crisis well before they withdrew any PDS statements.



No Trust said:


> Does anyone know if Equititrust Directors *are selling personal assets *as a result of *Equititrust's financial problems*??  Surely buy now the contagion must have spread to *personal assets *and *outstanding loans to banks *as *Equititrust’s future does not look too certain*…
> 
> In any event the sale proceeds should be* sequestered in favour of the Equititrust investors *who have *lost tens of millions of dollars *due to Equititrust negligence and *gamble* on *“King Con”…*


----------



## No Trust (18 July 2011)

*ASIC*

ASIC have not been *investigating Equititrust *for nothing... More will be revealed soon...


----------



## kostag (18 July 2011)

*Re: Equititrust: valuations etc and knowledge of Directors*

I have seen one letter from an Equititrust lawyer made avaialable to me by a Borrower which sets out chapter and verse that Equititrust were enforcing a mortgage knwoing that they would not recover there then 1stM loan principal, however some 18months latter, in PDS material they continue to disclose an ever increasing debt, with an allegded valutaion, way in excess of that alleged debt level.

Makes a mockery of the published PDS material.


----------



## No Trust (19 July 2011)

*Corporate Goverance and Conflict of Interest ???  Whats that???*

There seems to have been a *serious* lapse in *corporate governance *at Equititrust and a *lot of smoke and mirrors *in an attempt to *mislead investors* as to whom loans were made and the timing and extent of losses.. 

No one is stupid, *ASIC is being forced to investigate them at every turn *and the Australian Public have the *Sydney Morning Herald*, *Colin Kruger *and *Scott Rochfort *to thank for exposing Equititrust and its directors…

Equititrust and Landsolve or whatever McIvor concocts in the near future to try and *save his own ass **will fail *due to the negligence in handling innocent retiree investor’s money. Tens of millions of dollars lost on *"King Con"* is a national disgrace. 

*How can these guys live with themselves…
*
For a reminder of what they have done a quick click on the link below says it all..


*Investors lose in encounter with King Con 
*


*Colin Kruger *
Sydney Morning Herald
*June 13, 2011*

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


----------



## No Trust (20 July 2011)

*Valuations*

Where are the valuations recently undertaken. Why are they being withheld from investors...


----------



## kostag (20 July 2011)

*Re: Equititrust: Valuations: the real issue*

The real issue which Piper Aldermann will get to the bottom of is 'at what point did Equititrust management know that the valuaions that they had were 'on the nose' "

I beleive it will be shown that this was well known to them (EIF) well before they stopped money raising and PDS issuing etc.

Now, this meant that once they had good cause to believe that the fund equity was in deficit, they could no longer draw management fees or sub-ordinated fund returns etc -  so as they wanted to keep drawing down obscene amounts of investor money for their own use, they masked the true status of the loan valuations and would have us all believe that it was only in March of 2011 that they suddenly realised that the valuations that they were only months earlier  so confidently spruiking, were "on the nose".

Bear in mind for a year or so prior to this, those geniuses from Equititrust associate, Landsolve,  were supposeldy overseeing the major and key property assets -  so under their watch (and note the CEO was also Mark McIvor) while they were doing all their 'superlative' property work, they never bothered to enquire or ascertain what the properties under their control, were worth.

It does beggar belief, doesn't it?

Come on ASIC -  get with the program!


----------



## klua (21 July 2011)

*Re: Valuations*



No Trust said:


> Where are the valuations recently undertaken. Why are they being withheld from investors...




The valuations are probably not being published to keep the sales prices of the properties high. If the valuations are published then those valuations would set the highest amount any bidder would pay and most bidders would try and pay a lot lesss. 

If I was a bidder then i certainly would want to pay a lot less than a published valuation. 

So I hope that by not publising INDIVIDUAL property valuations the sales prices can be higher and this means more money for us.

Publishing of a total valuation would not affect individual prices.


----------



## Tysonboss1 (21 July 2011)

*Re: Valuations*



klua said:


> The valuations are probably not being published to keep the sales prices of the properties high. If the valuations are published then those valuations would set the highest amount any bidder would pay and most bidders would try and pay a lot lesss.
> 
> If I was a bidder then i certainly would want to pay a lot less than a published valuation.
> 
> ...




real estate valuations are taken from prior and comparable sales, They are not a true valuation of the intrinsic worth of a real estate asset.


----------



## klua (21 July 2011)

*Re: Valuations*



Tysonboss1 said:


> real estate valuations are taken from prior and comparable sales, They are not a true valuation of the intrinsic worth of a real estate asset.




Buyers always compare prior and comparable sales when assessing a property's value. Banks and financiers also use prior and comparable sales when assesing a property's value. 

If prior and comparable sales are not a true indication of a property's sale value as you say then what is the true valuation?


----------



## Tysonboss1 (21 July 2011)

*Re: Valuations*



klua said:


> If prior and comparable sales are not a true indication of a property's sale value as you say then what is the true valuation?




The true intrinsic value of an asset relates to the free cashflow it will generate over it's life, for example you for a piece of real estate you might take it's annual rent income minus and costs and times it by 20 because you are happy with a 4% inflation hedged return, you use this value to determine the price.

So the Value dertermines the price, 
to use price to determine value is a bit backward.

For example,

Imagine a dodgy guys company builds a block of 50 apartments, Then his brother, sister, cousin and father in law all purchase an apartment for $500,000.

There is now prior and comparable sales, so the other 46 apartments can be valued at $500,000 by a valuer and we can market them to interstate investors at this over the top price.

An investor would asses the earning power of the asset over time and produce a valuation based on this, Any value that uses price as an imput is faulty from the start.


----------



## Tysonboss1 (21 July 2011)

*Re: Valuations*



klua said:


> Buyers always compare prior and comparable sales when assessing a property's value. Banks and financiers also use prior and comparable sales when assesing a property's value.
> 
> If prior and comparable sales are not a true indication of a property's sale value as you say then what is the true valuation?




It a bit like using the recent sale price of a share to try and determine it value,


----------



## No Trust (21 July 2011)

*There is a reason the Valuations need to be disclosed*

The reason that valuations need to be disclosed is that Landsolve and McIvor were attempting to raise *200M* from innocent investors to pump back into Equititrust. So if *robbing Peter to pay Paul *is the name of the game innocent new investors in Landsolve need to know *how big the hole is going to be*... It's an exercise in transparency and corporate governance. This is one of the key reasons why *ASIC had to take action in January *this year when the *doomed 50M *capital raising was mooted. At that time the *catastrophic losses were being withheld* as well as the *disaster loans to the notorious 'King Con".*

*You can’t have it both ways*, if the fund was being wound down in an orderly manner then I would agree that valuations would need to be kept confidential however, *McIvor wants it both ways *and *that just does not work*. 
Using the *pretext of Landsolve *to *try and save your own ass *is something the *Australian media *and *ASIC* have seen through.

The damage has been done and investors both old and new have *lost faith *in both *Equititrust* and *McIvor*. *That cannot ever be undone*; *delusional exercises *in *denying reality *and making *idiotic marketing videos* about Landsolve etc will not repay investors the *tens of millions of dollars lost on "King Con"... 
*

*Equititrust needs to be removed*, an independent manager appointed and legal proceedings commenced against *Equititrust* and *McIvor* forcing the *repayment of Management Fees *paid to Equititrust when it was not entitled to receive them.


----------



## klua (22 July 2011)

*Re: Valuations*



Tysonboss1 said:


> The true intrinsic value of an asset relates to the free cashflow it will generate over it's life, for example you for a piece of real estate you might take it's annual rent income minus and costs and times it by 20 because you are happy with a 4% inflation hedged return, you use this value to determine the price.




So if the gross rental if 5000 less 1000 costs giving 4000 net and you multiply this by 20 to get a purchase price of 80000 then you consider this is a 4% return. 
You may want to relook at your maths before buying anything.

As for your other points it is important to remember that real estate prices are NOT just based on an investing decision as you seem to believe. There is "head' and "heart" in a real estate purchase. Thats why a house at Double Bay will sell for 50X the price of a house at Woop Woop, its the heart factor in those prices. 
Try justifing a house at Doulbe Bay or Palm Beach on your intrinsic value figures. The same heart factor applies to cars and boats. Is a Rolls worth a dozen falcons?

The example you gave about the the inflated prices works only if you only use a small sample. A prudent purchaser taking a larger sample than 3 sales would soon reveal something was awry. 

Comparable prices give the best starting point for a purchase, it shows what others have paid for the "head" and "heart". That starting point is then adjusted for all other facors.

In short for the best return on my impaired investment I would not like to see individual valuations release prior to any sales. I understand others would like the valuations released  for some revenge or altuistic reasons but my prime aim is to maximise the return back to my pocket. 

I will not reply to real estate posts or clutter up this thread with any more real estate posts as the main game is to get sales and our money returned.

BTW i received a letter this week from Landsolve which I found very vague.


----------



## Tysonboss1 (22 July 2011)

*Re: Valuations*



klua said:


> So if the gross rental if 5000 less 1000 costs giving 4000 net and you multiply this by 20 to get a purchase price of 80000 then you consider this is a 4% return.
> You may want to relook at your maths before buying anything.




LOL, yes sorry.

No, you multiple it by 25. In my sleepyness I confused it with the 20 i use for my calculations, I use 25 for fair market value, But I prefer to by closer to 20 as that gives me a larger margin of safty.


----------



## Tysonboss1 (22 July 2011)

*Re: Valuations*



klua said:


> 1, As for your other points it is important to remember that real estate prices are NOT just based on an investing decision as you seem to believe. There is "head' and "heart" in a real estate purchase.
> 
> 2, Thats why a house at Double Bay will sell for 50X the price of a house at Woop Woop, its the heart factor in those prices.
> Try justifing a house at Doulbe Bay or Palm Beach on your intrinsic value figures.
> ...




1, Yes offcourse, but as investors we deal with facts not emotions, and people that put to much weight in the part of the valuation determined by heart, may find it disappears like mist when they reach for it.

2,It would probably generate 50x the rent too. But Ever notice that it is the top end of the property market that suffers the most in a down turn, it is not uncommon for top end properties to drop 40 or 50% in a correction. Offcourse certain features, add to the value, to a point, but even high end property still has comparisons made between how much it would cost to buy vs rent.

3, It may be that there is only a small sample available, I know of a development in my home town where townhouses are being over valued in such a way because the only comparible town house sales are in the same development and have been purchased by the developer.

4, I don't agree it is the best place to start, That assumes the market in general is never over valued, again I use the sharemarket as a reference, just because there was comparable sales of astroturf.com of $150 pershare in 2000 does not mean each share is worth $150. when it went bust any one who paid $150 pershare quickly found that out.

5, The fact that you have an investment in this company does not give me faith that your opinions on value have merit. Good luck with your investing, If you are half as smart as you think you are you will eventually come round and agree with me. 

cheers


----------



## klua (22 July 2011)

*Re: Valuations*



Tysonboss1 said:


> If you are half as smart as you think you are you will eventually come round and agree with me.
> 
> cheers




I am disspointed with your cheap insult.
I could have rubbed your nose in your maths error but I chose to point it out politely. 

Just because I pointed out your maths error to assist you and others doesnt mean i am claiming to be smarter than you and you dont need to try and regain your pride by dishing out cheap insults.


----------



## Tysonboss1 (22 July 2011)

*Re: Valuations*



klua said:


> I am disspointed with your cheap insult.




It's not an insult. Just pointing out that eventually, given enough experiance (and financel scars on their back) even a person of moderate intelligence can work out that their is a difference between market price and underlying value, and that having an idea about the underlying value is more important than knowing the current market price. 

The main thing you need to understand is that any calculation that uses market price as an imput to determine value is flawed.

But most people don't find this out until it's to late, Bull markets cover up all sorts of valuation mistakes, ( every turkey can fly in a tornado ), It's when the tide goes out and market prices collapse and you find out whether you valuation techniques have merit.


----------



## No Trust (24 July 2011)

*NAB Loan - Bank of Scotland Loan*

Will the NAB Loan be paid off in the next few weeks as promised or *will there be another default...* In terms of the Bank of Scotland Loan what is happening there?? As usual with these incompetents *no information for the investors..*


*How long will the financials take this time???  *Delayed as long as possible so as not to reveal the losses like last time.  *Normal operating procedure with EquitiRust...*

*Whilst Equititrust inches towards the financial graveyard *investors are *told nothing *and the founder *(who once preached he was the custodian of the public's money) *goes about enjoying his *luxurious lifestyle *and pretending this disaster is not happening… *Sickening behaviour*


----------



## kostag (24 July 2011)

*Re: Equititrust: what is the real value here?*

http://www.equititrust.com.au/Pdfs/Disclosures/EIF Unit Value - 20 June 2011.pdf

would be nice if one of the highly credentialled non-exec Directors was prepared to stand up and sign off on this missive!

great isn't it?

they finally drop a bomb shell! McIvor jumps ship and does his now infamous Ian Maurice video announcement re LANDSOLVE  and leaves it to the three stooges  to drop this un-named un-signed capital loss bombshell on us. They hasten to point out that the loss will be greater because the values are at 30-4-11 and they have to deduct costs and overheads etc -  and ofcourse, we are all left in the blind as to what they are!

Nice one ASIC!

I am still confident of my Feb 2011 prediction of 50cents in the $.....   we'll see


----------



## No Trust (24 July 2011)

*50 Cents in the Dollar may optimistic*

As Colin Kruger highlighted the incompetent management at EquititRust were spruiking the "King Con" loans were not going to cause a loss and then suddenly in April low and behold the truth came out...

Currently investors are having information withheld. The capital losses are calculated on old valuations and if the capital loss is calculated on the current valuations then 50 Cents in the Dollar may look optimistic...


----------



## kostag (25 July 2011)

*Re: 50 Cents in the Dollar may optimistic*

NOTRUST, I suspect that you may prove to be right -  I am only pointing out that in FEB 2011, when EIF was still spruiking something close to $1.20 in the $1, I came out and did an analysis and predicted a write down to 50cents in the $1..... and I think that I am goign to be very veyr close.

Maybe, Landsolve can offer me a job as a Valuer. My only condition, I would need to be paid in cash and eh, sorry, in advance please.

The truth is and it will come out -  that EIF knew of valuation stress in 2009 pretty much across the Board and did not disclose it the Investors -  because the minute that they annouced a shortfall in the EIF all the moneytaps would be turned off......

they needed to keep raising new money like any Ponzi scheme and kept a lid on this for as long as they could.

Piper Alderman have an easy job of it really -  subpoena each of teh top say 20 loans in terms of internal Memoranda between then key staff and Management, perhaps even make contact with Borrowers etc -  once they have their hands on that material, I have no doubt that PDS statmenets will be shown to be completely misleading documents and then Piper Alderman can call on ASIC to assist.

The RE of the EIF etc probbaly has some type of PI insurance - this may cover a claim if it focuses along these lines

Plus, obvioulsy, Directors' assets and teh downstreaming of cash and the sideways shuffle of assets and loans ought be looked at closley.

Representations by EIF to its own bankers - NAB and Bank of Scotland would probably also un-ravel and reveal some juicy material as well...

A very shabby affair and one that would do old Mr Ponzi proud.........



No Trust said:


> As Colin Kruger highlighted the incompetent management at EquititRust were spruiking the "King Con" loans were not going to cause a loss and then suddenly in April low and behold the truth came out...
> 
> Currently investors are having information withheld. The capital losses are calculated on old valuations and if the capital loss is calculated on the current valuations then 50 Cents in the Dollar may look optimistic...


----------



## No Trust (26 July 2011)

*Valuations - Bank Default*

If EquitiRust *have nothing to hide *then release the valuations so that both current and incoming investors know *how big the losses really are*. 

In terms of the banking facilities it is clear that *EquitiRust is in default*, however what is the default interest being charged and will the default be further *exacerbated by non-payment of the loan next month*... i.e *will the bank appoint a receiver *if it is not paid out. The investors have again been told nothing and are being *treated like fools *by an *incompetent orginisation *which is *"one step away from the boneyard"*... 

*This farce must come to an end...*


----------



## klua (26 July 2011)

*Re: NAB Loan - Bank of Scotland Loan*



No Trust said:


> Will the NAB Loan be paid off in the next few weeks as promised or *will there be another default...* In terms of the Bank of Scotland Loan what is happening there?? ]




Doesnt the EIF only have a loan from NAB and no loan from Bank of Scotland?

However the Premium Fund or even Equittrust itself may have a loan from Bank of Scotland, not sure.


----------



## No Trust (27 July 2011)

*Valuations - Bank Default*

Both the loans to the EIF and the PIF are now of *major concern *as they both relate to Equititrust. If Equititrust won't update their investors as to the status, then investors *may have to resort to contacting the banks themselves *to try and find out what the status is. 

Investors are having *information withheld from them*... Simple as that… 

General statements about the value of their investment minus costs is crap, tell the investors *how much default interest is being paid *and whether the loans will be repaid as was promised or *will another promise be broken *and the *loans go into default*... necessitating the appointment of a receiver..

*No one knows where the investor's stand any longer...​*


----------



## kostag (27 July 2011)

*Re: Equititrust: Bank loans*

as invetsors in EIF we are in fact the 'bank customer'.

The EIF has a loan from NAB in Brisbane. I am trying to get the phone number BUT it will be head office - commercial finance.

The PIF has a facility with BOSIAL which is Bank of Scotland International Australia Limited -  again based in Brisbane.

A call to eiether of these entities from concerned investors might shake the tree a little.


----------



## klua (28 July 2011)

*Re: Equititrust: Bank loans*



kostag said:


> as invetsors in EIF we are in fact the 'bank customer'.
> .




Best of British, sadly I doubt the bank will see it that way.


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## No Trust (30 July 2011)

*Equititrust Disaster*

Equititrust is not communicating with investors in an effective manner and is typical of past behaviour of *covering up losses *and the *"true" financial state* of the fund.. 

What is the status of the bank loans and *WILL THE BANKS BE REPAID*...


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## No Trust (1 August 2011)

*Directors Assets - Is There Financial Stress*

What is the *status of the Directors Assets*, particularly those assets connected to the founder *Mark McIvor*...  With a class action pending which has declared *directors are in the firing line for potential breaches of the Corporations Law *the status of the director's assets is paramount in terms of *potential damages*.

Due to the inextricable link between *Equititrust - McIvor  - MM Holdings Pty Ltd - Personal Assets *it would be interesting to explore whether the assets or the *overall financial position* of McIvor are under stress due to Equititrust's Financial Woes...


----------



## No Trust (1 August 2011)

*No Loan Loan Book Status Updates - What Nightmare Awaits...*

There have been *no valuations disclosed *to investors so that they can calculate their *"real"* losses and no update on *whether the Banks will be repaid as promised...
*
Investors have ultimately paid for these valuations but Equititrust withholds the information *while it sinks*... *What Nightmare will they spring on investors next ???????*


----------



## kostag (1 August 2011)

*Re: Equititrust: CROFTSWORTH QUINLIVIN AND IPSWICH*

there are going to be some interesting developments this coming week with Dudley Quinlvin and the Ipswich loan -  the single largest "asset" of the EIF ..... the truth is going to finally come out...... I stake my reputation on this one..... I believe that the biggest loan "assets" will all have a story to tell and this is going to un-ravel and  -  outcome will not be good for any of us BUT at least authorities will in my view be forced to act


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## No Trust (1 August 2011)

*Multiple Investigations*

There seems to be *"Multiple Investigations"* underway into Equititrust and its *"previous directors"* apart from the *Piper Alderman Investigation*... Those Investigations seem to have been yielding some *serious results*...

If there is nothing to hide why don't they simply release a full accounting of the *"disbursements"* on the *"King Con" Loans*... This is most likely a job for the forensic accountants...
...........................................................................................................................

There may have been reason *Equititrust didn't want their mate to be banned by ASIC *and subsequently expedite his collapse.. A *receiver / liquidator *would have *access to all the books and records including the loans from Equititrust*... Now by law, a receiver / Liquidator has to *report any breaches of the Corporations Law to ASIC* and or the *concerned authorities*... 

Has something *untoward been discovered *in this *incestuous and convoluted relationship* that may be.... *a bit *..... *err*.....*irregular*... If it has the *investors need to know the truth *once and for all...


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## kostag (1 August 2011)

*QUINLIVAN: bankrupt?*

I am reliably told that Dudley Quinlivan voluntarily declared bankruptcy today and will soon reveal all ....... trying to do an ITSA register search which I will do and report on this web site


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## kostag (1 August 2011)

*EQUITITRUST: Quinlivan mortgagee: invetsor named JEANS*

I am told relaibly that a big EIF investor (over $15M) has gotten tied up in the Quinlivan security and therein very big losses and more is soon to follow from a legal persepective.....


----------



## No Trust (1 August 2011)

*Dirty Deals Done Dirt Cheap*

It seems that a number of  large investors have now engaged private investigators to get to the bottom of the "King Con" loans... There seems to be more to the Jeans connection than meets the eye, in any event it seems that some of the bigger hitters who have taken a bath with Equititrust are now hitting back hard..


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## No Trust (2 August 2011)

*"Jeans" Investor*

Does anyone have any more information on the *"Jeans"* investor and who he is ? 

If *15M *of this investor's money was connected to the *"King Con"* Loans then I am not surprised they *are out for blood*... It will be interesting what *legal recourse *will be sought... From the previous *"Annual Reviews"* now *removed from the Equititrust Website *a number of other *prominent Gold Coast Businessmen were investors in EquitiRust*... 

*Don't think McIvor is a popular boy* on the *Gold Coast *or for that matter in *Australia*...


----------



## No Trust (2 August 2011)

*Supporting Creditor of a dear old mate.......*

Equititrust were a supporting creditor to the *Bankrupcty Application of Dudley "King Con" Quinlivan *which was adjourned yesterday.. He may have *nothing to lose anymore *and decide to fight back in his own way and *take down **EquitiRust / McIvor *with him... Looking like a bad soap opera with innocent retiree investors money flushed down the toilet... 

There is speculation that this *whole matter is just about to blow up*, investors can look forward to some *interesting reading */ *headlines* in the *not too distant future*...


----------



## kostag (2 August 2011)

that is what I am being told -  watch this space!!!


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## No Trust (2 August 2011)

*Vendetta's*

Whilst *personal vendetta's *are being settled between *"King Con"* / *Equititrust* / *McIvor* investors are *kept in the dark *and lose more of their hard earned retirement money whilst this *idiotic folly continues*.. 

The *financial score *needs to be *settled with McIvor *who got the investors into this mess with his mate *"King Con"* in the first place... Wonder how he would feel if *he wasn’t able to pay for his daily needs*...  Well McIvor *that is the position your investor’s are now in*.                  
*Meditate on that... *


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## No Trust (3 August 2011)

*Equititrust Removed as Custodian of the EIF*

*Equititrust Removed as Custodian of the EIF
*

1 August 2011

http://www.equititrust.com.au/Pdfs/EIF_Custodian_ and_Directors_01_Aug_2011.pdf


Looks like there is a lot more going on behind the scenes that investors are being told..

Read the last paragraph about "litigation" and make up your own mind, is there more litigation from investors pending that is precipitating this warning ???


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## No Trust (3 August 2011)

*Equititrust Disaster*

What is going on ??? 

Investors need to get on the phone to *Piper Alderman*... *Enough* is *enough*...

The last paragraph of the update *all but admits defeat*...........................................


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## klua (3 August 2011)

*Re: Equititrust Removed as Custodian of the EIF*



No Trust said:


> *Equititrust Removed as Custodian of the EIF
> *
> Read the last paragraph about "litigation" and make up your own mind, is there more litigation from investors pending that is precipitating this warning ???





That paragraph at the end of page one is referring to litigation between EIF and the Borrowers and/or the Borrower's guarantors. I dont see any reference to litigation between EIF and investors.

The increase in litigation is only to be expected as EIF seek to recover our money from defaulting borrowers.


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## No Trust (3 August 2011)

*Investors Fight Back*

Investors were also told that they were not going to suffer losses on the *"King Con" * Loans, their money was 100% safe etc etc... The point is, behind every one of their "announcements” there is a monster lurking in the shadows...

You just need to refer to the *Sydney Morning Herald Article *by *Colin Kruger *to see clear cut examples of this...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


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## No Trust (4 August 2011)

*Financials - How Big are the Losses*

When will investors see the *financials this time ?? *How big are the losses and at what *discount* are the properties being sold just to appease the repayment of the NAB Loan. Investors are being *kept in the dark again…*


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## No Trust (5 August 2011)

*Board Independence*

In light of the current announcement, is the Equititrust Board truly independent or is *there now an even greater conflict of interest*... 

If each board member was required to *give a sworn declaration of independence *how many could provide this???  The board is now *well and truly stacked *with McIvor's *friends / stooges*...   This *feeble charade *of resigning and then *appointing mates* is *not fooling the Australian public *nor the *Australian Media*... Maybe *"King Con"* will be given a consulting role as it seems McIvor was *never concerned about his past business practices *as the *ASIC judgement *and *Colin Kruger Article *on June 13 clearly outlined...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


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## kostag (6 August 2011)

*Re: Equititrust: new move for RE from BALMAIN-TRILOGY ...*

does anyone have any fufther infortaion on move by TRILOGY to take on the RE work on EIF? and oust Equititrust Ltd?


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## No Trust (8 August 2011)

*Class Action*

Class action expected within weeks
Colin Kruger
Sydney Morning Herald
August 08, 2011

http://m.smh.com.au/business/class-action-expected-within-weeks-20110807-1ihhc.html


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## kostag (9 August 2011)

*Re: Equititrust: PIPER ALDERMAN*

with the information that PIPER ALDERMAN has obtained from some of the largest investors in the EIF and othe rmaterial from the two largest borrowers from the EIF, this class action and the outcome will be a no-brainer......  watch this space!

any advance on my prediction of 50cents in the $1 which was so loudly poo-pooed only 8 months ago!


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## kostag (9 August 2011)

*ACCOUNTS: there will be no financials until a new RE is in place....*

no-one except a new broom will be prepared to put their name to new ACCOUNTS. The old guard could not fess up to such a dramatic turn around in figures - a new broom can simply tell it like it is without fear or favour. We wont like the news but atleast we will finally get the real story.......


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## No Trust (10 August 2011)

*Where there is smoke there is fire...*

For a litigation funder to bankroll the legal action against both Equititrust and McIvor and other directors is an indication of the due diligence done on the merits of the claim.. There is a lot more beneath the surface to this scadal than meets the eye.. The lodgement of the statement of claim will give the innocent investors an insight into where and how their money was squandered...


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## zencorp (13 August 2011)

http://www.goldcoast.com.au/article/2011/08/13/340675_gold-coast-lead-story.html

One of Mark's Homes is up for sale....


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## No Trust (13 August 2011)

*McIvors Home on the Chopping Block*

It seems the financial pressure of the Equititrust disaster is hitting McIvor hard and deservedly so... Now he can feel some pain for the mess he created with his buddy "King Con" ... Ordinary investors have no income to buy food whilst he lives a champagne lifestyle... Let's  see how much he gives back to the investors from the sale proceeds.. I think it's more likely that Piper Alderman will need to issue a mareva injunction over his assets until an independent receiver can step into Equititrust...


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## No Trust (15 August 2011)

*What's the next asset to fall*

It would appear that McIvor Inc / MM Holdings / MM Properties and Equititrust are inextricably linked. Equititrust on the verge of collapse may have already set off the first domino resulting in the surprise announcement of the sale of McIvor's primary residence. Have the banks had something to do with this?? There is a lot going on in the background that investors are not aware of.. Coincidence I think not..

The market on the Gold Coast for luxury property is diabolical at the moment.. Added to this ,McIvor's philosophy with property was to squirrel it away and never sell it instead use it as collateral to buy other property.. Has this collateral been called in or has the curse of Cronin Island which took down his neighbor Mathew Perrin struck again...


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## kostag (18 August 2011)

*SALE OF McIVOR HOME*

this sale could be simply a part of a process that he is initiating to pay back moneys that may be owed by him and his family to Equititrust. I suspect that the Board have by now and finally all seen the writing on the wall.....   when is the new RE taking over the EIF ????


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## kostag (18 August 2011)

*EQUITITRUST and SHAKESPEARE HANEY*

a Mr Haney was on EQUITITRUST Board until May last year -  and teh financial aco****s showed some form of cross investment between their fund and EIF -  see COURIER MAIL 17-8-11 -  they have hit the bricks as well!!!  The GOLD COAST is living up to its well earned reputation ..........


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## No Trust (18 August 2011)

*Birds of a Feather*

Birds of a "Feather Fail Together"


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## No Trust (19 August 2011)

*Board Independence*

The Courier Mail article makes a mockery of the independence of David Tucker and Equititrust being forced to admit this on an update on their website.. This matter was immediately raised on this thread the moment Tucker was appointed. Well it seems the private investigators have unearthed another interesting fact. David Jackson is also apparently a provider of legal services to McIvor / Equititrust as well as a frequent dinner party guest at Mcivor's home. Where is the independence in this??? It seems that McIvor is only looking out for his interests and legal problems. Investors come last in this equation. The class action will finally end this joke of an operation which has cost innocent people their retirement. The Class Action will target McIvor directly and where he is is most vulnerable, his very cosy relationship with the King of all Con's. Bankruptcy may be the least of McIvors problems if this Pandora's box is opened...


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## No Trust (19 August 2011)

*Massive Loss*

Look at the loss in the Shakespeare and Haney Fund in the article below and you start to get an insight into what Equititrust investors are in for. These guys lent to the same developers including King Con... As Colin Kruger highlighted in the SMH it's no wonder Equititrust won't release the updated valuations. It's going to be much much worse than expected. Now even if McIvor is found to be personably liable and in breach of his directors duties and he is bankrupted that will not be enough to cover the catastrophic losses that are likely to be incurred. It is paramount that these valuations are released as soon as possible as it seems the likely amounts will be similar the Shakey and Hakey Fund which is now well and truly dead and buried.

http://www.couriermail.com.au/ipad/...kes-on-the-world/story-fn6ck2gb-1226116253868


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## kostag (19 August 2011)

*50cents in the dollar*

I predicted this in Jan 2011 - and just about everyone scoffed..... watch this space!


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## No Trust (20 August 2011)

*Catastrophic Losses*

The return will most likely be less than 50 cents in the Dollar, the market is tanking further and the assets that Equititrust lent on are ALL subprime... The judgement of McIvor in making these loans needs to be thoroughly examined.. What was he thinking...  Well he now has a class action to think about and all of his assets being attacked and rightly so.. For every action there is a reaction and now investors will finally get an opportunity to sink the boot into McIvor and his cronies.
Time to start living in the shoes of the investors and getting rid of the Waterfront and Beachfront Mansions...


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## No Trust (20 August 2011)

*50% of Loan Value*

And the hits just keep on coming...
Nice work McIvor / EquitiRust with performance like this Landsolve and Trust Mutual are destined to go down the same road as EquitiRust...

http://www.goldcoast.com.au/article/2011/08/18/342035_gold-coast-business.html


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## kostag (20 August 2011)

*Re: 50% of Loan Value*

yipeee!!!  in all his zeal to brag about how 'he' is paying back the National Bank what this moron does not understand is that this is at the cost of the INVESTORS - in this instance -  'we' have loaned $8M+ - the property is flogged for $4M -  so 'we' take a $4M or 50% hit on our funds -  BUT all the money raised by this 'sale' all goes to the NATIONAL BANK -  so 'we' get belted two ways -  we take a 50% write off and we dont even get the  50cents!!!!! 

We can now all understand why the NATIONAL BANK has not moved on the EIF -  they would not want to be seen doing this dirty work to innocent investors and retirees -  better to squeeze KOLONEL KLINK and get him to do the dirty work -  and leave us with the crumbs off the side board.....

we will never know whether this property could have realised more - all we do know is that the National Bank was squeezing -  so EIF butchers the asset to pay the bank back and sheet the loss home to us.....

on second thoughts, I take back the reference to 'morons' -  'we' are the morons..........





No Trust said:


> And the hits just keep on coming...
> Nice work McIvor / EquitiRust with performance like this Landsolve and Trust Mutual are destined to go down the same road as EquitiRust...
> 
> http://www.goldcoast.com.au/article/2011/08/18/342035_gold-coast-business.html


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## No Trust (20 August 2011)

*Suicide Pass*

When the going gets tough apply the pressure and see where the cracks appear... McIvor has thrown a suicide pass to his paid cronies and gone into the proverbial fetal position whilst ignoring the reality and gravity of what his decisions have cost innocent retiree investors. In the meantime he goes on an idiotic and delusional fantasy of making videos for Landsolve... Colin Kruger of the SMH has relentlessly reported on this running joke and thankfully has saved many other investors the same fate of the innocent Equititrust investors...


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## kostag (22 August 2011)

*Re: Equititrust: I think the strategy is smarter than that....*

the Niecon sale reveals all....  the nuber one job is to get rid of the NAB -  the NAB would have pressed for the Board changes -  Equititrust have shown that they will drop assets etc to get cash in -  look the at recent sale at 50% of what is owed..... unitholders take teh full brunt of that loss.... so NAB gets paid out -  now, whether the loss to EIF is 50% or 75% -  who cares?  we lose BUT what are we doing about it.... unless ASIC moves, the old Board all step back in and off they go again.....  Ian Maurice had better get his camera warmed up -  _eh, Ian, use a vaseline lens this please..... those pained expressions as you were interviewing was off=putting to say the least _


----------



## klua (22 August 2011)

*Re: Equititrust: I think the strategy is smarter than that....*



kostag said:


> the Niecon sale reveals all....  the nuber one job is to get rid of the NAB -  the NAB would have pressed for the Board changes -  Equititrust have shown that they will drop assets etc to get cash in -  look the at recent sale at 50% of what is owed..... unitholders take teh full brunt of that loss.... so NAB gets paid out -  now, whether the loss to EIF is 50% or 75% -  who cares?  [/I]




If you read the article in full you will read that there is other collateral for this loan. When the other collateral is realised then this should reduce or clear the loss on this loan.


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## No Trust (23 August 2011)

*Collateral ???????? or Bulls**t*

In terms of collateral the same thing was said in regard to the "King Con" Loans... Look at the result there... As reported by Colin Kruger Equititrust concealed the losses up until April whilst maintaining a front that there would be no loss... So when Equititrust mention they have other collateral investors have no reason whatsoever to believe their lies.......


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## klua (24 August 2011)

*Re: 50% of Loan Value*



kostag said:


> yipeee!!!  in all his zeal to brag about how 'he' is paying back the National Bank what this moron does not understand is that this is at the cost of the INVESTORS - in this instance -  'we' have loaned $8M+ - the property is flogged for $4M -  so 'we' take a $4M or 50% hit on our funds -  BUT all the money raised by this 'sale' all goes to the NATIONAL BANK -  so 'we' get belted two ways -  we take a 50% write off and we dont even get the  50cents!!!!!
> .




Actually we have not been belted two ways since that 50cents you refer to has been received and re-paid to NAB reduce our debt.

But we have still taken a 4M one way belting (unless the other collateral can reduce the 4m not recovered in the sale). Not happy at all with this.


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## No Trust (24 August 2011)

*Debt is not the investors debt*

The debt is not the investors debt it is Equititrust's / McIvor debt...
If McIvor stuffed up the leverage of the fund as well as who he lent to, then he should pay. Ultimately the buck stops with him... The question is how much does he owe on his personal assets. Are the banks forcing the sale of his home on Cronin Island.. It seems a sale in the current environment is madness unless you are utterly desperate.. This may ultimately prove to be the case given Equititrust's dire straights...


----------



## No Trust (24 August 2011)

*No more EquitiRust*

With nightmare write downs on a daily basis how does McIvor think he will get Landsolve and Trust Mutual going.... Delusional in the extreme... It is clear he cannot resolve the mess he has created with Equititrust yet he wants to convince new investors to back him... Not in this lifetime...


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## No Trust (25 August 2011)

*Incompetent Idiots of the "HIGHEST ORDER"*

Read the article below and weep... This is what you get when McIvor does some business with one of his mates (King Con) at the expense of innocent retiree investors who he was meant to protect... So now on top of the daily nightmare losses on property sales investors have to endure 0.44 cents in the Dollar on an 80 Million Dollar loss. To top it off Equititrust is an unsecured creditor... It's no bloody wonder that McIvor is about to get his pants sued off him. He better look at selling his other waterfront and beachfront mansions to pay for this foray with his mate...
                  INVESTORS WILL NEVER FORGIVE YOU FOR THIS



http://www.couriermail.com.au/news/city-beat-little-or-nothing/story-e6freomx-1226121512000


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## No Trust (25 August 2011)

*Fire or Guilt Sale*

Jonathon Chancellor does not hold back in this article in outlining the background to the sale of McIvor's home... Besieged is an understatent given recent developments... 
The photos do give an insight the luxury he is living in whilst his investors starve in their old age... Do the right thing Mark and pay for your mistakes... Tip the proceeds into the Equititrust pot as your mate Dudley's offer of 0.44 Cents in the Dollar on 80 Million of losses is going to ruin the lives of many of your investors... 


http://www.propertyobserver.com.au/...-popov-designed-gold-coast-home/2011081651176


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## No Trust (25 August 2011)

*Conflict of Interest*

I am sure the new board will back their old mate Dudley's Part X but what does that mean for investors, Piper Alderman should step in an seek an injunction preventing Equititrust from voting on the Part X as there is an inherent conflict of interest as the board is clearly not independent and are simply puppets of McIvor. The legal ramifications in terms of cross claims need to be carefully considered and for this paltry return Quinlivan is better off Bankrupt. Why should Equititrust investors eat crumbs whilst Quinlivan and McIvor eat cake and live in multimillion Dollar mansions. ASIC needs to become aware of this as McIvor may proffer another reference for his dear old mate Dudley... Well at least they have something in common, they are good at losing other people's hard earned money...


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## No Trust (25 August 2011)

*Investor Beating not Briefing*

*This should be interesting... Investors will finally get to stick the boot into these incompetent idiots...*


Wonder if McIvor will show up to this one wearing a Landsolve cap and handing out investment brochures...

http://www.equititrust.com.au/Pdfs/Investor_Briefing_Session_Invitation_25_August_2011.pdf


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## No Trust (27 August 2011)

*What was McIvor Thinking ????????????????????????????????????????*

*What was McIvor thinking *..... Whist professing to be the custodian of innocent retiree investor's money, in one *foul * swoop he loses *80 Million Dollars *that investors entrusted in him. The warnings in Parliament were there about "King Con", the media articles were numerous yet as Colin Kruger reported in the Sydney Morning Herald McIvor wrote a reference for his dear old mate when ASIC was banning him as a director... End result from this foray is misery for investors on an unprecedented scale.

Seriously * WHAT WAS HE THINKING*????????


The Article below was another harbinger of things to come:

*Over-hype in the housing market 
*
by Anthony Marx 
*The Courier-Mail*
September 08, *2007*



http://www.couriermail.com.au/news/over-hype-in-the-market/story-e6freow6-1111114367065


----------



## No Trust (27 August 2011)

*ASIC - King Con  High Court Appeal Fails*

While ASIC were forced to take action, what did EquititRust do??? They provided references to *"King Con"* and exposed innocent retiree investors to an *80 Million Dollar loss*. This money is now *unsecured* and at the mercy of an offer from King Con of *0.4* cents in the dollar...


*11-181MR High Court dismisses Quinlivan application to appeal

Tuesday 23 August 2011
*

http://www.asic.gov.au/asic/asic.ns... Quinlivan application to appeal?opendocument


----------



## No Trust (29 August 2011)

*Hiding The Financials Again*

As usual the *"Gold Coast Cowboys"* who gambled your money on *"King Con "* and lost *"80 Million Dollars"* of investor's money *are withholding the end of year financials*... Come on,.. if Landsolve is about to invest 250 Million in a sinking ship, it would only be fair to see the * CATASTROPHIC * financials of Equititrust. Well I guess if they are not forthcoming soon the Class Action by Piper Alderman against Equititrust and McIvor in the next few weeks will soon sort that out... 
It will be nice to see McIvor and Dudley “King Con” Quinlivan *vigorously cross examined in the witness box*… The public gallery will be *packed*…


----------



## kostag (30 August 2011)

*Re: Equititrust: I think the strategy is smarter than that....*

are you actually believing Kolonel Klink Kennedy who gets rolled out when teh going gets tough..... what otehr collateral..... anyone who knows lending knows that the first mortgage you get is as good as it ever gets.....



klua said:


> If you read the article in full you will read that there is other collateral for this loan. When the other collateral is realised then this should reduce or clear the loss on this loan.


----------



## No Trust (31 August 2011)

*McIvor Desperately Selling His Assets*

Not only is the *S.S. Equititrust *sinking below the waterline day by day, it seems its *Captain* and *Architect* of the amazing loan deal with *"King Con"* is as well... 

The article by Courier Mail journalist Mitch Gaynor below gives an indication of the financial distress that that good ol' *Captain McIvor *is now in...

*CITY BEAT*:
Mitch Gaynor 
From:The Courier-MailAugust 27, 201112:00AM 

*PROPERTY OFFLOAD

*The man who made fund manager Equititrust a household name - *well, not quite *- Mark McIvor looks to be deleveraging *as rapidly as the fund itself*.

While the frozen fund *is in the thick of its own nightmare*, McIvor has been *placing a few of his properties on the market* in *quick succession*.

The jewel in the crown is his luxury waterfront Surfers Paradise home which he bought for $1 million under a company name.

He is also selling a property at *Palm Beach *and, according to records, recently offloaded a *Southport address for $1 million*.

To give some idea of the *derelict state of the local property *market, McIvor bought the property for exactly the *same amount in 2003*.

Not to fear, though. Apparently there are *still a couple of properties *that haven't yet hit the market.


http://www.couriermail.com.au/news/city-beat-sally-spending-up/story-e6freomx-1226123161672


----------



## No Trust (31 August 2011)

*McIvor Desperately Selling His Assets*

The article above gives some indication of the diabolical state of the property market on the Gold Coast and yet good ol' *Captain McIvor*, after having run Equititrust and its investor's *into the rocks* now has to *bail out himself*, and seems in a *"real hurry"*... It will be interesting to see if he will take *50%* of the value on *his own home * just like investors are having to *endure on the fire sale of assets *in the Equititrust Fund which he *captained then deserted *when the *going got too tough*... Instead he concentrated on making* delusional videos* for *Landsolve* with Ian Maurice... *Joke joke joke *

I suspect that there is a *lot more going on in the background *to *McIvor's financial woes* and that if assets are not realised the *banks will be moving on those assets themselves*... With no more fat income coming in the way of exorbitant fees *bled from innocent retiree investors *and a *major class action *about to commence *targeting McIvor *and Equititrust, there will be *more McIvor assets sales *to come in the weeks and months ahead...   


Don’t think McIvor will garner *much sympathy from anyone for his current predicament*... well except from his dear old mate *"King Con"* who his already on the other side...


----------



## kostag (1 September 2011)

*PIPER ALDERMAN CAN MAKE IT A WHOLE LOT WORSE ...........*

when someone bothers to do some digging - and I suspect that all they have to do is talk to the Borrowers associated with say the top 20 loans -  and the various lawyers associated with the top 20 loans -  what will emerge is that Kaptian Mark and Kolonel "I see nothing" Kennedy -  will be shown to 100% have known that the valuations that they had conjured up to justify these crazy bag of rubbish loans were over-stated; the EIF was therefore in deficit; and that they were therefore not entitled to charge and receive fees and return on sub-ordinated debt and I say that this will be the case from probbaly as early as July 2009. There is a lawyers letter floating around from an EIF lawyer that says as much on atleast one series of securities. Now, when this is shown to be the case, how many millions of fees which were 'trousered' by the galloping property 'guru' (who arrives on stallion and leaves on donkey!) McIvor and his sycophants will have to be dis-gorged..... ????

with all the properties being sold off on the Gold Coast, perhaps the good Kaptain is planning an orderley retreat to his condo at Double Bay, to ride out the rough seas ahead.....

we all watch this space with baited breath.....





No Trust said:


> The article above gives some indication of the diabolical state of the property market on the Gold Coast and yet good ol' *Captain McIvor*, after having run Equititrust and its investor's *into the rocks* now has to *bail out himself*, and seems in a *"real hurry"*... It will be interesting to see if he will take *50%* of the value on *his own home * just like investors are having to *endure on the fire sale of assets *in the Equititrust Fund which he *captained then deserted *when the *going got too tough*... Instead he concentrated on making* delusional videos* for *Landsolve* with Ian Maurice... *Joke joke joke *
> 
> I suspect that there is a *lot more going on in the background *to *McIvor's financial woes* and that if assets are not realised the *banks will be moving on those assets themselves*... With no more fat income coming in the way of exorbitant fees *bled from innocent retiree investors *and a *major class action *about to commence *targeting McIvor *and Equititrust, there will be *more McIvor assets sales *to come in the weeks and months ahead...
> 
> ...


----------



## No Trust (1 September 2011)

*Double Bay Retreat*

Well it will be interesting to see how many properties *ol' Captain McIvor *holds in his *wife’s' name*... If those properties are jointly held or jointly held in individual company names then his* first mate *may be getting *involved in the litigation *as well as *receivers / trustee's *will be *targeting* those properties as well...  That is if those properties have not already been put on the market... It’s going to be *tough having to pay all that interest *on those loans when there is *no income *coming in from *exorbitant fees *from the *sinking ship SS Equitirust*... Oh, and having to *pay back millions of dollars *of fees to *innocent retiree Investors is going to hurt as well*... 

*GREED IS NOT GOOD - BUT KARMA CERTAINLY IS...
*


----------



## No Trust (1 September 2011)

*Fee Gorging*

If the Piper Alderman *claims are proven in court*, it seems that the ramifications will reverberate *beyond civil claims *and the *regulator or other authorities *may be forced to act against both the *company and its directors *to protect innocent investor's interests...

Maybe this has precipitated McIvor's mate David Jackson QC joining the board as an alleged *"Independent Director"...  *To gets things totally clear on this issue, he is in *no way independent *and sources in the Brisbane Legal fraternity have confirmed he has acted for *Equititrust and McIvor in a personal capacity* and is a dinner party *guest at McIvor's home*... His presence on the board though may have been *precipitated by other ominous matters going on in the background*...

It’s time for Equititrust and its *former directors to reveal all*… 

On another note *who is preserving documentation *and *emails* at the moment ??? Or will this *vanish *as quickly as the *innocent retiree investors’ money* that they *managed so poorly*…


----------



## No Trust (3 September 2011)

*Financials - How Big are the Losses              Board Loaded with McIvor Stooges*

What is driving investors *in droves *to *Piper Alderman and the class action* against *McIvor and Equititrust *is a total lack of disclosure... 

Where are the *financials *and what is the default status with the banks... i.e. how much default interest is being paid to the banks... *NO ANSWERS *from the board of *"McIvor's mates"* *David Tucker *has been revealed as a stooge; now when will they admit *David Jackson *is in the same position as Tucker... *Investors just need to ask the question at the so called investor briefing*... *Is David Jackson a mate of McIvor's and does he go to his home for dinner parties...* Simple as that. 

If the answer is *"yes"*then get off the f...ing board..., both *Tucker* and *Jackson* are lawyers and *ought to know better*... This is the kind of *disrespect* that investors get from McIvor after exposing his investors to *"King Con"* and *losing 80 Million Dollars *on this idiotic foray... McIvor then resigns when the going gets *too tough *but loads the board with his mates or *paid mates*... 
Lawyers are always your mate when they are getting paid or hasn’t McIvor figured that one out yet... Oh hang on *he's a lawyer*,.. that explains a lot. Let’s see *who screws who in this little arrangement*... 

*GOLD COAST COWBOYS RIDE AGAIN...
*


----------



## No Trust (3 September 2011)

*Television Exposure - Care for an Interview McIvor........*

A number of investors are actively *lobbying the television networks *and current affairs programmes to cover the so called *"Investor Briefing"* on the 23rd of September in a similar fashion to what the Sydney Morning Herald did in the piece below... 

http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html

Aggrieved investors who feel the same way should contact the *Nine, Seven, Ten and ABC *networks on a *local, state and national level *to ensure their predicament at the hands of Equititrust is *exposed and televised on a local and national level... *Maybe then Equititrust will *finally get the exposure *it *deserves* for treating its investor's like idiots.. 

*INVESTORS WANT EQUITIRUST AND THE BOARD OF STOOGES OUT !!!
*


----------



## No Trust (3 September 2011)

*Champagne Lifestyles for Some - Got a Spare Room for your Investors...*

Whilst *innocent retiree investors *in Equititrust *starve or have to resort to welfare* the former Captain of the SS EquitiRust is living a *very very extravagant life*, gym wine cellar, heated pool etc... *NOT BAD FOR SOME *whilst investors starve... 

Have a look at the video below and it will *nauseate investors *who cannot pay their bills at the hands of EquitiRust / McIvor...

http://www.platinumhd.tv/hd-videos/surfers_paradise/surfers_paradise-12123.html


----------



## kostag (3 September 2011)

*Re: Champagne Lifestyles for Some - OBSCENE OPULENCE!!!!!*

I noted that is has a WINE CELLAR , akin to HITLER'S BUNKER ?????



No Trust said:


> Whilst *innocent retiree investors *in Equititrust *starve or have to resort to welfare* the former Captain of the SS EquitiRust is living a *very very extravagant life*, gym wine cellar, heated pool etc... *NOT BAD FOR SOME *whilst investors starve...
> 
> Have a look at the video below and it will *nauseate investors *who cannot pay their bills at the hands of EquitiRust / McIvor...
> 
> http://www.platinumhd.tv/hd-videos/surfers_paradise/surfers_paradise-12123.html


----------



## kostag (3 September 2011)

*LOVE the STOOGES ANALOGY .....   the EQBoard: who is LARRY, SHEMP, MO and CURLY ????*

the three knuckleheads.....



No Trust said:


> A number of investors are actively *lobbying the television networks *and current affairs programmes to cover the so called *"Investor Briefing"* on the 23rd of September in a similar fashion to what the Sydney Morning Herald did in the piece below...
> 
> http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html
> 
> ...


----------



## kostag (3 September 2011)

*IAN LAZAR....*

some of you might have heard that IAN LAZAR fellow on the radio recently when his dogs were kidnapped. He seems quite a sensible guy and is one person who is initiating legal actions against EQUITITRUST. Maybe the TV MEDIA can get an interview with him as well. This may bring some truth out.


----------



## No Trust (5 September 2011)

*No Financials*

Where are the financials EquitiRust ??? Why are investor's constantly being kept in the dark... Are the losses that bad ???


----------



## kostag (7 September 2011)

*Re: No Financials*

I suspect these financials will simply confirm that we are tracking for a 50% write off....



No Trust said:


> Where are the financials EquitiRust ??? Why are investor's constantly being kept in the dark... Are the losses that bad ???


----------



## kostag (7 September 2011)

*Re: Equititrust: what is the Board of Equititrust (aka the 4 Stooges) doing????*

the Larry, Shemp  Mo and Curly show has gone all silent.... no annual reporting - nothing....


----------



## No Trust (7 September 2011)

*Remember when McIvor was peddling this dead horse to new investors ??*

Remember this amazing opportunity from EquitiRust / McIvor not so long ago:

http://www.equititrust.com.au/images/Email Meridien/investment_Opportunity.html

Now look at this filed today in the Supreme Court:

http://www.courts.qld.gov.au/esearc...Location=BRISB&Court=DISTR&Filenumber=3436/11


So it seems the claims by McIvor that Landsolve was going to raise 250M was a load of* Bulls##t as usual*... To top it off the so call independent director *David Tucker's *Law firm is acting for Equititrust... *Where is the independence in this *when he *acts for McIvor *in a personal capacity as well...  

Why is Equititrust using McIvor's mate’s law firm. *How many other law firms were asked to provide a fee proposal??? *All investors get is a short statement on the Web site saying there will be substantial legal fees incurred but no transparency in terms who is appointed as a lawyer to reap fat legal fees off the investors... *This is nothing more than a disgusting joke on investors... 
*
This organisation has *no respect *for its *investors*, no respect for *corporate governance *and no respect for the *rule of law*; that is why is on the verge of *total collapse*. When *EquitiRust does collapse *and *it will *some of the *blind sycophants *will go down with them as well...


----------



## No Trust (8 September 2011)

*Another Disaster*

Seriously, how long will *ASIC* allow *McIvor and EquitiRust *to peddle this crap to *unsuspecting investors*... Promises, promises then it all turns to sh#t and ends up in court... *Is there one loan that has not ended up court ?? *How much will investors pay for this little stunt??  Then McIvor has the audacity to say he is going to raise *250M through Landsolve *and *feed it back to Equititrust*.. Its no wonder the media are having a *field day with McIvor *and he is the brunt of *national ridicule *in the press for what has happened to Equititrust investors... *he just keeps on giving them more each day*...


*It’s one disaster after another*... To say the investor briefing will be interesting is an *understatement*... Investors are *sick to the eyeballs *with both *McIvor and EquitiRust*...

For those investors who not yet contacted *Piper Alderman*, it may be time to do so as Equititrust has nothing to offer except *McIvor and misery*...



http://www.equititrust.com.au/Pdfs/Meridien_Marinas_Information_Memo.pdf


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## No Trust (10 September 2011)

*Courier Mail Today*

Courier Mail
Mitch Gaynor 10 September 2011

http://www.couriermail.com.au/busin...k-in-13m-lawsuit/story-e6freqmx-1226133530130

"Equititrust's latest legal fight raises further questions *over the fate of the frozen fund*.

Earlier this year investors copped a large capital loss after the write-down of a host of assets owned by the fund.

The fund managers have also become increasingly litigious against developers who have defaulted on loans.

As reported by The Courier-Mail, Equititrust is embroiled in several Supreme Court cases against high-profile developers including former rugby league star Jarrod McCracken and the Hayes family.

The frozen fund is also owed about *$80 million *from *twice-bankrupt businessman Dudley Quinlivan*.

Quinlivan is seeking to avoid another bankruptcy by getting creditors, owed about $113 million, to agree to a Part X deal.

But in that scenario *Equititrust would only receive **0.44c *in the dollar." End Quote

For McIvor and Equititrust to have put innocent retiree investors in the postion where they will potentially get 0.44 Cents in the dollar on an $80 Million exposure is inexcusable negliegence...  

Equititrust's days are numbered...


----------



## No Trust (10 September 2011)

*ALF Finance Takeoever Offer for PIF Units*

Press release yesterday...

*IRW-PRESS: Alf Group Holdings AG - Results Of AGM And Board Meeting
* 

Published on 09 September 2011

9. That ALF Finance and Investments Limited complete, file and serve takeover offers for 100% of the issued units in each of:

- SHAKESPEARE AND HANEY SECURITIES LIMITED

- *EQUITITRUST CAPITAL LIMITED *

- *PREMIUM INCOME FUND 
*


http://pr.officialwire.com/main.php?action=posted_news&rid=199682


----------



## Olman (10 September 2011)

*ALF and Jim Byrnes*

Vultures circling for the kill?  The same Jim Byrnes who is just out of a 5 year ASIC ban on managing corporations - see this link:

http://www.asic.gov.au/asic/asic.ns...ey+man+James+'Jim'+Byrnes+banned?openDocument

Maggots seem to be attracted to rotting corpses.


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## No Trust (10 September 2011)

*Rotting Corpse*

Equititrust is undeniably a *"rotting corpse"*... It’s a pity that innocent retiree investors are still chained to this *"rotting corpse"...  *McIvor abandoned ship when the going *got too tough *but it seems he is going through a *financial collapse *of his own for the sins committed at Equititrust…


----------



## kostag (11 September 2011)

*MERIDIEN: my God!!!!! this is scandalous ....*

these MANIACS at EQUITITRUST were spruiking this little pearl 8 months ago!!! What a disaster this palce is.... I wonder who jumped into this great deal.....



No Trust said:


> Remember this amazing opportunity from EquitiRust / McIvor not so long ago:
> 
> http://www.equititrust.com.au/images/Email Meridien/investment_Opportunity.html
> 
> ...


----------



## No Trust (11 September 2011)

*Robbing Peter to Pay Paul*

*EquitiRust / McIvor *knew they were up Sh#t Creek with *"King Con"* and then tried to raise *50M* from innocent new investors and failed miserably due to *ASIC intervention*... 

They also knew Meridien were up the same creek and then decided to *spin it off *as the *Meridien Landsolve Opportunity Fund *to new investors and failed miserably again... Did ASIC have a hand??? 

EquitiRust have known the *mess they had created for years *but *hid it from investors*, this was set out in Colin Kruger's damming article.. The reasons were many but one was to keep the *income stream running* in the way of management fees which the *Piper Alderman class action will now attack*.  The fees then went back one way or another to *McIvor and or his companies * in turn supporting a *totally unnecessary* *"egotistic"* luxury *private property empire*, which seems to now be *crumbling before everyone’s eyes... 
*
*GREED IS NOT GOOD -  ESPECIALLY WHEN INVESTORS ARE STARVING IN THEIR OLD AGE*


----------



## kostag (12 September 2011)

*MERIDIEN: a shameless cash  grab by McIvor -  classic PONZI from Mark 'Madoff' McIvor*

when you read the PDF a big chunk of raised moneys was being applied to clear existing debt - in other words - grab new money under a new lending name and apply a big chunk of that to the old lender - (who just happens to be you) -  pay   higher rate if interest and use the new money to service old debt and meet working capital needs - a classic Ponzi scheme..... 



No Trust said:


> *EquitiRust / McIvor *knew they were up Sh#t Creek with *"King Con"* and then tried to raise *50M* from innocent new investors and failed miserably due to *ASIC intervention*...
> 
> They also knew Meridien were up the same creek and then decided to *spin it off *as the *Meridien Landsolve Opportunity Fund *to new investors and failed miserably again... Did ASIC have a hand???
> 
> ...


----------



## No Trust (12 September 2011)

*Dying Days of EquitiRust*

A lot of the *desperate measures *employed by Equititrust in its dying days were precipitated by the fact that *extremely reckless decisions *were made with retiree’s investors’ money... *Loans to mates *with *highly dubious valuations*... The *"King Con"* Scandal is a prime example of this... Then when that money was *flushed down the toilet *McIvor came to the market cap in hand looking for more money from *"fresh"* investors. Thank god *ASIC* and the *media *put a stop this before further innocent investors were hurt...


----------



## No Trust (13 September 2011)

*Wirrina Cove*

*Wirrina back on market 
*
GIUSEPPE TAURIELLO 
From: AdelaideNow 
September 13, 2011 10:14AM


"In 2008, Wirrina Cove was independently valued at *$75 million*.

However in an Equititrust investor briefing in May, the company said it had received a *$34 million *offer for the property, pending due diligence.

With negotiations falling through, Knight Frank has now been appointed to sell the 50ha property" 

http://www.adelaidenow.com.au/busin...a-back-on-market/story-e6fredel-1226135529762




Even at *$34M *no one wants to buy *toxic assets in South Australia *with a troubled history... It’s no wonder considering the state of *EquitiRust at the moment*... *McIvor has abandoned ship *and left the running to a bunch of *inexperienced lawyers with no expertise in property*... 

Now if you were a buyer and *half way through due diligence the founder of the company your dealing with quits*, what are you going to think??? Then he appoints Directors who are *lawyers??????????? * *You have got to be kidding!!!!!!!!!!!*

The buyers have walked away *as they know that they can get this property at a reduced price* given the way the *so called new directors are running the place*. This aborted sale *happened on their watch *whilst McIvor gave up...

Any incoming buyer given the current state of EquitiRust will *now offer much less *as this *sale has not proceeded *or will wait to *deal with a receiver*, which seems more likely…

*AT WHAT PRICE WILL THIS PROPERTY SELL FOR NOW?????   IDIOTS

*


----------



## ASICK (14 September 2011)

*Re: MERIDIEN: a shameless cash  grab by McIvor -  classic PONZI from Mark 'Madoff' Mc*



kostag said:


> when you read the PDF a big chunk of raised moneys was being applied to clear existing debt - in other words - grab new money under a new lending name and apply a big chunk of that to the old lender - (who just happens to be you) -  pay   higher rate if interest and use the new money to service old debt and meet working capital needs - a classic Ponzi scheme.....




Holders of REAL first mortgages have REAL power - they're able to force sales which would clearly be embarassing to some fund managers - there's no other choice but to go begging for new money (probably at a higher rate) when push comes to shove.   The CBA shoved City Pacific and the fund ended up with Fortress - oh what fun ... and boy, the CPFMF lost a heap of money down at Pacific Beach (Broadbeach).

What a mess so many of these funds are in, and what is the government doing? absolutely nothing!


----------



## No Trust (14 September 2011)

*What is the government doing ???*

Your right ASICK, what is the government doing??? Nothing at all...
McIvor / EquitiRust were going along their merry way and if it were not for the Sydney Morning Herald - Colin Kruger and lately the Courier Mail - Mitch Gaynor plus this thread they might have just gotten away with it. ASIC only stepped in when it was already in the media, apart from that they are nothing more than a toothless tiger... EquitiRust can expect much more scrutiny though in the weeks to come...


----------



## klua (15 September 2011)

have a look at this article and see what it claims ASIC did for the investors:
http://www.theage.com.au/business/when-firms-go-bust-asic-goes-missing-20100912-156y3.html

I hope we end up getting better treatment.


----------



## Olman (15 September 2011)

*Re: IAN LAZAR and Jim Byrnes....*



kostag said:


> some of you might have heard that IAN LAZAR fellow on the radio recently when his dogs were kidnapped. He seems quite a sensible guy and is one person who is initiating legal actions against EQUITITRUST. Maybe the TV MEDIA can get an interview with him as well. This may bring some truth out.




The same Ian Lazar mentioned in the Age article referred to by KLUA .... I don't know about getting truth from this source.  I note Jim Byrnes also gets another unsavoury mention in the article.  

I wouldn't put much faith in any of the character references posted on this thread.

The relevant quote from the Age:
"Documents filed with ASIC and to creditors reveal that liquidator Armstrong Wily was paid an estimated $1.6 million in fees between 2005 and September 2008 and law firm Nikolaidis & Company was paid $2.1 million at September 29, 2007. HLBC, a company related to Ian Lazar, the man behind the schemes (who changed his name from Ian Rogut in the late 1990s after he went bankrupt following the collapse of his company R&B Diamonds), received $1 million. A mystery litigation funder was paid $3.1 million in commission, and fees were paid to big Jim Byrnes, a notorious standover man, who was also hired by the liquidator to collect debts. Nothing was left for creditors."

Read more: http://www.theage.com.au/business/w...oes-missing-20100912-156y3.html#ixzz1XybfSn61


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## No Trust (15 September 2011)

*Character References*

In terms of character references, the previous ones given to Equititrust and its management and founder on this thread have proven to be *utterly deceptive *and *misleadin*g given the revelations unearthed over the last 6 months.. Similarities to a reference given my *McIvor to his mate "King Con"... *Same old *"Gold Coast" Cowboys*...

Let’s see what BullSh#t awaits investors at the so called *"Investor Briefing"... *many investors are wondering *whether McIvor will have the gall to turn up... *If he does he is definitely going to get the *wrath of investors *who he was *meant to protect*...


----------



## No Trust (15 September 2011)

*You Lay with Dogs, You Wake Up With Flees*

*8177/11 QUINLIVAN -V- EQUITITRUST LIMITED *

You have got to be kidding... The Affidavit material of conversations between former best mates *"McIvor" and "King Con"* should be compelling reading... 

Looks like Equititrust is being *hit from all sides*, how many legal actions can they sustain and how many *millions will be spent on this farce.* Why did "McIvor" ever do business with "King Con"???????? Now look at the mess he has got innocent investors into... *More legal work for his mates and so called independent directors Tucker and Jackson...  *It seems that the *legal actions will be the demise of Equititrust*, *why should investors pay for this negligence??? *This is why Equititrust has to be *removed as manager *of the fund as soon as possible...

http://www.courts.qld.gov.au/esearc...Location=BRISB&Court=SUPRE&Filenumber=8177/11


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## No Trust (15 September 2011)

*Quinlivan Part X*

It will be interesting to see what comes of the Part X application by "King Con"...


----------



## kostag (15 September 2011)

*QUINLIVAN AND McIVOR*

QUINLIVAN was a patsy for McIVOR.... EQUITITRUST drew large amounts against securities of other BORROWERS and forced those BORROWERS  to engage QUINLIVAN as the PROJECT MANAGER -  this enabled McIVOR to soak up the EQUITY (or the paper rubbish equity) on any secuirty that he held -  syphon the money out of the EIF , conduit it through QUINLIVAN....do some SPLIT on the cash .  there are atleast two large securities that this happended on and will come out in the forthcoming proceedings.....  you can bet that there will be more MORTGAGORS just like QUINLIVAN who will come out of the woodwork and dispute the debts and amounts owing..... any new RE is goign to have their hands full.... and I reckon that a final payout getting down around 35cents in the $ is looking more like it..... I can see a lynch mob forming for the 23rd SEPT 'investor' (read that to mean VICTIM) 'briefing' (read that to mean SNOWJOB) ...





No Trust said:


> *8177/11 QUINLIVAN -V- EQUITITRUST LIMITED *
> 
> You have got to be kidding... The Affidavit material of conversations between former best mates *"McIvor" and "King Con"* should be compelling reading...
> 
> ...


----------



## No Trust (16 September 2011)

*Quinlivan bankrupted for failing to pay $49m*

*Quinlivan bankrupted for failing to pay $49m 
*
Anthony Klan 
The Australian
September 16, 2011 





"GOLD Coast property developer Dudley Quinlivan has been bankrupted after failing to pay a $49 million debt to a *struggling mortgage fund*. 

The Queensland Federal Court sentenced the bankruptcy yesterday after action by mortgage fund Equititrust, also based on the Gold Coast.

Mr Quinlivan's property empire has been struggling for the past three years and many of his companies have been wound up by creditors and the Australian Taxation Office.

Equititrust, which holds about $200m on behalf of 1600 retail investors, had lent Mr Quinlivan's businesses *$49m to build a housing development at Ipswich*, west of Brisbane.

Mr Quinlivan said he would seek to appeal the bankruptcy ruling and had lodged a claim for *$108m against Equititrust *for *"false and misleading conduct".*

He said he had offered the mortgage fund a $40m settlement, which he said had been rejected by Equititrust.

"I made them an offer of $40m from one of the world's richest men and the offer came with a bank statement which showed (the person) had $8 billion."

Mr Quinlivan said he had met that man recently in Berlin.

Mr Quinlivan has a colourful past on the Gold Coast and was once accused in the *Queensland parliament *as being involved in property marketeering scams.

*Equititrust was unavailable to comment last night*.

The struggling mortgage fund, which has been *frozen to withdrawals since 2008*, announced in May that it would *cut distributions *and reduce the value of units held in the fund.

It said then that it owed $25m to the National Australia Bank.

Equititrust has a *similar business model to the failed former **MFS* and *City Pacific *mortgage funds, which borrowed money from *unsophisticated* *"mum and dad"* investors then on lent those funds to *property developers*." End Quote

http://www.theaustralian.com.au/bus...iling-to-pay-49m/story-fn9656lz-1226138264554



The last paragraph by Anthony Klan says it all...     

*"McIvor"* who knew better than to deal with *"King Con"* got the innocent retiree investors into this *catastrophic disaster * can now *pay for this mess *or go the same way as his mate *"King Con"... *The latter is more likely it seems and Dudley is only *warming the bench *for *"McIvor"* by the looks of things...


----------



## kostag (16 September 2011)

*EQUITITRUST units: any for sale*

there are various parties calling around trying to buy even just one unit in the Equititrust EIF -  I imagine in order to get legal standing etc. Anyone out there got a UNIT that they want to sell? Probably worth about 35cents each BUT I think that anyone could offload just one for an opportunistic return of say $1,000.

Anyone interested ??? -  please post on this site - so that contact can be made.


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## kostag (16 September 2011)

*EQUITITRUST ASIC registered charges*

there is a charge to a BANK - I think it is WESTPAC and I think that it relates to PRIVATE not CORPORATE facilities.....


ASIC REGISTER as at today's date:
Date Number Pages Description 
 26/08/2011 027621512  Not Imaged 312A Notification of Discharge 
 28/07/2011 7E3844445  2 484E Change to Company Details Appointment or Cessation of A 
 15/06/2011 7E3737048  2 484E Change to Company Details Appointment or Cessation of A 
 09/05/2011 027527066  3 519C Notification of Dismissal of Application For Winding Up 
 03/05/2011 027211980  3 519G Notification of Application to Wind Up Company Under S. 
 27/04/2011 0L0309086  23 FS02 Copy of Afs Licence


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## No Trust (16 September 2011)

*Class Action*

As the class action gets underway, the revelations to date will seem benign compared to what's coming... There may even be an investigation of dealings going back some time which in effect exposed investors to undue risk... As Anthony Klan reported today the investors were mum and dad investors who were not sophisticated but it seems severely taken advantage of...  Full credit to Anthony Klan who has previously reported on Equititrust / McIvor, it's good to see more reporting from him on this scandal...


----------



## kostag (18 September 2011)

*EQUITITRUST GUARDIAN ACPITAL TRUST MUTUAL MAIN STREET*

This week end revelations have been awash.....

The MERIDIEN loan once touted as the bets deal since sliced bread for us EIF wood ducks has turned ferrel.

Watch what happens with MERIDIEN directors and particularly ROSSELL McCART in coming weeks. NOt a happy chappy.

Wait for developments from the new side line INVESTMENT BANK - GUARDIAN CAPITAL - under the CEO ship of Mark McIvor.

Watch for Director fall out between the new independent Board of EQUITITRUST - who know they have been  sold a pup - and the old Guard. Investors are going to be very pleasantly surprised to see that the INDEPEDENTS who we did not think would look after us -  are in fact 100% fighjting (a losing battle) for us.

Wait to see a mooted deal between old Captain Mark 'Madoff' McIvor and Koloenl Klink Kennedy with another investment house simply falls into a pile of doggy dooo.

Watch for moves afoot by WESTPAC bank against luxury homes in order to collect on guarantees and allgetaions of fictitious sales contracts.

A very very interesting week coming up.

Watch this FRIDAY's  EIF 'INVESTOR BRIEFING' -  will be worth attending for entertainment value alone.....


----------



## No Trust (18 September 2011)

*McIvor Desperation Sale*

Cronin Island home passed in at Auction... Very low bids and lack of interest... Buyers know this is a desperation sale. Don't think this sale will cover the bank loan on the property. People are not stupid to not know what is going on in the background...


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## kostag (18 September 2011)

*McIVOR McCART ...... it goes on and on and on*

early  September 2011, Captian  Mark 'Madoff' McIvor was spruiking to anyone who could be bothered to listen to his ozygen-robbing rantings that he . Mainstreet, Kolonel Klink, Russell MCart were forming the community based solution to all the world's post GFC woes (God help us!) -   GUARDIAN CAPITAL PARTNERS brand - all part of that Ian Maurice spruiked TRUST MUTUAL with poor old Matt Corkin wheeled out into public for a video slap stick version of dumd and dumber.....  the reality is that David Tucker has stepped up to the plate to be counted and inititiated legal actions against Meridien directors to halt all this lunacy.....

McCart is no fool -  watch what Dudder Dudley has done .... counter sued -  well, watch what the Meridien boys do....they are smart and funded ...... _oh, what a tangled web we weave when first we practice to deceive_....   it is going to get very very hot around the Courts in Brisbane  - with the CRONIN ISLAND auction sale fall over... don't expect WESTPAC to hang around and expect MM Holdings cop their wrath any day soon...

this recent  press article lines it up.....

_THREE multimillionaire developers are being pursued for their family homes in a $13 million lawsuit lodged in the Queensland Supreme Court this week.

Meridien directors Russell McCart, Paul Barrett and David Roberts are being sued by Gold Coast mortgage fund Equititrust for $10 million plus interest and costs after the collapse of Meridien's Airlie Beach development a fortnight ago.

Equititrust's claim, lodged on Wednesday, alleges four Meridien companies and their three directors failed to fully repay a $10 million loan made in 2008.

According to Equititrust, it was granted a charge over assets owned by both Meridien Marinas Pty Ltd and Meridien Marinas Abel Point Pty Ltd.

Both those companies were placed in receivership by the Bank of Scotland late in August.

Equititrust is now seeking the balance of the loan plus interest and costs.

It is also pursuing luxury properties owned by the directors in Brisbane and the Gold Coast. They are alleged to have taken out directors' guarantees against the loan.

A third claim is for possession of the Abel Point marina and Port of Airlie project.

Separately, Equititrust, through its Landsolve subsidiary, was also looking to raise $10 million from investors to invest in a separate "Meridien Landsolve Opportunity Fund".

Late last year investors were wooed with a 10.25 per cent per annum return for a loan to Meridien's Port Douglas projects.

Equititrust's latest legal fight raises further questions over the fate of the frozen fund.

Earlier this year investors copped a large capital loss after the write-down of a host of assets owned by the fund.

The fund managers have also become increasingly litigious against developers who have defaulted on loans.

As reported by The Courier-Mail, Equititrust is embroiled in several Supreme Court cases against high-profile developers including former rugby league star Jarrod McCracken and the Hayes family.

The frozen fund is also owed about $80 million from twice-bankrupt businessman Dudley Quinlivan.

Quinlivan is seeking to avoid another bankruptcy by getting creditors, owed about $113 million, to agree to a Part X deal.

But in that scenario Equititrust would only receive 0.44c in the dollar.

Investors will be updated on the present state of play when the board holds a briefing to be held on September 23 at the Royal Pines Resort on the Gold Coast._


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## kostag (19 September 2011)

*EQUITITRUST new business and machinations*

in trying to set up Landsolve, Trust Mutual, Guardian Capital Partners ...and reek further commercial havoc on the community .. a lesson that ought be learnt by all is that _he who seeks revenge ought to first dig two graves_....


----------



## No Trust (19 September 2011)

*Pay Day That Didn't Happen*

Cronin Island property passed in
Nick Todd
Gold Coast Bulletin
September 19 2011

"IT was meant to be the payday that would save a family and maybe save a Gold Coast business -- but it ended in tears." End Quote


"The result disappointed the McIvor family - reducing Mr McIvor's wife Stacey to tears - who've been forced to liquidate assets to help draw down on Equititrust's $125 million debt, which has almost been repaid." End Quote


Well Stacey McIvor may be crying over the sale of their family home but investors in her husbands shipwreck EquitiRust cannot pay their daily food bills and have no income in their retirement... Let alone the massive capital losses that they will incur... So the tears over the sale of an ostentatious, pretentious multimillion dollar home will not garner much sympathy from people who's lives have been ruined at the hands of Equititrust and their dealings with "King Con" 

Finally the Gold Coast Bulletin reports accurately on this issue...








http://www.goldcoast.com.au/article/2011/09/19/350555_gold-coast-news.html


----------



## No Trust (19 September 2011)

*Millionaire Mark McIvor's wife in tears as Gold Coast home passed in $2m below value at auction 
*
Greg Stolz 
*The Courier-Mail*
September 19, 2011  6:07AM







THE wife of one of the Gold Coast's richest men was reduced to tears yesterday after their mansion was passed in at auction almost *$2 million below its value*. 



*Stacey McIvor*, wife of merchant banker and property investor Mark McIvor, wept after the five-bedroom riverfront home in exclusive Cronin Island drew a top bid of $4.55 million.

A disappointed Mr McIvor said the home  had been valued at $6.5 million and that the auction was "a demonstration of a very hard market".

"It's (the top bid) well below replacement cost," he said.

The auction failure is symptomatic of a depressed Gold Coast property market.

Earlier this year, a mansion on the Coast's "Millionaires Row" - Hedges Avenue at Mermaid Beach - changed hands for less than half the price it sold for in 2008.

The McIvor mansion's failure to sell comes despite it occupying arguably the Gold Coast's most exclusive address, Cronin Island.

The suburb comprises just one street (Southern Cross Drive) with only 33 houses, all fronting the Nerang River.

Designed by leading Australian architect Alex Popov, the McIvor home boasts five bedrooms, four bathrooms and a wine cellar.




Potential bidders at the auction of the home of Mark McIvor, which was passed in at auction for $4.9 million. Picture: Tim Marsden

Source: The Courier-Mail


http://www.couriermail.com.au/life/...value-at-auction/story-e6frequ6-1226140455180



There were 57 online comments on this story before 9.00am they are worth reading!!!

NOT MUCH SYMPATHY HERE WHEN RETIREE INVESTORS CANNOT PAY FOOD BILLS  AND ARE ON WELFARE IN THEIR RETIRMENT YEARS - THIS IS WHAT YOU GET WHEN YOU GAMBLE RETIREE INVESTORS MONEY ON "KING CON" AND "DODGEY GOLD COAST DEVELOPERS" WITH "DODGEY" VALUATIONS...


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## No Trust (19 September 2011)

*Comments on this story
*


The Jedi Council of Rorting Brisbane Posted at 6:15 AM Today

The Gold Coast is like living in Mexico, full of crime. The city centre is a dump. Its expensive to live in and the fact the millionaires are selling up and leaving should tell you enough.

Comment 1 of 57


Muggins of Sunshine Coast Posted at 6:16 AM Today

Just shows, Real Estate Agents overvaluing estimates to get business,(and the commission)By now they should know the real price. Plus Auctions rarely show the true value. Fixed price is the way to go. At least you know how much the building is worth BEFORE you start.

Comment 2 of 57


Mick of Toowong Posted at 6:17 AM Today

Weclome to the real world lady. To make millions, someone had to give something up.

Comment 3 of 57


Mac of Macgregor Posted at 6:24 AM Today

The value of the house is what someone is prepared to pay, so it is obviously worth $4.55m.

Comment 4 of 57


Canberra Observer of Brisbane Posted at 6:29 AM Today

Ed, Whilst this is another interesting story, the wife of this banker shouldn't be surprised that buyers weren't prepared to pay the "valued" price. We all know that this country is in deep trouble thanks to the operation of the ALP and the governments that it controls. We know from another report recently, where the Australian Property market could see a Tsunami Wave hit it and; what about the affects of the Carbon Tax on everything? Property prices are way over priced and it's about time that some balance came back into the industry. We know that greed has also be in motion for at least, the last 25 years where the goal is more and more money. One could also suggest that things aren't going to improve in the short-term.

Comment 5 of 57


Frank of Brisbane Posted at 6:32 AM Today

Why do people kid themselves. There has always been a difference in what property is valued at and what it is worth. What something is worth is what people are prepared to pay for it. Either accept that and forget about the crocodile tears if you want to sell in the current climate. 

Comment 6 of 57


Rustyone of BrisVegas Posted at 6:33 AM Today

And what we're supposed to feel sorry for this.It's about time the rich learn to cry as much as the poor but in the scheme of things it wouldn't matter one IOTA to the their pockets,and by the way look at the way the biddres for this type of property are dressed would you feel like you have attracted the cream of the crop.

Comment 7 of 57


IAN WENSOR of THAILAND Posted at 6:34 AM Today

Just makes you cry - doesn't it?

Comment 8 of 57


ponzigirl of tweed heads/coolangatta Posted at 6:34 AM Today

The valuation has thus been disproved. The new valuation? 4.9 million. That is what someone is prepared to pay for it!!!

Comment 9 of 57


Sam the man of Brisbane. Posted at 6:54 AM Today

People can sometimes take a hit emotionally but few are able to take an economical whack like this one,even if you are one of the wealthiest people on the Gold Coast.I guess it is all relative because a lot of people would shed a tear or two if they were presented with an $800.00 power bill.

Comment 10 of 57


Mick of Brisbane Posted at 6:57 AM Today

My heart bleeds.

Comment 11 of 57


RealisticPrices of Brisbane Posted at 6:58 AM Today

The house is only worth what somebody is willing to pay for it, and in this case, certainly not the "official" valuation!

Comment 12 of 57


Princess Posted at 7:05 AM Today

Sorry luv get over it! 4.55 million is the value of your house. Your house is only valued at what someone is willing to pay for it. 

Comment 13 of 57


Matt Kimble of Ephraim Posted at 7:08 AM Today

Dry your eyes, love. It's only money.

Comment 14 of 57


anthony van luyn of Gold Coast Posted at 7:10 AM Today

Incredible as it may seem; I find the Mc.Ivor attitude strange at best. These people gambled on property Development and made millions yet they continue to expect big profits (or at least replacement cost prices) when there is a property downturn. When one borrows then one risks having to sell at a substantial loss when times aren't good; and that is a fact. It reminds me of the old fallacious saying "Property prices always go up ; they never go down"; since when was property the Golden Calf of Investment as so many Australians seem to believe?. Every Investment class from art, to gold, property to antiques; and bonds to cash (yes even cash in an inflation environment) can have downturns. We all should remember with greater risk comes greater profits and greater losses. The markets in property will turn but for those exposed to substantial borrowings ; it appears that currently ;and for the next few years at least; there is the greater potential for substantial further losses. The moral here is ; lower your expectations and don't borrow more than you can comfortably afford. 

Comment 15 of 57


Fay of Beenleigh Posted at 7:10 AM Today

If this is happening on the gold Coast and those homes are being passed in is it any wonder people are wary of what prices real estates are putting on those 'everyday' homes that people live in the surburbs. I'll be interested in seeing what the Valuer General does this year whe nthey do our valuations as there hasnt even been enough homes in Beenleigh sold to give an estimate of the rise or fall of sale values. Owners of houses here are dropping prices daily but still they cant sell them. All I can say is if those valuations dont drop below what we where given last year the process is just a money grab by the Labor State Govt.

Comment 16 of 57


Voice of Reason of Bellbowrie Posted at 7:15 AM Today

Tears eh!! It didn't sell for 'it's value' !! My god, who valued it - Probably real estate salesmen. Haven't people learnt that the 'value' is what you get for it, not what you don't get !! That is, you sell it for $xx and that is its value!! A story about the wife of the Gold Coast's richest man shedding a few crocodile tears because she didn't get even more dollars is really not a story at all and I am at a loss to understand why the Mail even ran it. This sort of thing happens to real people every day, and without a mention. Can you imagine it: For example; House in Ipswich passed in at $300,000:00 when everyone knows it is worth $320:00!!!! That would never get in print.

Comment 17 of 57


Crabit of Bris Posted at 7:17 AM Today

boohoo

Comment 18 of 57


N of Brisbane Posted at 7:18 AM Today

The Gold Coast has always had a reputation for rockiness when it comes to the property market. If you want stability, chose a blue chip suburb in a major city and even then be prepared for the reality, that house prices like the stock market go up and down. And as for the crying - anyone who cries over their house value needs to volunteer at a homeless shelter and find out what real sorrow is.

Comment 19 of 57


sceptic Posted at 7:21 AM Today

Hmm I thought the value of a property is what people are prepared to pay for it...in this case $4.5 million. It is not what an owner or real estate agent magically conjures up as the selling point.

Comment 20 of 57


Matt of Brisbane Posted at 7:27 AM Today

It's only going to get worse. This correction has to come.

Comment 21 of 57


anthony of Brisbane Posted at 7:28 AM Today

The bears did say prices would drop by up to 40% and most people said it was impossible. Looking forward, 40% price drops might be conservative. Once panic sets in anything can happen. Folks are carrying extraordinary levels of debt on these wildly inflated house prices. Add in a slowing economy, killer cost of living expenses, the world economy imploding and a new carbon tax and you have a recipe for disaster. Plus we have the worst government & PM in our history. It doesn't look all that great truth be told. If the millionaires are crying, god help the little people.

Comment 22 of 57


Laura of Springwood Posted at 7:36 AM Today

ah, you've got to feel for them, now they know what it's like for the every day family. 

Comment 23 of 57


realist Posted at 7:37 AM Today

Surely she must realise that the current real estate market is a buyer's market (and hopefully will stay that way for a long time to come, housing being massively over priced as it is). Your house is only ever worth what someone is willing to pay for it, not what you paid for it or how much money you put into it.

Comment 24 of 57


John of Brisbane Posted at 7:46 AM Today

Such a tragedy! Hooray for a marking that is undergoing a reality check and realignment!

Comment 25 of 57


Ron of Paddington Posted at 7:47 AM Today

Whoever valued this property is still living in a past world where the old paradigm of economic growth still existed. I expect many more wealthy tears before this realization hits home.

Comment 26 of 57


Glenn of Brisbane Posted at 7:49 AM Today

That headline should be "Property is valued by market $2m below what millionaire's wife thought" - The market is saying the $6.5M valuation is wrong.

Comment 27 of 57


priced way too high of Hervey Bay Posted at 7:52 AM Today

Oh dear me!! didn't make the millions they wanted! This is the problem, our home values are way too high and it is time for everyone to come down to earth and be realisist

Comment 28 of 57


Hmmmm Posted at 7:53 AM Today

When are people going to realise that the value of property is determined by what people are prepared to pay on the day?

Comment 29 of 57





http://www.couriermail.com.au/life/...value-at-auction/story-e6frequ6-1226140455180


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## kostag (19 September 2011)

*GUARDIAN CAPITAL PARTNERS*

a new funder has popped up as part of TRUST MUTUAL - under the CEO ship of Captain 'Madoff' McIvor..... GUARDIAN CAPITAL PARTNERS. 

anyone know anything about this outfit?

It supposedly  is trying to cobble together an investment bank made up of some outfit called MAINSTREET and some parties associated with a failed EQUITITRUST borrower and ofcourse the good old Kolonel Klink Kennedy.....

sounds like a real inspiring mix, this lot......

leave your cheque books at home is my best advice......


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## kostag (20 September 2011)

*MM HOLDINGS  EQUITITRUST*

the next steps in this SAGA will be BOARD DISHARMONY. 

A falling out between the OLD GUARD who mismaanaged the enetire loan book on its (his) watch -  and a new Board with so much to lose and charged with a responsibility to wind it all up and simply send whatever moneys are left back to investors... even if it is only 40cents in the dollar....

watch  how quickly everyone will turn on one another...... 


ultimate losers will be INVESTORS.... less than 40cents in the dollar is my estimate


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## kostag (20 September 2011)

*COURT PROCEEDINGS : Equititrust*

watch this space for Court proceedings in next 24-48 hours ............


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## kostag (20 September 2011)

*GUARDIAN CAPITAL PARTNERS LTD - mini meeee of Equititrust ????*

ACN: 151 271 331
advisory and funds management 
operates from same premises at Chevron Island
tele: 07 5527 5700

part of the TRUST MUTUAL GROUP


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## kostag (21 September 2011)

*EQUITITRUST who really runs what?*

if any of us believe that the BOARD is running independently, just wait and see what happens to David TUCKER. 

History will show Mr TUCKER to be one of the good guys -  and fighting a losing battle.

The pro-McIvor gang already has their next digs all in place. 

EQUITITRUST will be left to burn as a shell. Whatever is left will have moved left to right. The NAB will ge repaid BUT the carcass will remain for us to fight over.

Trouble for the new rulers is that they do not know -  still do not know -  who they can trust. They will soon learn the final very costly lesson. This is a remake of the WWII Axis.... do I attack the east or defend the west? Ah -  the game is up! 

TUCKER will turn out to be a friend of all INVESTORS but his days are, therefore, numbered, as he falls out with the OLD GUARD, who still rule the roost from behind the scenes. He won't dance to that tune anymore. 

New lawyers, new spin, new promise of new partners..... same old stuff .....

Old 'mates' - Quinlivan, Hayes, Constanindes, Meridien, Lazar ..... are all lining the EIF up based on all the broken McIvor promises..... it will be a  litigation lawyer 'love in' -  as writs and cross claims fly...court filings are happenign and will continue ...the costs will be through the roof -  McIvor will then continue to turn on his own Board and instead rely on those he feels are closest, only to feel the 12inch blade go deep (figuratively speaking) ...... loyalty arrives on foot, but scampers by horse.....

your enemy's enemy is your true friend...... the first lesson in this trench war, my friend.


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## kostag (21 September 2011)

*EQUITITRUST enemies*

the old addage is you _keep your friends close and your enemies closer_.....  however, the secret to success is to know who your enemies are.... not who you think that they might be.... un-identified enemies, close at hand, are perilous.


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## zencorp (21 September 2011)

AND IT'S ON AGAIN: 

https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions

Federal Court of Australia File: NSD1614/2011
Title: Ian David Lazar v Equititrust Ltd ACN 061 383 944
Court: Federal Court of Australia, New South Wales Registry
Filing Date: 21-Sep-2011

 Good bye investment, hello Liquidator!


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## kostag (21 September 2011)

*Re: Equititrust a basket case*

It just lurches from bad to worse... trust mutual; guardian capital; landsolve ; mainstreet investments .... its become a financial public relations joke.... next thing we'll see will be David tucker out and Mad dog Madoff McIvor back at the helm... and where's The Colonel.... i hear nuthink ... Kolonel Klink Kennedy 

every major is suing them.... will there be any prospect of recovery?


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## kostag (21 September 2011)

*Lazar versus McIvor*

Whats the story here .... Lazar seems to have a lot of good loan management experience .... there must be something in this court case


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## kostag (22 September 2011)

*EQUITITRUST Lazar The SEnate Missing dogs*

look at today's SMH -  an attack in the Senate against Lazar. I am told 100% that Lazar is about to unleash an attack over his recently kidnapped dogs and this recent  Senate attack -  all emanating from the same source -  a group hell bent and motivated to stop his legal attacks on Equititrust and its founder.

Lazar is not someone to trifle with and seems to have incredible determination. Some colourful characters from Sydney and the Gold Coast are going to get named and shamed by Lazar.

I think that we are seeing the start of his wrath and it will be unleashed starting today...

His attack might bring out finally what we investors have been trying to get to the bottom of

Also -  dont expect David Tucker to sit around and do nothing. I am told that he does take his obligations as an Equititrust director very veyr seriously and I expect feels very very let down and about to be turned on


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## Olman (22 September 2011)

*IAN LAZAR - good loan management???*



kostag said:


> Whats the story here .... Lazar seems to have a lot of good loan management experience .... there must be something in this court case






Olman said:


> The same Ian Lazar mentioned in the Age article referred to by KLUA .... I don't know about getting truth from this source.  I note Jim Byrnes also gets another unsavoury mention in the article.
> 
> I wouldn't put much faith in any of the character references posted on this thread.
> 
> ...




The same Ian Lazar? - a former bankrupt with a less than desirable practices, as outlined in the quote above?  This can't be considered "good loan management experience" for the dudded creditors, surely!


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## kostag (22 September 2011)

*Re: Equititrust: that's the one*

we have been dudded by wolves hiding in sheep's clothing.... lets get people on our side who will get us some results. I am sick of playing by supposed rules that see us still sitting on the pond like wood ducks getting shot at....  pay these people what they want and lets get some action. Hell, we are not going anywhere right now. What is the alternative suggestion? The BRAINS TRUST in situ right now have run the rteurn from 100cents to 80cents and now probbaly south of 40cents. They cant even sell their own home to cover their debts -  how smart are they?


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## zencorp (22 September 2011)

BAIL ON THE SINKING SHIP - CYA MR KENNEDY! 

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf



Banks got 1 for 1 - what about us Mr Kennedy... In your time there, all u did was worry about the banks... what about us the poor investors...


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## No Trust (23 September 2011)

*McIvor has lost the Plot...*

Millionaire merchant banker Mark McIvor launches legal action against younger brother and business partner Wayne and sister Janeen Pelly

Greg Stolz, Gold Coast Bureau Chief From: The Courier-Mail September 23, 2011 12:00AM

http://www.couriermail.com.au/news/...ter-janeen-pelly/story-e6freoof-1226144026277


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## kostag (23 September 2011)

*kolonel klink kennedy has gone....*

He had better take his PC with him...  hate to have others accessing it and posting to this website like happened last year....  Kennedy will be joining up with 'Madoff' McIvor at Guardian with Mainstreet Investment Group....  don't rule out that Mad dog Madoff won't apply for the C EO job again.... but only once David Tucker has been axed 





zencorp said:


> BAIL ON THE SINKING SHIP - CYA MR KENNEDY!
> 
> http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf
> 
> ...


----------



## kostag (23 September 2011)

*Re: McIvor has lost the Plot...nice one...*

Hey Wayne... nice to have 17years loyal service rewarded....  only thing that irks me us that this filial largesse probably came out of our $$$$ . Subordinated investment returns and rip off management fees .....       







No Trust said:


> Millionaire merchant banker Mark McIvor launches legal action against younger brother and business partner Wayne and sister Janeen Pelly
> 
> Greg Stolz, Gold Coast Bureau Chief From: The Courier-Mail September 23, 2011 12:00AM
> 
> http://www.couriermail.com.au/news/...ter-janeen-pelly/story-e6freoof-1226144026277


----------



## kostag (23 September 2011)

*sale of number 67 Chevron... the Madoff lair up for sale*

Looks like a much needed sale is falling apart as the seller tries to get release of deposit from very nervous buyer to shore up very dismissed cash flow...


----------



## No Trust (23 September 2011)

*What a DISASTER*

What's next in the scandalous "McIvor" soap opera... It's turning into a national public humiliation...  Suing his brother and sister for amounts of $217...  Are things that bad that you have to attack your own family... It's seems there will be more tears to report on in the coming weeks as this scandal explodes.. The sad and sorry thing is that investors have to watch this embarrassment from the sidines whilst their money goes down the tubes on legal fees.. McIvor will use the investors money to fund the legal fees unless something is done to stop this joke. I can't comment on Ian Lazar's past but at least he is doing something to stop this rot and appoint a liquidator. There is no hope for Equititrust the game is well and truly over...


----------



## No Trust (23 September 2011)

*Courier Mail Article Today*

Mark's off on his own journey," a family source said.

The above comment from a family source sums it all up...


----------



## kostag (23 September 2011)

*Re: What a DISASTER - LAZAR -  if Lazar was a crook he be on charges or in jail*

neither of  which seem to be the case....

why doesn't Senator Williams:  a) reveal who put him up to making his attack in Parliament, and b) if he belivees so strongly in what he said and is so adamant that it is true -  why not step out of Parliament onto the steps and repeat the allegations in public and then avail Lazar of the opportunity to defend himself.....  OR MAYBE all of this is a load of B-LLSH-T and Sen. Williams knows or suspects this.... so who put him up to it?

Thank heavens for the SMH media and Ian Lazar for maintaining  the fight !!!!




No Trust said:


> What's next in the scandalous "McIvor" soap opera... It's turning into a national public humiliation...  Suing his brother and sister for amounts of $217...  Are things that bad that you have to attack your own family... It's seems there will be more tears to report on in the coming weeks as this scandal explodes.. The sad and sorry thing is that investors have to watch this embarrassment from the sidines whilst their money goes down the tubes on legal fees.. McIvor will use the investors money to fund the legal fees unless something is done to stop this joke. I can't comment on Ian Lazar's past but at least he is doing something to stop this rot and appoint a liquidator. There is no hope for Equititrust the game is well and truly over...


----------



## Olman (23 September 2011)

*Lazar's record.*

Here's a record of previous action by Ian Lazar:



No Trust said:


> "Equititrust confirmed yesterday that the application was filed by Rural Security Holdings, a company associated with *Ian Lazar*."
> 
> http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html




Ian Lazar has already had a go at Equititrust and failed - this action was thrown out and costs awarded against him.  I don't understand why he's being touted as a white knight.  The history of this failed manoeuvre was detailed in this thread back in early May of this year for anyone interested.


----------



## kostag (23 September 2011)

*Lazar's record: agreed BUT what did it cost us?*

if what he is spruiking is correct AND Equititrust is insolvent and he can prove it in Court and as a result we get the corporate watch  dog in there and some proper action etc -  well, lets let him do it..... I dont want him to run EIF -  heaven forbid -  BUT if he can do what no-one else has been able to do - well, lets not get in his way - he might be the one who finally gets this cowboy outfit brought to order...... while there is anything left in tact  -  

I am told that he has very very solid financial backing.....  so someone thinks he is OK at what he does -  heaven forbid -  the EIF management was woeful in the extreme - 

 their last LANDSOLVE touted deal has ended within 8 months with the Meridien boys suing EIF etc -  so how smart a deal was that? and that was under the watch of all the current boys and CEO Kolonel 'I know nuthink' Klink Kennedy and good old Maddog! 

You cant blame the GFC or the collapse of the Roman arch for these monumental gaffes! These were made under the watch of the present incumbents and post GFC. Delusional.

The TRUST MUTUAL and GUARDIAN marriage and the new investment bank with MAINSTREET INVESTMENT INTERNATIONAL - delusional!

Saving communties through some delusional community strategic partnership model -  delusional!

Even 17yo EIF veteran Wayne McIvor who bundled out of the place in April 2010 with Nick Haney in toe, is being sued by Maddog! 

Hell -  this escapade could be turned into a mini series to rival Channel 9's UNDERBELLY - we could save money on production costs, though  -  Ian Maurice has some great footage of Maddog and the in-credible sidekick CORKIN doing their best at selling seats on teh TITANIC , mid-Alantic ..... you can still find this footage on YOUTUBE for those who want a good laugh.....





Olman said:


> Here's a record of previous action by Ian Lazar:
> 
> 
> 
> Ian Lazar has already had a go at Equititrust and failed - this action was thrown out and costs awarded against him.  I don't understand why he's being touted as a white knight.  The history of this failed manoeuvre was detailed in this thread back in early May of this year for anyone interested.


----------



## kostag (23 September 2011)

*investor briefing 23rd*

How did it go?


----------



## kostag (25 September 2011)

*David Kennedy : MFS Equititrust Landsolve*

After stellar performances at MFS and EQUITITRUST, where is the Kolonel going to pop up next......  



zencorp said:


> BAIL ON THE SINKING SHIP - CYA MR KENNEDY!
> 
> http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf
> 
> ...


----------



## zencorp (25 September 2011)

IT'S been a big week for Gold Coast multimillionaire Mark McIvor. And it was an almost Churchillian Equititrust founder McIvor who fronted a fairly hostile meeting of the troubled funds manager on the Goldy yesterday.

McIvor - who The Courier-Mail yesterday revealed was suing his siblings for decade-old loans as small as $271 - stepped down as Equititrust head a few months back as part of a restructure. But he was invited to the Royal Pines podium to try to pacify about 600 mainly grandma and grandpa investors whose dough has been frozen since the GFC.

The silver-haired, silver-tongued surfie-made-good told the crowd he stood beside them "as your fellow investor and as the 100 per cent shareholder of Equititrust".

He said he had committed his personal wealth to salvage the fund in what had been "the most challenging period" of his 29-year career.

"I want you to know that I have not left my post. I want you to know that I have been working unrelentingly for the past 12 months ... for our future. Everything that I am in business, I've committed. I want you to know my commitment will not diminish."

Quoting US magnate Warren Buffett, McIvor added: "When it comes to your reputation and money, don't forget - it is only money."


----------



## kostag (25 September 2011)

*Re: Equititrust: McIVOR is he serious?*

what a load of crap.....

the forensic examination will show (come on ASIC. come on Piper Alderman, come on Ian Lazar)  that his money (if any)  was taken out long ago -  a rubbish credit was created in the 2008/2009 accounts (declared and detailed in this web site and in this BLOG long ago) to in effect CREDIT what was drawn out -  plus, the huge return on the sub-ordinated investment which was drawn out long after management knew that the FUND was seriously impaired (when they knew this they were under the CONSTITUTION no longer entitled to draw) PLUS managament fees.....  the man has no real money in the EIF at all... and has not had for more than likley 3 years -  the INVESTORS on the other hand have hard cash in the fund.... and they have not seen a cracker for nearly 3 years.....

at what time did McIvor know that Quinlivan/Ipswich was bad; that Wirrina Golf Course was a dud, that Konstaninidis was a disaster, that Meridien was getting the heat from BOS  and set to fail????? 2009? 2010???   the list goes on and on ...... 

Mark - forget your Roman quotes and pithy chronicles -  there is a more apt saying -  _you can fool some of the people, some of the time BUT you can't.... _(you know the reast...) 

the gig is up, as they say ......





zencorp said:


> IT'S been a big week for Gold Coast multimillionaire Mark McIvor. And it was an almost Churchillian Equititrust founder McIvor who fronted a fairly hostile meeting of the troubled funds manager on the Goldy yesterday.
> 
> McIvor - who The Courier-Mail yesterday revealed was suing his siblings for decade-old loans as small as $271 - stepped down as Equititrust head a few months back as part of a restructure. But he was invited to the Royal Pines podium to try to pacify about 600 mainly grandma and grandpa investors whose dough has been frozen since the GFC.
> 
> ...


----------



## kostag (27 September 2011)

*SUMMONS SERVED  POTENTIAL PARTNERSHIPS AND ASSOCIATIONS FALLING APART*

SUMMONSES have been served in the LAZAR Vs McIVOR matter -  Court orders not being met 

POTENTIAL PARTNERSHIPS for new INVESTMENT BANK deal falling apart as information and emails leak like a seive all over the place

PROFESSIONAL ASSOCIATIONS and FAMILY RELATIONSHIPS all asunder

The good ship S.S. EQUITITRUST is lurching onto the rocks....


----------



## kostag (28 September 2011)

*Re: Equititrust: dumb and dumber......*

http://www.couriermail.com.au/busin...k-in-13m-lawsuit/story-e6freqmx-1226133530130

how smart are these guys?

McIvor had QUINLIVAN running some of his largest assets. Now, he is suing him. He even provided a glowing reference at his ASIC hearing! Apparently QUINLIVAN crew was running the WIRRINA GOLF COURSE asset loan for a year in 2009 and drew out huge fees with McIVOR blessing. Wait till Piper Alderman digs into that arrangment!

LANDSOLVE was spruiking MERIDIEN as a new stellar investment only 8 months ago! Wont ASIC be impressed by those disclosures.

McIVOR had his new investment bank GUARDIAN in place underpinned with credibility of the MAIN STREET INVESTMENT GROUP and the very credible Russell McCART (who EIF is now suing) - both of whom have jumped ship.


----------



## ASICK (28 September 2011)

It's extraordinary, isn't it?  It wasn't so long ago that you guys were only worried about getting your interest distributions.

This is how it goes for all of us - just  like a multi-strand wire rope under enormous pressure, one strand breaking at a time, until such time as the rope can no longer support the load.


----------



## kostag (29 September 2011)

*NOT ONCE ON THIS WEB SITE DID I EVER EXPECT INVESTORS WOULD SEE INTEREST PAID*

I was a lone voice predicting 80cents in the dollar at best -  and revised in FEB 2011 to less than 50cents per $ -  I think it will wash out at about 44cents.... when the Phantom employee was using the same PC as David Kennedy and posting bogus blogs onto this web site refuting all that we were , correctly as it turns out, saying.....





ASICK said:


> It's extraordinary, isn't it?  It wasn't so long ago that you guys were only worried about getting your interest distributions.
> 
> This is how it goes for all of us - just  like a multi-strand wire rope under enormous pressure, one strand breaking at a time, until such time as the rope can no longer support the load.


----------



## ASICK (29 September 2011)

A walk down memory lane:-

Fund return, 30 June 2010:
http://equititrust.com.au/Pdfs/FinReport062010.pdf

Return on Responsible Entity’s subordinated investment (13,244,244) 
Management fee (4,070,936)

Over $17m in benefits, and then ALL OF A SUDDEN on 31 December 2010,  Impairment losses of (13,206,635) were disclosed.

http://equititrust.com.au/Pdfs/EIF_Fin_statement_DEC_31_10.pdf

Look, by co-incidence, the impairment LOSSES equal the manager's return for the subordinated investment.

It's unfortunate that the impairment didn't arise before 30 June 2010, because instead of losing a total of $26.4m, the loss would only have been $13.2m and the manager wouldn't have received the return on the subordinated investment.

Yes, timing is everything.


----------



## kostag (30 September 2011)

*Re: Equititrust an excellent and timely reminder of what these thieves did to us*

This is exactly what ASIC and PIPER ALDERMAN will focus on.... MCIvor Kennedy and probably the Board knew by the time he signed off 30th June 2010 accounts that the place was finished but they all had to pretend all was OK so that they could keep sucking huge management fees hut finally after a delay of 2 years the GFC tsunami finally reaches EIF    Wasn't Mark lucky? Otherwise may have had to sell his house a year earlier

as you say TIMING IS EVERYTHING



ASICK said:


> A walk down memory lane:-
> 
> Fund return, 30 June 2010:
> http://equititrust.com.au/Pdfs/FinReport062010.pdf
> ...


----------



## kostag (4 October 2011)

*EQUITITRUST Westpac  BREAKING NEW*

It seems that McIvor private companies have large Westpac where the security held comprises both private companies and a guarantee of EQUITITRUST. This liability was not disclosed to Board and auditors. This shock revelation will shake the Board to the core.The very credible Mainstreet Group has already jumped ship from Equititrust 'revenge bank' ..... Trust Mutual Guardian Landsolve...... don't expect respected QC and McIvor family friend David Jackson to tolerate this for long as Meridien Lazar circle with litigation and ASIC ready to pounce. Other borrowers whom Mad dog McIvor affectionately now describes as REPTILES...are revving up for litigation..... every broken promise will find its way into an Affidavit..... rather than Revenge Bank... it might be re-named Revenge of the Reptiles! oh, stop robbing our oxygen.


----------



## kostag (4 October 2011)

*ASIC action expected*

Expect some ASIC intervention finally.....


----------



## zencorp (5 October 2011)

You're on the money! David Jackson resigns as a Director of Equititrust! Bail on the sinking ship he says... Looks like D Tucker is going to take the fall.... 

http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_05_10_2011.pdf


----------



## zencorp (5 October 2011)

AND THE TRUTH COMES OUT!!!!! Someone has LODGED an Application to Wind Up Equititrust!!! Hopefully we are put out of out misery once and for all! 

Give us our money back.


----------



## No Trust (5 October 2011)

*McIvor's Fractured Relationships with EVERYONE.....*

So David Jackson, the "*NOT*" so independent director resigns after what *2 months*... 

SERIOUSLY what the hell was Jackson thinking when he joined the board ??? As I predicted in a previous post, the sycophants around McIvor  will go down with him as well… At least some like Jackson have seen what an abyss they have gotten themselves into…

I guess McIvor *will be suing him now as well *along with his own *brother and sister *and all the *Reptile Borrowers*.... He may even start to *sue the ants *crossing his driveway for trespass to try and get some damages to save his ass… Alas *the game is over *and the *seconds are ticking *to the time of *implosion*.

*Fractured Personal and Business Relationships*

Everyone McIvor seems to deal with ends up *in a dispute with him*... Then he goes back to the only thing he knows and that’s *intimidation* and *litigation *whether he is right or *clearly wrong*... Mediation does not come into his vocabulary...

The one thing that McIvor needs to realise is that when he points the *finger of blame and litigation* at people *"3 fingers" *are pointing right back at him... It’s those *"3 fingers "*that are now about to *destroy Equititrust *and unfortunately the lives of *many innocent retiree investors*…


----------



## ASICK (5 October 2011)

zencorp said:


> You're on the money! David Jackson resigns as a Director of Equititrust! Bail on the sinking ship he says... Looks like D Tucker is going to take the fall....
> 
> http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_05_10_2011.pdf




It's no problem for a director to 'bale out' AFTER the crash, or put another way, to walk away and leave the cleanup to others.   Directors aren't bound up like investors are.


----------



## No Trust (6 October 2011)

*Notification To Wind Up Equititrust*

*03/10/2011 *
*027770829*  519G Notification of Application to Wind Up Company 


http://www.search.asic.gov.au/cgi-bin/gns030c


IS THIS THE END ???


----------



## seamisty (6 October 2011)

*Re: Notification To Wind Up Equititrust*



No Trust said:


> *03/10/2011 *
> *027770829*  519G Notification of Application to Wind Up Company
> 
> 
> ...



http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


----------



## kostag (6 October 2011)

*Re: Equititrust....next prediction*

Expect....
1. Very heavy ASIC intervention
2. Borrower revolt and cross claims which will see loan book destruction... the Rise and Revenge of the Reptiles
3. Despite best efforts to conduct independent role David Tucker will be 'attacked' and 'garotted '
4. collapse of the Revenge Bank concept as all parties run for cover
5. Media revelations are nigh.....


----------



## kostag (6 October 2011)

*Re: Notification To Wind Up Equititrust*

Would the last Director out the door please turn the lights off?





seamisty said:


> http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


----------



## seamisty (6 October 2011)

For any Equititrust investors see the attached re a proposed Class Action


----------



## No Trust (6 October 2011)

*Piper Alderman*

With massive legal action against Equititrust and * McIvor* now a certainty!!!
The question is how long will his *personal companies last*, given the banks have *lost their patience*…  With *Equititrust on the way down the gurgler *the totally unnecessary luxury beachfront and riverfront mansions may soon have *“Mortgagee Sale” *stickers on them..

If the so called borrower Reptiles are fighting back, McIvor has no idea how hard the *Innocent Retiree Investors will fight back *for gambling their retirement on *“King Con”…*

More *tears* to come on Cronin Island...


----------



## kostag (6 October 2011)

*IF PEOPLE HAD FESSED UP IN HONESTY A YEAR OR TWO AGO.....*

so much of this heartache could have been avoided......  delusional conduct by some has magnified losses and costs and brought about heartache and misery to all.....


----------



## ASICK (8 October 2011)

*Re: IF PEOPLE HAD FESSED UP IN HONESTY A YEAR OR TWO AGO.....*



kostag said:


> so much of this heartache could have been avoided......  delusional conduct by some has magnified losses and costs and brought about heartache and misery to all.....




Among other things, you've got undisclosed valuations and that wonderful accruals accounting system.

Take a look at the table under the Heading "Advantages and disadvantages of cash vs accrual accounting methods" at: http://knol.google.com/k/nowmaster-accounting/what-are-the-advantages-and/y2cary3n6mng/50#

In particular note (under the heading "Disadvantages"):

"•*financial reports do not represent the true financial position and performance of the business*
•this method does not comply with the accounting concept of the matching principle"

As I understand it, every managed fund that's gone down has gone down because of this marvellous accounting invention and valuations which do not reflect the real value of the properties held by the funds. 

The accrued income is disclosed for all to see, but for few to understand.

So many funds were bloated with accrued interest, but because its an accepted accounting method, nothing was said by the auditors. 

Sure, we'll get the money.  Yes, we will.  Sorry, we didn't get the money.  Sorry the loans are now impaired.  Sorry, the fund has now made a loss.   Oh look, the security assets aren't worth as much as we thought they were.  Opps, more losses.  Sorry.

Directors resign.  Investors lose.  

How many more funds out there are propped up by accrued interest and overvalued assets? 


 ...


----------



## ASICK (8 October 2011)

*Re: Notification To Wind Up Equititrust*



No Trust said:


> *03/10/2011 *
> *027770829*  519G Notification of Application to Wind Up Company
> 
> 
> ...




These sorts of appications are tactics to put pressure on a company.  All a defendant company has to do is to show evidence there's no debt, then the application has no merits.  As I understand it, if the debt does exist, then the company must repay the debt to defeat the application.


----------



## No Trust (8 October 2011)

*Winding Up Application*

This may be the case if a *Statutory Demand *is issued, however I believe the basis of the claim here is different and is being *instigated by a unit holder *of the fund.. 

All will be clearer once on the first court date, however *Piper Alderman *devote a whole paragraph to the action in their letter to investors which indicates that the claim may have some merits.. 

Equititrust and McIvor have *made too many enemies *to be able to survive much longer and as you can see from the recent resignations the first sign of a sinking ship are the *rats running up the ropes to the safety of shore*…


----------



## ASICK (8 October 2011)

*Re: Winding Up Application*



No Trust said:


> This may be the case if a *Statutory Demand *is issued, however I believe the basis of the claim here is different and is being *instigated by a unit holder *of the fund..
> 
> All will be clearer once on the first court date, however *Piper Alderman *devote a whole paragraph to the action in their letter to investors which indicates that the claim may have some merits..
> 
> Equititrust and McIvor have *made too many enemies *to be able to survive much longer and as you can see from the recent resignations the first sign of a sinking ship are the *rats running up the ropes to the safety of shore*…




Yes, the directors of Citypac evacuated ship too ... heaps of accrued interest ... valuations which didn't come up to scratch ... same story .. replete with externalizing blame.

I can't read from the solicitor's letter of 5 October 2011 that Lazaar's claim might have some merits.   In fact, the letter doesn't speak to the substance of the claim, but it does speak to perceived benefits for investors if ASIC was to appoint a new manager.

Remember any new  manager/administrator won't be limited by the constitutional limitation of the no distribution/no fee clause in your fund's constitution/PDS - in that regard, no is going to do it for nothing - $$$$$$$ -  so be careful for what you wish for.

Lazaar didn't fare well on 5 May 2011 (http://www.theage.com.au/business/judge-dismisses-windup-claim-against-equititrust-20110508-1ee7k.html?skin=text-only)(Background ,http://www.equititrust.com.au/Pdfs/Disclosures/WindingUpApplication.pdf) and it's my guess he'll fare less well this time.

Since the legal activity relates to the fund, then my guess is that it's YOUR money that's being whittled away.

As I understand it, Equititrust is no longer entitled to draw a management fee (and certainly no more benefit from it's now depleted subordinated investment).   Clearly there must be some other motive for Equititrust to remain manager of the fund as there's no future chance of an income stream.

I don't know just how the subordinated investment works, but could it be that if Equititrust is ousted, that the subordinated investment converts to an ordinary investment?  A conversion would really put the cat amongst the pigeons by decimating the fund. (The fact that the subordinated investment offsets loss may not mean that it changes characteristic, subject to Equititrust Limited remaining manager of the fund.). 

Of course, only my opinion.


----------



## kostag (9 October 2011)

*Re: Equititrust: ASICK, ASIC, Lazar and other matters*

Lets be brutally frank -  all the legal shinanigans etc are all costing only US (the investors) money and we have little if any re-dress. MM Holdings and McIvor drew out millions and millions , well after the fund was in fact insolvent etc, and Piper Alderman will easily show that both the King Con assets at Ipswich and the South Australian assets were hopelessly over valued and they knew this to be the case long before they ever disclosed it. That lines McIvor up for a class action against all his personal assets. If the bulk of his 'wealth' is really tied up in the EIF -  and the EIF is financially rooted -  how does this help us? ASIC charges against him will be cold comfort.

Lazar: whether he is a good guy, bad guy, who cares? He is at least flushing this mess out into the public arena, as are the SMH and AFR.

Meridien: have been un-leashed and I suspect that McIvor has really woken a sleeping dragon with these guys.

Quinlivan: who knows -  but certainly now that he has turned anti-EIF, we might learn the truth about what the deal was with the EIF and where all the money went.

It is going to un-ravel as a real mess and we will be lucky to see 44cents in the dollar -  we have been plundered with tax on interest which was really principal return; we will take a non-deductible capital hit of at least another 56cents in the $.... everyone will simply walk away and we will be the only true victims, with nowhere to go.....

How is this fair?


----------



## kostag (9 October 2011)

*Equititrust: expect some explosive media revelations this week*

there has been  lots of direct contact between borrowers, potential partners in new structures, litigation flying between EIF and Borrowewrs and vice a versa; allegations of huge fee gouging by former advisers etc; issues of at wnat point should the tap have been turned off and who knew what; cross collateralised debt to leadings banks without disclosure to Board, auditors and ASIC......  a lot of this has been in the making for over 18months.....

dont expect ASIC to do nothing.....


----------



## No Trust (9 October 2011)

*There will be serious ramifications*

This disaster wholly and Solely created by McIvor has manifested into an all consuming abyss.. If Equititrust was in ANY way guaranteeing McIvor's personal property empire without disclosure then there will be Serious Ramifications... Innocent retiree investors did not sign up for this...

McIvor's ridiculous and (slap in the face to investors) multi million Dollar Cronin Island mansion still unsold...


----------



## No Trust (10 October 2011)

*Funding found for class action against Equititrust*

*Funding found for class action against Equititrust *

Mitch Gaynor 
The Courier-Mail
*October 09 2011*






http://www.couriermail.com.au/business/funding-found-for-class-action/story-e6freqmx-1226162497645


----------



## No Trust (10 October 2011)

*Mistaken identity at Big Jim's nuptials*

*Mistaken identity at Big Jim's nuptials *

Scott Rochfort
*October 10 2011*

Speculation that the no-longer banned company director Jim Byrnes could be preparing a takeover bid for the *"struggling Gold Coast finance concern Equititrust Capital" *has stirred memories of an event that occurred nearly two decades ago.

That was Byrnes's wedding to the leggy entertainer Jackie Love. CBD received numerous calls last week alleging the best man at the glitzy event was the founder of *Equititrust, Mark McIvor*.

But after digging through a trove of newspaper and magazine clippings in the Herald archives, CBD found evidence that the best man was actually the Kenny G resembling fashion designer *Klarenz* (who also designed Love's wedding dress).

''No, it wasn't love at first sight for me,'' a clearly smitten Love said in the exclusive interview with Woman's Day, which included pictures of the glitzy wedding and of the loving couple with the best man.

Byrnes said in the interview: ''I love her dearly and I have only one goal in life now - to be a good husband and father.''

The ceremony held at Vaucluse House had 60 guests and a horse-drawn carriage.

Love's Klarenz-designed wedding outfit was a ''body-hugging silk organza off-the-shoulder gown, lavishly encrusted with seed pearls and sequins and boasting a seven-metre train''.

*Equititrust's McIvor did attend the wedding*, but only as a guest.

http://www.smh.com.au/business/mist...ms-nuptials-20111009-1lfsd.html#ixzz1aMqq7uwR


----------



## No Trust (10 October 2011)

*David Kennedy Has No Clue*

Kennedy's response to the Courier Mail is a classic case of *having absolutely no clue*... 

Piper Alderman has enough evidence to commence the class action and to obtain litigation funding... Why would they be revealing all the evidence to the defendant... 

Piper Alderman do not have concerns, they have serious claims and evidence of breaches of the Corporations Law by directors...

The next thing Kennedy will be saying is that the loans to *"King Con" *were a good thing...

Hey David Retiree Investors whose *"LIVES"* Equititrust has ruined have a message for you... *GET LOST *and hope you have enjoyed your *fat salary **for nothing *while investors starve... Same goes for your *delusional friend *McIvor who got everyone into this disaster in the first place...


----------



## kostag (10 October 2011)

*Re: Equititrust: David 'I know nuthink' Kennedy*

dont have any doubts here -  he is simply a paid stooge -  look at his Stellar perfomance at MFS in the dying days at that other cowboy oufit.... MFS ......  then when ASIC stepped in etc -  we get the 'I knew nothing' -  dont think ASIC will be so stupid this time folks


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## kostag (11 October 2011)

*EQUITITRYST ....WHO WILL BE NEXT TO FEEL THE CHOP*

Expect to see moves on the Board .... it is unlikely David Tucker will be able to maintain independence much longer... my prediction us .... and i have been spot on for 18months.... is board will change again very soon .....


----------



## kostag (11 October 2011)

*EQUITITRYST: public company or public joke?*

dont expect certain Directors to last too much longer.... as independent directors try to do their jobs they will fall foul etc of the controllers -  and expect more deck chairs to be swapped on the Titanic.....


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## No Trust (11 October 2011)

*Singapore firm agrees to back Equititrust suit*

*Singapore firm agrees to back Equititrust suit *

Colin Kruger
Sydney Morning Herald
*October 11 2011*



"SINGAPORE'S International Litigation Partners has agreed to fund a potential class action against Equititrust *amid growing signs of turmoil *at the Gold Coast mortgage fund operator"



"*Adding to the turmoil *at Equititrust is news that a newly appointed director, David JS Jackson, QC, has resigned as director two months after joining the company's board. *No explanation for the resignation was offered *in a brief statement from the company"

"A further company update yesterday confirmed that founder *Mark McIvor is no longer involved in the company at any level*.

A company statement said while Mr McIvor remained the sole shareholder of Equititrust, as well as a creditor and a unitholder in the Equititrust Income Fund, *''Mr McIvor is not involved in managing fund assets, recovering outstanding loans or otherwise involved in the management of the company or the funds''*."

"*His actions while managing the company are likely to be central to any class action*."


http://www.smh.com.au/business/singapore-firm-agrees-to-back-equititrust-suit-20111010-1lhfm.html


So now even Equititrust is distancing itself from McIvor... What is going on in the background *to warrant such an unusual statement*... 

There are some damming revelations about to be revealed in the near future...


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## No Trust (11 October 2011)

*No Financials*

Yet again these *idiots * have to be reminded that it would be useful to investors to have the *End of Year Financials*...

They have to be *pushed at every *turn for basic financial information...

Come on *Kennedy* as a parting gift to all the investors and in consideration of your *FAT Pay Packet *which was taken from the life savings of retiree investors please provide us the *"END"* of Year Financials... That is if any auditor will sign off on them...

PS *Good Riddance and Karma is a B#tch*...


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## kostag (12 October 2011)

*they do protest too much*

Anyone who knows the ego and personalities knows that the shambles us still being 'run' from the Chevronbunker by Mad Max......  Kolonel Klink  Kennedy will go the way of Rudolph Hess .... while the deluded Fuhrer will attempt to re seize public control. Revenge Bank plans fall apart as partners and key players turn out to be double agents. ASIC gets into gear and attacks with resolve. Reptile borrowers gasping for oxygen steel up , consolidate and lead one last attack which spells the end. laughable indigenous initiatives collapse as they pay  for their own lunch..... rolling pins fly about the head... credible but illinformed Generals struggle to find a face saving orderly retreat.... this could be turned into  TV series


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## ASICK (12 October 2011)

and Kostag,  a series sure to be replicated over and over again elsewhere.

the real problem is that the formula is so darn easy to implement: just knock up a scheme and advertise.  we investors are endowed with a special understanding of how our fund's work, it's called "20-20 hindsight": a post-disaster in-depth understanding.

Does anyone know what happened at the investor meetings Equititrust Limited was supposed to have conducted?


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## No Trust (12 October 2011)

*Never to raise money again*

Well it may be easy to start up a scheme, but * Equititrust* and more importantly *McIvor* will *NEVER *raise another dollar from retiree investors...

Equititrust will not make it to *New Year’s Eve*...

The damming revelations intertwining both *personal and business relationships *are yet to come... Now this will make a soap opera which writer’s couldn’t conjure up...


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## ASICK (12 October 2011)

Good morning No Trust.

It's interesting that you think that way.

History isn't strewn with the financial carcases of management, rather of investors: a fact that all of us who invested in a defective managed fund know all too well.

Seldom (if at all?) are individuals banned from management of companies for life - but even so, when there's a will, there's a way of getting around even short term bans: family, friends, etc. - management thru proxy.


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## awg (12 October 2011)

Aside from any management failures, 

Unfortunately this sort of problem will proliferate in the situation of de-leveraging.

I take no joy, as it will hurt most of us down the track if things turn sour with asset prices.


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## kostag (12 October 2011)

*Re: Equititrust: good point AWG..... it is like we all have a death wish......*

too true....



awg said:


> Aside from any management failures,
> 
> Unfortunately this sort of problem will proliferate in the situation of de-leveraging.
> 
> I take no joy, as it will hurt most of us down the track if things turn sour with asset prices.


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## kostag (13 October 2011)

*EQUITITRYST: the Game the whole family can play.....*

lets run a  little competiton on this web site.... lets see who can get it right...... 

Q1:    Which Director will fall next ???

a)      Goddard
b)      Tucker
c)      TReasure

Q2:    When the first independent accounting is done on the EIF, will the per unit value be:

a)     80 cents to $1
b)     60 cents to 80 cents
c)     40 cents to 60 cents
d)     under 40 cents

Q3:   ASIC will lay charges against someone in relation to EIF within:-

a)     six months
b)     6 - 12 months
c)     over 12 months
d)    never.

Q4:   Major borrowers (ie: anyone owing over say $10M) will litigate (succesfully) against EIF et anors and get substantial damages and or offset/reductions in amounts alleged to be owing by EIF?

a)     Yes/No

Q5:   There will be other substantial and undisclosed liabilities of the RE and or EIF which will emerge with resulting action against either Auditors and or then officers?

a)     Yes/No


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## Tin Tin (13 October 2011)

*Re: EQUITITRYST: the Game the whole family can play.....*

If its true McIvor has exposed Equititrust assets to his personal loans from Westpac, then don't the directors have a duty to sue McIvor straght away or at the least begin talks with Westpac about how to go against him if the bank already owns him?

Maybe they should all resign! Must be why Jackson QC did! 

Also, how can McIvor say he no longer has any say at all in his company and has resigned, but then try to assure investors he is their helping them all the way, reputation more important than money etc? Is he involved or not involved? I dont get it. He could still be a shadow director and  under a duty to sue himself, which sure is a funny state of affairs, unless your an investor.


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## kostag (13 October 2011)

*Re: Equititrust? Mark McIvor a shadow director....*

no! surely not -  who is suggesting that ????


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## No Trust (13 October 2011)

*So McIvor is saying one thing and the company another...*

The reality is McIvor made the statements at the Investor Briefing about his ongoing involvement... Its as simple as that... So either he is delusional or he is really in control. What's the truth? Well he is totally in control and pulling the strings in the background. Tucker is beholden to him and acting and has acted for McIvor personally and is also acting for Equititrust. Where is the independence in this... An independent check of the phone records between them will reveal what's really going on... 
David Jackson had no choice but to quit even though McIvor is a dear old mate. If Tucker quits his legal fees which are substantial are at risk. Investors are not being served by this idiotic charade which is not transparent and lacks any form of proper corporate governance... This is why this charade must stop because as long as McIvor's stooges are on the board a proper and independent investigation including a full forensic analysis will not occur.  McIvor is still well and truly in control reaking havoc and taking out his revenge on borrowers whilst investors suffer and hear mixed messages about his involvement at the investor briefing then totally contradictory statements on the company website in a matter of weeks. Control has to be taken away from Equititrust / McIvor and an independent entity appointed to uncover the truth... David Tucker should also take his responsibilities as a lawyer seriously as did David Jackson QC and immediately quit if there is a clear and unequivocal conflict of interest.


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## zencorp (14 October 2011)

Will Equititrust turn out like this??? http://asic.gov.au/asic/asic.nsf/byHeadline/11-222MR%20Former%20Sonray%20CEO%20jailed?opendocument


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## kostag (14 October 2011)

*Re: Equititrust: ASIC - charges on the cards?????*

we all suspect that ASIC is quietly information gathering.... they have been talking to disgruntled Borrowers who are proving to be a mine of information.....

as they say in the media ..... watch this space....



zencorp said:


> Will Equititrust turn out like this??? http://asic.gov.au/asic/asic.nsf/byHeadline/11-222MR%20Former%20Sonray%20CEO%20jailed?opendocument


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## No Trust (14 October 2011)

*ASIC and other Authorities*

*ASIC* and a number of *other authorities *have been contacted in regard to an investigation of this matter...


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## kostag (15 October 2011)

*Re: Equititrust: what a difference a week makes*

Well, well, well…… what a difference a week makes in Paradise…. Chevron Island has been a veritable hive of commercial activity and entrepreneurial creativity this week….. Unfortunately none of it helps EIF investors one iota.
1.	David Tucker gone from the Board. However he is very far from over and out. What secrets can he reveal I wonder?
2.	Kolonel Klink Kennedy -  despite serving as the loyal fall guy -  has been given the ‘garotte’ -  can you imagine what he will spill? After copping the heat and investor vitriol.....
3.	Respected director, Chairman John Goddard, as decided that reputational risk is just too great chairing the cowboy outfit and will jump ship this week
4.	Delusional ‘Mad Max’ will seize control again this coming week
5.	Indigenous brothers have been honoured to bless hallowed ground in a delusional alliance that will go down the toilet as ‘believers’ see the folly of it all. More than rolling pins will fly.
6.	Revenge Bank will come back and bite the instigators where the Sun does not shine.
7.	ASIC is at breaking point……
8.	Respected developers -  Meridien -  steel up their legal resolve and coupled with Tucker revelations will accelerate their actions
9.	Watch  Lazar -  he has just started to fight. His naming in Parliament under the gutless protection of privilege has fired him up. He has served up round one and more will follow. He will get support from surprising places and will become the final nail that will bring this all to a screeching halt. The Windsor asset will be lost to EIF.
10.	Don’t rule out Quinlivan - he may have been named King Con (again under Parliamentary privilege) but may yet prove to be another gorilla in the room.  Coupled with Lazar and Meridien, his actions will also prove to be terminal. He is not a man to be screwed over and that is how he is felling right now. Watch also for deals being cut on his assets - personal home, Bundall sites etc. 
11.	Also: watch for allegations of EIF assets doing the old sideways shuffle and popping up in Landsolve.  Westpac Bank will have to move as truthful disclosures are finally made.
12.	See the Australian Financial Review today – 2 Articles -  Ben Wilmot ‘Equititrust winds up flagship’ and the next page The Prince  ‘Ian (Lazar) returns serve in set Two’


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## No Trust (17 October 2011)

*Lazar launches counter-attack in the Senate*

*Lazar launches counter-attack in the Senate *

*Scott Rochfort
Sydney Morning Herald
October 17 2011
*


*BITTER RIVALS*

"Lazar also took advantage of parliamentary privilege by alleging that the defamatory information about him had been supplied to the senator by the founder of the *stricken *Gold Coast finance company *Equititrust, Mark McIvor*.

''I am currently engaged in long-running litigation with Equititrust,'' Lazar said in his response. *''Mr McIvor has adopted the strategy of raking up disaffected persons with whom I have done business and then having Senator Williams do his dirty work for him under the cover of parliamentary privilege.''
*

http://www.smh.com.au/business/lazar-launches-counterattack-in-the-senate-20111016-1lrgj.html


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## No Trust (17 October 2011)

*Full Credit To You Kostag*

Kostag full credit to you in terms of firstly starting this thread and secondly on supplying *very accurate information *on what is *ACTUALLY* going on behind the scenes...

At least innocent retiree investors are getting the facts on this *growing disaster *as and when they are being played out... McIvor has it seems *made enemies with everyone including his only brother and sister and now his lawyer*... who will now act for Equititrust in the multitude of legal claims... It seems McIvor has resolved to *take everyone down with him *in a Jim Jones style *Mass Corporate Suicide...
*


Mark the * Corporate Grim Reaper *has *arrived *at the door of Equititrust.... Open your eyes...


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## No Trust (17 October 2011)

*New CEO Appointed*

A *new* CEO has been appointed to Equititrust... Crisis meeting currently underway... 

Like Elvis *McIvor has apparently left the buidling*... with strings firmly attached to the new CEO or soon to be known as the *"Chief Executed Officer"*

*ASIC has no choice *but to move before McIvor wreaks more havoc...


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## zencorp (17 October 2011)

*Re: New CEO Appointed*



No Trust said:


> A *new* CEO has been appointed to Equititrust... Crisis meeting currently underway...
> 
> Like Elvis *McIvor has apparently left the buidling*... with strings firmly attached to the new CEO or soon to be known as the *"Chief Executed Officer"*
> 
> *ASIC has no choice *but to move before McIvor wreaks more havoc...




Is Mcivor back????? http://www.equititrust.com.au/Equititrust_Management_Teams.html


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## kostag (17 October 2011)

*Re: Equititrust: would all passengers on SS TITANIC DECK A swap with DECK B please...*

1.  Kennedy out -  after MFS even the Kolonel could not take another hit like this dousy!
2.  Tucker out -  after valiant attempts to do his job as an 'independent' -  he  was 'garotted' in the night..... and missiled out of the place..... he is not a man to be tifled with -  so couple his extensive legal expertise with that of David Roberts of Meridien fame and expect to see some fur fly soon.
3.  McIvor back as CEO
 -  well, say no more. Like Mark Twain -  annoucements of Mad Max's demise are premature it seems. 
then....
4.  Goddard -  how much reputational risk can one take?


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## kostag (18 October 2011)

*MUSICAL DECK CHAIRS AT THE S.S EQUITITRYST AS MAD MAX TAKES BACK CONTROL*

He's back !

Wow! This place just gets better, doesn’t it?

1.	Mad Max has, we are all told, no part of management any more but ousts so-called independent Directors. How does this work? 

2.	The remaining independents - Goddard and Treasure - jump ship.

3.	Some character called Harvey Powell -  whom the Equititrust web site does not even show as being a Director as yet -  is staying on but Harvey Parker (another brand new Director whom is not posted on the web site)  has jumped ship as well, already!

4.	Troy Bingham has stepped up as CEO and as a Director. 

Who are these guys???

This place is becoming very Third Reich- like isn’t it? As the delusional Mein Fuhrer plays ‘pass the parcel’ with the Directors and the leadership role.

Clearly this place is completely out of control.

ASIC - please put this place out of its misery!!!


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## No Trust (18 October 2011)

*Equititrust exodus as executives exit*

*Equititrust exodus as executives exit *

Anthony Marx 
The Courier-Mail
*October 18 2011*






*TROUBLED* Gold Coast fund manager Equititrust has suffered another shake-up at the top, with the *chief executive and a majority of board members stepping down. 
*
Former chief executive David Kennedy said he had "ceased to act as CEO by mutual agreement" with the company's founder and sole shareholder, Mark McIvor.

Non-executive chairman *John Goddard *and director *Craig Treasure*, both of whom were appointed only last October,* have also resigned*. Board member Warwick Powell has decided to stay after taking up the post last week.

The board departures, effective yesterday, follow last week's *removal of director David Tucker *and the *resignation of newly-appointed director Harvey Parker*.

The exodus is understood to have stemmed from *anger* over *Mr McIvor's changes to the company constitution to oust Mr Tucker*, who came aboard only last September.

The two men are *believed to have clashed *over the direction of the company's *floundering *$159 million Income Fund, which has been frozen for three years and *will be wound up*.

*"They chose to step down after Mark sought to remove David Tucker," *a source close to the company said.

Mr McIvor refused to comment yesterday but it is believed that he has appointed *Troy Bingham as new chief executive *and brought in two new board replacements.

Mr Kennedy had previously announced his *intention to leave in December *after two years at the helm.

"It hasn't been an easy two years but I went in there to try to help and I think I got pretty close. I'm looking forward to other things," Mr Kennedy said yesterday.

Mr McIvor launched the Chevron Island-based company in 1993 and served as managing director until he resigned in mid-June.

Since then, there has been *persistent speculation that he was seeking a return to the board or greater control over day-to-day *operations.

As of yesterday, however, it is believed Mr McIvor had not re-joined the board.

The Income Fund, which was launched in 1999, was once valued at $260 million but its net asset value has plunged after a series of bad loans to property developers.

One investor has launched Federal Court proceedings to have the fund liquidated and Equititrust also faces a potential class action lawsuit by *disgruntled unit holders.
*
They have had no distributions since April and are expected to claw back just 78 cents out of every dollar they put in.

http://www.couriermail.com.au/busin...-executives-exit/story-e6freqmx-1226169136374


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## No Trust (18 October 2011)

*McIvor Has Officially Lost the PLOT !!!!!*

How long will *ASIC* let this madman continue while *Innocent Retiree Investors suffer...
*

This *delusional egomaniacal  control freak *has to be *stopped* as he never really resigned … The resignation of the whole board is testimony to that…  *Does McIvor have any more friends or family left ????  *It would be interesting to be a fly on the wall at *“Bunker McIvor"*  on Cronin Island…  What’s going on behind those walls is anybody’s guess…  But given the *current track record *it does not look promising…

Apparently the *Switchboard at Equititrust *has been jammed with *panicked investors fearing the imminent collapse of the company *and Equititrust employee's now fearing the worst at any day are sending their CV's out looking for new jobs...

It looks like Equititrust is *now well and truly on the precipice of the Abyss*...


----------



## kostag (18 October 2011)

*Re: Equititrust: TROY BINGHAM*

Is this our new CEO ??

_Troy Bingham quits Blaze
  |  October 1st, 2008



THE Gold Coast Blaze have lost their first three matches this season and now their general manager in Troy Bingham, who has quit the club.

THE Gold Coast Blaze have lost their first three matches this season and now their general manager in Troy Bingham, who has quit the club.

The South African-born professional soccer player-turned businessman, who has helped the Blaze secure two major sponsors this season, resigned from his post at the end of last week._


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## kostag (18 October 2011)

*Re: McIvor Has Officially Lost the PLOT !!!!!*

I suspect it will be more than rolling pins around the head at Cronin Island right now - with all the defections,  information is leaking out of Mad Max's bunker like a sieve...... the place is finished. 





No Trust said:


> How long will *ASIC* let this madman continue while *Innocent Retiree Investors suffer...
> *
> 
> This *delusional egomaniacal  control freak *has to be *stopped* as he never really resigned … The resignation of the whole board is testimony to that…  *Does McIvor have any more friends or family left ????  *It would be interesting to be a fly on the wall at *“Bunker McIvor"*  on Cronin Island…  What’s going on behind those walls is anybody’s guess…  But given the *current track record *it does not look promising…
> ...


----------



## kostag (18 October 2011)

*Re: Equititrust: Warwick Powell -  is this one of our new men....*

The Australian

Branch-stackers lobby for Wayne Swan's pet project by: Andrew Fraser From: The Australian May 15, 2009 12:00AM Increase Text SizeDecrease Text SizePrintEmail Share 
Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these?.TWO men expelled from the ALP for branch-stacking have emerged as the chief lobbyists for the project the federal Government has promoted as a suitable candidate for "Rudd Bank" funds. 
Austcorp, which last week called in administrators, is the developer behind the Brisbane high-rise residential tower "Vision".

Wayne Swan said earlier this year that Vision was "just the right project" to receive government funding through Rudd Bank, which was established to take lending positions in commercial property ventures where foreign or other smaller banks refused to roll over their share of syndicated loans.

The Queensland register of lobbyists shows that Austcorp has been using as its chief lobbyist a company called Urban Analytics Australia Property Advisory Pty Ltd, which is owned by former ALP identities Lee Bermingham, his sister Catherine Bermingham and Warwick Powell. *Mr Powell* and Mr Bermingham were prominent activists in the AWU faction of the Queensland ALP in the early 1990s, a time when the now federal Treasurer, also a member of the AWU faction, was state secretary of the Queensland ALP.


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## No Trust (18 October 2011)

*Troy Bingham and Warwick Powell - Ahhh dont these idiots read the paper*

So *Troy Bingham *and *Warwick Powell *want to *suck some blood *from the retiree investors as well... *Good luck guys*, you have just become the enemy of very very pissed off Retiree Investors whose lives Equititrust has basically ruined...

What are these guys* deaf dumb and blind *and *don’t read the papers *Harvey parker jumped after one board meeting and *John Goddard *couldn’t take the risk to his reputation any longer...

Word of advice guys make a phone call to all the *other enemies McIvor has made *and get the real picture, this includes his own *BROTHER* and *SISTER* who he is now suing....


*EQUITITRUST'S COLLAPSE IS A FOREGONE CONCLUSION *with media articles like this on a daily basis...


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## kostag (18 October 2011)

*Re: Equititrust: house of straw*

when professionals  such as  Harvey Parker and David Jackson jump ship after one peek inside the 'box of tricks' (or is it a  deck of cards / house of straw) it says it all in my view.....


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## kostag (19 October 2011)

*revolving door*

I heard that they have fitted a revolving door in the Equititrust board room.... when a new Director fills out his consent to act as a director he signs a resignation at the same time ...saves on paperwork


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## kostag (19 October 2011)

*EQUITITRUST: its computers cant keep up with the Director and Board changes!*

you gotta feel sorry for the Equititrust IT boys..... the Board has now suffered more changes than I have received Equititrust Interest cheques..... this morning I made a routine sweep of the *www.equititrust.com.au* web site to see who fell at the hands of Mad Max overnight and it looks like the Equititrust web site has finally groaned to a halt under the weight of changes.....

Oops! This link appears to be broken.
Suggestions:
•Access a cached copy of www.*equititrust.*com.*au/*board.*html
•Go to www.*equititrust.*com.*au
•Search on Google:

there have been so many chops and changes, it might be easier for Mad Max to release a daily list of who is NOT on the Equititrust Board for the next day or so, rather than try and publish who is on the Board.....

all we need is a rodeo on Chevron Island and we have a complete cowboy outfit! :


----------



## No Trust (19 October 2011)

*Re Revolving Door*

McIvor has also installed a revolving door at his *bunker on Cronin Island *, family and friends have gone through one side and out the other... *Who is next * through the door at *Bunker McIvor*.... *The rolling pins are a fly'n*.....

It seems someone's "grandiose lifestyle" at the *expense of retiree investors *is about to *come to an end*...


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## No Trust (19 October 2011)

*Saddle Up*

The *rodeo * has been going for a while inside Equititrust"s offices on Chevron Island... A *number of cowboys have tried to ride the bull *but it keeps bucking them off... There is one *delusional cowboy *who would like to get back on the bull but unfortunately *he has a monkey on his back *and can’t seem to shake it off...... *McIvor that monkey is the retiree investors *that are about the sue those cowboy boots *right off you *for *gambling our life savings on the other biggest cowboy on the Gold Coast "King Con"...
*

*The Rodeo will be over soon...*


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## zencorp (19 October 2011)

so much for a company that provides itself on disclosure... where is it??? where is the website update???? website overload....


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## zencorp (19 October 2011)

I wonder if TUCKER is GOING to STRIKE revenge on Madmax???? Is this a battle the investors want to be in the middle of.... I think not...


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## No Trust (19 October 2011)

*Legal Action*

So what will happen with all the legal action against the borrowers now... Tucker was undertaking that legal work... It leaves investors in a total mess.. Both Tucker and McIvor are absolute IDIOTS... Tucker should be struck off as a solicitor for acting in a clear position of conflict... QLD legal services will be investigating his actions in the not too distant future... If you are a lawyer stick to being a lawyer... Investors will now have to bear the brunt of the costs in changing firms... Nice work Tucker / McIvor...


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## kostag (19 October 2011)

*THE MAD MAX BUNKER ON CHEVRON ISLAND???*

one thing that has not come up (yet) -  who owns the office building? If owned by Mad Max -  you can bet that the EIF is paying some inflated rental -  and if the EIF wants to quit the lease, what penalty will they be forced to pay?

another un-commercial transaction subsidised by the oridnary Mum and Dad investors!

Who is controlling the EIF chequebook and who decides what pays what and to whom? Someone has to stand up to be counted!


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## kostag (19 October 2011)

*Re: Legal Action*

NO TRUST - your criticism of TUCKER might be a bit rough -  I suspect that he may have bene fighting a losing battle against Mad Max and facing the 'garotte' had to fight for survival.....

I think that most actions will be sheeted home to Mad Max.....

you dont blame the whole German nation for the Fuhrer's lunancy.....  even Kolonel 'I know nuthink' Kennedy seems to have  finally stood up to be counted and got the garotte as his reward..... now because of his foray at teh helm of MFS, ASIC may not be so kind and understanding, I suspect that w ehave deluded misled casualties at all levels.....

watch how quickly everyone jumps the fence and squeals!





No Trust said:


> So what will happen with all the legal action against the borrowers now... Tucker was undertaking that legal work... It leaves investors in a total mess.. Both Tucker and McIvor are absolute IDIOTS... Tucker should be struck off as a solicitor for acting in a clear position of conflict... QLD legal services will be investigating his actions in the not too distant future... If you are a lawyer stick to being a lawyer... Investors will now have to bear the brunt of the costs in changing firms... Nice work Tucker / McIvor...


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## zencorp (19 October 2011)

Udated to the website http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_19_10_2011.pdf with no official letter head. Looks like a dogs breakfast. Someone has email that person what to write and they have forgotten to take out the " " between paragraphs. Another stooge to be added to the Board - this one Paul Vincent. He is apparently a partner at Vincents Chartered Accountants in Brisbane - one of his specialties - criminal matters... maybe here to help Madmax....


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## No Trust (20 October 2011)

*Tucker should not have been a director*

It's very simple Tucker was in the wrong to act as director whilst in a position of conflict which the then board had to admit via a statement on the website... So absolutely no sympathy for him, he got what he deserved. In terms of Vincent  informed sources advise he has acted for McIvor previously in forensic matters... So where on earth is the independence in this... Are these guys so separate for work that they will take anything on. Sure wind down the fund but with independence and a proper  forensic investigation.


----------



## No Trust (20 October 2011)

*ASIC may have a different view*

Here is a challenge to the new board... Issue a statutory declaration of independence to say they have never had an association with either McIvor or Equititrust.... None of the new Stooges can say that so in effect delusional McIvor is still pulling the strings... Look what happened to the last board when they didn't  do what McIvor said... They ALL resigned including the CEO... So ASIC may take a different view of this charade... In fact calls have already been made to senior ASIC officials to make them aware of the conflicts and to demand an end to this financial rape of Retiree Investors. The crappy statement on the website talks about debt reduction but not about the ruination of retiree investors at the hands of McIvor whilst loaning tens of millions of dollars to "King Con"... Note to the new board stop the spin, it's all been heard before... INVESTORS WANT DELUSIONAL MCIVOR OUT AND A TOTALLY INDEPENDENT MANGER PUT IN SO THE " REAL STORY CAN COME OUT"  Equititrust and McIvor are hiding a lot of sins.... By the way where are the Financials and what will now happen to Tucker & Coward in terms of legal representation of Equititrust matters.... 
Don't hold your breath for answers


----------



## zencorp (20 October 2011)

Madmax sighted at the Equititrust bunker this morning - really? How's that independence going... I have it from a good source that the bunker is currently being raided by ASIC.... Hopefully they reveal the truth...


----------



## zencorp (20 October 2011)

BREAKING NEWS: 

David Tucker has lodge an application to wind up Equititrust. Maybe he is not to bad after all - go Tucker!  Eat Madmax alive. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11


----------



## zencorp (20 October 2011)

End looms for Equitrust after police raids

The long-running saga of Gold Coast mortgage fund operator Equititrust may finally be ending after the Australian Federal Police and the corporate regulator conducted a series of raids on the company this morning.
BusinessDay has received confirmation the raids on company premises took place, but Equititrust, and the Australian Securities and Investments Commission (ASIC), would not comment when contacted.
It is understood that the raids relate to ongoing investigations by ASIC and the Federal Police.

The news will surprise few, with Equititrust bouncing from one crisis to the next since it was forced to freeze redemptions on $250 million worth of investor funds three years ago. It was only this year that the company admitted to questionable loans and investor losses.
Signs of trouble accelerated in recent months, with a revolving door of executives and directors being appointed and stepping down.
Just this week chief executive David Kennedy stepped down ahead of schedule, while recently appointed chairman, John Goddard, and director, Craig Treasure, also resigned.
David JS Jackson QC also resigned this month having just been appointed, while Equititrust issued a statement saying founder Mark McIvor had no continuing role with the company.
Further trouble is brewing with law firm Piper Alderman preparing a class action against the company on behalf of investors.
The law firm has said its potential claims against Equititrust include ''misleading and deceptive conduct, breach of trust, breach of fiduciary duties as trustee and breaches of the Corporations Act in relation to the managed investment schemes provisions''.
Questions remain about how much investors have lost on questionable loans to the likes of Dudley Quinlivan. An estimated $70 million of the fund's money was lent to Quinlivan, aka "King Con", on a project which purported to be worth $82 million. Equititrust said the asset may be worth as little as $20 million.
Quinlivan's history offered plenty of reasons for caution. Nearly a decade has passed since he was described as the "King Con of Queensland" in the state's parliament over allegations his real estate empire was based on "marketeering", a high-pressure sales tactic involving the marketing of Gold Coast properties to small investors.


Read more: http://www.smh.com.au/business/end-...olice-raids-20111020-1m9l1.html#ixzz1bI7T6176
Read more: http://www.smh.com.au/business/end-...olice-raids-20111020-1m9l1.html#ixzz1bI7OoZEV


----------



## kostag (20 October 2011)

*A NEW CORPORATE RECORD..*

1.  New Directors greeted by a Police raid on their first day. Nice!
2.  Management fees ripped out, well after loan book toxic; directors playing in the revolving door; valuations toxic and known for years to be so; inflated loan asset values; Auditors running for cover; round robins of funds between some Mortgages and Borrowers; side deals and fees; Borrowers now suing EIF ............ it all had to come to an end.

Now : value my estimate was 44cents per unit -  just revised to 28cents per unit.


----------



## ASICK (20 October 2011)

*Re: A NEW CORPORATE RECORD..*



kostag said:


> 1.  New Directors greeted by a Police raid on their first day. Nice!
> 2.  Management fees ripped out, well after loan book toxic; directors playing in the revolving door; valuations toxic and known for years to be so; inflated loan asset values; Auditors running for cover; round robins of funds between some Mortgages and Borrowers; side deals and fees; Borrowers now suing EIF ............ it all had to come to an end.
> 
> Now : value my estimate was 44cents per unit -  just revised to 28cents per unit.




Hi Kostag,  

I would have been surprised if your fund was worth more than $0.50/unit (going on past examples).

I'm pleased that your fund will at least be resolved (whatever the outcome will be).

I wish all of you the best outcome in the following windup and litigation.

Regards.

PS.  unless your fund ends up with a manager who convinces members to leave their money in the fund in order to recover loss.    There is a real tendancy for some to see damaged funds as an opportunity for an ongoing income source - be careful.


----------



## kostag (20 October 2011)

*Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinatra*

And now the end is near
And so I face the final curtain
Investors …..  I'll say it clear
I'll state my case and avoid the smirk’in…

I've lived a life that's full of bull
I’ve dodged and weaved each tricky back way 
And more, much more than this
I did it the sly way…..

Regrets – who gives a f--k
But then again -  who’s bothered counting
I did what I had to do
And saw it through and gave you all a damned good mounting…. 

I planned each dirty deal
Bankrupt borrowers –for which you now pay
And more, much more than this
I did it the sly way 

Yes there were times I'm sure you knew
When I ripped off  more than I could chew
But through it all when there was doubt
I ate you  up and spat you  out, I grabbed  it all
And I stood tall as I  did it the sly way

I've ripped….  I've laughed and sighed
I've had my fill, till my coffers were oozing 
And now as your fears collide
I find it all, so amusing

To think I did all that
And may I say not in a shy way
Oh no, oh no, not me
I did it the sly way

For what is a man what has he got
If not your money,  then he has not
Done all the  things – don’t give a toss 
And who cares ....  about your loss
The record shows -  I took the dough
And did it the sly way

Yes it was the sly way …………


----------



## kostag (20 October 2011)

*Re: Equititrust: CHAIRMAN GODDARD has filed an affidavit*

in support of TUCKER's winding up application

EQUITITRUST are all idiots.

They congratulate GODDARD on their web site

John GODDARD has stepped up and sworn an affidavit to support the winding up 

Cant EQUITITRUST get anything right 








zencorp said:


> BREAKING NEWS:
> 
> David Tucker has lodge an application to wind up Equititrust. Maybe he is not to bad after all - go Tucker!  Eat Madmax alive.
> 
> http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11


----------



## kostag (20 October 2011)

*Re: A NEW CORPORATE RECORD..*

it will be under 30cents



ASICK said:


> Hi Kostag,
> 
> I would have been surprised if your fund was worth more than $0.50/unit (going on past examples).
> 
> ...


----------



## zencorp (20 October 2011)

A review by the new stooges.... http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_20_10_2011.pdf


----------



## kostag (20 October 2011)

*Re: Equititrust: they just dont get it do they....*

we dont want these knuckleheads anywhere near the place....



zencorp said:


> A review by the new stooges.... http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_20_10_2011.pdf


----------



## kostag (20 October 2011)

*Re: Equititrust: we should hit 80,000 blogs on thsi website overnight!!!*

from a slow start and a relentless battle -  we finally have proven our worth and attained viral traction.


----------



## No Trust (20 October 2011)

*KOSTAG*

Kostag *full credit to you *for starting this thread and to your unrelenting efforts to expose these *crooked bastards*...

I jumped on board a while after you started this thread and even though we were attacked and this thread even made the *national press *we persisted and have now been proven RIGHT...

*Great working with you mate....*


----------



## No Trust (20 October 2011)

*More Shocking Revelations to Come*

There will be even *more revelations *which some parties have been sitting on *for many years *which will *come out in the National Press in the near future*... Everything that has been seen to date will be *NOTHING*... This will shake *McIvor and his family *to their very *CORE*... Mark *never thought this would come into the public eye *but now it will and INVESTORS *will be mortified *to discover the character of the man who was *REALLY* managing their money... It’s the stuff even a script writer could not come up with...

McIvor's best case scenario is *Bankruptcy*.... After the Police raid this morning this may be a pipe dream as charges loom...


----------



## No Trust (21 October 2011)

*Goodbye Mark.....*



> *Federal police, ASIC raid embattled fund manager Equititrust *
> *Anthony Marx
> The Courier-Mail
> October 21 2011 *
> ...




More: http://www.couriermail.com.au/busin...raid-equititrust/story-e6freqmx-1226172406007


----------



## No Trust (21 October 2011)

*Travel Ban*

We will see *McIvor front up to the Federal court very soon*... A *travel ban *will also come into effect *stopping him from leaving the country*... 

Then next step will be the *collapse of his personal companies and assets *as the banks will move in *now and take possession of the family home on Cronin Island and other assets.*

So it seems the *rolling pins *will really be flying in the *soon to be repossessed McIvor Bunker...* Let’s hope he doesn’t take it out on his family *again*... and start *suing his dear wife Stacey *for her assets which *she is holding on his behalf... 
*


----------



## kostag (21 October 2011)

*Re: Travel Ban*

I think even the 'flys on the wall' have sworn affidavits for ASIC......

what Mad Max does not realise  is that all his delusional dreams which he was sharing with past borrowers and new partners in the Revenge Bank were all being shared by them -  everyone was laughing (probably not the right word) ...just leading him on...... even I have been  getting some of this information directly. 

Parties soon saw that 'desperate to do a deal at any cost' meant just that.  Investors were a minor inconvienence. As he ranted about garotting Tucker and taking people's oxygen etc.... rolling pins about the head...... lunch with the brothers...... everyone was sharing the rants. Delusional deal with JB in Sydney and the underwriting of attacks in I.L -  which I suspect gauranteed his downfall... he woke a sleeping giant who was not going to go away -  and didn't ....dogs missing, Parliamentary privilege.... it has all come back in spades. Coupled witha  very committed and principled ASIC officer who was not going to be bluffed.

All this information finished up with ASIC who were left with no choice and then took very decisive action.

Just wait and see what WESTPAC do next. Waitfor the revelations about personal borrowings and use of EIF equity and assets to support those borrowings.

Wait for Court action after action as EIF is stuck with deals that McIvor made with Borrowers etc - never recorded - which will see what the EIF and auditors all think are good assets, just flush down the toilet.....

As predicted in Feb 2011 , this will be Australia's 'Bernie Madoff' .............. watch for a mini-series.  Chris Skase, Brian Connell..... and Equititrust used to lambast the integrity of MFS and CitiPacific? 

to be fair to Tucker, Goddard, Treasure and poor old Kolonel Klink -  they finally stepped up in the Fuhrer Bunker.... good on them.... I take back all teh nasty stuff, you finally did what you had to do.  if they had not made this call, ASIC would not have had what they needed to be able to take decisive action.

The new Board? 

Boys, dont get the seats warm -  simply pack up the last few archive boxes and flick the light switch on the way out the door.  It is over.

_and now, the end is near
as I face the final curtain...._


Investors: well I reckon we are looking at a protracted disaster - counter suits by all big Borrowers -  expect massive write downs on Ipswich, Bundall, Wirrina, Windsor Turf Farm. Meridien Marinas and Murwillimbah....   EIF units which were spruiked at $1:20 -  dropped to 80cnets, then 44cents -  I reckon 28cents.



No Trust said:


> We will see *McIvor front up to the Federal court very soon*... A *travel ban *will also come into effect *stopping him from leaving the country*...
> 
> Then next step will be the *collapse of his personal companies and assets *as the banks will move in *now and take possession of the family home on Cronin Island and other assets.*
> 
> ...


----------



## kostag (21 October 2011)

*every body sing....*

And now the end is near
And so I face the final curtain
Investors ….. I'll say it clear
I'll state my case and avoid the smirk’in…

I've lived a life that's full of bull
I’ve dodged and weaved each tricky back way 
And more, much more than this
I did it the sly way…..

Regrets – who gives a f--k
But then again - who’s bothered counting
I did what I had to do
And saw it through and gave you all a damned good mounting…. 

I planned each dirty deal
Bankrupt borrowers –for which you now pay
And more, much more than this
I did it the sly way 

Yes there were times I'm sure you knew
When I ripped off more than I could chew
But through it all when there was doubt
I ate you up and spat you out, I grabbed it all
And I stood tall as I did it the sly way

I've ripped…. I've laughed and sighed
I've had my fill, till my coffers were oozing 
And now as your fears collide
I find it all, so amusing

To think I did all that
And may I say not in a shy way
Oh no, oh no, not me
I did it the sly way

For what is a man what has he got
If not your money, then he has not
Done all the things – don’t give a toss 
And who cares .... about your loss
The record shows - I took the dough
And did it the sly way

Yes it was the sly way …………


----------



## kostag (21 October 2011)

*EQUITITRYST..... lets update the game , we only posted this 2 weeks ago!!!! AND LOOK*

*LOOKED HOW GOOD WE SCORED....*
EQUITITRYST: the Game the whole family can play..... 
lets run a little competiton on this web site.... lets see who can get it right...... 

Q1: Which Director will fall next ???   ALL GONE 
a) Goddard
b) Tucker
c) TReasure

Q2: When the first independent accounting is done on the EIF, will the per unit value be:

a) 80 cents to $1
b) 60 cents to 80 cents
c) 40 cents to 60 cents
d) under 40 cents   LOOKING LIKE THE RESULT
Q3: ASIC will lay charges against someone in relation to EIF within:-

a) six months   WOW -  WE GOT THAT RIGHTb) 6 - 12 months
c) over 12 months
d) never.

Q4: Major borrowers (ie: anyone owing over say $10M) will litigate (succesfully) against EIF et anors and get substantial damages and or offset/reductions in amounts alleged to be owing by EIF?

a) Yes/No  UNDERWAY

Q5: There will be other substantial and undisclosed liabilities of the RE and or EIF which will emerge with resulting action against either Auditors and or then officers?  ALREADY HAPPENING 

a) Yes/No


----------



## ASICK (21 October 2011)

Hey guys, you shouldn't take all the credit.  You couldn't have done it without the antics of the cast down at Equititrust Limited.   Any half-reasonable manager could have pushed the fund along for years, just like one pushes a wheelbarrow, with you guys kicking and screaming in it.

This exceprt really surprises me - "... while the absence of an adequate database of property assets "may have impacted on decision making". ..."

One would wonder whether they even gave one iota of a hoot about investors.

Very sad - your fund is not the first, and I'm guessing it won't be the last.  The system is wide-open for abuse.    Yes, the "Corporate Undertaker" has arrived, but only to pick through debris and take away the bodies.   

Don't underestimate the power of assets in a spouse's name, especially after a divorce - there are some very famous cases on point.

Hopefully there'll be others with deep pockets whose corporate hands might be burnt on this one.

Don't think it'll stop the BIG fees, because it won't - it's the nature of the beast.  In fact, the more vulnerable one is, the more others seem to take advantage.


----------



## No Trust (21 October 2011)

*Operation Valkyrie*

It seems that this was akin to operation Valkyrie in WWII to oust mein Furher... The only thing is that Tucker is no hero in this scenario, he is just as bad as Mcivor for serving in a postion of conflict and taking 1.7M in fees over the course of a year as a director... ASIC is also looking into this and why another law firm was not used or a fee proposal received from another firm... Strange uh and then the two idiots fall out and end up in court and who suffers the most... The investors... Tucker didn't give a Sh#t whilst he was collecting his millions....


----------



## kostag (22 October 2011)

*mad max .... you just dont get it, do you*

If Tucker was instructed and paid by you to do $1.7m if legal work, who's fault is that?  when Tucker drops a court action in you supported by every single Board member.... what does that tell you?  yes, this will all get its day in Court.... and if i was you, i'd say good bye to the kids and take your toothbrush.....

When someone is off their rocker.... classic signs are  can't hold relationships  delusions and concerns of invincibility and entitlement... not even own brother and sister is safe.... wait till the affidavits of all board members hit the press..... see how mad max was trying to move our assets to Landsolve  and revenge bank.... Greg Hannah  the Bruddas  Revenge Bank Westpac Bee Jeans Quinluvan fees and backdoor deals..and round robins .  it is all about to drop...


----------



## No Trust (22 October 2011)

*Convoluted and Incestuous*

*McIvor * does a sweetheart deal with *"King Con"* with innocent retiree investors’ money.... Whilst * Bea Jeans *low and behold is the mother of *McIvor's former girlfriend Thea* who is (now married to Tony Cochrane - V8 Supercars).

*Bea Jeans * leased a luxury riverfront property in Winchester St Southport to *"King Con"* whilst his mansion was being constructed nearby... *Bea Jeans was a major investor *in Equititrust... *Interesting coincidences * that I am sure the * ASIC investigation will * look into... 

What was really going on in the background and what connects all these individuals...

*Welcome to the convoluted and incestuous GOLD COAST...*


----------



## No Trust (22 October 2011)

*Re: mad max .... you just dont get it, do you*

Well it may be coincidental but *Gaddafi* who *was also delusional *was abandoned by everyone and look what happened... *ASIC* and the *Federal Police* (_otherwise known as revolutionaries_) will have look up every sewer pipe on Chevron and Cronin Island for our very own *Gold Coast Gaddafi*... 

*Hold your head in shame*.... You have ruined the lives of thousands trusting elderly investors, this impact flows on to their immediate families. A lot of innocent retiree investors *will not *be able to *buy their grandchildren Christmas presents* due to the idiotic *dictatorial manner *in which their money was *burnt* on a *gobsmacking folly *on *"King Con"
*
When the two names are mentioned in the future *McIvor - Quinlivan *they will be one in the same… *Nice legacy Mark…
*



kostag said:


> If Tucker was instructed and paid by you to do $1.7m if legal work, who's fault is that?  when Tucker drops a court action in you supported by every single Board member.... what does that tell you?  yes, this will all get its day in Court.... and if i was you, i'd say good bye to the kids and take your toothbrush.....
> 
> When someone is off their rocker.... classic signs are  can't hold relationships  delusions and concerns of invincibility and entitlement... not even own brother and sister is safe.... wait till the affidavits of all board members hit the press..... see how mad max was trying to move our assets to Landsolve  and revenge bank.... Greg Hannah  the Bruddas  Revenge Bank Westpac Bee Jeans Quinluvan fees and backdoor deals..and round robins .  it is all about to drop...


----------



## kostag (22 October 2011)

*More to come out.... Ms Jeans*

I understand that allegations are afoot that Ms Jeans is one of the biggest losers in Equititrust.... with many millions tied up in the Quinlivan mortgage loans and rumours of the security not being as represented.....  

what McIvor has to answer is what happened to all the money advanced to Quinlivan; what Equititrust money was paid to Quinlivan's company Croftsworths against other EIF loans and security; did any EIF borrower have to contract to the benefit of MM Holdings......

Getting nervous Mad Max?  we starting to get close?  watch it, we are right onto all of this....  thanks Duddles



No Trust said:


> *McIvor * does a sweetheart deal with *"King Con"* with innocent oretiree investors’ money.... Whilst * Bea Jeans *low and behold is the mother of *McIvor's former girlfriend Thea* who is (now married to Tony Cochrane - V8 Supercars).
> 
> *Bea Jeans * leased a luxury riverfront property in Winchester St Southport to *"King Con"* whilst his mansion was being constructed nearby... *Bea Jeans was a major investor *in Equititrust... *Interesting coincidences * that I am sure the * ASIC investigation will * look into...
> 
> ...


----------



## kostag (22 October 2011)

*EIF who is paying now*

With ASIC taking the AFS licence which stops the raping and financial plundering, who is paying for the CEO and board of knuckleheads .... all they seem to have done is confirm what we all knew is not done and engage more costly consultants to do the job .... 

how many highly paid knuckleheads does it take to prepare a corporate corpse for burial?

We need disclosure in how much the CEO and each Board member is getting paid and how much rent is getting trousered by Mad Max.


----------



## kostag (22 October 2011)

*this thread is now getting 1,000 hits a day*

After a very slow start 15months ago... we went viral and now over 81,000


----------



## No Trust (22 October 2011)

*Viral Thread*

The reason why the thread has gone viral is due to the fact that what we have predicted all along has come to fruition. ASIC and all the lawyers log in to get their information now. To all those following this developing controversy there is more to come following the Federal Police and ASIC raid... There are a lot of dirty deeds yet to be uncovered..


----------



## No Trust (22 October 2011)

*I said what ??? !!!*

Some of the key players in this developing disaster may have to *listen to themselves in court.*.. As this investigation progressed do not be surprised to hear that *wire taps were placed on certain individuals phones*...Was this the catalyst for the *Federal Police and ASIC raids*...


----------



## kostag (23 October 2011)

*WIRE TAPS SMSs and EMAILS*

the emails and SMSs will be interesting........



No Trust said:


> Some of the key players in this developing disaster may have to *listen to themselves in court.*.. As this investigation progressed do not be surprised to hear that *wire taps were placed on certain individuals phones*...Was this the catalyst for the *Federal Police and ASIC raids*...


----------



## kostag (23 October 2011)

*SECURED CREDITORS National Bank and Bank of Scotland*

these two have been remarkably silent ...... they wont sit and do nothing..... expect to see some action from them this week


----------



## No Trust (23 October 2011)

*Gutless Banks*

The gutless banks have no choice but to move...  The loss of a FSL is the last straw and under proper risk guidelines if they do not take possesssion of the now rudderless EqutiRust they are no better than EquitRust themselves in protecting their shareholders.. These banks better move or risk being shamed in the media over the coming week.. ammunition is loaded let's see if they do the right thing...


----------



## kostag (23 October 2011)

*GUTLESS BANKS*

I have no doubt that one of the BANKS will move and appoint a leading firm of insolvency experts this coming week -  now, their costs will be high etc and I expect that this action could trigger one of a number of litigants who are now in COURT -  Meridien, Lazar led attack or Tucker assault to get up in COURT sooner than latter and as a result with a  LIQUIDATOR then to appear very shortly thereafter....

without a FSL, the corporate shell cannot do new business..... so ASIC's work to some extent is done and they can therefore focus their attentions on the lunancy and inside backdoor deals of MAD MAX -  expect to see the details and history of past deals done with BORROWERS and MM HOLDINGS come to the fore. 

The LIQUIDATOR will simply do as the name implies, LIQUIDATE. 

What about the ALF takeover? Was there some othe rplan or collaboration? Watch this space on this one.

The delusional plan for the REVENGE BANK will be scuppered. 

The moves to move EIF assets across from EIF to LANDSOLVE and the REVENGE BANK will be revealed as the proposed REVENGE BANK partners are all happy to continue to tell their story backed up with EMAILS and SMS messages. THis was the rigger that set TUCKER off and his actions will be vindicated.

We need Kennedy-Miller to pick up the PRODUCTION RIGHTS for a MINI-SERIES  something along the MAD MAX theme..... might get us all some money back.

EIF's auditors will be consulting their PI insurers - this ain't going to be pretty.

BORROWERS will all step forward, no longer in fear of 'losing their oxygen' and will reveal the true side to the deals done

Expect some real secrets to be revealed as QUINLIVAN steps up finally -  he may be named as KING CON -  but we will all be surprised to see how he got used and abused in this process..... how did a fly blown lot such as IPSWICH possibly get so much debt run up on it; where did that money go?   a forensic search of the moneys flow will shock and surprise. KING CON may have been conned.

The close connection between MAD MAX and the largest borrowers who he now claims are REPTILES will shock INVESTORS in the EIF.

The NEW BOARD and CEO will be left with no choice than to turn off the lights as they beat a hasty retreat from the EASTERN FRONT.....

MAD MAX will head off into the underground tunnels..... surrounded by chaos, loss and mayhem.

IAM MAURICE will seek to recall every copy of the infamous MPEG files of the McIvor/Corkin sideshow and delete / erase them as quick as he can. 







No Trust said:


> The gutless banks have no choice but to move...  The loss of a FSL is the last straw and under proper risk guidelines if they do not take possesssion of the now rudderless EqutiRust they are no better than EquitRust themselves in protecting their shareholders.. These banks better move or risk being shamed in the media over the coming week.. ammunition is loaded let's see if they do the right thing...


----------



## No Trust (23 October 2011)

*Ian Maurice*

I love these paid mercenaries who will do anything for quick buck at the expense of retiree investors... After the Federal Police and ASIC raids Ian Maurice's old hair plugs may be falling out... Seriously Ian don't you read the papers or are you that desperate for work that you will work for any despot including the "Gold Coast Gaddafi"...


----------



## kostag (23 October 2011)

*Re: Ian Maurice*

I love the nicknames

Gold Coast Gaddaffi
Mad Mark 'Madoff' McIvor
Kolonel 'I know nuthink' Kennedy -   (probably will now be claiming 'I did nuthink' )
David 'tuck in' Tucker
John 'God only knows (what was I thinking?) Goddard
Craig 'where's it hidden?' Treasure









No Trust said:


> I love these paid mercenaries who will do anything for quick buck at the expense of retiree investors... After the Federal Police and ASIC raids Ian Maurice's old hair plugs may be falling out... Seriously Ian don't you read the papers or are you that desperate for work that you will work for any despot including the "Gold Coast Gaddafi"...


----------



## No Trust (24 October 2011)

*Bank Action*

The legal action instigated by all and sundry will trigger both NAB and BOS as they still have substantial exposure to both funds. As first mortgagee's they have a right to appoint a receiver / liquidator and will not allow a secondary creditor to appoint their own receiver. The loss of the FSL will trigger a default and a domino effect will flow the group companies flowing onto McIvor's private assets including the pretentious bunker on Cronin Island...


----------



## kostag (24 October 2011)

You are 100% correct.... expect action today


----------



## kostag (24 October 2011)

*OLMAN of Northern Territory*

Has been silent for a long time....


----------



## Olman (24 October 2011)

*Re: OLMAN of Northern Territory*



kostag said:


> Has been silent for a long time....




in the face of the extreme egotism displayed here, there isn't much to say ...

I wonder about the class action.  In regard to possible costs associated with any recoveries, is it worth pursuing?  Without wishing to breach confidence, does anyone else have any thoughts on this?


----------



## kostag (24 October 2011)

*Re: OLMAN of Northern Territory*

I guess you are referring to the rampant egotism and delusions of grandeur displayed by EQUITITRUST, Mad Max and various plants on this web site


In terms of CLASS ACTION -  I agree with you -  there will be costs however I suspect that the tack of the LITIGATORS will be to attack personal assets which prima facie are beyond the reach of INVESTORS -  with the DODGY DEALS that are emerging etc, I suspect that they are on the right track. 



Olman said:


> in the face of the extreme egotism displayed here, there isn't much to say ...
> 
> I wonder about the class action.  In regard to possible costs associated with any recoveries, is it worth pursuing?  Without wishing to breach confidence, does anyone else have any thoughts on this?


----------



## kostag (24 October 2011)

*Re: OLMAN of Northern Territory*

I guess the EGOS are inflated for good reason..... the various pro-active parties on this web site have mounted an aggressive campaign to unearth the truth. They were blocked at every turn and had to deal with a raft of false  PDS statements made by EIF.

There were even a range of false blogs issued by parties found to be inside EQUITITRUST pretending to be happy investors who were able to acess very positive material. In time, this web site 'outed' them.

Now, at this stage, with AFP and ASIC mounting raids; a range of BORROWERS who Mad  Max refers to as Reptiles BUT were once his close mates etc un-leashing legal actions; and BANKS about to appoint RECEIVERS , it is hard to see much positive outcome for INVESTORS, which is why this all started -  BUT what we do know is this -  is that teh lies have all stopped and reality is what we now must face and deal with.... not delusional rantings and un-truths.

The information that is coming out from proposed partners in the REVENGE BANK is that Mad Max was moving our EIF assets into some delusional land development fund -  to put some value into his sub-ordinated investment. It will come out that this  was all to the detriment of EIF unit holders.....

I think the battle was worth it -  but it is too early to tell.














Olman said:


> in the face of the extreme egotism displayed here, there isn't much to say ...
> 
> I wonder about the class action.  In regard to possible costs associated with any recoveries, is it worth pursuing?  Without wishing to breach confidence, does anyone else have any thoughts on this?


----------



## zencorp (24 October 2011)

The Directions for the Ian Lazar Case v Equititrust have been brought forward too tomorrow (25/10/2011). I find it funny that Equititrust has lodged a Form 4 - Notice to Defend and TUCKER & COWEN is the Solicitors on file for Equititrust. 

Hmmm. Makes me feel that the claim brought by Tucker is just one of their internal games to try and mislead the public. On one hand you are defending Equititrust and on the other you are suing???? make up your mind Tucker. 

https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions


----------



## kostag (24 October 2011)

*Re: Goodbye Mark.....*

Atleast in this staged photo, Mad Max is looking at the camera unlike the delusional Ian Maurice video .... 




No Trust said:


> More: http://www.couriermail.com.au/busin...raid-equititrust/story-e6freqmx-1226172406007


----------



## kostag (24 October 2011)

*Re: Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinat*

Everybody sing....




kostag said:


> And now the end is near
> And so I face the final curtain
> Investors …..  I'll say it clear
> I'll state my case and avoid the smirk’in…
> ...


----------



## No Trust (24 October 2011)

*Equititrust house of cards tumbles down*

*Equititrust house of cards tumbles down *

*Anthony Marx 
The Courier-Mail
October 24, 2011
*





*THE email landed like a hand grenade in a living room. 
*
"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents *claim board members were stunned by the threat*. It prompted *McIvor's long-time friend, David Jackson QC, to resign as a director* and then-chief executive David Kennedy to respond by email that day.

According to the court documents *Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. *McIvor's *recent stress-induced behaviour *was "irrational, ill-conceived, self destructive and dangerous", the email said.



McIvor, who launched the company in 1993 and remains the sole shareholder, had stepped down three months earlier from the board.

He still wanted to find new strategic partners and real estate opportunities to resurrect and restructure the firm's moribund $159 million Income Fund, which has been frozen since October 2008 and stopped paying distributions in April, according to the documents. McIvor even talked about launching new investment vehicles.

But, the documents state that with the fund suffering massive losses because of bad loans, the board remained focused on winding it down, selling assets and returning money to mostly elderly investors who had made it clear they wanted to get their cash back. A $66 million Premium Fund is also shutting down.

The emails are included in a Supreme Court application filed last week by former board member David Tucker, who wants an outside expert - insolvency practitioner David Clout - to preside over the funds' orderly dismantling.

Tucker alleges *McIvor is desperate to recover personal losses *in the Income Fund through a series of new deals and is *not "a fit and proper person"* to oversee the windups.

The court documents, including Tucker's 44-page affidavit provides a rare glimpse inside an *apparently dysfunctional company at war with itself*. It chronicles in painful detail the unraveling of the working relationship between McIvor and his chief executive and board as the corporate climate grows increasingly poisonous.

*"McIvor seemed to lose interest in the board resolutions, namely to recover loans and pay money back to investors*, but rather seemed to become more and more focused on his new strategy and vision," Tucker alleges.

The sworn statement alleges it was *only in August *that Kennedy discovered *Equititrust and McIvor's personal company, MM Holdings*, had borrowed up to *$24 million from Westpac.* The *loan had never been disclosed *to the board and *Equititrust derived no benefit from it*, according to Tucker's affidavit.

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609


----------



## No Trust (24 October 2011)

*Undisclosed Westpac Loan*

With revelations like this coming out on a daily basis it’s no wonder the *Federal Police are now involved... 
*
I am *gobsmacked by these revelations of undisclosed loans in the tens of millions *and payments to *personal superannuation in the millions *ahead of repayments to the banks... It is clear McIvor was out of control and didn't care about retiree investors... 

Releasing borrowers from personal guarantees, what was he thinking ???

*Disgusting unethical behaviour...
*


----------



## kostag (25 October 2011)

*MM Holdings and EIF borrowers*

Wait for revelations of deals between EIF borrowers and MM Holdings; McIvor's plans with Greg Hannah and Main Street Investments group; Landsolve and the indigenous 'bruvvas' as he liked ti call them.

This is going ti get a lot spiceier.


----------



## kostag (25 October 2011)

*Re: Undisclosed Westpac Loan*

This is going to get a whole lot worse....  the media are right onto this .... thus mad dog can be no where public funds and never allowed to do this again   borrowers must be encouraged to step forward just like the Board have and reveal all

well done FINALLY to the Board for having the guts to come forward




No Trust said:


> With revelations like this coming out on a daily basis it’s no wonder the *Federal Police are now involved...
> *
> I am *gobsmacked by these revelations of undisclosed loans in the tens of millions *and payments to *personal superannuation in the millions *ahead of repayments to the banks... It is clear McIvor was out of control and didn't care about retiree investors...
> 
> ...


----------



## No Trust (25 October 2011)

*Undisclosed Westpac Loan*

Retiree Investors now sit further behind the banks with * 24M* in loans to Westpac... *What else has McIvor been hiding*... 


The dominos will soon start to fall and *Westpac will pull the pin *on its own grenade. Expect to see *mortgagee in possession *signs across all of McIvor's personal properties... McIvor has brought *shame* upon The Gold Coast, *misled investors *and disrepute to his family... 

Don’t be surprised to see the divorce lawyers in action soon...


----------



## zencorp (25 October 2011)

Madmax also owes about 25m to the BOQ. Hope he has the assets to support that + westpac 24m + NAB 11m - and all the others we dont know about. 

Bankruptcy.


----------



## kostag (25 October 2011)

ofcourse there are no assets -  it will be our assets 'rogered' again by Mad Madoff ......



zencorp said:


> Madmax also owes about 25m to the BOQ. Hope he has the assets to support that + westpac 24m + NAB 11m - and all the others we dont know about.
> 
> Bankruptcy.


----------



## kostag (25 October 2011)

*CHOICE MAGAZINE rang the warning bell and none of us chose to hear it*

in 2008 CHOICE MAGAZINE courageously awarded the SHONKY LENDER award to EQUITITRUST regarding the dodgy sub-ordinated guarantee....   well Mad Max unleashed with usual venom and fury and threatened to sue everyone....(seems to be the way he does business...) use our money to sue anyone and everyone! 

congrats! CHOICE -  didn't you get it right!

I see that  your 2011 SHONKY  Awards just annouced today!


----------



## kostag (25 October 2011)

we will be lucky if the final wash-up yields $60M  to pay secured debt -  ie: investors $1:20 - > $1:00 -> 80cents ---> 44cents ----->   NIL !!!!!

I say that if we already had our $$$$ in the EIF and then these banks all jumped in and took our security, how can they rank ahead of us???

If they saw there was trouble  BUT didn't care and just knew that they could grab fees and gouge income to our detriment -  how can we get pushed ot the back of the bus?

what dirty deals are there in the EIF re:-

a)  rent to McIvor on the Chevron Island business
b)  his super and other entitlements coming  out of our money !!!!





kostag said:


> ofcourse there are no assets -  it will be our assets 'rogered' again by Mad Madoff ......


----------



## klua (25 October 2011)

*Re: Undisclosed Westpac Loan*



No Trust said:


> Retiree Investors now sit further behind the banks with * 24M* in loans to Westpac... *What else has McIvor been hiding*...
> .




From my reading of the Courier Mail it appears the Westpac loan is to Equititrust (the company owned by MM) and not to EIF (the Equititrust Income Fund where our money is). 

If this is the case and then our money is not behind the Westpac loan.


----------



## zencorp (25 October 2011)

*Re: Undisclosed Westpac Loan*



klua said:


> From my reading of the Courier Mail it appears the Westpac loan is to Equititrust (the company owned by MM) and not to EIF (the Equititrust Income Fund where our money is).
> 
> If this is the case and then our money is not behind the Westpac loan.




Correct. But Equititrust LTD is also the *Trustee* of the EIF and the EPIF - and, given that Equitirust itself is just a fee collector and has no real assets, the EIF and the EPIF are the only security available.


----------



## klua (25 October 2011)

*Re: Undisclosed Westpac Loan*



zencorp said:


> Correct. But Equititrust LTD is also the *Trustee* of the EIF and the EPIF - and, given that Equitirust itself is just a fee collector and has no real assets, the EIF and the EPIF are the only security available.




My understanding is that assets held on trust are not the assets of a trustee, they are the assets of the beneficiary and can not be taken by a creditor of the trustee. ( unless the assets were pledged by the trust). Ask a lawyer for confirmation of this since as is just my understanding.


----------



## zencorp (25 October 2011)

*Re: Undisclosed Westpac Loan*



klua said:


> My understanding is that assets held on trust are not the assets of a trustee, they are the assets of the beneficiary and can not be taken by a creditor of the trustee. ( unless the assets were pledged by the trust). Ask a lawyer for confirmation of this since as is just my understanding.




You are correct in your analysis - however, only time will tell if its Equititrust in its own capacity or whether or not its in its capacity as trustee for any one of the funds. 

The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them..... 

Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....


----------



## zencorp (25 October 2011)

AND IT BEGINS. 

*ASIC VS EQUITITRUST *


http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9694/11

Let the games begin


----------



## kostag (25 October 2011)

*Re: Undisclosed Westpac Loan*

you are both right BUT who knows what Mad Max has done???

Certainly, it was enough to spook Kolonel Klink.....

there is something dodgy going on....



zencorp said:


> You are correct in your analysis - however, only time will tell if its Equititrust in its own capacity or whether or not its in its capacity as trustee for any one of the funds.
> 
> The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them.....
> 
> Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....


----------



## klua (25 October 2011)

*Re: Undisclosed Westpac Loan*



zencorp said:


> The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them.....
> 
> Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....




The Courier Mail says:
The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, according to Tucker's affidavit.

So the CM is saying it wasnt disclosed to the Equititrust board rather than not disclosed to the investors. 

I am with you on the website post to put our minds at ease.


----------



## klua (25 October 2011)

zencorp said:


> AND IT BEGINS.
> 
> *ASIC VS EQUITITRUST *
> 
> ...




Does anyone have any details of the action?


----------



## ASICK (25 October 2011)

And those impairment hole-plugging efforts of Equititrust Limited failed to save the ship - clearly there were too many holes to plug, and not enough money to plug them.   

The trouble with slow leaks is that you only realise you're sinking when you notice everything isn't on the level any more.


----------



## zencorp (25 October 2011)

klua said:


> Does anyone have any details of the action?




THE APPLICATION IS BEING HEARD THIS THURSDAY. 

Same day as Tucker vs Equititrust. 

Who is going to defend Equititrust against ASIC... 

Thursday will be the *end*.


----------



## zencorp (25 October 2011)

UPDATE: 

It is an Intervention from ASIC in the TUCKER vs EQUITITRUST. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11 

Information regarding an Intervention can be found here: http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps4.pdf/$file/ps4.pdf 

More Affidavit's have been lodged in this case as-well: David Kennedy, and Mr Anderson - who ever he is... probs another Equititrust stooge.


----------



## No Trust (25 October 2011)

*ASIC INTERVENTION*

ASIC were given a *dossier* on McIvor / Equititrust some years ago but *did nothing*. This included evidence of playing games with the auditor's... If they had intervened then *this disaster would not have happened*...

There is evidence of this which will soon make its way to the national media...

Let’s hope once and for all McIvor / Equititrust *is put out of action*...


----------



## seamisty (25 October 2011)

zencorp said:


> UPDATE:
> 
> It is an Intervention from ASIC in the TUCKER vs EQUITITRUST.
> 
> ...



Kennedy and Anderson have both been questioned/examined   previously by lawyers for liquidator Kate Barnet from Bentleys Corporate Recovery, relating to the collapse of MFS/OCV
http://news.smh.com.au/breaking-new...-boss-cant-recall-signoffs-20100414-sdva.html

Another related media article http://www.smh.com.au/business/valad...0617-yjuu.html


----------



## kostag (25 October 2011)

*ANDERSEN*

this clown was an MFS genius who jumped into EQUITITRYST with Kolonel Klink early -  after a stellar career at MFS and then EQUITITRYST he could smell the rotting fish early so jumped ship off the SS EQUITIRUST - you can bet that ASIC have both he and Kennedy in their sights.... serial failures with public investors.....





zencorp said:


> UPDATE:
> 
> It is an Intervention from ASIC in the TUCKER vs EQUITITRUST.
> 
> ...


----------



## kostag (25 October 2011)

ah - dont you love the mutual back scratching..... ext*reme reproach*.....??? an _*extreme cockroach*_ might be more apt...

they are all going for the 'Alan Bond' defence -  _I just cannot remember_....

the affidavits from these clowns will be akin to the Japanese publication  on the 'Rape of Nanking'.....

ASIC -  do your stuff!!!!







seamisty said:


> Kennedy and Anderson have both been questioned/examined   previously by lawyers for liquidator Kate Barnet from Bentleys Corporate Recovery, relating to the collapse of MFS/OCV
> http://news.smh.com.au/breaking-new...-boss-cant-recall-signoffs-20100414-sdva.html
> 
> Another related media article http://www.smh.com.au/business/valad...0617-yjuu.html


----------



## kostag (25 October 2011)

*Re: ASIC INTERVENTION   CHOICE MAGAZINE BLEW THE WHISTLE in 2008!!!!*

SHONKY LENDER OF THE YEAR AWARD IN 2008......     GOOD ON YOU CHOICE - LIKE A CANDLE IN THE DARK -  YOU SUSSED HIM RIGHT OUT... WAY BACK THEN..... EVEN HIS BORTHER WAYNE JUMPED SHIP IN MAY 2011.....



No Trust said:


> ASIC were given a *dossier* on McIvor / Equititrust some years ago but *did nothing*. This included evidence of playing games with the auditor's... If they had intervened then *this disaster would not have happened*...
> 
> There is evidence of this which will soon make its way to the national media...
> 
> Let’s hope once and for all McIvor / Equititrust *is put out of action*...


----------



## kostag (25 October 2011)

*Re: ASIC INTERVENTION   KPMG   PAUL STEER*

we have the emails -  you were warned in 2010..... what did you do?????   check that the PI is paid up to date as all is going to PIPER ALDERMANN.....

weren't you also MFS' auditors ????





No Trust said:


> ASIC were given a *dossier* on McIvor / Equititrust some years ago but *did nothing*. This included evidence of playing games with the auditor's... If they had intervened then *this disaster would not have happened*...
> 
> There is evidence of this which will soon make its way to the national media...
> 
> Let’s hope once and for all McIvor / Equititrust *is put out of action*...


----------



## kostag (25 October 2011)

when he couldn't get at our money any more it was all over....

no more diamond jewellery Stace , on our money....



ASICK said:


> And those impairment hole-plugging efforts of Equititrust Limited failed to save the ship - clearly there were too many holes to plug, and not enough money to plug them.
> 
> The trouble with slow leaks is that you only realise you're sinking when you notice everything isn't on the level any more.


----------



## kostag (25 October 2011)

*Re: Equititrust and what about legal actions of LAZAR, MERIDIEN and QUINLIVAN ?????*

Tucker, ASIC, LAZAR, MERIDIEN and QUINLIVAN .....

they all collide THURSDAY 27th October 2011.

I'd be bringing your toothbrush to Court on the 27th!!!





zencorp said:


> THE APPLICATION IS BEING HEARD THIS THURSDAY.
> 
> Same day as Tucker vs Equititrust.
> 
> ...


----------



## seamisty (25 October 2011)

kostag said:


> ah - dont you love the mutual back scratching..... ext*reme reproach*.....??? an _*extreme cockroach*_ might be more apt...
> 
> they are all going for the 'Alan Bond' defence -  _I just cannot remember_....
> 
> ...



Well kostag, I have been asking ASIC to 'do their stuff' relating to previous MFS/OCV staff since early 2008 and am still being reassured that ASIC is continuing their investigations. I am still waiting. Good luck on a speedy outcome. Maybe if ASIC had of acted earlier on information received, your current situation would never had of eventuated.


----------



## kostag (26 October 2011)

I share your frustration but i am told that a very senior ASIC man in Bribane is conducting interviews.....



seamisty said:


> Well kostag, I have been asking ASIC to 'do their stuff' relating to previous MFS/OCV staff since early 2008 and am still being reassured that ASIC is continuing their investigations. I am still waiting. Good luck on a speedy outcome. Maybe if ASIC had of acted earlier on information received, your current situation would never had of eventuated.


----------



## No Trust (26 October 2011)

*You Have Got To Be Kidding...*

*CITY BEAT*

James McCullough 
The Courier-Mail
*October 15, 2011*


*THAT'S THE SPIRIT*

Equititrust's Mark McIvor is clearly pulling out all stops to try to help the struggling company.

Our Gold Coast spy noticed a large group of people gathered around *Equititrust's Chevron Island office *recently, including *McIvor*.

On closer inspection, they sighted an *Aboriginal elder performing a smoking ceremony *-burning incense, chanting and waving a tree branch.

Our spy surmised that it was either a blessing ceremony or perhaps something aimed at *helping the company get rid of any bad or unwanted spirits*.

http://www.couriermail.com.au/ipad/city-beat-bet-on-the-girls/story-fn6ck2gb-1226167097433


----------



## No Trust (26 October 2011)

*ASIC INTERVENTION*

It seems that *ASIC neither supports or opposes Tuckers application *however has asked the court to appoint an *independent receiver *rather than the accountant David Clout who has previously undertaken work... *ASIC has also sought orders to protect the interests of investors*...

*Ben Wilmot
Financial Review
*


So its seems that *Tucker is just as bad as McIvor*... Tucker wants his own receiver appointed to ensure the stream of legal work goes his way... *Not very independent is it... *Finally ASIC is kicking these idiots in the n#t's and bringing some independence to this disaster... Tucker was acting in a *CLEAR AND UNEQUIVOCAL POSTION OF CONFLICT* as a director and the company's lawyer. ASIC saw through his charade and have correctly moved to have an *independent receiver appointed... *Tucker *should have all the legal actions removed from his firm *as he clearly is not independent...


----------



## No Trust (26 October 2011)

*ASIC and Federal Police Raids*

It seems from Reports in the Financial Review that McIvor's *bunker on Cronin Island *was also raided last week... Quite an embarrassment in front of all the neighbours …


----------



## kostag (26 October 2011)

*Re: ASIC and Federal Police Raids*

AFP and ASIC dont usually embark on fishing expeditions... clearly there is an 'issue' that they are pursuing and I suspect that we will learn that it is all the private deals between EQUITITRUST, its BORROWERS and MM HOLDINGS, over the years, that has piqued their interest..........



No Trust said:


> It seems from Reports in the Financial Review that McIvor's *bunker on Cronin Island *was also raided last week... Quite an embarrassment in front of all the neighbours …


----------



## No Trust (26 October 2011)

*ASIC kick in the N#ts*

*ASIC *intervention will hopefully keep all those with a *conflict of interest *away from the retiree investor's assets...

That means Tucker will not milk millions of dollars in *legal fees ever again*... If he did not get paid... well I guess he will have to line up like all the other "unsecured creditors"...


*McIvor will never raise another dollar from the public again*...


----------



## kostag (26 October 2011)

*as if WHITE SETTLERS hadn't wreaked enough mayhem on the INDIGINENOUS AUSSIES.....*

Mad Max had this all happening  so that the GUARDIAN TRUST/ TRUST CAPITAL/ LANDSOLVE/ REVENGE BANK could get ELDER BLESSING for the indigenous communities to deal with Mad Max..... as if they haven't been exploited enough.... after the pensioners have been given a 'Madoff makeover' , what other minority group is there for a 'rogering' 

I suspect that some of the SMOKE might have had some other herbs and spices in it and our old mate MAD MAX got too strong a whiff and went off onto another delusional tangent.... no wonder the BOARD had to jump ship!!!!


good spotting COURIER MAIL.....

_THAT'S THE SPIRIT

Equititrust's Mark McIvor is clearly pulling out all stops to try to help the struggling company.

Our Gold Coast spy noticed a large group of people gathered around Equititrust's Chevron Island office recently, including McIvor.

On closer inspection, they sighted an Aboriginal elder performing a smoking ceremony - burning incense, chanting and waving a tree branch.

Our spy surmised that it was either a blessing ceremony or perhaps something aimed at helping the company get rid of any bad or unwanted spirits._


----------



## kostag (26 October 2011)

*Re: Equititrust: the Board*

went to *www.equititrust.com.au* to check out the Board...... ooopsss!!!! even the computer does not know who's running the cowboy outfit......

_Oops! This link appears to be broken.
Suggestions:
•Access a cached copy of www.*equititrust.*com.*au/*board.*html
•Go to www.*equititrust.*com.*au
•Search on Google:_


----------



## zencorp (26 October 2011)

CHECK THIS OUT: 

http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_26_10_2011.pdf


----------



## kostag (26 October 2011)

Reads like business as usual....


----------



## No Trust (26 October 2011)

*Equititrust Disaster*

Except it isn't...

Watch for more developments...


----------



## No Trust (26 October 2011)

*Equititrust Disaster*

McIvor will have to be sidelined...


----------



## No Trust (27 October 2011)

*ASIC moves to freeze Equititrust Income Fund*

*ASIC moves to freeze Equititrust Income Fund *
Anthony Marx 
The Courier-Mail
October 27 2011






THE corporate watchdog has taken *legal action to freeze Equititrust's floundering Income Fund* and *prohibit the embattled Gold Coast firm from dispensing financial products or services*, according to court documents. 

The Australian Securities and Investments Commission filed documents in Queensland Supreme Court late Tuesday for an injunction against Equititrust. It *follows a raid by ASIC and Australian Federal Police on Equititrust's office last week.
*
Court documents state *ASIC's case will be heard this morning *in conjunction with an application by former Equititrust board member David Tucker, who is seeking the appointment of insolvency expert David Clout to wind up the $159 million Income Fund.

Mr Tucker alleges in court documents filed in support of his application that the *intervention is needed *because Mark McIvor - Equititrust's founder and sole shareholder - wants to restructure and revitalise the fund rather than follow the previous board's decision to wind it up to *return money *to more than 1700 investors.

Court documents filed by ASIC say it has intervened in Mr Tucker's case and wants both matters to be heard together.

But the documents also claim ASIC litigation counsel Hugh Copley said in a letter to Mr Tucker this week that he would *oppose the appointment of Mr Clout* and ask the *court to bring in an alternative*.

The court documents allege Mr Clout has previously been appointed as a receiver over Equititrust-related entities and Mr Copley said the appointee *"should be seen to be independent of all interested parties".
*
Mr Copley said ASIC did not support or oppose Mr Tucker's application but *"considers it in the best interests"* of *investors for the fund to be wound up*.

Neither Equititrust CEO Troy Bingham nor Mr McIvor returned calls yesterday.


http://www.couriermail.com.au/business/asic-moves-on-equititrust/story-e6freqmx-1226177813334


----------



## No Trust (27 October 2011)

*Sorry no one is stupid*

Sorry Equititrust it is *not business as usual*... the hard drives are not coming back and let all the *delusions stop once and for all*... Equititrust its all over...


----------



## klua (27 October 2011)

...


----------



## No Trust (27 October 2011)

*ASIC HAS HAD ENOUGH...*

ASIC has drawn the line in the sand... No more delusional games with investor's money... ... ... ... ... If an INDEPENDENT receiver is not appointed today to return investor's money then ASIC has left innocent retiree investors's at the mercy of McIvor who could not get it right up until now... How will he ever get it right in the future???


----------



## klua (27 October 2011)

Curiously no one seems to have commented on the S601NC Wind Up Notice that Equititrust sent to EIF investors this week.


----------



## No Trust (27 October 2011)

No one has commented due to the fact that the whole board has resigned and *Equititrust / McIvor *have *NO CLUE *what they are doing... This company as the Courier Mail has reported is *AT WAR *with itself...





klua said:


> Curiously no one seems to have commented on the S601NC Wind Up Notice that Equititrust sent to EIF investors this week.


----------



## kostag (27 October 2011)

*Re: Equititrust: BOARD ROOM CAPERS*

if you read the PDS etc that lists the Board etc changes etc.....  it is a joke....  in one case -  a Diretcor joins one day and is gone the next....

this must be a world record....

what did he see that  made him jump ship in less than 24hours!

How can anyone argue that a Board of newbies can in anyway be a viable choice to wind up and oversee the company.

Insanity!

Have no doubt -  Mad Max is grooming for a return shot!


----------



## ASICK (27 October 2011)

Now, what was that clause in the PDS?

That's right,  here it is"... The Benchmark Rate is the distribution rate that must be paid to investors before Equititrust is entitled to be paid its management fees. The Benchmark Rate is in effect the monthly performance hurdle which must be achieved before management fees may be paid to Equititrust.  ..." (PDS, Benchmark 6)

And, another one bites the dust.    Who's willing to hazard a guess at how much it's going to cost to wind up your fund?   

It sure as hell isn't going to be done for nothing.   

As for ASIC, I'll be surprised if they do anything that'll be of value to members of the EIF, but there's no harm living in hope.  I do wish that I'm wrong.


----------



## zencorp (27 October 2011)

Word on the street is that ASIC got an Injunction against Equititrust - they can only spend 3k a week on expenses. Looks to me like they have done well in preserving the Assets of the fund!!

Should be in the papers tomorrow.


----------



## No Trust (27 October 2011)

*Injunction*

If that is the case, then it really is the end for Equititrust...

Most of the staff will have to be dismissed...


----------



## No Trust (27 October 2011)

*No Spending Money*

It looks like McIvor will have no more spending money for idiotic folly...

He will probably now sue the guy who conducted the smoke ceremony...


----------



## kostag (27 October 2011)

If this is true well done ASIC

The nightmare of money waste and excess may be at an end



zencorp said:


> Word on the street is that ASIC got an Injunction against Equititrust - they can only spend 3k a week on expenses. Looks to me like they have done well in preserving the Assets of the fund!!
> 
> Should be in the papers tomorrow.


----------



## kostag (27 October 2011)

*Re: No Spending Money*

There's only one thing Mad Mark 'Madoff' McIvor will be smoking now....

The 'Brothers' should be thanking the spirits for keeping Mad Max away from trousering their funds

i cannot wait till a proper forensic is done on the money trail

it is all still to be revealed....


f







No Trust said:


> It looks like McIvor will have no more spending money for idiotic folly...
> 
> He will probably now sue the guy who conducted the smoke ceremony...


----------



## kostag (27 October 2011)

*it really couldn't happen to a nicer ......*

When u see how he rode rough shod over borrowers; ripped off investors; tore up other peoples money; bullied and threatened.... you start ti believe that maybe there is some karma.... everyone has turned in him and the world as he knew it is at an end ...i say FANTASTIC


----------



## No Trust (27 October 2011)

*Got what he deserved*

McIvor got what he well and truly deserved...


----------



## kostag (28 October 2011)

*borrowers*

In one case a borrower and his wife failed and they lost everything.... McIvor then proceeded to bankrupt them with nothing to gain.... when asked WHY? He replied BECAUSE I CAN. 

The couple divorced.

McIvor replied They were stealing my oxygen.

He is now going to week the wrath of so many that he has hurt.


----------



## klua (28 October 2011)

Report in Courier Mail
http://www.couriermail.com.au/business/equititrust-fails-to-block-move/story-e6freqmx-1226178897603

The s601NC wind up notice sent this week seems pivotal in the decision for an adjournment.
ASIC won restictions on the control of the fund as predicted by prior posters.


----------



## ASICK (28 October 2011)

I confess I'm perplexed by the goings-on by Equititrust's executive and it's only shareholder, but from what I read, McIvor seems completely comfortable with the outcome.    As Pauline H.  might say, "Please explain?".


----------



## kostag (28 October 2011)

*EQUITITRUST WIND UP*

I might be a simple fool -  however two things stand out to me....

1.  if it is all over and out and everyone it seems are committed to a course of winding the EIF up etc, why is McIvor fighting so hard with multiple Board changes and court hearings to stay in charge?;

2.  if ASIC won on the issue of very limited moneys being available to Equititrust Ltd and they have no rights to negotiate anything, why have a brand new 3 man Board presiding over the process, when clearly they have no idea of the loan book in any form, and are also clearly Mad Max sycophants - all of this is at some cost, when we could all get someone completely independent of the ilk of say Neil Cussons from Deloittes, to act without fear or favour.

If there is no secret agenda, this strikes me as being the most sensible approach. Equititrust Ltd and its new Board, no matter how well intentioned, can offer nothing to this process other than additonal cost; in-experience; and the constant threat of Mad Max intervention.

ASIC -  you have the power here to ensure transparency and independence. Please act.

Mad Madoff cannot be let anywhere near the cheque book!


----------



## kostag (28 October 2011)

*BOARD AND McIVOR get them out of the place!!!*

read the last line  of this PDS - they remain focused on repaying the Banks....

I say  STUFF THE BANKS  ..... how did they get in ahead of our secured position. Some of us had our money in EIF well before the Banks. But Mad Max in his mad lust for supremacy etc had to grow his loan book - NOT to help us BUT to grow his own fees etc. We never stood to gain from this just got pushed into second ranking posotion while Mad Max lined the pockets of old cronies like Quinlivan and Meridien. (then it seems when it suitred him was about to let Meridien off the hook, so that he could befriend them inot his delusional Revenge Bank) 

He did this by BORROWING from the BANKS and pushing us into second ranking slot. The only reason we now take a loss is because the BANK are getting 100cents in the $ - no talk of them taking a hit, is there? Why not?  They were in it up to their necks. 

We didnt get asked whether or not this could happen BUT we wear the costs and losses now in the tens of millions and the Banks record multi billion dollar profits and McIvor pansies around in the gym of his multi million dollar bunker.

The BOARD is still focused on the BANKS - good for them - idiots -  we are the stakeholders -  we have no voice and we will COP the FULL LOSS.

So how can this reckless idiot be left anywhere near CONTROL?

No amount of bulls--t and spin can change this reality.

It is what he did; we were never consulted; we never agreed; we now wear the loss; and he betrayed the trust that we bestowed.

Massive fees were paid well after the UNITS were under par in value - a clear and direct breach of the CONSTITUTION.

He knew valuations were falwed atelast very soon after most loans were done BUT took no action just milked teh fatted cow. Our cow! 

He drew HUGE SUMS out of EIF in 2008-2009-2010 as the movement in the SUB-ORDINATED INVESTMENT UNIT account notes to the Financial Statements show how. 

The AUDITORS just collected their massive fees - which we also paid - and did a Kolonel Klink on us.

Yet we still suffer whilst he has his cronies lurking around the Board room.

I want him out!!!!

_http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_26_10_2011_Bank_Debt.pdf_


----------



## No Trust (28 October 2011)

*Much much worse*

McIvor has done much much worse than this and taken innocemt peoples homes... This will hit the press in the near future... Aweful human being...
Gold Coast Gaddafi... Goodbye Mark


----------



## kostag (28 October 2011)

*Re: Equititrust : MEDIA*

the MEDIA and CHOICE MAGAZINE (and this web site) have done a wonderful job exposing this viper's nest

without them and their exposes , EIF would still be out their raising money and paying huge fees to support the opulent Maddoff-esque lifestyle....


----------



## kostag (28 October 2011)

*THE DESTRUCTION OF LIVES AND HOMES will reverb around the Nation for years*

the havoc wreaked by EQUITITRUST on innocent lives must never be forgottoen.... the MEDIA needs to talk to INVESTORS and BORROWERS and get the whole story.... it needs to be told. 




kostag said:


> the MEDIA and CHOICE MAGAZINE (and this web site) have done a wonderful job exposing this viper's nest
> 
> without them and their exposes , EIF would still be out their raising money and paying huge fees to support the opulent Maddoff-esque lifestyle....


----------



## klua (28 October 2011)

Has anyone any information on the Lazar case?
There was something about it in the Equititrust disclosure but it has gone now.


----------



## kostag (28 October 2011)

*Re: Equititrust and Ian Lazar: a long way from over my friends....*

Lazar case is not dismissed - it is returnable in less than 2 weeks

was adjourned by consent of all parties to give Equititrust time to file necessary reports 

*another lie* - the PDS disclosure is false....  _but why are we surprised._
This matter is a long way from over.

Expect to see *NEIL CUSSENS* and *DELOITTES* appointed next week.

_Attention: Equititrust Board members .... farewell drinks this afternoon in the Board room and please, turn the lights off on the way out the door._ 



klua said:


> Has anyone any information on the Lazar case?
> There was something about it in the Equititrust disclosure but it has gone now.


----------



## Olman (28 October 2011)

klua said:


> Has anyone any information on the Lazar case?
> There was something about it in the Equititrust disclosure but it has gone now.




Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:

Mr Ian Lazar
Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
Fund and seek other orders. The matter was dismissed by the Federal Court on
Thursday 26 October 2011, with costs reserved.


----------



## zencorp (28 October 2011)

Olman said:


> Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:
> 
> Mr Ian Lazar
> Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
> ...




Well that was a lie - its still in court!!!!


----------



## kostag (28 October 2011)

*Re: Equititrust: thanks OLMAN I did not have the retained copy - another EIF bit of b*

more bulls--t from the Spinnmeisters of Chevron Island

Thank god ASIC have 'taken their oxygen'.



Olman said:


> Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:
> 
> Mr Ian Lazar
> Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
> ...


----------



## kostag (28 October 2011)

*Re: Equititrust: CORRECT ZENCORP : NEW BOARD  SAME LIES AND TRICKS*

not fit to run a chook yard these people

ASIC - help!!!!



zencorp said:


> Well that was a lie - its still in court!!!!


----------



## kostag (28 October 2011)

*Re: Equititrust: what about potential mother in law Ms Bee JEANS*

wait till her story comes out -  ripped off for millions of dollars - and I understand all involves the Dudders Duddles Quinlivan raping of the EIF fund.... and where did all that money go????  we know where it came from, but where did it finish up


----------



## kostag (29 October 2011)

*MAD MAX ..... it's 'grossly inappropriate....*

whatever Tucker and Lazar motives might be -  why do you think that the notices have finally been sent to UNITHOLDERS?? only because of their action. 

I say : well done Ian and David for having the guts to take action!

When the SMSs and EMAILs from Mad Madoff sent to the likes of tTucker, Kennedy, Hannah and the boys come out ranting about 'garotte', 'Revenge Bank, 'reptiles'  the rolling pin   the 'brothers' - we will all see that our fund and our assets were all being rolled into a REVENGE BANK with tehe  sole purpose of Mad Max re-building a new operation to get his sub-ordinated investment back  - now ASIC and Piper Alderman get to ensure that the fund is rolled up, losses crystallised,  cash out flows all traced over the years by a proper forensic team and the shortfall is then pursued against the perpetrators 

Piper Alderman have the numbers and I would expect to see Neil Cussens in place any day soon and TRILOGY in the wings to take over the shell if any investor wnats a second go.

McIvor is gone and out.


COURIER MAIL:
Outside court, Mr McIvor said it was "grossly inappropriate" for Mr Tucker to have mounted the case.


----------



## No Trust (29 October 2011)

*ASIC*

McIvor is completely out of control on a personal and business level. This has been confirmed by his closest friends and family. So how on earth can he be left in control of the fund in a direct or indirect way. Total independence will occur with the appointment of a liquidator to the fund. Equititrust is debt laden and cannot survive without any fee income. It has also lost it's FSL... this farce cannot seriously continue, look at their track record to date, they cannot even prepare the financials what hope is there for the future..

Added to this are the financial and very serious legal problems facing McIvor.... this is not an environment that investors should be exposed to... independent liquidation of the fund is the only equitable way forward...


----------



## No Trust (29 October 2011)

*Further Developments*

In terms of track record, *McIvor appointed the previous board *and heralded their credentials.... This all went up in smoke so how are the investors to trust his judgment with a totally new board with *no property experience*???

*McIvor was also the one who made the **bad loans and caused the losses*... Remember his infamous deal with *"King Con"... *Come on ASIC seriously this is like giving *Dracula the keys to the "Blood Bank"* and letting his junior vampires do the dirty work...

*ASIC will have failed if it lets this farce go on any longer...*


----------



## No Trust (30 October 2011)

*Legal Representation*

In terms of all the matters that Tucker was handling on behalf of fund, who will now represent the firm in those action? I am sure that the files will not be returned until the legal bills are paid in full... So where does this farce leave investors??? It leaves them in a detrimental position as a result of McIvor's bad judgement... The conflict of interest in appointing Tucker as a director was highlighted by me on this thread a long time ago. The threat of McIvor interference was also highlighed yet ASIC did nothing untilforced to... How is that protecting investors??? Now we have another bunch of inexperienced sycophants without files or hard drives proclaiming that "they" believe that they are the best placed to liquidate the fund... Come on this is a joke of epic proportions... This is coming from the guys who have lost tens of millions of doallrs of innocent retiree investors money on bad loans to "King Con" and have had their offices raided by ASIC and the Federal Police as well as had their FSL cancelled. In their announcement last week Equitiflop is stating that they want McIvor back as the Licencee of the company. What delusional McIvor hasn't come to grips with yet is the fact that there is no Licence... Its over.

Its very simple McIvor you do not deserve to be the custodian of public money any longer... Walk away from Equititrust and let rational competent people fix your unforgivable mistakes.  We hear "King Con" needs some company leave the people who's lives you have destoyed alone...


----------



## No Trust (30 October 2011)

*WAITING GAME*

*CITY BEAT: Ron homes in on a mansion *

James McCullough 
The Courier-Mail
*September 20 2011*



*WAITING GAME
*
*McIvor*, meanwhile, *is none too happy with his long-time lender the National Australia Bank.
*


The founder of troubled mortgage lender Equititrust says he *was forced to sell his family home to help repay a line of credit with the NAB he had whittled down from $150 million to about $15 million.
*
"When I first went to the NAB 28 years ago, I had two surfboards and a VW," he reckons.

Like other Goldy lenders, Equititrust got into strife in the GFC and investor funds have been frozen. Many no doubt weren't overly chuffed to hear the company had loaned tens of millions of their money to controversial property marketeer Dudley Quinlivan - the man once famously dubbed "King Con" in State Parliament.

Equititrust recently tipped Quinlivan into bankruptcy - for his third time. The never-say-die businessman has responded with a $108 million counter-lawsuit, alleging Equititrust pulled the rug from under one of his developments at Ipswich.

*Stacey McIvor *was *reduced to tears *after the failed auction but hubby Mark reckons he can afford to wait for a buyer "who appreciates what (the mansion) has to offer", and things could be worse - the McIvors own two other homes on Cronin Island.


http://www.couriermail.com.au/ipad/city-beat-ron-homes-in-on-mansion/story-fn6ck2gb-1226141147589


----------



## No Trust (30 October 2011)

*Attacking his patient bankers NAB*

*McIvor who wants control back *goes on a tirade about his bank which by all accounts has been more than patient... Is this the kind of guy you want in control with *all his personal financial problems*...

*McIvor's personal financial problems *are *intertwined* with his interests in Equititrust, which makes his involvement and that of his stooges *untenable*... The *current board will fail as did the other board*... 

*Equititrust is a sunken ship*... The only matter now is who will *salvage the wreckage...*


----------



## No Trust (31 October 2011)

*Nicole Perrin joyous, but Stacey McIvor distraught in Cronin Island home dramas*

*Nicole Perrin joyous, but Stacey McIvor distraught in Cronin Island home dramas*

*By Jonathan Chancellor 
Tuesday, 20 September 2011*

Meanwhile the luxury Gold Coast abode of the recently resigned managing director of *besieged Equititrust, Mark McIvor *(pictured above), was passed in at weekend auction on a $4.9 million bid, well short of the wanted figure and reportedly $1.6 million beneath its most recent valuation.

After the two-storey riverfront home designed by Sydney-based architect Alex Popov was passed in the auction *attendees noted McIvor's wife Stacey was in tears*.

"It's a demonstration of a hard market given it is well below replacement cost," Mark McIvor told the local press.

*"We are not in a hurry *and we prefer to sell it to someone who appreciates what it has to offer, it is a magnificent home."

It’s one of the 33 properties on the island located just two kilometres inland from the coast.

McIvor, now managing director of Landsolve Partners, built the house on the $1 million block, which he bought in 1994.

The island’s highest sale was $8 million in 2004, when an older-style house on 2,300 square metres was sold.

Equititrust, which became known for using a Roman voussoir arch as its marketing logo to suggest structural stability, was among the many unlisted mortgage funds to take a battering following the 2008 financial crisis.

In April 2011 Equititrust confirmed it had stopped paying income distributions to unit holders in two funds housing more than $300 million worth of assets as it accelerated its debt repayments to its banks.

*Equititrust investors have been through hell *with their money frozen for more than three years, with interest payments stopped and the value of their units substantially devalue, and with no end in sight. Lawyers Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited.

http://www.propertyobserver.com.au/...ht-in-cronin-island-home-dramas/2011092051617


----------



## No Trust (1 November 2011)

*Fee Grab*

How much was the last fee grab, before Equititrust was forced to revalue its assets... Valuations which investors have not seen... *Absolute disgrace*... 

*Equititrust was not entitled to the fees it pilfered from the fund*... *McIvor knew this *and so did the then board... 

*What will happen to the Westpac loan that McIvor took*?? Equititrust received no benefit yets its assets were used as collateral...

*National Media Outlets *are working on some *new information *which will make for interesting reading...


----------



## No Trust (2 November 2011)

*More Massive Impairments on the way...*

It seems the reason the accounts were *not finalised *is the further impairments as at 30 June 2011 which have been intentionally withheld. Why were these *FURTHER* losses not revealed to investors???

Now they are saying there is *likely to be more *post 30 June ... Why the constant lies ? Why the constant deception ? 

Expect further massive losses and the value of the unit price fall through the floor...

To top it off these *incompetent "idiots"* say they are best placed to wind down the fund.. Its no wonder ASIC is taking further action... McIvor and his new stooges will not last once the *new revelations *are handed over to ASIC...

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_31_10_2011.pdf


----------



## No Trust (2 November 2011)

*Curbs on Equititrust*

*Curbs on Equititrust *
Sydney Morning Herald
November 2, 2011



THE *Australian Securities and Investments Commission *has placed *extraordinary* curbs on Equititrust and *is launching a hearing *into alleged *breaches *of the Gold Coast mortgage fund operator's *financial services licence*.

*Equititrust has confirmed *that audits of its much-delayed financial accounts reveal *further losses on $250 million worth of investors' funds*. Questionable loans, which led to the losses, have only come to light this year when the company was forced to stop income payments to investors and interest payments to some of its banks. 

http://www.smh.com.au/business/curbs-on-equititrust-20111101-1mtu9.html


----------



## No Trust (2 November 2011)

*Good Morning Equititrust*

Good Morning Equititrust... *WAKE UP AND SMELL THE COFFEE *!!!!

Has McIvor told the current board *everything* or are there some surprises ??? Me thinks not and those "crucial revelations" are on their way to ASIC well in advance of the *November 21 *hearing...  

The current board has been *set up *just like the last and with articles like the one above in the *National Press *it really is time to *wake up and smell the coffee...*

One thing is for certain though, *McIvor will never raise a cent from *the Australian Public again... He could have very easily informed investors of this disaster *3 years ago* rather than *feathering his own nest*...


----------



## ASICK (2 November 2011)

http://www.smh.com.au/business/curbs-on-equititrust-20111101-1mtu9.html

http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_31_10_2011.pdf


----------



## No Trust (2 November 2011)

Yes not pretty is it...


----------



## No Trust (2 November 2011)

Shows Equititrust is in total disarray...


----------



## No Trust (2 November 2011)

Bitter infighting and as the press have reported a company at war with itself...

Never before have I seen such restrictions put on an owner for interference with a company board. It seems where there is smoke there is fire and McIvor made the previous boards positions untenable...

Then this joke of an outfit claims it can still manage the fund... Next thing delusional McIvor will be making more videos about raising more money whilst Equititrust burns... Oh hang on, that wont happen because Equititrust does not have a FSL anymore... Thanks to ASIC's belated intervention...


----------



## ASICK (2 November 2011)

I notice Trilogy came up:-

http://www.trilogyfunds.com.au/site/assets/files/Healthcare Annual Report 2010 (Website) V2.pdf  (see the unit price drop to $0.50 on page 8)

and

http://www.trilogyfunds.com.au/site/index.php?id=23
In accordance with the PDS cash distributions for the Trilogy HealthCare REIT have ceased effective 1 June 2010 due to the property commencing the development stage of the project.

The 2011 return was filed on the 03.10.11 but has not yet been posted on the website.
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=127_026_251&juris=9&hdtext=ARSN&srchsrc=1


----------



## kostag (2 November 2011)

*Re: Equititrust: WHO WRITES THEIR SPIN???*

they sound like they are all full of disclosure and co-operation!

FACT:   They were POLICE raided!
FACT:   ASIC shut them down and removed computers and files
FACT:   various parties have copies of McIvor SMSs and EMAILS re Greg Hannah, Mainstreet Investments Group, Russell McCart, 'garotting' David Tucker -  so this pretending of not being a ghost Director is just so much twaddle!

ASIC know, the Police know, some of us know and soon the world will know what has really been going on here!




No Trust said:


> Bitter infighting and as the press have reported a company at war with itself...
> 
> Never before have I seen such restrictions put on an owner for interference with a company board. It seems where there is smoke there is fire and McIvor made the previous boards positions untenable...
> 
> Then this joke of an outfit claims it can still manage the fund... Next thing delusional McIvor will be making more videos about raising more money whilst Equititrust burns... Oh hang on, that wont happen because Equititrust does not have a FSL anymore... Thanks to ASIC's belated intervention...


----------



## No Trust (2 November 2011)

Does the new board know what has REALLY been going on ? I don't think so... Are these guys so desperate for work that they will risk their professional reputations... More importantly they have absolutely no Property Experience... How is this meant to serve investors???


----------



## ASICK (2 November 2011)

IMO,  I don't think 'property experience' is necessary because they're managers.  A good manager is one who acts in investors' best interests, and I'd put that qualification before property experience any old day.  If the board is professional, at arms' length, and acts both on good advice and  in your best interests, then what more could you ask for?    So far, hasn't it been the ones with the (supposed) property experience who have let you down?  Look for board members who are able to show successful outcomes from past engagements, and you'll be doing the best you can (IMO).


----------



## No Trust (2 November 2011)

Well *no actually *the previous board had *no property experience either*... It is *assumed* that the board will be *professional, at arms length etc*. In *addition to this *it is critical to have someone with property experience as the loan assets are all property and in this case *sub prime*... 

A combination of skills and good judgment is necessary here and something that *McIvor and the previous board did not have*... McIvor only resigned in June and up until then *he was running the show single handedly *so for him to totally blame the board which he installed and has now resigned is a bit of a joke... *The blame falls squarely back on McIvor...
*
Imagine *not lodging the financials with ASIC*, if this is how seriously they take corporate governance imagine how *seriously they take the administration of the fund and investor's interests...* Any company that fails to lodge financials *SHOULD* have its *FSL* taken away as well as the *MANAGEMENT* of the Fund... *McIvor pulled a parachute on the investors *to go and run delusional LANDSOLVE however this *little trick *did not work and ultimately he and his band of stooges *failed miserably *and subsequently he has got his just deserts...

Don't think McIvor will be make any more stupid delusional commercials in a hurry. His time may have been spent *more constructively on the overdue financials *of Equititrust rather than on some idiotic folly trying to recover his personal losses. McIvor had a *conflict of interest from the beginning *and investors were not fully informed of it. The Choice Article and Dodgy Award hit the nail right on the head. 

It is the manner in which McIvor acted in the midst of the crisis which will finally bring him down. He *left the helm *to try and *save his own ass *rather than protect the investors. This is why he will be sued in the Class Action and his *personal assets attacked*. In the meantime the banks will start taking action over all of the private McIvor assets including those held by his wife if the transactions were not at arms length. In turn any proceeds will be subject to *mareva injunctions *and payments of money into court for the *benefit of investors*. For those who have not contacted *Piper Alderman *the current events will I think precipitate the need to do so.

The current board will of course discourage you to do so, however so did the useless previous board of stooges.. Let's see them respond to the class action on their web site, they have been very quiet to date on this issue after *ASIC* has squeezed *McIvor and Equititrust *by the *balls*...


----------



## klua (2 November 2011)

No Trust said:


> Imagine *not lodging the financials with ASIC*,
> ...




No need to imagine, read this SMH article :
http://www.smh.com.au/business/asic-...102-1mv3t.html


----------



## zencorp (2 November 2011)

Equititrust made front page on the ASIC Website 

http://asic.gov.au/asic/asic.nsf/byHeadline/11-%20238AD%20ASIC%20obtains%20orders%20against%20Equititrust%20Limited?opendocument


----------



## zencorp (2 November 2011)

Recent sweep of the Equititrust website shows they have removed the latest Disclosure Statement!! What's wrong? another mistake..


----------



## No Trust (3 November 2011)

Equititrust is a mistake of epic proportions. If you can't get a simple Disclosure Statement right well how can you run a fund... These guys are inexperienced idiots who go from one disaster to another. The lies in regard to the Ian Lazar matter is another example. When reprimanded they had to admit to the lie...


----------



## No Trust (3 November 2011)

*Bank Default*

Equititrust is in default of all it's loans shouldn't there be disclosure on this critical issue. How much default interest is bring paid to NAB and BOS...


----------



## ASICK (3 November 2011)

*Re: Bank Default*



No Trust said:


> Equititrust is in default of all it's loans shouldn't there be disclosure on this critical issue. How much default interest is bring paid to NAB and BOS...




For what it's worth, IMO, the amount of default interest isn't the critical issue - the critical issue is the further impairments to the fund's loans.  You may recall my postings about 'timing is everything' - you'll note with clarity how the manager was able to remove substantial funds (by various means) from the fund immediately prior to the shock revelations of substantial impairments.  These are the issues, and they are critical.   Reminds me of how ants are so busy before rain: managers might move money or amend PDSs or amend constitutions - these busy times very well might be our warnings of 'bad weather ahead'.

Yes, timing IS everything, and ants are ALWAYS busy before the deluge.


----------



## No Trust (3 November 2011)

*Movement Of Funds*

ASICK you are absolutely correct... *Where did this money go*??? How about some answers McIvor??? Did this money head over to your private companies to support your *decadent lifestyle*... How many Multimillion Dollar houses can you live in ???

This is a disgrace and a clear example of *greed* on behalf of McIvor...


----------



## klua (3 November 2011)

*Re: Bank Default*



ASICK said:


> For what it's worth, IMO, the amount of default interest isn't the critical issue - the critical issue is the further impairments to the fund's loans.  .




I also could not agree more.

I think we as investors should have been advised of the possibility of these further impairments much earlier.


----------



## kostag (3 November 2011)

*QUESTIONS*

1. once the EIF loan book was impaired -  McIvor could not take fees -  but he did -  millions and millions. When did he really know that the loan book was impaired. I say the evidence will take us back into mid 2009

2. when his mate Dudders Dudley got $45M+ -  what was that money trail? how much crept back into McIvor coffers? 

3. what assets/mortgages have inter-changed between EIF and the EPF?

4.  what is the story about the un-disclosed joint borrowing by Equititrust and McIvor re Westpac loan? It was not disclosed to BOARD or in AUDIT REPORT -  so what is the charge for misleading financial figures and deceiving Board, Bankers, Auditors, ASIC etc? 

5.  what credits and or amounts have gone from EIF to McIvor regarding rental on building and or lease termination; severance pay and superannuation payments; any compensation re the very very questionable sub-ordinated investment.

6.  what deals were done with HAYES and QUINLIVAN and what moneys were paid to them to manage EIF assets such as WINDSOR TURF FARM and WIRRINA GOLF COURSE.

7.  what issues / incident ignited KENNEDY, SID SUPER, DAVID KENNEDY, DAVID JACKSON, JOHN GODDARD, POWELL and TREASURE all to jump ship and re-sign? 

8. given all the above -  why doesn't EIF get a freezing order on McIVOR assets? isn't he a flight risk?

McIVOR used to brag about coming into business with two surfboards and an old VW. I am happy with that -  I will pay for 2 old boards and a clapped out old VW and send him packing.....


----------



## ASICK (3 November 2011)

How about Equititrust Limited's alleged impairment plugging of EIF loans?  If it is the case, would it be a serious matter of non-disclosure?  Was a complaint made to ASIC?


----------



## kostag (3 November 2011)

*ADVISING ASIC*

I agree ONCE McIvor can be shown that he had reasonable cause to believe that loans and values were impaired, he simply could not touch the POT$$$$ any more -  but he knew as far back as Sept 2009 and that evidence has been sent to ASIC  



ASICK said:


> How about Equititrust Limited's alleged impairment plugging of EIF loans?  If it is the case, would it be a serious matter of non-disclosure?  Was a complaint made to ASIC?


----------



## ASICK (3 November 2011)

How would you have reacted if you were told in 2009 (or whenever) if you were told immediately that  the manger was plugging holes in fund loans?   (that is, loans were failing and the manager was making good the shortfall from OUTSIDE of the EIF  - as I understand it).

Do you think you might have been, at least, concerned?

Or, do you think you would have said "Thanks for your concern"?


----------



## kostag (3 November 2011)

it is a lot worse than this my friend....  when he knew that a lot of his loan book was r--ted -  he got the Aussie banks to step in - now in a classic PONZI manouvre of which Bernie Madoff would have been proud -  he gave these same new lenders security which ranked ahead of all of us investors -  and then used that money to plug the holes and also to pay us our "interest' which was in reality returning some of our own capital, whch we then had to pay tax on.....



ASICK said:


> How would you have reacted if you were told in 2009 (or whenever) if you were told immediately that  the manger was plugging holes in fund loans?   (that is, loans were failing and the manager was making good the shortfall from OUTSIDE of the EIF  - as I understand it).
> 
> Do you think you might have been, at least, concerned?
> 
> Or, do you think you would have said "Thanks for your concern"?


----------



## kostag (3 November 2011)

*IDIOTS: see page 61 AFR today*

Ben Wilmot of the AFR is right on the job -  those idiots at Equititrust think that ASIC will return their licence and that they can remedy their financial shortfall breaches - idiots! What do they do about WESTPAC loan?   Idiots!


----------



## ASICK (3 November 2011)

Seems Trilogy is so proud of their REIT Healthcare fund that they took all information about the fund off their website.  Last count unit price was $0.50 and no income stream to investors.  Financials lodged 3 Octobter 2011, but not disclosed online. (I posted the link to that fund on this thread earlier in the week)

I notice you complained about Equititrust removing the latest announcement from the site which I note has been returned: (http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011.pdf)

Let's hope Trilogy decide to bring back all the info about their fund so you'll be able to better judge their performance.

I guess that's better than the Trilogy Dee Why project - ZERO returned. You'll have to ask them about it, nothing published on the Trilogy website about that either.

oh.. well, such is the risk investors take.


----------



## No Trust (4 November 2011)

*Disclosure Statement*

The Disclosure Statement has been returned *minus any reference *to the *Ian Lazar action...
*
It seems Equititrust's *lies have been exposed again.. Also if McIvor is not in any way involved why is *he still talking to the media, bagging the old directors??? 

He is also talking to his old mate* Nick Nichols from the Gold Coast Bulletin *who is writing articles *devoid of truth *and is as *delusional as his mate McIvor*.. In one article the raid by ASIC was described as "mischief making"... Is he for real... Nick Nichols is *not an objective reporter *and should also understand that a lot of Equititrust Investors who have been ripped off by McIvor are *Gold Coast Bulletin Readers*... Sure support the Gold Coast but don't write stories that are fed to you by your mates. Nick Nichols is a disgrace and a poor imitation of an objective journalist... He epitomizes the worst of the *White Shoe Brigade *which still remains on the Gold Coast. No wonder the city is regarded as a *joke* both domestically and internationally...


----------



## No Trust (4 November 2011)

*Legal Action and Recovery*

*Equititrust has given no answers *on the ongoing legal action against defaulting borrowers... 
*Tucker* was representing Equititrust in all the actions and now with the bust up between him and McIvor it seems *all actions have come to a halt *jeopardizing investor's interests *even further*... 
The conflict of interest was outlined by me on this thread *a long time back *and yet McIvor at the time *endorsed and encouraged it*. This *time bomb *was predicted and *McIvor did not care *where he was leading Equititrust. It seems his attitude of *"If I am going down, everyone will go down with me"* has further endangered Innocent Retiree investors interests.

With further massive impairments (_which have been hidden from *banks* and *investors*_) on the way, what if anything will be left for unit holders. The *controversy* and daily headlines does not auger well for the sale of toxic assets in an already depressed market. McIvor's idiotic and selfish antics have ruined innocent peoples lives..


----------



## klua (4 November 2011)

*Re: Disclosure Statement*



No Trust said:


> The Disclosure Statement has been returned *minus any reference *to the *Ian Lazar action...
> *
> ..




New disclosure statement on the Lazar case here:
http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_31_10_2011_Lazar.pdf


----------



## kostag (4 November 2011)

*Re: Disclosure Statement*

they are incompetent idiots



klua said:


> New disclosure statement on the Lazar case here:
> http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_31_10_2011_Lazar.pdf


----------



## kostag (4 November 2011)

*Re: Legal Action and Recovery: EIF UNIT VALUE will get under 40cents*

write offs will exceed $100M

you read it first here.....



No Trust said:


> *Equititrust has given no answers *on the ongoing legal action against defaulting borrowers...
> *Tucker* was representing Equititrust in all the actions and now with the bust up between him and McIvor it seems *all actions have come to a halt *jeopardizing investor's interests *even further*...
> The conflict of interest was outlined by me on this thread *a long time back *and yet McIvor at the time *endorsed and encouraged it*. This *time bomb *was predicted and *McIvor did not care *where he was leading Equititrust. It seems his attitude of *"If I am going down, everyone will go down with me"* has further endangered Innocent Retiree investors interests.
> 
> With further massive impairments (_which have been hidden from *banks* and *investors*_) on the way, what if anything will be left for unit holders. The *controversy* and daily headlines does not auger well for the sale of toxic assets in an already depressed market. McIvor's idiotic and selfish antics have ruined innocent peoples lives..


----------



## kostag (4 November 2011)

*Re: Equititrust: HOW DOES TRILOGY FIT IN TO ALL OF THIS ????*

lets hope not !!!!!



ASICK said:


> Seems Trilogy is so proud of their REIT Healthcare fund that they took all information about the fund off their website.  Last count unit price was $0.50 and no income stream to investors.  Financials lodged 3 Octobter 2011, but not disclosed online. (I posted the link to that fund on this thread earlier in the week)
> 
> I notice you complained about Equititrust removing the latest announcement from the site which I note has been returned: (http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011.pdf)
> 
> ...


----------



## kostag (4 November 2011)

*Re: Disclosure Statement NICK NICHOLS is not regarded as credible amongst his peers*

he has one big CYCLOPS eye in the middle of his forehead and that is all PRO MAD MARK MADOFF.....

Come on Nick..... beat yourself up a bit -  how about a true expose?   go and talk to Bea Jeans (she is right on your patch) about her multi million dollar hit ???



No Trust said:


> The Disclosure Statement has been returned *minus any reference *to the *Ian Lazar action...
> *
> It seems Equititrust's *lies have been exposed again.. Also if McIvor is not in any way involved why is *he still talking to the media, bagging the old directors???
> 
> He is also talking to his old mate* Nick Nichols from the Gold Coast Bulletin *who is writing articles *devoid of truth *and is as *delusional as his mate McIvor*.. In one article the raid by ASIC was described as "mischief making"... Is he for real... Nick Nichols is *not an objective reporter *and should also understand that a lot of Equititrust Investors who have been ripped off by McIvor are *Gold Coast Bulletin Readers*... Sure support the Gold Coast but don't write stories that are fed to you by your mates. Nick Nichols is a disgrace and a poor imitation of an objective journalist... He epitomizes the worst of the *White Shoe Brigade *which still remains on the Gold Coast. No wonder the city is regarded as a *joke* both domestically and internationally...


----------



## kostag (4 November 2011)

*WE HAVE NOW PASSED 90,000 HITS !!!!*

by this time next week we might HIT the magic 100,000!!!

with such a slow start 14 months ago -  a few of us have led the charge....

well done

Justice has almost prevailed


----------



## ASICK (4 November 2011)

I don't have any confidence in Nichols either.  Michael West & Scott Rochfort of the SMH are the terriers who'll dig deep to get to the gist of things.


----------



## No Trust (4 November 2011)

*Nick "the Dick" Nichols*

If Nichols keeps up his creative writing at the *behest of McIvor *he might soon be *looking for a job*... The contributors to this thread *have exposed McIvor*, it wont be too hard to *expose Nichols either*... 

For too long the *journalists of the Gold Coast Bulletin *have been too closely *linked to the development industry*. Does Nichols give a Sh#t about the *tens of millions of dollars *lost by *elderly Gold Coast investors*?? I don't think so! 

The *management of QLD Newspapers *should be looking into this... In fact lets do this, any investor *upset and insulted by Nichols *reporting should make a *complaint *to QLD Newspapers about *his conduct *and *obviously cosy relationship with McIvor*...

Nick get your hand off it, or we will...


----------



## No Trust (4 November 2011)

*Re: WE HAVE NOW PASSED 90,000 HITS !!!!*

Good work Kostag, the thread *definitely has momentum *now... We were the lone soldiers and now it seems the rest of Australia has taken note of what we have to say... 

As long as *ASIC* and *The Federal Police* are reading this thread I am satisfied. My *(very reliable sources) *inform me that both parties are *avid readers. 
*


kostag said:


> by this time next week we might HIT the magic 100,000!!!
> 
> with such a slow start 14 months ago -  a few of us have led the charge....
> 
> ...


----------



## kostag (4 November 2011)

*Re: Equititrust BRETT at AFR has been on the case too*

it is EXPOSE time



ASICK said:


> I don't have any confidence in Nichols either.  Michael West & Scott Rochfort of the SMH are the terriers who'll dig deep to get to the gist of things.


----------



## kostag (4 November 2011)

*COSY DEALS done dirt cheap.....*

what will emerge will be asset securities held by McIvor in side companies; loan proceeds and fees part diverted ; taking an interest in security assets in MM Holdings etc.....  knowing that valuations and security interests were false and or overstated whilst continuing to publish money-inducing PDSs.

Misleading auditors and fellow Directors (Westpac loan) and valuation evidence.

Does anyone think for a moment that anyone let QUINLIVAN walk out of the room with $45M + ???  Give old Dudders immunity and wait and see what he might be able to tell.....  it will be a Pandora's box of plunder and pillage....


----------



## kostag (4 November 2011)

*LAZAR*

and what side deals does LAZAR know about?

give him immunity and get him talking.

and what about the people tied up with the Warrana assets. They have bene quiet. What stories might they be able to tell?


----------



## No Trust (4 November 2011)

*Scam of all Scams*

The biggest scam was the 50M Capital Raising in January remember... McIvor knew what was going on and wanted to scam more innocent retiree's... Luckily Colin Kruger of the SMH stepped up to the plate and forced ASIC to act. Remember that conflict of interest which McIvor was promoting... Where would that money have gone, another mansion on Cronin Island ?


----------



## kostag (4 November 2011)

*Re: Scam of all Scams  PDS FRAUD*

the PDSs put out on this FUND plus the MERIDIEN LANDSOLVE one were both FRAUDULENT.... dont you worrk, ASIC is right onto this.

You could PLUG more holes in these PDSs than IAN MAURICE has hair plugs .....



No Trust said:


> The biggest scam was the 50M Capital Raising in January remember... McIvor knew what was going on and wanted to scam more innocent retiree's... Luckily Colin Kruger of the SMH stepped up to the plate and forced ASIC to act. Remember that conflict of interest which McIvor was promoting... Where would that money have gone, another mansion on Cronin Island ?


----------



## No Trust (4 November 2011)

*Legal Action and Recovery*

*Outstanding Financials *
I have previously alerted investors in regard to the *outstanding financials *on this thread and the *ramifications of Equititrust not completing them*. But did anyone at EquitiRust listen?? *NO*. It seems that if the financials were completed the results would have been *a lack of net asset backing *for the fund. 

*Legal Action *
The next *looming disaster * and something these incompetent idiots are being *very quiet over *is the legal action commenced against borrowers. Tucker was representing Equititrust in * ALL *the actions and now it seems everything has come to a standstill after McIvor and Tucker fell out.. *WHAT WILL HAPPEN NOW ?* This *idiotic conflict of interest *will cost the investors many millions of dollars in having to appoint new lawyers while *Tucker tries to protect the Goose who laid his Golden egg... * Mark my words Tucker is not a friend of Equititrust investors, he is only out to make money on them. If he really cared he would not have put investor's in this position and *jeopardised their retirement future even further *. Remember he has been paid *100 cents in the dollar for all his fees*. Investors will be lucky to get *20 cents in the dollar*..
These two egomaniacal idiots will have cost the investors millions of dollars before this ends. Both *McIvor and Tucker *should be restrained from any further involvement in the fund. The legal actions should be transferred to a new law firm and *Tucker should not be paid for his legal fees *and should in fact *refund them *as he was in a *CLEAR AND UNEQUIVOCAL *position of conflict. Any cost in the *transfer of the files *should be borne by Tucker... What is ASIC going to about this... This is a critical matter and investors should not be *held ransom by Tucker *in not releasing the files. But who will Tucker release them to??? They should *only be released to ASIC *as the current board appointed by McIvor is not to be trusted. Those files will also have some *interesting file notes*, that is if they have *not been shredded*. ASIC needs to get a hold of those files *ASAP*. If Tucker will not release the files then ASIC should get the Legal Services Commission involved about his actions in acting in a position of conflict and *apply to the court to have the files released*. If this is not done expeditiously the defendants will have a *clear advantage * and in most cases apply to court to have the matters *dismissed * due to a lack of representation on the plaintiff's side. 

Senior Legal Counsel spoken to in Sydney have confirmed that the current position is *untenable * and the fact that Tucker acted in a *position of conflict * over so many matters affecting investors *; EXTRAORDINARY* and unheard of...  But hey it’s the Gold Coast these cowboys thought they could get away with anything...

Tucker and McIvor's *personal  vendetta's * are costing innocent people their lives... The presents that Tucker and McIvor buy this Christmas will be paid for from the *sweat and blood *of innocent investors.

*Nice work idiots... *


----------



## No Trust (4 November 2011)

*The Dominos Have Started To Fall - Banks Call In Their loans  -  Unit Value Massacre*

The banks have started to *call in their loans*...

Look at this *developing disaster *just announced on the company website. 

http://www.equititrust.com.au/Pdfs/...ment_04_11_2011 - Bank Debt and Insurance.pdf

So Equititrust has had default notices served by *Westpac* and *Bank of QLD *for loans which were for *McIvor's benefit only*... 

*McIvor has really outdone himself here*...

So what *impact* will this now have on on investors... Do they now have to line up behind Westpac and Bank of QLD ???

If Equititrust has received default notices McIvor and his entities will have received them as well... So the Domino's have started to fall... The next will be the notices of Mortgagee In Possession.  What a disgraceful mess... 

This will *create a riot *and I will not be surprised to see people protesting in front of McIvor's mansion on Cronin Island whilst he enjoys his champagne lifestyle and luxury cars... 


To throw a *bit more fuel on the fire *EquitRust have also revised their unit price.... *Are you ready for it*............. *58 Cents in the Dollar *and this is just an estimation and subject to further running costs. No mention of the millions that will be incurred to change lawyers to recover monies...
To rub further *salt into the wound of innocent investors *not even an *APOLOGY* this time. At least Kennedy had the courtesy to apologise for the losses in his announcement last time.

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011 - Unit Value.pdf

How on earth is Equititrust expected to keep their *FSL license *whilst the banks have called in their loans. A new manager will have to be appointed by ASIC as it seems Equititrust is about to be tipped into receivership...

The ASIC hearing on the *21st of November *will be interesting... It seems that ASIC will be preparing the *gallows for the Gold Coast Cowboys*...


----------



## ASICK (4 November 2011)

I guess it's a silly question, but where does Equititrust Limited find its' authority to draw a fee to manage the fund?  Isn't the deal, no income distribution, no management fee? Sure, fund expenses (other than management) are one thing but management fees?

"Ongoing operating costs, including future bank interest and the costs incurred in managing the EIF, have not been recognised in this calculation and equally further income earned from interest during the realization process has also not been recognised;"
http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011 - Unit Value.pdf

Could it be that Equititrust Limited doesn't have the authority to pay itself a fee?  More particularly, no fee to cover directors' fees.

Unaudited $0.58 unit price (plus returned capital) is probably going to be closer to $0.45 (plus return) when it's audited.  I hope I'm wrong, but the auditors always seem to be much stricter about valuations and the like.

At least you guys were lucky to get the 2011 year in as a capital return and NOT as income distributions (remember, I warned you about capital being returned as income distributions because I've seen that happen before).  

However, if I were you, I'd be looking to get a group together and put a case to the tax office for a credit on your tax for the previous year too (that's if you paid tax).

Just a thought.


----------



## No Trust (4 November 2011)

Good point ASICK, what are the management fees and how much are the directors being paid ??? How much were the other useless board members paid which oversaw further write downs in the unit price??? 

Remember Tucker was being paid legal fees was he also being paid a director's fee???

I am sure all of these points will come across at the *ASIC hearing*... I will make sure they do...

With default notices issued, Equititrust is now on the *verge of collapse*...


----------



## kostag (5 November 2011)

*Re: The Dominos Have Started To Fall - Banks Call In Their loans  -  Unit Value Massa*

complete IDIOTS.....

1.   Equititrust call it a bank 'request' - I'd say a 'demand' - idiots -  STOP YOUR LIES!!!!

2.  UNIT VALUE: I preictated no more than 44cents on this web site when they were saying all was well -  then they slashed to 88cnets -  now another whopping 30cents -  INVESTORS, we wont get 44cents  -  why? because overheads and costs keep running up..... somewhere in the 38-42 cent range   

This MORON McIVOR still raves about his property and lending skill set ..... my kids could make loans to strangers on a street corner and probably recover better than 58cents in the dollar !!!!

IDIOTS. They deserve  to be  - and will be  - in gaol.






No Trust said:


> The banks have started to *call in their loans*...
> 
> Look at this *developing disaster *just announced on the company website.
> 
> ...


----------



## kostag (5 November 2011)

*EQUITITRUST UNIT REVALUATION as at 5-11-11   36cents*

as at 5-11-11, using the 'data' from EIF web site, best likley estimate as at 5-11-11 is 36cents per unit.

This is based on assumption of 6 months winding up. 

Any more disclosures etc, the figure just keeps dropping.


----------



## No Trust (5 November 2011)

*The Dominos Have Started To Fall - Banks Call In Their loans  -  Unit Value Massacre*

Kostag, you are at best "optimistic" at *36 cents *and I say this because the winding up will take up to *3* to *5* years. Tucker has *previously alluded to this *and it is squarely based on the *toxic loans *to King Con and the *legal action against borrowers*.  The likely amount will be sub *25 cents *in the Dollar. There will be *another announcement once an independent party takes over*. These guys are *liar's* look at the impairment amount they have been sitting on. They were so scared to reveal it that that they *didn't even lodge their own end of year financials with ASIC*... Insane isn't it but unfortunately true. So the figures they have now given are another farce to try and keep their FSL nothing more. The *real impairment *is *much much worse *especially when some of the other things McIvor has been hiding come out... Then everyone will say oh sorry he didnt tell us about this just like the* 24M *Loan from *Westpac*. This only came out recently..
Borrowers who can will now use the *delay and deep pocket defense mechanism *to drag this out and then reach some sort of settlement. Look at *Lazar he is doing it now and it is costing a fortune*. Others will follow suit namely *Meridien*... The whole "King Con " site in Ipswich has to be re approved and redeveloped to a lower plot ratio meaning much less revenue. It then has to be sold and that will not be an easy task. The board has to come clean as to whether the figures used for the unit revaluation are at *fire sale figures *or *figures used by McIvor to delusionally develop the site in some way via Landsolve *or one of his other deluded entities...

*Equititrust Receivership in  matter of weeks*
It is fair to say that Equititrust will be placed in either receivership or liquidation in the *coming month *after the *demand notices from the banks expire*, then a new manager *will have to be appointed by ASIC or ASIC may move on the *21st of November faced with absolutely no other alternative. Then the fees will really start to rack up especially in terms of the *legal costs *in recovering delinquent loans. *New lawyers will and have to be appointed *to act in the best interests of investors. Further the publicity surrounding this disaster will further *diminish the value of the properties as no one in their right mind will pay full value for these toxic assets.. *Some of the assets like Ipswich will cost more to recover than they are worth. In some cases it will be better to walk away from the asset than to try for some sort of recovery. *"King Con"* wont front up with any money.. The key now is that *Equititrust be let adrift and the management of both funds be given to a responsible entity *which will undertake a *forensic analysis *and recover money from McIvor. Remember the millions taken in management fees and return on subordinated investment...

McIvor even wanted to take *$3M by way of a payment to his super fund *ahead of NAB... Nice guy uh, really cares about his investors doesn't he...


----------



## No Trust (5 November 2011)

*Where are all these geniuses*

Where are all these *geniuses now*, especially the likes of incompetent *Tim James *who was meant to be in charge of *lending management*. 

Also read *McIvor's opening comment * in the 07/08 Annual Review about purported legitimate fund managers and his views on the introduction of *Public Stocks as punishment for those responsible* for investor losses... 

Hey Mark if the offer is still open we would all *LOVE* to see you in public stocks as *punishment for your actions*... In fact I think not only have these words come back to *bite you on the ar*e *you will experience *much much worse *than public stocks in the coming months...

McIvor continues that the company comits to a continual refining of its lending skill set... Yeah continual lending to his mate "King con" and lending on worthless projects...

Lets see if McIvor has the cheque book open to pay out Westpac and Bank of Queensland... Dont think dear ol McIvor has the reddies to pay out anyone...

Maybe the Public Stocks should be set up on Thomas Drive in front of the Equititrust Office in full view of incoming traffic...  

If McIvor is a man of his word he will comit to the public stocks 

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf


----------



## No Trust (5 November 2011)

*Annual Review 07 / 08 -  Page 4*

You will laugh out loud when you look at the *Annual Review *below *,Page 4 *shows an illustration of Public Stocks and then a lecture on good management of funds by McIvor as well as noting other company failures. McIvor then goes on to preach about the Camel Approach to good Funds Management

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf

*Camel*
1. Capital
2. Asset quality
3. Management
4. Earnings
5. Liquidity

The delusional one as we will refer to him, has failed in each and every component of the Camel Acronym. One may conclude that *McIvor's camel *is well and truly rooted...

ASIC has discovered that McIvor has actually been practicing the *Donkey Approach *to Funds Management

*Donkey*

1. Don't care about my investors
2. Only care about myself and my luxury lifestyle
3. No interest payments or return of capital
4. "King Con" is a good bet
5. Equity?? Whats that again???
6. You always point the finger of blame on someone else.


Now Mark going on what *you have preached *if you are a man of your word isn't it time that you were *put into the Public Stocks*... Only going on your words in a publicly available document... 

When are you available ? *Investors are ready for you anytime mate*!!!!!!!!!!!!!!!


----------



## kostag (5 November 2011)

*Re: Annual Review CAMEL APPROACH numbered 3. 4 and 5*

Look at these three......

3. Management
4. Earnings
5. Liquidity

Now, see what McIvor said at the INVESTOR LYNCHING in defence of the KING CON debacle -  basically, they only looked at the asset and to be able to ensure that they could hurt the BORROWER more than BORROWER oculd hurt them....

well, ASIC -  McIVOR is on record stating the LENDING CRITERIA including 3. , 4., and 5.  At what point is his conduct DECEPTIVE, MISLEADING, CRIMINAL and DECEPTIVE ?????   

Look at KING CON:

1.  Managament:  Twice Bankrupt and named in Parliament as KING CON and a serial DUDDER

2.  Earnings:  where are King Con's filed statutory reports, Mark? Even the TAX OFFICE wound up some of his companies. 

3. Liquidity: a  static un-approved vacant land holding in IPSWICH, you MORON.

Good work, you fool -  3 WRONG out of 5. Nice score card. Come on ASIC -  we were all misled. He states his lending criteria BUT this was all just marketing hype and rubbish.




No Trust said:


> You will laugh out loud when you look at the *Annual Review *below *,Page 4 *shows an illustration of Public Stocks and then a lecture on good management of funds by McIvor as well as noting other company failures. McIvor then goes on to preach about the Camel Approach to good Funds Management
> 
> http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf
> 
> ...


----------



## kostag (5 November 2011)

*MAD McIVOR's GUIDE TO LENDING -  the D.O.N.K.E.Y*

all credit to NOTRUST this one is beautiful and ASIC should take note....

*Donkey*
_1. *Don't *care about my investors
2. *Only* care about myself and my luxury lifestyle
3. *No* interest payments or return of capital
4. "*King* Con" is a good bet
5. *Equity*?? Whats that again???
6. *You* always point the finger of blame on someone else._


----------



## kostag (5 November 2011)

*ANNUAL REVIEW 2007/2008 see PAGE 3 TONY BAWDEN*

hey,  Nick Nicholls -  why don't you ring TONY BAWDEN and see how his EQUITITRUST investment is going? want to get an update on his glowing reference in the 2007/2008 report page 3??


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## kostag (5 November 2011)

*ON RISK AND FALLEN FUND MANAGERS.... see page 4 of the 2007/2008 REVIEW*

ah memories, you gotta luv em.

Bridgecorp, Westpoint, Fincorp, ACR -  Bernie Madoff, Citi Pacific..... Mad Madoff McIvor -  ooops! how did that one slip in ?? _it wasn't me -  it was that damned GFC, no, we dont have the luxury that banks have - we dont check our borrowers, hell no, we just aim to hurt them harder than they hurt us _(what the f---?) 

_*well, let me get out my templated lending slide rule -  the DONKEY !!!*_
well EQUITITRUST will slip into the annals of HISTORY - if it runs as a run out scheme over 3-5 years etc -  INVESTORS will get close to NIL.....  you watch.....

now, I do love the use of the STOCKS.... and in recent english history the BRANDING on the FOREHEAD of *"D"* for DEBTOR


----------



## No Trust (5 November 2011)

*McIvor's new book - "Fund Management on My DONKEY"*

McIvor often refers to *Warren Buffet*, now McIvor can offer up his own investment philosphy in his new book *"Fund Management on My DONKEY"* (_under the supervision of ASIC_).

"*King Con*" otherwise known as the *"Magician"* for his inate ability to make tens of millions of dollars disappear has written the foreward to the book..  Make sure this gem is under your christmas tree...


----------



## No Trust (5 November 2011)

*Re: ON RISK AND FALLEN FUND MANAGERS.... see page 4 of the 2007/2008 REVIEW*



kostag said:


> ah memories, you gotta luv em.
> 
> Bridgecorp, Westpoint, Fincorp, ACR -  Bernie Madoff, Citi Pacific..... Mad Madoff McIvor -  ooops! how did that one slip in ?? _it wasn't me -  it was that damned GFC, no, we dont have the luxury that banks have - we dont check our borrowers, hell no, we just aim to hurt them harder than they hurt us _(what the f---?)
> 
> ...




Or maybe D for Donkey


----------



## No Trust (5 November 2011)

*Loan Default Admissions*

It seems that since ASIC have become involved the level of disclosure has *MIRACULOUSLY* increased... I think ASIC will be *very interested *in the *Demand Notices *send by *Westpac* and *Bank Of Queensland*...


----------



## No Trust (5 November 2011)

*Nick "the Dick" Nichols*

Why doesn't *Nick Nichols *write an article on the predicament facing the retiree investors? Many of the *innocent investors reside on the Gold Coast*. Or will he just write another idiotic article and say that *Westpac and Bank of Queensland *are *mischief makers *taking action at the behest of disgruntled borrowers. *WAKE UP NICK *its time to stop being a Dick and write an *honest story facing your readers.* 

Don't Hold your breath...


----------



## ASICK (5 November 2011)

https://creditorwatch.com.au/company/profile/51852104335

http://moneymagik.com/dee_why_1.jpg


----------



## ASICK (5 November 2011)

ASICK said:


> https://creditorwatch.com.au/company/profile/51852104335
> 
> http://moneymagik.com/dee_why_1.jpg




My point? If you rely solely on the media, then your knowledge WILL be limited.   It's best to share information as widely as possible.  The media reports only what it wants to report, but sometimes it's very, very helpful as it's been for your case.

Here's another good example:-
http://www.smh.com.au/business/bonu...-single-job-20100830-1431p.html#ixzz1QskYkZQy

Notice the words "grubby" and "obscene"?


----------



## kostag (5 November 2011)

*Re: Equititrust: TRILOGY: anothermob of shonks -  see the cavalier letter advising of*

100% write off   !!!!!!  IDIOTS !!!!!





ASICK said:


> https://creditorwatch.com.au/company/profile/51852104335
> 
> http://moneymagik.com/dee_why_1.jpg


----------



## kostag (5 November 2011)

*TRILOGY - another dubious mob.... NIGEL CHAMIER*

this DIRECTOR is also chairman of the failed PARIDIAN fund mob where shareholders some $20Million of them also have sufferred a 100% write off!!!! No mention of that in his the CV on the TRILOGY site......

_Nigel Chamier
Independent Non-Executive Director 
Nigel is a non-executive independent Director of Trilogy Funds Management Limited and Chairman of NAC Investments (Qld) Pty Ltd. Nigel is also a Director of Scimitar Marine Pty Ltd and is the Honorary Consul for Sweden. He was elected President of the Queensland Division of the property Council of Australia from 1985 to 1986 and was awarded a Medal in the Order of Australia for services to real estate and the property industry in 1994. In June 2008 Nigel was also awarded the Royal Order of the Polar Star for Services to Sweden. Nigel was with Jones Lang LaSalle from 1972 to 1992, latterly as joint Managing Director in Queensland and proprietor of the firm in the Pacific region. In 2001 he retired after serving for nine years as Chairman of the Office of Economic Development for the City of Brisbane Limited. Nigel was also previously a Director of the City of Brisbane Airport Corporation._






ASICK said:


> My point? If you rely solely on the media, then your knowledge WILL be limited.   It's best to share information as widely as possible.  The media reports only what it wants to report, but sometimes it's very, very helpful as it's been for your case.
> 
> Here's another good example:-
> http://www.smh.com.au/business/bonu...-single-job-20100830-1431p.html#ixzz1QskYkZQy
> ...


----------



## ASICK (5 November 2011)

I'm one of the unlucky investors in the City Pacific Fund and we've been at it for a couple of years longer than you guys.

My website is http://www.moneymagik.com/


----------



## kostag (5 November 2011)

*PHIL RYAN and McCARTHY DURIE RYAN AND NEIL was a financial bloodbath*

how do these same names come up time and time again???

ASIC !!!!!!!




ASICK said:


> I'm one of the unlucky investors in the City Pacific Fund and we've been at it for a couple of years longer than you guys.
> 
> My website is http://www.moneymagik.com/


----------



## ASICK (5 November 2011)

That's been the subject of many a conversation over the last couple of years.    The reason I come to this thread is because I could see what was going to happen.  One doesn't need crystal balls: the signs are there.

When these funds fall apart, in my opinion,  there's normally a mess, and what I regard as first rate managers won't touch them -  some of the managers who seek to take over these funds are taking advantage of the vulnerability of the investors in the damaged funds (vulnerability brought about the shock of loss of so much of their respective investments).

Now, you mightn't see it, but you're vulnerable right now.  You hate Equititurst Limited et al so much that you'll jump into bed (so to speak) with any manager because you figure that you can't be worse off, but believe me, that just might not be the case.

Trilogy (along with the Balmain) came to members of the fund as a dynamic duo, although we knew about Ryan and were reluctant to vote for BT,  Citypac's behavior with its' related party loans and the massive fee it was charging forced us to vote for the dynamic duo.  We didn't know about the Dee Why project at that time.

It didn't take long for me to gain an absolute distrust of BT.  In September 2010 they brought members of the fund together for a meeting.  The Explanatory Memorandum and so-called "Expert" report are found on BalmainTrilogy's site (under "news" dated about 2 August 2010)

We resisted it and BT lost the day.  Michael Pascoe wrote the article I posted here re:"grubby" and "obscene".

To get away from Citypac, we voted for the dynamic duo because we felt we had no other choice because we couldn't get together (as members) even on the most simple thing.  We should have pooled some money, went to the court, and sought a wind-up other with a court-appointed manager, but we didn't.

The duo came to us and told us they'd release their 'strategy', and one year later, they relelased it.  It was, in my opinion, the greediest grab I could imagine.  The terms were so skewed in the manager's favour that it was ridiculous.

Take a look thru the "PFMF Coffee Club" forum (I'm about the only poster - it's my forum) and take a look thru http://www.moneymagik.com/ and you'll see what's gone on.

Among other things I would say is that you MUST read and UNDERSTAND any proposal put to you as members of your fund.   Never let emotion bias decision making.

An informed membership is a protected membership.

An emotional membership is vulnerable to the approaches of even malintents.

It's been somewhat painful to watch this forum over time, but sadly the outcome was predictable.

Just learn as much as you can, and you'll do the best that's possible (remember, we've been at this since the CPFMF froze in March 2008).

What took three years for us has taken less than a year for you. We've learnt a lot, just as you all will.


----------



## No Trust (5 November 2011)

*Court Appointed Manager*

ASICK I totally agree with you, even though there is emotion, level heads need to prevail. That is why a *Court / ASIC *appointed *receiver / manager *is essential to wind down the fund and conduct an investigation. 

A forensic analysis of *McIvor's behind the scenes activities *will not occur unless there is an independent receiver. McIvor and Tucker need to be moved as far away from this fund as possible and they have both not served investors well.


----------



## No Trust (5 November 2011)

*Legal Action and Recovery*

Here is a challenge to the *NEW BOARD *issue a statement on what is going on with Tucker and the Files. 

Listen can you hear the chirping of crickets....  Thats all you will get... They are stuck at the moment and can't move against any borrower.


----------



## ASICK (5 November 2011)

You'll  find it invaluable to obtain a copy of the members' registry.    I would recommend that you don't leave it to the last minute to try to get in contact with each other. 

We've found that in the event of a meeting being called, that you'll be behind the eight ball trying to compete with a mail out backed up by a well-oiled call centre.

I think it's important to convey your concerns to other members as soon as possible, and in doing so you'll be 'breaking the ice' and building credibility, something that you won't be able to do if you respond during the "heat" generated after a meeting has been called: I know that the WC PIF action group had this problem as we did in  the PFMF.   

Members of forums must not assume that non-forum members are as well informed - in fact, a letter from fellow investors comes as quite a shock, especially when it comes unexpectedly.

You have to follow the PPPP principle, Prior Preparation Prevents (a) Poor Performance (modified somewhat due to the public nature of this forum), and you can do that by putting together an account, getting some donations from members, getting the registry, putting together a mailout inviting members to join the forum and telling them about your concerns.

What path you choose to follow is a matter for yourselves, but believe me, after a meeting is called, time is more than 'of the essence'.  You can bet that the entity calling the meeting will be phoning members to encourage them to support the manager with their proxy. 

If you want to be succesful, don't get caught flat-footed.   Chat will not achieve anything unless it accompanies action.


----------



## No Trust (5 November 2011)

Good point ASICK


----------



## kostag (6 November 2011)

*NTA PER UNIT:*

well, EQUITITRUST will never give us any meaningful data, so this is my calculation assuming an intense 6 months and then a reduced windup over say 5 years; with some very solid property writedowns on the two mainly talked about projects. No allowance made for Westpac, Bank of Qlsd, ASIC issues, litigation, Mad Dog's superannuation claims.

Sales and legal recovery costs estimate might be too high BUT cut it in half -  only has an affect of $2.5M on the overall result -  cents in the dollar! 

No allowance made for BORROWER led litigation by Meridien, Quinlivan or Lazar. If one of them gets up, that will knock a hole in the place! 

See how close we finish up to this result :-



Fund assets					 $137,560,354 
less: NAB					 $15,500,000 
					             $122,060,354 
less: Creditors				 	 $4,714,360 
Net Value (calculated by Equititrust)			*$117,345,994 * 
less: further write downs					
Asset	     EIF value (guess)	HK  assessment	Write down		
general write down on other assets			 $5,000,000 		
South Australia	 $35,000,000 	 $5,000,000 	 $30,000,000 		
Ipswich	              $25,000,000 	 $5,000,000 	 $20,000,000 		                                                                    *$55,000,000 *less: likely on going costs					
monthly running	 $100,000 per month	6	   $600,000 	
monthly running	 $50,000 	per month	54	 $2,700,000 	
interest	8% per cent	12	                          $16,290,788 	
Sales and legal - recovery 4% collection on  $137,560,354 $5,502,414 	                                                                   *$25,093,203 *
NTA:					            * $37,252,791 *
Units on issue					 $203,634,856 
*Value: per unit					 $0.18*


----------



## No Trust (6 November 2011)

Sad but, it looks like this will be the most likely result.. 

There is a *lot more hidden *that has not been revealed. Look how long it took the previous board to discover the *undisclosed Westpac loan*. Why did McIvor *hide this *from the board ? 

What impact will the default notices from Westpac and Bank of QLD now have on Investors...  *The gig is now up for McIvor *as he used his *"so called units" *in the fund as collateral for these loans. The latest announcement on the website now shows that value as *nil*. So the banks, after reading the latest headlines of *Federal Police and ASIC raids *finally pulled the pin. Look at *Commonwealth Bank*, They extended the payment till December and are now *demanding payment immediately*. Its no wonder the previous board quit...


----------



## No Trust (6 November 2011)

*Thompson Reuters Warning on Equititrust*

FindLaw Australia

http://www.findlaw.com.au/news/6294/asic-obtains-orders-against-equititrust-limited-.aspx


----------



## kostag (6 November 2011)

*Re: Thompson Reuters Warning on Equititrust  OMG !!!!!!*

    just gets worse! lurching from one disaster to the next !!!   


No Trust said:


> FindLaw Australia
> 
> http://www.findlaw.com.au/news/6294/asic-obtains-orders-against-equititrust-limited-.aspx


----------



## kostag (6 November 2011)

*EQUITITRUST: new Board and CEO*

I hope that EIF is not paying for this lot.

They weren't around when the loans were done 

Tucker has all the files and is sacked -  so who is chasing what?

I suspect the BORROWERS will be telling us what we will be getting paid!!!!!

They have no property skill set

the SS 'Titanic' Equititrust unde rthe former control of Captian Mad Dog 'Madoff' McIvor is lurching on the reef

and we investors are all cowering down in the 3rd class desks whilkst we tap out "S.O.S" to ASIC and Fraud squad!!


----------



## No Trust (6 November 2011)

*ASIC INTERVENTION*

When * Thompson Reuters * issues warnings to Lawyers across Australia imagine the *credit risk warnings * the banks have received. It’s no wonder that Westpac, Bank of Queensland and Commonwealth have issued *demand notices*...

It would be interesting to actually get a *credit report on Equititrust *, * McIvor * and his *entities * (which are so inextricably intertwined) prior to the ASIC hearing. This will be compelling evidence as to whether Equititrust keeps its FSL.

In my opinion the most compelling reasons Equititrust should lose their license is the Colin Kruger Article on the * 13th of June*. McIvor resigned from Equititrust the day after…

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

McIvor knew there was going to be *Massive Losses *at *least a year prior *if not more yet he delayed valuations and *took massive fees *which he knew *he was not entitled to*. This fact alone and whilst there is a both a Federal Police and ASIC investigation underway leaves ASIC with no choice. The cancellation of Equititrust's License is the only prudent thing to do whilst there are all these unanswered questions. 

Investors have lost a lot and *in each turn Equititrust keeps on losing tens of millions of dollars whilst hiding the truth.* They *knew about these losses at the last investor briefing and intentionally did not disclose them. 
*
Their last chance has been squandered by conflicts of interest, undisclosed loans, undisclosed losses, board infighting, daily nightmare media articles and former directors disclosure of McIvor's *greedy antics *in wanting to interfere in the loan covenants of his mates by releasing them of their personal guarantees and paying *$3M into his own Super Fund *ahead of NAB and investors... If ASIC allows this continue *there will be a riot*, *enough is enough*... 

*Colin Kruger's Article 13 June 2011  *below sums up the case for Equititrust's License cancellation, events *since this article was published *leave no doubt as to what ASIC *must do *to protect innocent retiree investors... Anything less will undermine the premise of Investor protection by the regulator... 

A lot of eyes will be focussed on how ASIC handles this on the 21st of November.

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


----------



## No Trust (7 November 2011)

*Westpac owed millions by Equititrust*

*Westpac owed millions by Equititrust *
Colin Kruger
*Sydney Morning Herald*
November 7, 2011


THE financial position of Gold Coast mortgage fund operator Equititrust Ltd *has become even more precarious*, after Westpac was revealed to be among the list of creditors with a debt of up to $24 million.

In a release to investors late on Friday, Equititrust reported that *Bank of Queensland is also seeking the repayment of loans* that *had not previously been disclosed by the company.* Equititrust, which has experienced a complete turnover of its board this year, did not say how much is owed, but Westpac is understood to be owed as much as *$24 million *by Equititrust's sole shareholder, *Mark McIvor*

Read more: http://www.smh.com.au/business/west...equititrust-20111106-1n1z4.html#ixzz1cvuinsgK


----------



## No Trust (7 November 2011)

*Undisclosed loans*

The above article and the *malfeasance* on behalf of McIvor that it outlines is another compelling reason why *Equititrust should have its license cancelled *and *McIvor charged *in regard to this critical non disclosure...

*Colin Kruger * goes on to say:

"*It is not clear *from the *two separate statements *from Equititrust whether *EIF unit holders face further losses* from the *Westpac* and *Bank of Queensland loans*, which are understood to be *secured against the assets of Equititrust Ltd*, which acts as manager of the fund."



Westpac ... owed up to $24 million by Equititrust. Photo: Glenn Hunt

Read more: http://www.smh.com.au/business/west...equititrust-20111106-1n1z4.html#ixzz1cw1QDcJr


What is the position Equititrust ??? Investors have to suffer further loss as a result of *McIvor's undisclosed loans*... This is a disgrace of monumental proportions and evidence of a *company off the rails*. If Colin Kruger can't decipher what the impact will be from the latest revelations and demand notices from the banks *how are investors meant to interpret this*...

*Equititrust is basically creating an untenable situation *where investors will soon charge the offices of Equititrust looking for answers. 

The company and its new stooge directors who *issue half-baked announcements *may soon have to brace themselves for *protests at the front door of their offices *and if need be a physical protest lock out of the premises until proper answers are given to investors...

Some investors are becoming *so distressed *that the above scenario will become a reality very soon unless answers are given in the next few days...

Investors are encouraged to call the office full of idiots on Chevron Island and ask for an answer on this *LATEST BOMESHELL*... 

*ASIC take note*...    Equititrust needs to be *SHUT DOWN*


----------



## No Trust (7 November 2011)

*Leading Story*

This is the leading story in the business section of the Sydney Morning Hearld...


----------



## kostag (7 November 2011)

*Westpac non disclosure.... yet another fraud*

To hold an AFS licence with ASIC the Company declares and must maintain a certain Net Tangible Asset position. Clearly Equititrust never met this position and indemnity which we relied on simply do not exist... This is a fraud and whoever concealed this from auditors should be charged.... every set of financial reports is false....


----------



## No Trust (7 November 2011)

*Net Asset Backing*

It is now clear that the funds were *financially raped *through management fees and returns on an "illusionary subordinated investment" which *were not payable *due to the concealment of impairments for a number of years...

McIvor's legacy is *debt*, *destruction* and *disillusionment* while he rode away on his *DONKEY* saddle bags full of millions of dollars of cash... Where is that cash now??? 

Isn't it time to return the cash McIvor ?


----------



## No Trust (7 November 2011)

*Stringent Loan Impairement Testing*

Read Page *10* of the *Annual Review *- Financial Management Report by Sid Super.

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf

It outlines that Equititrust undertook *"Stringent Loan Impairment Testing"* on an annual basis. *IS THIS A JOKE?* 

If they did, lets see evidence of it or better yet why doesn't Sid Super appear at the ASIC License Hearing on the *21st* and explain himself.  All these guys are in a lot of trouble.

When the class action starts *then the fun will really begin *and all the secrets will come out. Watching McIvor *squirm in the witness box *trying to explain his utter *incompetence* and or *greed *will be compelling viewing.


----------



## kostag (7 November 2011)

*Re: Stringent Loan Impairement Testing  SID SUPER*

good POINT ..... *Sid Super *was held out as an appropriately skilled accountant and undertook, in his words, rigorous review -  he is an officer of the company -  we were all comforted by and relied on his integirty and qualifications and assurances etc -  he should be called to answer too!!!  they all got well paid BY US -  we now demand an accounting!



No Trust said:


> Read Page *10* of the *Annual Review *- Financial Management Report by Sid Super.
> 
> http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf
> 
> ...


----------



## kostag (7 November 2011)

*Re: Equititrust: TIM JAMES Director of Lending*

*TIM JAMES *you got paid well by US -  we wnat him in before ASIC as well - what did he say to the loans to KING CON and WIRRINA -  if he did not yell and squeal -  why not?????


----------



## No Trust (7 November 2011)

*Tim James - Incompetent Idiot*

Tim James is apparently a Valuer ?? After his incompetent efforts at Equititrust and the loss of tens of millions of dollars of retirees investors money not only should he be struck of as a valuer for doing McIvor's dirty bidding he will be unemplyable as a result of his negligence at Equititrust. If you see wrong being done as an officer of the company you have a duty to report this to the relevant authorities not sit back collect a fat salary for keeping quiet whilst retiree investors get financially raped. Well Timbo investors will ensure you are also in the witness box alonside your co conspirator McIvor.. 
Does this incompetent idiot still work there ?


----------



## kostag (7 November 2011)

*Re: Tim James - Incompetent Idiot: he has gone too!!!!*

watch how all these rats who enjoyed the largesse provided by our money etc all now turn on Mein Fuhrer as they all try to cut deals to escape the wrath of the prosecutions which must follow this raping of millions of dollars......  they will all be 'innocent'  - we all knew nothing!!!!!   I say -  charge the lot of them.....



No Trust said:


> Tim James is apparently a Valuer ?? After his incompetent efforts at Equititrust and the loss of tens of millions of dollars of retirees investors money not only should he be struck of as a valuer for doing McIvor's dirty bidding he will be unemplyable as a result of his negligence at Equititrust. If you see wrong being done as an officer of the company you have a duty to report this to the relevant authorities not sit back collect a fat salary for keeping quiet whilst retiree investors get financially raped. Well Timbo investors will ensure you are also in the witness box alonside your co conspirator McIvor..
> Does this incompetent idiot still work there ?


----------



## No Trust (7 November 2011)

*Re: Tim James - Incompetent Idiot: he has gone too!!!!*

As company officers if they aided and abetted McIvor they will all be charged along with him. Sid Super, Tim James, and former director Wayne McIvor. Imagine the secrets that Wayne can reveal.. ASIC should offer Wayne immunity from prosecution and get all the information on the dirty and illegal deals that took place. informed sources advise that this is not the first time a complaint has been made to the Police. Finally they have acted...

The previous bunch of miscreant directors are also guilty in allowing management fees to be paid to McIvor / Equititrust.  Tucker Goddard etc are also responsible for this mess let's not forget that. They did not do anything whatsoever to protect the investors. Their feeble efforts in their last days mean nothing. They had over a year to put an end to this rape of retiree investors. The former directors say they didn't know about the Westpac loans yet how hard did they try to get this information??? Not very hard it seems as an officers of the company they should have demanded all the financials. Did they do that. No, they just sat back did nothing and collected their directors fees whilst  elderly Australian retiree's got raped... Let's see all the former directors cross examined before a court and then we will see how competent these idiots were. 






kostag said:


> watch how all these rats who enjoyed the largesse provided by our money etc all now turn on Mein Fuhrer as they all try to cut deals to escape the wrath of the prosecutions which must follow this raping of millions of dollars......  they will all be 'innocent'  - we all knew nothing!!!!!   I say -  charge the lot of them.....


----------



## kostag (7 November 2011)

*all officers of EQUITITRUST are culpable*

ASIC and the Banks will show no mercy.

Didn't the Media and the boys at SMH and Choice Magazine get  this one right.



No Trust said:


> As company officers if they aided and abetted McIvor they will all be charged along with him. Sid Super, Tim James, and former director Wayne McIvor. Imagine the secrets that Wayne can reveal.. ASIC should offer Wayne immunity from prosecution and get all the information on the dirty and illegal deals that took place. informed sources advise that this is not the first time a complaint has been made to the Police. Finally they have acted...
> 
> The previous bunch of miscreant directors are also guilty in allowing management fees to be paid to McIvor / Equititrust.  Tucker Goddard etc are also responsible for this mess let's not forget that. They did not do anything whatsoever to protect the investors. Their feeble efforts in their last days mean nothing. They had over a year to put an end to this rape of retiree investors. The former directors say they didn't know about the Westpac loans yet how hard did they try to get this information??? Not very hard it seems as an officers of the company they should have demanded all the financials. Did they do that. No, they just sat back did nothing and collected their directors fees whilst  elderly Australian retiree's got raped... Let's see all the former directors cross examined before a court and then we will see how competent these idiots were.


----------



## No Trust (7 November 2011)

*Re: all officers of EQUITITRUST are culpable*

They sure did didn't they... but so did we. Remember the days when we were attacked on this website by all the *Equititrust sycophants*... One even had the temerity to say that he had a good feeling about the future of Equititrust early on in the year... Joke, joke, joke...
They were even trying to deny the loans to "King Con" via false postings on this thread. 

Now the banks have called their loans there is not much to say is there... 

Expect to see removals vans and "protesters" at 1 Southern Cross Dr, Cronin Island soon. At least McIvor could set up a soup kitchen for all the retiree's he has ruined...



kostag said:


> ASIC and the Banks will show no mercy.
> 
> Didn't the Media and the boys at SMH and Choice Magazine get  this one right.


----------



## ASICK (7 November 2011)

*The Fund Trilogy Took From View*

Trilogy REIT Healthcare fund:-

UNIT PRICE $0.18

Property purchased for $8.1m in December 2007.

Now valued at $4.1m

Bank facility $3.38m

Rent receipts $703.5k (but NOW, no tennants)

Unbelieveable


----------



## kostag (7 November 2011)

*Re: The Fund Trilogy Took From View: GOOD OLD PHIL RYAN STRIKES AGAIN*

this is not his first foray into funds (mis) management business



ASICK said:


> Trilogy REIT Healthcare fund:-
> 
> UNIT PRICE $0.18
> 
> ...


----------



## kostag (7 November 2011)

*CHECK OUT McCARTHY DURIE RYAN AND NEIL or MDRN ........*

these guys cant get to run our FUND



kostag said:


> this is not his first foray into funds (mis) management business


----------



## No Trust (7 November 2011)

*Class Action Notice*

*Case Summary*:
According to the claims, Equititrust Limited ("Equititrust") and *its directors **violated* section *236 of the Corporations Act *of Australia. Equititrust was the responsible entity and Manager of the Income Fund and the Premium Fund. The claims are likely to allege *misleading and deceptive conduct*, *breach of trust*, *breach of fiduciary duties as trustee *and *breaches of the Corporations Act *in relation to the *managed investment scheme provisions*.

http://gmi.rbcdexia.com/rt/GSS.nsf/...6D0157336F7E55A585257936004A86A2?opendocument


----------



## No Trust (7 November 2011)

*It's Time for Investors to Strike Back*

For investors who have not joined the class action, it might be time to consider calling *Piper Alderman*. The announcements from Equititrust and *daily headlines *in the national Media in regard to catastrophic losses and disunity within the company are horrendous. The *Westpac, Bank Of QLD and Commonwealth bank *demands to Equititrust for payment of loans it indicative of a *company out of control*.  

Control your own destiny or someone else will... What is EquitRust offering except *misery*... In their last disclosure of massive impairments there was *not even an apology *just basically *take it and lump it*, we don't care announcement...


----------



## mandl2415 (8 November 2011)

What are the advantages oppossed to disadvantages of joing the class action?

Mark McIvor has always prided himself by doing the right thing by his mainly retiree investors.I'd like to suggest that he relinquish all of his unit holdings he has in MM Holdings to spread the heavy losses of the minority investors.How many multi million dollar homes does one require?He could still live a oppulent lifestyle by doing this,however the losse's incurred of innocent investors live's will change in all aspects.


----------



## No Trust (8 November 2011)

*Class Action*

It comes down to basics:

Joining the Class Action  = *Some Hope *of recovering Losses


Not Joining the Class Action  = *No hope *of recovering any Losses


In terms of McIvor relinquishing any of his assets, *he will not do this voluntarily*... The class action will however target these assets which Management Fees from Equititrust have been funding...

His own home on Cronin Island is *held in a Trust *to protect it against legal claims. However pressure from the NAB forced the sale. McIvor admitted this and it was *reported in the Courier Mail*... So the question is how much debt is there against these assets and how will the Westpac and Bank of QLD loans affect the two Income Funds. No word from Equititrust as to how *this will impact retiree investors*...


----------



## kostag (8 November 2011)

*PROCEEDS OF CRIME*

I suspect that a sucessful  class action will see asset and cash 'tracing' orders and it wont matter about Trusts or anything else -  Piper Aldermann will pursue moneys until all is exhausted


----------



## ASICK (8 November 2011)

You're right Kostag - any action brought outside the fund must be brought by way of a class action and that action will most probably be supported by a litigation funder. It's a lossy way to do it, but if it's the only way, there is no choice.

I'm sure the lawyer (which stands to make BIG bucks) would be contacting members via the fund's registry.  

Has one of you guys (or gals) put together a letter (along with that from the lawyers) to investors advising them of this forum and other issues of concern to you?

As an aside, I wonder, is the lawyer holding its' hand out for a contribution to do the ground work?


----------



## kostag (8 November 2011)

*Re: Equititrust: COSTS*

they will all have their hands out BUT if we extract say another $20M from somewhere etc  it makes a difference of atleast another 10cents back per unit for all of us....

I say -  go for it!!!



ASICK said:


> You're right Kostag - any action brought outside the fund must be brought by way of a class action and that action will most probably be supported by a litigation funder. It's a lossy way to do it, but if it's the only way, there is no choice.
> 
> I'm sure the lawyer (which stands to make BIG bucks) would be contacting members via the fund's registry.
> 
> ...


----------



## kostag (8 November 2011)

*100,000 HITS !!!!! within another 7 days - we will hit 100,000!!!!!!*

who would have thought this some 14months ago?


----------



## ASICK (8 November 2011)

I say, "Negotiate and get your best deal" (of course, it's your decision)


----------



## klua (8 November 2011)

ASICK said:


> I say, "Negotiate and get your best deal" (of course, it's your decision)




Sounds like Plan A to me too at this stage.


----------



## No Trust (8 November 2011)

*Class Action*

There is no up front payment for the class action,its best to contact Piper Alderman for  all the details though. What is recovered is split between the funder and the unit holders. 

Its not a perfect situation however the funder is taking the risk in starting the action in the first place.

Essentially ASIC wont spend the money to do this. At least Piper Alderman is going for the jugular in terms of recovering assets... No one else is doing anything, so investors don't really have much choice...


----------



## No Trust (8 November 2011)

*Re: 100,000 HITS !!!!! within another 7 days - we will hit 100,000!!!!!!*

You will surprised how fast we hit 200,000 once the class action commences and the  "new revelations" come out over the coming weeks and months...




kostag said:


> who would have thought this some months ago?


----------



## ASICK (8 November 2011)

Why har sip / har sip (Thai for 50/50)??

Even a gentle nudge will get you 74%.

Have you done any research or are you being driven by emotion?

There's absolutely no need to give away losses.

Still, it's YOUR money - YOUR decision.


----------



## No Trust (9 November 2011)

The split is not necessarily *50/50* in class action proceedings. Investors are advised to *speak to Piper Alderman directly *to get specifics on this class action and the exact amount of percentages going either way.  Piper Alderman are the only ones taking any form of action to recover losses for investors.. If there are other options I am sure investors will consider them, however Piper Alderman seem to be the ones taking charge at the moment.


----------



## kostag (9 November 2011)

*PIPER ALDERMANN: going anywhere*

I suspect that they may have formed a view that there is NOTHING to recover..... as unbeleivable as this may sound, I think that it is a real prospect that after 3 - 5 years widnign this shipwreck down, that there will be no recovery. You have my figures on this WEBSITE.

I suspect that unless we all commit to pay PIPER ALDERMANN upfront, that they will lose interest in this one.

Not their fault -  they are not a charity.


----------



## ASICK (9 November 2011)

I agree, no one's in this for charity and by its' their nature, business people (including, but limited to lawyers) are encouraged to be opportunistic.

It's one thing to allege you've been dudded, but it's altogether another thing to prove it.

Even at 26%, PA stands to made a tidy sum from recovery of your ongoing losses, as does a litigaton funder.

Can't you see how limp-wristed individual negotations/talks between investors and PA would be?  Which side will have weild the sword (so to speak)?

You guys led the charge, why don't you collect investors together and work as a group?

If you get together, you'll have bargaining power and influence: as individuals you won't get any more attention than frog croaking in a distant pond.

Negotiate from a position or strength, and negotiate to win: get together and educate yourselves.

As a starter you might my contact a member from the Wellington Capital forum here at ASF and find out the terms of their class action - "Seamisty" might be a good start, since she posts on this forum.

If PA is keen to do the business, then have them get the members' registry and get a letter out from both PA and yourselves.

Keep in mind you're not the first ones in this position - please seek advise from those who went before you.


----------



## No Trust (9 November 2011)

*More Assets than meet the eye*

There are more assets being held by McIvor than meet the eye. I think Piper Alderman have their focus on these assets.


----------



## No Trust (9 November 2011)

*Loans pressure boosts Equitrust woes *

Anthony Marx 
The Courier-Mail
November 08 2011





SINKING FEELING: The value of frozen equity fund Equititrust is falling at the same time as pressure for it to repay bank loans increases. Picture: Tim Marsden Source: The Courier-Mail


THE value of the Equititrust Income Fund has *continued to plunge *as the Gold Coast fund manager faces new pressure to repay bank loans. 

The frozen mortgage fund - most recently worth *$160 million *and in the process of being wound up - has declined to a net asset value of just *$117.3 million*, the company has acknowledged.

Units devalued to 78 cents earlier this year are now worth just 58 cents, with the company warning that the position could further deteriorate. Equititrust also revealed that it had *received notices *from *Westpac* and the *Bank of Queensland *to repay loans provided to entities associated with founder and sole owner Mark McIvor.

It is understood that Westpac is owed as much as $24 million.

The *Commonwealth Bank is chasing $580,000 *but has granted the Income Fund an extension to December 31 to repay the money, while National Australia Bank is owed $8.9 million.



*Mr McIvor declined to comment *yesterday and chairman *Jeff McDermid did not return calls.
*
The company said its $40 million "subordinated" investment in the Income Fund had been written off and was *now considered to be worthless*.

Equititrust is also facing scrutiny from the *Australian Securities and Investments Commission*, which has alleged that the company may have breached its financial services licence because of *problems with net tangible assets *and the *failure to lodge audited reports.
*

http://www.couriermail.com.au/ipad/loans-pressure-boosts-equitrust-woes/story-fn6ck2gb-1226188147411


----------



## No Trust (9 November 2011)

*Bunker mentality returns*

McIvor it seems has reverted to his old *"Bunker Mentality"* and refuses to comment on *matters that actually do concern him*... His loans over Equititrust and how this will impact on  retiree investors... 

I guess sucking your thumb in a fetal position is a better option in terms serving investors... 

The contagion seems to have spread to McDermid who does not speak to the media and  when revealing further losses on the company web site does not even have the *courtesy to apologise*... Kennedy was an idiot but as least he said sorry...

The other scenario is that they both can't speak due to the pitch of their voice from the *screws being tightened on their nuts *by Westpac and Bank of QLD... 

Get ready guys this is just the start, there is something interesting waiting for you at the ASIC hearing on the *21st of November*...

Maybe  Jeff "McKermit the Frog" may want to hop away from his association with Equititrust and find another pond to swim in before the hearing...


----------



## klua (9 November 2011)

*Re: PIPER ALDERMANN: going anywhere*



kostag said:


> I suspect that they may have formed a view that there is NOTHING to recover..... as unbeleivable as this may sound, I think that it is a real prospect that after 3 - 5 years widnign this shipwreck down, that there will be no recovery. You have my figures on this WEBSITE.
> 
> I suspect that unless we all commit to pay PIPER ALDERMANN upfront, that they will lose interest in this one.
> 
> Not their fault -  they are not a charity.




I think you are spot on. 
No one would act unless there is a prospect of being paid, like you say they are not a charity.

Just to be clear it appears  that PA are actually looking at Equititrust Limited rather than EIF- as their website says:
"Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited, the responsible entity of embattled mortgage fund Equititrust Income Fund, for breaches of the Corporations Act."


----------



## ASICK (9 November 2011)

*Re: PIPER ALDERMANN: going anywhere*



klua said:


> I think you are spot on.
> No one would act unless there is a prospect of being paid, like you say they are not a charity.
> 
> Just to be clear it appears  that PA are actually looking at Equititrust Limited rather than EIF- as their website says:
> "Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited, the responsible entity of embattled mortgage fund Equititrust Income Fund, for breaches of the Corporations Act."




And pray tell, what chests of treasure lay buried down at Equititrust Limited to be offered up as compensation for investors' losses (even in the event a course of action is identifed)?

I try my best to caution you because you've already probably lost a lot more than you even know at this time, so this should be a time to tread slowly and NOT make rash decisions.

There are many professions in which practicioners make handsome rewards as a result of the misery of others, and the legal profession is but one of them.  If PA doesn't want to do the job, there'll be others.

However, if in the end, a liquidator is appointed by the court to wind up the fund, then the liquidator, subject to available funds, will take all necessary actions on your behalf: that will be your best course of action.

There is no need for you all to bind yourselves up with something that may, in the long haul, cause more difficulties than you could possibly imagine.

I would suggest if you really want to lurch yourselves headlong into a class action, then get some independent legal advice before you do.

Remember that the manager of the fund has access to all documents - if there is evidence of use to you, that's where it will be.


----------



## No Trust (9 November 2011)

ASICK has not spoken to Piper Alderman and I suggest investors do so and get any independent advice they think fit before making a decision. *Piper Alderman is on the front foot *and it will not cost the investor's anything upfront. Investors do not have the money to fund a legal claim. What Piper Alderman *is doing is sensible*. They are first *investigating the merits of the claim via the Federal Court *rather than launching into a full scale assault. This costs the investors nothing. *NO ONE *else is doing this and this is what should be done at this Early Stage rather than waiting for a liquidator to firstly get appointed and then to get of his ass and do something. This is *a proactive approach *and why *a lot of investors have signed up* even after getting independent legal advice...

I encourage investors to speak to *Piper Alderman *and get all the facts before making a decision...


----------



## ASICK (9 November 2011)

No Trust, I most certainly have not spoken to PA since I'm not a unitholder in your fund.

You might speak to members of the PIF (as I suggested) about what happens when a class action commences and a fund manager wants to get into the act on behalf of the fund.  I really don't think anyone in the PIF knows what the outcome will be.

You'll all be aware that it'll cost about 26% of recoveries (maybe increasing with time) to join a class action - the litigation funder is also entitled to recovered costs.

*If a liquidator brings the action the costs will be substantially less but there's no insurance against loss - however with proper litigation management,  lost costs can be mitigated.  Further,  the fund will be entitled to recover costs.*

If a liquidator takes over the fund, the liquidator is entitled to commence proceedings for losses suffered by the fund (not the members of the fund per se).

I can undersand PA wanting to get into the act, there might be a bag of money in it for them, but remember if you sign up for the deal with a class action you may will find yourself limiting your rights elsewhere.

I think members should  wait should wait until you find out what is happening within the management of your fund and further get independent advice about the pros and cons of even talking to the class action lawyer: it  could be the case that members will not be able to opt out of the class action once signed up to it.

There are only my opinions tendered in good faith.


----------



## kostag (9 November 2011)

*A LAWYER'S NIRVANA !!!!*

Let’s deal with some brutal facts:-
1.	Taking a 3-5 year windup view, the EIF will be virtually NIL. The Premium wholesale fund which the Board themselves now write down to 14 cents per dollar Unit and which the delusional McIvor still rants about backing into some ASX shell is almost already a complete write off. The ONLY hope of any recovery is whatever the Directors have been able to squirrel away and I suspect that Piper Alderman have now formed that view.
2.	Litigation: now this baby is like a festering sore - waiting to ‘explode’ as it were. Tucker -  rightly or wrongly -  jumped ship, but he has a handle on these matters. So what do the Board do? Ladle these matters out to new lawyers who will charge a fortune to get up to speed? More losses.
But how many matters does this ‘basket case’ Equititrust have on the go? Well, lets rely on the all research that we have done; Court lists; email gossip etc.
It’s quite a list:-
1.	Lazar’s wife, Viktoria
2.	Shirley Hayes
3.	Papdopoulos – bankruptcy
4.	Resort Corp matters
5.	Samtay GroupManttan -  recovery matter
6.	Summer Hill Estate
7.	Phil Franks
8.	GAMP Developments
9.	Willaire Pty Ltd
10.	Kristo Demain
11.	R M Walsh Holdings
12.	Checkling Pty Ltd
13.	Quinlivan Group
14.	Rural Security Holdings
15.	Graham Hayes
16.	Harry Katsakas -  16 Queensland Ave, Broadbeach
17.	Claims by BOSIAL
18.	Claims by Westpac
19.	Claims by National Bank
20.	Corymbia Estates -  suing the Valuers
21.	Capital Finance dispute
22.	ASIC -  Federal Court
23.	Lazar -  Federal Court
24.	Cosmos Properties
25.	Crackers Corporation -  Jarrod McCracken
26.	Michael Mantton
27.	Meridian Marinas
28.	Cavallo Trading
29.	Johannah Quinlivan – insurance matter
30.	Rosea Pty Ltd
31.	Winsor Turf Pty Ltd
32.	Cameron David 
33.	Filmlock Pty Ltd
34.	ICA Toowoomba Foundry Pty Ltd
35.	SLIM Pty Limited
36.	GS and GB Nominees Pty Ltd
37.	A & T Promotions Pty Ltd
38.	Action against MM Holdings Pty Ltd and Mark McIvor
3.	Finally in the next 7-10days expect some big announcement. I don’t think that it will be in reality good news BUT something big is going to break. Watch this web site.
4.	The Insolvency industry around Sydney are all fighting their way into Piper Alderman’s door to somehow get the job of Liquidator. That is where the money is, I am afraid. No-one is talking seriously now about any recovery for anyone. That is fact.


----------



## Olman (9 November 2011)

No Trust said:


> ASICK has not spoken to Piper Alderman and I suggest investors do so and get any independent advice they think fit before making a decision. *Piper Alderman is on the front foot *and it will not cost the investor's anything upfront. Investors do not have the money to fund a legal claim. What Piper Alderman *is doing is sensible*. They are first *investigating the merits of the claim via the Federal Court *rather than launching into a full scale assault. This costs the investors nothing. *NO ONE *else is doing this and this is what should be done at this Early Stage rather than waiting for a liquidator to firstly get appointed and then to get of his ass and do something. This is *a proactive approach *and why *a lot of investors have signed up* even after getting independent legal advice...
> 
> I encourage investors to speak to *Piper Alderman *and get all the facts before making a decision...




My understanding from the Piper Alderman proposal is that the costs of investigating the merits of the case are deducted from any settlement sums before the percentage split between the litigator and investor are dealt with.  If costs are awarded in the settlement, this should not be much of a problem for investors, but if there are no costs awarded it will reduce the return to investors - and this could be significant.  There are already costs being racked up on this account for work done to date.


----------



## Olman (9 November 2011)

ASICK said:


> No Trust, I most certainly have not spoken to PA since I'm not a unitholder in your fund.
> 
> You might speak to members of the PIF (as I suggested) about what happens when a class action commences and a fund manager wants to get into the act on behalf of the fund.  I really don't think anyone in the PIF knows what the outcome will be.
> 
> ...




The Piper Alderman class action take has been advised at much more than 26%, and it does increase over time.  In view of the mess needing to be dealt with, and assuming it takes more than 12 months (which it will, obviously) we will end up paying the maximum in fees.  There won't be a lot left for investors once the fees are sorted.


----------



## klua (9 November 2011)

*Re: A LAWYER'S NIRVANA !!!!*



kostag said:


> 4.	The Insolvency industry around Sydney are all fighting their way into Piper Alderman’s door to somehow get the job of Liquidator. That is where the money is, I am afraid. No-one is talking seriously now about any recovery for anyone. That is fact.




If PA sue Equitrust Limited for breaches of its duty why would this give PA any rights to appoint a liquidator of EIF?

Even if PA wins against Equitrust Limited any payment may well have to stand in line after the Banks etc.

Does anyone know any details of the Bank loans to Equitrust Limited and what security was given for the loans.


----------



## Olman (9 November 2011)

*Re: A LAWYER'S NIRVANA !!!!*



klua said:


> If PA sue Equitrust Limited for breaches of its duty why would this give PA any rights to appoint a liquidator of EIF?
> 
> Even if PA wins against Equitrust Limited any payment may well have to stand in line after the Banks etc.
> 
> Does anyone know any details of the Bank loans to Equitrust Limited and what security was given for the loans.




http://www.couriermail.com.au/ipad/loans-pressure-boosts-equitrust-woes/story-fn6ck2gb-1226188147411

The Courier Mail article suggests a loan to Westpac around $24 million....


----------



## No Trust (9 November 2011)

*ASIC has released new financial requirements for responsible entities*

*ASIC has released new financial requirements for responsible entities (REs) of managed investment schemes (MISs).
*

The changes, implemented through Class Order (CO 11/1140]) and outlined in updated versions of Regulatory Guide 166 Licensing: Financial requirements (RG 166) and Pro Forma 209 Australian financial services license conditions (PF 209), aim to ensure REs have adequate resources to meet operating costs and there is appropriate alignment with the interests of investors.


To meet the new net tangible asset (NTA) capital requirements, REs must hold the greater of:
 •$150,000
 •0.5% of the average value of scheme property (capped at $5 million), or
 •10% of the average RE revenue (uncapped).


Read the Article below and make your own assessment as to whether Equititrust will keep its license.

http://www.adviservoice.com.au/2011...ancial-requirements-for-responsible-entities/


----------



## No Trust (9 November 2011)

*Legal Action and Recovery*

Notice *how quiet Equititrust have become *in regard to the legal actions on foot that Tucker was running... *No mention whatsoever*. When Equititrust becomes silent its because they are hiding something and *this is a big one*. The interests of investors have been jeopardized by this idiotic conflict of interest. If an independent firm was acting this scenario would not have arisen.

I alerted everyone in regard to *the financials on this thread recently *and look what emerged, *non lodgment *then *ASIC action*. Here we have a grave situation where *all the legal actions have now stalled *and there will probably be another legal action against Tucker for the release of the files and a cross claim by Tucker for payment of legal fees.

*McIvor is solely to blame for this conflict of interest*...


----------



## klua (9 November 2011)

*Re: ASIC has released new financial requirements for responsible entities*



No Trust said:


> *ASIC has released new financial requirements for responsible entities (REs) of managed investment schemes (MISs).
> *
> 
> /[/url]




Equititrust Limited has previously put in a disclosure that there was some problem under the old rules:
see here:
http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011.pdf
Equititrust has recently lodged with ASIC a number of Form FS80s – Notification by
an AFS Licensee of a significant breach of a Licensee’s obligations, in circumstances
where a breach has occurred or is likely to occur.


----------



## kostag (10 November 2011)

*Re: A LAWYER'S NIRVANA !!!! Shake the tree and see what drops out*

You know what I think.... The man is a crook, we have all been robbed, so we should all do whatever it is that we need to do to shake the tree hard and see what drops out....  



Olman said:


> http://www.couriermail.com.au/ipad/loans-pressure-boosts-equitrust-woes/story-fn6ck2gb-1226188147411
> 
> The Courier Mail article suggests a loan to Westpac around $24 million....


----------



## ASICK (10 November 2011)

*Re: ASIC has released new financial requirements for responsible entities*



No Trust said:


> *ASIC has released new financial requirements for responsible entities (REs) of managed investment schemes (MISs).
> *
> 
> The changes, implemented through Class Order (CO 11/1140]) and outlined in updated versions of Regulatory Guide 166 Licensing: Financial requirements (RG 166) and Pro Forma 209 Australian financial services license conditions (PF 209), aim to ensure REs have adequate resources to meet operating costs and there is appropriate alignment with the interests of investors.
> ...




10% of the average  RE revenue should be a cinch .. 
10% * $0 = $0

(as long as the average pertains only to the current year)

oh.. darn, I didn't read 'the greater of' ..  what a shame (for Equititrust)


----------



## No Trust (10 November 2011)

*21st of November*

Equititrust cannot meet the license requirements...


----------



## kostag (10 November 2011)

*ltes not worry about these idiots any longer*



No Trust said:


> Equititrust cannot meet the license requirements...




they are GONE -  lets just salvage what we can


----------



## No Trust (10 November 2011)

*Gone*

GONE THEY ARE...


----------



## allinvest (11 November 2011)

*Looks like Insurers are distancing themselves*

Have followed ths thread over last few months and whilst not an investor I do feel for the investors stuck in this mess. I add that I do have friends who have invested in Equititrust.

From their WEB site today.

http://www.equititrust.com.au/Pdfs/...atement_11_11_2011_Extension_of_Insurance.pdf

Extension of Insurance for Equititrust Limited

Equititrust Limited has obtained an extension of the existing insurance policies until 4pm on the 21st November, 2011 on the basis of a liability limit of $6million but with Inception only cover from 00:00 on 12 November 2011.

The Directors note that this breaches a condition of Equititrust’s AFSL which will be notified to ASIC forthwith.


----------



## No Trust (13 November 2011)

*No Insurance after the 21st*

Coincidentally the hearing date for the ASIC hearing is the *21st of November*...

This is not only a breach of the FSL it is also a breach of the *loan covenants *with the banks... Expect to see more *MAJOR* developments within the coming weeks including the appointment of receivers to Equititrust.

*Nice work McIvor*, that *DONKEY* principle of running a mortgage fund has really worked well for you... This sorry saga is a national disgrace................


----------



## No Trust (13 November 2011)

*Ban McIvor*

The next important milestone is to ban McIvor from ever obtaining a FSL again...


----------



## No Trust (13 November 2011)

*Legal Action and Recovery*

At what point will Equititrust make an announcement on the ongoing battle with Tucker about the release of the files pertaining to the legal action and recovery of outstanding loans.. I have mentioned this on a number of occasions and cannot overemphasize the importance of this issue as millions of dollars have been spent on legal recovery and this will all go up in smoke unless something is done about it. ASIC surely has to step in to rectify this disaster.. 

This is another instance where McIvor and Tucker prioritized their own self interest rather than the interests of investors. This situation where Tucker was in a clear position of conflict was highlighted by me on this thread on numerous occasions and look where this conflict has now led. Surely basic corporate governance must be a prerequisite for a AFSL.. These idiots have failed miserably..... Having a mate be the company lawyer as well as a director is a gross dereliction of duty and a slap in the face to elderly retiree investors...


----------



## No Trust (13 November 2011)

*Directors Fees*

How much was Tucker paid to be a director of Equititrust ?


----------



## No Trust (13 November 2011)

How many other prominent Gold Coast Business people are involved in this mess?? 

Why is the Gold Coast Bulletin so quiet about the further massive losses ???

Why doesn't the Gold Coast Bulletin care about that happens to innocent retiree investors... Nick Nichols should be ashamed of himself. It proves the Gold Coast Bulletin is not a serious, objective newspaper. How could a story like this be suppressed when it's happening in the Bulletin's own backyard...


----------



## No Trust (14 November 2011)

*Equtitrust Melt Down*





*+*





 =        *No More Equititrust*

The above Equation sums up the fate of EquititRust and its founder Mark McIvor.........

Banks are calling in their loans and Insurers will not insure them past the ASIC hearing on the *21*st..........

There is now a litany of breaches of the FSL

When will someone place some form of an injunction over McIvor's personal assets ?????

When will a travel ban be placed on *McIvor* preventing him leaving Australia ???

When will there be an inquiry into how many assets his wife *Stacey McIvor *is holding on his behalf ???

Many questions to be answered yet no answers for the investors watching from the sidelines.

*Rest assured these issues will be relentlessly followed up until there are answers*


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## No Trust (14 November 2011)

*Remember This*

Remember this Steaming Pile of Horse Crap

*Coast's Equititrust comes out fighting*

Mr McIvor said Equititrust's new inflow drive initially would target investors 'who know us very well' and would then extend it to the broader market.

"It is inevitable that money will flow in. We are going to grow."

http://www.goldcoast.com.au/article/2010/10/26/265891_gold-coast-business.html


McIvor made these comments a year ago... What happened to the *500M *in assets he talks about or was he just talking *Sh#t* as usual...


----------



## klua (14 November 2011)

Does Equititrust even need an AFSL when the EIF is in wind up mode?


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## ASICK (14 November 2011)

*Re: Winding up registered scheme*

http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/nsw/NSWSC/2005/753.html?stem=0&synonyms=0&query=Stacks%20Managed%20Investments%20Ltd

I don't know if this the current law, but it's interesting anyway:

"55 In my view, Parliament deliberately did not apply the regime for the winding-up of companies to the winding-up of registered schemes. It could have, but it did not, provide for the appointment of a liquidator to the affairs of a registered scheme, who is independent of the responsible entity. It could have, but it did not, make the provisions which regulate the winding-up of companies applicable to the winding-up of registered schemes, including, for example, the power to apply to the Court for the issue of examination summonses. It did not give the Court powers of the kind described in s 447A in relation to administrations and deeds of company arrangement. I do not read the power to give directions in s 601NF(2) in the wide way for which the plaintiff contends, as in effect, permitting the Court, by order, to impose a new legislative regime on the winding-up of a particular scheme, and thereby affecting the rights of and imposing duties on third parties."


----------



## zencorp (14 November 2011)

I dont know about you guys but I think we should rebrand Equititrust to *Equititlost*.

Sounds suitable to me.


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## klua (14 November 2011)

*Re: Winding up registered scheme*

ASICK thanks for that info.


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## No Trust (14 November 2011)

There has to be a responsible entity in place to oversee the winding up. EquitiRust is in no way qualified to do this. More importantly a forensic investigation is essential interns of transparency. There are a lot of dirty deals that need to be exposed and investors compensated. Equititrust and McIvor would love to cover all this up. The fact that there is an ASIC and Federal Police investigation gives sufficient cause to err on the side of caution and examine each and every transaction to ensure investors were not ripped off. A proper investigation will reveal many hidden secrets. Look at what the former directors have already given the courts by way of affidavit. A board appointed by McIvor will never be independent and will not be seen as being independent. A conflict of interest be it perceived or otherwise still exists and fails the legal test of transparency. ASIC must appoint an independent party to protect the interests of investors. Look at how the winding up process has been handled to date at the hands of McIvor and his stooges.


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## ASICK (14 November 2011)

http://cclsr.law.unimelb.edu.au/bulletins/LAWLEX%20Corporate%20Law%20Bulletin%20No%2096%20August%202005.htm

See Item 4.3

"(b) Facts 

The scheme was established by way of deed on 24 July 2000 by Cromwell Property Securities Ltd ('Cromwell'), and registered with the Australian Securities and Investments Commission on 9 August 2000. The scheme was established to invite persons to invest in mortgage lending arrangements in accordance with a prospectus registered by the scheme. Cromwell, as the responsible entity of the scheme, held the assets on trust for the members, subject to the scheme's constitution and the Corporations Act. The constitution made provision for the winding up of the scheme which reflected the provisions in Part 5C.9 of the Corporations Act. 

*Cromwell was the responsible entity until 21 September 2001, on which date Mercator Funds Management Ltd ('Mercator') took over. On 8 September 2004 the members of the scheme passed an extraordinary resolution that Mercator be removed as the responsible entity and that the applicant be appointed to that role. The resolution further directed the applicant to wind up the scheme*."

A meeting has been convened by at least 5% of the Pacific First Mortgage Fund to oust Trilogy Funds Management and replace it with Stacks Managed Investment Limited.

http://www.pacificfirstmanagement.com.au/

I came across the above case when doing some research into the company.

Hope the info is useful.


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## Olman (15 November 2011)

*Class Action - fees.*

While time is running short, are there any unit holders out there interested in negotiating with PA about the Funder's Commission?  

My individual approach has come to nothing with a statement that "the funder is not willing to negotiate terms in individual cases given that there would be a disparity of treatment as between group members."

A group concession would seem desirable when considering the rather lucrative fees proposed.


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## No Trust (15 November 2011)

*Class Action*

The majority of investors are in favour of a negotiated group discount, however the problem lies with the fact that there is only one funder willing to finance the legal action. If there were a number of funders vying for the financing role there would be a greater chance of a negotiated discount.


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## ASICK (15 November 2011)

If investors start to wise up and see the potential litigation as an ASSET, then they might see it as something worth fighting for.

I still maintain my view that you should wait to see what the outcome of your fund managment situation is before you make any decisions. It's probably much better if the litigation is commenced from within the fund, especially  from an evidential perspective.

This is a useful reference about how a class action might go along:
http://www.bransgroves.com.au/litigation/mercedes-holdings-pty-ltd-v-waters-no-3-2011-fca-236.html

Ambulance chasing lawyers really are more plentiful than you think.

Still, your choice.


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## klua (16 November 2011)

ASICK said:


> If investors start to wise up and see the potential litigation as an ASSET, then they might see it as something worth fighting for.
> 
> I still maintain my view that you should wait to see what the outcome of your fund managment situation is before you make any decisions. It's probably much better if the litigation is commenced from within the fund, especially  from an evidential perspective.
> .




I agree about any potential action being an asset and also agree that it is best to see the outcome of the management situation.

However I do not agree about starting any action from within the fund as this may then possibly expose the funds assets (small as they are) to costs fees etc.

The reality of the situation may be as written in previous posts that any action may not be worth the effort at the end of the day.


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## No Trust (16 November 2011)

I disagree with both of the above comments, Investors reading this thread should contact *Piper Alderman *get idependent advice and make their own opinion as to whether to join the class action. One thing I will say is that a lot of what is being said in this thread is from people who are not qualified lawyers nor from people who have an interest in the fund. 

It may be a harsh reality however *no one else has done anything *and this may be the best option investors have got of further recovery. Considering the nature of this disaster I am actually *quite surprised any funder is willing to fund the action at all*.

Another point to consider is the fact that both the law firm and the funder have done substantial due diligence on the likely outcome of the action so it seems there is a valid cause of action which will recover their collective costs. Remember if *they lose they get nothing...*

So whilst the fees may seem high, *so are the risks *of running the gauntlet of the legal system and funding the claim throughout.  A substantial number of investors have signed up for a reason and that is this is most likely the best that they will get without forking out millions of dollars on individual claims.

Further Piper Alderman is about commence preliminary investigations via the Federal court to fully establish the claim and this is essential as this stage.

As mentioned previously the reality may seem harsh however not joining the class action may result in no further recovery. With the unit price likely to drop well below 50 cents in the dollar further recovery is essential...


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## No Trust (16 November 2011)

*McIvor and Quinlivan*

It is essential to get *McIvor* in the witness box along side his mate *"King Con" *that way both *"King Con"* and *Mark "the Donkey" McIvor *can explain how they magically made tens of millions of dollars disappear on one loan in Ipswich ...

These two may have better luck as *magicians in their next careers*... Unless of course McIvor ventures out into *constipated acting*... Those commercials for Landsolve with Ian Maurice still crack us up...


----------



## No Trust (16 November 2011)

*Legal Action and Recovery*

No word on the status of the *Legal Action and Recovery*... Who is undertaking the legal work ? Does Tucker still have the files ?? Is there now a dispute as to payment of Tuckers fees??? Is Tucker now holding the investors hostage by not releasing the files??? Nice mess when you have a *conflict of interest *from the outset...

Like the insurers no self respecting firm would act for Equititrust particularly when it is now on the brink...

Why is Equititrust keeping the *investors in the dark *on this issue...


----------



## klua (16 November 2011)

No Trust said:


> I disagree with both of the above comments, Investors reading this thread should contact *Piper Alderman *get idependent advice and make their own opinion as to whether to join the class action. One thing I will say is that a lot of what is being said in this thread is from people who are not qualified lawyers nor from people who have an interest in the fund.
> ..




Do you have money invested in EIF?
Unfortunately I do.


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## No Trust (16 November 2011)

Having money invested in the fund does not make anyone a legal expert... Sitting back and procrastinating is not the answer. There were people posting on this thread that they had confidence in the future of Equititrust earlier this year, look where we are now. 

In terms of sitting back and doing nothing that's up to very individual investor. Have you spoken to Piper Alderman ? I have and I think all investors who are caught up in this disaster should do so as well and make up their own mind. 
Give me another viable alternative other than sitting back and being the victim and I'll consider it...  A lot of investors who have decided to join the class action have determined that this is the best option out there and doing nothing will get you nothing... Investors do not have the luxury to negotiate with international litigation finders as some have suggested, it's time to face commercial realities and sure they are not pretty and sure it would be great to get the litigation done on investor's terms but the REALITY is there is NO other option out there... If there is let's hear about it.


----------



## zencorp (16 November 2011)

Looks like Equititrust is being proactive. It filed today in the QLD Supreme Court an application *against* the Members of the Equititrust Income Fund and the Members of the Equititrust Priority Class income Fund. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=10478/11 

I wonder what they want??? Suing for fees??


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## mandl2415 (16 November 2011)

If the average person deceived another in whom trust was held to manage their monies they would be held liable and convicted.The way the law works at times is just so wrong.To take a 50 percent loss on a investment,then to have to pay a minimum of 40 percent to a litigation firm to PROVE there was deceptive  on goings ?
And now a QLD Supreme Court application against the Members of the Equititrust Income Fund and the Members of the Equititrust Priority Class income Fund.?


http://apps.courts.qld.gov.au/esearc...umber=10478/11


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## klua (16 November 2011)

No Trust said:


> Having money invested in the fund does not make anyone a legal expert... Sitting back and procrastinating is not the answer. There were people posting on this thread that they had confidence in the future of Equititrust earlier this year, look where we are now.
> 
> In terms of sitting back and doing nothing that's up to very individual investor. Have you spoken to Piper Alderman ? I have and I think all investors who are caught up in this disaster should do so as well and make up their own mind.
> Give me another viable alternative other than sitting back and being the victim and I'll consider it...  A lot of investors who have decided to join the class action have determined that this is the best option out there and doing nothing will get you nothing... Investors do not have the luxury to negotiate with international litigation finders as some have suggested, it's time to face commercial realities and sure they are not pretty and sure it would be great to get the litigation done on investor's terms but the REALITY is there is NO other option out there... If there is let's hear about it.




So do you have money invested in EIF?
Your earliest posts would suggest not.


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## Olman (16 November 2011)

No Trust said:


> Having money invested in the fund does not make anyone a legal expert... Sitting back and procrastinating is not the answer. There were people posting on this thread that they had confidence in the future of Equititrust earlier this year, look where we are now.
> 
> In terms of sitting back and doing nothing that's up to very individual investor. Have you spoken to Piper Alderman ? I have and I think all investors who are caught up in this disaster should do so as well and make up their own mind.
> Give me another viable alternative other than sitting back and being the victim and I'll consider it...  A lot of investors who have decided to join the class action have determined that this is the best option out there and doing nothing will get you nothing... Investors do not have the luxury to negotiate with international litigation finders as some have suggested, it's time to face commercial realities and sure they are not pretty and sure it would be great to get the litigation done on investor's terms but the REALITY is there is NO other option out there... If there is let's hear about it.




"Legal Experts"?? Mark McIvor is a lawyer, isn't he?  I don't think the lawyer qualification necessarily makes one an expert - see the reference posted by ASICK recently -  http://www.bransgroves.com.au/litigation/mercedes-holdings-pty-ltd-v-waters-no-3-2011-fca-236.html - for another example of professional incompetence. 

This forum is available for anyone to comment; lawyers, investors or otherwise. To presume that a lawyer's comments are all that is worthy of consideration smacks of arrogant elitism to me.

I personally prefer a range of discussion from diverse sources and encourage non-lawyers to continue to express themselves.  Such expression does not necessarily lead to a victim mentality, but hopefully to a more reasonable and rounded understanding of all aspects of the matter. 

You speak a lot on behalf of other people - "A lot of investors who have decided to join the class action have determined that this is the best option out there and doing nothing will get you nothing.."    and  "The majority of investors are in favour of a negotiated group discount..." being two recent examples.  Would you care to explain on what basis you make these claims on behalf of others?


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## mandl2415 (16 November 2011)

Can anyone give some clarification as to the reasonings behind the Qld Supreme Court application against the EIF and Premium Fund.? Greatly appreciated for some analytical thoughts on this.


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## klua (16 November 2011)

mandl2415 said:


> If the average person deceived another in whom trust was held to manage their monies they would be held liable and convicted.The way the law works at times is just so wrong.To take a 50 percent loss on a investment,then to have to pay a minimum of 40 percent to a litigation firm to PROVE there was deceptive  on goings ?
> And now a QLD Supreme Court application against the Members of the Equititrust Income Fund and the Members of the Equititrust Priority Class income Fund.?
> 
> 
> http://apps.courts.qld.gov.au/esearc...umber=10478/11




Bloody Hell now Eqititrust Limited is commencing an action against the funds!
Does anyone have any details?


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## mandl2415 (16 November 2011)

Could it be that because the loans called in by Westpac and BOQ are by Equititrust,if Equititrust goes into default,the banks can take receivership.? Perhaps action is being taken against the  members of the funds in supposed non payment of management fees which subsequently put Equititrust behind the eight ball ,so to speak.?
Another legal tactic to escape the law of deception?


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## zencorp (16 November 2011)

Some of the links u guys have posted are broken. HERE is the LINK to the CURRENT ACTION. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=10478/11


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## zencorp (16 November 2011)

Its being heard this MONDAY. WHO is DEFENDING the FUNDS???????? 

How does the RE Bring an Application against the funds where they have no means to defend??? 

Why isnt Equititrust filing an action against Mark Mclivor and MM Holdings???


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## klua (16 November 2011)

mandl2415 said:


> Could it be that because the loans called in by Westpac and BOQ are by Equititrust,if Equititrust goes into default,the banks can take receivership.? Perhaps action is being taken against the  members of the funds in supposed non payment of management fees which subsequently put Equititrust behind the eight ball ,so to speak.?
> Another legal tactic to escape the law of deception?




Strange that the action is against:
 "THE MEMBERS OF HTE EQUITITRUST INCOME FUND " and
"THE EQUITITRUST PRIORITY CLASS INCOME FUND"

Why is the *fund* being sued in one case and the *members of the fund* being sued in the other case?


----------



## Charles Darwin (16 November 2011)

Just an interested bystander, I am not an investor.. Could they be trying to appoint the directors to windup the funds?

ASIC wouldn't  let this happen, now would they?


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## mandl2415 (16 November 2011)

Suffice to say they'll be no Christmas Hampers from them this year! Ha


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## No Trust (16 November 2011)

Thanks as always for your interest Olman, however I do not care to explain on what basis I make these claims as I am under no duty to report to you as you are under no duty to report to me under the terms of this thread. My *views are my views *and if you don't like them well..... tough...!!!   In terms of any proposed legal action, independent Legal Advice is best given by an independent lawyer; its what any Judge or magistrate would advise...

*For Historical Purposes*

Posted by *Olman* 5th-February-2011 12:42 PM     Post #*76*

"Too late? I don't think so. *I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust*.

On another level, *I have a sneaking admiration for Mark McIvor's stance*. Who says the world has to operate according to the dictates of the media? It’s an unfortunate fact that media power can be directed against any perceived opposition, and Mark McIvor has laid himself open to the possibility, but it’s rather refreshing to see *principle triumph over pragmatism *for a change." 
_________________________________________________

Is there any other *ulterior motive *to discourage investors from joining the class action ?

It seems that Equititrust *have not procrastinated *and have launched proceedings against unit holders...

*FOR THOSE INVESTORS WHO HAVE NOT CONTACTED PIPER ALDERMAN MY SUGGESTION IS TO CONTACT THEM ASAP *as the litigation against you by Equititrust has started...

Not only have they lost half your money, they are now spending your money to sue you... Nice bunch of Bastards these guys are... 

How is ASIC allowing this under the resitrictions put on them...




Olman said:


> "Legal Experts"?? Mark McIvor is a lawyer, isn't he?  I don't think the lawyer qualification necessarily makes one an expert - see the reference posted by ASICK recently -  http://www.bransgroves.com.au/litigation/mercedes-holdings-pty-ltd-v-waters-no-3-2011-fca-236.html - for another example of professional incompetence.
> 
> This forum is available for anyone to comment; lawyers, investors or otherwise. To presume that a lawyer's comments are all that is worthy of consideration smacks of arrogant elitism to me.
> 
> ...


----------



## No Trust (16 November 2011)

Klua, thanks for your interest, however the internet being what it is I am under no obligation to report personal financial details or otherwise on a public forum. If you chose to then that is entirely up to you. 



klua said:


> So do you have money invested in EIF?
> Your earliest posts would suggest not.


----------



## No Trust (16 November 2011)

*Application*

The Application is being heard on the same day as the ASIC hearing on the 21st and may be a peremptory strike against Unit Holders whilst they have the capacity to do so...

What is amazing about these *despicable bastards *is that they have not issued anything in the form of disclosure on the company web site to keep investors informed. Imagine what innocent elderly investors are thinking now... 

*Disgusting behaviour of the highest order*


----------



## No Trust (16 November 2011)

*ASIC*

Under the ASIC ORDERS Equititrust were restrained from commencing any further legal action... How was this allowed to happen? Has McIvor completely lost it ?


----------



## nuffie (16 November 2011)

*It's all over*

Guys, first time poster, long time watcher.

This means they have given up.  McIvor (and the board) have acknowledged there is no saving the management of the fund.  They don't have the NTA, and their directors insurance lasts until Monday at which stage the directors can get sued personally without cover.  Have a look at this

http://www.equititrust.com.au/Pdfs/Notifications/20111116/Affidavit_Paul_Vincent_sworn_151111.pdf

So they are seeking an alternate RE (which meets NTA needs etc) to step in and wind it up - which is the order they are seeking next week.

There will no doubt be a whopping reduction in declared NTA at some stage under the new RE.

They would be unlikely to have sought this without the various bank's consent - although you never know.  In all likelihood Equitrust Ltd itself will also be sunk shortly, so a class action against it is useless, although the directors might still be on the hook.  but McIvor will be very much out.

Who the new RE is will be interesting - but mcivor would be stupid to have anything to do with it.


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## No Trust (16 November 2011)

Who's brilliant idea was this ?


----------



## klua (16 November 2011)

No Trust said:


> How is ASIC allowing this under the resitrictions put on them...




Exactly.
Its a matter that should be raised with ASIC asap.


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## ASICK (16 November 2011)

Equititrust Limited is seeking an ex-parte order and is running its' application without counsel (lack of $$$?).   The judge will be very wary of whatever the application is.  Interesting times ahead.  I wonder if they're seeking $$$$ from the fund because right now (as I undertand it), they can't draw management fees?


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## No Trust (16 November 2011)

*Re: It's all over*

Very good information Nuffie it seems the game is well and truly up. When you read through the affidavit it is clear that this is a last ditch attempt for control by McIvor's stooges. Imagine saying oh, trust us we know what we are doing but can't get insurance and are basically insolvent and ahhh will get back to you in regard to a responsible entity... The temerity of these idiots is incredible... These stooges all have  a Conflict of Interest and have had prior business dealings with  McIvor. Expect ASIC intervention in the proceedings on the 21st. 

It's time for a fresh start and whether its ASIC or more likely the banks enforcing their security some form of Liquidator / Receiver will be appointed next week.
ASIC will not be told what to do from a bunch of incompetents and neither will the banks 



nuffie said:


> Guys, first time poster, long time watcher.
> 
> This means they have given up.  McIvor (and the board) have acknowledged there is no saving the management of the fund.  They don't have the NTA, and their directors insurance lasts until Monday at which stage the directors can get sued personally without cover.  Have a look at this
> 
> ...


----------



## klua (16 November 2011)

*Re: It's all over*



nuffie said:


> Guys, first time poster, long time watcher.
> Have a look at this
> 
> http://www.equititrust.com.au/Pdfs/Notifications/20111116/Affidavit_Paul_Vincent_sworn_151111.pdf
> ...




Thanks for that post Nuffie.
So Equititrust Limited isnt suing the funds, thats a relief. 
Pity info about the action wasnt posted before as it would have saved some heartache.


----------



## No Trust (16 November 2011)

*It's All Over*

Click on the PDS link in Nuffies post and all is explained in the detailed affidavit.. Including the admission that the banks and ASIC are likely to appoint provisional Liquidators and Receivers

Wherever Nuffie got this information its right on the ball...


----------



## No Trust (16 November 2011)

These idiots have never kept investors properly informed and now they are telling everyone what's in their best interests... Are they insane why would ASIC give them another chance to screw things up even more and allow them to chose a Responsible Entity when they can't even manage their own company and insurance cover. 

I have never in my time seen such a desperate attempt ? The court will see through this as will ASIC. To allow this idiots to continue would be a travesty of justice of the highest order.. There is no concern for investors just pure greed and self interest...

Equititrust is dead


----------



## ASICK (16 November 2011)

Temporary? Shouldn't Equititrust move out of the way and arrange for another manager to be appointed (by way of a meeting of members, or court order) to wind up the fund?


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## No Trust (16 November 2011)

Exactly, they have F#cked up everything and now in a last ditch attempt want to retain control via a transplanted "temporary" RE. They have to joking right. who on earth would allow this to fly. Westpac and Bank of QLD will move on Equititrust soon after the 21st. 

Yet no word from these idiots on how McIvor's personal loans will affect investors and they still want to manage investors interests... This is a joke...



ASICK said:


> Temporary? Shouldn't Equititrust move out of the way and arrange for another manager to be appointed (by way of a meeting of members, or court order) to wind up the fund?


----------



## No Trust (16 November 2011)

*Ex Parte Application*

It seems that this may of gone to court *yesterday* by the looks of it to seek permission to advise the investors of the *proposed scam *via newspapers and a notice on the company website...

It will be interesting to see what ASIC will say *as this application was made without them being notified* i.e Ex Parte.

If ASIC had known about the application I am sure it would have been opposed as the *notice period is inadequate for investors to make an informed decision*. If Equititrust have allowed the situation to deteriorate to this point why the hell should they be given *any more chances *to play games with the lives of retiree investors. ASIC must step in and do something and not allow this *idiotic last grab at control to continue*. This is *jumping from one sinking ship to another *with *investors tied to their backs as hostages*... This is *not in the investors best interests *it is a *last roll of the dice by McIvor *and his *stooges*...

Of interest Equititrust are using *Gold Coast Criminal Lawyers * Nyst and Co
Quite fitting isn't it...

*THESE IDIOTS HAVE TO BE STOPPED IMMEDIATELY*


----------



## No Trust (17 November 2011)

*Troubled firm Equititrust looks to wind up two of its funds*

*Troubled firm Equititrust looks to wind up two of its funds *

Anthony Marx 
The Courier-Mail
November 17 2011




FUNDS TO CLOSE: Equititrust will seek winding-up orders from the Queensland Supreme Court on Monday. 


BELEAGUERED fund manager Equititrust will seek court orders on Monday to wind up two of its funds and have a *temporary group of managers appointed *to oversee the process. 

The Gold Coast company said yesterday that Queensland Supreme Court approval of the scheme would mean a planned investor meeting to wind up the frozen $117 million Income Fund would no longer need to proceed.

Equititrust chairman Jeff McDermid said the company was "faced with a number of obstacles", including a likely lack of insurance after Monday, which would breach its financial services licence.

http://www.couriermail.com.au/business/troubled-firm-looks-for-ways-out/story-fn7kjcme-1226197266733


----------



## No Trust (17 November 2011)

*Piper Alderman - Amanda Banton*

"But lawyer Amanda Banton, who has threatened a class action against the company, said this week the *appointment of an independent liquidator would be preferable *because it would *preserve any litigation rights against company directors, auditors or other relevant parties."*

"She said the company would have *no incentive to investigate itself *if it was responsible for the wind-up."

http://www.couriermail.com.au/business/troubled-firm-looks-for-ways-out/story-fn7kjcme-1226197266733


----------



## No Trust (17 November 2011)

*Independence is Key*

Amanda Banton is correct in that *why is control trying to be throttled *by a failed company which will most likely be placed into liquidation next week... Oh thats right to protect the founder *Mark McIvor *who appointed all these stooges...

These guys have links back to McIvor and the auditor and will never expose their dear old comrades will they. THEY ALL HAVE A CONFLICT OF INTEREST...

If ASIC is in any way acting in the interests of investors and has any sense of corporate governance  and transparency will intervene in this action and have an Independent Liquidator appointed with no links back to the previous board... 

It is incomprehensible that these shameless idiots who have run a company into the ground and lost tens upon tens of millions of dollars of innocent retiree's investors money still want to maintain control and keep investors hostage. 

There  are any number of *INDEPENDENT* liquidators which can do the job fairly and without favour or any links to McIvor. *McIvor needs to be investigated *and I hope that *Piper Alderman make submissions to the court *on behalf of the investors who have already signed up for the Class Action for the appointment of TOTALLY INDEPENDENT LIQUIDATORS...

These *Donkey's* have made an application to the court for *Monday the 21st *and in their affidavit cannot name a "Temporary Responsible Entity"...  

ASIC must act now and FINALLY put an end to this by the appointment of a INDEPENDENT LIQUIDATOR on Monday...


----------



## No Trust (17 November 2011)

*ASIC Court Action  12 December 2012*

It seems that ASIC is preparing for an application against Equititrust on the *12th of December.*


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=9694/11


Its seems that this application may have to moved forward to the *21st of November *to coincide with Equititrust's *psychotic suicidal application *to reappoint themselves under a different guise whilst Equititrust burns...


----------



## klua (17 November 2011)

Today's Gold Coast Bulletin has an article on page 33 regarding the Equititrust Limited application.


----------



## No Trust (17 November 2011)

The article as usual is not online... Is it a typical parochial Gold Coast Bulletin beat up whilst ignoring the facts ?


----------



## No Trust (17 November 2011)

*Legal Action and Recovery*

No comment on the Equitiflop website about the legal actions on foot... What is going on??? Is there a dispute with Tucker now ???


----------



## No Trust (17 November 2011)

*No Financials or Proper Estimate of Losses*

I need to highlight a very important fact... These incompetent idiots *have still not prepared or lodged the end of year financials *which is a breach of the FSL. *THAT IS A FACT ACKNOWLEDGED BY THEM*. They have most likely lost close to $100M if not more. *THAT IS A FACT ACKNOWLEDGED BY THEM *

Now they *still want to retain control of the fund *not giving investors a voice via a meeting. The new board was bad but these idiots have been infected with the same delusional virus that McIvor is stricken with.

Investors have *not been given a proper accounting of the losses *that will be incurred nor have simple procedures like preparing the financials been followed. These guys are as bad *"King Con". *

Birds of a feather flock together...


----------



## zencorp (17 November 2011)

The application, including supporting material is on the Equititrust HOMEPAGE. 

NYST LAWYERS ARE ACTING FOR Equititrust.


----------



## zencorp (17 November 2011)

THIS COULD BE THE BIGGEST SCAM OUT THERE: 

The issue in relation to the reconversion of subordinated units in EIF and EPF is the potential for a reconversion of 40,000,000 sub-ordinated units in EIF held by Equititrust Limited in its own right.  If this happens it may diminish the EIF unit price by approximately 20%

WHAT THIS MEANS IS IF THEY ACHIEVE TO GET A NEW RE APPOINTED - EQUITITRUST HAS A POTENTIAL CLAIM TO HAVE ITS 40M WORTH OF SUBORDINATED UNITS REINSTATED.


----------



## ASICK (17 November 2011)

mostly I don't have a clue, but sometimes I get warm  .. post #1031, last paragraph,
"... I don't know just how the subordinated investment works, but could it be that if Equititrust is ousted, that the subordinated investment converts to an ordinary investment? A conversion would really put the cat amongst the pigeons by decimating the fund. (The fact that the subordinated investment offsets loss may not mean that it changes characteristic, subject to Equititrust Limited remaining manager of the fund.). ..."


again, be careful what you wish for ..  on the other hand, if there's litigation against Equititrust, then the $40m would become a target for a claim if the amount was converted. Depends on the percentage split with the litigation.  Six of one, half a dozen of the other?


----------



## ASICK (17 November 2011)

Of course, the court would have to interpret the clause, and it might find that the clause cannot operate under certain conditions.   ok.. ASIC is in there:-
http://www.equititrust.com.au/Pdfs/Notifications/20111116/Interlocutory_Application.pdf


----------



## klua (17 November 2011)

zencorp said:


> THIS COULD BE THE BIGGEST SCAM OUT THERE:
> 
> The issue in relation to the reconversion of subordinated units in EIF and EPF is the potential for a reconversion of 40,000,000 sub-ordinated units in EIF held by Equititrust Limited in its own right.  If this happens it may diminish the EIF unit price by approximately 20%
> 
> WHAT THIS MEANS IS IF THEY ACHIEVE TO GET A NEW RE APPOINTED - EQUITITRUST HAS A POTENTIAL CLAIM TO HAVE ITS 40M WORTH OF SUBORDINATED UNITS REINSTATED.




Zencorp I just read this in a letter from Equititrust dated 16 November 2011.

As i see it the question then is if EL can reconvert its shares because of its own  request for a new RE and its own potential non-compliance with ASIC .


----------



## zencorp (17 November 2011)

klua said:


> Zencorp I just read this in a letter from Equititrust dated 16 November 2011.
> 
> As i see it the question then is if EL can reconvert its shares because of its own  request for a new RE and its own potential non-compliance with ASIC .




It says in the PDS: 
"The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund.  In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access 
investment ranking equally with other investor."

I understand that to say - basically - if Equititrust is removed, doesnt matter how, the units will be reconverted. 

This is just a plot to save 40m of Mark's personal money - he has his own cowboys in there - he appointed them - this is a ploy by him to rip us all off!!! This is probably how he intends to repay Westpac and BOQ..... 

They need to be kicked out and a Liquidator appointed to Equititrust to ensure that they dont get away with this!!!!!!!!


----------



## zencorp (17 November 2011)

Furthermore, I have it on good advice that Nick Combis and Vincent already do work for Equititrust. Similar to how David Clout (Liquidator) does work for Equititrust and ASIC Stepped in as a result in the Tucker Case. This is an OBVIOUS conflict of interest. 

Trying to rape and pillage the funds for fees and also save Mark's bacon by trying to recover the 40m. 

If they are so concerned about insurance, they should quit and a Liquidator appointed.


----------



## ASICK (17 November 2011)

zencorp said:


> It says in the PDS:
> "The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund.  In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access
> investment ranking equally with other investor."
> 
> ...




The clause hasn't been challenged yet - it might not be as bad as you think - I think a court may find that the clause was expected to operate only if the Equititrust was voted out, but would not operate in the circumstances you find yourselves in.

I really don't think a court would uphold the clause to allow the manager to cause massive losses in the fund, and recover its' suborindated investment merely by giving up its' managership of the fund.

As I understand it, clauses have to have a practical affect - generally contractual clauses will be interpreted contra proferentem.

If the clause is interpreted as meaning the intention of the subordinated investment was to offset loss, with conversion only possible if Equititrust is voted out at a meeting of members, then the $40m is safe.

Don't worry too much until the "fat lady sings".


----------



## Charles Darwin (17 November 2011)

Did I hear right?.. Was there a late court hearing today in Sydney re Equititrust... ASIC may have attended as an interested party.. If true , Wonder what that was all about.

On another matter, they must be long long odds to get the required insurance cover as per their licence requirements.. What cover do they need?.. Is it a multiple of 10 of their current cover?.. Surely liquidator appointment is odds on for Mondays hearing...


----------



## Olman (17 November 2011)

Charles Darwin said:


> Did I hear right?.. Was there a late court hearing today in Sydney re Equititrust... ASIC may have attended as an interested party.. If true , Wonder what that was all about.
> 
> On another matter, they must be long long odds to get the required insurance cover as per their licence requirements.. What cover do they need?.. Is it a multiple of 10 of their current cover?.. Surely liquidator appointment is odds on for Mondays hearing...




Ian Lazar's application to wind up Equititrust was to be heard in the Federal Court in Sydney this afternoon.


----------



## No Trust (17 November 2011)

*100,000 views*

100,000 hits on this thread, thanks to Kostag for staring this thread to expose these crooks...


----------



## No Trust (18 November 2011)

*Legal Action and Recovery*

Open Question to EquitiRust ??? What is happening to the legal actions on foot?


----------



## klua (18 November 2011)

*Re: Legal Action and Recovery*



No Trust said:


> Open Question to EquitiRust ??? What is happening to the legal actions on foot?




The lasar case was on yesterday:
https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions


Anyone know  further details ?


----------



## Charles Darwin (18 November 2011)

From yesterdays hearing ...
"2. ORDERS that the proceeding stand over to 4.15 pm on 21 November 2011."

Probably no coincidence that insurance expires 4.00 pm 21 November 2011.


----------



## zencorp (18 November 2011)

With the lazar Case - looks like Piper Alderman has joined in with two supporting creditors. 

Lazar is seeking the appointment of a Provisional liquidator - which will preserve the value in the Funds without us running the risk of Marky Boy trying to reconvert his 40m worth of Units.


----------



## Olman (18 November 2011)

*Urgent action required by Piper Alderman.*

"We require your urgent assistance to call a meeting of members by close of business today.

Please contact any unitholder you may know, who may not already be in contact with us, and ask them to contact us immediately so that we can submit a meeting request form on their behalf."

Contact details: Amanda Banton
 t  +61 2 9253 9929 | m  +61 424 156 859 | f  +61 2 9253 9900
abanton@piperalderman.com.au | www.piperalderman.com.au


----------



## kostag (18 November 2011)

*PIPER ALDERMANN SHOULD BE CONTACTED URGETLY*

any unit holder would need to move now


----------



## kostag (18 November 2011)

*Re: Equititrust RE-CONVERT SUB-ORD UNITS*

He is a slippery as a cut snake old Madog Madoff McIvor....

however I take us all back to notes in the 2009-2010 accounts when it looks to me like good old marky boy issued $40M of units in exchange  for giving up some rights etc - I think McCullough Robertson gave some advice on this one -  in other words non-cash issue and I suspect if a forensic accoutant takes a real close look the new units issued will be invalid and although he will try to screw us all -  we will block this move.....



klua said:


> Zencorp I just read this in a letter from Equititrust dated 16 November 2011.
> 
> As i see it the question then is if EL can reconvert its shares because of its own  request for a new RE and its own potential non-compliance with ASIC .


----------



## kostag (18 November 2011)

*Re: PIPER ALDERMANN SHOULD BE CONTACTED URGETLY*

agree UNIT HOLDERS contact Amanda BANTON ASAP   





kostag said:


> any unit holder would need to move now


----------



## kostag (18 November 2011)

*UNIT HOLDERS need to move quick*

Contact details: Amanda Banton
t +61 2 9253 9929 | m +61 424 156 859 | f +61 2 9253 9900
abanton@piperalderman.com.au | www.piperalderman.com.au


----------



## zencorp (18 November 2011)

I wonder if DAVID KENNEDY has sharpened up his Valuations skills since this comment: 

(viii)	Zencorp’s comments about valuations are ill-informed and without basis. If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).  

On 31 January this year???? It seems to me like you were the one that had no idea what you were talking about.


----------



## kostag (18 November 2011)

*JOBS FOR THE BOYS!!! gets those snouts in the trough before it is all gone!*

just go with the flow here.....

1. Mr Vincent was appointed as a Director of Equititrust Limited by maddog McIvor
2. Mr Vincent has given an affidavit that supports the winding up of the EIF etc 
3. He wants this done by an internal process rather than the risk of the appointment of external insolvency practitioners (refer to Equititrust web iste where all these annoucements are made);
4. The internal process that he proposes is a committee comprising existing Director and Mark 'Madoff' McIvor appointee McDiarmid; Mr Vincent and a Mr Nick Combis.
5.  Mr Vincent is a partner of Vincents -  an insolvency firm.
6. Mr Combis is Mr Vincent's partner in the firm of Vincents.
7. If they are partners in an insolvency firm etc and are doing this job, wont they be charging normal professional rates to do this job, along with all their staff?
8. Wont they be clearly CONFLICTED -  being appointed as Directors by Madoff McIVOR and then appointing themselves as the new COMMITTEE to oversee the 3-5 year wind down of EIF assets.
9. In this regard and no inferences implied or stated -  isn't there a very serious conflict of interest here and how hard will they go after the McIVORS as they sneak out of the Gold Coast?

*Call me suspicious, call me naive -  hello. you have got to be f-c-ing kidding, aren't you?*
UNITHOLDERS -  correct, we need an insolvency firm in there -  the current BOARD atleast acknowledges that much. If we are going  to pay VINCENTS full rates, then lets get a majorfirm with 100% no ties to the BANKS involved or Maddog McIvor.....and also the goegraphic focus to handle assets in NSW, South Australia, Victoria and all over Qlsd!

lets ensure that all BORROWERS are pursued; MM Holdings are pursued; any dodgy deals between McIvor, Borrowers, MM Holdings and EIF funds are exposed and dealt with fully; the issue of the $40M of sub-ordinated units and their conversion to ordinary units is fully turned inside out and prosecuted fully.

Stop the FINANCIAL RAPE!!! 

ASIC, please !!!!!


----------



## kostag (18 November 2011)

*VALUATIONS -  we picked it on this web site!!!*

we told this moron , loan by loan, the likley write offs!!!

we are almost spot on and we didn't charge them a thing

I will make you this prediction....

dodgy side deals (by MM) will emerge
these deals with be with ALL major loans
Borrowers aren't fools -  you wait till you see their cross actions and they will be fully funded and they will probably win....
word around the town is that actions are pending re: Quinlivan/Ipswich; Meridien; Lazar; Warrina South Australia -  which will see these loan 'assets' implode and virtually dissappear
City predictions are that after 2-3 years of litigation and 3-5 years of realisation , that this 'prime' book of first mortgage loans will yield a NIL net return and a gross return well south of $50M. 






zencorp said:


> I wonder if DAVID KENNEDY has sharpened up his Valuations skills since this comment:
> 
> (viii)	Zencorp’s comments about valuations are ill-informed and without basis. If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).
> 
> On 31 January this year???? It seems to me like you were the one that had no idea what you were talking about.


----------



## No Trust (18 November 2011)

*Piper Alderman*

It seems that *Piper Alderman has taken a proactive approach *on behalf of investors and they should be commended for that, as it seems no one else has come up to the plate. 

*Conflict of Interest*
*Vincent* and *Combis* have acted for *Equititrust and McIvor *in a personal capacity and *WILL NOT *investigate *"McIvor's actions" * creative accounting / non disclosure and *gross malfeasance*..

Vincent and Combis and the board appointed by McIvor have a clear and unequivocal *CONFLICT OF INTEREST*. 

This is a last ditch attempt by McIvor to *cover his ass *in terms of the *dodgey dealings *that have occurred nothing more. What better way than to have your mates oversee the process and as Kostag so aptly puts it McIvor is as  *slippery as a cut snake*. 

Its time to finally *cut the snakes head off on Monday*... McIvor has only *served his own interests *whilst *he has financially raped elderly retiree investors*. 

Hang your bloody head in shame McIvor


----------



## No Trust (18 November 2011)

*Copy of the Federal Court Order*

No:  (P)NSD1614/2011
*Federal Court of Australia 
*District Registry: New South Wales 
Division: General


IAN DAVID LAZAR
Plaintiff

EQUITITRUST LTD ACN 061 383 944
Defendant

DIANNE BANCROFT and another named in the schedule
Supporting Creditors



ORDER

JUDGE:
	Justice Yates
DATE OF ORDER:
	17 November 2011 
WHERE MADE:
	Sydney


THE COURT:

1.GRANTS leave to the plaintiff to file an interlocutory process seeking the appointment of a provisional liquidator to the defendant, such interlocutory process to be returnable before Yates J at 4.15 pm on 21 November 2011.

2.ORDERS that the proceeding stand over to 4.15 pm on 21 November 2011.

Date that entry is stamped:  


Deputy District Registrar


Schedule
	No:  (P)NSD1614/2011
Federal Court of Australia
District Registry: New South Wales
Division: General 
Supporting Creditor:	HAROLD BANCROFT


----------



## No Trust (18 November 2011)

*Provisional Liquidator*

It seems the Federal Court has stood this over until Monday to allow ASIC to do what it has to do in terms of this mess.

I cannot see how ASIC will allow Equititrust stooges to manage the wind down of the two funds . Its *inconceivable form a point of law *that former directors of an *insolvent Responsible Entity *will be *rebirthed* into another committee via a *"Temporary" Responsible Entity" * (_that cannot be named_)to manage the funds which have been decimated by the same group of individuals.. *Due Process *and *Common Sense *will not allow this travesty of justice to occurr...

*Note to Vincent and Combis *investors *do not want you *as they know *you are both working for McIvor*... Get your hands off it guys, you are kidding yourselves... You will both be without a job come Monday, *adiÃ³s amigos*... 
PS Give McIvor our sympathies


----------



## kostag (18 November 2011)

*WINDING IT UP: we need INDEPENDENCE.....*

http://www.vincents.com.au/people.html

Paul Vincent reads well enough -  but, he is a McIvor appointee and is proposing himself (and through him, his firm) to oversee the winding up and (we hope) pursue his friend and appointor, Mad Dog McIvor.

Mr Vincent -  I am sure  that you do good work -  but we have had enough of all of this -  even a perceived conflict of interest is one conflict too much!


----------



## kostag (18 November 2011)

*EQUITITRUST: the Roman arch is crumbling....*

as Mark McIvor would say -  _*reptutation comes by foot and (it would seem) is about to flee the Gold Coast by Mercedes!!!*_
http://www.equititrust.com.au/


----------



## kostag (18 November 2011)

*LITIGATION LIST: keep all of these in your mind....*

1. Taking a 3-5 year windup view, the EIF return will be virtually NIL. 

The Premium wholesale fund which the Board themselves now write down to 14 cents per dollar Unit and which the delusional McIvor still rants about backing into some ASX shell is almost already a complete write off. 
The ONLY hope of any recovery is whatever the Directors have been able to squirrel away and I suspect that Piper Alderman have now formed that view.

2. Litigation: now this baby is like a festering sore - waiting to ‘explode’ as it were. Tucker - rightly or wrongly - jumped ship, but he has a handle on these matters. So what do the Board do? Ladle these matters out to new lawyers who will charge a fortune to get up to speed? More losses.
But how many matters does this ‘basket case’ Equititrust have on the go? Well, lets rely on the all research that we have done; Court lists; email gossip etc.
It’s quite a list:-
1. Lazar’s wife, Viktoria -  Castlecrag Nominees
2. Shirley Hayes
3. Papdopoulos – bankruptcy
4. Resort Corp matters
5. Samtay GroupManttan - recovery matter
6. Summer Hill Estate
7. Phil Franks
8. GAMP Developments
9. Willaire Pty Ltd
10. Kristo Demain
11. R M Walsh Holdings
12. Checkling Pty Ltd
13. Quinlivan Group
14. Rural Security Holdings
15. Graham Hayes
16. Harry Katsakas - 16 Queensland Ave, Broadbeach
17. Claims by BOSIAL
18. Claims by Westpac
19. Claims by National Bank
20. Corymbia Estates - suing the Valuers
21. Capital Finance dispute
22. ASIC - Federal Court
23. Lazar - Federal Court
24. Cosmos Properties
25. Crackers Corporation - Jarrod McCracken
26. Michael Mantton
27. Meridian Marinas
28. Cavallo Trading
29. Johannah Quinlivan – insurance matter
30. Rosea Pty Ltd
31. Winsor Turf Pty Ltd
32. Cameron David 
33. Filmlock Pty Ltd
34. ICA Toowoomba Foundry Pty Ltd
35. SLIM Pty Limited
36. GS and GB Nominees Pty Ltd
37. A & T Promotions Pty Ltd
38. Action against MM Holdings Pty Ltd and Mark McIvor

3. Finally in the next 7-10days expect some big announcement. I don’t think that it will be in reality good news BUT something big is going to break. Watch this web site.

4. The Insolvency industry around Sydney are all fighting their way into Piper Alderman’s door to somehow get the job of Liquidator. That is where the money is, I am afraid. No-one is talking seriously now about any recovery for anyone. That is fact. Now, Director Paul VINCENT, appointed by Mark McIvor, has put his and his partner (in VINCENTS) Nick Combis' names forward to wind up the scheme!!!!


----------



## No Trust (19 November 2011)

*New Affidavit on Equititrust Web Site - Compelling Reading*

Vincent the *delusional idiot *has now sworn an Affidavit  as at the *18th of November* and it is compelling reading as it includes the letter sent to Equititrust and the Directors from *Piper Alderman *on the *11th of November 2011*. *IT IS GRIPPING STUFF *and outlines the fraud committed on the investors and makes demand on the return of some *$72,000,000 *on behalf of investors... Eye watering stuff

http://www.equititrust.com.au/Pdfs/Notifications/20111118/Affidavit_Paul_Vincent_sworn_18112011.pdf

In the same Affidavit Vincent *"the idiot" *states they have been negotiating with Stacks Managed investments to take over as "Temporary" Responsible Entity of the fund at *$150,000 per month *as they were the last ones interested into doing it. As at 5.30pm this afternoon *Stacks withdrew and said they would not get involved *YET this *"idiot Vincent"* still swears an Affidavit including Stack's company details KNOWING *they won’t do it* and says if they reconsider by Monday that this is the best option for investors... Has *McIvor INFECTED Vincent *with *delusion*... I have never read such a bigger pile of Bulls#t in my life...

*It gets better..
*
He then goes on to say that due to the disharmony and animosity between the previous board members referring to Tucker's Affidavit that it be in the "best Interest" that if all else fails to appoint an insolvency practitioner *independent of and not proposed by the the former board members. 
*
*Wait "idiot" then comes in with a clanger..
*
He then Proposes that if a replacement responsible Entity is not found by the 21st of November that *Brad Hellen of Pilot Partners *in Brisbane be appointed and wait for it.... an *"Independent"* Provisional Liquidator...

*The catch is
*
I am reliably informed that Pilot partners have acted for McIvor and his private companies in the past namely in 2005

This is another SCAM and last ditch attempt to maintain control. *WHAT RIGHT *does this idiot stooge of McIvor's have to dictate which Liquidator will be appointed??? 

Vincent will regret swearing this affidavit as it *REAK's of hypocrisy *and *DOUBLE standards*. On the one hand he says the former directors should not propose anyone as a Liquidator as it is a conflict of interest yet he, who was appointed by McIvor as one of his stooges and is soon to become a former director as of Monday Afternoon now proposes *Pilot Partners *as an Independent Insolvency firm... Well *Vincent you "Idiot"* I am sure I speak on behalf of all intelligent investors *F#ck Off and go and see a psychiatrist *if you seriously think this will fly...  Issue a statutory declaration that Pilot Partners have never been involved in any matters related to McIvor... You can’t do that you idiot as you very well know that they have a connection to McIvor via his private companies so WHY on earth would you even *ATTEMPT* to pull the wool over the eyes of The Court, ASIC and more importantly the Investors...


The Independent Liquidator will and should be appointed by *The Queensland Supreme Court *in conjunction with *ASIC*. 

A word of warning to Pilot Partners, take note from Stacks and dont get involved, if you do issue a consent knowing full well that you have a conflict of interest due to having acted for McIvor's Private companies previously then documentation will be provided to *ASIC*, the *Supreme Court *and the *Media* to expose this conflict of Interest. 

Think twice before doing something unethical...


----------



## No Trust (19 November 2011)

*Vincent the "Idiot"*

In Para *24* of the Affidavit Vincent States:

He is concerned about the potential layers of fees of the Insolvency Practitioners which may be appointed yet he has no problem nominating himself and his partner Nick Combis to a delusional Committee without revealing his potential windfall in fees at full *"Liquidator Rack Rate"
*
What Vincent does not understand is that a court will not interfere in a *"secured" *creditors right of recovery under a default. The court will not bend its rules and neither will ASIC.

This brings me to another point

Refer to Para *34
*
Where *Vincent "The idiot"* wanted to get special treatment from ASIC to wind down the fund without a FSL. Well you could imagine what ASIC had to say..... Ah Vincent you idiot *F#ck Off *and lets see you on *Monday*.

Refer to Para *31 *

Where *Vincent "The Idiot"* basically tries to use the Poison Pill that McIvor put into the constitution of the fund regarding the conversion of the 40,000,00 units to blackmail the court into granting his delusional proposition.

He goes on to mention some critical source documentation in regard to the Unit conversion was *"Unavailable"* to get legal advice. Where is this Dodgy documentation and why was it not in the offices. Looks like *ASIC and the Federal Police may have to raid 1 Southern Cross Cr again.* 

This is unheard of.... 

Documents of this critical nature unavailable.... Come on how hard did he try and get this document from *his mate McIvor *and these idiots feel they are best served to continue to run the wind down of the fund.

The Piper Alderman letter attached to the Affidavit is very detailed as it sets out its claim against Equititrust and its directors for *basically defrauding the investors *over a number of years.

Of note in the Piper Alderman Letter there is a list of supporting investors, Bea Jeans is on the hook for *$12,500,000*. If McIvor did this to his former future mother In Law what hope have other innocent retiree investors got.

What is sure is *McIvor Squirreled away tens of Millions of Dollars *and the legal action is now going to decimate him and the former directors who colluded in this *sick fraud of investors. 
*
I urge all investors to read this letter and see how they have been financially raped...

Wait till the media gets a hold of this little beauty...

*Goodbye Gold Coast Gaddafi*


http://www.equititrust.com.au/Pdfs/Notifications/20111118/Affidavit_Paul_Vincent_sworn_18112011.pdf


----------



## kostag (19 November 2011)

*FORENSIC ACCOUNTANTS NEEDED*

FORENSIC ACCOUNTANTS NOTE !!!

look  very very closely at the SUB-ORDINATED UNITS ACCOUNT in the period 2009-2011.... you will see that about $40M was drawn out and about $40M "issued" -  this was done , in my view, that the $40M "issue" is invalid -  the UNITS do not LEGALLY exist - his CAPITAL ACCOUNT is OVERDRAWN -  dont let this AFFIDAVIT twaddle bluff any of us.....  KNOWLEDGE is all the POWER we need and we are all now 1 step ahead of this lot....

Baton and Piper Alderman -  as well as LAZAR for that matter -  are on top of this lot.


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## zencorp (19 November 2011)

PAUL VINCENT's Affidavit is inadmissible as it was not posted on the Company's website prior to 4pm on Friday - NYST Lawyers have tried to combat this issue by posting a further Affidavit TODAY (which again is not deemed to be served as it wasnt posted before 4pm on Friday) noting that they were required to act on behalf of Equititrust on Friday for the Lazar case and therefore did not have time to prepare for this case. Given that the COURT RECORDS show that TUCKER AND COWEN are the Solicitors on file for Equititrust - I suggest you do not purger yourself as we will get you struck off Ashley Tipledick.


----------



## ASICK (19 November 2011)

*Re: Stacks Managed Investments*

A member of  the PFMF unitholder forum posted, "... Had a phone call today from a friend regarding Stacks taking over as manager of the Kinsgrove Fund and he said the change to Stacks was like a "breath of fresh air".  ..." - Good luck!


----------



## zencorp (19 November 2011)

This is what Mcivor WANTS - he wants to reconvert his 40m worth of Units. It will be his saving grace!!!!!! This is why there is so much conflict between Tucker and Mcivor - Mcivor DOES NOT have the Investors at heart. He just wants to save is million dollar lifestyle which sadly will end next week with the appointment of receivers to his properties. 

He is the stooge of all stooges - I have it on good account that he has transferred a number of assets to his cry-baby wife. The public examination once he is Mr Bankrupt (which will go for days) will break her down to reveal where all our money is. 

Orders need to be sought to suspend Mcivors passport.


----------



## ASICK (19 November 2011)

What don't you contact Stacks directly and put your concerns to them?  They are VERY approachable.  $40m is a lot of money - you need assurances that your invstments are not going to be impacted by what's going on.   Ask them to put a response in writing.  I have no association with Stacks, nor Equititrust,  except I support Stacks in their attempt to oust Trilogy as manager of the PFMF. 
http://stacksfinance.com.au/investments


----------



## No Trust (19 November 2011)

*Stack's*

Stacks are tainted now and their good sense has prevailed and they will not get involved in this disaster. I trust the Supreme Court and ASIC will appoint someone INDEPENDENT.


----------



## ASICK (19 November 2011)

Sorry, No Trust perhaps I shouldn't been as pleased for you guys as I am for myself, because we're working very hard to get rid of Trilogy and replace Trilogy with Stacks.  The opportunity for me to see a manager I can have confidence in is quite exciting. Stacks has an excellent reputation.  Their fund hasn't lost money and didn't close during the GFC - but, again, you guys make the decisions. If Stacks are no longer interested in the fund, then the point is moot anyway.


----------



## No Trust (19 November 2011)

*Stacks*

It would have been great to have had a company like Stacks and possibly another one for investors to chose from. Unfortunately the incompetent idiots at Equititrust wanted them replaced as the temporary manager and then have Stack's re employ the Equititrust Board and staff under a separately incorporated entity... Come on is Vincent and McIvor *INSANE*. If Stacks have a good reputation I am sure that they would have found this untenable as it would have been akin to introducing a cancer to their own fund. 

Equititrust and McIvor were just out to use their good name and nothing else. Read through the Affidavit as it spells out word for word what the scam was going to be, its *UNBELEIVEABLE*...


----------



## No Trust (19 November 2011)

*McIvor's Transfer of Assets to his Wife*

McIvor will try and *use every trick in the book *to further screw retiree investors however it seems from *Piper Alderman's Letter *that this fraud on investors goes back many years. Any Transfer of assets in an attempt to defeat creditors can and will be overturned by the court. Orders can and will be obtained by way of Mareva Injunction to have the asset sales frozen whilst an investigation into McIvor's affairs is conducted. It is most likely that this will be done soon after the Provisional Liquidator is appointed on Monday.  I am sure piper Alderman already have a strategy to address this issue and will be before the court soon seeking orders for the presevation of assets on behalf of investors. Having read the Piper Alderman letter that was sent to all the directors on the 11th of November I am quite pleased with their approach.

In terms of the McIvor's making a run for it to an overseas destination, I am sure that *ASIC and the Federal Police *have already put a watch on McIvor and if he approaches any Airport he will be *denied exit from the country*... If McIvor thinks this is not a reality I challenge him to attempt to leave the country...

In terms of his co conspirator wife I am sure she must hold her head high in front of all the mothers at* St Hilda's Schhol for girls*. Apparently this scandal is high on the list of gossip amongst the school community... Nice to be able to send your kids to a *pretentious private school *while *investors starve*... Those school fees are being paid for with the blood and sweat of retiree investors... Maybe the Public school system is a better option Stacey...




zencorp said:


> This is what Mcivor WANTS - he wants to reconvert his 40m worth of Units. It will be his saving grace!!!!!! This is why there is so much conflict between Tucker and Mcivor - Mcivor DOES NOT have the Investors at heart. He just wants to save is million dollar lifestyle which sadly will end next week with the appointment of receivers to his properties.
> 
> He is the stooge of all stooges - I have it on good account that he has transferred a number of assets to his cry-baby wife. The public examination once he is Mr Bankrupt (which will go for days) will break her down to reveal where all our money is.
> 
> Orders need to be sought to suspend Mcivors passport.


----------



## ASICK (19 November 2011)

Hi No Trust, I see what you mean. At last count, Stacks lost interest and decided not to proceed.  It really is a right mess.  I'd like to think that the matter of the $40m subordinate units was high on everyone's mind: it could have been the reason why Stacks eventually decided not to proceed.  Reputation is important, and if the $40m was converted that would impact on the current manager, whoever that is.  Yes, a mess.  I can't understand how such a PDS could ever have been approved by ASIC.  Unbelieveable.  It's in the hands of the court, no doubt about it.


----------



## No Trust (19 November 2011)

*Additional Affidavit by Ashley Tippledick*

Boo hoo.... A dog ate my homework... Tough luck Tippledick, it just goes to show that Nyst lawyers are under resourced and are not in the league of heavy hitting capital city law firms... 

A typical Gold Coast White Shoe Brigade Law firm, stick to criminal matters guys.... I am sure Keeping McIvor out of the Klink will keep you vey busy for some time to come...


http://www.equititrust.com.au/Pdfs/Notifications/20111119/Affidavit_Ashley_Tiplady_19112011.pdf




zencorp said:


> PAUL VINCENT's Affidavit is inadmissible as it was not posted on the Company's website prior to 4pm on Friday - NYST Lawyers have tried to combat this issue by posting a further Affidavit TODAY (which again is not deemed to be served as it wasnt posted before 4pm on Friday) noting that they were required to act on behalf of Equititrust on Friday for the Lazar case and therefore did not have time to prepare for this case. Given that the COURT RECORDS show that TUCKER AND COWEN are the Solicitors on file for Equititrust - I suggest you do not purger yourself as we will get you struck off Ashley Tipledick.


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## No Trust (19 November 2011)

*Pilot Partners*

*Notice to Pilot Partners*

The *finger is on the trigger of the gun *the moment that you issue a consent to act as provisional Liquidator of Equititrust... You know that you must disclose to the court that you have previously acted for McIvor's private companies MM Properties... Vincent "The Idiot" may try and fool the court but deceiving the court as an Insolvency Practitioner is another matter isn't it.

Brad Hellen take note that you and your firm have been warned...


----------



## No Trust (20 November 2011)

*Court Appointed liquidator to Equititrust*

The Supreme Court of Queensland and ASIC should be the only two parties determining who the provisional Liquidator should be. 

Its the oldest trick in the book to bring a consent to court from the preferred liquidator and catch the other side on the hop without a consent form from a liquidator...

Lets hope that ASIC bring their own consent and object to Pilot Partners being the liquidator as there is a Conflict of Interest be it perceived or otherwise.

Investors will feel a lot more comfortable if it is one of the other big names with a National Office Network to be able to handle the Assets in NSW, South Australia etc...


*A clean sheet is what is demanded by investors*




ASICK said:


> Hi No Trust, I see what you mean. At last count, Stacks lost interest and decided not to proceed.  It really is a right mess.  I'd like to think that the matter of the $40m subordinate units was high on everyone's mind: it could have been the reason why Stacks eventually decided not to proceed.  Reputation is important, and if the $40m was converted that would impact on the current manager, whoever that is.  Yes, a mess.  I can't understand how such a PDS could ever have been approved by ASIC.  Unbelieveable.  It's in the hands of the court, no doubt about it.


----------



## Charles Darwin (20 November 2011)

Is it true that: both Vincent and Hellen have enjoyed (at separate times) a spot of marlin fishing on the high seas with a prominent Brisbane lawyer ( unconfirmed: who once upon a time employed both Tucker and Cowan)

Its a small world. Probably just a coincidence and no relationship is implied.

However, given the company history of keeping it close, why risk it. Independence in the appointment of a liquidator is crucial, as I would think looking into the affairs of all Equititrust directors will form a critical part of the process.


----------



## No Trust (20 November 2011)

*Independence is Key*

The aforesaid mentioned sleazy bastards are in no way independent. I will go one step further and say that anyone that Vincent "the idiot" recommends will in some way be rigged.. Tucker has dealt with Pilot Partners as well so as far as investors are concerned the whole thing reaks of jobs for the boys. It is a well know fact in the insolvency profession and legal fraternity in Brisbane that Vincent hates Tucker with a passion and has made this clear on a number if occasions. So whatever the status is with settling scores currently it seems that Pilot Partners were chosen for a reason to get back at someone... Investors don't want this sh#t and it really is sh#t when you look at it.
All these pricks are as bad as each other and who the hell are they to dictate to investors who will be appointed as liquidator. If there is even a whiff of contention in regards to Pilot Partners then they have to be eliminated. Which they will be on Monday... 

Let's hope McIvor is there in Monday so that investors can tell him what they think of him personally... After the letter was issued by Piper Alderman many investors want to personally address McIvor and make their feelings felt. 

See you on Monday Marky Boy it's finally Judgement Day, and time for you to finally stop financially raping innocent elderly Australian investors...


----------



## No Trust (20 November 2011)

*Less than 48 Hours*

Less than 48 Hours before the official execution of Equititrust and before the dominos start to fall towards McIvor... 

Media will be lining the court tomorrow to report on this spectacle. 

McIvor, you have been taking our oxygen for too long and may you live in interesting times from here on in... 

Obituary Column For Equititrust Tues 22 November 2011

Death by stealth and death by Blitzkrieg are one in the same.


----------



## No Trust (20 November 2011)

*Look back at this*

Look back at this video and what was predicted about investor's losing the lot...

These are the people whose lives McIvor destroyed with "King Con"...


http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html


----------



## kostag (20 November 2011)

*mcivor has never invested $40million*

it us all froth an bubble....  a decent lawyer will punch this out....d







zencorp said:


> This is what Mcivor WANTS - he wants to reconvert his 40m worth of Units. It  will be his saving grace!!!!!! This is why there is so much conflict between Tucker and Mcivor - Mcivor DOES NOT have the Investors at heart. He just wants to save is million dollar lifestyle which sadly will end next week with the appointment of receivers to his properties.
> 
> He is the stooge of all stooges - I have it on good account that he has transferred a number of assets to his cry-baby wife. The public examination once he is Mr Bankrupt (which will go for days) will break her down to reveal where all our money is.
> 
> Orders need to be sought to suspend Mcivors passport.


----------



## kostag (20 November 2011)

*LIQUIDATOR: DELOITTES*

the crowd is gathering around the gallows

expect to see respected insolvency experts * DELOITTES appointed by 4:20pm 21-11-11*

*Lazar* is a man who means business and he will not stop until he rolls this outfit and gets his claim resolved.

*Amanda Banton* is on the right track as her well constructed demand on Directors of EIF shows. 

*DELOITTES*  will pursue Directors and past officers with a  vigour -  *Mark McIvor, Wayner McIvor, David Kennedy, Sid Super*..... _get the lawns mowed boy_... those luxury homes will soon be up for grabs!

and dont forget *ASIC *-  they will have a raft of charges to prosecute. If I was teh Board, I would be cancelling any planned overseas Xmas holidays, in fact, cancel any overseas trips for a while. 

expect realisations to be under $50M - a big drop from the fraudulently alleged $200M + loan book.

*Westpac, National Bank, BOS , CBA* will fight over the carcass -  investors ultimate return NIL

wait till you see the side deals done by *MM Holdings *with borrowers of *EIF*..... 

the sub-ordinated units juggle - cash out, bullsh-t in..... wait till the accountants get onto this lot!!!!

expect to see *Ms B Jeans *forced to bring fraud charges in this matter -  a $12.5M is too big a hit for anyone to bear  - even a prior *prospective mother-in- law*.

Equititrust's choice of *NYST LAWYERS *-  a well regarded criminal law firm -  speaks volumes as to where the company sees its exposure.

Very respected *STACKS* have shown that some people are able to rise above personal short term self-interest and say 'no thanks' -  speaks volumes in my view. I have dealt personally with *Ray Stack *-  he is an absolute gentleman and no man's fool.


----------



## ASICK (20 November 2011)

Kostag and No Trust (oh, and Charles too), you guys seem to have the inside run here - what do you think will happen to the subordinated units if a liquidator is appointed?

I forgot, if fraud is found, any insurance will be wiped out.

And, what if liable directors have no exposed assets?  What is the value of a class action?

Just some thoughts.


----------



## kostag (20 November 2011)

1. sub-ordinated units were NOT validly issued BUT cash was drawn in the same year -  the CAPITAL account is in fact in DEBIT.

2.  the deficit state of the EIF is a reality -  what is also a reality  is that each  of the DIRECTORS will have some personal  assets and these will be attacked, adding to the very very diminished pot.

     NOw, this may not be FAIR as no doubt most if not all were duped by Mad Dog McIvor etc - as he bluffed us all -  BUT unfortunately, we are all over 21years of age and we must rise and fall on our actions or in-actions.








ASICK said:


> Kostag and No Trust (oh, and Charles too), you guys seem to have the inside run here - what do you think will happen to the subordinated units if a liquidator is appointed?
> 
> I forgot, if fraud is found, any insurance will be wiped out.
> 
> ...


----------



## ASICK (20 November 2011)

Thanks. I appreciate your reply.


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## No Trust (20 November 2011)

*Stacks*

Stacks obviously have some principles and that is to be commended... I think that after looking at the whole situation and most likely the letter from Piper Alderman Stacks realised that this fraudulent mess was not something they wanted their good name associated with...

The stance that Stack's has taken will not be forgotton...


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## No Trust (20 November 2011)

*Directors Assets*

All of the directors have their personal assets on the chopping block... In the case of McIvor you will see orders in the coming weeks freezing his bank accounts and orders requiring the proceeds of asset sales paid into to court to preserve the assets for creditors... He is going to be bogged down with this for many many years to come...

That is unless the delusional one goes out and tries to start another fund. However it is safe to say that *McIvor's reputation in business is finished *...

Less than *24* Hours till D Day


----------



## No Trust (20 November 2011)

*The Rats Are Jumping Ship*

The *rats are jumping ship*, before the *liquidators are appointed in less than 24 hours...
*
Medermit has been the first to pull the parchute, just posted on the web site


http://www.equititrust.com.au/Pdfs/Notifications/20111120/Affidavit_Jeffrey_McDermid_19112011.pdf


----------



## No Trust (20 November 2011)

*Equititrust Collapse*

It seems the Equititrust building on Chevron Island has just moved off its foundations, is it about to collapse into the abyss...


----------



## No Trust (20 November 2011)

*Meanwhile*

Meanwhile the architects of this disaster *McIvor* and *"King Con"* are furiously working on a rescue plan over coffee at the "Bunker" at 1 Southern Cross Drive... Or is McIvor getting advice on hiding assets prior to bankruptcy... The latter is the more likely scenario...

Rolling Pins will be flying at 1 Southern Cross Dr today, domestic bliss at its finest...

No lavish holidays for a while and time to hand over the passports...


----------



## No Trust (20 November 2011)

*Get Ready*

Get Ready for a Media Field day tomorrow, the court proceedings will be awesome to watch as Nyst (Dog ate my Homework) Lawyers bumble their way through a lost cause...


----------



## ASICK (20 November 2011)

ok guys, you're having fun, but how much was the entry ticket?

And, you're right - no one wants to touch it.

It's a house of cards falling apart before our very eyes.

Unbelieveable!


----------



## No Trust (20 November 2011)

ASICK you have summed it up, the locks are about to be changed at Equititrust come *4.00pm *tomorrow as the liquidators move in...

McIvor's personal property empire *build on the backs of innocent retirees *will then start to crumble as the Mortgagee notices come flying in the door at 1 Southern Cross Dr.

What is mind boggling though is the rort on investors over the years as outlined in Piper Alderman"s letter on the *11th* of November... Its disgusting and downright fraudulent... 

McIvor's grab for cash in the dying days is a crime... If you look at the video I posted above Kennedy admits to the fact that current valuations on the properties had not been done... They had not been done for a reason and that reason was that McIvor and Kennedy and the rest of the board including Tucker knew that there were impairments to the tune of tens of millions of dollars. If revealed the exorbitant management fees would not have been payable... this is an outright fraud as the basic principle in fund management is to have current valuations on all assets. 

As the letter from PA sets out, McIvor and the directors especially Sid Super knew about the losses in *2008* yet kept them hidden so more fees could be rorted and *siphoned out to McIvor *so he and his wife could buy more multi million dollar properties and have a lavish lifestyle. *Stacey McIvor worked at Equititrust *alongside McIvor and being a lawyer she knew what was going on but cast a blind eye to all of the rorting and prioritized her own lavish lifestyle regardless of the fate of innocent elderly retirees who look like they have lost the lot...

Let them eat cake...  "The McIvors"

How can they show their faces on the Gold Coast


----------



## No Trust (21 November 2011)

*It has Started - Equititrust court decision looms*

*Equititrust court decision looms*
Colin Kruger
Sydney Morning Herald
November *21* 2011

AFTER a tumultuous year, the future of Gold Coast mortgage fund operator Equititrust is expected to be decided today.

The most likely scenario is the *appointment of liquidators and receivers *at the company, which faces *a class action *and an *ongoing investigation by the securities regulator*.

http://www.smh.com.au/business/equititrust-court-decision-looms-20111120-1npar.html


----------



## No Trust (21 November 2011)

*And The Walls Start Crumbling Down*

Wait there may be hope!! McIvor and Quinlivan have started a new Irresponsible Entity  to take over Equititrust its called *McConmen Investments*, backed by *Substantial Delusion *and *Malfeasance*. This unholy union is guaranteeing investors that the "Very Reputable" founders will both have substantial Multimillion Dollar Riverfront Homes by the end of the schemes demise, following on from the hugely successful DONKEY Principle of funds Management that McIvor pioneered at EquitiRust.  


Donkey

1. *D*on't care about my investors
2. *O*nly care about myself and my luxury lifestyle
3. *N*o interest payments or return of capital
4. *K*ing Con" is a good bet
5. *E*quity?? Whats that again???
6. *Y*ou always point the finger of blame on someone else.


----------



## No Trust (21 November 2011)

*Public Stocks*

If Equititrust is placed in Liquidation today with over *150M* + in losses isn't it time that McIvor was put into those Public Stocks he wanted reintroduced for negligent fraudulent fund managers ?

The stocks are waiting for McIvor at the Supreme court today... Don't be surprised if there are some arrests in the coming weeks...   *ASIC* and the *Federal Police *now have an armory of information...


----------



## kostag (21 November 2011)

*DELOITTES Neil Cussens*

in the event that this firm gets appointed today, my file on the shonky SUBORDINATED UNITS issue will be delivered to him  - that will deal a swift killer blow to that issue.....


----------



## kostag (21 November 2011)

*Re: Public Stocks and CHARGES*

from what you say, it seems inevitable that charges must get laid.



No Trust said:


> If Equititrust is placed in Liquidation today with over *150M* + in losses isn't it time that McIvor was put into those Public Stocks he wanted reintroduced for negligent fraudulent fund managers ?
> 
> The stocks are waiting for McIvor at the Supreme court today... Don't be surprised if there are some arrests in the coming weeks...   *ASIC* and the *Federal Police *now have an armory of information...


----------



## kostag (21 November 2011)

*THIS WEB SITE AND ITS FOLLOWERS -  103,000 and climbing daily!!*

from very humble beginnings in JUne last year, this BLOG now gets over a 1,000 hits a day and growing!

CHOICE MAGAZINE started this, then Kruger and the SMH, Ian Lazar etc and this BLOG have all worked relentlessly to expose this train crash in progress.


----------



## No Trust (21 November 2011)

*ASIC Hearing*

What everyone has overlooked is whether the ASIC hearing into the cancellation of Equititrust's License will still run today.

Will ASIC be represented at the Supreme court today to prevent the appointment of McIvor's preferrred liquidator Pilot Partners.


----------



## No Trust (21 November 2011)

*9 Hours and Counting Till the end of Equititrust*

Whilst the count down goes on, everything else by this decrepit mob has been left to rot. The legal actions to recover money from borrowers remain in tatters  without legal representation and McIvor makes veiled threats via his puppet Vincent *"the idiot"* that he will covert 40M of nothing into something... Dear old McIvor these threats may work against your poor brother, sister, wife etc but no one else is scared of you... You have been exposed for who you are , you have operated under the radar for far too long and now you have been exposed. Unfortunately a little too late for the innocent retiree investors you have financially raped with you buddy "King Con"...

A fitting end to a decrepit fraudulent company


----------



## Charles Darwin (21 November 2011)

*Re: ASIC Hearing*



No Trust said:


> What everyone has overlooked is whether the ASIC hearing into the cancellation of Equititrust's License will still run today.
> 
> Will ASIC be represented at the Supreme court today to prevent the appointment of McIvor's preferrred liquidator Pilot Partners.




Long odds on, they will be there.


----------



## klua (21 November 2011)

Story in Gold Coast Bulletin saying two new white knights gave proposals to directors yesterday.
Any ideas on who they may be?


----------



## No Trust (21 November 2011)

*Re: THIS WEB SITE AND ITS FOLLOWERS -  103,000 and climbing daily!!*

Dear Kostag, remember when we were attacked on this thread by Kennedy and his many assumed names, (Buffetman, Ozab etc)... We uncovered the dirt and fraud and they didn't like it. McIvor was and is apparently an avid "late night" reader of this thread.. Despite the onslaught and many threats we continued the crusade with the support of other contributors, (of note Zencorp and ASICK) to expose these crooks. This thread has contributed an enormous amount in bringing Equititrust down for defrauding their elderly retiree investors. 

Most of what came out first came out on this thread, the loans to King Con were revealed by Kostag on this site before anyone knew of of them in the media or otherwise.

This thread has become the go to source for information on what is happening on a daily basis. ASIC, The Federal Police and Equititrust's bankers and "Insurers" all read this site and glean what they can.

This site has been invaluable in uncovering the truth by allowing the free flow and sharing of information. Equititrust's efforts in trying to suppress the thruth failed miserably and they were exposed in the media for posting under assumed names all emanating from David Kennedy's computer. 

Its all over now Kennedy you can finally admit to it 



kostag said:


> from very humble beginnings in June last year, this BLOG now gets over a 1,000 hits a day and growing!
> 
> CHOICE MAGAZINE started this, then Kruger and the SMH, Ian Lazar etc and this BLOG have all worked relentlessly to expose this train crash in progress.


----------



## No Trust (21 November 2011)

*The White Knights just keep galloping around my delusional head*

The White Knights seem to be in *McIvor's delusional head *whilst he feeds stories to Nichols in the Gold Coast Bulletin... 

What kind of *rational decision *in the *interests of investors *can be made in the last moment of desperation...  Any proposal will now come with a serious price to pay and where have these so called White Knights been for the past year... Galloping around in McIvor's head maybe...





klua said:


> Story in Gold Coast Bulletin saying two new white knights gave proposals to directors yesterday.
> Any ideas on who they may be?


----------



## No Trust (21 November 2011)

*8 Hours*

As a historical reference look at this classic from McIvor's list of lies...

http://www.equititrust.com.au/Pdfs/Investor Communication MEDIA ARTICLES (Feb 2011).pdf


----------



## Charles Darwin (21 November 2011)

No Trust.. Interestingly, it's almost a year to the day since Kennedy posted originally. How things change in a year.

I also heard that one of the recent new R.E discussions involved an amount of $500k per month plus costs ... And they still didn't get involved.


----------



## No Trust (21 November 2011)

*Another massive crack*

Engineers have been called to Chevron Island as *there appears to be a massive crack opening up in the side of the Equititrust building *as the foundations have moved and the whole structure appears to be *sinking into the abyss*. In an interesting sideline two White Knights were seen jumping out of the windows... *STRANGE TIMES INDEED*

Meanwhile on Cronin Island only a hop skip and jump away Rolling Pins are a flying... watch your head Marky Boy remember only the Strongest of the Species Survives


----------



## No Trust (21 November 2011)

Charles Darwin

No one with a credible reputation will get involved in this mess, its a suicide mission...
Only the Strongest of the Species Survives as you know too well. 



Charles Darwin said:


> No Trust.. Interestingly, it's almost a year to the day since Kennedy posted originally. How things change in a year.
> 
> I also heard that one of the recent new R.E discussions involved an amount of $500k per month plus costs ... And they still didn't get involved.


----------



## Charles Darwin (21 November 2011)

I hope the two knights seen jumping out of the window weren't 'jones and dunkel'.


----------



## No Trust (21 November 2011)

*Re: Making A Lot Of Noise Lately*

Look at Page 13 of the PDF and have a laugh



No Trust said:


> *Weekend Gold Coast Bulletin
> Saturday 06/11/2010*
> 
> 
> ...


----------



## No Trust (21 November 2011)

Ha ha ha 



Charles Darwin said:


> I hope the two knights seen jumping out of the window weren't 'jones and dunkel'.


----------



## No Trust (21 November 2011)

*7 Hours*

Reports of *massive cracking *and rumbling at Equititrust Headquarters on Chevron Island, helicopters have witnessed the *roof falling *into the building whilst paper shredders are seen overheating from the load...

Another witness saw a number of *"rats"* with briefcases jumping for their lives with *resignation papers *in their paws...  *WHAT IS THIS DEVELOPING PHENOMENON
*


----------



## kostag (21 November 2011)

*LITIGATION -  who is paying?*

At the moment , all management efforts seem to be focused on 'self preservation' -  staying in power and seekign to postpone the inevitable.

What I would like - on this public forum -  is a reassurance to all INVESTORS that NYST and this pluthora of lawyers engaged in defending the BOARD are not being funded by EIF or any other investor fund.


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## No Trust (21 November 2011)

*Legal Fees*

Kostag unfortunately you will find that the fund is paying the legal fees...

McIvor is not going to fork out any of the money he pilfered from the funds...


----------



## No Trust (21 November 2011)

*6 Hours*

Tick tock  tick tock 6 Hours before implosion...


----------



## No Trust (21 November 2011)

*Supreme Court*

The idiots are lined up at the Supreme Court


----------



## klua (21 November 2011)

*Re: Legal Fees*



No Trust said:


> Kostag unfortunately you will find that the fund is paying the legal fees...
> .




I would have thought it is an ETL expense as to me it is not incurred in running the EIF but rather in the internal management and compliance of ETL. Well I hope this is the case. 
It could be borderline so I guess we will soon find out.


----------



## kostag (21 November 2011)

*DIRECTORS.......*

expect to see _en masse_ resigantion of Board; Marky Boy back in the box seat; probably wife or other family member on Board as well -  who else would take on this _prestigous_ Directorship .........


----------



## ASICK (21 November 2011)

Have I missed something? Seems an administrator was appointed to wind up the fund.


----------



## No Trust (21 November 2011)

*10 minutes to go*

The countdown is on and at 4pm the insurance will lapse for good...


----------



## klua (21 November 2011)

ASICK said:


> Have I missed something? Seems an administrator has been appointed to wind up the fund.




Do you know who or any details surrounding how the appointment was made.


----------



## ASICK (21 November 2011)

no, I don't.  I was told over an hour ago and posted it on another forum. I figured you guys would know first, so I didn't even bother to look here.


----------



## kostag (21 November 2011)

receiver will be announced tomorrow by ASIC
your new Board is.....

Mark McIvor
Stacey McIvor
Ross Honeyman ..... dont know if same guy but google him and ASIC


----------



## gardie (21 November 2011)

My limited understanding of the law is that an administrator can be appointed to the RE who will take day to day responsibility to run the fund.

Members must vote to appoint a liquidator to wind up the fund.

A receiver may be appointed by the banks who have lent money to the fund.

Dont think an administrator can be appointed to the fund.


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## No Trust (21 November 2011)

*New Directors................*

Mark and Stacey...... The *public face of Gold Coast Shame *with a penchant for Multimillion Dollar properties at the expense of Innocent Retiree Investors... This is a joke right...


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## No Trust (21 November 2011)

*Remind you of the Ceaușescu's*

Mark and Stacey taking over.... This is similar to the reign of the Ceaușescu's in the dying days of communist Romania... Look what happened to them...


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## No Trust (21 November 2011)

*Mark and Stacey*

Delusional Morons


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## No Trust (21 November 2011)

*3 Stooges*

Is this the same Ross Honeyman that was banned by ASIC in early 2001 - 2002 ???



kostag said:


> receiver will be announced tomorrow by ASIC
> your new Board is.....
> 
> Mark McIvor
> ...


----------



## No Trust (22 November 2011)

David Whyte from BDO Australia a Partner in the Brisbane Office will be appointed receiver in the morning after ASIC intervened and had someone independent appointed... 

McIvor I told you your scam would not work and I made sure of it... Wait till David Whyte gets a hold of you now... GOOD WORK ASIC 

To Vincent "The Idiot" and the other moronic directors who took this on F#ck Off and don't think you will be forgotten for trying to rape investors further and do McIvor's dirty bidding. 

We all told you that you would all be resigning soon you pathetic useless Gold Coast Cowboys...

*Adios Amigos*


----------



## No Trust (22 November 2011)

*David Whyte BDO Australia*

Profile of David  Whyte BDO Australia


http://www.bdo.com.au/people/david-whyte


The great thing about this appointment is the fact that the appointment was made by ASIC so BDO are answerable to the regulator and can run a totally independent parallel forensic investigation to the one ASIC is currently running with the Australian Federal Police.

This is a major milestone in the protection of investors from McIvor's mad stooges who could not run a chook raffle. What were Kennedy, Goddard, Tucker etc doing all this time ??? I know *hiding McIvor's evil deeds *from the investors and general public. I guess this is why they now find their sorry arses in the middle of a class action. This will *cost them Millions to defend *and will also make *each and every one of them uninsurable* just like Equititrust. 

David Whyte has a big job ahead of him and it seems that one of his first jobs will be to shut the Equititrust Offices down.


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## No Trust (22 November 2011)

*ASIC moves to install receiver at Equititrust*

*ASIC moves to install receiver at Equititrust *
Colin Kruger
Sydney Morning Herald
November 22  



Burnt ... the sun is going down on the Equititrust empire with the impending closure of its flagship fund. Photo: Glenn Hunt


THE Australian Securities and Investments Commission is expected to *appoint an independent receiver to Equititrust's flagship fund this morning *in an attempt to stave off further losses by investors who entrusted more than $200 million with the Gold Coast mortgage fund operator.

The company's board applied to the Supreme Court of Queensland yesterday morning to have the Equititrust Income Fund wind up the fund.

Equititrust's directors *were granted their wish when the court agreed to close the troubled fund* but *ASIC intervened *to organise the appointment today of *David Whyte *as independent receiver.


http://www.smh.com.au/business/asic...equititrust-20111121-1nr04.html#ixzz1eMV9rYnb


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## No Trust (22 November 2011)

*Liquidators to Equititrust Ltd*

Expect ASIC and or the Banks to now appoint Liquidators to Equititrust Ltd.

The banks have no other choice than to move on the company as secured creditors which will then set off a domino effect on MM Holdings Pty Ltd and MM Properties Pty Ltd etc... As the Westpac and Bank of QLD loans are cross collateralised...

McIvor will now get a taste of what he meted out to innocent people over the years, except this will be a *monumental thrashing *and a *devastating blow *to this ego maniac...

Might be time to send Stace out to bring home the Bacon  *"Markey Boy"* 

A few champagne corks have been popping around Australia once the news was received that *McIvor the miserable bastard that he is *will no longer have his tentacles any where near retiree investors money again... Thats it Marky... *finished* *kaput*.... *AdiÃ³s Amigos*


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## No Trust (22 November 2011)

*Piper Alderman - Amanda Banton*

Piper Alderman has to be commended for being highly prepared and quick footed in issuing the *Letter of Demand *on the *11th* of November prior to the Insurance expiry on the *12th* of November...

*Kudos to Amanda Banton *


----------



## No Trust (22 November 2011)

*Ground Zero*

Reports are coming in of a massive implosion and appearance of a sink hole at the former site of the Equititrust Office on Chevron Island...  Further reports are indicating that the final explosive device was detonated by ASIC... A number of dirty rats with briefcases by the name of McDermit, Vincent "the idiot" and Bingham were seen scuttling up Thomas Dr escaping the carnage... The rats took a right and scurried up the path of former Dark Knight McIvor and his Dark Maiden "Champagne"Stacey seeking refuge...


----------



## No Trust (22 November 2011)

*Equititrust Website*

The Equititrust Website has been taken offline... The *takeover* of EquitiRust begins in haste it seems before anymore delusional propaganda can be published by *delusional McIvor *and his co conspirator *"Champagne Stacey"*


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## kostag (22 November 2011)

*LEGAL STEPS FROM HERE.........*

I am not a lawyer (wish I was right now) ,,,,,, however as I understand....

1.  ASIC's Receiver (Mr Whyte) is there simply to replace the RE and supervise the day to day running as the scheme winds down.

2.  PIPER ALDERMAN (Amanda Banton) will continue on their path to sue the old R.E (Equititrust Limited) and its officers (McIvor, Wayne McIvor, David Tucker, David Kennedy, John Goddard, Sid Super, Craig Treasure) and through them, their insurers. I presume that MM Holdings Pty LImited, being the recipient of much largesse will also be on the radar.....

3.  MEMBERS and or a CREDITOR (Mr Lazar?) will seek to appoint a LIQUIDATOR etc as clearly EQUITITRUST LTD and the EIF are INSOLVENT.  This does not conflict with Mr Whyte's role as ASIC appointed Receiver.... he will maintain a watching brief over the wind down of the FUND and no doubt report all illegality to ASIC and teh AFP.

Now, this leaves SECURED CREDITORS -  such as WESTPAC, CBA, BOSA, NATIONAL BANK.

They may be happy with the creditor appointed LIQUIDATOR - they know that there are enough layers of independence in place now -  so why gouge costs for the sake of it. I think that they may sit pat and just liaise with the Liquidator and Receiver. That would make way more commercial sense.

One thing is for sure - McIvor and MM Holdings will cop a 'once over' - and if there is any juice left in the lemon -  it will be squeezed out.

Two predictions:

1.  final return to EIF invetsors will be NIL

2.  there will be disclosure of deals between EIF borrowers and MM Holdings, where EIF funds under-wrote the deal BUT MM Holdings benefitted or stood to benefit.

*Don't expect Bea Jeans to take a $12Million write off without some very interesting allegations coming to light. Ian Lazar is not a man to be trifled with either - he has not gone away yet.*






gardie said:


> My limited understanding of the law is that an administrator can be appointed to the RE who will take day to day responsibility to run the fund.
> 
> Members must vote to appoint a liquidator to wind up the fund.
> 
> ...


----------



## kostag (22 November 2011)

*Re: Piper Alderman - Amanda Banton : well done*

getting in ahead of the lapsing of insurance with an all embracing detailed demand was obvioulsy a coup that may have saved us all a lot of money.

well done!!



No Trust said:


> Piper Alderman has to be commended for being highly prepared and quick footed in issuing the *Letter of Demand *on the *11th* of November prior to the Insurance expiry on the *12th* of November...
> 
> *Kudos to Amanda Banton *


----------



## No Trust (22 November 2011)

*Piper Alderman - Amanda Banton*

Me thinks the quick footed Amanda Banton and ASIC (*12 December*) Supreme Court will have a ripper of a Christmas Present for McIvor to put under his tree...


----------



## kostag (22 November 2011)

*MR HONEY-MAN*

maybe he thought that he was another  bee to honey -  sorry more like a FLY to SH-T.

Is this new DIRECTOR the same guy who is on the  ASIC web site as being struck off as a Director in 2002-2003 ????   surely not !


----------



## No Trust (22 November 2011)

*Federal Police*

The Federal Police have also been given a new file to examine which relates to past fraudulent actions...  Its all about timing and _taking the fire out from under your enemies vat of hot oil in which he is preparing to burn you alive...
_ No more fire under your vat Marky??? Whats up??? Starting to feel it??? Not a nice feeling is it??? Get ready for more buddy... You bloody deserve it...


----------



## No Trust (22 November 2011)

*Financial Rape of Retiree Investors*

Time to shake the tree *"Marky Boy"* Don't think we have forgotten what you have done under the radar...  You will now be exposed for the financial rape of retiree investors... *$150M *in losses and piling up and yet this animal has the temerity to threaten investors that he will re*con*vert his bullsh#t subordinated investment... Good luck with that...


----------



## No Trust (22 November 2011)

*Re: MR HONEY-MAN*

Birds of a Feather fail together...



kostag said:


> maybe he thought that he was another  bee to honey -  sorry more like a FLY to SH-T.
> 
> Is this new DIRECTOR the same guy who is on the  ASIC web site as being struck off as a Director in 2002-2003 ????   surely not !


----------



## kostag (22 November 2011)

*Re: Piper Alderman - Amanda Banton: dealings with BORROWERS and MM HOLDINGS*

BORROWERS will now come forward with evidence of _McIvor inflicted deals _between BORROWERS and MM HOLDINGS etc to the detriment of EIF investors.  *AFP will have a field day with this one*.

BORROWERS will watch as McIvor *loses his oxygen*.

REVENGE is a dish best served cold.




No Trust said:


> Me thinks the quick footed Amanda Banton and ASIC (*12 December*) Supreme Court will have a ripper of a Christmas Present for McIvor to put under his tree...


----------



## No Trust (22 November 2011)

*Investors get the Loans McIvor Rapes the Fund of Profit*

The Piper Alderman letter is compelling reading as it sets out the claim against McIvor and I say McIvor because he *was calling all the shots*... Loans in excess of 100M were taken out to improve the funds performance yet McIvor took the profit out through unilaterally altered fee structures which were not arms length to the tune of over $70M and did not pay back the banks a cent until he was forced to by Commonwealth Bank and then the others.  So basically *he raped and pillaged the funds *and then left the innocent elderly retirees with the bank debt

He then had the guts to say that he had absorbed 35 Million in impairments earlier this year and put MM Holdings money back into the fund. The bastard was putting back *money that was never his *but the investor's money and then to top it off charged charged massive interest *again* for doing so...


*This has been the rip off of the century*


----------



## No Trust (22 November 2011)

*Re: Piper Alderman - Amanda Banton: dealings with BORROWERS and MM HOLDINGS*

If thats true, then this is fraud on a major scale... Its no wonder the Federal Police and ASIC raided the offices and McIvor's home...

Dirty Deeds Done Dirt Cheap...



kostag said:


> BORROWERS will now come forward with evidence of _McIvor inflicted deals _between BORROWERS and MM HOLDINGS etc to the detriment of EIF investors.  *AFP will have a field day with this one*.
> 
> BORROWERS will watch as McIvor *loses his oxygen*.
> 
> REVENGE is a dish best served cold.


----------



## ASICK (22 November 2011)

*Re: Piper Alderman - Amanda Banton: dealings with BORROWERS and MM HOLDINGS*



kostag said:


> BORROWERS will now come forward with evidence of _McIvor inflicted deals _between BORROWERS and MM HOLDINGS etc to the detriment of EIF investors.  *AFP will have a field day with this one*.
> 
> BORROWERS will watch as McIvor *loses his oxygen*.
> 
> REVENGE is a dish best served cold.




From the Church of "Latter day Consciences"?


----------



## kostag (22 November 2011)

*ASIC are conducting interviews with BORROWERS*

they are not doing this for practice !


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## No Trust (22 November 2011)

*ASIC Interviews*

This will not make McIvor Happy...  Sideways shuffle of dealing with borrowers to the benefit of MM Holdings is not the right thing to do Marky Boy... There were innocent retiree investors who once trusted you, that will never happen again *in your lifetime*...


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## No Trust (22 November 2011)

*Wayne McIvor*

Maybe Wayne McIvor should be given immunity by ASIC to spill the beans on what really went on...


----------



## No Trust (22 November 2011)

*Revelations*

The revelations to come out over the coming months will be eye watering stuff which will demonstrate the disrespect McIvor basically had for everyone... Is there anyone he has remained on good terms with ?


----------



## No Trust (22 November 2011)

*BDO - David Whyte*

BDO will now have to appoint new lawyers and retrieve the files from Tucker... Tucker will have no option but to hand them over as he is and *was in a position of conflict *and should not have charged any legal fees. Watch this one develop over the coming weeks.
Tucker is also *seeking revenge on McIvor *and will put the boot in, at the same time he will put the boot into himself.... 

All these guys are a *laughing stock *in the business community at the moment...


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## allinvest (22 November 2011)

*BDO (David Whyte)*

From the Equititrust WEB site:

http://www.equititrust.com.au/Pdfs/Notifications/20111122/Draft_Order_21112011.pdf

Para 4

4. Pursuant to section 1101B of the Act, Mr Whyte be appointed as:-
(a) a receiver of the property of the EIF; and
(b) a receiver of the property of the EPCIF,
until 4:00pm on Wednesday 23 November 2011, or further earlier order.

What is reasoning for short term appointment??


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## zencorp (22 November 2011)

*Re: BDO (David Whyte)*

Because the application is BACK BEFORE THE COURT TOMORROW. 

You will see that TUCKER SF PTY LTD (David Tucker) has joined in as a Respondent. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=10478/11





allinvest said:


> From the Equititrust WEB site:
> 
> http://www.equititrust.com.au/Pdfs/Notifications/20111122/Draft_Order_21112011.pdf
> 
> ...


----------



## zencorp (22 November 2011)

*Re: BDO (David Whyte)*

Interesting enough - if your look at TUCKER SF PTY LTD's original application last week, this DAVID WHYTE filed an Affidavit *in support* of Tucker's Application. This makes me think that he is in Tucker's pocket............  

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11 



zencorp said:


> Because the application is BACK BEFORE THE COURT TOMORROW.
> 
> You will see that TUCKER SF PTY LTD (David Tucker) has joined in as a Respondent.
> 
> http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=10478/11


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## No Trust (22 November 2011)

*Appointment Time Frame*

If you look at the order the appointment time frame till the 23rd is to do with ASIC having to make an oral application for intervention and the appointment of an independent receiver due to the short notice given by Equititrust. ASIC's application has been adjourned till 10.00am on the 23rd to allow ASIC to file proper documentation ratifying the appointment as well as to allow the banks mentioned in the order to assess their position in terms of whether they are happy with the appointment. The banks if they wish as secured creditors can appoint who they wish to recover their money. In the meantime to preserve files etc the court has taken the drastic measure of taking control away from ET and McIvor as soon as the other directors resigned yesterday.


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## No Trust (22 November 2011)

*Draft Order*

The draft Order interestingly enough has Tucker and Cowen as he solicitors. WTF is going on...


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## No Trust (22 November 2011)

*Re: BDO (David Whyte)*

I have looked at the court documents and there is *no reason for alarm*. The application was commenced by Tucker and ASIC intervened in that proceeding so the *orders etc are still part of that action*. The consent from David Whyte was in support of ASIC's intervention not Tucker's as Tucker wanted to load the decks with his own receiver, Clout which the court rejected.

The application tomorrow is the ratification of ASIC's oral application to have David Whyte appointed. Neither McIvor or Tucker will be happy with this. 

The only thing Tucker has done is expedite the demise of Equititrust by bringing an urgent application. So he has basically royally F#cked his old mate McIvor.

Everything in terms of BDO and David Whyte is kosher, everything in terms of Tucker and McIvor is crooked...




zencorp said:


> Interesting enough - if your look at TUCKER SF PTY LTD's original application last week, this DAVID WHYTE filed an Affidavit *in support* of Tucker's Application. This makes me think that he is in Tucker's pocket............
> 
> http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11


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## No Trust (23 November 2011)

*Legal Costs*

If you read the order *as I predicted all the costs come out of the EIF *and reduce the return to investors... McIvor caused all of this and could haver prevented all this from happening in 2008 instead he continued to plunder the fund like a drunken pirate and made *delusional commercials with Matt Corkin for Landsolve *whilst *Equititrust burnt to the ground*. Investors paid for those idiotic commercials...

But what makes me laugh the most is the scrutiny this web site and thread put McIvor under whilst he was trying to rip off more innocent investors... He could not *move an inch *as everything was reported on this website and then in the national media... 

As in the other revolutions that have taken place this year technology has *played a big part in the demise of despots around the world*. This *financial despot *is now finished as well... 

Looks like that *smoke ceremony around the offices *didn't work out so well Marky Boy better luck next time...


----------



## No Trust (23 November 2011)

Expect the banks to move after tomorrow's proceedings...


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## kostag (23 November 2011)

*Re: Wayne McIvor and ASIC*

you will find that ASIC will already be onto that - and are also talking to the old Directors as well as the major Borrowers



No Trust said:


> Maybe Wayne McIvor should be given immunity by ASIC to spill the beans on what really went on...


----------



## kostag (23 November 2011)

*NICK 'CYCLOPS' NICHOLLS: good old one eye!*

you have to give one thing to Nick Nicholls -  blind loyalty -  with Supreme Court shut down; ASIC Receiver, Liquidator on the horizon, ASIC and AFP intervention, Board number 3 walking out - no PI insurance for any new Board possible ......  he still manages to put a *positive spin on events *at the good ship SS EQUITITLOST .... I love his work -  rivalled only by Matt Corkin/Ian Maurice.....I am just waiting for a set of steak knives to be thrown in 

look at today's doozy in the Gold Coast press.... courtesy NICK 'CYCLOPS' (one eye) NICHOLLS....(and I quote

_The move has put the future of Equititrust in limbo, although the court has in effect granted permission for company founder and sole shareholder Mark McIvor to resume control of the company and possibly appoint a new board._

Future in LIMBO ? are you serious ? LIMBO -  ????  what part of closing it down and winding it up and being sued by creditors, its banks and investors , does not resonate in your head man

*granted permission*.... to resume control:    ah ,  no, I dont see those words used or implied  in any orders..... what I see is a rotting corporate carcass, which McIvor has stepped back into because no-one else will..... dont put mis-leading positive spin implying that his albeit temporary re-emergence is somehow Court sanctioned....   come on, you can do better than this, Nick -  why not ring ASIC -  you got the number? -  find out where they are up to.....  *granted peromission *-  come on .... anyone got the Press Council's phone number?

Come on -  you didn't study all those years at Journo school to do this stuff, did you?

*Mr Editor* -  please -  get out the scissors and start doing some editing.... lrts atleast get this stuff close to the mark.....


----------



## kostag (23 November 2011)

*GROWTH THAT ONLY CAUSED US HARM - the perfect storm!*

you are right on track.....

have no doubt what happended here.....

1. McIvor comes up with a great idea for a Mortgage Trust
2. He pools our money and makes prudent first mortagge loans
3. we get 8% - Borrowers pay 11%
4. Borrowers are happy -  they pay
5. EIF pays us, we are happy
6. McIvor makes 3% plus application fees, he's happy
7. all going well.
8. over time profits accumulate, McIvor builds up equity -  still all going well
9. banks and others approach McIvor (or vice a versa) - _we will lend you money at say 7% -  how much you want -  $100M  _???
10. But THEY want first charge.... so what does he do.....
11. wrecks a good model -  banks get first charge ahead of us (shame no one told us)  -  McIvor borrows $100M using the security of the loans that we had financed and funded - banks get all that good first ranking secuirty
12. McIvor now has access to an extra $100M and doesn't make money unless he can get it all loaned out and loaned quick -  so what to do?
13. he needs BIG DEALS and needs them fast -  he has almost no risk -  the banks have no risk because they hold a first charge which is now ahead of us -  we now carry all the RISK and we both dont stand to gain one cent through this and second, we dont even know that it was/is happening to us.
14. McIvor now earns 3-4% on an extra $100M etc plus plus management fees etc -  and because he is now in theory (on paper anyway) accumulating paper profits which he switches into sub-ordinated units - those units get some crazy 20%+ return as well.....   he has no real money in there -  we are still all locked in BUT now behind the banks who get repaid and paid out first and McIvor whilst in theory sitting behind us , gouges out all the profits and fees because of a high managment fee and subordinated interest return....
15. by end of 2008, he realises the gig is up BUT he has to  keep a lid on this disaster looming - a 20% drop in values because of the gearing structure of the loan book could dig deep into INVESTOR funds because they are now the second ranking layer of debt BUT they all think that they are first mortgage secured
16. what does a boy do?? he has 20years work in here and his units which he has spruiked  are subordinated behind us all could well prove to be worthless -  so keep the BOOK alive for another couple of years and drag out as much as you can -  that will be the last big grab....
17.  running out of cash? so  suspend payments of interest and redemptions.,....   why not ?? everyone else was doing it..... BUT keep ripping the management fees and subordinated return out until, what? it will all go away?? 
18. keep staff bullied and a Board compliant by paying out big - keep the PR machine primed - dont let anyone near the valuations - no, not any cost -  somehow, somehow.....

the PERFECT STORM......




No Trust said:


> The Piper Alderman letter is compelling reading as it sets out the claim against McIvor and I say McIvor because he *was calling all the shots*... Loans in excess of 100M were taken out to improve the funds performance yet McIvor took the profit out through unilaterally altered fee structures which were not arms length to the tune of over $70M and did not pay back the banks a cent until he was forced to by Commonwealth Bank and then the others.  So basically *he raped and pillaged the funds *and then left the innocent elderly retirees with the bank debt
> 
> He then had the guts to say that he had absorbed 35 Million in impairments earlier this year and put MM Holdings money back into the fund. The bastard was putting back *money that was never his *but the investor's money and then to top it off charged charged massive interest *again* for doing so...
> 
> ...


----------



## zencorp (23 November 2011)

Anyone have a copy of TODAY's ORDER????? Love to see who's going to liquidate Mcivor's prize and joy....

I want him out of his home and living they way he has made all us investors live without any income.


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## zencorp (23 November 2011)

108,000 VIEWS AND SKYROCKETING.


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## No Trust (23 November 2011)

*Thread Views*

And it will keep skyrocketing with the new revelations to be revealed in the coming weeks... 

McIvor's actions will finally have light shed on them...


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## No Trust (23 November 2011)

*50M Capital Raising*

Remember back in January the scam McIvor was trying to pull on new investors by raising a further *50M*... Imagine where those investors would be today...

Landsolve the extra staff etc were all a smoke screen to hide the *100M+ losses *that really existed. 

There should be charges laid for Misleading Conduct in relation to this and all the directors including *Kennedy,Tucker and Goddard *were around whilst this scam was being perpetrated on the Australian Public. They will say oh, its all McIvor's fault we didn't know... This is a rubbish defense as it is no excuse to be a director and not make yourself fully aware of the companies financial position. Tucker took legal fees for his silence and the others fat director's fees and achieved absolutely nothing.

Landsolve didn't solve a thing in terms of asset values whatsoever...


----------



## Charles Darwin (23 November 2011)

As Kostag suggested.. The roadshow has begun... And there are FIVE areas in particular that have the big shows attention... Very PRESSing matters... Man the horses.. CHARGE


One of the lesser known quotes...

As the sense of smell is so intimately connected with that of taste, it is not surprising that an excessively bad odour should excite wretching or vomitting in some persons. 
”” Charles Darwin
The Expression of Emotions in Man and Animals


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## No Trust (23 November 2011)

*Re: NICK 'CYCLOPS' NICHOLLS: good old one eye!*

Has Nick "The Dick" Nichols caught a case of delusion from McIvor as well??? 

Nick as usual is a *poor excuse for a journalist *and one of the reasons the Gold Bulletin in *not taken seriously *on any level...





kostag said:


> you have to give one thing to Nick Nicholls -  blind loyalty -  with Supreme Court shut down; ASIC Receiver, Liquidator on the horizon, ASIC and AFP intervention, Board number 3 walking out - no PI insurance for any new Board possible ......  he still manages to put a *positive spin on events *at the good ship SS EQUITITLOST .... I love his work -  rivalled only by Matt Corkin/Ian Maurice.....I am just waiting for a set of steak knives to be thrown in
> 
> look at today's doozy in the Gold Coast press.... courtesy NICK 'CYCLOPS' (one eye) NICHOLLS....(and I quote
> 
> ...


----------



## No Trust (23 November 2011)

*Nice Lifestyle*

Don't worry *"Marky Boy"* and *"Champagne Stacey"* are ok... Look how much money *was rorted out of the funds *as detailed in the Piper Alderman Letter... He is living well in a *Multi Million Dollar Mansion*, yet investors have been *left to starve*... Wonder what Bea Jean's thinks about all this with *12.5M *tied up... 

Investors are being *forced into welfare *as a result of McIvor's bad management and loans to his mate "King Con" yet he keeps rubbing the salt into the wound of innocent retiree investors *by living a lavish lifestyle *and driving prestige cars... 

The money he is living on *belongs to the investors *and the sooner they get that back the better.





zencorp said:


> Anyone have a copy of TODAY's ORDER????? Love to see who's going to liquidate McIvor's prize and joy....
> 
> I want him out of his home and living they way he has made all us investors live without any income.


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## ASICK (23 November 2011)

For those following Stacks Managed Investments efforts to oust Trilogy Funds Management, here's a link of interest: http://www.pacificfirstmanagement.com.au/wp-content/uploads/2011/11/2011-11-24-Bransgrove-Letter.pdf

No Trust, Kostag et al, you're not the only ones in a fight

(no, it's not a love letter as the link might suggest)


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## No Trust (24 November 2011)

*MUSICAL CHAIRS*

*Scott Rochfort
*Sydney Morning Herald
November *24* 2011


*MUSICAL CHAIRS*

The *revolving door *that is the board of the *floundering* Gold Coast financial concern Equititrust has now seen *14 director resignations*, appointments and reappointments since June.

Barely a month after swearing in a new chief executive and a new board, Equititrust this week saw another board resign just as the company's indemnity insurance policy expired.

Luckily, Equititrust founder Mark McIvor has rejoined the board after a five-month break, with his wife Stacey also becoming a director.

The next Equititrust board change could happen as soon as tomorrow with the Sydney businessman Ian Lazar applying to the courts to have a liquidator appointed.


http://www.smh.com.au/business/exotic-dance-group-needs-a-bank-daddy-20111123-1nuzb.html


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## No Trust (24 November 2011)

*More Flattering Media Coverage*

Now you would think that *these two delusional idiots *who are both "Lawyers" would know when the gig is up... But no the delusion just keeps on going, McIvor now obviously  severely stress affected and in a last desperate attempt to save is ass drags his wife on the board to do what ? 

*Of this.... a marital Bliss is not made of...* 

If ol Stace has any sense she will see a seat on the board is basically a *one way ticket to acrimony with McIvor... *Just ask his former friends who are now sworn (_affidavit_) enemies... Equititrust is cursed...

As Scott Rochfort quite correctly points out, this board of directors will not last...

Mark and Stacey *adiÃ³s amigos*


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## kostag (24 November 2011)

great letter.... I love a good fight




ASICK said:


> For those following Stacks Managed Investments efforts to oust Trilogy Funds Management, here's a link of interest: http://www.pacificfirstmanagement.com.au/wp-content/uploads/2011/11/2011-11-24-Bransgrove-Letter.pdf
> 
> No Trust, Kostag et al, you're not the only ones in a fight
> 
> (no, it's not a love letter as the link might suggest)


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## ASICK (24 November 2011)

kostag said:


> great letter.... I love a good fight




I understand it's going to get even more interesting today.  I have a feeling that it is going to be a really good fight.    (a side show for you guys, the main event for us)


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## No Trust (24 November 2011)

*Equitiflop*

What will now happen to the EquitiFlop offices after David Whyte steps in and takes control?


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## kostag (24 November 2011)

*Re: Equititrust: another flop investment*

we own some flop property in South Australia?

good to see those fu--wi-s at LANDSOLVE were looking after the rates and taxes  and things, eh.

http://www.victorharbortimes.com.au/news/local/news/general/wirrina-money-woes/2369085.aspx


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## No Trust (24 November 2011)

*Mismanagement*

Wow Landsolve were doing a really great job weren't they... All the former directors were derelict in their duties... McIvor went on and made delusional commercials *whilst the basics of the asset management were not fulfilled*. Added to this the non lodgment of the financials (_which I kept on highlighting on this thread_) left ASIC with no other choice but to take the matters out of Equititrust's hands... 

But what makes this even more sickening is the fact that *McIvor never forgot to pay himself and his companies excessive management fees *yet the most basic part of the business was not attended to. How many experts does it take to pay the rates ???

These guys were really of the rails...


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## klua (24 November 2011)

Yesterday's orders have been posted on Equititrust site:
http://www.equititrust.com.au/Pdfs/Notifications/20111124/Court_Order_23112011.pdf


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## Charles Darwin (24 November 2011)

*Re: Equititrust: another flop investment*



kostag said:


> we own some flop property in South Australia?
> 
> good to see those fu--wi-s at LANDSOLVE were looking after the rates and taxes  and things, eh.
> 
> http://www.victorharbortimes.com.au/news/local/news/general/wirrina-money-woes/2369085.aspx




Perhaps Mr Whyte might want to have a close look here.. I have heard there has been some incredible accounting.. Perhaps even SUPER accounting ... I wonder if they even attempted, the near impossible one sided journal entry ..


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## kostag (24 November 2011)

*EQUITITRUST WEB SITE www.equititrust.com.au*

they still post this as self description....

_Our Philosophy

At Equititrust Capital, our corporate philosophy is founded on 3 over-arching principles:



Trust
The key asset in our business is our reputation. As they say, “Reputation comes on foot, but departs on horse.” A company’s response to the Global Financial Crisis  provides an enduring litmus test by which corporate character and philosophy are measureable. 



Mutuality
We believe that individual and collective business objectives are best attainable through mutuality. 



Think Solutions 
We are rewarded only by achieving measurable results and delivering on our mantra of “Think Solutions.”_


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## No Trust (25 November 2011)

*Tick Tock*

Isn't it illegal to keep trading whilst insolvent ??? 

How can Equititrust keep trading with Bank Loans called in and it's Funds now in Receivership ???

The next few weeks will interesting times...


----------



## kostag (25 November 2011)

*Still in business....*

McIvor has been spotted about with the Main Street Investments people who still use the Chevron Island bunker. But all is not rosy there right now either. McIvor's rebirth using Hannan's respected model won't get off the ground.

David Kennedy knows he is being blamed for the current situation and isn't happy.

The insane mini-bank model of Trust Capital Mutual etc is a joke to all except mad max.

the nuclear devices (as Madoff called them) are all starting to go off BUT at ASIC... not what he had planned.

respected borrowers who Mad Max thought were in the inner circle are simply biding their time and
 hedging bets

trouble is, when you 'do the dirty' on everyone... partners, employees, family....you run out of people. when you lose yr hold and your power base, you become very vulnerable.... you can't hoover up everyone around you. it will cost more than a round if drinks this time.


----------



## Charles Darwin (25 November 2011)

'Klink' might not be happy... 

It has been said by some, He may well be seen as the architect behind the Landsolve farce... And possibly the ill fated plan of paying banks out in full.. And changing the structure from units to shares.. which would have given investors no say at all.. And no rights to any distributions.. 

I also hear, He will not be happy about the big shows change in stance on his previous dealings in another life..


----------



## kostag (25 November 2011)

Certainly KLINK is not the favoured son any more....

we all saw the amateur stunt to switch DEBENTURE UNITS to SHARES as a complete financial castration of UNIT HOLDERS rights, no matter how beguiling it may have looked.

That is where Mad MAX started to talk to MAINSTREET INVESTMENTS about their ASX listed shell and aspirations. 

MAINSTREET latched onto McIVOR promises of Cash support and he got some 19.9% of the deal and we are told very very reliably has sold some of his properties including the FUHRER BUNKER to Mainstreet with a sale/settlement set down for 6-12-11. Maybe then its off to fairer climes? He tried to do a 'Peter Voss' on the boys.

Then tried to hoover up all their IP, branding etc and key people.... until his hot coffee got spilt into his lap -  nearly wrecked his IPOD.

Re: KLINK's prior life as an architect at that other financial rorting, MFS -  CharlesDarwin, I assume you refer to ASIC etc and the fact that they may see KLINKs role at EQUITITLOST as a systemic continued process of INVESTOR LOOTING AND RAPE. 

Even those who turned a BLIND EYE will not be spared..... right down to EXECUTIVE STAFF and ACCOUNTANTS etc -  _if you know something is wrong, you cannot just sit and do NUTHINK  and blame the TOPMAN_..... the Nuremberg War Trials showed us that accountability flows to all levels.... Mein Fuhrer, Kolonel Klink, SUPERman the Numbers man; the whole lot will have their B-LLS absolutely on the block.... Banton and ASIC will not stop with this one

Just wait for 4CORNERS on this one......a $200M complete write off, this will be one of Australia's worst in terms of percentage write off!

there are plenty of 'squealers' beating a path to ASIC's door right now....  trouble facing MEIN FUHRER is that he has stuck it to so many, that he has no IDEA who is leading the charge and who is saying what to whom.... he just has to sit it out in Mein Fuhrer Bunker and wait for the knock on the door.....













Charles Darwin said:


> 'Klink' might not be happy...
> 
> It has been said by some, He may well be seen as the architect behind the Landsolve farce... And possibly the ill fated plan of paying banks out in full.. And changing the structure from units to shares.. which would have given investors no say at all.. And no rights to any distributions..
> 
> I also hear, He will not be happy about the big shows change in stance on his previous dealings in another life..


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## No Trust (25 November 2011)

*Bad Luck*

If bringing *MFS Kennedy *on board was a bad Omen bringing his wife stacey on board *is akin to bringing a cat aboard a ship*... Oh hang on the ship is already *sinking*...

Keep up the *delusion*  ol boy, the hair is just gonna get whiter... Is it just me or is *McIvor a ghost of his former self*...


----------



## No Trust (25 November 2011)

*Look out for more legal action*

There *will be more attempts to wind up Equititrust *very soon. It will then get to a point where one of the creditors will support the action and a liquidator will be appointed...


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## No Trust (25 November 2011)

*New Board*

New Board of what ??? Are they hoping the receivers of the funds will employ them ??

Its a joke right

A new advisor joining soon "King Con" ... Why not McIvor will try anything...

Who is funding this farce... Oh thats right the money rorted from Investors in mismangement fees

Is Ross Honeyman *insane* or in desperate need of a job...

Anybody want to lay some bets as to how long this board will last 


http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_24_11_2011_Board_Changes.pdf


----------



## No Trust (25 November 2011)

*Honeyman*

Is this the same Ross Honeyman???

Will the real Ross Honeyman please stand up

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/017029115.pdf/$file/017029115.pdf


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## kostag (25 November 2011)

*LAZAR HAD THEM IN COURT THIS MORNING....*

I think that McIVOR is still trying to get a new RE settled and ofcourse beign in charge again now -  will be working to convert his worthless SUBORDINATED UNITS to ordinary units like all the other poor losers etc so that even if there is 10cents in the $, he can try and grab a couple of million......


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## No Trust (25 November 2011)

*New RE*

McIvor will *never get control of the funds again*, nor will he be allowed to raise *anymore money from the Australian Public*...

In terms of the conversion he has *"NO CHANCE"* whatsoever and that is coming from very credible and reliable sources...


----------



## No Trust (25 November 2011)

*McIvor and Quinlivan in the Witness Box*

Isn't it about time to get the Architects of Equititrust's demise in the witness box...


----------



## No Trust (25 November 2011)

*What Staff are left at EquitiRust*

Who is left in the offices of EquitiRust...


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## klua (25 November 2011)

Any news on how the Lasar court case went?


----------



## kostag (25 November 2011)

*Re: McIvor and Quinlivan in the Witness Box*

we should remember in regard to Mr Quinlivan -  he has done nothing wrong.

His reputation wasn't exactly kept secret

He submiited a finance proposal to McIvor -  that's his job

McIvor was/is meant to check it all out etc - then lend the money -  that's his job

Now, whilst we would like to think that Quinlivan's deal was soundly based and that he could repay it -  he would probably argue that its end value and ability to repay was predicated on the financier's ability to bankroll the project compeletion - 

this is then where McIvor failed - on a number of fronts.

If McIvor and or his company put it on Quinlivan to pay some huge fee etc to MM Holdings or anyone else for that -  Quinlivan would simply do what was asked of him..... his main job being to get the money.....

We all need QUINLIVAN to co-operate and tell us all what happended, so that we can then see if this was (as it seems) reckless, imprudent lending -  or perhaps , worse....









No Trust said:


> Isn't it about time to get the Architects of Equititrust's demise in the witness box...


----------



## SPECTRE (25 November 2011)

Who is Peter Voss and who are "the boys"?



kostag said:


> Certainly KLINK is not the favoured son any more....
> 
> we all saw the amateur stunt to switch DEBENTURE UNITS to SHARES as a complete financial castration of UNIT HOLDERS rights, no matter how beguiling it may have looked.
> 
> ...


----------



## SPECTRE (25 November 2011)

*Re: New RE*

How did McIvor build up some $60 million in personal property assets held in his company from a salary from Equititrust?

Who controls his personal company now and how does he intend to pay the interest on his mortgages?

Is this why he has fought so hard to get back in control of Equititrust? But that company is merely a Trustee of the Funds and by good authority has five Debentures over it from Bnks and Others? So does he think he will be able to access funds from Equititrust to use to pay his interest bill?

Oh bye the way, who is paying the legal bills? Equititrust? and if so from what income? Has there been a report to Unitholders on asset sales or debt recovery in the last weeks? Where is the CEO Troy Bingham through all of this, America I am informed on personal business unrelated to Equititrust. I would have thought the CEO would "Cuddle" the Unitholders closer and provide weekly reports, after all that was why McIvor employed him. Come on Troy, Show Us The Money!

Will this Receiver make any difference as it appears from the Court Orders posted yesterday that the Receivers fees are paid first, so I guess McIvor has been beaten to the gun again.

Has McIvor set up his new Reaponsible Entity yet? If so what does that mean to Unitholders or are we to see him try and "Manage the dirt" in another 



No Trust said:


> McIvor will *never get control of the funds again*, nor will he be allowed to raise *anymore money from the Australian Public*...
> 
> In terms of the conversion he has *"NO CHANCE"* whatsoever and that is coming from very credible and reliable sources...


----------



## kostag (25 November 2011)

*Welcome SPECTRE and good to see some new talent....*

good questions and , sadly, in most cases, I think the answers are obvious..... and none of it is good for us. 




SPECTRE said:


> How did McIvor build up some $60 million in personal property assets held in his company from a salary from Equititrust?
> 
> Who controls his personal company now and how does he intend to pay the interest on his mortgages?
> 
> ...


----------



## No Trust (26 November 2011)

*Piper Alderman - Amanda Banton*

It must be *excruciating* to have to keep the *Piper Alderman *letter on the company website for all to see...

Of more importance now however is whether Equititrust has a FSL any longer...


----------



## kostag (26 November 2011)

*EQUITITRUST: NEW BOARD: HONEYMAN*

would the real ROSS HONEYMAN please stand up?

Given the undertaking made to ASIC (my highlighting in RED) this cannot surely be the same guy.



_03-408 Commercial Nominees directors removed from securities industry

Thursday 18 December 2003


The Australian Securities and Investments Commission (ASIC) has banned two former directors of Commercial Nominees Australia Limited (CNA) for three years and gained enforceable undertakings from two other former directors that they would not be involved in the financial services industry for five years. 

Mr Anthony Hall and Mr Andrew Skinner were banned from doing an act as a representative of a dealer or an investment advisor for three years.

Mr Carl Hanich and Mr Ross Honeyman entered into enforceable undertakings following an ASIC investigation. Both have agreed to refrain from acting as a representative of a securities dealer or an investment adviser and have agreed not to manage or become an officer of any corporation that is a Licensable Entity. Mr Hanich is permitted to perform a limited range of functions as agreed with ASIC.

Mr Hanich and Mr Honeyman were also directors of Flinders Asset Management Limited, former manager of the Confidens Investment Trust, a fund regulated by ASIC, whose members lost more than $2 million invested in the Enhanced Cash Management Trust, an unregulated trust fund operated by CNA. 

ASIC had previously successfully applied to the Supreme Court of New South Wales for the appointment of a receiver to the Confidens Investment Trust, who recovered more than $15 million, which has been returned to investors.

The full terms of the enforceable undertakings can be viewed on ASIC's web site at www.asic.gov.au.

End of release_


----------



## klua (26 November 2011)

Anyone have any news on outcome of the Lasar case?
Nothing as yet on Court website
https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions


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## Charles Darwin (26 November 2011)

klua said:


> Anyone have any news on outcome of the Lasar case?
> Nothing as yet on Court website
> https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions




I hear, Adjourned until next Friday because of  some hearing in Brisbane next Wednesday re another RE.. Dreamers.. Perhaps the big show has now been agitated enough ... Gotta stop poking the 300lb gorilla boys.. He is about to unleash..

Why is Tucker still representing?


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## SPECTRE (26 November 2011)

*RE: MAINSTREET HAS LEFT THE BUILDING*

It was interesting to watch over a coffee across the road from the"Fuher's Bunker" the "MainStreet Boys" leaving the ground floor rear office of the Equititrust Building.

I guess this company is the latest victim of McIvors "deceptive practices" and false promises.

By the look of the size of these guys, I don't think McIvor should challenge them as they look like they can handle themselves and from what my inquiries tell me, they are "seasoned commercial campaigners" and more than a match for Mark McIvor and his stooges he calls "Directors" !

Another one bites the dust for McIvor. Turned another Friend into a Foe ; this time I am told, a "formidable" one!


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## No Trust (26 November 2011)

In terms of ASIC it does seem that McIvor keeps agitating, and provoking, little does he know that he has a tiger by the tail this time...

In terms of a new RE delusional in the extreme... Insurance is needed and ASIC will intervene again...

The new RE will not happen...


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## No Trust (27 November 2011)

Is the delusional proposed appointment of a new RE an attempt to somehow thwart the receiver David Whyte from BDO...


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## No Trust (27 November 2011)

Who is funding the day to day operations of Equititrust??? One would assume that all bank accounts and money contained therein would revert to the receiver...


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## No Trust (27 November 2011)

*Receiver David Whyte BDO*

It will be interesting to see whether the receiver David Whyte is offered the full cooperation of the dynamic McIvor Duo who have both squandered retiree investors money and at the same time enjoyed a champagne lifestyle as a result of doing so...

Sick delusional people with no shame...

The current board of morons will be gone by Christmas...

AdiÃ³s Amigos


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## kostag (27 November 2011)

*hi SPECTRE*

I am told that McIvor's whole strategy was based on a JV with respected but cash strapped Mainstreet investments... McIvor promised and could not deliver. Greg Hannan the CEO is not happy.... and the email traffic is flying... and McIvor's treachery is now caught out.... again


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## No Trust (27 November 2011)

Another relationship bites the dust... How many enemies can one man make ?


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## No Trust (27 November 2011)

*Honeyman*

Will Equititrust confirm the Honeyman they have got is the Moneyman that ASIC NABBED a few years back ??

If it is then I guess beggars can't be choosers when it comes to board talent...

Who is next Mathew Perrin his ex neighbor ??? Then on the website he will be described as having a stellar career at Billabong...

Give us all a full resume of your board appointees not selected deletions of past malfeasance. What else would you expect from McIvor... problem is in today's world of technology all of his remains in the record forever...


----------



## kostag (27 November 2011)

*Re: Equititrust: McIVOR the Corporate HOOVER*

for a round of drinks, he tries to hoover up another good company....



No Trust said:


> Another relationship bites the dust... How many enemies can one man make ?


----------



## No Trust (28 November 2011)

*Honeyman*

Honeyman are you the Moneyman banned by ASIC ?


----------



## No Trust (28 November 2011)

*Bank Action*

Look out for *bank enforcement action in the coming weeks *as Commonwealth, NAB and Westpac finalise talks with ASIC Appointed receiver *David Whyte from BDO*.

Equititrust is now a shell with the life source sucked out of it with no value whatsoever... The machinations of *three decrepit directors *now installed will make no difference to the banks who are secured...


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## No Trust (28 November 2011)

*Supreme Court Order Appointing Receiver*

The order appointing the receiver is *very specific *in not infringing on the rights of the secured creditors NAB, Commonwealth and Bank Of Scotland.

Para 7 of the Order clearly outlines this...

http://www.equititrust.com.au/Pdfs/Notifications/20111124/Court_Order_23112011.pdf


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## No Trust (28 November 2011)

*Remember This Litany of Lies*

I guess all of these lies will be used as evidence in the Class Action...

Look at the impairments now and what was hidden from investors until April...


http://www.equititrust.com.au/Pdfs/Investor Communication MEDIA ARTICLES (Feb 2011).pdf


----------



## No Trust (28 November 2011)

*Colin Kruger and the SMH*

Full credit to Colin Kruger for jumping onto this story when he did, otherwise many other innocent Australian's would have been hurt by McIvor...

Now its time to ban McIvor ,Kennedy and Tucker from the Financial Services Industry for good...


----------



## SPECTRE (28 November 2011)

*Re: Honeyman*

From Information being bandied around the Financial Sector, it is this very SAME man who is heading up the CRC and “new Guardian Trust Mutual” sectors as well.......so much for a  “respected” Director regime to “replace” the last “respected Equititrust & Landsolve debacles” !



No Trust said:


> Honeyman are you the Moneyman banned by ASIC ?


----------



## SPECTRE (28 November 2011)

*Re: Equititrust Limited Fund Deeds?*

Has “anyone” checked the various Fund Deeds that would “allow” such exhorbantant “fees” to be charged by the Equititrust Limited RE over and above the levels of returns paid to Unitholders of the very same funds ?...........let alone that Unitholders returns have been “frozen” for a number of years YET the “fees” to Equititrust Limited have continued on in the process .......how does that work ?


----------



## SPECTRE (28 November 2011)

*Re: Equititrust Fees*

QUESTION:  There does not appear to be ANY qualifications by the Fund Auditors KPMG regarding the issue of “fees” to Equititrust let alone any queries of conflicts in any dealings between “associated” parties such as MM Holdings Pty Ltd and/or Mark McIvor and Equititrust Limited..............how does that work in an Audit process or is it possible that the “association” between Directors of Equititrust Limited and KPMG “over rides” any such “conflicts” or Audit testing ? Have the Authorities involved to date been watching this happen?


----------



## SPECTRE (28 November 2011)

*Re: EQUITITRUST - MARK McIVOR PROPERTY PORTFOLIO*

QUESTION: It would be interesting to see upon a forensic examination of the Property Portfolio of Mark McIvor, his Company MM Holdings Pty Ltd and what has been “passed over” to his wife Stacey and possible their family as to whether they represent “Assets” that at some time formed “part” of the Funds and just “happened” to be so transferred in the “dealings” with Borrowers in lieu of, or reduction of their indebtedness to Equititrust Limited; to the “betterment” of ONE Unitholder (Mark McIvor) as opposed to ALL the other Unitholders ?


----------



## SPECTRE (28 November 2011)

*Re: ATO and EQUITITRUST FEES - PAYMENTS TO McIVOR*

QUESTION : How has the ATO viewed the “massive fees” charged and PAID to Equititrust Limited and then down to its SOLE Shareholder MM Holdings Pty Ltd (Mark McIvor) or has such information been passed through to them via income Tax Returns ; maybe they have been with held in the same light as overall Unit Holder Distributions ?

..........where are the external Auditors and Accountants in that regard........maybe just as silent as the Unit Holder Distributions and the “underlying” deals done that the Equititrust Board seems to be so “unaware” of as they say...........must be in same light as such Bank Cross Collaterisation that the SAME Equititrust Limited Board reports to having been unaware of from the past ?


----------



## SPECTRE (28 November 2011)

*Re: Equititrust Used As Security - McIvor Property Acquisitions*

QUESTION: How does the Equititrust Responsible Entity (RE) and the very Trustee of the ETL Funds “offer” itself and by default, the Fund assets, as “security” for “personal Loans by Mark McIvor to enter into Loans to cover Tax Schemes he entered into on a “personal level” , funded by one Grant Park (Capital Group Melbourne) and he (Mark McIvor) then granted a Fixed & Floating Charge over Equititrust Limited in the same fashion as the Banks ; and the then Board of Equititrust approved this? (or did they) ..........and the Auditors questioned nothing of this ?.....................hope both the Equititrust Board and Auditors have adequate Professional Insurance Cover and the relevant Authorities, Receiver, upcoming Liquidator and Piper Alderman do their homework in this aspect as well as regarding the McIvor and his company Property Portfolios !!


----------



## klua (28 November 2011)

*Re: Equititrust Used As Security - McIvor Property Acquisitions*

There is a list of the charges in 18th November affidavit of Paul Vincent at page 11.
Is the first one listed the one you are referring to?
According to the list this charge is in the process of being removed.


----------



## kostag (28 November 2011)

*Re: Equititrust KPMG: auditors : they'd be checking their PI policies*

a friend told me today that he had just learned that the senior Auditor Partner on the EQUITITRUST audit is related through marriage to - wait for it -  you guessed it..... KING CON!! HOw about this conflict of interest -  un-disclosed!

That party also told me that various authorities are looking closely at the standard of the AUDIT -  what confirmations were made by the AUDITORS with the MAJOR BORROWERS as to the AMOUNT OWING, SECURITY etc.

This follows on from allegations by some MAJOR BORROWERS that do NOT owe anything like being claimed in PDS statements or PUBLISHED DATA.

This material will blow the lid of the place. 



SPECTRE said:


> QUESTION:  There does not appear to be ANY qualifications by the Fund Auditors KPMG regarding the issue of “fees” to Equititrust let alone any queries of conflicts in any dealings between “associated” parties such as MM Holdings Pty Ltd and/or Mark McIvor and Equititrust Limited..............how does that work in an Audit process or is it possible that the “association” between Directors of Equititrust Limited and KPMG “over rides” any such “conflicts” or Audit testing ? Have the Authorities involved to date been watching this happen?


----------



## SPECTRE (28 November 2011)

*Re: Equititrust Used As Security - McIvor Property Acquisitions*

QUESTION: Klua, In so far as the Capital Corporation (Australia) No1 Pty Ltd Charge is concerned as it appears in Paul Vincent’s Affidavit , the “real” question is that “how” was it allowed to be lodged in the “first place” ; obviously signed for on both sides by Mark McIvor as a then Board Member and secondly as it being in relation to a “personal borrowing” for a Taxation Scheme ? ASIC records are very interesting to view as to the Deregistration and Registration of untold number of Capital Corporation Companies relating to Grant Park (Capital Group), regardless as to what minimal amount is mentioned in Paul Vincent’s Affidavit ; by the way, what “property project” was that Fixed & Floating Charge “booked up” in the records of Equititrust in the first place......Board approval, Auditor’s Review, ATO knowledge, “how” now discharged, why and by which “funds” ??



klua said:


> There is a list of the charges in 18th November affidavit of Paul Vincent at page 11.
> Is the first one listed the one you are referring to?
> According to the list this charge is in the process of being removed.


----------



## SPECTRE (28 November 2011)

*Re: Equititrust Auditors & Receivers*

QUESTION : How many Receivers does it take to deal with Equititrust Funds ? The Court Appointment made by ASIC intervention saw David Whyte of BDO being appointed Receiver to the Equititrust Funds and today, the nominated Receiver that David Tucker applied to the Courts to appoint on behalf of a number of Creditors, namely John Kennedy of David Clout & Associates is seen exiting the “Fuher’s Bunker” (Equititrust Office) in Chevron Island..........which Receiver is to fight over which Fund assets to secure their relevant fees..........seems that the “cheque book” will be overflowing ; NOT to Unit Holder Distributions, rather Receiver Fees............NEXT will be Liquidators and Legal fees no doubt...................and Unit Holders appear where ?


----------



## No Trust (28 November 2011)

*Re: Equititrust Auditors & Receivers*

As usual unit holders *will come last*... As to receivers / liquidators coming and going from the "Fuher's" bunker it seems there are machinations going on behind the scenes which are not in the best interests of unit holders... 

Its interesting to note that the *office building as well as 1 Southern Cross Dr *is under surveillance from a number of parties... 

Isn't it time the *Australian Taxation Office *looked into McIvor's affairs... For the benefit of all parties with a vested interest it is time the transactions are *put under the microscope...
*




SPECTRE said:


> QUESTION : How many Receivers does it take to deal with Equititrust Funds ? The Court Appointment made by ASIC intervention saw David Whyte of BDO being appointed Receiver to the Equititrust Funds and today, the nominated Receiver that David Tucker applied to the Courts to appoint on behalf of a number of Creditors, namely John Kennedy of David Clout & Associates is seen exiting the “Fuher’s Bunker” (Equititrust Office) in Chevron Island..........which Receiver is to fight over which Fund assets to secure their relevant fees..........seems that the “cheque book” will be overflowing ; NOT to Unit Holder Distributions, rather Receiver Fees............NEXT will be Liquidators and Legal fees no doubt...................and Unit Holders appear where ?


----------



## No Trust (28 November 2011)

*Re: Equititrust KPMG: auditors : they'd be checking their PI policies*

If this *revelation turns out to be true *then there are going to serious ramifications for all concerned. It seems that *"Conflicts of Interest"* were the order of the day under McIvor and the previous board of directors... 

Did any of the directors ask questions or did they just blindly participate in activities which were *a gross dereliction of their duties*...



kostag said:


> a friend told me today that he had just learned that the senior Auditor Partner on the EQUITITRUST audit is related through marriage to - wait for it -  you guessed it..... KING CON!! How about this conflict of interest -  un-disclosed!
> 
> That party also told me that various authorities are looking closely at the standard of the AUDIT -  what confirmations were made by the AUDITORS with the MAJOR BORROWERS as to the AMOUNT OWING, SECURITY etc.
> 
> ...


----------



## kostag (28 November 2011)

*ASIC are right onto this*

dont think that ASIC are doing nothing -  they have reams of seized material and the department pouring over it are the very skilled and under-resourced fraud and enforcment boys -  they are looking for a nice big fat scalp and I suspect that they can smell one here.....


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## SPECTRE (29 November 2011)

*Re: Equititrust - Continuous Disclosure*

QUESTION 1 : Continuous Disclosure :- Does Equititrust really know what that means in “English Terms” let alone the Corporations Act ? .......obviously not from the absence  of “critical issues” over the past years, let alone the concept of “NO Disclosure” both at Board Level and Unitholder Level.


----------



## SPECTRE (29 November 2011)

*Re: Equititrust - Responsible Entity / Directors  Insurance Cover*

QUESTION 2 : When, if ever, was Equititrust Limited going to provide the “Continuous Disclosure” regarding the “non renewal” or lack of obtaining “fresh Insurance Cover” post the cessation of same by the previous Insurers after the Court Case heard on 21st November 2011 at 4.00pm; NOT appearing on Company website under Continuous Disclosure Statements ?  ?


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## SPECTRE (29 November 2011)

*Re: Equititrust - Receiver Appointment Disclosure?*

QUESTION 3. : When, if ever, was Equititrust Limited going to provide the “Continuous Disclosure” regarding the Appointment by the Court on 21st November 2011 of David Whyte as Reciever of the Funds and the Orders so produced by the Court ; NOT appearing on Company website under Continuous Disclosure Statements ?


----------



## SPECTRE (29 November 2011)

*Re: Equititrust - Disclosure on Company Website*

QUESTION 4. : When, if ever, was Equititrust Limited going to provide the “Continuous Disclosure” regarding the “role” of it and the “new Board” regarding its position as what ; an RE with NO Insurance and contravening Corporation Act Basic requirements ; NOT appearing on Company website under Continuous Disclosure Statements ?


----------



## SPECTRE (29 November 2011)

*Re: Equititrust - Fees After Receiver Dips In For Costs*

QUESTION 5. : When, if ever, was Equititrust Limited going to provide the “Continuous Disclosure” regarding the relationship it was to have with the Funds and whether it was STILL to obtain FEES of ANY amount from the Managed Funds AFTER Receiver Costs and if so, WHY would it be entitled to FEES if it is NOT an Responsible Enitiy ?


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## SPECTRE (29 November 2011)

*Re: Equititrust - Who Is The Real "Reptile"?*

NEW QUESTION: With NO Fees emanating from Equititrust, will we now see the Banks finally taking control of such “Assets” and IF anything left over, a possible return of any excess to Equititrust Unit holders where it belongs?...............will be needed to pay Receivers, Liquidators let alone associated Legal Firms now engaged.................likely return to Unit Holders ; ZERO is much closer than ever before BUT justice will prevail against those who have perpetrated nothing more than a crime against innocent Unit Holder Investors, let alone aggrieved Lenders who have been “raped’ by Mark McIvor self serving deals.........WHO are the real “Reptiles” as Mark McIvor has referred to them.......will the “real” Reptiles please stand up; Mark, that means YOU !


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## SPECTRE (29 November 2011)

*Re: Mark McIvor's Personal Bunker/s*

ANOTHER NEW QUESTION : It is noted with interest that ALL the “curtains” are drawn at the “personal bunker” of Mark McIvor and family at 1 Southern Cross Drive Cronin Island ; apart from the weather, is it either that it is getting “hot” inside or has Mark McIvor and family “retreated” to “another” family “bunker” on Cronin Island forming part of “his” property portfolio that has arisen from “where” and at Unit holders expense ?


----------



## No Trust (29 November 2011)

*Oh which bunker will I scheme in tonight*

It seems that the McIvor's will move to an adjoining property spread across 4 blocks of land on Southern Cross Drive.. Their agent is spruiking this to all interested parties as if there is no crisis whatsoever... 

What is disgusting about the McIvor's actions is the fact that there is no intention whatsoever to return any of the proceeds to unit holders... Having raped the fund and lost in excess of 150M on dodgy loans to the likes of King Con there is no remorse...


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## No Trust (29 November 2011)

*Trading Whilst Insolvent*

Isn't it illegal to *be trading whilst insolvent*...

At what point does McIvor have to throw in the towell... 

Discussions with Liquidators maybe focused on a *voluntary appointment *to a friendly liquidator who will not ask any questions... Due to Equititrust being inextricably linked to the *two funds now in receivership *an Independent *liquidator needs to be appointed to Equititrust *to ask the relevant questions of McIvor and conduct the necessary investigations along with *ASIC and the Federal Police...*

*This stunt wont work...*


----------



## No Trust (29 November 2011)

*Financial Services License  - Cancellation*

What is the Status of the Financial Services License ? Has ASIC *cancelled the License*??


----------



## No Trust (29 November 2011)

*Legal Action and Recovery against Borrowers*

What is the status of the *ongoing legal action *and recovery against borrowers? Have the files been returned from Tucker or *is he holding out for payment *??


----------



## klua (29 November 2011)

*Re: Legal Action and Recovery against Borrowers*

Is there anywhere we can see the contents of the affidvits of Tucker, Kennedy etc that were filed in the Tucker SF case?


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## No Trust (29 November 2011)

*Affidavits*

Yes, the affidavits can be copied by *searching the file in the Supreme court*... the contents of those affidavits will be *explosive* as they exhibit emails from the "Fuhrer" threatening everyone...


----------



## kostag (29 November 2011)

*LAWYERS ACTING....*

a good guide to teh state of play is the legal representation that a DEFENDANT goes for....

right now, Mein Fuhrer is darting aorund in the shadows trying to get a mouth peice... anyone who promises success will get themselves a nice plump chook for Xmas....

when it all gets too hard and the walls all come tumbling down.... they too will jump ship like all before them.....


----------



## No Trust (29 November 2011)

*Re: LAWYERS ACTING....*

Lawyers like to get paid, so any lawyer willing to act for the "Fuhrer" will be asking for a *massive retainer *which will always need to be topped up in the event of a fall out...With McIvor this is guaranteed... 

Just look at his history with other partners on the Gold Coast, John Fish, Tony Smith etc etc Brother Sister the list goes on... *All ended in tears*... Who is next fellow director Wifey... Its only a matter of time and as history as shown McIvor will fall out with each and every director...



kostag said:


> a good guide to the state of play is the legal representation that a DEFENDANT goes for....
> 
> right now, Mein Fuhrer is darting aorund in the shadows trying to get a mouth peice... anyone who promises success will get themselves a nice plump chook for Xmas....
> 
> when it all gets too hard and the walls all come tumbling down.... they too will jump ship like all before them.....


----------



## No Trust (29 November 2011)

*Financials - How Big are the Losses*

Investors have been *promised* the financials on a number of occasions and despite repeated promises the financials which are critical have not been produced...

How can this joke of a company continue... The *Australian Taxation Office *might also be looking for the returns as well...


----------



## No Trust (30 November 2011)

*Seems Lazar's Action has some Traction*

There is more than meets the eye in the *Lazar Action to wind up Equititrust*, we now have two supporting creditors, Ms Dianne Bancroft and Mr Harold Bankcroft represented by *PIPER ALDERMAN*...

https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions

This is important in that if the Lazar action was settled or even defeated the action instigated by Piper Alderman can, and will still proceed on behalf of the Bancroft's. This is the perilous nature of Winding Up Applications as numerous creditors can join the action in support...

Do not be surprised to see more Equititrust creditors joining in support of the action...

Prior to the hearing date expect to see action by the banks appointing their own liquidator...

In an interesting sideline Tucker and Cowan Solicitors filed a *Notice Ceasing to Act *on the *28th of November*... Do not be surprised if Tucker joins as a supporting creditor... remember Tucker went from being a "fat and doughy" paid mercenary defending every action of McIvor and Equititrust to trying to wind up Equititrust and get revenge on his old buddy McIvor.  

The fact that the *fast footed Amanda Banton * from Piper Alderman is now involved brings some serious credibility to the winding up action in the Federal Court...


----------



## No Trust (30 November 2011)

*Receiver David Whyte BDO*

It will be interesting to get receiver *David Whyte's *initial take on what went down at Equititrust. I am sure some of the revelations via information coming to him will be jaw dropping... *So jaw dropping *that he will have a statutory obligation to report the lawlessness to the relevant authorities to commence proceedings...

*There is no doubt that this will happen...*


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## kostag (30 November 2011)

*ENEMY .... whom is squealling loudest at ASIC?*

the enemy that you cannot spot is the one that will get you........

*1.	Borrowers:*
Lazar
Konstaninidis
McCart
Dave Roberts
Peter Madras
Jim Raptis
Dudley Quinlivan
*2.	Family:*
Wayne McIvor
sister
*3.	Investors:*
Bea Jeans
*4.	Advisers:*
David Tucker
KPMG (auditors)
*5.	Partners:*
Greg Hannan
John Fish
*6.	Employees/ officers:*
Sid Super
David Kennedy
Craig Treasure
David Jackson
John Goddard
Tim James
*7.	Bankers:*
Westpac
NAB
BOS
CBA
*8.	Media:*
Choice Magazine
ACA
SMH 

:


----------



## SPECTRE (30 November 2011)

*Re: Equititrust - Enemies Squealing?*

*KOSTAG* : As an interested party to the actions and damages caused by Mark McIvor, his Advisors, Directors and all MM associated entities it is in the interest of likewise  affected individuals that information contained in this “forum” is updated and corrected when and/or if necessary.

*Directors and Officers (Past & Present) : *Let’s not forget such illustrious individuals as *Warwick Powell*, now “Strategic Advisor)  and the current “ ASIC well loved” previously banned Director being *Ross Honeyman *who finds himself back in a Company that operates in the very Industry that ASIC saw fit to have him banned from operating as a Director in ; “well done” Mark and how long will ASIC standby and either continue to allow such an appointment or turn their “eyes” once again on what it is that “he” is actually doing and under “whose” direction.......surely the SOLE SHAREHOLDER of Equititrust Limited would NOT be exerting any “influence” and “direction”.......oh, WHY NOT, has been the position in the past and when he didn’t get what HE wanted, he AMENDS the Company Constitution and DISMISSES the Director as was the case with David Tucker...........was good enough for Mark McIvor to deal with David Tucker in that manner, so “stone” is set to be able to deal with the likes of Ross Honeyman in the “same fashion”...................interestingly enough, even Mark’s wife Stacey would find herself in the “same” position should the “need” arise from Mark’s perspective or things get “too HOT” on the home front !

*Troy Bingham *now finds himself in the illustrious role of CEO ; Mark, have you made any “provisions” in the Company Constitution for “dealing” with CEO’s as opposed to “Directors” or simply will you rely on your ability to just “dismiss” anyone as an “employee” that doesn’t “perform”, being “performance” as Mark McIvor sees fit, rather than “independence” and responsibilities pursuant to Corporations Act ?

* Advisors :* Obvious “missing persons” from this list include the likes of Warwick Powell , now CEO, Ross Honeyman ( Trust Mutual, CRC and former ASIC banned Director), *Cameron Davies *( former Borrower, former Bankrupt and wonder what “deal” was done with him (Cameron Davies) regarding his debts with Equititrust Limited ??)

*Partners :[/B] Correction required regarding Greg Hannan ; NEVER a partner of Mark McIvors (although McIvor wished) but the CEO & Founder of MainStreet that fell foul to Mark’s failed completion of Capital Agreements with MainStreet and has seen that MainStreet company “exit” the “Fuhrer’s Bunker” at Chevron Island and the damage caused to that Company by “unauthorised” use of its name on Companies belonging or formed by Mark in breach of Agreements to do so, let alone undertakings to NOT undertake such activity with NO Agreements being adhered to, completed and “false” undertakings to complete ; oh, how surprising that Mark has done such things........question is, does he really know how to act “properly” and not under the table and for self serving purposes, or is that HIS definition of what a Partner is, contrary to Oxford Dictionary definition ?

 Indigenous Partners : Mark McIvor went out of his way to refer to the “partnering” with what he termed as “his Indigenous Partners” who in turn were involved in the Media reported “traditional smoke blessing” of the “Fuhrer’s Bunker” ; interesting references by Mark McIvor when he is quite vocal and “proud” to refer to all others in an absolute “racistâanner..........would our “Indigenous” population be aware of his “racist depiction” of others and condone such references, let alone being referred to as Mark’s “Partners”...........I think NOT..........*


----------



## No Trust (30 November 2011)

*Re: ENEMY .... whom is squealling loudest at ASIC?*

Kostag, there are a few more to add to the list... ASIC are about to receive a further *bundled pack of information *which outlines further malfeasance... 

Forget about *Equititrust its finished*, the main game will now revolve around charges being laid...






kostag said:


> the enemy that you cannot spot is the one that will get you........
> 
> *1.	Borrowers:*
> Lazar
> ...


----------



## kostag (30 November 2011)

*Re: ENEMY .... whom is squealling loudest at ASIC?*

correct: a few parties are aware that reams of meaty material is about to hit the corporate regulator......




No Trust said:


> Kostag, there are a few more to add to the list... ASIC are about to receive a further *bundled pack of information *which outlines further malfeasance...
> 
> Forget about *Equititrust its finished*, the main game will now revolve around charges being laid...


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## No Trust (1 December 2011)

*Winding Up Application Federal Court  2 December*

It will be interesting to note if *Piper Alderman *will be appearing at Friday's Winding Up Application in the Federal Court in Sydney on behalf of the supporting creditors the Bankcroft's...


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## No Trust (1 December 2011)

*What is Happening with Tucker and Cowan*

What has happened to all the legal actions on foot on behalf of the investors??? Does the *Receiver David Whyte from BDO *now have to appoint new solicitors and counsel ??? What will this cost the investors and who will pay for this unfortunate mistake...


----------



## kostag (1 December 2011)

*ANY WORD FROM THE CHEVRON OR SOVEREIGN ISLAND FUHRER-BUNKERS*

another day in Paradise for the rich and famous.....


----------



## SPECTRE (2 December 2011)

*Re: The Commercial Chevron Island & MvIvoe Family Cronin Island Bunkers*

*NEW QUESTION TO PONDER:* Now that the MainStreet Group have exited the Chevron Island Fuhrer’s Bunker at 65-67 Thomas Drive, a commercial property that the acquisition of by MainStreet, was to settle on the 1st December (yesterday) and did not, it will be interesting to see the *Legal action *that will undoubtedly unfold with the manouverings that Mark McIvor and MM Holdings Pty Ltd appear to have undertaken that saw such an exit by MainStreet and breaches by McIvor; will the Banks now take control of the Chevron Island commercial property and others that has “filled” the McIvor Property Coffers............was he even in a position to deal with the Chevron Island Office “Bunker”, his Cronin Island “Family Home Bunker” and others that he placed in the name of family members including his “mother” ??


----------



## SPECTRE (2 December 2011)

*Re: The MainStreet Group - Legal Action Against McIvor, MM Holdings & Equititrust Ltd*

*ANOTHER QUESTION:* Will be interesting to see who the MainStreet Group possibly joins forces with in Litigation against the McIvor “empire” and no doubt the “damages” suffered by them will far outweigh those that are currently in play in the Courts ; enemies that McIvor has “added” to his long list will be joined by undoubtedly a formidable adversary with apparent untold damages, claims, broken agreements.............well done Mark.............more claims to deal with and will involve entire family, MM Holdings Pty Ltd and of course Equititrust Limited (whats left of it) and associated entities no doubt all of which we have it by good athority you executed an Agreement with MainStreet in *"your own hand on Equititrust Limited stationary"* ..................you can run, BUT no hiding from the ground swell of affected people and entities you have tried to "Hover Up", let alone the Authorities !


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## zencorp (2 December 2011)

*MM HOLDINGS RECEIVERSHIP*

MM Holdings went INTO RECEIVERSHIP YESTERDAY. However, according to the ASIC register, the Receiver has notified ASIC that it is ceasing to act... 
*To great a risk hey?? to many dodgy transactions?? *


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## SPECTRE (2 December 2011)

*Re: MM HOLDINGS PTY LTD IN RECEIVERSHIP*

THERE ARE MANY QUESTIONS THAT BEG ANSWERS MR McIVOR:

**********************************
National Names Index

Australian Securities & Investments Commission	

Name	M.M. HOLDINGS PTY. LTD

01/12/2011	7E4129850 	2	505B Notification of Appointment of Receiver And Manager

***********************************
Wasn't the 1st December 2011 the very same day that MM Holdings Pty Ltd was to settle the Contract for Sale & Purchase with the MainStreet Group or their Nominee to sell off the embattled "Bunker" at 65-67 Thomas Drive, Chevron Island (The Equititrust Building)... If so, why did you call in a RECEIVER on that very day, for only one day?

Another "Snow Job" to baffle your Bankers Mr McIvor? And what was the "real purpose" of you entering in a Contract of Sale of the "Chevron Island Bunker" with MainStreet.....? 

Was there any REAL INTENTION of MM Holdings Pty Ltd COMPLETING the Contract of Sale which the MainStreet Group entered into in GOOD FAITH with the intention to acquire, yet appear from correspondence we are privy to, were frustrated at every level and ignored by the Vendors Lawyer, Plass Lawyers, your company MM Holdings Pty Ltd and Equititrust Limited's Directors in regard to ECG Administration being its service company and the major Tennant.

Another "smoke screen", which undoubtedly, Bankers, Receivers, Liquidators and the Authorities will screen and place under the microscope as per all your personal activities and those of the Group of companies you represent and have "Stooges" representing on the various Boards and Executive Managerment.

These questions beg to be answered one way or another! ...... And Mark, "we **** you not", they will be!


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## No Trust (2 December 2011)

*Receiverships Conga Line*

The question now is was this a voluntary receivership or a bank appointed receivership... Whichever way a receiver ceasing to act is a significant occurrence...


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## SPECTRE (2 December 2011)

*QUESTIONS:*   Notwithstanding, the Receiver Appointment to MM Holdings Pty Ltd, we now see from further correspoindence supplied to us this day, that you have breached your original Agreement of the 28th February 2011 with the MainStreet International Group (a public company), not to mention a number of subsequent agreements, when at that time you still respresented Equititrust Limited as a Director and its Sole Shareholder. 

This agreement being your undertaking to provide CAPITAL, not LOANS as you now wish to call them, to the MainStreet Group, are seen to be for YOUR personal INVESTMENT and gain in the said public company under the Shareholder banner of MM Holdings Pty Ltd. 
Where was this CAPITAL to come from to acquire your 19.9% of the MainStreet International Group, from Equititrust Limited's Management Fees or the two Funds under ETL Management as their Trustee? 

In any event, such CAPITAL as agreed was NOT forthcoming by YOU or Equititrust as you reprsented, hence the MainStreet Group withdrew and have, as we understand from correspondence, issued instructions to their Legal Advisors to sue YOU personally, MM Holdings Pty Ltd, and of course Equititrust Limited of whose stationary you utilised for this purpose and representation. When will you STOP using Equititrust for your own personal gain?

Again, did you EVER intend to pay for MainStreet Shares? or did you *USE A DOCUMENT *(Equititrust Stationary) to entice them to issue Shares and MainStreet Money, *TO OBTAIN A FINANCIAL ADVANTAGE *and under your instructions as such a new major Shareholder, for them (MainStreet) to rely on your capital sourse (Equititrust) rather than that of others, as you requested of them in writing to do.

These questions beg to be answered one way or another! ...... And Mark, "we S**t you not", they will be!


----------



## kostag (2 December 2011)

*EVERYONE NEEDS TO DRAWER A DEEP BREATH....*

this web site has been  a great forum and a lot of essential truths have come out...this site probably more than anything else has brought this corporate issue to its present state .. it proves that the system does in time work....

we now know that authorities have used it on occassions to open lines of enquiry. Much work has gone into some of the material. It has become a strong data base however as can be exxpected where poeple lose money etc, some of the POSTINGS are very personal and whether (in soem cases) true or not, this forum is not the place to air these greivances and worse, such personal attacks (assumed as true or not) put this BLOG and WEB SITE at risk.

Lets now let the legitimate authorities do their job. We are not Judge and Jury and we have to be careful not to get too carrried away. 

To lose this DATA BASE would be a tragedy and all of us would be the loser.

Therefore, we all need to think carefully before we POST. This is not some GRAFFITI wall where we can scribble whatever we like.....  lets deal in hard facts. Let other legitimate investigative bodies do their jobs. By all means lets pose reasonable questions and swap surveillance BUT be very careful. There is always a presumtion of innocence and no matter how angry some of us may be, this web site is not some public pillory where we can let loose.

If one of us does this -  this site could be lost to us all and that would be a shame.

ASIC, Piper Alderman, the Media and others all have enough ammo -  let them be Judge and Jury in the matter.... lets swap factual data such as Court reportings and legitimate media matters  and be careful to leave the personalities out of it.....

That's my two bobs worth.


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## No Trust (2 December 2011)

*Who was the receiver ???*

Who was the receiver and did ASIC have a hand in relieving the receiver of his duties...


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## neverlie (2 December 2011)

*Re: EVERYONE NEEDS TO DRAWER A DEEP BREATH....*

I think you are 100% right. But I don't trust justice or ASIC or any Government. Especially not a Queenslander. Maybe the media should be involved a bit more, if they are not already paid by the Mc Ivor's...
Let's hope for the best .


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## No Trust (2 December 2011)

*Media Efforts*

What is undeniable is the fact that the * Federal Police *and *ASIC* have raided Equititrust's Offices and are conducting an investigation. These recent developments in this mess have garnered *further Media attention *and will lead to more scrutiny by the Media looking for answers that investors have not been given... Such as the *end of year financials *... Where are they??? To date investors have not been given a thing and are being treated with the utmost indifference whilst the parties who have caused this mess get upset about the unwanted attention they are now receiving from both the *media and statutory bodies*... To be quite frank the *protagonists and opportunists *who have immersed themselves in this disaster as directors, advisors etc  to the detriment of every innocent retiree investor have only themselves to blame and no one else...  Simple fact is a HUGE amount of money has been lost..

Australia is a free country, which allows free speech and when investors have been burnt in the manner in which they have here don’t expect people to just sit back and take it on the chin... When in Excess of *150M* is lost if not more on what the Sydney Morning Herald as described as dubious loans to dubious individuals then expect  people to get ANGRY and to be looking for answers from the people involved. 

Piper Alderman's letter on the 11th of November 2011 encapsulates what happened to investors at the hands of Equititrust...


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## kostag (3 December 2011)

*Re: Media Efforts*

mate -  we all agree with you.

BUT we just all have to be careful.....

TRUTH in itself is no defence and thsi web site is not set up as a wailing wall for us to vent our anger.

It gets shut  down and freedom of speech will be denied us all



No Trust said:


> What is undeniable is the fact that the * Federal Police *and *ASIC* have raided Equititrust's Offices and are conducting an investigation. These recent developments in this mess have garnered *further Media attention *and will lead to more scrutiny by the Media looking for answers that investors have not been given... Such as the *end of year financials *... Where are they??? To date investors have not been given a thing and are being treated with the utmost indifference whilst the parties who have caused this mess get upset about the unwanted attention they are now receiving from both the *media and statutory bodies*... To be quite frank the *protagonists and opportunists *who have immersed themselves in this disaster as directors, advisors etc  to the detriment of every innocent retiree investor have only themselves to blame and no one else...  Simple fact is a HUGE amount of money has been lost..
> 
> Australia is a free country, which allows free speech and when investors have been burnt in the manner in which they have here don’t expect people to just sit back and take it on the chin... When in Excess of *150M* is lost if not more on what the Sydney Morning Herald as described as dubious loans to dubious individuals then expect  people to get ANGRY and to be looking for answers from the people involved.
> 
> Piper Alderman's letter on the 11th of November 2011 encapsulates what happened to investors at the hands of Equititrust...


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## kostag (3 December 2011)

*PIPER ALDERMAN -  well done*

Piper Alderman's letter on the 11th of November 2011 encapsulates what happened to investors at the hands of Equititrust...


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## klua (3 December 2011)

Yesterdays Lazar case results here:
https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions

Case dismissed.
At least EIF didnt have to pay.


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## kostag (3 December 2011)

*MM HOLDINGS: Receiver: now you see him, now you dont....*

take a hypothetical case...

1. Company enters into arrangements with someone to sell a property to them - maybe to keep their bankers quite; maybe get some other commercial arrangements.... one of a number of benefits....

2. Things dont work out 

3. Company/vendor wants to squirm out of the Contract

4. Purchaser trying to enforce the Contract

5. Company/vendor appoints a Receiver for 5minutes -  the company is under 'external administration' with implied insolvency -  almost all Sales Contracts are terminated in this event - 

6. Receiver terminates the Sales contract.....

7. Receiver then withdraws

8. Company is restored to good health -  just as if nothing happended!

9. Voila! Sales Contract is at an end 

10. Purchaser: get on your bike! you have been dumped. Welcome to the Gold Coast!


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## No Trust (4 December 2011)

*Receiver to MM Holdings Pty Ltd*

A receiver to *MM Holdings *for one day... Seriously ASIC has to do something about the games that are being played here... Now isn't MM Holdings the *major shareholder in Equititrust *??? 

Corporate ping pong whilst *investors sit and suffer *on the *side lines*...


----------



## No Trust (4 December 2011)

*Piper Alderman*

For any investors who have not contacted *Piper Alderman *, the latest machinations  with receivers seem to be *the last straw *in what has a been a saga at the *expense of innocent retiree investors*... The game that is being played out now is one of *corporate survival *and not one serving investor's interests in any way...

If you are an investor *contact Piper Alderman *and get their side of the story...


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## No Trust (4 December 2011)

*End of Year Finacials*

Who will complete the end of year financials ??? The receiver David Whyte or KPMG ???


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## No Trust (4 December 2011)

*Equititrust Financial Services License Suspension*

*Equititrust Financial Services License Suspension * Where is ASIC up to with this matter...


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## kostag (5 December 2011)

*EQUITITRUST and LAZAR*

I have now read the LAZAR matter. On teh face of it, it would appear that the matter has ended with LAZAR agreeing to pay the costs.

However,having heard about this matter and Lazar, I say that is veyr veyr unlikley that he lost this matter.

My view is that he consented to this as an orderly withdrawal and that as the matters are also being run in Qlsd, that he and Ms Jeans (the supporting creditor) will jump onto the back of those proceedings and add weight to that process.

I would expect that we have not heard the last of either WINDSOR TURF or Bee JEANS.


----------



## No Trust (5 December 2011)

*Court Proceedings*

McIvor had another rant in the Gold Coast Bulletin today basically saying the Piper Alderman Class action had no merit and that it had been mooted since March. Well Class actions take some time to organise and obtain funding.. But *why would Piper Alderman jump into proceedings whilst the chaos was unwinding*... They have made their move at the most opportune time... 

Unlike the manner in which Equititrust was managed Piper Alderman have taken a careful and conservative approach... An approach that Insurers have taken so seriously they refuse to insure Equititrust.. Thats a hard fact that is undenialble. The class action funding which has been agreed to is also an undeniable fact... 

Rants and finger pointing mean nothing, the fact is that the funds are in receivership and ASIC appointed receiver David Whyte will uncover the truth and report all findings to the regulator and concerned authorities...


----------



## kostag (5 December 2011)

*GOLD COAST BULLETIN -  best promotion you can get!*

The Courts will determine the merits of the Poper Alderman case.

I think that Mark needs to settle down and smell the cofee for a moment...

Investors get involved in class actions as their last resort. Lazar and pthers may have other gripes and agendas -  who knows, only time will tell. But investors want to be treated fairly, honestly and openly - and by any analysis, this whole EQUITITRUST fiasco over the past 12 months, has been a terrible expreience.... 


So as a desperate last resort, they do the only thing that seems to be avaialable to them.

Now, when the Police and ASIC jump in with search and seizure warrants etc, one forms the view that the situation must be desperate and serious to warrant that sort of action.

Or am I missing something?




No Trust said:


> McIvor had another rant in the Gold Coast Bulletin today basically saying the Piper Alderman Class action had no merit and that it had been mooted since March. Well Class actions take some time to organise and obtain funding.. But *why would Piper Alderman jump into proceedings whilst the chaos was unwinding*... They have made their move at the most opportune time...
> 
> Unlike the manner in which Equititrust was managed Piper Alderman have taken a careful and conservative approach... An approach that Insurers have taken so seriously they refuse to insure Equititrust.. Thats a hard fact that is undenialble. The class action funding which has been agreed to is also an undeniable fact...
> 
> Rants and finger pointing mean nothing, the fact is that the funds are in receivership and ASIC appointed receiver David Whyte will uncover the truth and report all findings to the regulator and concerned authorities...


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## No Trust (5 December 2011)

*Federal Police and ASIC*

When *The Federal Police and ASIC *raided the *Equititrust Offices *what signal did that send to investors... To try and ignore this and the fact that a receiver has been appointed to the income funds is delusional. *Bad loans *and *very bad decisions* were made causing massive investors losses... Who is to blame for that???

When *ASIC has to come in and appoint receivers *to clean up a *disaster* that has been out of control there is *no coming back from that*...


----------



## awg (5 December 2011)

*Re: Media Efforts*



kostag said:


> mate -  we all agree with you.
> 
> BUT we just all have to be careful.....
> 
> ...





I dont agree with this statement,

Truth is a very powerful legal defense against libel or defamation.

If it can be shown the matter is also in the public knowledge or interest, it is complete.


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## No Trust (5 December 2011)

AWG I agree with you totally... The legislative enactments as detailed below in 2006 are clear *as to their intent*. This matter is *well and truly in the public interest and the Public Domain *. In a similar fashion to* politicians *the performance of the participants who have chosen to get involved through *"their own volition" *is reported on and discussed in both the national media and at the water cooler. 
Now the Sydney Morning Herald cannot be accused of reporting on something that is not in the Public Interest can they... With investors losses in excess of *$100M +* and Statutory End of year Financials *not completed*, *Federal Police/ASIC raids *, *Receivers appointed *etc etc this has not been put into the Public Domain by the media, all the media is doing is reporting on this train wreck. *Gobsmacked * and *shell shocked * investors are doing the same and this *Freedom of Speech *enshrined in amended legislation in 2006 is part of what makes this country great...





No Trust said:


> There seems to be a _severe sensitivity _by Equititrust and or its supporters / employees to the reporting by the media on various issues. The fact that, what is in the public space, is discussed and referred to on this forum is called free speech and it is legal to do so..
> 
> The same applies to reporting in the media. If the company has any issues with the accuracy of stories published the publisher can be asked to correct or retract the story.
> 
> ...


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## kostag (7 December 2011)

*LAZAR AND MAINSTREET*

dont believe for a moment that LAZAR has gone away. With solid proceedings on foot, why would he run a case in the Federal Court and have anotehr case running in Qlsd which might serve his end?  He is too smart a bsuinessman for that. Pay a few costs and agree to fold..... retreat from battle... but win the War. Better strategy than some stupid theory about Roman arches.

With MAINSTREET, Mr Hannan is a very tough, skillful and determined fellow. If he feels wronged, which I am sure that he does, there will be hell to pay. From what I understand his very credible business platform has been put at risk by Equititrust antics and serious consequences are underway.

Watch the Fairfax press for more on this one.


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## No Trust (7 December 2011)

*Blitzkrieg*

Death by *Blitzkrieg* and death by *stealth* are one in the same... One would assume that both are being employed in this instance.


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## SPECTRE (8 December 2011)

*Re: Landsolve Partners New HQ*

We have it by reliable authority that Mark McIvor, as per his advice to the current Tennants, desires vacant possession of this dwelling at 15 Anembo Street, Chevron Island for the purposes of it becoming the new Headquarters for Landsolve Partners (see photo 1)

It is interesting to note that this property is next to "the Bunker" at 65-67 Thomas Drive, Chevron Island, being the curent Equititrust Limited building (see photo 2).

Perhaps this may be the new family home in the future?


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## No Trust (9 December 2011)

*Delusion*

And the Delusion Continues... More importantly WHY is McIvor sending Newletters out to investors... Isn't it time the receiver and ASIC put a stop to this. McIvor is no longer in control of the funds... He has to remember ASIC apppointed a receiver to the funds, David Whyte is in control now...


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## kostag (9 December 2011)

*Re: Landsolve Partners New HQ: going into dog breeding?*

there is also strong talk that this property has some connection to dogs and dog breeding and this in turn gives some connection to businessman, Ian Lazar, whose own dogs were taken....

Watch this space as this issue is going to blow up and embarrass a few. 




SPECTRE said:


> We have it by reliable authority that Mark McIvor, as per his advice to the current Tennants, desires vacant possession of this dwelling at 15 Anembo Street, Chevron Island for the purposes of it becoming the new Headquarters for Landsolve Partners (see photo 1)
> 
> It is interesting to note that this property is next to "the Bunker" at 65-67 Thomas Drive, Chevron Island, being the curent Equititrust Limited building (see photo 2).
> 
> Perhaps this may be the new family home in the future?


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## kostag (9 December 2011)

*MAINSTREET INVESTMENTS*

there can come a time in everyone's life, when you just tread on the wrong set of toes..... in this case, you can tread on too many pairs of toes.....

Ian Lazar
Greg Hannan

both are developing a full head of steam and will not be deterred.

The great delusional one now has NYST LAWYERS and LEVITT LAWYERS covering the rear from an attack.

Greg HANNAN is now fully engaged and determined. With staff being evicted from rented  houses and threats a'plenty.....  what is coming down the line here makes BORROWERS allegations and attacks look like a Xmas party.

Ofcourse both ASIC -  who are busy taking complaints, submissions and interviewing -  and PIPER ALDERMANN, have not even started yet.

ANEMBO STREET is where the action is.


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## No Trust (9 December 2011)

*ANEMBO*

*A*ything 
*N*ear
*E*quititrust
*M*eans
*B*roke &
*O*ver


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## kostag (9 December 2011)

*Re: ANEMBO: Very clever.....*

It is the end, isn't it? 





No Trust said:


> *A*ything
> *N*ear
> *E*quititrust
> *M*eans
> ...


----------



## No Trust (10 December 2011)

*The End*

*The end*...It has been for a long time... Yet some *delusional characters *joined at the hip *by nuptials *believe that directors resigning *by the dozen*, receivers being *appointed to both income funds *and losing *hundreds of millions of dollars* of *innocent retiree investors money *is but a passing annoyance... *Reality will bite soon enough*...


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## kostag (10 December 2011)

*MAINSTREET INVESTMENTS*

no pun intended... But the next action will be in the Main Street. When Greg Hannan and Leif Skipper outline what happened to their very credible business, ASIC will have a whole new yet consistent dimension to this saga.

Talk of 'brothers' , reptiles, nuclear device divisions... Will alarm BUT give the journos and other media a field day.


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## SPECTRE (10 December 2011)

*Re: Equititrust Limited Undertaking To Capitalise MainStreet - Shares To MM Holdings*

There has been a lot of talk about “MainStreet Investments” as Members in this Forum call it and Mark McIvor’s interest in this company since January this year. For clarification we have researched this chapter in the McIvor, Equititrust saga and what roll Mark McIvor had planned for the MainStreet Group and specifically its Director. Unfortunately, Mark McIvor did not count upon the dogged tenacity of this company’s Founder and Chairman, Greg Hannan.

The following information comes from standard documents offered by this public company and their web site at www.mainstreetmoney.com.

MainStreet Investments as called in this Forum, is a public company MainStreet International Group Limited (“MainStreet”), incorporated in 2003 by its Founder, Greg Hannan. This company is a Internet Information Technology company specialising in eCurrency transactions over the Internet and Smart Phone Applications (Apps).  As a public company, MainStreet has approximately 300 Shareholders and a number of Members to its Business Club called “Club MainStreet”, these documents state. This company has a capacity to work through a "Compliance Listing" directly to the ASX and has over the last few years been unsuccessful in acquiring a number of ASX Shell Companies for this same purpose. Mark McIvor expressed direct interest in assisting MainStreet with *Capital Raising *through Equititrust Limited and *Property Assets *via his asset holding company, MM Holdings Pty Ltd.

The gentleman referred to as Leif Shipper is in fact an Accountant contracted to the MainStreet public company as an Advisor for the last six years for various special projects through his company Encana Pty Ltd and is NOT a Director or business partner as suggested in this Forum above. In January this year MainStreet came to the Gold Coast to launch its eCurrency product called MainStreet Money a Trademarked product brand. Mr schipper was asked by MainStreet’s Director about Equititrust and the building or “bunker” on Chevron Island as MainStreet was seeking office space. Mr Schipper searched Equititrust and saw the name Mark McIvor and stated that he has conducted separate business with Mark McIvor in Arizona in the USA. An appointment was set up for Mr Hannan to meet Mark McIvor in late January 2011.

This new referred business meeting led to Mark McIvor requesting details and documentation on MainStreet and its MainStreet Money product from Mr Hannan which Mark McIvor saw as a “Banking Application”. By the 28th February 2011, after a number of meetings in Mark McIvor’s Equititrust office in “the Bunker”, Mr Hannan requested that Mark McIvor execute a Non Disclosure Agreement and Non Circumventure Agreement due to the weight of corporate and product information documents tendered to Mark McIvor. 

We have been told and can confirm via these documents we have been afforded for confirmation to the Forum, that the essence of the meetings between Mark McIvor and Greg Hannan related to MainStreet seeking new office accommodation to launch its products and also to seek new Capital Investment to drive MainStreet into commercialisation after many years of software development. IMPORTANTLY, After a number of meetings and undertakings via agreement, Mark McIvor executed in his own handwriting on Equititrust stationary, his undertaking to raise the required CAPITAL that MainStreet was seeking in the amount of $250,000 as consideration for Ordinary Shares in MainStreet International Group  Limited, thus forging the commercial relationship between Mark McIvor, MainStreet and MM Holdings Pty Ltd. It is interesting to note here, that Mark McIvor used EQUITITRUST LIMITED stationary to consummate the AGREEMENT with MainStreet and we assume that Greg Hannan assumed that he was dealing with Mark McIvor as a Director (which he was at that time in January/February 2011) of Equititrust Limited. Email correspondence between Mark McIvor and MainStreet’s Chairman show comments from Mark McIvor to him, that; “This capital is just a round of drinks”. This is another example as to how Mark McIvor presented himself to new prospective business “Partners” as he calls them and entices them into his acquisition or investment / control by way of him using the then CREDIBILITY of Equititrust and his position within it as a Director/Founder. 

It appears from these documents that a total amount of $75,000 was paid to MainStreet between March and November 2011 as part consideration of a total of $250,000, leaving $175,000 of unpaid cash consideration. 

This document says; a standard Share Certificate was issued electronically and in hard copy by MainStreet in February 2011, some 2,000,000 Ordinary Shares were allocated to MM Holdings Pty Ltd.

A number of new questions now beg answers:

1.	If Mark McIvor used Equititrust Limited stationary to confirm an agreement with MainStreet and his undertaking to “raise capital”, why were the MainStreet SHARES then allocated in this Share sale deal to the McIvor holding company MM Holdings Pty Ltd?

2.	Were Equititrust Fund Members ever going to benefit in any way from the acquisition of $250,000 or 2,000,000 Shares @ $.125c ?

3.	What funds and from which entities, Equititrust, were used to acquire these Shares if only part consideration was ever paid to MainStreet? 

4.	Where will the balance of $175,000 owing by MM Holdings Pty Ltd to MainStreet for consideration of Share purchase come from, MM Holdings Pty Ltd or Equititrust? 

5.	If the balance owing ($175,000) remains unpaid, will MainStreet issue LEGAL proceedings and if so against who, Equititrust who Mark McIvor first represented as a Director or MM Holdings Pty Ltd where Mark McIvor nominated that the Shares were to be allocated?

The MainStreet / McIvor story is unfolding and it is easy to see that MainStreet and its Director Greg Hannan were used as a “patsy” behind which Mark McIvor intended to hide as he attempted to do with others before MainStreet and now new “Patsy Partners” after the MainStreet era.

More to follow as information comes to hand.


----------



## kostag (12 December 2011)

*GOLD COAST BULLETIN (Nick Nicholls)  - EQUITITRUST (McIvor) -  anyone know connection*

anyone reading Nick Nicholl's last 'report' about EQUTITRUST trumpeting another Equititrust court victory against Lazar -  would think that Equititrust was all on the _up and up!_
With *Police Raids*; *ASIC raids *and major investigations; *Borrowers all litigating *and counter suing; *Investors* financially *plundered*; personal assets under a *mountain of Bank debt*; *Mainstreet Investments *gearing up for another major  fight; print and *TV media *racing to see who is first to run the *full expose..... *what *planet* or *time warp *is the Gold Coast operating in? 

How can the last Court outing be possibly construed as a win for Equititrust? Lazar wanted an external administrator in place -  he git it -  100% what he wanted - the day before Lazar's last Court appearance, EIF agrees to wind up etc -  so Lazar agrees to withdraw. Didn't Lazar get what he wanted? and McIvor got stuck with what he didn't want -  the winding up of his *honey *(or should I say, *money*) *pot?*
So you can spin like a top, Nick -  but you can't put positive spin on this one.

If you want to get a good true story of Gold Coast reality -  why not interview Gold Coast identities..... Greg Hannan, Leif Skipper, Russel McCart, Jim Raptis, Dudley Quinlivan, David Roberts, Bee Jeans, Peter Madras..... who not past staff and family -  Wayne McIvor, Sid Super, Tim James......even the poor auditors at KPMG must be reeling..... try David Kennedy.... he has plenty to tell, I'd bet.... hasn't he been set up as a patsy  ???...David Tucker .... right from the inside.......hell, the list goes on and there is no shortage of good material....  lets get some balance and some reality happening.... 

Now, the legal defences move from commercial lawyers to lawyers such as Nyst Lawyers and Levitt and Co - who are all very competent HOWEVER  tend to specialise in one area of the law..... it is all heading just one way.....

Current EIF value per unit.....  well....

Mortgages value -                                                       $
less: all unsecured claims by Borrowers and others        $
less: years of legals and wind up/wind down costs         $
Balance:                                                                     $NIL
value per EIF unit                                                        NIL

Come on Nick.....


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## No Trust (12 December 2011)

*Board of Directors*

The Equititrust Link on its website - to its board of Directors seems to be broken... A bit like Equititrust...


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## kostag (13 December 2011)

*Re: Board of Directors*

There have been sooo many changes to the Board, that they are trying to develop a system where they can pick people at random and give them a run for a day or day....

one thing is for sure, the Board members come and go so quikcly, they dont get a chance to get BORED do they (no pun intended)......



No Trust said:


> The Equititrust Link on its website - to its board of Directors seems to be broken... A bit like Equititrust...


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## kostag (13 December 2011)

*MAINSTREET INVESTMENTS -  what's the status*

anyone know what is happening on this aspect?  This is very contemporary stuff and I suspect will be the final nail.....


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## SPECTRE (13 December 2011)

*MAINSREET BITES BACK AGAINST McIVOR, EQUITITRUST, MM HOLDINGS & ORS*

In relation to the *“contemporary"* nature of the McIvor / MainStreet saga, these events detail Mark McIvor’s modus operandi and history in his dealings with a number of entities including:

*TRUST MUTUAL LIMITED *- Mark McIvor “Partnered” with one, *Ross Honeyman *the Managing Director of this company and paid Mr Honeyman $8,000.00 per month plus office accommodation on the ground floor of the Equititrust Limited building at 65-67 Thomas Drive, Chevron Island – “The Bunker”. This document, dated 22nd February 2010 says, DNA Partnerships a joint venture between The Trust Capital Banking Group (represented by Equititrust Ltd) and DNA Mutual Limited. It further states; “This strategic plan is to be developed into a commercial implementation plan for the capitalisation of two Unit Trusts; The Financial Services Opportunity Fund and The National Capital Solution Opportunity Fund, in order to support the Co-operative Research Centre for Regional Innovation. 

Is this then new business touting the Equititrust Limited name and participation Directed by the same Ross Honeyman that was Banned by ASIC in 2002 from being involved in any Financial Services business (see other support comments in this Forum). It is clear from this document, albeit in 2010, that even at that point in time, Mark McIvor was planning and funding the development of new Brands, new Funds and using Equititrust Limited then credibility, as a staging point to attract new participation and new entities and their Brands to *“hoover up”. *What Accounting Entry Code Mark McIvor directed his Equititrust Limited staff to use for payments made to Ross Honeyman / Trust Mutual and Ors and under what internal ETL justification for Unit Holders ?

It would be interesting to note whether such “discussions” that would amount to a *“significant event”* were even tabled at Board Level and so advised to Unitholders in the Company Continuing Disclosure Statements !

*WHOLESALE INVESTMENT PROPERTY AUSTRALIA (WIPA) *– Our information shows that Mark McIvor via Equititrust Limited acquired a 50% Shareholding allocated to his company MM Holdings Pty Ltd as we understand ; it appears that such “holding” was on behalf of Equititrust Limited and if so, how was it documented, consideration paid, Unitholders advised ?. This company headed by Real Estate Agent, *Gregory Morris*. WIPA works with property developers to effectively coordinate the promotion and distribution of new projects to a continually expanding network of property agents and marketers around Australia and Internationally. As a licensed Real Estate Agency, WIPA becomes the Listing Agent for the developers it works with. It is stated that Mark McIvor paid $160,000 to Greg Morris for the 50% equity in WIPA. The interesting thing here is that is appears that these funds came from EQUITITRUST and NOT directly from MM Holdings Pty Ltd. The following is Mark McIvor’s own conformation by email:

**********************
Fyi. should be some synergy. visit website (Wholesale Investment Property Australia). Equititrust is a 50% owner of WIPA with it’s founder and author Greg Morris who is in my office downstairs. Good guy whose ‘done the ropes’ of property marketing including 5 years with Rapits.
Mark McIvor
MANAGING DIRECTOR
****************

The Equititrust RECEIVER, David Whyte needs to investigate this matter and establish if Mark McIvor has been using monies derived from ETL Fund asset sales to make direct payments for equity and such assets that have been allocated to his own private holding company MM Holdings Pty Ltd?

*QUANTUM FINANCIAL SOLUTIONS –* This company as seen at www.quantumfs.com.au was lured by Mark McIvor as a prospective Financial Services company to be “hoovered up” into his “New World” business offering and new Responsible Entity (RE) after the demise of Equititrust Limited, a fate that Mr McIvor well knew would happen since 2008 as he stated to those in his “inner circle”. The Quantum brand was targeted by McIvor and Ross Honeyman again was asked to develop “Brand Models” detailing how this “New World” Financial Services business would take over from Equititrust Limited in due course. Mark McIvor of course promised Quantum Financial Services the world and failed to perform financially, thus Quantum then joined the ranks of those and their Brands that were “chewed up and spat out by McIvor”.

*eLAW INTERNATIONAL –* This company based in Sydney was also promised the world by Mark McIvor, especially its Founder *Alison Stanfield *who became under extreme financial hardship due to Mark McIvor not keeping to his agreement and ceasing to pay agreed amounts in financial support as consideration for his equity participation. We are informed through inquiries that Mark McIvor saw this company and its acquisition as “mission critical” to support his “Nuclear Device Division” (colourful language as used by MM) which he desired to be constructed to “take on” the likes of Ian Lazar and others mentioned in this Forum of whom Mark McIvor has personal issues with and what any reasonable person would assume was a vendetta.
Of course we assume that MM Holdings was, or was to be,  the beneficiary of eLaw International shares? The real question that begs to be answered by the Equititrust Receiver currently in play at “The Bunker” is did Mark McIvor use any Equititrust Limited money to pay eLaw International and if so, *HOW MUCH *and where are the *SHARES* in this company and who owns them now? 

*TITANIUM PLANNERS PTY LTD - * Our information and inquiries tell us that well before the MainStreet boys appeared on the Gold Coast scene in January this year Mark McIvor had already “romanced” a previous “brand victim” in the guise of Titanium Planners Pty Ltd headed up by an ex NSW Policeman, Andrew Blanchet. The interesting thing in this prospective acquisition by Mark McIvor was that the BRAND NAME of TITANIUM, became Mark McIvor’s *“New World”* brand for his then to be new Responsible Entity (RE). More interesting was that Mark McIvor was already setting up new Brands and RE’s well prior to any public issues with Equititrust as it must have been well apparent to him (since 2008 as we believe) that Equititrust’s days were numbered. From a number of “secret meetings” taken place in the Equititrust Limited office offered to “buy out” or *“hoover up”* as he referred, the Titanium Group and more importantly to McIvor, its Brand which he stated was “hot”. With a new prospective Brand in play, McIvor then had his “Partner” Ross Honeyman (current Equititrust Limited Director) then a Founder of Trust Mutual an alleged “not for profit” company working in the Financial Services (see above) attend to the *“Brand changes”* necessary to achieve this “New World “ model to be “hoovered up” in place of Equititrust Limited ; alas, as had been the case in the past, this “New World Model” and rebranding was “chewed up and spat out” and another “so called partner” bit the dust ! 

*MAINSTREET INTERNATIONAL GROUP –* The MainStreet Company as reported above as to how this company came under the spell of Mark McIvor and their separation with “extreme prejudice” from him is the most “brand damaged” company to become a *“victim”* of mark McIvor’s commercial treachery. It can be seen from documents that we are privy to that Mark McIvor, AGAINST the expressed written permission of this company’s Managing Director, *Greg Hannan *and in contravention of both a Non Disclosure and Non Circumventure Agreement entered into on *28th February 2011 *(note this is 12 months after the DNA Partnership proposal in Feb 2010), went on the *REGISTER and CHANGE THE NAMES *of a number of Landsolve and Equititrust Limited owned shelf companies, so named, into MainStreet orientated and named companies.

*1.	MainStreet Guardian Partners Limited *ACN 151 178 906 – Formerly *T Capital Limited *an Mark McIvor / Equititrust shelf PUBLIC company

*2.	MainStreet Guardian Advisory Limited *ACN 146 222 059 – Formerly *ECG Funds Management Limited* a Mark McIvor controlled PUBLIC company

*3.	MainStreet Commercial Pty Ltd *ACN 151 179 734 – Formerly *T Capital Partners Limited *– a Mark McIvor controlled Pty Ltd company previously a PUBLIC Company.

*4.	MainStreet Wealth Pty Ltd *ACN 142 501 755 – Formerly *Landsolve (Glenella) Pty Ltd *a Mark McIvor controlled company.

*5.	MainStreet Financier Pty Ltd *ACN 151 181 207 – Formerly *Titanium Wealth Limited *- Mark McIvor controlled company

*6.	MainStreet Capital Partners Limited *ACN 151 180 737 – Formerly *Titanium Partners Limited *- Mark McIvor controlled company

*IMPORTANT:* The above companies No. 5 & 6 being MainStreet Financer Pty Ltd and MainStreet Capital Partners Limited were formally TITANIUM named companies, the very same BRAND that Mark McIvor attempted to “hoover up” prior to MainStreet landing on Chevron Island from Brisbane to launch their Internet products. Clearly this goes to Mark McIvor’s modus operandi and commercial tactics in dealing with other companies and their brands.

At *NO TIME *did Mark McIvor supply to the MainStreet Managing Director when requested in writing the names or details of all or any Directors of any of the aforementioned companies. A total breach of all agreements between Mark McIvor, Equititrust and this brand damaged company, MainStreet.


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## awg (13 December 2011)

jeez, they must be soft-hearted up on the Gold Coast.

Look what happened with Ron Medich and Michael Mcgurk down in Sydney when someone is short changed in a property deal.

I have close knowledge of a property developer with assets similar to Equititrust.

He is 185cm tall, weighs 130kg and benches 180kg.

I do know he has utilised "sub-contractors" to manage problems, although on one occassion, to my great surprise, he returned from a business meeting with a black eye and split lip.

I cant understand how this guy can still be walking around if other serious business persons have the perception they have been ripped-off ?


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## No Trust (13 December 2011)

*Strange Bedfellows*

First McIvor lent tens of millions of dollars to "King Con" then he teams up with Ross Honeyman who was subject to a banning order... There seems to be a pattern here...


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## No Trust (14 December 2011)

*Further ASIC Orders 12 December 2011 - Confirmation of Bank Default*

Further ASIC Orders dated *12 December 2011*-Confirmation of *Bank Default*

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_13_12_2011.pdf

This has gotta hurt, having to publish this on their company website... But look at how the spin has stopped and the reality has kicked in now that ASIC is in control of what they must publish...

*FURTHER REVALUATION OF THE UNITS*
In a further blow to investors KPMG have *now further impaired the value of the units*...

Its another we told you so isn't it... We predicted this a long time back, and now it seems the truth has finally come out on this disaster...

No coming back from this...


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## No Trust (15 December 2011)

*More Updates Of Misery*

So after the last update advising of more horror devaluations of the unit price in coming weeks, now investors are advised that as a result of this crap investment that they are not eligible for the pension... Now this is an investment that only lost investors money it is now punishing them to the grave... McIvor and his dealings with the likes of King Con the magician who makes money disappear has a lot to answer for in coming Public Examinations conducted by receivers...

http://www.equititrust.com.au/Pdfs/Social_Security_Update_December_15_2011.pdf


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## kostag (16 December 2011)

*QUINLIVAN's reputation preceeds him....*

BUT his relevalations about his arrangements with McIvor and the money flow are going to shock us all..... he is not quite the bad guy we might all think.....



No Trust said:


> So after the last update advising of more horror devaluations of the unit price in coming weeks, now investors are advised that as a result of this crap investment that they are not eligible for the pension... Now this is an investment that only lost investors money it is now punishing them to the grave... McIvor and his dealings with the likes of King Con the magician who makes money disappear has a lot to answer for in coming Public Examinations conducted by receivers...
> 
> http://www.equititrust.com.au/Pdfs/Social_Security_Update_December_15_2011.pdf


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## No Trust (17 December 2011)

*Equititrust the Christmas Scrooge*

While some will be carving Christmas Turkey in *Multimillion Dollar Mansion's*, retiree investors will be starring into a *ruined retirement *at the hands of Equititrust,.. this years Official Christmas Scrooge. 

Having won the *Choice Shonky Award in 2008 *this year’s announcements just before Christmas that the unit price *is to be further devalued *and that retiree's without income *cannot collect the pension * as a result of this dud investment is a *double kick in the guts *to a lot of old people who gullibly trusted in this Gold Coast Cowboy outfit...

Maybe Equititrust and its directors, present and former, deserve an equally jarring financial present of their own... *May they all live in interesting times because **2012* is going to be *Nuclear Armageddon *as the lid is blown off the financial dealings of this outfit of misery...


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## SPECTRE (19 December 2011)

*Re: ASIC Suspends AFS Licence of Equititrust Limited*

*11-306MR ASIC suspends AFS licence of Equititrust Limited

Monday 19 December 2011*

ASIC has suspended the Australian financial services (AFS) licence of Gold Coast-based Equititrust Limited ACN 061 383 944 (Equititrust) for 12 months, for failing to comply with a number of key obligations as a financial services licensee. Equititrust is the responsible entity of the Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund (EPCIF).

ASIC found that Equititrust has breached its legal obligations and licence conditions in that it failed to: 
comply with its obligation to maintain at least $5million net tangible assets; 
prepare and lodge annual audited financial statements and to provide annual financial reports to members of EIF and EPCIF for the financial year ended 30 June 2011; and 
lodge compliance plan audits for EIF and EPCIF for the financial year ended 30 June 2011.

Equititrust is the responsible entity of EIF, a registered managed investment scheme whose primary business is lending retail investors’ pooled funds for property development and taking mortgages over the property. Equititrust is also the responsible entity of EPCIF, another registered scheme, which is dormant. These schemes are to be wound up in accordance with orders made in the Supreme Court of Queensland on 21 November 2011.

The suspension of Equititrust’s AFS licence follows earlier action by ASIC to preserve the status quo of the schemes (refer ASIC Media Advisory AD 11-238D ASIC obtains orders against Equititrust Limited for further information).

The suspension of Equititrust’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

‘The compliance of Australian financial services licensees with their obligations is central to the informed and confident participation of consumers in the financial services markets’, ASIC Chairman, Mr Greg Medcraft, said.

ASIC may revoke the suspension in the event Equititrust meets its legal obligations and licence conditions.

Equititrust has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.


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## SPECTRE (19 December 2011)

*Re: MM Holdings Pty Ltd atf The Chevron Property Trust ACN  010 602 507*

No surprises here in learning that a Mr John Park and Robert Hutson of KordaMentha were appointed *CONTROLLERS* of the a number of property assets of the subject company MM Holdings Pty Ltd, a Mark McIvor propery holding company. This appointment was made on Wednesday 14th December, 2011. 

Their appointment was made pursuant to a number of registered mortgage/s held by *WESTPAC BANKING CORPORATION.*. Specifically, the property held at 15 Anembo Street Chevron Island of which Mark McIvor intended to use to expand "The Bunker" and seven (7) others. Does not look like that will be happening any time soon.

Any further information can be obtained from Sally McBryde of KordaMentha on 07 5574 1322 or smcbryde@kordamentha.com. 

It will be interesting to see who will represent other banks in securing their Mortgage interests in other MM Holding Pty Ltd properties?

Merry Christmas.


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## No Trust (19 December 2011)

*Mortgagee in Possession*

*Westpac* was the first domino to fall, the other banks will now act to enforce their securities over assets.. *Feeding frenzy on the carcass it now seems*...

The Bunker has fallen into *enemy hands*...

One note of caution is that McIvor has a past relationship with Hutson and Korda Mentha... This may by now be fractured... So interesting times ahead...

Banks are really not showing any mercy are they...


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## No Trust (19 December 2011)

*Financial Services License  - Suspension*

The order officially suspending the EquitiRust FSL is on the ASIC website... About time this mob were incapacitated...


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## SPECTRE (20 December 2011)

*RE:  EQUITITRUST DIRECTOR CHANGES - YET AGAIN*

Not surprising to see that today *Equititrust Limited *has had yet another Directorship change.

*As per ASIC Records 20/12/2011 File No. 7E4173170 a Form 484E hange to Company Details Appointment or Cessation of A Director/s was filed electronically.*

It will be interesting to see the pending results of a search to see "what new Goons" have taken the place of the last ones!

Well done Mark McIvor in managing your company Equititrust Limited for the betterment of Shareholders (you) and Unit Holders in your "fiduciary" care! a term you bandied around freely in your reference to others, but never adhered to yourself.

Have a nice Christmas where ever you are hiding!

The Spectre


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## No Trust (21 December 2011)

*Corporate regulator suspends Equititrust's financial services licence*

*Corporate regulator suspends Equititrust's financial services licence *

*Anthony Marx *
The CourierMail
December 20 2011



NO MORE: Equititrust wont be able to attract new investors after corporate regulator freezes financial services licence.   Source: The Courier-Mail


"EMBATTLED fund manager Equititrust suffered another *body blow *yesterday when the corporate regulator announced it had *suspended the company's financial services licence* for 12 months. 

The long-expected move by the Australian Securities and Investments Commission means the Gold Coast company cannot offer financial advice or accept investments.


ASIC said the *company had breached a number of conditions of its licence*, including a failure to maintain at least $5 million in net tangible assets or *lodge audited financial statements.* The company also *failed to file compliance plan audits for the last financial year.
*

http://www.couriermail.com.au/busin...services-licence/story-fn7kjcme-1226226632236


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## No Trust (21 December 2011)

*Merry Christmas*

It seems that the *Courier Mail *and *Anthony Marx *are not letting this disaster disappear from Media attention and have delivered *a fitting Christmas present *to McIvor who is not willing to talk to the media... 

The article details the various *bank defaults *as well...

The delusional plans of raising 250M etc via Landsolve have been exposed as a farce... 

*Equititrust will not survive*, ASIC's license cancellation was the *knockout blow *that all investors have been waiting for...


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## SPECTRE (21 December 2011)

*Re: EQUITITRUST DIRECTOR CHANGES - YET AGAIN*

We have learned from searches that *STACY McIVOR *resigned from *EQUITITRUST LIMITED *on the below date as per ASIC records.

This now leaves Mark McIvor and Ross Honeyman as the remaining Directors. Equititrust Limited is a unlisted Public Company and as such requires as per the Corporations Act, at very least three (3) Directors at given time which moeans that Equititrust Limited in *NON COMPLIANT *with the Corporations Act until they add one more Director or the next "Bunny" to the slaughter.

What next and why has ASIC not intervened into this debacle even further!

******************



SPECTRE said:


> Not surprising to see that today *Equititrust Limited *has had yet another Directorship change.
> 
> *As per ASIC Records 20/12/2011 File No. 7E4173170 a Form 484E hange to Company Details Appointment or Cessation of A Director/s was filed electronically.*
> 
> ...


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## SPECTRE (21 December 2011)

*Re: Equititrust Overpaid Directors and Consultants*

It is outrageous to now learn and many questions no beg anaswers as to why the *RECEIVER *to Equititrust Limited, being *Mr David Whyte *of *BDO Australia *has engaged the Directors and CEO of Equititrust to as has been learned; "wind down the Unit Trust Funds".

It appears that;

*Mark McIvor *as Director        - Remmuneration unknown
*Ross Honeyman *as Director    - Remmuneration - $2,000 per week - $8,000 per month (previusly Banned by ASIC) 
*Troy Bingham *as CEO and his offsider "Trish" - $350 and $200 per hour respectively.
*Cameron Davies *as Consultant and EX BORROWER bankrupted by ETL and Annulled by Mark McIvor - $15,000 per month 

*To support this information, this document says;*

From: Troy Bingham [mailto:troybingham@bigpond.com]
Sent: Saturday, 17 September 2011 7:45 AM
To: Mark Mclvor
Subject: commercials

Hi Mark

Thanks for yesterday. As discussed we are excited by the opportunity and I believe we can add enormous value to the process. I charge myself out at $300 an hour and Trish at $200 an hour for strategic work and $150 an hour for account management. I anticipate that this will become a very time consuming project. I am also conscious of you cash constraints over the next 6-10 weeks so would propose the following.

engage IdeaWrx (Troy and Trish) on $15,000 a month for the next two and half months to the end of November. At that stage we can sit down and see how far the overall plan has progressed and what level of involvement you want us to play. All marketing and travel and other associated production costs will be over and above this. The balance of September will be billed at $7500 and will need to be paid next week. Trish will set up an office on your premises and will work from their as much as is required. She will dedicate next week to ensuring that we meet the Friday deadline for the investor presentations.

Mark I am open to discussing trade exchange on property etc as well. I am around today to meet if required between 12 and 3.

Regards

Troy

********************
By way of the above confirmation of how these "consultants" are being over paid, the QUESTION to both the RECEIVER and ASIC is WHY? 

Why does the *RECEIVER* need to engage these Consultants who are all connected to Equititrust Limited and led by *MARK McIVOR*. They state that it may take some "YEARS" to _"wind down"_ the ETL Funds and they joke about their securing _"FEE REVENUE"_ over that extended period of time, let alone that THEY and particular Mark McIvor are RESPONSIBLE for the state of the ETL Funds now find themselves in. 

The appointment of these ETL Consultants is akin to the placement of a Drug Addict being placed in charge of a Pharmacy or an Alcholic being left in charge of a Brewery; no good can come of this for ANY Unitholder or Creditor into the future other than those in receipt of the fees.

_*THIS WHOLE MATTER IS A TRAVESTY AND A SLUR ON THE AUTHOTITIES AND THEIR APPARENT DISREGARD FOR UNITHOLDERS AND CREDITORS. THEIR FOCAL POINT BEING, ONE MARK McIVOR WHO IS BEING ALLOWED TO REGAIN AN OFFICE POSITION IN ETL AND IS ACTING WITH THE BLESSING OF THE RECEIVER TO WIND UP FUNDS THAT HE HAS BEEN RESPONSIBLE FOR THEIR STATE OF DISREPAIR THROUGH HIS GRAVE MISMANAGEMENT.*_

That About Covers That........ Will The Receiver Pay Unitholders Over The Next Years To Come?


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## No Trust (21 December 2011)

*Oh no "NOT" again*

Is there trouble in Paradise, *not good *when wifey resigns from her post...

This is all academic anyway, as the Courier Mail article outlines above the banks are about to take control... maybe this has precipitated the resignation... Where there is smoke there is fire...



SPECTRE said:


> We have learned from searches that *STACY McIVOR *resigned from *EQUITITRUST LIMITED *on the below date as per ASIC records.
> 
> This now leaves Mark McIvor and Ross Honeyman as the remaining Directors. Equititrust Limited is a unlisted Public Company and as such requires as per the Corporations Act, at very least three (3) Directors at given time which moeans that Equititrust Limited in *NON COMPLIANT *with the Corporations Act until they add one more Director or the next "Bunny" to the slaughter.
> 
> ...


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## zencorp (22 December 2011)

*MM HOLDINGS RECEIVERSHIP*

Don't you find it strange that on the SAME DAY Stacey cry-baby Mcivor resigned from Equititrust that MM HOLDINGS HAD *5* FORM 505As NOTIFICATION OF APPOINTMENT OF *RECEIVER* LODGED.......

There is no coming back from that Mark - you're done.


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## No Trust (23 December 2011)

*DOWNWARD TREND*

*CITY BEAT*
James McCullough 
The Courier-Mail
*December 23 2011*


DOWNWARD TREND

The fortunes of embattled Gold Coast businessman Mark McIvor *continue to nosedive*.

In the latest blow, *Westpac has appointed KordaMentha as receivers and managers over about eight properties owned by companies associated with McIvor*.

Among them are the Chevron Island headquarters of his struggling funds management firm Equititrust, as well as Gold Coast homes occupied by his mother and sister. The *bank plans to sell the properties to recover $24 million-odd in loans*.

Meanwhile, *Equititrust has been effectively knee-capped *after ASIC this week suspended the company's financial services licence for a year.

Equititrust was already in the process of a court-ordered wind-up of two of its three funds and faces the prospect of a *class action lawsuit by disgruntled investors*.

http://www.couriermail.com.au/ipad/city-beat-horizon-beckons-for-molloy/story-fn6ck2gb-1226228825079


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## No Trust (23 December 2011)

*Receivership*

Well it seems that Zencorp may be right, Westpac having had enough has delivered its *own body blow and appointed receivers *just prior to Christmas and it seems the Courier Mail is also right on top of things, reporting on this unfolding collapse. 

*Westpac* was the first domino, the next will be *NAB*, *Bank of QLD*, *Commonwealth* and *BOS*.

When one bank moves the others soon follow to enforce their security...


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## No Trust (23 December 2011)

*A Merry Christmas to Investors from EquitiRust*

To *rub further salt into investor's wounds *EquitiRust now delivers this *Christmas Present to investors...* Are you ready for it.... *44 cents *in the Dollar and this does not include running costs and receivers fees... So the figure is now in a vortex downwards. Each time it is revised it is a horror story...


http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_12_2011 - EIF Unit Value.pdf


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## No Trust (23 December 2011)

*Confirmation of Receivers Appointed by Westpac and Director Resignation*

*Confirmation of Receivers Appointed by Westpac and Director Resignation*

Read this and *have a laugh*... This is really looking like a sorry and desperate lot. 

*Stacey McIvor resigns and does a runner *from the company leaving only two directors when 3 are required for an unlisted public company. Now knowing what a mess this will cause when your own wife resigns and jumps a sinking ship its *analogous to a dead canary at the bottom of the cage isn't it...
*
The funniest bit though is the comment that they are *looking for another director*... We predicted that Stacey would be the next to resign and yet again we were right.


For a bit of comical relief read this:


http://www.equititrust.com.au/Pdfs/...ment_22_12_2011 - Update on Recent Events.pdf


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## No Trust (23 December 2011)

*Talk is Cheap*

Now for the real laugh... Read this *Year End Message *from McIvor to Investors.

After today's disclosure regarding the unit price and Westpac Receivers it should actually read:

*"The End"* Message from Mark McIvor

The comments about mistakes not being repeated and dwelt upon *is a sick joke*... Investors lives have been ruined and this idiot talks about *not dwelling on his own mistakes*... *Delusional* 

Read this and see *how cheap talk *really is:

http://www.equititrust.com.au/Pdfs/2011 Year End Investor Message.pdf


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## SPECTRE (23 December 2011)

*EQUITITRUST IN RECEIVERSHIP*

Extracted from ASIC's database at AEST 22:10:12 on 22/12/2011

*Name	M.M. HOLDINGS PTY. LTD.
ACN	010 602 507*
*ABN	73 010 602 507*

Type 
Australian Proprietary Company, Limited By Shares
Registration Date	10/10/1985
Next Review Date	10/10/2012

Status 

*** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED ***

Locality of Registered Office	Surfers Paradise QLD 4217
Jurisdiction 
Australian Securities & Investments Commission


Previous State	QLD
Previous Number	85B06307K


	These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase. 

	Date	Number	Pages	Description
	20/12/2011	7E4175319 	2	505A Notification of Appointment of Receiver
	20/12/2011	7E4175313 	2	505A Notification of Appointment of Receiver
	20/12/2011	7E4175307 	2	505A Notification of Appointment of Receiver


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## kostag (24 December 2011)

*isn't my 25cents maximum GROSS with a NIL net value looking close*

have NO DOUBT -  final NET value per unit will be NIL!



No Trust said:


> To *rub further salt into investor's wounds *EquitiRust now delivers this *Christmas Present to investors...* Are you ready for it.... *44 cents *in the Dollar and this does not include running costs and receivers fees... So the figure is now in a vortex downwards. Each time it is revised it is a horror story...
> 
> 
> http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_12_2011 - EIF Unit Value.pdf


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## kostag (24 December 2011)

*he just cant see it can he?*

his Churchillian pontifications are like flatulence in the breeze.... Mark, you steal our oxygen mate! 

if he had the strength of character to repalce 'we' with 'I' and 'our' with 'my' - then his latest PDF rant might be one small step for the man....

but in his delusional bran snap -  he still sees the results his gross mismanagemet as some by-product of the GFC, rather than the end result of a raft of negligent, and (as ASIC will show) improper,self-interested  practices......





No Trust said:


> Now for the real laugh... Read this *Year End Message *from McIvor to Investors.
> 
> After today's disclosure regarding the unit price and Westpac Receivers it should actually read:
> 
> ...


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## kostag (24 December 2011)

*they keep lying....*

44cents - rubbish!!!!

NIL will be the figure -  they know it..... why not come clean.

KPMG: come on!!!!

you can all run, but you cant hide.





No Trust said:


> To *rub further salt into investor's wounds *EquitiRust now delivers this *Christmas Present to investors...* Are you ready for it.... *44 cents *in the Dollar and this does not include running costs and receivers fees... So the figure is now in a vortex downwards. Each time it is revised it is a horror story...
> 
> 
> http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_12_2011 - EIF Unit Value.pdf


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## kostag (24 December 2011)

*if McIVOR has prior professional dealings with KORDA MENTHA, I dont think that they c*

dont think that they can act....

this needs independence...



No Trust said:


> *Westpac* was the first domino to fall, the other banks will now act to enforce their securities over assets.. *Feeding frenzy on the carcass it now seems*...
> 
> The Bunker has fallen into *enemy hands*...
> 
> ...


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## kostag (25 December 2011)

*The Fuhrer's XMAS message....*

go to www.equititrust.com.au  and you just gotta read this guy and his end of year rant.

He just doesn't get it, does he. We made bad choices, wrong decisions, hindsight, foresight .... the man is deranged.

Simply -  we entrusted  him with our money -  he was supposed to make first mortgage secured loans to about 70% and charge above bank rates and take a fee and give us a fair share.

By the reckoning of his own auditors -  we are now down under 50cents.... so if we only loaned 70% of the 100% -  in terms of actual percentage of value -  even now by his own deranged admissions, we have to be under 30%.... how anyone can keep a striaght face and blame a 70% value drop on the evil forces of the major banks and the GFC makes me laugh. 

Anyone of us could have almost just bucketed our money out into the street and got a better return.

These morons talk about re-building....all we want is to get as far away from Chevron Island as can be done and as soon as we can..... 

Let the lawyers attack the PI insurance of the Board, the RE and the Auditors....

Hope ASIC and the AFP lay the appropriate criminal charges and under 'proceeds of crime' laws , seize and recover whatever can be grabbed....

re-building and learning from the mistakes of the past?? are you nuts?

Get into a Government re-training scheme and get a real job.


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## No Trust (26 December 2011)

*Bleak Christmas*

It would be remiss not to remember the *Innocent Retiree Investor's *at this time of year and the miserable Christmas *inflicted upon them by Equititrust*... Whilst some enjoy Christmas Turkey in luxurious *Multimillion Dollar Mansions *Innocent Retiree Investors have been thrown on the scrap heap without the ability to claim a pension... 

In terms of blame, the old adage really does apply... When you point one finger at someone else three are pointing back at you... Maybe McIvor needs to *reflect or mediate on this for a while *and consider the *pain and suffering *of retiree investors who face complete decimation of their investment

It really is an appalling disgrace...


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## kostag (26 December 2011)

*Life in the delusional fast lane will soon come to a screeching halt*

ASIC and AFP are working hard on this matter and interviewing former exces, advisors, borrowers -  it is all coming out and there are some alarming things that will hit -  the result may lay open the pathway to insurance recoveries and perhaps some ultimate good news....



No Trust said:


> It would be remiss not to remember the *Innocent Retiree Investor's *at this time of year and the miserable Christmas *inflicted upon them by Equititrust*... Whilst some enjoy Christmas Turkey in luxurious *Multimillion Dollar Mansions *Innocent Retiree Investors have been thrown on the scrap heap without the ability to claim a pension...
> 
> In terms of blame, the old adage really does apply... When you point one finger at someone else three are pointing back at you... Maybe McIvor needs to *reflect or mediate on this for a while *and consider the *pain and suffering *of retiree investors who face complete decimation of their investment
> 
> It really is an appalling disgrace...


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## No Trust (27 December 2011)

*ASIC and Federal Police Raids*

The *Federal Police *and *ASIC investigation *as well as *raids* on the Equititrust offices will hopefully unveil the truth behind some of the transactions reported on in the media over the past year... The deals with *"King Con"* are of particular interest. As Colin Kruger of the Sydney Morning Herald reported in his expose *"INVESTORS LOSE IN ENCOUNTER WITH KING CON" *,McIvor was fully aware of "King Con's" history and even *provided a reference to him *when he was being banned as a director by ASIC... It was reported in those proceedings that Equititrust would potentially be exposed to significant losses yet investors were oblivious to this until this year. 

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

This thread was a catalyst in exposing the loans to King Con and putting *pressure on ASIC to finally do the right thing *and take action against Equititrust...

Lets hope the *investigation is thorough *and that ASIC looks after investors interests for once...


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## crookbuster (27 December 2011)

*Re: Mainstreet International Group*

Those associated with this company group have a history of dishonest conduct. If you search on Google you will find that Mr Leif Schipper (an accountant) did some time in Jail from 2007 due to his involvement in a multi million dollar tax scam. 

Mr Greg Hannan has allowed companies in his control to trade while insolvent Mainstreet International Marketing Group Pty 26 096 439 762 (insolvent). He also has a history of not ensuring his employees entitlements are paid. He should be attracting much attention from ASIC, ACCC and the tax office due his past conduct, track record and lack of corporate compliance. 

Has the credibility of these companies ever been examined by the relevant authorities considering they are dealing in financial products and financial processing? 

What protection do consumers have?


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## kostag (28 December 2011)

*welcome to this site, CROOKBUSTER*

if your allegations about MAINSTREET GROUP are correct.....  a) in terms of their dealings with EIF etc -  they all seem to be in good company, BUT  b) on another note -  doesn't it give a wonderful continuing insight into who McIvor will deal with - no background checking etc.... commit the EIF etc into deals and ventures -  delusional REVENGE BANKS..... failed MFS executives allowed near the tiller (or was it TILL?) .....

I am told that McIvor maintained until recently close relationships with JIM BYRNES and IAN LAZAR....

King CON Quinlivan.....

the list of lunancy and misjudgements, goes on and on!

and in his Xmas message -  his HOLINESS regales us all with the lessons learned (out of our money and at our expense) , and the new future for the company!

Delusional!




crookbuster said:


> Those associated with this company group have a history of dishonest conduct. If you search on Google you will find that Mr Leif Schipper (an accountant) did some time in Jail from 2007 due to his involvement in a multi million dollar tax scam.
> 
> Mr Greg Hannan has allowed companies in his control to trade while insolvent Mainstreet International Marketing Group Pty 26 096 439 762 (insolvent). He also has a history of not ensuring his employees entitlements are paid. He should be attracting much attention from ASIC, ACCC and the tax office due his past conduct, track record and lack of corporate compliance.
> 
> ...


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## No Trust (28 December 2011)

*Office Closure*

The Equititrust Website states the offices will not reopen till the *16th of January*... 
A very lengthy shutdown it seems... 

The Westpac receiver who will take control of the office building will review all the lease covenants in the building to ensure *that rent is being paid etc*... That will include Equititrust in terms of any lease it has with *MM Holdings (In Receivership). *

It will be interesting to see if the rent is paid up to date. All will come out in the property report when the building is put up for sale by the appointed marketing agents..

The question now is *which bank will move next *if they haven't already...


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## kostag (29 December 2011)

*UNFAVOURABLE LEASE TERMS*

I will take a guess...... the lease will be long onerous and the EIF will be underwritting it...probably even some hefty 'break fee' -  all in favour of MM and against EIF....

. 







No Trust said:


> The Equititrust Website states the offices will not reopen till the *16th of January*...
> A very lengthy shutdown it seems...
> 
> The Westpac receiver who will take control of the office building will review all the lease covenants in the building to ensure *that rent is being paid etc*... That will include Equititrust in terms of any lease it has with *MM Holdings (In Receivership). *
> ...


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## No Trust (29 December 2011)

*Banks Finger on the Trigger*

All the banks with exposure to Equititrust have *issued default notices*... Which bank will be the next to pull the trigger and appoint receivers...


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## No Trust (29 December 2011)

*Re: UNFAVOURABLE LEASE TERMS*

Yep no doubt there will be some sort of *poison pill like the subordinated units*... The good thing though is that receivers are not necessarily bound by such arrangements...

Receivers *can reverse such things as loan agreements to shareholders*, so in amongst the dealings of MM Holdings there may be agreements that the receiver can *reverse* particularly if they were *structured to defeat creditors*...







kostag said:


> I will take a guess...... the lease will be long onerous and the EIF will be underwriting it...probably even some hefty 'break fee' -  all in favour of MM and against EIF....


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## No Trust (29 December 2011)

*Piper Alderman - Amanda Banton*

*Piper Alderman*

Expect to see *major action *on this front in the new year... 

Whilst the *Federal Police *and *ASIC* investigation gathers more evidence, *Piper Alderman *have done the right thing in waiting to launch proceedings. 

Any action that *ASIC *and the *Public Prosecutor *may take will buttress *Piper Alderman's *case against Equititrust, McIvor and fellow directors David Tucker and David Kennedy etc... (_as detailed in Piper Alderman's letter to Equititrust last month_)


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## awg (29 December 2011)

Just a little matter regarding Centrelink and pensions.

I saw someone had published a missive from Centrelink deeming the method by which 
Assets and Income from Equititrust are determined.

However, I would not take that as gospel, even though it will be applied initially at least.

My OPINION is that anyone in financial hardship due to denial of Centrelink payments because of deemed Equitrust should most definitely APPEAL against that, making systematic and complete use of the Centrelink appeals process, including AAT appeals. ( no cost)

It is important to officially start the process, there may be many twists and turns.
This sort of thing has happened before, these rulings are sometimes changed on appeal. Each case must also be judged on the individual circs, different outcomes may therefore apply. Technically, Centrelink should never attempt to dissuade you from appealing.

What I am saying is someone should appeal this all the way to the top


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## No Trust (29 December 2011)

*Centrelink Appeal*

That certain someone should have been Equititrust - McIvor, running a *test case *on behalf of their *innocent retiree investors *which have been *thrown on the scap heap*... 

Instead investor's get *delusional* year end messages about rebuilding the company...........you cant rebuild a corpse...   

The whole exercise has been one of keeping a *McIvor personal assets intact *not one of helping investors with centrelink...





awg said:


> Just a little matter regarding Centrelink and pensions.
> 
> I saw someone had published a missive from Centrelink deeming the method by which
> Assets and Income from Equititrust are determined.
> ...


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## kostag (30 December 2011)

*CORRUPTION AT EVERY LEVEL*

every aspect of this operation appears to be crook -  family in-fighting; washed out failed execs from other  entities (MFS); inside and crook deals with dodgy clients; improper and reckless valuations; insider deals on office rents and sub-ordinated units..... side deals with SChipper, Mainstreet and the list goes on..... AFP and ASIC raids -  what a scandal!!


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## No Trust (30 December 2011)

*Federal Police and ASIC*

The fact that the *Federal Police *and *ASIC* are involved is the fitting conclusion to this scandalous decimation of retiree investor's funds to the tune of 
200M and rising...

Innocent lives *have been ruined *as a result of reckless lending and management...

The *Piper Alderman Action in 2012 *will reveal all and it's not going to be pretty...


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## No Trust (30 December 2011)

*Gold Coast Bulletin - Disgrace*

Despite a receiver being appointed to MM Holdings and the office building on Chevron Island being caught up in the imbroglio with Wesptpac Bank, Nick Nicholls has not mentioned one thing in the Gold Coast Bulletin. It is a newsworthy story as it relates to a substantial property holding going into receivership.  What's wrong Nick, have you forgotten what impartial journalism is about ? At least other papers take up the slack where Nicholl's selectively decides not to report. How about a story on the plight of investors Nick who can't put food on their table and cannot get a pension, or is that a bit too hard to swallow. Gutlessness like this is what perpetuates amongst the white shoe brigade on the Gold Coast. It's easier to look away whilst retiree investors are thrown on the scrap heap. Nick Nicholls has nailed his collar to mast on this one and as the matter unfurls before the courts he may well live to regret his stance...


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## No Trust (31 December 2011)

*Tick Tock*

Tick Tock Tick Tock 2012 the investors will finally put those responsible in the Dock... 
If Equititrust - McIvor think that this will blow away they are very mistaken... Investors will ramp up the pressure to another level. In terms of Equititrust itself it will cease to exist within the first half of 2012 if not the first 2 months given the recent bank defaults... The game will then shift to a claim against the insurers... McIvor's wife didn't resign for nothing... Remember this is now an ass saving exercise. McIvor's pontifications have amounted to nothing throughout the year.. Talk is cheap...


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## SPECTRE (1 January 2012)

*RE:  "CROOK BUSTER"*

It is interesting to note that the “new Member” who has “referred” himself as being called *“Crookbuster”* is identical to the terminology used by Mark McIvor in forming a Company to act as a “Nuclear Device killer’ of so called white collar Criminals that HE has supposedly been affected by through Loans advanced from Equititrust Limited and through to his Private Companies including MM Holdings which is NOW in Receivership for “non payment” of Loan Repayments against eight (8) properties that MM Holdings owns, let alone the next Banks that will come into play for other properties and Loans.

This “Nuclear Device Killing company” that Mark McIvor referred to appears to be merely an attempted “smoke screen” to cover up Loans he had BOTH made to numerous parties including  Lazar & King Con, even though ETL conducted the “valuations” and TAKEN for his own benefit, using ETL as additional security for Property Deals and even utilising ETL to Secure borrowings for his PERSONAL use and to “blow out” his Unit Holding in the ETL Funds to make HIS entity the LARGEST Unitholder at the Detriment of other Unitholders ; use of ETL security to fund purchase of Units in ETL Fund......how so ALLOWED by Auditors, ASIC and Corporations Act Provisions ?

CROOKBUSTER makes “direct” comments and NOT as having been “advised” by other parties which leads one to believe that CROOKBUSTER is either MARK McIVOR himself or associated entity as would NOT have “material” available to make ANY comments........interesting, let alone the âœtruthfulness” of his comments.......NOT !!


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## SPECTRE (1 January 2012)

*Re: Crookbuster - MainStreet Spoken Of Incorrectly For Self Serving Reasons.....*

If one does appropriate searches of ASIC and or MainStreet material, one clearly sees that Leif Schipper does *NOT* have an association with MainStreet, but in fact *HIS* Company acts as a Corporate Advisor and has done so for many years with numerous Public Companies, Listed and otherwise, both in Australia and on a global basis including USA and NASDAQ Listed Companies.

A Google Search of *Leif Schipper *simply shows an Article written in 2007 about a Lawyer by the name off *Michael Brereton *who had acted for and known to Leif Schipper over some 37 years and it is THAT Lawyer that the Article is about in so far as the Australian Crime Commission (ACC)  continuing investigation of that Lawyer and *NO* connection of that Investigation with Leif Schipper. The reference made about Leif Schipper was the “attempted inference” that he *MAY* know something about his former Lawyer and such reference is a matter that Leif Schipper has apparently dealt with the ACC even though he has been cleared of *ANY* association with that Lawyer in the matter investigated by the ACC.

The reference to his own Court Case is actually 2002, *NOT* 2007 and relates to a client of his former Accounting Practice who entered into a Tax Effective Investment with an un-related Investment Promotion Company and is currently under review from an Appeal and Quashing basis ; *NOT* a multi million dollar scam of Leif Schipper’s making as *CROOKBUSTER* attempts to infer and sensationalise incorrectly for his own purposes, whatever they may be and whom ever HE may be. Interestingly, there is *NO* reference in Google or anywhere else regarding the case in question, simply the Sydney Moring Herald article of 2007 to which Leif Schipper was “unable” to pass comment due to *“secrecy provisions”* imposed by Government authorities. It is understood that negotiations are and have been underway for some years to have this case Appealed and Quashed at which time, no doubt, appropriate information will be produced by the “media” and Google alike.

The reference to the Director and MainStreet Marketing Group Pty ( correctly registered as Mainstreet International Marketing Group Pty Ltd) is simply *FACTUALLY INCORRECT *and the “specific details” that CROOKBUSTER is *DIRECTLY* referring to would *NOT* be known to him, even the correct ones,as such would *ONLY* be known to the original Administrator and now Liquidator. Interestingly, the now Liquidator of this Company is one *David Clout *of Brisbane whom Mr Mark McIvor *“attempted” *to have put in place in ETL without success ; how so does one Liquidator pass on *ANY* information whatsoever about a Company that he has an official position in.......we are sure that ASIC would like to ask the same question as to Professional Conduct !!

From records made available by the Company in question, the *“REASON”* for the Company being placed into Administration in the first place in December 2010 was due to the ATO seeking to “claw back” Research & Development Grants which it had not only approved BUT also paid out considerable sums ; a process it was also applying to many other Companies in Australia as appeared in the National Media. 

The usual process by the ATO is to pursue *“collection”* of Refunds sought, whilst the Company attempts to go down an *“objection”* course ; the reality being, Objections would take far longer than the “collection process” by the ATO, hence the sole Director of the Company placed it into administration whilst putting together a Deed of Company Arrangement (DOCA) and a *“rogue” *disputed Creditor placed the Company into Liquidation during the process.

There is *NO* reference to “insolvent trading” of this or other MainStreet Companies and the reference to a “history of not paying entitlements” is neither recorded as such and comes from what source ? The Director in question by *CROOKBUSTER* and the referred Advisor, through the Voluntary Administration (VA) Process, that ALL bona fide employees received their entitlements via the Government Authority known as GEERS, upon which, ALL such Employees voted “in favour” of the attempted DOCA put forward by the Holding Company which had the support of ALL of the Holding Company Shareholders and Board of Directors, of which, the named Director by CROOKBUSTER is one of three such Directors.

Upon looking at MainStreet Information Memorandums there is *NO* mention of them dealing in *“financial products” or “financial processing” *; another attempt it appears for  the likes of CROOKBUSTER to create a *“smoke screen”* for Mark McIvor or for MM to do so himself via this “namesake” ......in ANY event, simply *INCORRECT FACTUAL MATTERS ONCE AGAIN !!* 

Authorities referred to should be looking at ETL for the VERY reason that CROOKBUSTER attempts to relate to Mainstreet in a *“fabricated” fashion *; ETL is the one with a *“previous” *AFS Licence for this purpose which has *NOW* been *SUSPENDED *for ONE YEAR and a Receiver placed in charge of its FUNDS !!




crookbuster said:


> Those associated with this company group have a history of dishonest conduct. If you search on Google you will find that Mr Leif Schipper (an accountant) did some time in Jail from 2007 due to his involvement in a multi million dollar tax scam.
> 
> Mr Greg Hannan has allowed companies in his control to trade while insolvent Mainstreet International Marketing Group Pty 26 096 439 762 (insolvent). He also has a history of not ensuring his employees entitlements are paid. He should be attracting much attention from ASIC, ACCC and the tax office due his past conduct, track record and lack of corporate compliance.
> 
> ...


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## kostag (2 January 2012)

*Re: Gold Coast Bulletin - NOT A GOOD EXAMPLE OF BALANCED JOURNALISTIC INTEGRITY*

shame.........



No Trust said:


> Despite a receiver being appointed to MM Holdings and the office building on Chevron Island being caught up in the imbroglio with Wesptpac Bank, Nick Nicholls has not mentioned one thing in the Gold Coast Bulletin. It is a newsworthy story as it relates to a substantial property holding going into receivership.  What's wrong Nick, have you forgotten what impartial journalism is about ? At least other papers take up the slack where Nicholl's selectively decides not to report. How about a story on the plight of investors Nick who can't put food on their table and cannot get a pension, or is that a bit too hard to swallow. Gutlessness like this is what perpetuates amongst the white shoe brigade on the Gold Coast. It's easier to look away whilst retiree investors are thrown on the scrap heap. Nick Nicholls has nailed his collar to mast on this one and as the matter unfurls before the courts he may well live to regret his stance...


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## kostag (2 January 2012)

Where are good investigative authors when you need one?
Paul Barry? Chris Masters?
“MARK McIVOR…. Australia’s Madoff”
Ideal to then run into a mini series…
Consider the issues and characters that can be drawn on….

_*Status*_ *Issue* *Witness* accounts
_Hapless investors_	Down about $200M	1,600 to choose from -  and special accounts from the likes of Bee Jeanes who has dropped $16M.

_Partners_	Exploited and led up a track to McIvorville	Greg Hannan
Kidnapping	Lazar’s dogs	Ian Lazar and Police complaints
Extortion		
_Corporate intrigue	_ 
_Big banks_	Gaining  secured positions ahead of existing investor interests	National Bank, Commonwealth and Bank of Scotland
_Legal actions_	Class actions by Piper Alderman	Amanda Banton
_Tricking the banks_	Westpac -  MM Holdings guarantees	Westpac
_Corporate trickery_	Back door with Jimmy Byrnes to back EIF units into some screwed up German based entity -  depriving investors of any rights to damages	Jimmy Byrnes, Ian Lazar
_Abuse of Parliament_	Naming of Lazar and subsequent retraction  in Hansard	Senator Williams and Hanzard
_Dodgy lending practices_	Inflated valuations and  fees	Tim James and Wayne McIvor will spill the beans
_Dodgy accounting practices_	Want a nice set of figures? You got ‘em	Sid Super
_Dysfunctional Board_	Finish up leading the charge with ASIC and in Courts	Craig ‘Sunken’ Treasure, John ‘oh my’ God-dard, David ‘Tuck in’ Tucker, David ‘Klink (I see nuthink)’ Kennedy’ Stacey ‘Cry baby’ McIvor
_Borrowers_	Who all have a story to tell of fees, transfers, private deals	ASIC, Lazar, Huxley, Raptis, Quinliven, McCart, Roberts…. Where do we stop
_Pick a number?_	Run a quiz show off the side -  guessing the final loss. We all say final payout will be nil.	
_Plundering the pot_	The bullsh-t sub-ordinated unit scam -  now you see it, now you don’t. An accounting allusion that enables good old Marky boy to keep sucking the marrow from the bone well into 2011.	Accounts. Sid Super, speak to anyone who understands double-entry accounting.
_Auditors_	Conflicts galore	Same as MFS et anors
_Failed management_	 Failed MFS execs join ‘Mad dog’ in one last ditched stand	Kennedy and David ‘Angry’ Anderson -  google these guys and ‘MFS’ – and sing to the tune of ‘The Way we were’.
_Some laughable inserts_	Down load the library of corporate PDS and Mein Fuhrer rants…
_Indiginous issues_     the lations, the bruvvas  the smoke cereomony and the 'lunch' where Madamoiselle Stacey does her meltown.


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## SPECTRE (2 January 2012)

*Re: welcome to this site, CROOKBUSTER*

KOSTAG,

What “side deals” can you, KOSTAG, even be referring to regarding “Schipper, MainStreet and the list goes on....” and what could he even be “privy to” by “direct reference” in any event ?

The only “deals”, as referred to in ASIC enquiries, that were ever in play with the person and Company referred to were BOTH deals regarding “straight forward” Property Contracts that were entered into in good faith by their related  respective Companies for such Properties that are now “Under Receivership” by Korda Mentha on behalf of the Westpac Bank and hence were “unable” to complete until Korda Mentha sorts out where matters lie regarding these and the other six properties under their Receivership. There is no question of any “side deals” rather apparently substantial Legal Action pending by the “purchasers” regarding these transactions..........what KOSTAG, another “smoke screen” BY or on behalf of Mark McIvor ??

The only “side deals” it appears that took place and under Investigation are Loans and Property Deals conducted by Mark McIvor on his own behalf for HIS Property Portfolio and utilising ETL in the process.......this forum should deal with “true facts” and the Web Master needs to take a close look in this regard, otherwise litigation would be flying by aggrieved parties no doubt !!



kostag said:


> if your allegations about MAINSTREET GROUP are correct.....  a) in terms of their dealings with EIF etc -  they all seem to be in good company, BUT  b) on another note -  doesn't it give a wonderful continuing insight into who McIvor will deal with - no background checking etc.... commit the EIF etc into deals and ventures -  delusional REVENGE BANKS..... failed MFS executives allowed near the tiller (or was it TILL?) .....
> 
> I am told that McIvor maintained until recently close relationships with JIM BYRNES and IAN LAZAR....
> 
> ...


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## kostag (2 January 2012)

*Re: welcome to this site, CROOKBUSTER*

I think you need to re-read your posting SPECTRE.

There is no suggestion of any improper dealing by MAINSTREET (If I suggets that in any way -  which I deny) I withdraw such imputtation. My personal suspicion is that Mr HANNAN was misled. Not been the only one!

With respect to other BORROWERS who may have been prevailed upon to enetr into arrangments with benefits flowing to parties other than EIF or potentially to parties other than EIF etc -  again, there is no suggestion that BORROWERS conspired to do this BUT have no doubt SPECTRE there are some instances where this appreared to have occuured - often to the detriment of the BORROWERS as well -  and YES, SPECTRE, I understand 100% that ASIC is onto this line.

Finally, I have no association with EIF or McIVOR.

To suggest that I am a smokescreen with regard to this scandal -  you'd best go back and read the last 18months of POSTINGS.

Clearly, the POSTINGS are made by a range of parties with a range of AGENDAS -  Borrowers, Legitimate investors, professional RIVALS, disgruntled former staff and or officers etc.

BUT does it matter? The raids and action by AFP and ASIC and the actions by Receivers, Banks and others all seem to have vindictated some comments, from time to time, which most of us might agree were a bit strong.

BUT FOR CLARITY: ANY SUGGESTION OF WRONG DOING BY ANY BORROWER ALLEGED OR IMPLIED IS ABSOLUTELY WITHDRAWN AND I SAY WAS NOT STATED IN MY POSTING. NOR WAS IT INTENDED -  I UNRESERVEDLY APOLOGISE FOR THAT. 

The MATERIAL that I have on hand  is now with ASIC. I suspect most other bona fide 'posters' onto this site have done the same with their material. 

FACT:

1.  Investors have not been paid interest for how long?
2.  AFS licence pulled.
3.  Admitted write down of INVESTOR UNIT CAPITAL is atleast to 44% -  I predict (yes, my calculation -  so sue me) is that it will finish being NIL.
4.  Sub-ordinated units allocation and redemption and ability to draw fees etc during 2010 and 2011 was absolutely on the nose.
5.  LOAN SECURITIES and their VALUE  are not and were not (in some cases) as represented under PDS' to invetsors.
6.  ERRONEOUS VALUATIONS were known to atleast one BOARD member from late 2009 -  but PDS' into early 2011 were still issued with those false values. Did the two biggest exposures: Ipswich and South Australia property  values seriously collapse in early 2010? We will let the correspondence and ancillary material on this one do our talking!
7.  Contrary to PDS disclosures regarding the net asset position of EQUITITRUST, there were liabilities not disclosed to the BOARD and more than likely AUDITORS which, if they were,  would have resulted in ASIC pulling the AFS licence more than likely atleast a year sooner (WESTPAC and collateralised security for loans to MM Holdings -  how much $20M plus ?).

SPECTRE, I dont know how much more factual material your need? If you have set out to discredit the TRUTH, you have a way to go yet. 

I'll sleep pretty safely tonight. 









SPECTRE said:


> KOSTAG,
> 
> What “side deals” can you, KOSTAG, even be referring to regarding “Schipper, MainStreet and the list goes on....” and what could he even be “privy to” by “direct reference” in any event ?
> 
> ...


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## No Trust (2 January 2012)

*Litigation*

What has happened to the litigation *against defaulting borrowers *that Tucker was undertaking ?? The receiver will soon have to make an announcement on this and the wind down of the *funds in receivership*...

More importantly has Tucker been paid for legal services undertaken for the company whilst *he was also a director*... I am sure the receiver will be having a *close look at this matter.
*
Independence is an *undervalued commodity*...


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## No Trust (4 January 2012)

*Equtitrust Melt Down*

It is clear from *the action by Westpac * in *appointing receivers * to MM Holdings that the banks have lost patience and are moving to enforce their security..

In terms of Equititrust there are defaults with NAB, Commonwealth, Bank of QLD and Bank of Scotland... This has been acknowledged by Equititrust on their website, the question now is which bank will move next and how will this affect investors interests... Vincent in his affidavit alluded to this as some of the borrowing was cross collateralised to the income funds...

Investors have been advised just prior to Christmas that *nearly 60% of their money has been flushed down the toilet* with more hits to come from receiver’s fees and running costs… 

*Where will it end*…


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## No Trust (4 January 2012)

*End of Year Financials*

The hallmark of a good company is *prudent management *and its ability to meet its obligations. Now when a company *cannot even finalise its end of year accounts *that speaks volumes as to its management. When ASIC has to step in and appoint *receivers* due to non lodgment of accounts (a statutory obligation) and the lack of net tangible assets that tells you that *Equititrust cannot control its own destiny*. When a company cannot control its own destiny *someone else will*..
This will be the hallmark for Equititrust and its management throughout 2012... 
*Expect more intervention *from the *banks and regulators *as the ASIC investigation gathers pace...


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## zencorp (4 January 2012)

*ANOTHER RECEIVER/MANAGER APPOINTED.*

Looks like the domino is falling. A receiver AND MANAGER was appointed over MM Holdings a day after Westpac appointed..... 

Extracted from ASIC's database at AEST 18:31:10 on 04/01/2012
Name	M.M. HOLDINGS PTY. LTD.
ACN	010 602 507
ABN	73 010 602 507

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	    Pages	  Description
21/12/2011	027916217	        *504B Notification of Appointment of a Receiver And Manager*
20/12/2011	7E4175319	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175313	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175307	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175305	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175302	2	505A Notification of Appointment of Receiver


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## No Trust (6 January 2012)

*Receivers Managers*

Yeah, whats up with that... Seems like more action on the *insolvency front*...


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## No Trust (6 January 2012)

*ASIC Enforcement - Directors*

*ASIC surely has to take action *in regard to the lack of 3 directors on the Equititrust Board... Since wifey stacey resigned the company is in breach... ASIC must act as it did when the financials were not and are still not completed...


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## No Trust (6 January 2012)

*Financials*

*Equititrust must stop hiding the truth *from investors and the regulators and produce the *end of year financials *which are *6 months overdue*...

*The Australian Taxation *Office should also take a close look at Equititrust and its directors in light of the Federal Police and ASIC raids...


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## No Trust (6 January 2012)

*Equititrust Office*

In light of the *MM Holdings Receivership *what will now happen to the Equititrust Office ??? Will the receiver review the *lease currently in place *with EquitiRust ??? 
Watch for developments on this front in the coming weeks... Will make for *interesting reading*...


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## No Trust (7 January 2012)

*Financials Not Completed*

Maybe this is why the financials have not been completed... McIvor had no time to complete the Equititrust Financials yet had time to screw around with this... Its a joke isn't it ???

How about using some of that money to pay back innocent retiree investors money...
The delusion continues... Its no wonder ASIC appointed receivers...


"*Embattled Equititrust founder *Mark McIvor is believed to have links to the company behind the application."

http://www.goldcoast.com.au/article/2012/01/07/379995_gold-coast-news.html


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## No Trust (9 January 2012)

Expect more *sensational media coverage *in the coming weeks related to the incidents outlined in Anthony Marx's Article below... The truth that was withheld for so long is finally coming out...


*Equititrust house of cards tumbles down *

Anthony Marx 
The Courier-Mail
October 24 2011






THE email landed like a hand grenade in a living room. 

"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were stunned by the threat. It prompted McIvor's long-time friend, David Jackson QC, to resign as a director and then-chief executive David Kennedy to respond by email that day.

According to the court documents *Kennedy told McIvor that he was responsible for much of the company's problems* and had now lost the support of everybody inside the organisation. McIvor's *recent stress-induced *behaviour was *"irrational, ill-conceived, self destructive and dangerous", *the email said.

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609


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## No Trust (11 January 2012)

*The Warnings were there... Choice Magazine set out the risks*

The Shonky Award given to Equititrust back in 2008 was not for nothing...








"If safety for a 6–24 month investment term is what you’re looking for, *you’d be a lot safer with your money in a bank*. Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s. "

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx


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## No Trust (12 January 2012)

*This Should be looked at !!!*

ASIC needs to look at this... 


*Frozen funds still raising money, say auditors *

Anthony Klan 
The Australian
March 02, 2010

"The auditors of Equititrust, which holds about $270m of investor funds, raised concerns about the group's *stability* in late 2008 and again in October last year."

"Despite the continuing freeze and the stability concerns raised by KPMG, Equititrust *has continued raising funds under a prospectus issued in February last year*. Equititrust managing director *Mark McIvor did not return *calls yesterday but has previously said the *fund is in a healthy position *and offers a "capital warranty investment" whereby the management would incur the first $40m of any potential losses." End Quote

http://www.theaustralian.com.au/bus...ney-say-auditors/story-e6frg8zx-1225835823806

So through the course of *2008* and *2009* new funds were being raised from unwary investors. Valuations were not updated and the impairments which were in the tens of millions if not more were not disclosed. How could the auditors allow the audits to be undertaken without updated valuations, how did Equititrust fudge this... 

The basic premise of a fund is the underlying asset base... If valuations were undertaken in *2008* and *2009* this whole sorry saga would have come to an end then. Instead the regulators and the auditors have basically allowed more innocent investors to lose their life's savings... 

Canceling Equititrust's License is *too little too late*... Innocent Retiree's have lost *their money and future *whilst the founder continues to live in multiple Multimillion dollar mansions... 

Is it just me or can anyone else see something wrong with this *disgusting greed*...


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## SPECTRE (17 January 2012)

*Re: WHO IS REALY IN CONTROL OF EQUITITRUST - THE RECEIVER OR MARK McIVOR*

Who is really in control of Equititrust and its remaining Fund’s assets? This question really begs an answer now from both ASIC as well as the appointed Receiver!

On the 15th January 2012 at 7:15pm on that Sunday night, a single office light was observed in “The Bunker”,  being the Equititrust Building at 65-67 Thomas Drive, Chevron Island. Upon closer inspection and inquiry, our informants states, that a lone “silver haired” male sat at what was once Mark McIvor’s office on the second floor at the front of the building. This male was later identified as Mark McIvor himself. There were no other persons present on the total second floor. There were no other vehicles parked behind the building on in front of it. At 10:00pm, this male, identified as mark McIvor, was still in the abovementioned office well into that late Sunday evening. 

So what was Mark McIvor up to? 

1.	Why is Mark McIvor allowed access to the ETL office afterhours and alone?
2.	Was the Receiver aware of his presence?
3.	Did the Receiver provide him with an office and keys?
4.	Has the Burglar Alarm codes been changed by the Receiver?
5.	What files was Mark McIvor accessing? Why was he accessing them? 
6.          What changes, copies, adjustments did he make and for what reasons?
6.	Does ASIC know that Mark McIvor has access to ETL records?
7.          Does anyone know that McIvor has afterhours solo access to the building?
7.	Why is the Receiver not more prudent in his dealings and control over Mark    McIvor's access to the ETL building and records? 

Any reasonable person would believe that Mark McIvor is the problem here, not the solution, so how is this person allowed unsupervised access to Fund records and the Equititrust office. 

“Something is really rotten on Chevron Island!”


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## No Trust (18 January 2012)

*Receiver David Whyte BDO*

Seriously..., what measures is the receiver taking to *protect the interests *of investors...

With it *FSL cancelled*, why is Equititrust even writing to investors on its website...

The letters to the investors posted just prior to Christmas were a *sorry joke*...


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## No Trust (18 January 2012)

*Financials - How Big are the Losses*

Hi EquitiRust any chance the *financials will ever be completed *or is there more losses to hide... 

And to think this mob were trying to raise a further *50M* from investors last year... ASIC finally acted and put a stop to that...


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## No Trust (18 January 2012)

*Equititrust Office*

The Equititrust office is owned by Westpac Bank... The receivers will now deal with the property on behalf of the bank... MM Holdings is in receivership and McIvor one would assume is busy filling out the statement of affairs sent by the receiver...


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## No Trust (18 January 2012)

*Will the 3rd Director please stand up...*

Where is EquitiRust's* 3rd director*, its high time ASIC did something about this...

Every other company in Australia has to *comply by the law*, it seems EquitiRust just seems to do what it wants and then *gets thumped by the regulator*... Its no wonder all its funds are in receivership and its FSL has been cancelled with management like this...

Gold Coast Cowboys ride again...


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## No Trust (18 January 2012)

*Further Bank Action*

With EquitiRust *acknowledging defaults *with multiple banks expect further action by the remaining banks on the recovery / receivership front...

The receivers / liquidators are rubbing their hands at the *little gold mine *EquititRust has created for them...


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## No Trust (20 January 2012)

*Financials Financials*

Where are the *Financials* Equititrust... Why weren't they finalised at the end of the financial year... Equititrust espoused all the *talent on the new board *and yet this bunch of so called experts could not meet their *statutory obligations *and complete the end of year financials...

THERE IS *MORE TO THIS *THAN MEETS THE EYE... NEARLY *7 MONTHS *OVERDUE AND COUNTING.. What lurks behind these figures ???


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## No Trust (20 January 2012)

*Office Building has gone whats next ?*

The Equititrust office buidling has *fallen into the hands of receivers*, whats next ??? Some personal holdings such as the homes on Cronin Island ??

The "smoke ceremony" seems to have been nothing more than a "smoke screen". When people are desperate they will resort to anything... Even smoke ceremonies...:horse:



With the banks issuing default notices left right and centre it looks like some of these luxury piles might be next on the chopping block...

Anyone for a game of domino's...


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## No Trust (20 January 2012)

*Thats The Spirit*

*THATS THE SPIRIT*
Our Gold Coast spy noticed a large group of people gathered around Equititrust's Chevron Island office recently, *including McIvor*.

On closer inspection, they sighted an Aboriginal elder performing a smoking ceremony -burning incense, chanting and *waving a tree branch*. :cuckoo:

http://www.couriermail.com.au/ipad/city-beat-bet-on-the-girls/story-fn6ck2gb-1226167097433


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## allinvest (21 January 2012)

*Re: Thats The Spirit*



No Trust said:


> *THATS THE SPIRIT*
> Our Gold Coast spy noticed a large group of people gathered around Equititrust's Chevron Island office recently, *including McIvor*.
> 
> On closer inspection, they sighted an Aboriginal elder performing a smoking ceremony -burning incense, chanting and *waving a tree branch*. :cuckoo:
> ...




Ahh ha maybe they were smokin the missing financials??


----------



## kostag (21 January 2012)

*When you look back over this BLOG*

altough there is much tragedy and disaster and what I suspect is much worse to come -  there are so many side splitting things -  someone just has to write a book -  why not get Paul Barry onto it.... there is so much good juicy material - and the humorous bits -  the smoke ceremony, the attempts to de-rail this website using a range of false characters etc


----------



## kostag (21 January 2012)

*KORDA MENTHA appointed by WESTPAC*

these guys are heavy hitters and it will be a 'take no prisoners' approach....



No Trust said:


> The Equititrust office buidling has *fallen into the hands of receivers*, whats next ??? Some personal holdings such as the homes on Cronin Island ??
> 
> The "smoke ceremony" seems to have been nothing more than a "smoke screen". When people are desperate they will resort to anything... Even smoke ceremonies...:horse:
> 
> ...


----------



## No Trust (21 January 2012)

*Re: When you look back over this BLOG*

What about the McIvor videos with Ian Maurice... Now that was not only delusional but beyond hilarious... Remember the comment about their man in China... Was McIvor referring to the local Chinese Delivery Guy... Imagine the temerity in making these delusional commercials whilst Equititrust Financials were left to languish... Idiotic isn't it and a mark of how Equititrust was run just before it hit the rocks. McIvor's role as the Captain of the ship is analogous to the recent shipping diaster in Italy. He abandoned the ship after it had hit the rocks and left the innocent passengers/investors to go down with the ship. Why did he abandon the ship in June ??? Why did he allow the financials
to remain uncompleted??? There is no denying he abandoned the ship and the affidavits of former directors like Kennedy and Tucker point to some serious issues. There is a lot more to this saga than meets the eye. Like who stalled the completion of the financials... Surely this subject was openly discussed at board meetings. Where are the minutes of those meetings, where are the emails between the directors relating to the financials???  All if this will come out in the near future as legal action is commenced by the receivers. Do not be surprised if David Whyte has to commence legal action against the former management...




kostag said:


> altough there is much tragedy and disaster and what I suspect is much worse to come -  there are so many side splitting things -  someone just has to write a book -  why not get Paul Barry onto it.... there is so much good juicy material - and the humorous bits -  the smoke ceremony, the attempts to de-rail this website using a range of false characters etc


----------



## No Trust (22 January 2012)

*Disclosure Statements*

Equititrust is *obliged under the Corporations Law *to issue Continuous Disclosure Statements, however as the news from Equititrust goes from *Bad* to *Worse* to downright *Pathetic* a whole new category has been opened up for Equititrust; from now on the Statements will be called *Continuous Disaster Statements.* 

Good to see the ol Captain back on board once the *ship has well and truly gone down*... Pity the captain hasn't got a license to commandeer any other ghost ships... At least we have ASIC to thank for that... :flush:


----------



## kostag (22 January 2012)

*last reported recovery was down to $80Million*

with new actions now underway -  expect that figure to further halve......


----------



## kostag (22 January 2012)

*CONTINUOUS DISASTER STATEMENT NUMBER 1*

expect announcement of further loan impairment of apporx $35M any day -  a whole raft of execs will be lined up on this -  documentation not checked .... loss $35M PLUS


----------



## freebird54 (22 January 2012)

*Re: Disclosure Statements*



No Trust said:


> Equititrust is *obliged under the Corporations Law *to issue Continuous Disclosure Statements, however as the news from Equititrust goes from *Bad* to *Worse* to downright *Pathetic* a whole new category has been opened up for Equititrust; from now on the Statements will be called *Continuous Disaster Statements.*
> 
> Good to see the ol Captain back on board once the *ship has well and truly gone down*... Pity the captain hasn't got a license to commandeer any other ghost ships... At least we have ASIC to thank for that... :flush:




There are many still raising funds who have had their licence taken off them previously - they just use another name


----------



## No Trust (22 January 2012)

*Re: CONTINUOUS DISASTER STATEMENT NUMBER 1*

If this eventuates, there won't be much left after the receivers have had their feed... It just keeps on getting worse day by day. 



kostag said:


> expect announcement of further loan impairment of apporx $35M any day -  a whole raft of execs will be lined up on this -  documentation not checked .... loss $35M PLUS


----------



## No Trust (22 January 2012)

*Legal Action*

What is happening on the recovery front... It seems all legal actions have stalled... Has Tucker handed over the files to the receiver ???  Legal action against defaulting borrowers seems to be as big a mess as Equititrust itself...


----------



## kostag (23 January 2012)

*Re: CONTINUOUS DISASTER STATEMENT NUMBER 1 update*

I think that after Receiver; Administrator costs; on-going overheads; interest costs etc..... that the best position will be NIL for unit holders.

This is my private calculation.  This forum is about acting as an open forum for all parties with a  genuine public interest to share and explore....

anyone want to suggest any alternate 'numbers'....





No Trust said:


> If this eventuates, there won't be much left after the receivers have had their feed... It just keeps on getting worse day by day.


----------



## No Trust (23 January 2012)

*Due Date*

Despite having its *FSL cancelled *as a result of non completion of the end of year financials Equititrust has still not completed them. In the update below the 23rd of January was given as the date the long overdue financials would be finalised...

Well its the 23rd and where are they ??? Don't hold your breath waiting for anything but disasters from this lot... 

*TOTAL DISGRACE*


https://www.aussiestockforums.com/forums/newreply.php?p=681512&noquote=1


----------



## Mozzi (23 January 2012)

Been reading  the forum for some time.   Guess we are all going around in circles with no real information coming from anyone in control.   Is there anyone in control?   In any case looks like everyone is accepting that our investment is gone.   Does anyone know anything about the class action and if they have enough participants to go ahead?   Giving it some thought!    Anyone?


----------



## No Trust (24 January 2012)

*No Information*

This seems to be the general consensus all round... Who is actually in control of the clean up of this "Train Wreck" ??




Mozzi said:


> Been reading  the forum for some time.   Guess we are all going around in circles with no real information coming from anyone in control.   Is there anyone in control?   In any case looks like everyone is accepting that our investment is gone.   Does anyone know anything about the class action and if they have enough participants to go ahead?   Giving it some thought!    Anyone?


----------



## Olman (24 January 2012)

Mozzi said:


> Been reading  the forum for some time.   Guess we are all going around in circles with no real information coming from anyone in control.   Is there anyone in control?   In any case looks like everyone is accepting that our investment is gone.   Does anyone know anything about the class action and if they have enough participants to go ahead?   Giving it some thought!    Anyone?




The class action is proceeding at present.  The best place for information is Piper Alderman.  Their details have been posted earlier in this thread.


----------



## No Trust (25 January 2012)

*Piper Alderman - Amanda Banton*

Piper Alderman are the only ones doing anything on behalf of investors... McIvor certainly isn't doing a thing... Don't be surprised if he joins the class action himself


----------



## No Trust (25 January 2012)

*Public Stocks*

McIvor advocated the reintroduction of *Public Stocks *for those who mismanaged investors funds in a previous Annual Review... Isn't he due for a session in the stocks soon... Investors gather your *rotten fruit and vegetables*...


----------



## No Trust (26 January 2012)

*No Financials*

*WHERE ARE THE FINANCIALS EQUITIRUST ? *


----------



## No Trust (26 January 2012)

*PROMISES OF FINANCIALS NOT KEPT "YET" AGAIN*

Despite *promising the financials would be completed *by the 23rd of January Equititrust consistent with past performance has not met this "*self imposed*" deadline... Why set a date ? They did this last time for the interim financials...

*HOW BIG ARE THE LOSSES*??? Every time this mob of incompetents keeps quite another disaster is eventually lurking behind the non disclosure...

*WHAT WILL IT BE THIS TIME *???  Isn't it time a receiver stepped into Equititrust itself to finally unravel this despicable mess so investors know what the position is... 

Investors are being given the stereotypical mushroom treatment by Equititrust yet again. Note to McIvor who is "*allegedly*" in control : Investors do not like being kept in the *dark* and being fed *Bulls##t*. You have had enough time to complete the financials so lets see them... 

*IS IT REALLY THAT BAD*???


----------



## No Trust (26 January 2012)

*Un-Australian of the Year*

The *Un- Australian *of the Year Award must certainly go to Equititrust, the manner in which this organistion has disrespected and ruined innocent, elderly Australian lives is right up there with the worst.

*Witholding the financials *in the dying days to date has rubbed further salt into the wounds of investors to become a national disgrace. Where are the financials EquitiRust???

*SHAME EQUITITRUST SHAME *


----------



## Mozzi (26 January 2012)

*Re: PROMISES OF FINANCIALS NOT KEPT "YET" AGAIN*



No Trust said:


> Despite *promising the financials would be completed *by the 23rd of January Equititrust consistent with past performance has not met this "*self imposed*" deadline... Why set a date ? They did this last time for the interim financials...
> 
> *HOW BIG ARE THE LOSSES*??? Every time this mob of incompetents keeps quite another disaster is eventually lurking behind the non disclosure...
> 
> ...



 "They" haven't kept their word on anything yet, why should now be any different!   "They" will not do anything until forced to - and who is going to do that?   ASIC?


----------



## No Trust (26 January 2012)

*ASIC Complaint*

I would encourage investors to make further complaints to ASIC as a result of Financials not being completed as promised. Best result though would be if a reciever was appointed by one of the banks owed money. Don't expect the banks to hold out much longer, they too expect financials in a timely manner. Its only a matter of time before NAB,Westpac,Bank of Scotland or Commonwealth make a move and appoint their own recievers. All their loans are in default as acknowledged by Equititrust. Maybe then the financials will finally be released.


----------



## No Trust (27 January 2012)

*Material Uncertainty as a Going Concern or Epitaph*

It was interesting to get the perspective of a Senior Partner in one of the largest Accounting firms in the country on the delay of the financials. It centered around the Auditors Report and the last set of financials issued on the *16th of March 2011*. In that report the auditor expressed that there was *"Significant"* doubt about the scheme's ability to continue as a going concern. His view was that the position of Equititrust had deteriorated to such an extent that any auditor in the country could not sign off on the financials and say there was *"Significant Doubt"* the statement would have to be a lot more dire than that and would in all likelihood be an Epitaph.

Is this the *real reason *Equititrust did not complete the financials??? Would the Statement by the Auditor have tipped of Westpac and the other banks earlier given the disclosure of further massive impairments??? Was this whole exercise about self preservation ??? It certainly was not to help Innocent investors in any way...

*COME ON EQUITIRUST HAND OVER THE FINANCIALS YOU HAVE HAD A ENOUGH TIME TO HIDE THE REAL FINANCIAL TRUTH...*


----------



## No Trust (29 January 2012)

*No Sale of Cronin Bunker*

McIvor's Home *"Luxury" Multimillion *Dollar Home remains unsold...

Read the article below as it also outlines his other Multimillion Dollar Holdings on the same Island... Nice life for some, whilst Equititrust investors *can't even get a pension *as a result of the investment in Equititrust... There is *something very wrong *with the current scenario.


http://www.propertyobserver.com.au/...ronican-s-pricey-sydney-bolthole-title-tattle


----------



## No Trust (29 January 2012)

*MM Holdings Receiver*

The *Receivers of MM Holdings *have lodged a  form 555 (_Notification of Receiver Extending Time to Submit Report_). Whats going on here ??? Are the interests of MM Holdings and Equititrust so intertwined that the receiver can's figure it out fully ??? Or is there a *lack of financials *similar to Equititrust...

When the report does come out it will make for interesting reading...


----------



## No Trust (29 January 2012)

*Harbinger of things to come*

*The Sydney Morning Herald *in this video may be *100% right*, "investors fear that their super has gone" may unfortunately be correct. The sad thing is seeing these innocent retiree's having to suffer. For some its easy, they just close the front door to their Multimillion dollar mansion and don't look back...

A gamble on "King Con" does not look so smart now does it...


http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html


----------



## No Trust (29 January 2012)

*Valuations*

In the video above it is *mind boggling *when Kennedy states that they don't know the state of the funds because *valuations had not been done*... There is a reason those valuations had not been done... Equititrust knew that the assets were toxic particularly the ones associated with "King Con", if the valuations were prudently undertaken Equititrust would not have been able to pocket millions of dollars in fees... It seems to be a recurring theme with Equititrust, *don't undertake valuations *and *don't complete financials*. This is no way to run a company let alone manage investors money. Not behavior befitting a "Custodian of the Public's Money" now is it...


----------



## kostag (3 February 2012)

*www.equititrust.com.au  and into Updates and then 'Receiver Reports' -  wow!*

1. It seems that Receiver said no interference with staff BUT McIvor sacked CEO -  atleast that is how I read it. ASIC who is running the show?

2. Financials: how big is the year loss?  $140M  cough choke splutter!!!!!

3. Value per unit:  now down to 34cents per unit BUT before costs etc and other write downs!!!!   How are we looking for a 100% write off -  wasnt managment telling us all less than 12months ago would be 80 odd cents.....  So if I have $200,000 invested, I am now down to about $70,000 but even that is subject to more write downs for costs etc

Thank heavens ASIC and David Whyte stepped in -  costs of $500K per month !!!! already down to $150K per month!!!!

Get a nice stiff Scotch, sit down on  your most comfortable chair and read David Whyte's assessment.....


----------



## No Trust (4 February 2012)

*David Whyte BDO Australia - Report*

What a *Bombshell*... David Whyte now has an inkling of what kind of individual he is dealing with...

McIvor sacking the CEO without the receiver's approval or consent is a joke isn't it ? 

Read Page *2 *Staff / Consultants and Services Agreement as to what the receiver has to say about this.

"The Agreement which was executed on 20 December 2011, also provides that *no amendments can be made to the staff / consultants engaged without my approval. *Notwithstanding this Mark McIvor advised the CEO that he had *terminated him *on 13 January 2012 and *without any consultation with me*. I am presently considering the position in this respect."

http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf

Refer also to page *2 *of the reasons for judgment below para *62* relating "_to a series of threats against staff_"

http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 03 of 03.pdf

*WHY IS MCIVOR STILL INVOLVED AT ALL !!!! *David Whyte has to take *decisive action against McIvor asap.* This will most likely be in the form of more court proceedings. If David Whyte does not do anything about this investors spoken to will most likely apply to the court for action to be taken as it is clear that McIvor is interferring again, this time with a court appointed receiver which surely must be a serious breach...


----------



## No Trust (4 February 2012)

*Impairment losses*

*167M* in *Impairment losses *for the Year... It seems that Equititrust were hiding something big, hence the lack of financials... 

The fact is that these *losses were hidden for many years*, Equititrust just kicked the can down the road to collect management fees. It is unimaginable that this organisation was allowed to continue without undertaking valuations on an annual basis. If valuations were undertaken the fee grab would have stopped as far back as 2008. Piper Alderman have a strong case in this regard.

*Rorting of Fees*

David Whyte makes some interesting observations; he states on page *4* http://www.equititrust.com.au/Pdfs/...- 20120202 - Introduction - Part 01 of 03.pdf
that since the interest payments stopped to investors in Feb 2011 Equititrust was not eligible to collect a management fee. The then board waived a 2.8M Fee payable to year end 2011. The current board now want to reinstate this fee ???????? David Whyte has asked McIvor for an explanation and to date McIvor has not responded... 

*Reimbursement of Expenses *

When the management Fee is not payable the Responsible Entity is entitled to a reimbursement of expenses. Expenses totalled *6M* in 2011 as compared to a management fee of *4.46M *in 2010.

So having lost *167M* investors are rewarded by having to pay more in expenses in 2011. David Whyte has done the right thing and stopped the fund being bled dry.


----------



## kostag (4 February 2012)

*Re: Impairment losses: AUDITORS KPMG*

the fact that the AUDITORS failed to do any valuation testing and made no attempt to positively or negatively confirm alleged LOAN BALANCES with major DEBTORS will give the AUDITORS some major problems when PIPER ALDERMAN cut loose.






No Trust said:


> *167M* in *Impairment losses *for the Year... It seems that Equititrust were hiding something big, hence the lack of financials...
> 
> The fact is that these *losses were hidden for many years*, Equititrust just kicked the can down the road to collect management fees. It is unimaginable that this organisation was allowed to continue without undertaking valuations on an annual basis. If valuations were undertaken the fee grab would have stopped as far back as 2008. Piper Alderman have a strong case in this regard.
> 
> ...


----------



## No Trust (4 February 2012)

*Equititrust Disaster*

This is now an *undisputed disaster *of monumental proportions, *167M* of impairments in *1 year *is off the Richter scale. Dealing with the likes of *"King Con" *has given investors misery and loss. There will be more losses to come as outlined in the receiver's report. If the litigation continues and McIvor keeps wasting the receivers time in challenging his appointment, David Whyte will be sidetracked into dealing with McIvor's nonsense. David Whyte has already outlined how much time this has consumed to date. McIvor should be taken out of the equation all together after ignoring the receiver and unilaterally firing the CEO. 

*ENOUGH IS ENOUGH *let the receiver do his job and remove the root cause of *ALL* of the problems...

How can *ASIC* let this farce continue any longer...


----------



## No Trust (6 February 2012)

*Remind you of anyone???*



*Anybody seen $167,000,000 I seem to have misplaced it*


The "Osrich" Approach to Funds Management on the Gold Coast.


----------



## allinvest (6 February 2012)

*Re: Remind you of anyone???*



No Trust said:


> *Anybody seen $167,000,000 I seem to have misplaced it*
> 
> 
> The "Osrich" Approach to Funds Management on the Gold Coast.




Where did they file those financials?


----------



## kostag (6 February 2012)

*McIVOR is enforcing over some EIF assets*

information is emerging that McIvor is taking control of some EIF assets


----------



## No Trust (6 February 2012)

*Joke ?*

This is a joke right ??


----------



## No Trust (6 February 2012)

*Credentials*

So McIvor loses *167M* of innocent investors money and is then allowed to continue dealing with the assets of the fund... These kinds of credentials would not get you a bank tellers job. 

Losses of *this magnitude *and wasteful spending on expenses as outlined by the receiver would tend to indicate that a complete change of management is needed. What faith have investors got in ASIC and the receiver when this is allowed to continue. The moment the CEO was fired without the receiver's consent action should have been *taken immediately*... Whilst the receiver pontificates over the issue and *collects more fees *investor's money is being flushed down the toilet. If David Whyte does not take a firm stance against McIvor his credibility will be completely lost and there will be calls for his removal.  Its a game with other people's lives that should not be taken lightly...


----------



## No Trust (8 February 2012)

*Audited Financials*

Where are the *"promised"* audited financials ??? Are the auditors coughing and spluttering about the *magnitude* of the *losses*??? What will they say about material uncertainty this year??? 
WILL THE FINANCIALS *EVER MATERIALISE *???


----------



## No Trust (8 February 2012)

*CEO*

Who will be the *next CEO *of Equititrust Ronald McDonald or the Hamburgler? The way they are going through them it might be wise to get *recyclable ones *in the future... Appointing and dumping so MANY CEO's and sycophant directors is an indication of the *"calibre"* of management prior to the collapse...  

Is there anyone left in the now "Mortgagee in Possession" office building on Chevron Island???

*Mortgagee in Possession *signs will be coming up soon...


----------



## No Trust (9 February 2012)

*Who is Running the Show*

David Whyte the receiver should make an immediate statement as to who is running the show after his revelations regarding the sacking of the CEO by McIvor... The perception is that things are in disarray and McIvor is interfering with the duties of the receiver and as a direct result incurring massive costs. This has a huge impact on investors who really don't know what is going on.


----------



## zencorp (9 February 2012)

*Re: Who is Running the Show*



No Trust said:


> David Whyte the receiver should make an immediate statement as to who is running the show after his revelations regarding the sacking of the CEO by McIvor... The perception is that things are in disarray and McIvor is interfering with the duties of the receiver and as a direct result incurring massive costs. This has a huge impact on investors who really don't know what is going on.




This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated.


----------



## kostag (9 February 2012)

*WIRRINA RESORT AND CONVENTION CENTRE PTY LIMITED*

This SOUTH AUSTRALIAN PROJECT is subject to substantial write downs and controversy. Although the property is an asset of the EIF, I am told that McIvor appointed HALL CHADWICK as Administrators of the company. I understand that this was without EIF Receiver, David Whyte's, knowledge or consent.





No Trust said:


> This is a joke right ??


----------



## kostag (9 February 2012)

*LYIN ADVANTAGE*

should work out real well...



zencorp said:


> This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated.


----------



## kostag (9 February 2012)

*Re: Who is Running the Show*

this guy seems OK:  http://www.asx.com.au/asxpdf/20080319/pdf/3184cd7n9fym83.pdf

The trick is though as soon as INVESTORS take LISTED shares for their UNITS -  the loss is crystallised at their election and they lose any rights through ASIC or a class ction.

Anyone who is approached -  no matter how beguiling the offer -  ought contact Amanda Banton at Piper Alderman.

If you want to know how this could end up -  just take a look at Wellington Capital listed on the NSX.




zencorp said:


> This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated.


----------



## awg (9 February 2012)

What a shocker for the Investors, you can pretty much guarentee this money wasting to drag on like grim death, it just seems like outright criminal thievery to me.

Just with white collars on..if you missappropriate OPM, such as Centrelink fraud, falsely claiming say $30,000 will land you in jail 

I can totally understand why my previously mentioned acquaintance seems anxious to avoid formal dispute resolution..he has been through plenty though.

Was going to suggest this gent, who had a high profile "debt recovery" division.

Seems though, that as off this week, he has his own problems

http://www.heraldsun.com.au/news/mo...over-3m-tax-bill/story-fn7x8me2-1226258858103

I can attest that locally a very formidable motorcycle club had a company that did debt recovery. I dont know whether they still do, the debt needed to be legally recoverable


----------



## No Trust (9 February 2012)

*Re: WIRRINA RESORT AND CONVENTION CENTRE PTY LIMITED*

So basically ASIC and the receiver David Whyte are toothless tigers allowing McIvor to do what he wants... This whole joke is going play well into the hands of Piper Alderman and the new Director will not last. Maybe the new director is having second thoughts already... 

In terms of having the subordinated investment reinstated McIvor is seriously delusional if he thinks that will happen. 

The media I am sure will be taking a closer look at the director and his association with EquitiFlop... This sunken ship will never be refloated...



kostag said:


> This SOUTH AUSTRALIAN PROJECT is subject to substantial write downs and controversy. Although the property is an asset of the EIF, I am told that McIvor appointed HALL CHADWICK as Administrators of the company. I understand that this was without EIF Receiver, David Whyte's, knowledge or consent.


----------



## ASICK (9 February 2012)

*Re: Who is Running the Show*



kostag said:


> this guy seems OK:  http://www.asx.com.au/asxpdf/20080319/pdf/3184cd7n9fym83.pdf
> 
> The trick is though as soon as INVESTORS take LISTED shares for their UNITS -  the loss is crystallised at their election and they lose any rights through ASIC or a class ction.
> 
> ...




Hi folks!

Seems you're all struggling on (as we ALL are).

Putting aside the pitfalls of accepting an equity swap (which I certainly wouldn't if I was an investor in EIF), why would you say that your losses aren't recoverable via a class action?

..


----------



## No Trust (9 February 2012)

*Piper Alderman - Amanda Banton*

The losses are *definitely recoverable *via the class action... The biggest impediment to McIvor has been Amanda Banton in that the class action that she is running has hamstrung Equititrust in not being able to get insurance. It has also been the last straw for all the banks... There is *NO* moving forward for Equititrust whilst this class action is on foot. A dodgy Equity swap with Lion Advantage or otherwise will *never eventuate*, investors are not that stupid. McIvor and Hickie may think that *bludgeoning investors into submission financially *and thinking there is no other option will *NOT *work as the fast footed Amanda Banton has demonstrated.

The best option for investors who have not signed up for the class action is to contact Piper Alderman and have them outline the claim against Equititrust and McIvor.

In any event, once this and many other actions commence, McIvor will have his ass firmly glued to a chair in the witness box at the *Supreme Court *for *months* if not *years* on end...  Quite a distraction from *running any form of business *in anyone's eyes...


----------



## No Trust (9 February 2012)

*Cronin Island Bunker Sold*

The Cronin Island Bunker has been sold, to who and for how much ??? How about *throwing some money back at the Investors*... Its always a concern when it is reported that it has been *"sold to parties well known to the family"* ... A bit of investigation is needed on this front...

"_The home is one of two understood to have sold in recent days on Cronin Island, the Gold Coast's most exclusive address.

The second, held by Equititrust founder Mark McIvor, was bid to $4.9 million at auction in September in a three-party tussle that included mobile-phone industry entrepreneur Ron Bakir.

Property industry sources say the home has sold to parties *well known to the McIvor family*, but marketing agent Michael Kollosche, of Ray White Broadbeach, declined to comment."
_

http://www.goldcoast.com.au/article/2012/02/09/389045_gold-coast-real-estate.html#comment


----------



## No Trust (10 February 2012)

*Audited Financials*

Where are the *Audited Financials* ??? Still nothing, despite promises... What an absolute joke... Has the auditor got a case of the death wobbles ? Hard to sign off on fantasy financials...


----------



## kostag (10 February 2012)

*another great deal*

http://www.indaily.com.au/default.aspx#folio=001


----------



## No Trust (10 February 2012)

*Wirrina Resort*

*Epic Internal fight between the Receiver and McIvor *???

The correct link to this story is below

http://www.indaily.com.au/default.aspx?iid=59291#folio=001

Good spotting by *Kostag*, as it outlines what is going on behind the scenes with this *toxic asset *with receivers being appointed last Friday.  However there seems to be some machinations going on in the background with the resorts general manager stating *"That things are changing by the minute and we are taking steps to pull it back out of the hands of Administrators"*

So it seems speculation that McIvor acted unilaterally without the court appointed receiver's approval or knwledge may have some truth behind it.

If this is the case and the receiver David Whyte has to incur enormous costs on legal fees trying to sort this mess out then there is only one solution and we all know that it means that *McIvor MUST GO*... If there is interference with the sacking of the CEO without approval of the receiver (_*which has been confirmed*_) this is taking it to another level and both *ASIC* and the *Receiver* *David Whyte *must put an end to this once and for all. 

This illogical fight for power is decimating the already battered interests of investors... The investors are not a furnace upon which to fuel someone's ego. This has all the *hallMARK's* of a scorched earth policy...


----------



## kostag (11 February 2012)

*THIS IS A DISGRACEFUL ABUSE OF PROPER PROCESS*

and a slap in the face for all the work that Rceivers and others have done to try and put an end to this disgraceful episode of Australia's fianncial history...

one can only feel sorry for teh job that David Whyte has in front of him....

each  day must be a new nightmare......



No Trust said:


> *Epic Internal fight between the Receiver and McIvor *???
> 
> The correct link to this story is below
> 
> ...


----------



## No Trust (11 February 2012)

*David Whyte BDO Australia*

Imagine having to deal with this *nonsense*, sympathies go out to David Whyte... He may now have an inkling for what he is in for...


----------



## No Trust (11 February 2012)

*Repercussions*

David Whyte has to take the matter *back to the Supreme Court *with ASIC in haste and put the matter before the same judge who appointed the receiver and have *McIvor banned from dealing with the fund assets*. That judge got to read the Goddard, Kennedy and Tucker Affidavits so has a good understanding of what went on prior to the collapse... Remember these were old mates who could not take it any more... ASIC were *asking for independence *and the judge agreed, what we have now is akin to the reinstatement of a dictator... 

There is *no turning back now *and the receiver must act decisively or lose confidence of all of the investors...  If the receiver is undermined at every turn what chance have investors got of ever getting a cent back... This has to *STOP* as investors are not hostages to the whims of some idiotic power struggle which has all to do with ego and nothing else... McIvor has to come to grips with the fact that he is no longer in control, the receiver is...


----------



## No Trust (11 February 2012)

*ASIC*

The further *uncertainty that has developed* over the last week warrants formal complaint to ASIC. I encourage all investors and creditors to contact ASIC and the receiver David Whyte and register their formal complaint and ask for an immediate statement as to who is "*really in control*". This infighting and uncertainty will further devalue the assets in terms of perception with prospective buyers. Remember under the previous mismanagement $*167M* was written off last year.


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## kostag (14 February 2012)

*DISASTERS LOOMING ALONG....*

everything has gone very quite.....   does anyone know what is happening with these assets:-

1.  Meridien Marinas
2.  South Australia golf course and resort
3.  Quinlivan Ipswich
4.  Windsor Turf Farm

so much of the possible return to investors comes from these 'assets' - I suspect that they are not going to be readily realisable.


----------



## No Trust (14 February 2012)

*Highly Toxic Assets*

All these assets are highly toxic and should never have been exposed to innocent retiree investors funds. Previous projections were in the vicinity of 3 to 5 years to clean things up. Unfortunately these rotting corpses don't attract buyers with the reddies; even the flies are giving these assets a miss. 

What is happening to the legal action and recovery that Tucker was running? The receiver was particularly quiet on this front. 

David Whyte needs to firstly confirm that he is actually in control of the funds. A decisive statement from him in this regard is needed ASAP before he loses all credibility and is perceived to be unduly profiting from the turmoil. It's quite simple, if McIvor is interfering he should get ASIC involved, get rid of McIvor and get on with it... If this is not done and the games continue what conclusion will investors come to. This is not a game to be played at their expense.


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## No Trust (15 February 2012)

*Financials Not Completed*

Not *even a hint *of the *overdue "audited" financials *on the horizon. Maybe ASIC will finally loosen the stool and alleviate this *chronic* case of *dislosure* constipation... 

Are the audited accounts going to suggest that Equititrust be sent on a one way ticket to the bone yard ???  :horse:


----------



## kostag (15 February 2012)

*Re: Highly Toxic Assets*

4 years    $150,000 per month =  $1.8M per annum =  $7.2M
plus costs of sale
plus costs of holding.


Assets left in 4.5 years ????

NIL



No Trust said:


> All these assets are highly toxic and should never have been exposed to innocent retiree investors funds. Previous projections were in the vicinity of 3 to 5 years to clean things up. Unfortunately these rotting corpses don't attract buyers with the reddies; even the flies are giving these assets a miss.
> 
> What is happening to the legal action and recovery that Tucker was running? The receiver was particularly quiet on this front.
> 
> David Whyte needs to firstly confirm that he is actually in control of the funds. A decisive statement from him in this regard is needed ASAP before he loses all credibility and is perceived to be unduly profiting from the turmoil. It's quite simple, if McIvor is interfering he should get ASIC involved, get rid of McIvor and get on with it... If this is not done and the games continue what conclusion will investors come to. This is not a game to be played at their expense.


----------



## kostag (15 February 2012)

*Re: Financials Not Completed*

AUDITORS suspect they will be sued.....

these ACCOUNTS will be the 'come clean' version.....



No Trust said:


> Not *even a hint *of the *overdue "audited" financials *on the horizon. Maybe ASIC will finally loosen the stool and alleviate this *chronic* case of *dislosure* constipation...
> 
> Are the audited accounts going to suggest that Equititrust be sent on a one way ticket to the bone yard ???  :horse:


----------



## No Trust (15 February 2012)

*Auditors*

How could the auditors get it this wrong ??? I would not be surprised if they are joined as defendants in the class action... To have such a massive discrepancy and valuations not updated on an annual basis is unforgivable but not surprising from the "cowboy" Gold Coast.

The pressure needs to be stepped up for the "well overdue" Audited Financials. Why is this being hidden from the investors. There is something very suspicious about all this...


----------



## No Trust (15 February 2012)

*Receivers Appointed by Westpac*

Will Equititrust now be evicted from the Chevron Island headquarters given that Westpac have appointed receivers and will be selling the building as Mortgagee in Possesssion. The wind down of the funds does not require that much office space given that there is only a skeleton staff required. Surely there could be more cost efficient office space available for this purpose. David Whyte the receiver of the Funds needs to look at this.


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## kostag (16 February 2012)

*Re: Auditors: loan verification*

the question for the auditors to deal with will be with so many large loans in dispute by the Borrowers, what verification did they do of each loan as at each balance date?  I am told by one party that as a Borrower he was never written to by the Auditors to do any verification of the amount claimed to be owed..... if this is the case across the board, this would leave any auditor very very vulnerable and exposed -  the good news is that Piper Alderman would also attack this aspect under any class action and this would give another source of recovery -  ie: Auditors' PI insurance 






No Trust said:


> How could the auditors get it this wrong ??? I would not be surprised if they are joined as defendants in the class action... To have such a massive discrepancy and valuations not updated on an annual basis is unforgivable but not surprising from the "cowboy" Gold Coast.
> 
> The pressure needs to be stepped up for the "well overdue" Audited Financials. Why is this being hidden from the investors. There is something very suspicious about all this...


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## No Trust (16 February 2012)

*Audited Financials*

Seems to be a *common theme*... A Prominent Media Orginisation is currently speaking to a number of borrowers... Lets hope they get to the bottom of this...

In addition to this look at the *07 / 08 *Annual Review below and the relationship with *Tod Gillespie *from Herron Todd White... Maybe Piper Alderman should be speaking to him and his company about the valuations they undertook on behalf of EquitiRust...

I am sure Herron Todd White want to have everyone forget about this little association mentioned in the Annual Review... Sad sad *incestuous* Gold Coast Cowboys...

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf


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## No Trust (16 February 2012)

*KPMG*

KPMG must be having some *"real trouble"* getting these financials finalised. Or are they having problems *agreeing on the figures *with a certain someone... Surely ASIC has to take some action to ensure the investors are given the numbers *warts and all*. It is scandalous that McIvor has allowed this to occur, maybe if he wasn't so busy making delusional video's with Ian Maurice last year he would have had time to ensure the basics of running a company were adhered to... 

*WHERE ARE THE AUDITED FINANCIALS EQUITIRUST ?????????????????????????*


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## No Trust (16 February 2012)

*Audited Accounts*

Do the illustrious directors of Equititrust realise that the release of the audited accounts equates to a death sentence in Financial terms. Never trust a company that can't give you basic financial information.

Be even more suspicious when they promise accounts by a certain date and do not deliver on their own overdue deadlines. This clown like behaviour is a joke, let's hope ASIC is taking note and bans those responsible for this disaster.


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## zencorp (16 February 2012)

Name	*EQUITITRUST LIMITED*
ACN	
061 383 944
ABN	
74 061 383 944
Type	Australian Public Company, Limited By Shares
Registration Date	18/08/1993
Next Review Date	18/08/2012
Status	*** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED ***
Locality of Registered Office	Surfers Paradise QLD 4217
Jurisdiction	Australian Securities & Investments Commission

Former Name(s)	EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	Pages	Description
*15/02/2012	7E4277681	2	505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)*
31/01/2012	7E4245817	2	484E Change to Company Details Appointment or Cessation of A
Company Officeholder
20/12/2011	7E4173170	2	484E Change to Company Details Appointment or Cessation of A
Company Officeholder


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## No Trust (16 February 2012)

*Administrator Appointed - Equititrust is Dead*

It looks like the *audited financials* were the *death knell *of Equititrust... The question now is who appointed the Administrator, was it one of the banks, ASIC or McIvor trying to stave of creditors, whichever way Equititrust is dead and may it rot in hell for eternity...


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## No Trust (17 February 2012)

*Statement*

Now more than ever a *Statement from David Whyte *is required.  Now that Equititrust in the hands of an external administrator what impact will this have on the investors considering the issues of the subordinated investment, claims by McIvor's superannuation fund and McIvor's conflict and recalcitrance with receiver David Whyte.

Investors need to know whether McIvor has appointed the administrator to again thwart the receiver... 

*INVESTOR'S NEED TO KNOW WHAT IS GOING ON...*


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## No Trust (17 February 2012)

*Looks like Equititrust tipped into insolvency*

Looks like *insolvency* was the cause of the demise of Equititrust, a fitting end to a *miserable mob *only good at stealing innocent retiree investors lives...


*CORPORATIONS ACT 2001 - SECT 436A *
Company may appoint administrator if board thinks *it is *or will become *insolvent* 
             (1)  A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that: 

                     (a)  in the opinion of the directors voting for the resolution, the company *is insolvent*, or is likely to *become insolvent *at some future time; and 

                     (b)  an administrator of the company should be appointed.


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## No Trust (17 February 2012)

*Running on Empty*

It looks like receiver David Whyte's *cost cutting *has starved the *now dead *Equititrust of its *illegitimate life blood*... When you review his report he outlines how expenditure actually went up to $6M when Equititrust were no longer allowed to collect its management fee. An actual increase over the $4M odd management fee previously collected, what a joke, $167M in losses to June 30 2011 and expenditure had jumped. For what??? Funding someone's luxurious lifestyle whilst Innocent retiree investors rot.  

This had to come to an end and now Equititrust is in the same *dodgy spivvy club *as Gold Coast failures *MFS*, *City Pacific *and *Asset Loan*... Quite an embarrassing collapse for its founder...

Seriously what was McIvor thinking bringing in the old MFS boys, it was not a good Omen and a seriously bad judgement call. 

However some pundits are saying that this collapse also had something to do with the founder's personal Karma. The universe is actually quite perfect, every action has a reaction. The collapse was chiselled in stone some time back... Innocent people sometimes don't have to fight back, the universe settles those injustices for them over time.


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## No Trust (18 February 2012)

*CLASS ACTION TO COMMENCE IN COMING WEEKS*

*Equititrust Limited Class Action*

Update - Monday, 13th February 2012

Piper Alderman is currently finalising the pleadings to commence a class action against Equititrust Limited ("the Company") and a number of its *directors*. The Court documents are expected to be *filed in the coming weeks*.


http://www.piperalderman.com.au/firm/equititrust-limited-class-action


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## No Trust (18 February 2012)

*When it rains it pours*

My oh my, when it *rains it pours *and it seems McIvor and his former directors are about to get a *drenching* in the coming weeks... Followed by a legal tsunami of claims against them... This is serious stuff... Hope they have the reddies for the lawyers, this is going to be expensive... Bit different now that, public money cannot be used for legal expenses, and legal thuggery... 

One week the company goes bust, and the next a massive class action is commenced... get your popcorn, the fireworks are about to start...

To add to the *entertainment*, it seems a "major media outlet" has been sniffing around and are covertly interviewing former employee's, investors and borrowers for a "behind the scenes" look at this monumental disaster... Reports to date don't paint a pretty picture. Lets hope the "*follicially faded one*" accepts his request for an interview on camera...


----------



## No Trust (18 February 2012)

*Testimony*

Can you imagine the Testimony that that will be given by former Equititrust insider's (dodged a bullet)*Kennedy*,(not so brotherly) *Wayne McIvor*,(Tuck into some legal fees) Tucker, (The Godfather) *Goddard*, (not so super) *Sid Super* and (treasure hunter) *Craig Treasure*... Resembles  a line up from the usual suspects.

Piper Alderman must have been *looking on in awe *as events unfolded and their evidence just came flooding in over the past few months... This will be one of the most entertaining court cases in recent memory. If all those involved didn't like the media spot light to date, they better prepare themselves for a *media flood light *when this all starts... 

Investors will finally get to fight back...


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## No Trust (18 February 2012)

*Insolvent Trading ??*

It is clear from former director Paul Vincent's affidavit that creditor's were owed in excess of *$900,000 *and that default notices by various banks were issued to Equititrust in its own right. In any assessment of the facts it is clear that the company could *not pay its debts as and when they fell *due yet continued to trade...  ???*INSOLVENT TRADING *in anyone's books...


----------



## No Trust (18 February 2012)

*50M Capital Raising - Concealment of Losses*

*50M Capital Raising*

It was only *12 months ago *that EquitiRust were trying to raise a further *50M* from the unsuspecting  Australian Public. Remember no interim financials were completed at the time and knowledge of the massive impairments were obviously known as far back as *2008*. 

*Piper Alderman Claim*

(_refer to Piper Alderman’s Claim in their letter to Equititrust_). Para *6.3, 6.4, 6.5, 6.6, 6.7, 6.8.
*
http://www.equititrust.com.au/Pdfs/Notifications/20111118/Affidavit_Paul_Vincent_sworn_18112011.pdf

Some 6 months after the announcement of the 50M capital raising, year-end 2011,*$167,000,000 *of impairments were unveiled... This does not add up. The position could not deteriorate to such an extent in such a short period of time... Things were being covered up in a big way and investors were being kept in the dark.

*Board Knowledge*

Apart from the Piper Alderman Class action about to commence in a few weeks, it seems the board of directors at the time of the 50M capital raising *need to answer a few questions*. There should be both an ASIC and Federal Police inquiry into the conduct of the board at the time of the capital raising. (_Maybe this is going on now, after the ASIC and Federal Police raids late last year_) It is incomprehensible that the board did not know what was going on, and if they plead they didn't, well quite frankly that is *no defence under the law*. It is a director’s *legal obligation to be fully informed of the financial position of the company*... Being a director carries serious legal obligations and is even *more onerous when public money is involved *under a managed investment scheme.  Colin Kruger alluded in his article on June 13 2011.

*"Nearly a year after this judgment was handed down, the Quinlivan Group was on the verge of collapse. EIF investors still had no inkling of their loan to ''King Con'' and Equititrust was still crowing about how investors' funds were intact and income distributions were being maintained.

''We consider our reputation for capital protection to be our single most important asset,'' Equititrust said in a communication to investors in January this year. ''We have come through the GFC. Your capital is intact.''

An attempt to raise another $50 million from investors ultimately failed when ASIC expressed concerns about the plan which would have refinanced EIF's debt and funded its distribution payments."
*

http://www.smh.com.au/business/inve...th-king-con-20110612-1fz9d.html#ixzz1mioqs5yV

How could they make statements *well into 2011 *that investors *capital was intact *and then only a short time later announce catastrophic losses of *$167M *??? Its no wonder the board are named in the class action proceedings... Answers need to be given to both the *investors *and *regulators*...

On the eve of the Class Action Commencement, the directors named in the Piper Alderman Class Action have *a lot of explaining to do* and may rue the day they ever got involved with Equititrust as do the devestated investors...


----------



## Glen48 (18 February 2012)

Ho hum another one bites the dust just Add sic and  move right along nothing to see move on tho the next one be here any day soon
More decent Aussies lose their savings thinking they loot is protected by Fed laws.


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## kostag (19 February 2012)

*Re: Running on Empty KARMA*

McIVORS favourite rant was "he is stealing my oxygen".....  McIvor will need to carry a oxygen bottle with him at all times if Karma has anythgng to do with it



No Trust said:


> It looks like receiver David Whyte's *cost cutting *has starved the *now dead *Equititrust of its *illegitimate life blood*... When you review his report he outlines how expenditure actually went up to $6M when Equititrust were no longer allowed to collect its management fee. An actual increase over the $4M odd management fee previously collected, what a joke, $167M in losses to June 30 2011 and expenditure had jumped. For what??? Funding someone's luxurious lifestyle whilst Innocent retiree investors rot.
> 
> This had to come to an end and now Equititrust is in the same *dodgy spivvy club *as Gold Coast failures *MFS*, *City Pacific *and *Asset Loan*... Quite an embarrassing collapse for its founder...
> 
> ...


----------



## No Trust (20 February 2012)

*Audited Financials*

Despite McIvor's promises, it looks as though the *audited financials will not be completed*... With the company in *administration / insolvent*. Who will pay KPMG ???

Expect a run of further insolvency appointments by the banks now that the company has gone bust...

It seems the appointment of administrators to Wirrina Cove in SA was a *parting shot *at the receiver David Whyte... More information will follow in the coming weeks for sure as this disaster unfolds...


----------



## No Trust (20 February 2012)

*Equititrust Insolvent*

As usual *no update *on the website regarding the appointment of administrators...  

Investor's need to know *what is going on*...


----------



## No Trust (20 February 2012)

*Whats Going On*

The general Public is aware now that *Equititrust has collapsed*... As of the *15th of January *Administrators have been appointed *due to insolvency *it seems form the ASIC filing.

The investors however are none the wiser, no statements from anyone on who is in control now and what impact this collapse will now have on the income funds which also have exposure to massive cross collateralised debts. Will this now mean a *lower rate of return *to the investors than previously predicted by David Whyte the receiver??? 

*Some clarity on whats going on is essential... *

What is humerous though is that over the past year information has been hidden by Equititrust and if it were not for this thread exposing loans to King Con etc and the tenacity of *Colin Kruger from the Sydney Morning Herald*(*who by the way is considered a hero by investors*), a *lot more *would have been kept from investors. In fact if it were not for Colin Kruger, a lot more would have been taken via the totally deceptive 50M Capital raising that current investors were being encouraged to invest in... The mind boggles.............
Then McIvor and his band of incompetent stooges got pissed off when the *media started asking questions*... Well there will be a lot more questions and a *media flood light *on these guys over the coming months... Questions will be asked of all of them as to why the *audited financials *were not and are still not completed... What is being hidden that is so *BAD*. Fantasy Financials or * ass covering *in light of the class action???

The board at the time are all culpable in witholding the audited accounts from both the regulator and more importantly the innocent investors...

*STOP THE GAMES AND RELEASE THE AUDITED FINANCIALS...*


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## No Trust (20 February 2012)

*Class Action Antics*

One can just imagine the *excuses* and *buck passing *that will go on at the hearing by current and former directors (*stooges*) named in the class action...

None of them thought the class action would get off the ground and now surprise surprise they all *face months *if not *years* in court... Quite a fitting end to a mob who did not give a damn about investors... 

From the *performance* of this touted team of talent not *one cent *of value was added to any of the assets. It will be interesting to see how much each of these so called directors *were paid *to sit on this sorry board... Out of *self respect *each and every one of them should return every cent they received for sitting on this board; losses of *$167M *to June 30 2011 is a disgrace and not deserving of any director's fees... 

Lets see how many of them have the balls to do the right thing...


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## zencorp (20 February 2012)

Extracted from ASIC's database at AEST 17:58:47 on 20/02/2012
*Name	EQUITITRUST LIMITED*
ACN	
061 383 944
ABN	
74 061 383 944
Type	Australian Public Company, Limited By Shares
Registration Date	18/08/1993
Next Review Date	18/08/2012
Status	** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office	Surfers Paradise QLD 4217
Jurisdiction	Australian Securities & Investments Commission

Former Name(s)	EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	Pages	Description
*20/02/2012	7E4286099	2	505B Notification of Appointment of Receiver And Manager*
15/02/2012	7E4277681	2	505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)
31/01/2012	7E4245817	2	484E Change to Company Details Appointment or Cessation of A
Company Officeholder


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## No Trust (20 February 2012)

*Administrator didnt last too long*

Well well well, it seems the *administrator didn't last too long*... *5 days *An ASIC search today revealed that the administrator was *Hall Chadwick*... Coincidence ?? Same administrator that McIvor appointed without authority in South Australia... What was he trying to achieve ??? Well he achieved something he got *thumped across the head *with a *knockout blow *and had a receiver appointed. *THE END
*

Looks like either one of the banks or ASIC had enough and moved swiftly on this joke of an operation... And rightly so, everyone has had a gutful of these games... 

Hopefully investors will now get the *audited financials *and David Whyte can get on with the job *unfettered*... Finally some *sense has prevailed*...


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## No Trust (20 February 2012)

Good spotting Zencorp 



zencorp said:


> Extracted from ASIC's database at AEST 17:58:47 on 20/02/2012
> *Name	EQUITITRUST LIMITED*
> ACN
> 061 383 944
> ...


----------



## No Trust (21 February 2012)

*Hall Chadwick Ousted - New Receivers Appointed*

*Hall Chadwick Ousted Receivers Appointed *

There was a *initial meeting of the creditors * scheduled for the * 27th of February *at the Gold Coast Convention Centre Broadbeach at *11.00am* as per the Media Release below..

Now that a receiver has been appointed this meeting will not occur... The Bank Appointed Receiver is *IN CONTROL NOW*...

They even talk of the company continuing in existence in this stupid media release??? There is no existence for Equititrust, its *dead as dead can be*... The banks should be *congratulated for appointing receivers*... 

McIvor was trying *every trick in the book *by appointing Administrators friendly to his cause... He tried this trick with the Responsible entity and the receivership of the funds...It didn't work because * INDEPENDENCE* is the key... He *failed again here *and the banks have appointed *independent receivers *effectively *side lining McIvor for good*. What’s he going to do now sue the banks for appointing a receiver whilst he is in default... "*Mark, you are aware you are in default*" it’s not a *nightmare* but a *reality*, effectively one in the same... 

Let’s hope the receiver *claws back those intercompany loans detailed by Vincent in his affidavit*, McIvor's personal and business interests as usual are intertwined, only difference this time it has actually been caught out... The Westpac receiver of MM Holdings and the Equititrust Receiver *will have a lot to talk about *... The litigation may go on for years. But at least the truth will finally come out...

*Adios Amigos * the investors *"kiss"* you *farewell*...


http://www.hallchadwick.com.au/news/Equititrust Limited Appoints Hall Chadwick as Administrators.pdf


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## No Trust (21 February 2012)

*3 Receivers and Counting*

What a *Train Wreck*, 3 separate receivers appointed to date and McIvor *completely side lined *from the company and the 2 income funds... *ABOUT TIME*

If he thought last year was an *"Annus Horribilis"* This Year will be  *"Annus Horribilis"* x 100 when the Class Action commences...

Time for the *truth to come out*, investors look forward to seeing *McIvor* and his mate "King Con" in court explaining themselves...


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## kostag (21 February 2012)

*FERRIER HODGSON appointed?*

as I understand, Ferrier Hodgson now in control.

Is that correct?



No Trust said:


> Good spotting Zencorp


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## No Trust (21 February 2012)

ASIC search will confirm today.. Did NAB OR WESTPAC hammer the final nail in the coffin???


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## No Trust (21 February 2012)

Kostag, you were spot on from the very beginning... You starting this thread has unravelled a lot of truth that Equititrust tried to hide...


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## No Trust (21 February 2012)

*Lock out*

Let's hope McIvor is finally locked out of the offices today and files preserved. The receivers should also take a look at files at 1 Southern Cross Dr as well as any self storage units around the Gold Coast. All this information will be very important in any discovery as part of the Class Action...


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## kostag (21 February 2012)

*PIPER ALDERMANN*

the very aggresive Amanda Banton and her team at Piper Alderman have not been doing nothing -  in the next two weeks, action will start.

In a way, the sooner that all property losses are quantified, the better. This will enable Piper Alderman to increase their claim against officers and PI insurers - therein, a better chance of return to ravaged investors.


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## No Trust (21 February 2012)

*Office Shut Down*

Looks like the receivers have shut down the office. Investor's trying to call today received a recorded message. 

The receiver should make McIvor the receptionist and take calls from disgruntled investors... 

What a fiasco...


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## zencorp (21 February 2012)

*RECEIVER'S 2ND REPORT: *

http://equititrust.com.au/Pdfs/Receiver/Receivers%20Reports%20-%2020120221%20-%202nd%20Report%20to%20Investors.pdf


Great read - Mcivor is finished. 

Word on the street is David Tucker's fees are going to be audited. 1.6m liability....


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## kostag (21 February 2012)

excellent report....  the conduct of you know who is disgraceful





zencorp said:


> *RECEIVER'S 2ND REPORT: *
> 
> http://equititrust.com.au/Pdfs/Receiver/Receivers%20Reports%20-%2020120221%20-%202nd%20Report%20to%20Investors.pdf
> 
> ...


----------



## No Trust (22 February 2012)

*Misconduct*

What a *damning report*, it is mind boggling that a whole chapter (*4*) is dedicated to McIvor's lack of cooperation and misconduct...

If McIvor cared so much about the investors why is he trying to have *2.8M *in management fees reinstated that he waived early last year as a member of the board... 

How on earth could those fees be payable for the mismanagement that took place and the losses that investors have suffered at his hands. Investors have not received any income and yet the "follically faded" - "delusional" one wants *$2.8M *to fund his luxury lifestyle... 

It seems that David Whyte has experienced *first hand *what we have all be alluding to for over *1 year*... The real McIvor has been exposed in the receiver's report... All the *pontification of being at one with the investors *was a load of crap when you see the self interest and incompetence detailed in David Whyte's report. 

McIvor's lack of knowledge of the funding arrangements at Wirrina cove is eye watering stuff and an indication of being asleep at the wheel before the ship hit the rocks...

The connection to *MFS* and assignment of loans in *2010* in the report is also interesting stuff... Was this the reason the Ghosts of MFS were brought in ???

The truth is finally coming out...


----------



## No Trust (22 February 2012)

*Well and truly FINISHED*

*Finished indeed*, David Whyte as a receiver has an obligation to report this behaviour to ASIC.

As for Tucker Equititrust on its website *confirmed his conflict of interest*. If there is a clear and unequivocal conflict of interest legal fees are not payable. More importantly he was *a mate of McIvor's *and was being fed all the work. Why was this work not tendered out to a few firms for competitive pricing... This whole *incestuous saga *reeks of *self interest *at the expense of investor's. 

The fees *should be audited*, the investors ultimately paid the bills... 



zencorp said:


> *RECEIVER'S 2ND REPORT: *
> 
> http://equititrust.com.au/Pdfs/Receiver/Receivers%20Reports%20-%2020120221%20-%202nd%20Report%20to%20Investors.pdf
> 
> ...


----------



## kostag (22 February 2012)

*Not as green as his lettuce...*

David Whyte's report is excellent and gives some telling insights.... BUT lets not forget this....
1. McIvor is a property lawyer and financier of over 25years experience;
2. it is ludicrous to suggest that McIvor was mistaken that a subsdiary of a subsidiary of the EIF might somehow not be an asset of, or under the control of, EIF and David Whyte.
3. David Whyte is too kind in accepting some genuine error.
4. But, let's scratch a bit deeper -  what was the real motive here? and why did David Tucker feel so concerned about this Wirrina asset that he took steps to appoint David Clout to the same asset?  

It is just not good enough -  these legal machinations are all costing money and are disruptive to the orderly course of asset realisations.

ASIC, we are sick of this.





No Trust said:


> *Finished indeed*, David Whyte as a receiver has an obligation to report this behaviour to ASIC.
> 
> As for Tucker Equititrust on its website *confirmed his conflict of interest*. If there is a clear and unequivocal conflict of interest legal fees are not payable. More importantly he was *a mate of McIvor's *and was being fed all the work. Why was this work not tendered out to a few firms for competitive pricing... This whole *incestuous saga *reeks of *self interest *at the expense of investor's.
> 
> The fees *should be audited*, the investors ultimately paid the bills...


----------



## No Trust (22 February 2012)

*Incompetent*

I don't think David Whyte is being kind when he states that *McIvor did not fully understand the legal and funding arrangements*. I think he is highlighting how little he knew about this asset and maybe gives an insight into how this disaster was *created* and *ecsaerbated*...


----------



## No Trust (22 February 2012)

*Breach of Duty*

Where David Whyte mentions McIvor *trying to dictate the terms *of a sale with the proceeds going to the PIF in complete defiance of the security and entitlement of the EIF to receive all proceeds, he clearly outlines to McIvor in correspondence that this was a *breach of duty *and a *conflict of interest*. Investors can now clearly see what was really going on with their money.

The claim by McIvor for Management Fees of *$2.8M *is the biggest joke...  David Whyte and the staff at BDO must have been shaking their heads in what they had to deal with...

My sympathies go out to him and wish him the best in cleaning up after McIvor... It wont be an easy job...


----------



## No Trust (22 February 2012)

*BDO Report*

It looks as though the "*follically faded one*" doesn't like the taste of his own medicine... Having appointed receivers to many innocent parties over the years, one would assume he would have been *prepared for his day of reckoning*... 

I think he realises now how painful it is to *lose the lot *and be kicked out of his own business... In his case though the receivership was warranted on all fronts...

His lack of cooperation with the receiver is a *slap in the face of investors *and I think that *David Whyte is a straight shooter *who will take McIvor to task and refer him to ASIC for the behaviour to date... 

McIvor *spitting the dummy *does not impress anyone and it will only get him into more trouble with the regulator and have him *categorised as an unfit person to hold any form of FSL in the future..*. The penalties for non cooperation with a receiver are stiff and I will not be surprised if he does the same to *Ferrier Hodgson*... The remedy as always is to *drag him off to court for a Public Examination*, which in this case is a certainty given the sums involved in the losses...


----------



## zencorp (22 February 2012)

HATE TO KNOW WHAT THIS IS COSTING: 

Name	*M.M. HOLDINGS PTY. LTD.*
ACN	
010 602 507
ABN	
73 010 602 507

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	Pages	Description
17/02/2012	7E4283313	11	507F Report as to Affairs From Controller Under S.429(2)(C)
17/02/2012	7E4283307	11	507F Report as to Affairs From Controller Under S.429(2)(C)
14/02/2012	7E4273608	12	507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012	7E4273594	12	507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012	7E4273570	12	507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012	7E4273531	12	507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
02/02/2012	7E4253590	2	555 Notification of Receiver Extending Time to Submit Report
02/02/2012	7E4253361	3	555 Notification of Receiver Extending Time to Submit Report
25/01/2012	7E4236554	3	555 Notification of Receiver Extending Time to Submit Report
24/01/2012	7E4232786	3	505B Notification of Appointment of Receiver And Manager
20/01/2012	028026734	4	504B Notification of Appointment of a Receiver And Manager
21/12/2011	027916217	8	504B Notification of Appointment of a Receiver And Manager
20/12/2011	7E4175319	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175313	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175307	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175305	2	505A Notification of Appointment of Receiver
20/12/2011	7E4175302	2	505A Notification of Appointment of Receiver
02/12/2011	7E4131475	2	505L Notification of Receiver Manager Ceasing to Act
02/12/2011	7E4131466	9	524P Presentation of Accounts & Statement Final Accounts Of
Receiver & Manager
02/12/2011	7E4131445	11	507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
01/12/2011	7E4129850	2	505B Notification of Appointment of Receiver And Manager
01/12/2011	027902845	4	504B Notification of Appointment of a Receiver And Manager


----------



## No Trust (23 February 2012)

*Interesting Reading*

The receiver's reports from Korda Mentha will also make for interesting reading if David Whyte's report is anything to go by. Has McIvor been cooperating with them??? Whichever way it goes Westoac will sue McIvor personally for any shortfall under personal guarantees... If the current asset valuations are anything to go by this seems a certainty in the current marketplace. It could not be a worse time to have a fire sale of assets. Or is is "KARMA"


----------



## No Trust (23 February 2012)

*EQUITRUST OVER*
The final nail has been hammered into the coffin of failed Gold Coast funds manager Equititrust.

*NAB* has appointed Ferrier Hodgson's Greg Moloney and Bill Colwell as receivers and managers of the company, after last week's appointment of accounting firm Hall Chadwick as administrators.

http://www.couriermail.com.au/ipad/city-beat-in-the-firing-line/story-fn6ck2gb-1226278707541


----------



## No Trust (23 February 2012)

*This is just the start*

This is just the start of the media attention on McIvor. 

When googling just type in the key words *Equititrust - Collapse - McIvor* and the stories will come up...


----------



## zencorp (23 February 2012)

*ANOTHER RECEIVER HAS BEEN APPOINTED * 

*Name	EQUITITRUST LIMITED*
ACN	
061 383 944
ABN	
74 061 383 944
Type	Australian Public Company, Limited By Shares
Registration Date	18/08/1993
Next Review Date	18/08/2012
Status	** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office	Surfers Paradise QLD 4217
Jurisdiction	Australian Securities & Investments Commission

Former Name(s)	EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	Pages	Description
*22/02/2012	028033519	Not Imaged	504B Notification of Appointment of a Receiver And Manager*
*20/02/2012	7E4286099	2	505B Notification of Appointment of Receiver And Manager*
15/02/2012	7E4277681	2	505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)


----------



## zencorp (23 February 2012)

Idiot. 



Equititrust said:


> (viii)	Zencorp’s comments about valuations are ill-informed and without basis.  If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).
> 
> Regards
> David Kennedy


----------



## No Trust (23 February 2012)

*Kennedy*

Zencorp, that just makes me laugh... *Kennedy will not be laughing *when this is thrown in his face in court... The fact is they lost badly and we won in exposing these guys and what was going on behind the scenes... I'm sure Piper Alderman have scrolled through this thread and taken notes of false and misleading statements like this... Remember the doosy when Kennedy said that he would like to say investors funds were intact but ASIC prevented him from doing so... What did he have to back that up. He said it in on a public forum but it was completely and utterly false... Colin Kruger put paid to that in his damning article on the 13th of June 2011. A few days later McIvor resigned... All of this will come out in court. It has not ended for these guys it has just started and investors will make them pay for their actions...


----------



## No Trust (24 February 2012)

*Read This and Weep / Laugh*

Read this load of crap below and laugh... The "Administrator's Report" is still calling for a meeting despite the fact that another receiver (*Mcgrath Nicol*) has been appointed by *Bank of Scotland*. That’s *3* receivers and *1* Administrator appointed by McIvor trying to save his ass... 

When you read through the report it’s *a joke*; talk of a deed of arrangement which effectively means a haircut for investors whilst negating their right to sue Equititrust / McIvor in the Class Action... So in effect for losing *$167M *of money to date plus more to come, investors are expected to reward McIvor and Equititrust with a lifeline for their foray with *"King Con"* etc... 

The Administrators have their *hand on it *if they think investors and the Australian Public are this stupid. They preface their report with an insincere statement saying how important investors are too them. This *is all about McIvor *and his *personal interests *not the investors. The administrators were appointed by him, *David Whyte was appointed by ASIC and the Supreme court*... 

*David Whytes Report - Independent and Credible*

Read David Whyte's report to get a real picture of what was going on... He is truly *independent* and working *under a court order *not McIvor's order. The administrators will say that they are not but in reality their report is prefaced with *"making an arrangement with investors / creditors"* and to *"deal with the company and its affairs to maximise the chance of the company continuing in existence..." *Who will that benefit??? *Not the investors *but it will benefit McIvor... 

A clear message needs to be sent to the Administrator's, * INNOCENT RETIREE INVESTORS HAVE BEEN FINANCIALLY RAPED... **$167M **+* has been lost to date and as a result of this *poisonous investment *innocent retirees cannot even collect a pension and they now *have the audacity *to ask for their support to resurrect a *decrepit*, *incompetent*, *insolvent* and *morally reprehensible company*... 

*Word of Advice*

Word of advice for the administrator from the investors, *don’t rub further salt into the wound*, don’t ask for their support to resurrect McIvor's empire whilst he is trying to reinstate *$2.8M *in management fees *already agreed to be waived *and claim *superannuation benefits*... Move straight on to the *liquidation *and forget the tricks investors have been fed enough *crap for too long*...

*Piper Alderman*
Contact Piper Alderman regarding this and your rights under a *Class Action *rather than *give away your ri*ghts... Equititrust is *dead as a door nail * and the old deed of arrangement *trick won’t work *. All this is about is getting *control of any surplus money that is left after paying off the banks *and their receivers, then reinstating management fees and expenses that David Whyte has put an end to… 

Even in the midst of all of this, they are *still interested in getting control of the money *after the banks are paid out and resurrecting Equititrust... *Disgusting*


http://www.equititrust.com.au/Pdfs/... Reports - 20120223 - Letter to Investors.pdf


----------



## No Trust (24 February 2012)

*Have they Not Learnt*

The Administrator *will soon learn* that, the investors who have been *FINANCIALLY RAPED by Equititrust *are a formidable force as is this thread... The great thing *about freedom of speech *and the *Internet* is the ability to expose an injustice *as it occurs *and the Administrator is trying to perpetrate an injustice on investors in favour of resurrecting Equititrust and McIvor... *It Won't happen*...

The only reason to attend the meeting is to bring protest placards and rip McIvor and his accomplices the Administrators a new one...

The push to have investors vote may be driven by the need to have a sufficient quorum to have their measures to resurrect the company passed. 

*IT WOULD BE WISER TO GET INDEPENDENT LEGAL ADVICE *before voting on anything, *Piper Alderman *should be contacted and hopefully they will issue and statement and *attend the Administrators meeting and set things straight*...

More imporatntly *why doesn't McIvor tip in some of the proceeds of his assets sales *into the pot... Don't hold your breath...


----------



## kostag (24 February 2012)

*Re: EquitiTrust: exactly what I was saying from the outset*

when I was attacked and vilified..... we stuck with this and exposed the truth......



zencorp said:


> Idiot.


----------



## No Trust (24 February 2012)

*Aussie Stock Forums Critical*

If it wasn't for *Kostag* and *Aussie Stock Forums* a lot of other people would have been hurt. Kostag you were *right from the beginning*...


----------



## No Trust (24 February 2012)

*Quite an Appropriate Analogy*

If you want an *analogy of the battle *with Equititrust and McIvor on this thread over the past year, then have a look at the link below... Who is still standing and *who is knocked out*... We won and McIvor and Equititrust lost in suppressing free speech and *hiding corporate skulduggery *of innocent retiree investors...  The truth will be pursued relentlessly... *We're not finished yet.*

http://wwos.ninemsn.com.au/video.aspx?uuid=478DECD4-A530-4A02-A2BE-83123DA93C0E


----------



## No Trust (24 February 2012)

*Oh Kennedy First MFS now this*

Remember this:

*We won't let him forget...*

"Over the past two years, Equititrust has reduced bank debt from $155m to $44m and anticipates having this fully extinguished in the next 6 months. We can then *start the process of repaying investors who want there money back.
* 

Regards
David Kennedy


----------



## No Trust (24 February 2012)

Read this *steaming load of crap *from the spin masters... What do they have to say for themselves now... 

"The irony of the attacks on Equititrust by the SMH (whose investment performance over the past 3 years has been nothing short of woeful) is not lost upon us. *$1 invested in Equititrust in 2007 is still worth $1 *with investor returns of approx 25c made during this time. $1 invested in Fairfax in 2007 would now be worth 41c (and that's after dividends). That's correct, *an investor in Equititrust would be more than three times better off than a Fairfax investor*. In the circumstances one cannot help but note the hypocrisy of their attacks."

Equititrust Post #153 Page 8 of this thread


----------



## kostag (24 February 2012)

*Re: Equititrust: CHOICE MAGAZINE GOT IT RIGHT*

In the end , INVESTORS will get NIL per dollar -  when you consider that EIF was supposedly a first mortgage fund, a loss of that scale really takes some doing..... gee my Fairfax shares are looking pretty good.... frankly, so too are my Lehmman Bros shares!    Move over Bernie Madoff -  you have a new contender for the title.....





No Trust said:


> Read this *steaming load of crap *from the spin masters... What do they have to say for themselves now...
> 
> "The irony of the attacks on Equititrust by the SMH (whose investment performance over the past 3 years has been nothing short of woeful) is not lost upon us. *$1 invested in Equititrust in 2007 is still worth $1 *with investor returns of approx 25c made during this time. $1 invested in Fairfax in 2007 would now be worth 41c (and that's after dividends). That's correct, *an investor in Equititrust would be more than three times better off than a Fairfax investor*. In the circumstances one cannot help but note the hypocrisy of their attacks."
> 
> Equititrust Post #153 Page 8 of this thread


----------



## kostag (24 February 2012)

*more from POST 153 page 8....*

dont you love this quote straight from EQUITITRUST......   

_Would we like to state that investors investment is 100% safe? Yes we would but ASIC guidelines restrict us from making such statements. What we can say is that Equititrust would have to lose its entire $40m investment before investors lose one single cent. Such commitment to protecting investors is unheard of in the Australian mortgage fund industry. _

*Its unheard of in the Australian finance community alright and hopefully will never be heard of again!!*


----------



## kostag (24 February 2012)

*INVESTORS asked to consider an ADMINSTRATOR...*

given thereputation of many of the players, wouldn't we want a DECLARATION OF INDEPENDENCE from HALL CHADWICK.

If this is just anotehr cosy engagement by McIVOR through connections of his, why would we risk the chance of this?

More delays, more costs etc.


----------



## No Trust (24 February 2012)

*Trust*

Who would trust *anything connected *or appointed by Equititrust / McIvor again...

These guys have to realise that investors are not stupid, they have another option and thats the *Class Action being run by Piper Alderman*. The next thing the Administrators will be telling you is that they want McIvor's legal fees paid for in the class action. 

Investors have only lost with anything to do with McIvor / Equititrust *why should any deal with the Administrators be any diffferent*... McIvor appointed them and no matter what is said about independence *we all know how it really works in the murky insolvency world. *The administrators get paid their full fees and will *then ask investors to take a haircut*. Only trust the administrators if they get the same haircut say *2 cents *in the dollar for their fees. i.e. the same haircut that will most probably be asked of the investors.

Let David Whyte sell the assets and and make distributions to the investors, ASIC should intervene and not allow investors to be manipulated by an administrator which lacks independence. Any court would agree on the matter of independence given the circumstances surrounding the appointment of David Whyte from BDO. Prior to his appointment every man and his dog including Tucker wanted their own receiver appointed... ASIC and the Supreme Court saw through the facade and appointed an independent receiver in David Whyte from BDO. 


Further The administrator is caught up in the controversy surrounding the appointment in Wirrina Resort in SA which David Whyte counselled against. If anything the administrators are already whittling away at investors money on this unnecessary appointment *which was instigated by McIvor *for no other reason than to aggravate David Whyte the court appointed receiver. Just read David Whyte's report below and that will explain everything...

http://www.equititrust.com.au/Pdfs/...orts - 20120221 - 2nd Report to Investors.pdf


----------



## No Trust (24 February 2012)

*Subordinated investment*

The next thing the Administrators will be petitioning for is the reinstatement of the Subordinated Investment of *40M* and *2.8M *Managment Fee to Equititrust. Dont think David Whyte will allow that to happen...


----------



## zencorp (24 February 2012)

ANOTHER RECEIVER MANAGER APPOINTED 

*Name	EQUITITRUST LIMITED*
ACN	
061 383 944
ABN	
74 061 383 944

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date	Number	Pages	Description
22/02/2012	028016776	Not Imaged	505B *Notification of Appointment of Receiver And Manager*
22/02/2012	028033519	Not Imaged	504B *Notification of Appointment of a Receiver And Manager*
20/02/2012	7E4286099	2	*505B Notification of Appointment of Receiver And Manager*
15/02/2012	7E4277681	2	505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)


----------



## No Trust (24 February 2012)

So thats 4 receivers 1 administrator and a partridge in a pear tree...


----------



## No Trust (24 February 2012)

*Feast or famine*

When it rains, it pours and it looks like it is hailing receivers on McIvor's head at the 
moment... Karma? Or just deserts...


----------



## kostag (24 February 2012)

*Re: Equititrust: top tier firms*

we have major firms of the ilk of Ferrier Hodgson, Korda Mentha, BDO , now in place -  why would we accept a second tier firm of administrators appointed by McIvor to look after investors' best interests?


----------



## No Trust (24 February 2012)

Its all about transparency, the Administrators want to talk about resurrecting the company but investors sill do not have the audited accounts that McIvor promised. Its a joke.


----------



## kostag (24 February 2012)

*Re: Equititrust: this company can never be allowed to trade*

it is in windup mode.....

McIvor's plan would be to re-instate the rubbish "sub-ordinated invetsment" etc and rank alongside all investors for a pro-rata grab at the spoils....





No Trust said:


> Its all about transparency, the Administrators want to talk about resurrecting the company but investors sill do not have the audited accounts that McIvor promised. Its a joke.


----------



## No Trust (26 February 2012)

*Receiver City*

What a train wreck... The receivers and administrators will mop up any remaining funds after asset sales leaving investors with nothing... Investors cannot wait until Piper Alderman gets it's hands on McIvor and his band of stooges... Let's see if McIvor has the guts to turn up to the creditors meetings... The investors reception will be hostile to say the least... His previous pontifications added up to nothing..


----------



## No Trust (26 February 2012)

*Ferrier Hodgson*

*Notice From Ferrier Hodgson
*

http://www.equititrust.com.au/Pdfs/...eports - 20120224 - Circular to Investors.pdf


----------



## kostag (26 February 2012)

*PIPER ALDERMAN  ASIC*

Asset freeze orders, Mareeva injunctions; urgent action against PI and officers personally.....



No Trust said:


> *Notice From Ferrier Hodgson
> *
> 
> http://www.equititrust.com.au/Pdfs/...eports - 20120224 - Circular to Investors.pdf


----------



## No Trust (26 February 2012)

*Mareva Injunctions*

Mareva Injunctions are *essential now*, and I am sure they are high on the order of agenda with Piper Alderman and all of the receivers except the Administrators that McIvor appointed..

In situations like this it is not uncommon to have court orders monitoring travel as well...

The paperwork that McIvor must be filling out now in terms of *Statement's of Affairs *must be insane... Question is whether he is cooperating with them or conducting himself in the same manner as he did with David Whyte... 

The next *bomb shell *will be the *commencement of the Class Action *in the next few weeks...


----------



## kostag (26 February 2012)

*CLASS ACTIONS must now start in earnest..*

cannot lose the upper hand in this matter now.... every single thing that we have been told has been borne out to be untrue....



No Trust said:


> Mareva Injunctions are *essential now*, and I am sure they are high on the order of agenda with Piper Alderman and all of the receivers except the Administrators that McIvor appointed..
> 
> In situations like this it is not uncommon to have court orders monitoring travel as well...
> 
> ...


----------



## No Trust (26 February 2012)

*Administrators Meeting*

Investors have seen through the McIvor appointed administrators motives to resurrect the company... Most investors spoken to are boycotting the meeting and are leaving it to Piper Alderman who I am sure will be attending... Question will be, will the follicley  faded delusional one be there to front up to the creditors...


----------



## No Trust (27 February 2012)

*Administrator's Meeting*

McIvor *having to front up the creditor's *and *Media* this morning will not make breakfast at the Cronin Bunker a cheerful place... 

Whilst some having been *living a multi million dollar Luxury Lifestyle *Equititrust Investors have had to *live a nightmare every waking day*... 

To the former custodian of investor's money, welcome aboard the nightmare train, investors have been warming a seat for you for some time... First Stop *Piper Alderman *and then *The Supreme Court*...


----------



## No Trust (28 February 2012)

*New Information*

Expect some *explosive new revelations* over the coming weeks... The fact that McIvor no longer has control of Equititrust has opened the flood gates...


----------



## No Trust (29 February 2012)

*Tucker Legal Fees*

What's happened to all the legal action against defaulting borrowers ??? Are Tuckers fees to be audited ??? Have the files been taken away from Tucker by the receiver ???


----------



## No Trust (29 February 2012)

*Gold Coast Bulletin*

As usual *McIvor's mate* and sycophant *Nick Nicols *of the Gold Coast Bulletin has not printed one story since the collapse of EquitiRust. The story has particular relevance to the Gold Coast with *$167M *of investor losses and many of the investors originating from the Gold Coast...

The fact that Westpac appointed receivers to the personal assets of McIvor also did not raise an eye brow... Yet *when a minor story breaks *he is quick to report on the *misery of others*... How about reporting *on the misery inflicted on the lives of many Gold Coasters by Equititrust and McIvor*... 

*Nicols is a sorry excuse for a journalist *and its no wonder he has never risen in the ranks to be employed by a serious publication in a major capital, hopefully he will be turfed out of the Bulletin as well for this bias and protection of one of his dear old buddies... Its no wonder the Gold Coast has such a *crap reputation *and is a haven for *shady characters*... Idiots like Nicols protect them, maybe if the investors *stumped up for a few free lunches *their plight may get some column space in the dear old Bulletin...

*SHAME GOLD COAST BULLETIN*


----------



## No Trust (29 February 2012)

*Audited Financials - KPMG*

Hey Marky Boy, where are the *audited financials *you promised the investors ???

Remember when the silver haired fox promised them by the *23rd of January 2012*... Its still up on the web site for all to see... *Another failed promise*... So much for being the *"custodian"* of Public Money, at the moment McIvor is failing as the custodian of his own money with mortgagee sales piling up around him, or is that money actually investors money taken via management fees, one in the same one would conclude given the revelations by Piper Alderman and David Whyte...


----------



## No Trust (29 February 2012)

*Former Stooges who took Directors Fees*

*Where oh where *are those *brilliant former directors *who took money by way of directors fees* achieved nothing *and ran like mad... *What a disgrace *,for that kind of performance they *should all humbly throw that money back *into the pot and at least do something for the investors... 

Don't worry *you won't be forgotten *and thankfully your first cab of the rank will be the Supreme Court via the Piper Alderman Class Action... Hopefully then you will feel the *same pain as innocent retiree investors *whose *sweat and blood *paid you for a failure and corporate collapse of epic and disgraceful proportions...

Great adddition to your CV's


----------



## zencorp (29 February 2012)

*Re: Tucker Legal Fees*

David from BDO is Tuckers best mate. BDO is giving all the work to Tucker! Word on the street is big bucks are flying in Tuckers direction. Remember when Tucker filed to appoint a receiver - it was David from BDO he was trying to appoint! 

Its all incestuousness. Job for the boys.  




No Trust said:


> What's happened to all the legal action against defaulting borrowers ??? Are Tuckers fees to be audited ??? Have the files been taken away from Tucker by the receiver ???


----------



## kostag (29 February 2012)

*BDO and impartiality*

from what we hear WHYTE is doing a thorough job -  I have not heard any suggestion of him going soft on our mate





zencorp said:


> David from BDO is Tuckers best mate. BDO is giving all the work to Tucker! Word on the street is big bucks are flying in Tuckers direction. Remember when Tucker filed to appoint a receiver - it was David from BDO he was trying to appoint!
> 
> Its all incestuousness. Job for the boys.


----------



## kostag (29 February 2012)

*Re: Former Stooges who took Directors Fees*

PIPER ALDERMAN will line them all up..... I suspect that the PI insurers are putting away the pennies ready for payout time to investors 




No Trust said:


> *Where oh where *are those *brilliant former directors *who took money by way of directors fees* achieved nothing *and ran like mad... *What a disgrace *,for that kind of performance they *should all humbly throw that money back *into the pot and at least do something for the investors...
> 
> Don't worry *you won't be forgotten *and thankfully your first cab of the rank will be the Supreme Court via the Piper Alderman Class Action... Hopefully then you will feel the *same pain as innocent retiree investors *whose *sweat and blood *paid you for a failure and corporate collapse of epic and disgraceful proportions...
> 
> Great adddition to your CV's


----------



## No Trust (29 February 2012)

*Re: Tucker Legal Fees*

Zencorp, Tucker was trying to appoint David Clout as receiver last year not David Whyte. David Whyte was put forward by ASIC...

In any event due to the *conflict of interest *and the fact that *Tucker is named as a defendant in the class action *is ample reason why alternate lawyers need to be appointed... If BDO don't see this then *there is no hope of achieving anything*...




zencorp said:


> David from BDO is Tuckers best mate. BDO is giving all the work to Tucker! Word on the street is big bucks are flying in Tuckers direction. Remember when Tucker filed to appoint a receiver - it was David from BDO he was trying to appoint!
> 
> Its all incestuousness. Job for the boys.


----------



## Charles Darwin (29 February 2012)

Clout remains appointed receiver/manager of at least one of the operating assets.


----------



## No Trust (29 February 2012)

*Receivers being Appointed Left Right and Centre*

Was that a recent appointment ??


----------



## kostag (1 March 2012)

Clout was appointed by Tucker to a marina loan security in South Australia. I am told Tucker had some concern about security irregularity and that Mad Mark might try some trick.

Clout remains in control although I understand from a close source remains somewhat bewildered





Charles Darwin said:


> Clout remains appointed receiver/manager of at least one of the operating assets.


----------



## Charles Darwin (1 March 2012)

As I understand, Clout remains as receiver/manager of the Windsor farms. Not a recent appointment, was appointed by Equititrust.


----------



## No Trust (1 March 2012)

*Disgrace*

Further *evidence of McIvor's self interest *over that of innocent retiree investors...


"On Friday, *February 3 Mr Batts was shocked to be given only three hours notice *of the arrival of Sydney Administrators Hall Chadwick, *appointed by Equititrust principal Mark McIvor.
*
The rival company immediately *froze the accounts *of the entity Wirrina Resort Conference Centre (WRCC) and sent out letters to creditors.

Court-appointed *receiver David Whyte flew in from Brisbane *on Monday *February 6* and after a series of meetings it was determined *Hall Chadwick did not have jurisdiction.
*

Mr Batts said the stand-off was *frustrating* and *unhelpful for the business*.


http://www.victorharbortimes.com.au...ve-resort-battles-on/2473221.aspx?storypage=1


The story runs over 2 pages read this and shake your head... It confirms David Whyte's report about McIvor's interference...

McIvor's actions clearly show *he does not give a damn about investors*... This was nothing more than a *scorched earth policy *to inflict as much damage on the receiver David Whyte and hurt investors who had started the Class Action...


----------



## kostag (2 March 2012)

yes  and also the South Australian marina loan.....  check out Wirrina Corporation Limited -  another train crash about to occur!



Charles Darwin said:


> As I understand, Clout remains as receiver/manager of the Windsor farms. Not a recent appointment, was appointed by Equititrust.


----------



## kostag (2 March 2012)

*Re: Disgrace: A BLOODY DISGRACE!!!!*

none of this is his money BUT he continues to act as though he owns the assets.... frustrating bona fide Recievers and Court officers at every turn! 

ASIC must take stern action.   



No Trust said:


> Further *evidence of McIvor's self interest *over that of innocent retiree investors...
> 
> 
> "On Friday, *February 3 Mr Batts was shocked to be given only three hours notice *of the arrival of Sydney Administrators Hall Chadwick, *appointed by Equititrust principal Mark McIvor.
> ...


----------



## Mozzi (2 March 2012)

Anyone attend the Gold Coast meeting the other day - Letter from Administrators on "junk mail" site today!

  You guys are right, nothing ever gets reported these days, not that there has ever been much importance placed on investor's losses and lives affected - certainly not by the Gold Coast Bulletin!    They could at least have reported that people complained about the cost of parking at the Convention Centre!

Was there a rumour about BDO returning to Court on Wednesday?  Probably didn't happen!    Perhaps Mr McIver told them he was going to play nice!


----------



## No Trust (2 March 2012)

*BDO - David Whyte*

Don't be surprised if David Whyte *has to take court action * to protect the assets from McIvor... I think David Whyte's patience has been *stretched to the limit*... 

The whole saga does reveal how much McIvor "really" cares about the investors and how much his actions are actually driven by self interest...

As for the Gold Coast Bulletin??? Their *actions speak for themselves *in not reporting on their buddy McIvor... *Slaughter the investors *and *protect the culprits*, its no wonder the *Gold Coast is considered a joke *nationally and internationally... 

Sunny place to get ripped off...


----------



## No Trust (2 March 2012)

*Parking*

This *crap investment *pedalled by McIvor just keeps on stinging the hell out of investors... To be told *how much they got screwed *by Equititrust and McIvor investors had to *pay for the privilege*... 

McIvor could have at least *validated the parking for his once faithful flock*... Next time investors should park in front of his Multi Million Dollar Mansion in Southern Cross Dr, Cronin Island as a reminder of who got burnt...

Investors will have a choice, McIvor owns 3 Multi Million Dollar piles along the same street...

*Peaceful protests *in the face of those responsible serve as a powerful reminder to do the right thing...




Mozzi said:


> Anyone attend the Gold Coast meeting the other day - Letter from Administrators on "junk mail" site today!
> 
> You guys are right, nothing ever gets reported these days, not that there has ever been much importance placed on investor's losses and lives affected - certainly not by the Gold Coast Bulletin!    They could at least have reported that people complained about the cost of parking at the Convention Centre!
> 
> Was there a rumour about BDO returning to Court on Wednesday?  Probably didn't happen!    Perhaps Mr McIver told them he was going to play nice!


----------



## kostag (3 March 2012)

*ADMINISTRATORS ..... a field day!!!*

is this NOTICE a joke - ??? who are these clowns:  http://www.equititrust.com.au/Pdfs/... Reports - 20120301 - Letter to Investors.pdf

as I understand, McIvor entities now have:-

Korda Mentha
BDO
Cloutts
Ferrier Hodgson
Hall Chadwick,

all appointed.

At what cost?

This is just a bad dream, right? and I am going to wake up from this nightmare.... please....

ASIC, Piper Alderman -  some one.....


----------



## kostag (3 March 2012)

*external help..... we need PAUL BARRY onto this...*

even that Ian Lazar who started this Court action -  what has happended to him???


----------



## Mozzi (3 March 2012)

OK!   So apart from an assortment of receivers and administrators (lost count!) , we apparently also have an investor's committee of Amanda Banton (Piper Alderman) , and Stuart Norton (whoever he is), appointed at Hall Chadwick meeting!!!!   David Tucker was suggested but knocked back!

If Asic is doing anything about this farce they are keeping it a deep dark secret from us!

Also weren't the Fed police involved in this somehow?


----------



## No Trust (4 March 2012)

*Re: Administrators Meeting*

As predicted below, Piper Alderman have jumped in to protect investors and the quick footed Amanda Banton is now on the creditor's committee... McIvor wasn't expecting this development... If he had any idea he would not have appointed the administrators to Wirrina Resort. Didn't that one blow up in his face as well, with David Whyte stepping in and making McIvor and the administrator irrelevant...  Competent people are in control now... What McIvor did not realise is that if you can't control your own destiny someone else will...



No Trust said:


> Investors have seen through the McIvor appointed administrators motives to resurrect the company... Most investors spoken to are boycotting the meeting and are leaving it to Piper Alderman who I am sure will be attending... Question will be, will the follicley  faded delusional one be there to front up to the creditors...


----------



## No Trust (4 March 2012)

*Knee capped*

The fact that Piper Alderman are now on the creditors committee is a strong signal that there is no more tolerance for games or interference from McIvor... This move has sidelined McIvor, he does not have any more influence or control...


----------



## kostag (4 March 2012)

*Re: Knee capped... it is time for action*

no more talk....





No Trust said:


> The fact that Piper Alderman are now on the creditors committee is a strong signal that there is no more tolerance for games or interference from McIvor... This move has sidelined McIvor, he does not have any more influence or control...


----------



## Mozzi (4 March 2012)

Heard that Ms Banton was only acting on behalf of 39 investors at that meeting.   Thought there would have been more participants!:


----------



## No Trust (4 March 2012)

*Piper Alderman*

Amanda only acts for those participating in the class action. She can't help those who  won't help themselves...


----------



## kostag (4 March 2012)

*Re: Equititrust: IT IS TERIIBLE*

there are 1600 investors -  if MS BANTON only has instrctions from 39 investors, what do the other 1,561 think is going to happen? Magic?  Mark McIvor is going to sell persoanl assets and put in money?  its all gone now! 

Her claim will be against PI insurers for her clients  -  everyone else misses out.

If you have not contacted PIPER ALDERMANN SYDNEY - do it now!!!!





Mozzi said:


> Heard that Ms Banton was only acting on behalf of 39 investors at that meeting.   Thought there would have been more participants!:


----------



## kostag (5 March 2012)

*AN INCONVIENIENT TRUTH????   KPMG looked, and died????*

what happended this FORENSIC AUDIT ???

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_20_10_2011_Review.pdf

I assume that KPMG died.......  just like our investment!

a very inconvienient truth.....


----------



## No Trust (5 March 2012)

How did KPMG get it sooooo wrong ??? Did they get infected with the Gold Coast Cowboy Disease...


----------



## No Trust (6 March 2012)

*Re: AN INCONVIENIENT TRUTH????   KPMG looked, and died????*

Yet another promise not kept by McIvor... How can he show his face in public... Yet he has the audacity to seek the reinstatement of 2.8M in management fees... He's Dreaming 




kostag said:


> what happended this FORENSIC AUDIT ???
> 
> http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_20_10_2011_Review.pdf
> 
> ...


----------



## No Trust (6 March 2012)

Considering the scale of losses, shouldn't there be some action by the regulator in terms of disqualification of some of the directors. Not cooperating with a receiver for one is a punishable offence... How about ASIC take some action against McIvor and set an example in terms of governing the proper conduct of directors. McIvor's actions in thumbing his nose at David Whyte a court and ASIC appointed receiver is an utter disgrace and shows total disregard for investors interests... 

This recalcitrance needs to be punished and an example set. In any event this conduct won't bode well for him in the class action...


----------



## kostag (7 March 2012)

*unit holders watch out!*

there is some deal afoot where hall chadwick and directors are working up a scheme where Lion and other companies associated with David Hickie will take over control of EIF... desperate unit holders will be offerred to swap their units for some complicated shares in some NSX listed entity. once any of us fall for this trick we lose our class action rights for losses. why?  because we will have chosen to take these shares. there will be no market for the shares and the price will soon be cents.... just look at what happened to MFS investors when they fell for the same 'con' with NSX listed Wellington PIF. Be very careful... you have all been warned.


----------



## No Trust (8 March 2012)

*Re: unit holders watch out!*

Its basically *a scam*, Equititrust is *a failed company *as are those who ran it into the ground. 

Why would investors trust McIvor any longer ??? Just look at receiver David Whyte's last report to see what he has been up to. Reinstating 2.8M in management fees etc is a *disgusting joke*... 

All those supporting this share offering *are vultures *picking on the bones of retiree investors nothing more. As I have predicting on this forum on many occasions *THIS WILL FAIL*... *DON'T FALL FOR IT*... *MAKE THOSE WHO LOST YOUR MONEY PAY*...

Talk to Piper Alderman *that your best bet*... They are moving in the right direction...

McIvor is still living in *multi million dollar luxury mansions *whilst investors *starve*... Why should investors fund his lifestyle whilst he has lost *$167M *plus of their blood seat and tears... Putting someone *this delusional *back in control is madness which ASIC should stop...





kostag said:


> there is some deal afoot where hall chadwick and directors are working up a scheme where Lion and other companies associated with David Hickie will take over control of EIF... desperate unit holders will be offerred to swap their units for some complicated shares in some NSX listed entity. once any of us fall for this trick we lose our class action rights for losses. why?  because we will have chosen to take these shares. there will be no market for the shares and the price will soon be cents.... just look at what happened to MFS investors when they fell for the same 'con' with NSX listed Wellington PIF. Be very careful... you have all been warned.


----------



## kostag (9 March 2012)

*UNIT HOLDERS - dont fall for this one!!!!!! look at MFS !!!!!*

UNIT HOLDERS
DON’T BE THIS STUPID!



Media and ASIC where are you?
Let me tell you what is going on right now and the disaster that all unit holders face.
Right now there is a whole range of Receivers and External Administrators appointed.  Admittedly, having so many is an unnecessary cost but what it does ensure is that there is pressure on to realise all mortgage assets and once that is done, moneys must be distributed to unit holders.
Now, that means that losses are crystallised – that is, we will only get a proportionate share of what they collect.  In reality, we can’t expect anything more or less – can we?
We are however entitled to bring action against the directors and any other party associated with the company for our losses in damages and ASIC can take appropriate action.
What MFS did (another failed fund) was that they sold their unit holders across into an NSX listed entity – this meant that unit holders agreed to take a listed security in place of their units.
Unit holders are of course direct creditors in the fund but once you become a shareholder, you are an owner just like the directors and shareholder.  In effect, you cannot sue yourself for losses – can you?
Now, on Day 1 this all looks very good.  For example, you have been given a $1 share for every $1 invested – there are promises of dividends – you are also told that at any stage there is liquidity (you put your shares on the market and sell them).
But remember the following:
	(a)	If the assets are impaired and in reality will never reach full value, why would there ever be a profit over and above the share issue price and, in fact, why would not the market mark the shares down to their true value?
	(b)	What liquidity would there be?  Who in their right mind would want to buy a share (unless it was at a massive discount) in an NSX listed vehicle which holds impaired assets?  The simple answer is (as the MFS unit holders found out and which is well documented on this website) – no one will.
So who is behind this idea and why?  The directors know that if all unit holders voluntarily make the decision to take shares in place of their units, then those unit holders cannot claim losses simply because they made the decision to take shares in place of units.
Other than further potential charges, the biggest charge that ASIC can drive home then evaporate.  Amanda Banton (Piper Alderman) doesn’t have any damages to pursue against PI insurers etc – unit holders are effectively on their own, and all the directors are off the hook.
But it actually gets worse.
The new responsible entity – even if they are the best guys in the world – has no obligation to distribute funds realised or, in fact, any pressure to realise funds at all.  Unit holders who would otherwise be entitled to demand that assets be sold, converted into cash which is then distributed, sit there as shareholders.
Even if the new RE are the most responsible people in the world, they can draw down the money, re-invest, take the fund on a whole new journey and we unit holders (now shareholders) have no choice in the matter at all.
So what is this proposal that is coming about?
1.	Getting directors off the hook.
2.	Purporting to provide unit holders with liquidity when in fact none will exist.
3.	Taking away unit holders’ rights to quantify damage and bring an action.
This proposal will simply introduce a new layer of ownership; overheads; supposed skill sets etc and more costs for another group who will try and make the best out of a poor group of assets.
You must seek independent financial advice and probably contact Amanda Banton at Piper Alderman.
Be very, very careful.


----------



## kostag (9 March 2012)

*OH BOY!!!! dont fall for this one!!!!*

1.	Some outfit called LION is taking over as RE
2.	Some outfit called VentureAxess will relist on the National Stock Exchange and will offer all UNITHOLDERS one of its non-trading special class shares  at 44 cents each for each unit in EIF.
3.	These shares will be REDEEMABLE CONVERTIBLE PREFERENCE  shares and cannot be traded for at least a year
4.	We don’t get a dividend until the NTA goes up to 55 cents – that’s 20% more! And we cannot convert until the NTA goes to $5!!!! Yeah, like that will ever happen!
5.	Great stuff . We lose our unit holder rights; we cant trade these little pearls !!!; we don’t get a dividend; and there will be little if any market in a year or so through which we might trade. Who would buy a share from us without real prospects of even a dividend!!
There is a copy of a Board minute dated 13th February 2012 which sets all of this ‘carve up’ out.
Don’t be beguiled by this one.


----------



## Olman (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



kostag said:


> 1.	Some outfit called LION is taking over as RE
> 2.	Some outfit called VentureAxess will relist on the National Stock Exchange and will offer all UNITHOLDERS one of its non-trading special class shares  at 44 cents each for each unit in EIF.
> 3.	These shares will be REDEEMABLE CONVERTIBLE PREFERENCE  shares and cannot be traded for at least a year
> 4.	We don’t get a dividend until the NTA goes up to 55 cents – that’s 20% more! And we cannot convert until the NTA goes to $5!!!! Yeah, like that will ever happen!
> ...




Is this minute of 13 Feb 2012 available to investors in the funds?  There is no entry for that date on the Equititrust site.


----------



## kostag (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

there is a copy circulating as I understand with ASIC, media and various parties -  I received a copy by EMAIL -  I presume a lot of people have seen it.

Amongst other things it notes that Mark McIvor is going to become *a specialist white collar crime lawyer *and do some *re-education training..... *classic self serving stuff.

A pscyhiatrist would have a field day analysing the thoughts of whoever wrote the Minute! 

LION and VANTAGEAXESS will have their hands full trying to jam this "proposal" past UNIT HOLDERS -  one only has to look at the MFS / Octaviar/ Jenny HUTSON/ PIF / NSX disaster to know where this "deal" is heading.....

ps: why would you start relying on the EQUITITRUST website for the release of meaningful data? 

pps: what's the weather like in Darwin, Olman? 



Olman said:


> Is this minute of 13 Feb 2012 available to investors in the funds?  There is no entry for that date on the Equititrust site.


----------



## No Trust (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

Olman, have you met with McIvor face to face recently... 



Olman said:


> Is this minute of 13 Feb 2012 available to investors in the funds?  There is no entry for that date on the Equititrust site.


----------



## kostag (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

got a mirror?






No Trust said:


> Olman, have you met with McIvor face to face recently...


----------



## kostag (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

yes I am told Antony Marx will be publishing a copy






Olman said:


> Is this minute of 13 Feb 2012 available to investors in the funds?  There is no entry for that date on the Equititrust site.


----------



## No Trust (9 March 2012)

*Smoke and Mirrors*

It would be *interesting to confirm *whether McIvor is still posting on this site under an *assumed name*. Buffetman and Ozab etc were outed as being deceitful Equititrust stooges... *Buffetman* being an interesting name considering the fact that McIvor often quoted him...  This crap is not fooling anyone... 

When the Piper Alderman Class action starts, it will be interesting to get the culprits, Kennedy, McIvor etc in the witness box, under oath, and get the truth on the deceitful posting on this web site...

It will come out...

It's amazing how a name can give a lot away...


----------



## No Trust (9 March 2012)

*Mansion Sold !!!!! What about the investors*

*Ex-Equititrust boss Mark McIvor secures bullish $6.75 million for Popov-designed Gold Coast home: Title Tattle*

 Jonathan Chancellor 
Thursday 08 March 2012


"At its auction Stacey McIvor, the wife of merchant banker and property investor Mark McIvor, wept when the five-bedroom riverfront home drew a top bid of $4.55 million."


"McIvor, who founded the Gold Coast's own merchant bank, Equititrust, in 1993, also owns two other houses on the island. They cost $3.6 million in 2002 and $1.7 million in 2003."

http://www.propertyobserver.com.au/title-tattle/mark-mcivor-secures-bullish-result


How much of that will go to paying off retiree investors??? Zero 

*Let them eat cake*, while the McIvor's move into a choice of either two more luxury mansions on the Island... 

Investors get *$167M *in losses, no income and *cannot claim a pension *whilst the perpetrators of this collapse *live it up *and rub salt into the wound of innocent retiree investors...

Disgusting


----------



## Mozzi (9 March 2012)

You have more reading material on the junk mail site (Equititrust)!!!!!!!


----------



## Olman (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



No Trust said:


> Olman, have you met with McIvor face to face recently...




I have never met with McIvor face to face.  Have you?  Why do you ask?


----------



## Olman (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



kostag said:


> there is a copy circulating as I understand with ASIC, media and various parties -  I received a copy by EMAIL -  I presume a lot of people have seen it.
> 
> Amongst other things it notes that Mark McIvor is going to become *a specialist white collar crime lawyer *and do some *re-education training..... *classic self serving stuff.
> 
> ...




Thanks for the info.  Who relies on the Equititrust website?  I check it out, amongst other sources, but I can't say I rely on it.  

The weather in Darwin is fine with a chance of a thundery shower or two, according to the Bureau of Meteorology website.  
I can't give you a personal observation because it's dark outside.


----------



## Olman (9 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



kostag said:


> got a mirror?




would you care to expand on your comment?


----------



## Mozzi (10 March 2012)

*Re: Mansion Sold !!!!! What about the investors*



No Trust said:


> *Ex-Equititrust boss Mark McIvor secures bullish $6.75 million for Popov-designed Gold Coast home: Title Tattle*
> 
> Jonathan Chancellor
> Thursday 08 March 2012
> ...




Thought you would have enjoyed reading the latest on the circular to creditors from Hall Chadwick (on the equititrust site) but you seem to have all got into another area now???????


----------



## kostag (10 March 2012)

*PROPER DISCLOSURE: Hall Chadwick and David Hickie*

aren't UNIT HOLDERS entitled to know and believe that the existing RE and its advisers and Directors are acting in their best interests, rather than UNITHOLDERS being regarded as just another external 'creditor' to be expeditioulsy silenced and dealt with?

I think that David HICKIE who still resides on the Board etc and therein has access to raft of material about EIF etc and its assets, weaknesses etc -  in fact more information than any INVESTOR / UNITHOLDER can access, ought be required to make a proper and public disclosure as to his interests and the purported involvmenet by LION and the soon to re-list NSX shell VANTAGE etc.

If, as may well be the case, the previous Board were reckless, inept or worse..... and this can be shown to have caused losses that well seem to be in the order of $170M atleast.... and therein, more than likley, there would be bonafide (as yet, untested) claims against McIVOR and or PI insurers .... and HICKIE may therefore (on a reasoanble view) be working co-operatively with them (the old guard)  in order to get their support to  his self serving LION-VANTAGE deal  and get it across the line etc.....  and he is therein not pursuing those former officers (McIvor) as an independent Board ought be doing.

Now, the same applies to HALL CHADWICK. Have they been wheeled in by McIvor for the sole purpose of giving what might appear to be independent support to the LION/VANTAGE scheme, which smoke screens and blind sides, the obvious massive claims that still lie dormant?

Hall Chadwick's statutory purpose is to act in best interests of CREDITORS and the unitholders are owed money and by definition are CREDITORS.

If the RE acted negligently (and Hall Chadwick would have to form that view after staring down the barrel of $170M losses) then HALL CHADWICK, acting in best interests of all creditors, rather than perhaps the very narrow interest of the main cuplrit, ought be attacking , not serving as a compliant conduit for the LION/VANTAGE deal.

EMAIL traffic (between Hickie, Equititrust board and Hall Chadwick parties) leaked to various parties by others, reveals the exploration of this 'swap worthless shares for UNITS in EIF at a massive write down'  deal ..... the benefits to UNITHOLDERS are illusory -  the benefits to those truly culpable are massive.

ASIC should not allow this type of 'David Tweed' concocted deal to hoodwink UNITHOLDERS be put to anyone without massive discloures and independent reporting and recommendation.

No-one will recommend this proposed deal.

Shame!


----------



## kostag (10 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

sometimes we need to look within, Olman of Darwin.



Olman said:


> would you care to expand on your comment?


----------



## Olman (10 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



kostag said:


> sometimes we need to look within, Olman of Darwin.




Indeed, Kostag of Nowhere.  It seems that similar posting infractions in the past have slipped from your memory.  There was nothing inflammatory in my post.


----------



## No Trust (10 March 2012)

*Equititrust Disaster*

This is a stalling tactic, because they know that Equititrust *is a lost cause*... 

Applying to the court for an extension of the next meeting until *May is a joke*. McIvor is pulling the strings of the Administrator and *wasting the investors money *for his own attempt at survival, nothing more.

It's very simple, whilst the Class action is on foot *no one will insure them*... ASIC has alleged Breaches of the Act and without insurance the game is over.

What is disgusting an appalling about all of this is whilst David Whyte the court and ASIC appointed receiver is winding up the funds in the investor's best interests, the *Administrator is not necessary at all *and is only acting in *McIvor's best interests *not the investors. 

They also talk about getting the audited financials completed!!! McIvor promised them and *never delivered *and now now they want an extension... This is a joke of epic proportions.The court should *not allow an extension *on the basis that the administrator was appointed by McIvor the idiot who was responsible for completing the financials and never did...  Instead he made delusional constipated videos for Landsolve with Ian Maurice and now wants an extension via his Stooge Administrator...

ADMINIS*TRAITOR* is only about making a buck out of this and protecting McIvor's ass...

How much is this going to cost investors??? 

http://www.equititrust.com.au/Pdfs/... Reports - 20120309 - Letter to Investors.pdf



Mezzo said:


> You have more reading material on the junk mail site (Equititrust)!!!!!!!


----------



## No Trust (10 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*

Post # 55 by Olman on this thread

"Now, to avoid a punch up on the board, I think I'll go and register under another username...."

This is a direct quote from this thread which can be checked... 



Olman said:


> Indeed, Kostag of Nowhere.  It seems that similar posting infractions in the past have slipped from your memory.  There was nothing inflammatory in my post.


----------



## Mozzi (10 March 2012)

Appreciate you guys sharing the information you are acquiring, not getting much from the cast of thousands!   The silence is deafening!  Also thought Hall Chadwick would work in our best interests - how naive was that?   Looks like they are just stalling for time.

As for the scheme - wouldn't touch that one with a 10 ft pole, but can see poor unit holders taking it up as "something is better than nothing" particularly the 1561 unit holders who are too old, too poor, too nervous or just plain "over it" and have decided not to participate in the class action.

This could then be a done deed at the next meeting!  (Mid May if they get court approval) if this is the plan they are putting forward then!

God help us - one thing is for sure no one else is - certainly not the Courts and Asic!


----------



## Olman (10 March 2012)

*Re: OH BOY!!!! dont fall for this one!!!!*



No Trust said:


> Post # 55 by Olman on this thread
> 
> "Now, to avoid a punch up on the board, I think I'll go and register under another username...."
> 
> This is a direct quote from this thread which can be checked...




Yep, I posted that comment.  It was a tongue-in-cheek poke at the unabated slanging match on this thread at that time, and at the interchangeability and remarkable similarity in context and syntax of posts between two of you here, but it was obviously lost on you.  

I still exist under the same username as then - this can also be checked.  If I was going to duplicate myself under another name, against ASF policy, it would be stupid to advertise it. The administrators have taken action against such practices,  and have also issued infractions against false accusations of same by other posters.  This is all old news, available to anyone who cares to re-visit the past posts.  

So what's your current gripe about my previous post?


----------



## No Trust (10 March 2012)

*Equititrust Collapse*

Thanks for that clarification "olman", much appreciated 

Being such a supporter of EquitiRust in the past what's your take on the proposed deed of Company Arrangement ???  Don't you think investors are better of pursuing the Class Action...

Your input is always valued...


----------



## kostag (10 March 2012)

*THE GAME IS THIS....*

1.  David Hickie/ LION/ Vantage put a proposal to take over as RE of EIF
2.  Hall Chadwick as administrators of EQUITITRUST make the impartial decision to go along with this , it being in the "best interests of unit holders"
3.  EQUITITRUST then slips into LIQUIDATION.
4.  Piper Alderman does their best against liquidated shell and PI insurers who fight and fight until the money runs out.
5. VANTAGE puts a hare-brained proposal to UNITHOLDERS to cop some exotic valueless, cant be sold, wont ever get a dividend style share swap for their UNITS in EIF 
6.  in desperation, some UNITHOLDERS will grab at this (care: look at NSX shell of Wellington Capital which did the same swap on MFS units) and in so doing -  lose any rights for damages etc -  and will slowly watch their 'investment' continue to freefall from $1 -> 44cents -> a few cents .......

BE VERY VERY CAREFUL!!!!!


----------



## No Trust (10 March 2012)

*Scam*

The share swap is a scam... ASIC needs to intervene in this Rort on investors and allow the funds to be wound up by David Whyte the only independent party who was court and ASIC appointed. ASIC NEEDS TO STEP IN and intervene in the Administrators court application for an extension as it does not in any way serve investors or the winding up of the two funds. This is a blatant interference in David Whyte's work. What was the purpose of his appointment by ASIC and the court if this crap is being pushed on investors by the same guy who caused this disaster. Don't be fooled McIvor is pulling the strings behind the scenes and the Administrator is no friend of the investors...

ASIC needs to step in and put a stop to this and make submissions to the court against the extension of time. Its a waste of money and an abuse of the long suffering investors...


----------



## Olman (10 March 2012)

*Re: Equititrust Collapse*



No Trust said:


> Thanks for that clarification "olman", much appreciated
> 
> Being such a supporter of EquitiRust in the past what's your take on the proposed deed of Company Arrangement ???  Don't you think investors are better of pursuing the Class Action...
> 
> Your input is always valued...




Yeah, I see the value of my input from the responses by you and Kostag to my innocuous post yesterday: _Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site._ 

The class action is clearly the only way to deal with this issue for investors.  There is now more than enough evidence that we're involved in a lawyers' picnic and the funds will be practically worthless after all the action dies away.


----------



## kostag (10 March 2012)

*Re: Equititrust Collapse*

Olman, are you trying to blame the lawyers for the 'worthless' funds?  surely we can all agree that McIvor has done an extraordinary job in losing over 75% of first mortgage funds.  this effort makes michael king and MFS look competent.





Olman said:


> Yeah, I see the value of my input from the responses by you and Kostag to my innocuous post yesterday: _Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site._
> 
> The class action is clearly the only way to deal with this issue for investors.  There is now more than enough evidence that we're involved in a lawyers' picnic and the funds will be practically worthless after all the action dies away.


----------



## No Trust (10 March 2012)

*McIvor is to Blame*

The blame *lays squarely at McIvor's feet*... He was the sole shareholder and final decision maker on all of the dud loans to his mates like *"King Con"* ...

What is interesting now is if McIvor is found to be behind the *disingenuous share swap *which in effect is shown to be working against the interests of creditor's and investors then there is *a conflict of interest *in what the court has ordered to be done on behalf of investor's. This is a direct challenge and interference to David Whytes court and ASIC appointed duties as well as an unnecessary distraction and *huge waste of money*... Its clear the company with *$170M *worth of losses on behalf of investors needs to be liquidated. Asking for extensions of time for matters that McIvor should have attended to for well over a year with his band of sycophant directors is appalling and *SHOULD NOT BE GRANTED*. 

It's clear that the administrators can now see *there is no hope  *and their only option is to *LIQUIDATE THE COMPANY*.

This is nothing more than a rehash of Landsolve, Trust Mutual and other crap pedalled by McIvor except its now under the guise of an Administrator who is meant to add credibility to this delusion... *DON'T BE FOOLED *

Lets hope ASIC and Piper Alderman oppose the extension of time in court and the company is put into immediate liquidation...


----------



## kostag (10 March 2012)

*QUESTIONS FOR EQUITITRUST DIRECTOR, DAVID HICKIE:*

You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:

Q1:  are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.

Q2:  under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina  to-be-listed NSX entity which you also have a stake in, which has these features:-

    i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
    ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
    iii) conversion to equity when tehe shares get to an NTA of $5;

Q3:  Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-

   i) given the restrictions that will apply to these shares that you are going to offer us (in Q2  i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?

   ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.

Q4:  If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?

Q5:  As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time -  but as a cash surplus builds, the R.E has to hand it over, correct?   However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?

Q6:  Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing -  and teh shares collapsed?     Why would we do this?

Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.


----------



## Olman (10 March 2012)

*Re: Equititrust Collapse*



kostag said:


> Olman, are you trying to blame the lawyers for the 'worthless' funds?  surely we can all agree that McIvor has done an extraordinary job in losing over 75% of first mortgage funds.  this effort makes michael king and MFS look competent.




I'm not blaming the lawyers.  There is no doubt that McIvor is the architect of the destruction.  (I'm not blaming architects, either...).  However, the reality of the present position is that there are a whole raft of legal and financial interests involved in EQT, and regardless of their integrity, whatever they do is steadily cutting away at any value the funds have left.  The class action by Piper Alderman appears to be the only realistic avenue for investors to claw back any of their capital.


----------



## kostag (11 March 2012)

*Re: Equititrust Collapse: oh, if it were that simple.*

I think that ASIC and others have gathered and are gathering from Borrowers and other records evidence of collusion between McIvor and Bororwers (in some cases) with moneys diverted and benefits accruing to McIvor oustide of the R.E or the EIF and reckless disregard (at best) re values and securities taken etc.....

this matter will go well beyond a simple "I thought that I was making good loans BUT the values all collapsed post-GFC".

What was KPMG shown and given to do its audits?

What notice did McIvor have of impaired values and when did he know? and he did he then continue to conduct himself....

right through to what is he trying to do now with LION etc .....





Olman said:


> I'm not blaming the lawyers.  There is no doubt that McIvor is the architect of the destruction.  (I'm not blaming architects, either...).  However, the reality of the present position is that there are a whole raft of legal and financial interests involved in EQT, and regardless of their integrity, whatever they do is steadily cutting away at any value the funds have left.  The class action by Piper Alderman appears to be the only realistic avenue for investors to claw back any of their capital.


----------



## No Trust (11 March 2012)

*Auditors*

The auditors are culpable... What is amazing though is McIvor and Hickie's plan for the investors yet the financials were never completed as promised by them. This share swap crap will FAIL as did the 50M Capital Raising last year. Forensic accountants need to brought in to investigate ALL of McIvor's dealings. Trying to whitewash everyone and stiching the investors up won't work. The MEDIA put a stop tothat last year and will do the very same with this ridiculous scam... Good try buy no one is that stupid to very trust McIvor or his stooges again.

ITS OVER FACE THE FACTS and let David Whyte do his job and return some money to the investors as the court and ASIC have ordered.


----------



## No Trust (11 March 2012)

*Financials Not Completed*

Directors who don't complete financials, lose *$170M *of innocent retiree investors funds and lend money to *"King Con"* should not have another crack at  the retirees they have financially raped by offering them *worthless shares*...  

ASIC needs to protect unsophisticated retiree investors from being *ripped off *by the culprit of this despicable disaster...

Why doesn't McIvor throw some of his own properties into a pot and divided that into shares for the investors??? He keeps the good stuff for himself and offers the investors toxic assets. Maybe he is *hoping* a lot of the retiree investors will die and that will get them off his back... 

The share swap *is a scam*, lobby *your local MP *and make approaches to *Wayne Swan's office* regarding this to ensure ASIC and the relevant authorities intervene... 

It seems that this *Share Crap *is being *forced on desperate people *when there is a court and ASIC appointed mechanism to wind up the funds via the receiver David Whyte...

Its time to get these vampires away from *other people's money*


----------



## No Trust (13 March 2012)

*More Receivers - This must be a Record*

*Another receiver *was appointed to MM Holdings on the 1st of March as per ASIC records.

This will make the whole link to Equititrust quite interesting as the banks move in and receivers investigate inter company loans etc... 

It looks as though McIvor intermingled his own personal interests with that of Equititrust and ultimately the investors... 

This will take years to unravel and who knows what the outcome will be of investigations by the banks, receiver's, ASIC and the Federal Police... 


This is even more reason to *reject the share scam *whilst this *dark cloud *hangs over McIvor's intertwined dealings with his own personal companies and  that of Equititrust. No one knows what the impact will be on investors in the two funds... 

So how on earth can they *even suggest *a share swap whilst this disaster is still unfolding. Its *delusional in the extreme *to expect investors to fall for this crap, the TRUST is gone guys... No Equity No Trust


----------



## kostag (13 March 2012)

*UNIT HOLDERS:  time to think and get advice.*

All unit holders in Equititrust must consider the following:
1.	David Hickie is a director of Equititrust, the present RE of EIF and is also CEO and director of Lion, an entity that proposes to become (with Hall Chadwick support) the new RE of EIF.
2.	If McIvor, as per undertakings, takes no active part in Equititrust then Hickie must by definition be involved in active management of EIF in circumstances where he is promoting his own entity to take over as RE of EIF.
3.	Hall Chadwick who are there as independent Administrators on behalf of creditors are openly working with Hickie on a proposal whereby Lion becomes the RE of EIF – this is set out in the Minutes of Equititrust and internal e-mails.  That documentation is now with various authorities.
4.	Equititrust acknowledges that the unit value has dropped to at least 44 cents per unit.  Bear in mind, this figure is provided by the auditors KPMG who up until a year ago had given a clean bill of health to all Equititrust financials and NTA calculations.
5.	Also, the NTA estimate of 44 cents does not take into account further decreases in value; asset operating costs; administration costs; property costs such as rates, land tax etc; realisation and agency selling costs.  It is speculation, but I think it is safe to assume that 44 cents becomes 22 cents very easily.  This is important as you will read further on.
6.	Why is Lion promoting itself as the new RE?  Under the scheme that they propose, they in fact never pay unit holders back and don’t become responsible to ever pay unit holders back.  Presently, as assets are finalised realised (and the banks are paid out) the money must start to go to unit holders.  David Whyte and BDO (appointed by court) must do this – they have no choice.  Once unit holders become shareholders in Hickie’s entity, they are not entitled to participate in the realisation funds, they are and remain shareholders.
7.	So, what rights do the shareholders have and what are these shares about?  The internal e-mails show that the shares will be listed on the NSX and must not be traded for one year.  In other words, even if there is a market for these shares (doubtful), you cannot do a thing with them for a year.  Secondly, they do not become entitled to any dividend until the NTA goes up to 55 cents.  If you assume that 44 cents is inflated and more than likely 22 cents, what prospect is there realistically that the shares will ever, in effect, double in value – none.  Thirdly, shareholders cannot convert these shares to proper ordinary shares until the NTA hits $5.00!  As the EIF is a mortgage fund and not a property owner, there is no opportunity for capital gain.  In other words, the best that we could ever be entitled to is the original $1.00 back that we advanced.  The NTA can never go to $5.00 unless Hickie does something absolutely magical with the cash while it sits under his control.  Highly unlikely!
8.	But, Lion and VantageAxess do stand to get management fees and do control, firstly, the mortgage assets and then as they are realised, the cash.  They can use that cash for almost anything – go out and do property deals, make profits, make loans to their own entities, anything.  We don’t have an entitlement to share in profits until the NTA virtually doubles and if we want to get out, our shares are frozen.
9.	This is not just opinion – look what happened when MFS did the same thing with its PIF units which Jenny Hutson listed on the NSX.  The units went into free-fall, unit holders are still locked in with no prospect of a market or ever getting out.
10.	But why would McIvor be promoting this?  Well, clearly he knows that Equititrust is a basket case and he faces a raft of attacks from ASIC, AFP and unit holders.  There is a strong argument that if unit holders voluntarily make a decision to switch their units for shares offered to them by David Hickie then, if they subsequently take a loss, McIvor can simply say in his defence that this was our choice – he did not recommend it and he might, effectively, get off the hook.  Any claim that we have against his professional indemnity insurer is lost.
11.	From Hall Chadwick’s point of view, the Lion deal is a great one.  Presently all the unit holders are in effect creditors.  Because their position is contingent, they can only vote in a meeting for $1.00 but creditors they remain.  If a new RE is appointed and the EIF transfers to it, then Equititrust can be liquidated and everybody’s liability ends at that point.  Hall Chadwick can say “Job well done” – McIvor pays them – he is potentially off the hook – David Hickie now has control of tens of millions of dollars at no cost and with no obligation in reality to anybody.
12.	Now if you are a 70 plus year old investor/pensioner with all your money tied up in EIF, then any well-presented argument that you might get your money back one day has to be a more beguiling prospect than the harsh reality of winding up the EIF now and distributing funds.  The technique being used, however, is the oldest one in the book.  We are all vulnerable and desperate.  None of us want to believe that we have lost our capital.  Any prospect that we might get it back is good.  The prospect of having to litigate through Piper Alderman sounds all too hard and complicated with an uncertain outcome.  But, don’t lose sight of the fact that the PI insurance in place over the Equititrust directors is probably our strongest asset.  Proof of this is the fact that the insurers cancelled the insurance policy as soon as they legally could – they knew that their liability existed and would only get worse.  Amanda Banton from Piper Alderman is right on to this and although she only has 39 unit holders supporting her, the best recovery is from the insurance.  You can’t put value back into mortgages which the Equititrust board now admit are toxic.  Toxic borrowers and toxic loans are and remain just that.
13.	Is there an independent alternative?  Well, yes there is.  Trilogy are prepared to become the RE.  The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units.  They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected.  We still remain entitled to claim any shortfall as damages under the PI insurance.  In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
14.	Elsewhere on this website I presented some questions to Mr Hickie.  Those questions were presented to him in his capacity as a director of Equititrust, the present RE.  Not surprisingly, he has not answered them because the answers are self-evident.
15.	Unit holders must stand up for themselves.  They have been plundered for over 5 years.  ASIC and others have material on hand to show that the Equititrust board knew for years that many of the assets were impaired, yet they kept promoting the values to unit holders and new investors.  They did nothing.  KPMG did nothing.  They are all liable and, properly prosecuted, they will pay and we will get recovery.
You cannot ignore the facts.  You must not be beguiled by any exotic unit and share swap deal.  The rights attached to the shares are onerous.  There is no prospect of liquidity.  There is no liability on anyone to ever repay capital.  We have no realistic entitlement to a dividend.  In those circumstances, who in the marketplace would ever buy these shares, so even the limited prospect of market liquidity on a fly-blown NSX listed company would be “Nil”.
*It is time to get independent professional advice.  You will form the view that winding up the EIF now under a responsible and professional RE makes good sense and you must retain your rights to damages through a solicitor such as Piper Alderman.
This will only become as bad and disastrous as we allow it to become.  We re being “handled” by professionals and we must make a stand.*


----------



## No Trust (13 March 2012)

Kostag's  post above is a convincing argument for investors to think before they jump into an idiotic share scam pedalled by the people who lost investors money. We know we can't trust McIvor and who David Hickie anyway??? He is been around for 5 minutes no one knows who he is except he is mates with McIvor. His attempts will fail as he will soon discover. 

It's a good thing that the documentation relating to this scam has now been provided to the relevant authorities for investigation.


----------



## kostag (13 March 2012)

*BUT WILL ANYONE DO ANYTHING TO PROTECT THE OLDER UNIT HOLDERS???*

they are the very vulnerable ones.....



No Trust said:


> Kostag's  post above is a convincing argument for investors to think before they jump into an idiotic share scam pedalled by the people who lost investors money. We know we can't trust McIvor and who David Hickie anyway??? He is been around for 5 minutes no one knows who he is except he is mates with McIvor. His attempts will fail as he will soon discover.
> 
> It's a good thing that the documentation relating to this scam has now been provided to the relevant authorities for investigation.


----------



## No Trust (13 March 2012)

*Response*

Don't expect a reply from Hickie or McIvor, Equititrust's past record is to post *under false names* on this thread hoping to spread misinformation... Luckily Aussie Stock forums caught their scam and suspended them...

It would be interesting to see what Kennedy will have to say about that under oath in court... Not only did they not tell investors what was going on,they also *spread misinformation as to the status of the funds on this thread*... They may all live to regret posting falsities on this thread as I am sure *this will also be part of the Class Action proceddings*... The reason for the aggression against this thread at the time was the *$50M Capital Raising Scam *they then tried to perpetrate against the Australian Public last January. Imagine if that went ahead.... *THE MIND BOGGLES *yet McIvor had the temerity to push it on more Innocent retiree investors... Has he no shame whatsoever ???

The public was alerted to the scam on this thread, but the most credit has to go to *Colin Kruger of the Sydney Morning Herald *who exposed them in the press and pushed ASIC to take action...


----------



## No Trust (14 March 2012)

*What Next*

Expect more fireworks in the coming weeks... Media Attention on the *Financial Rape of innocent elderly retiree's *is growing... 

Pity McIvor is *afraid of facing the media*, maybe they will have to track him down and put a camera and microphone in his face when he least expects it... 

There is also talk amongst investors of holding a *peaceful protest BBQ *in the Cronin Island "Public" Park" in front of the 3 luxury McIvor mansions in the street...

Sounds like a good idea, maybe it should be a monthly get together to remind those responsible that the investors are still alive and kicking and are actually human beings not names on paper whose lives are worthless...

Nothing like a *nudge of the conscience *to remind someone to do the right thing... 

One snag or two ?


----------



## kostag (14 March 2012)

*MEDIA: a TV expose*

I understand that one of the TV Networks has been interviewing and getting undercover footage.... plenty of good 'friends' with lots of strories to tell -  even family members.... recent events have given them even more material.... in this continuing saga -  whether it helps anyone get their money back is another issue





No Trust said:


> Expect more fireworks in the coming weeks... Media Attention on the *Financial Rape of innocent elderly retiree's *is growing...
> 
> Pity McIvor is *afraid of facing the media*, maybe they will have to track him down and put a camera and microphone in his face when he least expects it...
> 
> ...


----------



## kostag (14 March 2012)

*QUESTIONS FOR EQUITITRUST DIRECTOR DAVID HICKIE*

You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:

Q1: are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.

Q2: under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina to-be-listed NSX entity which you also have a stake in, which has these features:-

i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
iii) conversion to equity when tehe shares get to an NTA of $5;

Q3: Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-

i) given the restrictions that will apply to these shares that you are going to offer us (in Q2 i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?

ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.

Q4: If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?

Q5: As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time - but as a cash surplus builds, the R.E has to hand it over, correct? However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?

Q6: Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing - and teh shares collapsed? Why would we do this?

Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.


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## No Trust (14 March 2012)

"There was a little Dickie named Hickie who with his mate McIvor the conniver tried to flick some worthless shares to investors."

"But it didn't take too long for everyone to realize they were nothing more than financial molesters"


----------



## ASICK (14 March 2012)

*Re: UNIT HOLDERS:  time to think and get advice.*



kostag said:


> All unit holders in Equititrust must consider the following:
> ...
> 13.	Is there an independent alternative?  Well, yes there is.  Trilogy are prepared to become the RE.  The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units.  They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected.  We still remain entitled to claim any shortfall as damages under the PI insurance.  In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
> ...




Good luck on this one, but maybe you might care to ask Trilogy:

1. What was the unit price on redemption for units in Trilogy's mezzanine fund at Dee Why in Sydney? (originally $1.00 per unit)

2. What is the current unit price for units in Trilogy's Healthcare REIT fund at Crows Nest in Sydney (as at 30 June 2011, unit price was $0.18 (originally $1.00 per unit) and the property is up for sale without a tenant.

3. How about the PFMF? (Citypac's old fund) - In three years members have received only $0.06 ($0.01 in the current fiscal year).  Check out all the promises - and as at the 30 June 2011, the fund lost a further 25% of its' value during Trilogy's management - with more losses disclosed and even more foreshadowed.

Yep .. good luck with Trilogy.


----------



## kostag (14 March 2012)

*Re: UNIT HOLDERS:  time to think and get advice : BUT HICKIE AND LION ????*

how independent are they ???




ASICK said:


> Good luck on this one, but maybe you might care to ask Trilogy:
> 
> 1. What was the unit price on redemption for units in Trilogy's mezzanine fund at Dee Why in Sydney? (originally $1.00 per unit)
> 
> ...


----------



## kostag (14 March 2012)

*BOARD MINUTE says it all*

this MINUTE really says it alll


----------



## kostag (14 March 2012)

*EMAILS confirmation of the deal mooted...*

you want these shares???


----------



## No Trust (14 March 2012)

*Re: BOARD MINUTE says it all*

My oh my, "give states evidence to prosecute those reponsible"... So is McIvor implying giving evidence against himself ??? This is a joke right ?

The wording and structure of the minutes are appalling, dodgey minute dodgey intentions...




kostag said:


> this MINUTE really says it all


----------



## No Trust (14 March 2012)

*McIvor Led Action Group ?????????????????????????????*

The action group proposed to be formed by McIvor *is a scam *whereby he wants to use his units in the fund to change the manager and hand all this on a plate to Lion Advantage... 

Surely ASIC has to step in and intervene on behalf of investors... The proposal by McIvor to not seek a AFSL for* 3 years *means there is something brewing with ASIC. Its kind of a quasi undertaking before ASIC take action. In this instance ASIC will take action regardless of his in*sin*cere statements in the company minute...


----------



## kostag (14 March 2012)

*Re: Equititrust: Leading an action group against himself*

any shrink will tell you that in the very advanced stages of delusional behaviour, the perpetrator sees himself as the victim.....

going 'state's evidence' -  against himself? _someone else has done all of this -  use my knowledge to help get them??? _a specialist white collar crime lawyer?  a delusional grab for respectability..... 

if there weren't hundreds of millions lost -  this would all almost be funny....


----------



## ASICK (14 March 2012)

*Re: EMAILS confirmation of the deal mooted...*



kostag said:


> you want these shares???




The best I can say is "hahahaha" ...

same old story .. and the beat goes on .. 

how much would be shares be worth? see PIF and note the current value of the fund and the market value (NSX).

If I was an investor in your fund (which I am not), I certainly wouldn't give the deal the time of day.

As to Trilogy, If it were me, I'd be looking to find an RE who hasn't made losses - Trilogy's certainly made enough of them.


----------



## No Trust (14 March 2012)

*Re: Equititrust: Leading an action group against himself*

Do these idiots even know how stupid they look? They admit to not previously being able to form a quorum and then when Dickie Hickie comes on board they have a vote whereby Hickie excludes himself from the vote as he has a conflict if interest as the vote pertains to his companies replacing the RE. Apart from the fact that he has a conflict of interest from the outset of becoming a director the fact that he has excluded himself from the vote poses an interesting question, was there a quorum to pass the resolution as only two directors were voting, casting doubt as to whether there was a quorum established.

This whole things wreaks of a stitch up of investors...



kostag said:


> any shrink will tell you that in the very advanced stages of delusional behaviour, the perpetrator sees himself as the victim.....
> 
> going 'state's evidence' -  against himself? _someone else has done all of this -  use my knowledge to help get them??? _a specialist white collar crime lawyer?  a delusional grab for respectability.....
> 
> if there weren't hundreds of millions lost -  this would all almost be funny....


----------



## No Trust (14 March 2012)

*Meeting*

The Administrator's attempts to have the meeting extended to May have been cut back by the Supreme Court. The meeting will now be held next month, one month shorter than they wanted. Interesting to see Tucker and Cowan showed up and will also have Their fees paid from the fund... Its just a big pool of fees for these guys nothing more..



Hasn't Tucker trousered enough fees


----------



## No Trust (14 March 2012)

*The race is on*

With only a month to go now before the next meeting, the share scam will have to be refined before it's revelation. Lucky enough it has been exposed on this website for all to see... DON'T FALL FOR IT


----------



## No Trust (14 March 2012)

*White Collar Crime Fighter*

Everyone is still keeled over laughing about McIvor becoming a white collar crime fighter... So can we expect the delusional one to also don a cape in his crime fighting activities... The first case to solve will be the one facing him in the mirror each morning...


----------



## Brethren (14 March 2012)

*Re: White Collar Crime Fighter*



No Trust said:


> Everyone is still keeled over laughing about McIvor becoming a white collar crime fighter...




"Set a thief to catch a thief"?


----------



## No Trust (15 March 2012)

*It's a scam*

McIvor is to blame for this disaster, he appointed the so called talented directors and he lent the money to his mate " King Con", he even gave him a reference when he was being banned as a director by ASIC. The current directors are directors of last resort, after round after round of directors resigned and also gave evidence against McIvor in the supreme court, remember Tucker, Kennedy,Goddard, Treasure, etc etc .

The action group as well as the share scam are delusional schemes from a delusion former director of not one but 3 companies. He has failed in business and lost 170M of retiree investors money and now wants to blame someone else...  Not fooling anyone but himself, if he wants to run around the yard in a cape and pretend to be a white collar crime fighter then he might as well go and get a fitting for a straight jacket...


----------



## kostag (15 March 2012)

*DIRECTORS -  oh, dont we all feel so warm and comfortable. ASIC END THIS NIGHTMARE*

1.   Is the HONEYMAN now on the EQUITITRUST board, the one who was a Director of Commercial Nominees which keeled over in 1998 as the largest ( to that date ) disappearance of superannuation monies in Australian history. The record was broken only when Astarra/Trio went belly-up in 2009.

http://www.abc.net.au/7.30/content/2001/s308563.htm

2.    So we have a BOARD of THREE.   

McIVOR cannot vote because as the MINUTES show, he is heavily conflicted and acknowledges this .  DICKIE HICKIE can't vote because he is the party who wants to grab our fund (LION).  So, if I have the correct  HONEYMAN as set out in Para 1., we have a guy who was part of the biggest loss of superannuation moneys in Australia's history as the SOLE  Director who can preside over and vote on our funds.

Gee, I feel so reassured that such 'talent' protects our interests.

Come on Politicians, Media, AFP, ASIC, Piper Alderman -  there is a train crash happening and no-one is jumping ut to stop it!


----------



## kostag (15 March 2012)

*How did EQUITITRUST amass such talent?*

the current Board is tantamount to the three stooges -  everyone is either conflicted or just should not be there! 

a steady decline since the David 'Kolonel Klink' Kennedy -  'I know nuthink

and poor old Ian Maurice / Matt Corkin video presentaion....

when does this joke stop happening and loans start to get realised and we all start to see some money back!


----------



## No Trust (15 March 2012)

*Re: DIRECTORS -  oh, dont we all feel so warm and comfortable. ASIC END THIS NIGHTMAR*

Birds of a feather screw over innocent retiree's together...



kostag said:


> 1.   Is the HONEYMAN now on the EQUITITRUST board, the one who was a Director of Commercial Nominees which keeled over in 1998 as the largest ( to that date ) disappearance of superannuation monies in Australian history. The record was broken only when Astarra/Trio went belly-up in 2009.
> 
> http://www.abc.net.au/7.30/content/2001/s308563.htm
> 
> ...


----------



## ASICK (15 March 2012)

*PIF*

The news just keeps on getting worse:

http://www.nsxa.com.au/ftp/news/021725067.PDF

From $0.34 to $0.244  ($0.02 repaid not accounted for) - a loss of nearly 30% in TWELVE MONTHS.

All the promises - promises - and look what's happened.   It's a crying shame.


----------



## ASICK (15 March 2012)

*Lion Advantage limited - searches*

ASIC Search (click "search" (bottom RHS) to get a full listing:
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1

Google Search:
http://www.google.com.au/#hl=en&sclient=psy-ab&q=lion+advantage+limited&oq=lion+advantage+limited&aq=f&aqi=g1g-v1&aql=&gs_sm=3&gs_upl=1150l5024l0l5234l22l15l0l5l5l4l438l3572l0.7.4.3.1l20l0&gs_l=hp.3..0j0i15.1150l5024l0l5234l22l15l0l5l5l4l438l3572l0j7j4j3j1l20l0.frgbld.&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=bf6cd388300f640&biw=1600&bih=748


----------



## ASICK (15 March 2012)

NSX - Ventureaxess Limited - half year to 31 December 2011:

http://www.google.com.au/url?sa=t&rct=j&q=ventureaxess%20group%20limited&source=web&cd=4&ved=0CEkQFjAD&url=http%3A%2F%2Fwww.nsxa.com.au%2Fftp%2Fnews%2F021724952.PDF&ctbs=ctr%3AcountryAU&ei=NZNhT-vXGpGyrAeKl9iuCA&usg=AFQjCNHf-q0T33WUW-ByTuXJasbKynd5vw&cad=rja


----------



## ASICK (15 March 2012)

ASICK said:


> NSX - Ventureaxess Limited - half year to 31 December 2011:
> 
> http://www.google.com.au/url?sa=t&rct=j&q=ventureaxess%20group%20limited&source=web&cd=4&ved=0CEkQFjAD&url=http%3A%2F%2Fwww.nsxa.com.au%2Fftp%2Fnews%2F021724952.PDF&ctbs=ctr%3AcountryAU&ei=NZNhT-vXGpGyrAeKl9iuCA&usg=AFQjCNHf-q0T33WUW-ByTuXJasbKynd5vw&cad=rja




Wow! an interesting read.

Cash: $15,131 (page 10)
Receivables: $25,000 (page 10) - interestingly, a round number.. 
Total debt: $523,320 (page 10)

Loss: $102,716 (page 11)

Payments to suppliers and employees: $79,900 (page 12)

Investment in Heart Assist Technologies P/L:  $3,040,800 (page 21) - however, note the second page of the auditor's report (page 24) under the heading "Uncertainty Regarding Valuations of Investments" whereby the auditor states that the $3,040,800 can only be regarded as speculative.

I'm not a wiz at these accounts, but I think it might be worth a good read by investors of your fund.


----------



## No Trust (16 March 2012)

*Venture Never Get Access to your money*

Wow what an amazing company... How could investors trust anyone even remotely connected to McIvor... *It all turns to crap*. As for "Dickie Hickie" get your hand off it and go somewhere else... Just let investors get their money back from David Whyte. He has legitimacy, Honeyman and Hickie are just morons for getting involved in a failed company which has financially abused Elderly Australian investors... 
This is about self interest not about any benefit for the investors. If you want to think about *"reputational impairment" *walk away and walk away soon as there are investors who are fighting back and will expose the share scam for what is...

Remember everyone has had a falling out with McIvor and you will be next...


----------



## No Trust (16 March 2012)

*Office Closure - Notice from David Whyte*

Looks like the McIvor appointed administrator did not have the money to pay for half the office rent and as a result David Whyte has had to move the office...

McIvor and his two delusional chums are really up S##t Creek... 


http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120314 - Letter to Investors.pdf


----------



## No Trust (16 March 2012)

*Administrator won't last too long*

The McIvor apointed administrator *will not last very long *and will have to face the facts that the only option is *liquidation* and there will be no *share scam *on investors... 

*It will not happen*...


----------



## kostag (16 March 2012)

*DAVID ANDERSEN  another Equititrust EXEC and McIVOR appointee*

wasn't our business in such stellar hands??

http://archive.sclqld.org.au/qjudgme.../QSC12-059.pdf

Where did Mad Max find some of these idiots?

IN fact, more to the point how did Mad Max get anywhere near a cheque book?


----------



## kostag (16 March 2012)

*REPORTS ARE AWFUL BUT ATLTEAST THEY GET SOME NUMBERS*

at EQUITITRUST, we get nothing.





ASICK said:


> The news just keeps on getting worse:
> 
> http://www.nsxa.com.au/ftp/news/021725067.PDF
> 
> ...


----------



## kostag (16 March 2012)

*Re: Equititrust: another stellar group being fed up to us....*

there must be some website..... www.findascumbag.com.au       where else could McIvor constantly come up with such low rent operators...... and 



ASICK said:


> Wow! an interesting read.
> 
> Cash: $15,131 (page 10)
> Receivables: $25,000 (page 10) - interestingly, a round number..
> ...


----------



## No Trust (16 March 2012)

*Investors don't want McIvor's Stooges*

Just because McIvor choses incompetents to be directors of a failed company doesn't mean investors have to put up with him or them... This is a failed orgisation of the highest order. Losing that amount of money puts those responsible in the worst category possible, hence the class action, receiver after receiver, banks exercising power sale left right and center. 

These incompetents should not be let any where near investors money. The share scam is another delusional attempt by McIvor to recover his so called subordinated investment. This is about his interests not the investors, investors don't need to jump on some delusional journey which will end in tears. 

McIvor had his chance as the custodian of public money and blew it...


----------



## kostag (16 March 2012)

*R.E and E.I.F*

does anyone know the answers to this?

We are all afraid that under some internal deal LION will become R.E and then some flyblown NSX share deal will be 'David Tweed' like foisted on us.

Now, I appreciate that EQUITITRUST has an ADMINISTRATOR and I presume that (as shown in Minutes and emails posted on this site) will attempt to sanction the transfer of R.E rights of the E.I.F to LION etc etc.

Maybe, there is nothing that 'we' can to do stop that.....

BUT (and my question is) David Whyte of BDO was appointed as Receiver of the E.I.F by ASIC. He has obviously had a fight on his hands BUT does not appear to be afraid of teh fight and has now taken steps to physically move the E.I.F to new offices away from the McIvor Mein Fuhreren-Bunker.... all good stuff.  Get some arm's length dealing into all of this.

HOWEVER this being teh CASE does it mean that whether or not Hall Chadwick transfer the R.E rights of the E.I.F to LION or not, David Whyte still sits there as the RECEIVER and will simply continue to sell down and realise assets with the SOLE PURPOSE of distributing CASH to existing por UNIT HOLDERS.

Is this correct?

Or can HICKIE/HONEYMAN/ LION/ HALL CHADWICK upset this and foist some fly blown share swap on us all?


----------



## No Trust (16 March 2012)

*David Whyte*

David Whyte's move to new offices is both practical and tactical... He is in control as are the banks with their various receivers... The administrator was asked by David Whyte to pay for half the rent but it seems that they didn't have the money so he was left with no other option. The current rantings and totally delusional share scam by McIvor and his stooges will collapse. Look at everything that McIvor has tried to launch over the last year... It all failed and he could not even fulfill his most basic duty as a director and complete the end of year financials which are still outstanding by the way. so if he thinks he will get his stupid idiotic share scam and action group to fly then he is beyond delusional. Putting in stooges like "Dickie" Hickie and "get my hands on the money" Honeyman will fail miserably... McIvor should also think twice about his choices of stooges sometimes they spring leaks...


----------



## No Trust (16 March 2012)

*Loose Lips*

Loose lips sink ships, and it seems that McIvor's ship which is well and truly below the waterline still manages to spring leaks... Looks like someone needs to walk the plank...

Apart from being an appalling manager of retiree investor's money he also does not seem to engender any loyalty from fellow directors / stooges.


----------



## No Trust (16 March 2012)

*Traitor*

There is no doubt there is a traitor amongst McIvor's stooges, question is who is it ???


----------



## kostag (17 March 2012)

*a traitor in the mist*

there has been someone leaking emails and minutes for months.... someone really close....


----------



## No Trust (17 March 2012)

It's either a spy or a split personality... Either or, it's the laughing stock of the business community...


----------



## No Trust (17 March 2012)

Who is the traitor ???


----------



## kostag (17 March 2012)

*Re: Equititrust: it is someone very very very close*

and no-one will ever guess who.......... so close but actually so far away........


----------



## kostag (17 March 2012)

they are doing a great job..........



No Trust said:


> It's either a spy or a split personality... Either or, it's the laughing stock of the business community...


----------



## No Trust (17 March 2012)

*Equititrust Collapse*

The fact that the *Share Scam has been revealed *demonstrates that even those close to it se it as a *scam*...


----------



## No Trust (17 March 2012)

*David Whyte BDO Australia*

David Whyte moving the office to get some distance from the Share Scam promoters is a good thing as it removes any form of implied support for McIvor and his 2 stooges...

I think David Whyte has had a gutful of these idiots...


----------



## Mozzi (17 March 2012)

*Re: R.E and E.I.F*



kostag said:


> does anyone know the answers to this?
> 
> We are all afraid that under some internal deal LION will become R.E and then some flyblown NSX share deal will be 'David Tweed' like foisted on us.
> 
> ...




Think we should all get on the blower on Monday to Mr Whyte BDO, and ask him the questions we keep on asking each other, see if we can get some answers.   We need some official answers to all this and see if we can find out exactly what his thoughts are on these matters.   Perhaps we can ask him to put it on the Equititrust site for us all to see!


----------



## No Trust (17 March 2012)

It would be great to get David Whyte's take on the share scam as it seems to contradict the purpose of his appointment by the court and ASIC. The reason there maybe silence from his side is that he sees the share scam for what it is and like all other intelligent people knows it will fail and those pushing it will fall flat on their face.


----------



## Mozzi (17 March 2012)

No Trust said:


> It would be great to get David Whyte's take on the share scam as it seems to contradict the purpose of his appointment by the court and ASIC. The reason there maybe silence from his side is that he sees the share scam for what it is and like all other intelligent people knows it will fail and those pushing it will fall flat on their face.




Still think that whether the investors are intelligent or not, as per my previous post, a lot of them are too old and just too weary, and might just see a piece of paper at the administrators meeting proposal as something rather than the nothing they are getting now!   Don't like to think so, but just got a feeling!   Like I said "God help us - no one else is going to!"


----------



## No Trust (18 March 2012)

Surely investors would have to be given independent legal advice and not have this scam forced upon them...


----------



## No Trust (18 March 2012)

ASIC needs to intervene to protect those retiree investors who do not have all the facts about the share scam...


----------



## kostag (18 March 2012)

*IGNORANCE IS NOT BLISS*

MOZZI   you are right you know -  this stupid SHARE SCAM deal will get up; McIVOR will wriggle off the hook; HALL CHADWICK will get their fee and ride off into the sunset;  this needs a strong DAVID WHYTE to garner ASIC support and stand his ground -  the funds are to be wound up -  and moneys returned to UNITHOLDERS.....   WHYTE is the man to do this....

McIVOR wants this 'new deal' because it will serve to hide other certain losses....



Mozzi said:


> Still think that whether the investors are intelligent or not, as per my previous post, a lot of them are too old and just too weary, and might just see a piece of paper at the administrators meeting proposal as something rather than the nothing they are getting now!   Don't like to think so, but just got a feeling!   Like I said "God help us - no one else is going to!"


----------



## kostag (18 March 2012)

*OLMAN from DARWIN has gone quite, again....*

any thoughts?


----------



## Olman (18 March 2012)

*Kostag from Nowhere is blathering on again....*

kostag: OLMAN from DARWIN has gone quite, again....



kostag said:


> any thoughts?




Must be a slow day -  Kostag has returned to innuendo.  I don't know why anyone would even begin to waste anyone else's time commenting about members of this site not posting with sufficient regularity.  

Despite some posters' "delusional" and grandiose ideas of self worth (the kind of behaviour also attributed to Mark McIvor), this thread is only part of the picture.  While there is some intelligent discussion here, there's a lot of repetitive comment by the two major posters continually coursing over the same old grounds.  I normally post when I have something to say, not to prove I'm still alive on a daily basis.


----------



## kostag (18 March 2012)

*Re: Kostag from Nowhere is blathering on again....*

good to see that you've still got your sense of humour....

I think the common thread of this BLOG since its outset was that something was very very rotten in Denmark and that things were a whole lot worse than the Directors were prepared to admit....

this web site (driven by two main players) plus the MEDIA were instrumental in stopping a new raising of capital through the smoke and mirror LANDSOLVE, then the Ian Maurice/Matt Corkin TRUST CAPITAL reflective glass attempt to re-badge very very old mutton as spring lamb.

This BLOG got the end VALUE per unit of heading twoward NIL very veyr right very very early in the piece and despite EQUITITRUST management written assurances that all was well and tracking well -  we all know that this was just another con in a long litany of lies and deception.

So, yes, I admit that two or more parties have been beating the same old drum for a long time -  bot 100 pages and 170,000 hits - all I can say, is thank God no-one ever gave up!!!





Olman said:


> kostag: OLMAN from DARWIN has gone quite, again....
> 
> 
> 
> ...


----------



## No Trust (18 March 2012)

If the lies and deception from Equititrust were not highlighted on this website many more innocent Australians would have lost their retirement savings... The only delusional one here is Mark McIvor in having the temerity to go to the Australian Public looking to raise more money whilst his company collapsed around his ears...


----------



## No Trust (18 March 2012)

If this thread is only part of the picture, then is seems to have the attention of all of the players involved including the media... Sure Equititrust would have loved to have ambushed this site with their false postings but they failed. Their deception was caught out and even highlighted in the national media. It showed a desperate company trying to cover up the truth in it's dealings with the likes of "King Con".


----------



## ASICK (19 March 2012)

ASICK said:


> Wow! an interesting read.
> 
> Cash: $15,131 (page 10)
> Receivables: $25,000 (page 10) - interestingly, a round number..
> ...






No Trust said:


> If this thread is only part of the picture, then is seems to have the attention of all of the players involved including the media... Sure Equititrust would have loved to have ambushed this site with their false postings but they failed. Their deception was caught out and even highlighted in the national media. It showed a desperate company trying to cover up the truth in it's dealings with the likes of "King Con".




I wonder why a company with $15k in cash as at 31 December 2011 is even in the mix - why hasn't there been an uproar about it?

If the directors of the existing RE aren't going to make a hue and cry, then why aren't investors being provided with an independent expert report?

I really can't believe what's happening - actually, it's incredible.


----------



## ASICK (19 March 2012)

kostag said:


> you want these shares???






ASICK said:


> NSX - Ventureaxess Limited - half year to 31 December 2011:
> 
> http://www.google.com.au/url?sa=t&rct=j&q=ventureaxess%20group%20limited&source=web&cd=4&ved=0CEkQFjAD&url=http%3A%2F%2Fwww.nsxa.com.au%2Fftp%2Fnews%2F021724952.PDF&ctbs=ctr%3AcountryAU&ei=NZNhT-vXGpGyrAeKl9iuCA&usg=AFQjCNHf-q0T33WUW-ByTuXJasbKynd5vw&cad=rja




It might be worthwhile to compare and contrast (1) Hickie's email and (2) the cited Ventureaxess return.

*How about those $7,227,117 in retained losses?
and those Current Liabilites of $165,778?
and that Debt level of  $523,320?*

Not a good look at this time.

From the Hickie email:

(1) VAGL is a holding company for MSA and VAFM.

(2) MSA is a mezzanine investment company with a series of key investments in emerging technology companies. 

I can't find this salubrious info in the 2012 mid-term report, but then again, I find such documents difficult to read.     The email seems to be a lot more bouyant than the annual return seems to be (at least in my mind) - others might think differently.

They hold a AFSL - and so?   A wholesale ADVISORY Licence (perhaps now upgraded to a retail ADVISORY licence).


----------



## ASICK (19 March 2012)

Did anyone read the ASIC disclosure on  Lion Advantage Limited?

http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1

ACN 088-638-911 "Strike Off Action in Progress"

It might be a good idea to buy a copy of the returns.

oh dear .. how about the previous name for Lion, Mercator Funds Mangement Limited?

A search reveals: http://www.asic.gov.au/asic/asic.nsf/byheadline/01%2F148+ASIC+unplugs+Telco+prospectus+and+locks+cash+box+in+moves+to+protect+investors?opendocument

"ASIC also placed a final stop order on the Mercator Pacific International Securities Fund prospectus that was lodged by Mercator Funds Management Limited. The prospectus was seeking to raise funds for a cash box, which would be used to purchase or develop unidentified hotels, resorts and/or commercial property. 

ASIC was concerned that the prospectus did not meet the guidelines of adequate disclosure. These concerns included that: 

information regarding the minimum amount required to be raised for a successful scheme commencement, and the directors' experience, was not disclosed; 
the description of the fund did not reflect the purpose or the nature of the proposed investments; 
the projections lacked a reasonable basis; and 
the structure of the fund was impractical. It required investors to make their investments conditional on information that would be disclosed in a series of subsequent supplementary prospectuses."

All this took about 10 mins.


----------



## kostag (20 March 2012)

*LION:  we have all got to be kidding haven't we????*

if ASIC let this lot anywhere near acting as RE of the EIF, they should be joined as a DEFENDANT in the CLASS ACTION.

Where does McIVOR find these cowboys?



ASICK said:


> Did anyone read the ASIC disclosure on  Lion Advantage Limited?
> 
> http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1
> 
> ...


----------



## No Trust (20 March 2012)

*Where does he find these Cowboys*

It must be the *same place *he finds his real estate agents... They all seem to have a distinct controversy about them...

Stranger than fiction...

http://www.goldcoast.com.au/article/2012/03/19/400551_gold-coast-real-estate.html


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## No Trust (20 March 2012)

*Lying ???*

The company should be renamed what it actually is... *"Lying To Take Advantage"*

Good try guys but investors nor ASIC is that stupid...


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## No Trust (20 March 2012)

Good work by ASICK by the way in exposing these shonks for what they really are...

The Dodgey Brothers strike again...


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## ASICK (20 March 2012)

If any of you check out the facts and find them of concern, then I advise each of you who find concern to make a complaint to ASIC via ecomplaint. (https://www.edge.asic.gov.au/008/complaintV005?get/complainant/t=b050109d407cc987b3d33c1f69f7804b40779b84)

Even letters/emails to Mr. Whyte or the Chairman of the board of Equititrust Limited might be useful - a letter to the board of Equititrust,  ironic, isn't it?

If any of you assume that ASIC is roving around looking for problems to solve, then you might be sorely dissappointed.

If any of you think that you can't do worse than your present sitution, then you might be very much mistaken.

When anyone comes sniffing at your fund, you should look past the credentials to their performance, and if possible, get  hold of an up-to-date financial statement.

Sometimes there is only disclosure of the 'good guff' with no voluntary disclosure of the negative aspects of their businesses.

Anyway, that's my view - a view learnt from experiences I would have rather not suffered.


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## kostag (20 March 2012)

*ASIC ASIC ASIC.....*

this WEB SITE has virtually handed you your brief..... the LION deal is just more LYIN' ....

you cannot sit back and allow EQUITITRUST and some cooked up deal with conflicted Directors, insolvent ENTITIES and compromised ADVISERS get pushed passed desperate and ill-informed (or more to the point, ill-equipped) retirees .... it is not right!

ACT NOW!!!

MEDIA: where are you? this is a prime story and rivals the BERNIE MADOFF scandal.

NICK NICHOLS -  why dont you knock yourself out on this one......  surely, even you have seen the light 

SYDNEY MORNING HERALD: Colin Kruger: looks like it might be up to you.


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## No Trust (20 March 2012)

*ASIC*

If ASIC does nothing then its like lambs to the slaughter... 

The regulator needs to step in and put a stop to this idiotic charade...


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## No Trust (20 March 2012)

*ASIC Complaint*

The link posted above by ASICK is a *good starting point *for investors outraged by the share scam...

Make a complaint, its a free country and it will *cost you nothing*

Many investors have already done so... ASIC may have another take on the share scam and intervene where *unsophisticated retiree investors *are about to have something inequitable shoved down their throat's whilst having a gun held to their heads...

The tables *should and will be turned *on those trying to perpetrate this scam...

The regulator has a chance to do the right thing, if they don't then they have not protected the Australian Public

https://www.edge.asic.gov.au/008/co...nt/t=b050109d407cc987b3d33c1f69f7804b40779b84


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## ASICK (20 March 2012)

If you want Scott Rochfort to have a look at any issue, then it's best to contact him directly by phone or email. If you don't have his direct number, then simply phone the Sydney Morning Herald and ask to be put thru to him.  It's easier than you think.

Same goes with Nick Nichols. However, Rochfort will obviously have more impact than Nichols (IMO).  Still, getting both on side would be a coup for investors.

It's the case that the media is not likely to come to you, so to increase your chances, you must necessarily go to the media:  The media may not support you, but you'll never know until you give it a go.


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## zencorp (21 March 2012)

*SHONKY COMPANY OF THE YEAR!*

*The CHOICE Shonky for Warranty, Schmarranty*

Goes to...

Equititrust capital warranty

“Earn 9.5% pa warranted,” the ad says. “You wouldn’t buy a telly without a warranty … so why would you invest without one,” the ad says. Don’t trust an investment offer that sounds too good to be true, CHOICE says. We guarantee that warranty is shonky.

Equititrust is a mortgage trust offering interest rates a bit above what you can get for bank deposits with similar terms. It uses the investors’ money for developer and other property loans. The marketing is centred around its supposed safety, but the $10 million the company has set aside for its “capital warranty” covers only about 2.4% of the mortgage trust’s value.

Now, most consumers understand warranties (such as for a toaster) to involve the replacement of the entire product should it prove defective. But there’s no such promise for this investment.

What’s more, the product disclosure statement quite clearly details the higher risks of investing in Equititrust compared with banks: for example, it’s not as strict as banks when assessing the borrowers’ capacity to repay their loans and accepts higher risks, and some loans are secured by developments that have yet to be built.

So despite advertising a warranty, Equititrust itself admits that “there can be no guarantee of a return of capital or incme”. As we said: why would you?


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## zencorp (21 March 2012)

*AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.*

Taking money from the poor and giving it to himself landed Mr Mcivor the Shonky Man of the year Award. 

I think Dudley should give up his title of King Con and transfer it to Mcivor.


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## No Trust (21 March 2012)

*Re: AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.*

Maybe a new award category should be announced  "*Shonky Con*"  or "*King Shonky*" either way we know who would take the title...





zencorp said:


> Taking money from the poor and giving it to himself landed Mr Mcivor the Shonky Man of the year Award.
> 
> I think Dudley should give up his title of King Con and transfer it to Mcivor.


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## No Trust (21 March 2012)

*Re: AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.*

What is clear though, is the fact that retiree investor money has been squandered on the likes of "King Con" but McIvor has benefited via managements fees etc... Management fees for doing an *appalling job *and he still has the gall to ask for over $2M in management fees he previously agreed to waive due to the massive impairments...

David Whyte has had a taste of McIvor's *dodgey antics *and *unkept promises*, which he has detailed in his reports to investors...  



zencorp said:


> Taking money from the poor and giving it to himself landed Mr McIvor the Shonky Man of the year Award.
> 
> I think Dudley should give up his title of King Con and transfer it to Mcivor.


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## No Trust (22 March 2012)

*Despicable Fraud on the Elderly*

The Share scam is nothing more than a despicable attempt to trick the weak and elderly. The perpetrators should be locked up...


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## No Trust (22 March 2012)

*Share Scam*

It appears that the perpetrators of the share scam have had a spanner thrown in their devious plans.. The revelations seem to have caused shock and awe... Deer in the headlights it seems...


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## No Trust (22 March 2012)

With such catastrophic losses when will see McIvor in the Public Stocks he espoused for other failed fund mangers... Your words Marky boy, looks like they have come back to bite you... Maybe a spot of mediation is called for with the old man on the hill... Karma is a bitch...


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## No Trust (22 March 2012)

*ASIC*

It appears that ASIC have been flooded with complaints about the secret share scam that was to be forced down investor's throats... Good luck with this you idiots I dare you to try and do it now...  Putting this scam before investors now is a suicide mission with reputations to be lost... if the administrator wants to protect its reputation it will walk away and do the right thing and leave the winding up to David Whyte... After being finacially raped by Equititrust and McIvor innocent retiree's just want their money back, what's left of it.


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## kostag (22 March 2012)

*Re: ASIC: LION and HALL CHADWICK DEAL FAILED*

wonderful news -  David Whyte , stay with the realisation programme



No Trust said:


> It appears that ASIC have been flooded with complaints about the secret share scam that was to be forced down investor's throats... Good luck with this you idiots I dare you to try and do it now...  Putting this scam before investors now is a suicide mission with reputations to be lost... if the administrator wants to protect its reputation it will walk away and do the right thing and leave the winding up to David Whyte... After being finacially raped by Equititrust and McIvor innocent retiree's just want their money back, what's left of it.


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## No Trust (22 March 2012)

*ASIC*

Considering the level of discontent at this brazen scam and the amount complaints to ASIC, these *opportunistic idiots *are exposing themselves to an *outright beating *by the regulator and the courts if the scam is even remotely attempted on innocent retiree's... There is a thing called injunctive relief if needed...

If they think their plan is so good why don't they run it past ASIC ??? Doing the old  surreptitious side shuffle wont work... *This is a dead duck *just as the $50M Capital raising was last year... *It will not proceed*...


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## No Trust (22 March 2012)

*David Whyte BDO Australia*

David Whyte should be given all the support he requires to wind up the funds and at least return some money to the investors...


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## No Trust (22 March 2012)

*Mandate*

At least David Whyte has a mandate by the courts and ASIC as opposed to the other vampires out to trick the retired and elderly... Give up guys your *scam* it has well and truly been exposed...


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## No Trust (22 March 2012)

*Orderly Wind Up*

Seriously what is wrong with an orderly wind up by David Whyte, its logical and gives a direct return to investors...

The other idiots have *ulterior motives *and vested interests in sucking out management fees... As ASICK has pointed out in an earlier post look at the background of the shell they are proposing... Lying Advantage has a direct link to McIvor via Dickie Hickie being on the board and is an *absolute conflict of interest*, but as the reports by David Whyte show it is clear that McIvor and his cohorts don't even know what a conflict of interest is...


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## No Trust (23 March 2012)

*House of Cards*

*Equititrust house of cards tumbles down*
Anthony Marx 
From:The Courier-Mail
October 24, 2011




Source: The Courier-Mail

"According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had *now lost the support of everybody inside the organisation*. McIvor's *recent stress-induced behaviour *was "*irrational*, *ill-conceived*, *self destructive *and *dangerous*", the email said."


"Tucker alleges McIvor is *desperate to recover personal losses *in the Income Fund through a series of new deals and is *not "a fit and proper person*" to oversee the windups."

"By now, it was apparent to me from prior dealings and communications, that McIvor was *not capable of exercising good judgment *as to what was in the *best interests of investors*, that he *lacked*, or *misunderstood*, *good corporate governance*, and that he was more interested in seeking to restore his own lost subordinated investments, and *prefer his own interests*," Tucker alleges."


http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609


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## kostag (23 March 2012)

*Re: House of Cards -  thanks for reminding of us of what we are dealing with!!!!*

delusional self interested tricksters and charlatans....



No Trust said:


> *Equititrust house of cards tumbles down*
> Anthony Marx
> From:The Courier-Mail
> October 24, 2011
> ...


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## No Trust (23 March 2012)

*Reminder*

Just a timely reminder of where the share scam is originating...


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## No Trust (23 March 2012)

*Pull a rabbit out of the hat*

Maybe McIvor should consider a new career path instead of White Collar Crime fighter, if he can make *$170M *disappear then surely his has the skills set of a magician... Smoke and mirrors is the name of the game...


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## No Trust (23 March 2012)

*Come on guys where are you...*

It seems the Share scammers are very very quiet at the moment... Whats wrong? Share scam got exposed??? Whoever is leaking the emails internally is out to expose them all...


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## kostag (23 March 2012)

*LION AND VANTAGE AXESS*

my guess is that they cannot get re-listed and therefore dont have the $$$$$$$$


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## kostag (23 March 2012)

*HALL CHADWICK....*

1.  this web site gets another plug:  http://www.equititrust.com.au/Pdfs/... Reports - 20120323 - Letter to Investors.pdf

2.  casting no aspersions, do not lose sight of this SIMPLE fact HALL CHADWICK were appointed by Mark McIvor.

3.  go back through this web site and look at the EMAILS and MINUTES re Hall Chadwick, Hickie and McIvor -  and then form your own view of 'independence' of the parties.

4.  why the need for us to appoint a new R.E, unless there is some game on foot?  ASIC have stepped in and appointed credible, independent DAVID WHYTE of BDO to wind up the FUND (EIF) and return money to INVESTORS.  Why waste time and money on any other non-ASIC approved proposal?

5.  does EIF finish up paying for HALL CHADWICK?

6.  go back through this WEB SITE and look at the financial analysis of LION. They are kidding aren't they?  

7.  Is Mr HONEYMAN -  who is presented as being the only independent Director on the EQUITITRUST board -  the same HONEYMAN who features on the ASIC website re: superannutaion fund collapses?


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## kostag (23 March 2012)

*THE LION DEAL.....*

All unit holders in Equititrust must consider the following:
1. David Hickie is a director of Equititrust, the present RE of EIF and is also CEO and director of Lion, an entity that proposes to become (with Hall Chadwick support) the new RE of EIF.
2. If McIvor, as per undertakings, takes no active part in Equititrust then Hickie must by definition be involved in active management of EIF in circumstances where he is promoting his own entity to take over as RE of EIF.
3. Hall Chadwick who are there as independent Administrators on behalf of creditors are openly working with Hickie on a proposal whereby Lion becomes the RE of EIF – this is set out in the Minutes of Equititrust and internal e-mails. That documentation is now with various authorities.
4. Equititrust acknowledges that the unit value has dropped to at least 44 cents per unit. Bear in mind, this figure is provided by the auditors KPMG who up until a year ago had given a clean bill of health to all Equititrust financials and NTA calculations.
5. Also, the NTA estimate of 44 cents does not take into account further decreases in value; asset operating costs; administration costs; property costs such as rates, land tax etc; realisation and agency selling costs. It is speculation, but I think it is safe to assume that 44 cents becomes 22 cents very easily. This is important as you will read further on.
6. Why is Lion promoting itself as the new RE? Under the scheme that they propose, they in fact never pay unit holders back and don’t become responsible to ever pay unit holders back. Presently, as assets are finalised realised (and the banks are paid out) the money must start to go to unit holders. David Whyte and BDO (appointed by court) must do this – they have no choice. Once unit holders become shareholders in Hickie’s entity, they are not entitled to participate in the realisation funds, they are and remain shareholders.
7. So, what rights do the shareholders have and what are these shares about? The internal e-mails show that the shares will be listed on the NSX and must not be traded for one year. In other words, even if there is a market for these shares (doubtful), you cannot do a thing with them for a year. Secondly, they do not become entitled to any dividend until the NTA goes up to 55 cents. If you assume that 44 cents is inflated and more than likely 22 cents, what prospect is there realistically that the shares will ever, in effect, double in value – none. Thirdly, shareholders cannot convert these shares to proper ordinary shares until the NTA hits $5.00! As the EIF is a mortgage fund and not a property owner, there is no opportunity for capital gain. In other words, the best that we could ever be entitled to is the original $1.00 back that we advanced. The NTA can never go to $5.00 unless Hickie does something absolutely magical with the cash while it sits under his control. Highly unlikely!
8. But, Lion and VantageAxess do stand to get management fees and do control, firstly, the mortgage assets and then as they are realised, the cash. They can use that cash for almost anything – go out and do property deals, make profits, make loans to their own entities, anything. We don’t have an entitlement to share in profits until the NTA virtually doubles and if we want to get out, our shares are frozen.
9. This is not just opinion – look what happened when MFS did the same thing with its PIF units which Jenny Hutson listed on the NSX. The units went into free-fall, unit holders are still locked in with no prospect of a market or ever getting out.
10. But why would McIvor be promoting this? Well, clearly he knows that Equititrust is a basket case and he faces a raft of attacks from ASIC, AFP and unit holders. There is a strong argument that if unit holders voluntarily make a decision to switch their units for shares offered to them by David Hickie then, if they subsequently take a loss, McIvor can simply say in his defence that this was our choice – he did not recommend it and he might, effectively, get off the hook. Any claim that we have against his professional indemnity insurer is lost.
11. From Hall Chadwick’s point of view, the Lion deal is a great one. Presently all the unit holders are in effect creditors. Because their position is contingent, they can only vote in a meeting for $1.00 but creditors they remain. If a new RE is appointed and the EIF transfers to it, then Equititrust can be liquidated and everybody’s liability ends at that point. Hall Chadwick can say “Job well done” – McIvor pays them – he is potentially off the hook – David Hickie now has control of tens of millions of dollars at no cost and with no obligation in reality to anybody.
12. Now if you are a 70 plus year old investor/pensioner with all your money tied up in EIF, then any well-presented argument that you might get your money back one day has to be a more beguiling prospect than the harsh reality of winding up the EIF now and distributing funds. The technique being used, however, is the oldest one in the book. We are all vulnerable and desperate. None of us want to believe that we have lost our capital. Any prospect that we might get it back is good. The prospect of having to litigate through Piper Alderman sounds all too hard and complicated with an uncertain outcome. But, don’t lose sight of the fact that the PI insurance in place over the Equititrust directors is probably our strongest asset. Proof of this is the fact that the insurers cancelled the insurance policy as soon as they legally could – they knew that their liability existed and would only get worse. Amanda Banton from Piper Alderman is right on to this and although she only has 39 unit holders supporting her, the best recovery is from the insurance. You can’t put value back into mortgages which the Equititrust board now admit are toxic. Toxic borrowers and toxic loans are and remain just that.
13. Is there an independent alternative? Well, yes there is. Trilogy are prepared to become the RE. The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units. They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected. We still remain entitled to claim any shortfall as damages under the PI insurance. In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
14. Elsewhere on this website I presented some questions to Mr Hickie. Those questions were presented to him in his capacity as a director of Equititrust, the present RE. Not surprisingly, he has not answered them because the answers are self-evident.
15. Unit holders must stand up for themselves. They have been plundered for over 5 years. ASIC and others have material on hand to show that the Equititrust board knew for years that many of the assets were impaired, yet they kept promoting the values to unit holders and new investors. They did nothing. KPMG did nothing. They are all liable and, properly prosecuted, they will pay and we will get recovery.
You cannot ignore the facts. You must not be beguiled by any exotic unit and share swap deal. The rights attached to the shares are onerous. There is no prospect of liquidity. There is no liability on anyone to ever repay capital. We have no realistic entitlement to a dividend. In those circumstances, who in the marketplace would ever buy these shares, so even the limited prospect of market liquidity on a fly-blown NSX listed company would be “Nil”.
It is time to get independent professional advice. You will form the view that winding up the EIF now under a responsible and professional RE makes good sense and you must retain your rights to damages through a solicitor such as Piper Alderman.
This will only become as bad and disastrous as we allow it to become.We are being “handled” by professionals and we must make a stand.


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## kostag (23 March 2012)

*WHILE HALL CHADWICK ARE ADDRESSING ISSUES RAISED ON THIS WEB SITE....*

let's see if Mr Hickie will answer these questions.....

You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:

Q1: are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.

Q2: under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina to-be-listed NSX entity which you also have a stake in, which has these features:-

i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
iii) conversion to equity when tehe shares get to an NTA of $5;

Q3: Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-

i) given the restrictions that will apply to these shares that you are going to offer us (in Q2 i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?

ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.

Q4: If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?

Q5: As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time - but as a cash surplus builds, the R.E has to hand it over, correct? However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?

Q6: Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing - and teh shares collapsed? Why would we do this?

Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.


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## kostag (23 March 2012)

*HALL CHADWICK REPORT dated 23-3-12 on www.equititrust.com.au*

the REPORT is addressed to INVESTORS OF EQUITITRUST LIMITED  -  

arent UNITHOLDERS invetsors in the EIF ???

Isn't David WHYTE in charge of the EIF ?

In what capacity does HALL CHADWICK write to INVESTORS and since when did any of us become investors in the S.S Equititrust Limited????  (Australia's financial Titanic...)

one final thing...... if any INVESTORS wants true information without fear or favour - post your QUERY onto this website -  you will be bombarded with a range of material -  some good, some bad, some biased, some impartial -  you be the judge and form a view....

to seriously rely on one source (appointed by McIvor) as your sole or primary source of information would be foolhardy to say the least.....


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## No Trust (23 March 2012)

*Re: HALL CHADWICK....*

The administrator's *reference to this forum *in *2 separate reports *clearly demonstrates that they *DO in fact *consider the posts on this site credible... Look at this sites record in exposing the "*Truth*" over the past year.

The thread has even attracted national media attention yet the *people who were banned from this site namely Equititrust / McIvor* were the *very ones *who *appointed the administrator *so in effect the credibility issue lies squarely with the administrator not this site... We have been fighting these incompetent idiots for well over a year now and yet the administrator who is protecting and working with McIvor comes along and starts to talk about credibility... What a joke...

Come on *people are not stupid *and we all know in reality how cosy Voluntary Administrators are with those who appointed them, all the *declarations of independence are rubbish *and are hollow words... 

*Remember SA *
Despite David Whytes protestations about administrators being appointed at Wirrina Cove in SA did the Administrator take the moral high ground and not take the appointment , no they took the *moral low ground *and took the bucks at the expense of the investors... They were and are beholden to McIvor who is hell bent of causing as much disruption to David Whyte as possible. His tool in this disruption and wasted expense is the Adminstrator... What added value are they offering in SA, *absolutely nothing *except disruption and doubled expense courtesy of *their benefactor McIvor*.. The reference by the administrator to this sites credibility which has been a voice of the investors is a *pathetic joke *and essentially an attack on the innocent retiree investors who wish to have a voice as opposed to the *administrator who has no credibility *as they make *more bucks *out of the disaster the longer this mess goes on. 

They are *charging unnecessary fees *on the administration in SA which *David Whyte warned against *where is the Independence and credibility in that...

Richard Albarran needs to have a close look at *his company's credibility * and *actions* in SA before investors are left "*all barren*"...






kostag said:


> 1.  this web site gets another plug:  http://www.equititrust.com.au/Pdfs/... Reports - 20120323 - Letter to Investors.pdf
> 
> 2.  casting no aspersions, do not lose sight of this SIMPLE fact HALL CHADWICK were appointed by Mark McIvor.
> 
> ...


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## No Trust (23 March 2012)

*McIvor's Mates the Administrators*

At the meeting you will see that there will be *no recommendation *for charges or action to be taken against McIvor by the Administrator... There will also be a recommendation to take the Lying Advantage deal...

David Whyte's report to the court, ASIC and investors may have a *strikingly different conclusion* after the *forensic work *is done...

Anything that is connected to *McIvor stinks *and is looked upon with the highest level of distrust...


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## No Trust (23 March 2012)

*Credibility*

In terms of credibility, the "*Share Scam*" was revealed on this site well before the *so called *Independent Administrator disclosed anything... 

The administrator *has been forced *to reveal whats going on the background prior to the meeting as a result of *this web site's revelations*...

You would not have heard about it unless it was revealed on this thread... Remember when Equititrust were trying to suppress that "*King Con*" was a borrower. It was *revealed on this thread *and then picked up by the *media nationally*, pretty credible information courtesy of this site...


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## No Trust (23 March 2012)

*Nice to see your reading*

Its nice to see the *McIvor appointed *Administrator is reading this thread... What a *compliment to the thread*. Please give our regards to your benefactor McIvor and wish him our best on his *delusional journey *as a "*White Collar Crime Fighter*"...

Only problem is that is looks like McIvor's collar has *some stains on it*.... Crack out the stain remover, new brand on the market called " *Administrator*"


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## No Trust (24 March 2012)

*Transparency*

At the end of the Administrator's letter there *is a plea *for investor's to contact their office to clear up any confusion which *may arise from posts on online forums*... 

Remember when Equititrust tried the same thing *trying to stop the free flow of information*... I advocate *getting as much information as possible *and this includes contacting the McIvor appointed administraitor as well as getting independent legal advice from *Piper Alderman *or *any other lawyer*...

One thing is for sure though and the *results are there to prove it*, *this site has revealed the most over the last year than any other source*... The National Media refer to it as does the Administrator it seems.  

Today the power of the internet puts information at the fingertips of the *public instantaneously*... The administrator *would not have published *the minutes of the Equititrust meeting nor would they have *alerted anyone *about the *share scam *prior to the meeting. It would have been thrust on investors *without warning*... 

This site has become similar to Wikileaks except they are now *Equitleaks*...

There are a lot of people who were disillusioned with the goings on at Equititrust prior to its collapse including *former directors *who resigned *en masse* not once but many times. Hickie's appointment as director in January after a receiver was appointed to the funds is *highly suspicious* when nobody wanted to have a bar of it. He didn't do it for charity... Why get *involved in a sinking ship *unless there is some *other motivation*... 

Then we have a *totally unnecessary Administrator *appointed to essentially *achieve nothing* except *thwart David Whyte's efforts *and double expenses... 

Any proposal from a *McIvor appointed administrator *has to be regarded with a *extraordinarily high level of suspicion*...

Anyone *decent and respectful *of the losses suffered by innocent retiree investors at the hands of McIvor and Equititrust *will walk away *and let David Whyte do his job which the *Supreme Court *and *ASIC* mandated him to do...

This has *Dodgey Brothers *written all over it...


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## No Trust (24 March 2012)

*Boy oh Boy the Domino's are Falling*

"*RECEIVERS yesterday confirmed *the buzz around one of Equitirust founder Mark McIvor's high profile assets, the Bumbles Cafe building at Budds Beach, after announcing their intention to auction the property next month.

The property is jointly owned by Mr McIvor's private company MM Holdings and his *wife Stacey*, and has been caught the fallout of the financial turmoil that hit Equititrust last year."


Wow how many tears *will wifey spill at this auction*...  Ill gotton gains don't last very long do they...  How embarrassing for the Mark and Stacey not being able to sip latte's at Bumbles... KARMA at work again   

How can the "duelling" dynamic duo show their faces in public again... 

http://www.goldcoast.com.au/article/2012/03/24/401871_gold-coast-business.html


----------



## ASICK (24 March 2012)

*Hall Chadwick's Letter 23 March 2012*

http://www.equititrust.com.au/Pdfs/Administrators/Administrators%20Reports%20-%2020120323%20-%20Letter%20to%20Investors.pdf

Hall Chadwick's letter to investors dated 23 March 2012 indeed caries comment in relation to this thread, but does not give investors directions to it.







It is  true that the posts do not carry credibility in themselves since there is no suggestion that any of us hold any professional qualification for the giving of advice - in fact, all postings on the forum are very much disclaimed.

It is also true that members should do their own research and each member should come to his or her own conclusion.

This is why I try to make factual postings in order to give individual members a reasonable basis for making an informed decision.

As a fact, Trilogy has a failed Dee Why fund.  It was a  mezzanine (second mortgage) fund associated with Laton Corporate Finance - a company about which much of great interest has been written. Investors received $0.00 (see http://moneymagik.com/dee_why_new.php )

Phil Ryan of Trilogy (with others) was found to have breached a client's trust.
(see http://moneymagik.com/trilogy1.php)

It's Healthcare REIT fund at Crow's Nest was down to $0.18 (from $1.00) as at 30 June 2011.  The asset has a hefty mortgage and is up for sale without a tenant.
(see  http://moneymagik.com/analysis_REIT.php)

In its first two years of operating the (ex-City Pacific) Pacific First Mortgage Fund, the fund has incurred 25% further losses with a return of only $0.05 in those two years.  Further losses has been disclosed with further losses foreshadowed.
(see http://moneymagik.com/index.php)

Ventueaxess has accumulated losses of over $7m and its main asset of about $3m has been commented on by the auditor as being valued in a speculative manner.
(see http://www.nsxa.com.au/ftp/news/021724952.PDF)

It's not brain draining to do a seach of Lion Advantage Limited to see that a strike action is in progress.
(see http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1)

It's not a strain to see that Lion's previous life was as MERCATOR FUNDS MANAGEMENT LIMITED, a company about which ASIC disclosed (emphasis has been added):

"ASIC also placed a final stop order on the Mercator Pacific International Securities Fund prospectus that was lodged by Mercator Funds Management Limited. The prospectus was seeking to raise funds for a cash box, which would be used to purchase or develop unidentified hotels, resorts and/or commercial property. 

ASIC was concerned that the prospectus did not meet the guidelines of adequate disclosure. These concerns included that: 

information regarding the minimum amount required to be raised for a successful scheme commencement, and the directors' experience, was not disclosed; 
the description of the fund did not reflect the purpose or the nature of the proposed investments; 
the projections lacked a reasonable basis; and 
the structure of the fund was impractical. It required investors to make their investments conditional on information that would be disclosed in a series of subsequent supplementary prospectuses."

(see http://www.asic.gov.au/asic/asic.nsf/byheadline/01%2F148+ASIC+unplugs+Telco+prospectus+and+locks+cash+box+in+moves+to+protect+investors?opendocument)

www.moneymagik.com (my site) is also disclaimed.

I believe members should do their own research. I (and others), at best, are only able to provide 'sign posts' to direct members to information - we cannot make members read the information.

Uninformed investors are vulnerable investors.

None of these companies will disclose the negative aspects of their businesses and ASIC will not compel them to do so.  For example, as soon as Trilogy's Healthcare REIT fund got attention for its continuing and massive losses, all the returns and disclosures were removed from public view (accessable only by investors with password protection). 

However, those disclosures are available (for a fee) from ASIC.

You're all kidding yourselves if you think you'll get a balanced view from anyone on the 'other side' of the fence.

'No Trust' and 'Kostag' are right about the value of forums - but that value is only as good as the information the forum discloses.

I don't think there is any value to any posting unless the posting is factual and able to backed up by a credible source - something I think posters herein should think long and hard about.


----------



## Olman (24 March 2012)

well put, ASICK.


----------



## kostag (24 March 2012)

*Re: Equititrust: ASICK? OLMAN? the bottom line?*

both MERCATOR /LINK/VANTAGE and TRILOGY are on the nose?

is that what you are confirming?

that beign thecase -  isn't the logical play to let DAVID WHYTE simply run out the EIF; return all moneys to INVESTORS as collected; and CRYTALLISE losses; and hope that the CORPORATE WATCHDOG goes after McIVOR et anor?

ASIC: lets make this happen!!!!!!!!!!!!


----------



## ASICK (24 March 2012)

http://www.asic.gov.au/asic/asic.nsf/byheadline/09-240AD+Sydney+liquidator%27s+registration+suspended?openDocument

''09-240AD Sydney liquidator's registration suspended

Wednesday 2 December 2009

The Administrative Appeals Tribunal (AAT) has suspended Mr Geoffrey McDonald’s registration as a liquidator for two years after finding he failed to carry out or perform adequately and properly his duties as a liquidator under section 1292 of the Corporations Act (the Act).

...

The AAT decision highlights the need for liquidators to ensure they comply with their duties and obligations under the Act. The Act now requires voluntary administrators to send to creditors with the notice of the first meeting, a declaration concerning any ‘relevant relationships’ and indemnities.

The Australian Securities and Investments Commission (ASIC) originally made an application to the CALDB following an investigation into Mr McDonald’s conduct while Formula Engineering Pty Ltd (Formula) was in external administration between April 2000 and January 2003.

The investigation found Mr McDonald participated in separate arrangements with the appointed external administrator of Formula when the company was in external administration. During this period, Mr McDonald was a partner at Hall Chadwick and continued to be a partner until he left the firm in August 2008.

Registered liquidators from Hall Chadwick were prohibited by professional standards from accepting an appointment as the external administrator of Formula because of a prior professional relationship."

and now, looking at Linkedin:
(see http://au.linkedin.com/pub/geoffrey-mcdonald/8/342/943)

''...
Current

        Owner at Hall Chadwick"

http://www.brisbanetimes.com.au/business/liquidators-the-6m-men-20100413-s7mc.html

"Suspended Hall Chadwick liquidator, Geoffrey McDonald, told the inquiry he had been ''branded'' after unfair treatment by the Australian Securities and Investments Commission and the Companies Auditors and Liquidators Disciplinary Board, a panel of industry experts which he claimed acted in lockstep with ASIC.

His brother-in-law had said of Mr McDonald: ''Geoff has to swim with sharks. Sometimes he gets bitten by them, and sometimes he gets mistaken for being one.''

But Mr McDonald said liquidators dealt daily with divorce, suicide, violence, depression and the ''human frailties'' of their clients. ''And then you may not get paid for doing it,'' he said. Hence their ''high base rate''.

He had left the profession in mid-2008 and became a barrister, partly moved by his unease with liquidators who did not try to save companies but simply took their money.

A Liberal senator, Concetta Fierravanti-Wells, suggested Mr McDonald had done the same.

''No, I didn't,'' he said.

''Oh really, Mr McDonald?''

''No, I didn't.'' ''Oh, interesting.''

Senator Fierravanti-Wells disclosed that she had dealt with Mr McDonald when she worked with Australian Government Solicitors.

...

Mr Gould said other liquidators, who worked closely with ASIC, were never examined. Senator Williams asked if they were ''treated as mates''.

''Correct,'' said Mr Gould.

''That's a very serious allegation.''

''It's absolutely true.''

The inquiry moves to Newcastle today."


----------



## ASICK (24 March 2012)

*Re: Equititrust: ASICK? OLMAN? the bottom line?*



kostag said:


> both MERCATOR /LINK/VANTAGE and TRILOGY are on the nose?
> 
> is that what you are confirming?
> 
> ...




I'm merely giving you some publicly available information.  I'm not drawing any conclusions - that's what you guys have to do after you check all the information.

However, since you ask, it's my view that Stacks is the only entity that I've seen in the mix that I would have had any confidence in, and it seems Stacks had the good sense to avoid meshing with the affairs of the EIF.

The whole system is set up to disadvantage investors when things go wrong.  It's worse than the "law of the jungle".  At least in the jungle, one could fight - in a MIF there is no fight, there is only submission.

Doctors make their best money when one's body is really defective: Lawyers make their best money when one really has a serious matter to take to court: but there are heaps of folks  who are able to make very good money when a mortgage fund goes belly-up.

I guess one might ask "If I had a free choice and was properly informed, which entity would I freely engage to take care of my affairs in the circumstances?".     I wouldn't select any of the names mentioned (with the exception of Stacks) - would you?


----------



## kostag (24 March 2012)

*Re: Equititrust: ASICK? OLMAN? the bottom line?*

agreed.....

respecting taht you do not want to give advice -  isnt a logical conclusion of all your analysis, that we ought let ASIC approved David Whyte simply wind the EIF up ????




ASICK said:


> I'm merely giving you some publicly available information.  I'm not drawing any conclusions - that's what you guys have to do after you check all the information.
> 
> However, since you ask, it's my view that Stacks is the only entity that I've seen in the mix that I would have had any confidence in, and it seems Stacks had the good sense to avoid meshing with the affairs of the EIF.
> 
> ...


----------



## No Trust (24 March 2012)

*David Whyte*

I agree, what's the use of talking about other managers when there is a mechanism in place via the court and ASIC with the appointment if David Whyte. All this other rubbish is just a time wasting diversion costing the funds money and wasting David Whyte's time.  

More importantly this is also a diversion that McIvor was advised to come up with to offset the attention from him... The minutes clearly show this to be the case, "white collar" crime fighter etc... Which lawyer gave him this advice and did this lawyer refer him to the current administrator ??? All very valid questions to be asked...

What is clear though, is the Administrator's record is not so clean after all after the revelations regarding McDonald... What kind of culture in the organization engenders this kind of behaviour or will the administrator say he was a lone wolf. Maybe ASIC should also have a closer look at the circumstances surrounding their appointment in SA. 

The administrator was appointed by McIvor to get him out of the deep sh#t he is in and create a diversion by way of Lying Advantage...  The leaked minutes clearly allude to this, liquidate Equititrust, become a crime fighter and disappear out of the limelight... The question is which lawyer gave McIvor this advice and do they have "any" relationship be it social or otherwise with the Administrator in any way... 

Or do we have another McDonald situation on our hands...

It's time for the Admnistrator to come clean on all the facts and why they are pushing for something which does not benefit investors and only benefits their benefactor McIvor...


----------



## ASICK (24 March 2012)

*Re: Equititrust: ASICK? OLMAN? the bottom line?*



kostag said:


> agreed.....
> 
> respecting taht you do not want to give advice -  isnt a logical conclusion of all your analysis, that we ought let ASIC approved David Whyte simply wind the EIF up ????




I don't know.  I maintain the view that one should look beyond the spruiking to performance.  All these folk have put up nice shingles in front of salubrious facades, but shingles and facades do not necessarily give rise to satisfactory performance.

I know nothing of Mr. Whyte's capacity to make the best of your fund's assets, so why should I think he is suitable for the job?  What level of disclosure/transparency is Mr. Whyte going to give investors?  Where in any other similar circumstanes is his performance able to be measured?

Could it be that you reach for Mr. Whyte as a saviour because you are so untrusting of others?    I wouldn't agree with such logic.  However, in the absence of any negativity as to Mr. Whyte, you may have no other option but to think that way.

Your fund needs an individual who has a track record of success and who is willing to give genuine comfort to investors - if Mr. Whyte is that individual, then you'd be in luck.

How about Gerry Harvey?  

You might say "Gerry Harvey would never get involved with our fund"

You might then ask "Who would?"

You may, or you may not like your answer to your question.


----------



## No Trust (24 March 2012)

*David Whyte BDO Australia*

As far as David Whyte is concerned he has been appointed by the *Supreme Court *and *ASIC* so in terms of independence its there...  He also *has a mandate *to wind up the funds and return money to investors, a very simple way out of this mess. 

The share scam is an *exotic method *of milking more management fees out of the investors and getting *McIvor off the hook*... (*He is responsible for this disaster and will pay accordingly*.)

How can David Whyte do his job with the crap and diversion that is being tried on by *McIvor and his mercenary the Administraitor*... He has not been given a chance to even start unraveling this mess  and as far as I can see there is absolutely *no reason whatsoever *to question the bona fides of David Whyte. Only those like McIvor with an *ulterior motive *and something to "*hide*" are causing disruption to him.

If there is something negative about David Whyte *let it be posted on this thread*... If there was it would have been posted already... The guy is *unblemished* and to date has demonstrated he will not put up with McIvor's *dodgey dealings*, *conflict of interest *and *non adherence to corporate governance*. 

There is a reason McIvor's camp want him removed but this will not happen, David Whyte has some *very powerful support behind *him and he will continue to do his job... 

The majority of investors support an independent wind up of the fund by someone like David Whyte


As far as the adminsitraitor is concerned they seem to be *collecting a lot of money for nothing* and causing disruption and remember they were appointed by McIvor... Anything connected to McIvor has turned to crap look at the unraveling of his personal investments with receivers now basically selling everything up. 

Investors can see through this *smoke and mirrors game *and luckily a vast majority of them read this thread and can now see what the game is... The publishing of the  *leaked minutes and  emails *was a *game changer*... That's why the administraitor *had to reveal *what was going on in his letter to investor's yesterday...

Although they don't like it *freedom of speech *and the free flow of information on threads like this *stop scams *occuring...


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## No Trust (25 March 2012)

*Re: Boy oh Boy the Domino's are Falling*

If this prized asset (*acquired through ill gotten gains namely the blood and sweat of elderly investors*) has fallen into the hands of receivers, the McIvor's must really be heading towards poverty street and wifey must well and truly have the *rolling pin out*... 

Will they now be able to pay the private school fees for *St Hilda's private girls school*???? Luxuries that the innocent retiree investors cannot even dream of affording thanks to McIvor's *mishandling of their money*... Most cannot even buy Birthday or Christmas presents for their grandchildren *let alone dream of a normal life*... McIvor will *never in this lifetime* ever manage peoples money again... 






No Trust said:


> "*RECEIVERS yesterday confirmed *the buzz around one of Equitirust founder Mark McIvor's high profile assets, the Bumbles Cafe building at Budds Beach, after announcing their intention to auction the property next month.
> 
> The property is jointly owned by Mr McIvor's private company MM Holdings and his *wife Stacey*, and has been caught the fallout of the financial turmoil that hit Equititrust last year."
> 
> ...


----------



## No Trust (25 March 2012)

*Bumbles*

Investors, can now have a coffee at Bumbles without having to see the McIvor's faces there any more... This is a *MAJOR MAJOR *embarrassment for the two of them as it was a prized asset. For investors and all of those who have had the *unfortunate experience *of ever having to deal with McIvor its a joyous moment as it shows there is order in the universe and *KARMA* is restoring the balance... Not to fear I am sure Stacey can get a job serving coffee at the cafe whilst hubby goes and fights "grime"off white collars...


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## No Trust (25 March 2012)

*Bumbles*

Maybe an investors get together should be held at Bumbles


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## No Trust (25 March 2012)

*Bumbles in the hands of receivers*

Watch for more asset auctions over the coming months by the many receivers appointed by the banks, this *is just the start of McIvor's personal collapse*... Quite just and equitable considering he lost upwards of *$170M *of *innocent retiree investors money *on *irresponsible* and *idiotic* lending to the likes of his buddy "King Con" and others... 

He must be loving the *"multiple"* receivers on his ass at the moment  Also quite amusing considering his abuse of the use of receivers to threaten people into submission over the years... 

*THERE IS JUSTICE* and its being *meted at in bucket loads *at the moment and there is *MUCH* more to come...


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## No Trust (26 March 2012)

*ASIC*

Is McIvor going to get banned by ASIC ? It seems there is a genuine concern given the contents of the leaked company minutes.. That may be the least of his concerns as some new bomb shells are about to land in the coming weeks... 

Maybe a coffee at Bumbles will soothe his worries... Oh hang on the bank's have taken that   

Is personal insolvency the next step ???


----------



## No Trust (27 March 2012)

*ASIC*

Will ASIC scuttle the share scam and appointment of a new RE ??? 

Is something is *happening* in the background...


----------



## Mozzi (27 March 2012)

*Re: ASIC*



No Trust said:


> Will ASIC scuttle the share scam and appointment of a new RE ???
> 
> Is something is *happening* in the background...






Mr Whyte has kept his word and his report is on Equititrust site right now!   Interesting reading!


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## kostag (27 March 2012)

*what a swindle!!!*

if anyone has any doubt what McIvor's game is or what his man, All-Barren, is on about.... just take a look at www.equititrust.com.au   .... these swindlers will try and claim the sub-ordinated investment....  lower than snakes!!!






Mozzi said:


> Mr Whyte has kept his word and his report is on Equititrust site right n*
> 
> 
> 
> *ow!   Interesting reading!


----------



## kostag (27 March 2012)

*All-Barren?  sure is... just talk to Hellier Capital*

McIvor must sleep with dogs to attract so many fleas (Ian Lazar's dogs?)... do a www.google.com search on keywords  albarran and hellier capital    .... say no more!


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## No Trust (28 March 2012)

*Scam of the highest order*

David Whyte *has not held back the punches *in his damning report on the action of both McIvor and his paid mercenary the Adminis*traitor*...

So the game is to change the RE and McIvor can then claim his subordinated investment which *was touted as a warranty buffer*. Remember the commercials...

The end game as David Whyte reports is a *$11.3M *to *$15.3M *return to Equititrust *to the detriment of investors*...

What a bunch of disgusting animals to even contemplate doing this to investor's but as David Whyte reiterates there *is no reason *to change the RE and he makes some compelling arguments.

*But wait there is more -*

The adminis*traitor* doing McIvor's bidding has also asked for a *$2.8M *management fee to be paid which was previously waived by the board as interest was not being paid... Read *page 6* of the report.


*CONGRATULATIONS TO DAVID WHYTE* for outing these crooks...

Let David Whyte do the job as the * Supreme Court has again confirmed *on the *29th of February 2012* the *Court Order is attached to David Whyte's report.*

David your doing a *great job *and investors commend you for it...


http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf


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## ASICK (28 March 2012)

There's no doubt about it, having a receiver in place is a BIG advantage to investors.

Yes "No Trust", the receiver is very effective:
http://www.equititrust.com.au/Pdfs/Receiver/Receivers%20Reports%20-%2020120327%20-%203rd%20Report%20to%20Investors.pdf

However, I'm a little perplexed about the lack of detail about the capacity of both Ventureaxess and Lion Advantage.

Let's hope that if push comes to shove and the deal is pressed at a meeting that the receiver agressively opposes it.


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## No Trust (28 March 2012)

*Game Changer*

There is no doubt whatsoever that David Whyte* has exposed McIvor *and his paid mercenaries the Adminis*traitors*...

*What a scam...*

Can you imagine the temerity of the Administraitors in asking for the *$2.8M waived management fee to be paid*... Their claims of Independence have been *flushed down the toilet*... 

Why haven't they mentioned this in their reports and it has taken *David Whyte to expose their behind the scenes claims *for the management fee to be paid... If they had any common sense or decency they would never have done McIvor's bidding in this way...

They are not *in any way *doing anything in the best interests of the investors all they are doing is trying to *screw them *to McIvor's benefit...

Please get lost and let a decent man (*David Whyte*) do a decent job...


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## kostag (28 March 2012)

*ALL-BARREN's credit background and LYIN ADVANTAGE*

a great combo!!


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## No Trust (28 March 2012)

*Game Over Administraitor*

David Whyte has absolutely thumped them with his report yesterday... 

The Administraitor must be copping a hiding from their benefactor McIvor... Maybe another fallout with the delusional Fuher is on the cards. The release of the minutes and emails on this website along with David Whyte's latest report has effectively knee capped these idiots... 

What's "All Barren" going to say now??? Ignore the Supreme Court and ignore David Whyte's report and don't read Aussie Stock Forums... 

We have predicted it all on this website despite being attacked by McIvor's cohorts now its being confirmed officially by David Whyte. 

David Whyte is doing an exemplary job and giving McIvor and his paid mercenary the Administraitor the hiding they well and truly deserve.. 

The share scam and appointment of a new RE will fail... Why would investors who have ben financially raped by McIvor now commit financial suicide and hand him $15M for losing their life savings. 

The Administraitor should be ashamed for being involved in this...


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## kostag (28 March 2012)

*ALL INVESTORS MUST COMPLAIN TO ASIC AND THEIR LOCAL MEMBER ABOUT THIS ABUSE*

and scandal.

Where is the media right now????

we need more support 









No Trust said:


> David Whyte has absolutely thumped them with his report yesterday...
> 
> The Administraitor must be copping a hiding from their benefactor McIvor... Maybe another fallout with the delusional Fuher is on the cards. The release of the minutes and emails on this website along with David Whyte's latest report has effectively knee capped these idiots...
> 
> ...


----------



## kostag (28 March 2012)

*THE TRICK RE SUBORDINATED INVESTMENT BECOMING PAYABLE etc*

shows no INDEPENDENCE at all by the so-called independent external ADMINISTRATORS

they are there for one very clear reason.







No Trust said:


> David Whyte has absolutely thumped them with his report yesterday...
> 
> The Administraitor must be copping a hiding from their benefactor McIvor... Maybe another fallout with the delusional Fuher is on the cards. The release of the minutes and emails on this website along with David Whyte's latest report has effectively knee capped these idiots...
> 
> ...


----------



## No Trust (29 March 2012)

*Failed Plot*

McIvor's plot has failed...

David Whytes report has *decimated them*... How in all seriousness can *"All Barren"* go to the investors at the meeting next month and recommend that they change the RE so McIvor, who appointed, him can reap *15M* to the detriment of ordinary investors...

Liquidate Equititrust and prosecute McIvor and the Adminis*traitor*


----------



## word75 (30 March 2012)

The truth is out there but why isn't any one really looking for it. Here we have a megalomaniac narcissist who is a physiopath dummy spitting autocrat but  because the 1400 or so, to quote him "old people " have run out of money, he wants to now try to fleece them out of their health as well. Mcivor the supreme salesman sold a Ponzzi Scheme where he took the money from those that trusted him, predominately hard working " old people " and promised returns backed by property. What they were never told was that this delusional conman was going to leverage their money borrowing millions and using their money as security, then lend it to his cronies. He would lend money to just about any crook because the more he lent the more fees and interest he charged. 

Take Harry, a compulsive gambler, what lending committee takes a call from a client at midnight from the gambling floor and approves a further loan facility of a million dollars, oh please. Well this particular client is currently in litigation to get his money back, some $30m from the casino and could very well get $10m back but who is going to get it? Has Mcivor discussed this with his long suffering unit holders. 

The truth is Mcivor wants it all back again. He wants to do deals, buy houses and be king again and he won't accept responsibility for his deceitful behaviour. He still considers Equititrust as his private fiefdom and now he is going to Phoniex it into a new vehicle where his cronies get to play again VAX and in doing so he aims to avoid prosecution for what really is a massive fraud perpetrated on good decent people. What is just as disconcerting is that some of you, the wealthier investors are actually helping to further this preposterous and outrageous con. The unit holders action group promoting the positive spin has as its core both Mcivors brothers law and wife together with a prominate unit holder,,, well you can guess who. 

Mcivor cant finish us off on his own,  so along comes David Hickey who went on Mcivors payroll,, that's right paid for by Mcivor. Now David deny this isn't so, tell the unit holders that you have not invoiced Mcivors entities and received payments. David say it isn't so, say that you have been working with Hall Chadwick to remove the bugs from your proposal so you can become the preferred replacement RE. David tell us, Hall Chadwick considers your proposal the one  they will recommend or do we wait a little longer to hear it from them. Is that a crystal ball or what. David tell us you were not in Melbourne with Mark Mcivor for 3days.... over the weekend. 

On the 16th of January 2012 Mcivor introduced Hickey to David Whyte, it was no secret to the staff or BDO that Mcivor and Hickey were working on a scheme to rest control of the assets of Equititrust from the bank and receivers and here they are now, ready to take a shot. Not very sophisticated or novel, back the assets into a listed vehicle with no assets, use the properties to capitalise the company then spin some more BULL.... to the investors about dubious assets or companies within companies, so to raise more money. 

These lunatics are honestly going to convince you that they can remediate the Equititrust assets. They caused this disaster in the first place and now they are after whats left. They.... are out of money and are currently trading insolvently, at least the entities that are behind this rebirth.. Hickey himself has nothing to speak of and now new cronies are here to join him. 

Carbon credits from PNG is going to save what?? Kirk William Roberts is worth a google, how is any business going to be taken seriously with this smelly tale hovering over it. Kirk is up there in the offices of Equititrust with Mcivor but don't worry fellow unit holders, money fom PNG is on its way to payout the NAB and save the TITANS.... Yes you heard right,,,,, save the TITANS. 

Now for something sobering....... BDO and David Whyte are acting with propriety which in this day and age is rare enough. They are realising the assets in an orderly and timely way and in the near term will have disposed of the assets and realised fair value in this market:shoot::shoot::shoot: for what really is a crappy bunch of properties. To think the world economy is going to improve in our life time is dreaming, Greece, Italy OMG is the  GFC over really. Dump these dogs whilst the goings good then go after the real criminals. Litigation against Mcivor and his fellow criminals will take 5 to 10 years but there will be a payday, we can leave that to the kids, there's probably $36m there in insurance at $6m insurance per criminal I mean directors and a possible $50m claim against KPMG. So why let Mcivor loose to feed off what's left on our bones when we still have enough fight and bite to feed off his.


----------



## No Trust (30 March 2012)

*Carbon Credits*

Don't worry David Whyte has dealt a death blow to their scam... The Administraitor is backing McIvor 100% that's clear now, so in effect an enemy of the investors...

Prosecuting McIvor needs to be a priority... The "old people" as he calls have nothing to lose and will fight back HARD...


----------



## No Trust (30 March 2012)

*Kirk William Roberts*

Kirk William Roberts, how is he involved with Equititrust and or McIvor???

If he is* in any way *involved read the article below and *laugh* or *cry* either one will do...


http://masalai.wordpress.com/2009/07/22/adieu-all-ye-png-fateful/


----------



## kostag (30 March 2012)

*HALL CHADWICK: answer please*

1.  is DAVID WHYTE correct and that if the R.E changes, Equititrust becomes entitled to its $40M "sub-ordinated investmenet (bull****)" and does not 'take the first loss' as it has crapped on about for years?

2.  if that is correct, how can you possibly contemplate or support any such move?

3.  has any inducement or financial incentive/reward been offerred to you by McIVOR ????


where is that SENATE COMMITTE phone number when you need it?????


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## word75 (30 March 2012)

We are being corralled like sheep, the few remaining are being led to slaughter because we don't have the numbers. The wealthy 50 together with Mcivor already control 51% and with Hall Chadwick's recommendation the move into the Lions mouth is all but done. 

If the NAB are paid out either by sales activity of PNG money then the issue remains the court appointed BDO and Whytes continueing duties. If these stooges go to court to remove BDO with the weight of numbers and the support of HALL Chadwick and the CREDITORS which Mcivor will maintain he is a major one then we will all be fleeced. We will not have the integrity of an independent RECEIVER MANAGER to protect us and  what's left of our life savings. Honestly why would we wait 3 to 5 years for these snake oil charlatan's to " "remediate" our distressed assets? We can't pay our medical bills now. 

And what good are shares to us in a NEWCASTLE LISTED STOCK (NSX) when no one will trade them. Who would want to buy into this disaster at any price? Whatever the artificial price our units swap for they will halve in the first 10 minutes after requoting so 44c becomes 22c or worse. In any event how do we sell them. We re locked in again as I said. Like corralled sheep waiting to be slaughtered. 

It's the head of ASIC that unit holders should be targeting in correspondence. We need to know from them what will be there position. In the end it will come down to ASIC and relationships. Either for the people who can't defend them selves or for cronies who know how to use the system and relationships to achieve their self interests. 

Will ASIC CONTINUE TO OFFER US PROTECTION HERE? . Being old and grey offers little protection, I've worked that out for myself ....thank you.


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## No Trust (30 March 2012)

*They will not succeed*

Don't fret, *McIvor is finished*, they *have been exposed *and *won't succeed*... There are laws pertaining to minority shareholders and in this instance *minority unit holders* being ripped off which is what essentially McIvor has is trying to do... 

We have *not let them continue *with their financial rape of elderly retiree's on this thread and we have exposed them at every turn...

ASIC and and senior *"Federal Government Authorities"* have been alerted to this *fraud* and when push comes to shove McIvor and his paid mercenary the Adminis*traitor* will *FAIL* just as they did with the 50M capital raising, the the previous share scam mooted by David Kennedy and the 250M Capital Raising by Landsolve... All *delusional stress induced fantasies by McIvor*... 

Investors who were once considered by McIvor as his *"family" *won't stand around and suffer financial *"domestic violence and abuse"* ... Beat up on "someone else" but not the weak and elderly investors..  Innocent Elderly Retiree's won't cop it, they *will call *in *the* Financial *Police*...






word75 said:


> We are being corralled like sheep, the few remaining are being led to slaughter because we don't have the numbers. The wealthy 50 together with McIvor already control 51% and with Hall Chadwick's recommendation the move into the Lions mouth is all but done.
> 
> If the NAB are paid out either by sales activity of PNG money then the issue remains the court appointed BDO and Whytes continueing duties. If these stooges go to court to remove BDO with the weight of numbers and the support of HALL Chadwick and the CREDITORS which Mcivor will maintain he is a major one then we will all be fleeced. We will not have the integrity of an independent RECEIVER MANAGER to protect us and  what's left of our life savings. Honestly why would we wait 3 to 5 years for these snake oil charlatan's to " "remediate" our distressed assets? We can't pay our medical bills now.
> 
> ...


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## No Trust (30 March 2012)

*Legal Action*

Is there some *legal action *being prepared???  

McIvor should know what a *knock out blow *is...   

Who is going to throw in the *white towel*... 

It is going to be a *self inflicted punch*???


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## ASICK (30 March 2012)

*How to Make MONEY*

Typically a  manager makes money out of the fund's assets, regardless of whether investors win or lose.  It's the manager's income stream.

Once things so pear-shaped, investors want their money back, or at least what's left of it.  Returning money means a diminishing return for managers, or in the case of EIF with no distributions, no income stream (but how about that $3m in expenses? wow!!!)

It seems a favorite for some managers to separate investors from what remains of their hard-earned by the good ol' switcharoo, the equity swap.  This is a achieved by swapping units in the trust/fund for shares in some other entity, typically the management company.

The "carrot" (if you can call it that) is that investors would be able to sell listed shares on the stock exchange in order to liquidate their postion with the fund - an easy way out.   The "stick" could be that if the assets are sold up too quickly then the return to investors might be very low.

If investors agree to the good ol' switcharoo then they immediately lose their entitlement to their investment in the fund in place of shares which are only able to traded: in effect, as I see it, investors move from unitholders with a right to redeem (creditors, subject to the fund's constitution) to shareholders without any right to redeem.

Investors might not be able to discern a distinction between the two positions until after switching, and it might be only at that time they realise they're effectively separated themselves from their capital.

A benefit for the manager is the the company is at once, virtually debt free because investors have given up their equity - quite nice for the manager.  However this does not necessarily solve the problem for investors.

For example, take a fund which was listed, the MFS (now WC) Premium Income Fund (NSX code PIN) - there was no equity swap, rather the fund was listed.  Nevertheless, by this same mechanism, investors have separated themselves from their capital.  Was there an advantage to investors?

Here's the link:
http://www.nsxa.com.au/prices_alpha.asp?nsxcode=PIN&coname=%27Premium%20Income%20Fund%27&region=

One will note that the latest 2012 mid-term financials discloses an NTA (net tangible assets, or unit price based on assets attributable to investors) of about $0.24, down from about $0.27 for the previous period ($0.015 was paid back in the period).  However, the trade price for a unit hardly changed and continued to trade around $0.06.

So, what do you guys think? about $0.27 or about $0.24 and hardly a shift in the trade price: $0.06/$0.062 - heck, one big spender dug deep at $0.07!!! 

So, if your units in the EIF are worth $0.44, you might get $0.10 on the NSX (a rough estimate based on the PIN's performance).  I can't see $0.44 being sustained, time to look to the early $0.30s  (just a guess).   If unit price drops, then so will any list price drop proportionally.

Both funds are damaged so the outcomes are likely to be the same.   Furthermore, no income stream is anticipated for unit/share holders!!!!

I don't think that the outcome will be good for you guys anyway, but listing will only draw bottom feeders - and really, who could blame them for taking advantage of the situation?

My view? don't list - don't equity swap - just wind the thing up with a steady hand - get some cash, and stick it in the bank or somewhere you've done some good research on.  Otherwise it might just drag on for years with univestors losing more and more as time goes on (eg: PFMF).


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## No Trust (30 March 2012)

*David Whyte BDO Australia*

This is the guy McIvor is *petrified of*... David Whyte has exposed him and the McIvor appointed Adminis*traitor* who is clearly not independent and *has witheld information from investors* relating to the reinstatement of the *subordinated investment*. 

This is a a good outcome for McIvor but a *rip off for investors*... McIvor being an incompetent idiot and now a *failed businessman *should not be rewarded with a *$15M *windfall for losing *$170M *of innocent retiree's money...







David Whyte BDO 

David Whyte is a "*Decent Man*" doing a *honest job *for investors... Let him wind up the two funds as the Supreme Court and ASIC have mandated...


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## word75 (30 March 2012)

Heres the thing, the remaining assets have valuations which really mean nothing. The reality is a valuation today by one valuer will differ from a valuation prepared by another and because valuers are scared of being sued they will er on the conservative unless of course you were seeking a loan from EQUITITRUST. Hence the current litigation against some of the valuers who were, lets say generous in their appraisals. Whats left is crap, the prime assets were sold during King Kennedy's reign so what is the likely outcome from here?. 

Well team Dicky would not know the first thing about property I mean does he even own a home or ever built one? Well that actually puts him streets ahead of Mcivor the Terrible who of course knows all. Well I digress, Team Dicky will tell you they have a plan and the 
ability to add value to the remaining assets by developing them to their full potential. Their property experts are the original developers of the vary assets now in distress that's right the crooks to consultants ploy, then there is Warwick from the Landsolve debacle and of course Mcivor who won't let go of any asset without his involvement..this is your panel of property experts. Sound familiar?

Again I digress, the point being that the remaining assets stink like fish heads left in the sun, and they want to keep them and develope them in a declining market and at a time when the worlds economies remain poised for more upheavals. Come on, put them to auction and realise the best price today. Every property expert will tell you land is costly to hold and hard to sell. And that this market is as good as it gets so cash up now. 

If Whytes plan of asset rationalisation goes to plan a substantial return to investors would have occurred in the third quarter of this year. Unfortunately the twice bankrupted now third time bankrupted developer and Mcivor cronie Quinlivan has all but bankrupted us. His dogs/ properties are so badly positioned and owe so much that the pain there will be huge. These two cons should pack toothbrushes, the big house they will be sharing soon doesn't have a waterfront setting with boating facilities. We should all say a prayer. 

Why would we let these shonks slide our assets into their new company to capitalise it for them so they can use our few remaining assets and leverage off them again, raising more money from retiree's like us. Somebody stop them. 

The simple truth is we have been ripped off by professionals and we have lost money, their fault and ours for trusting them. With a few notable additions to the line up, the team is back together to do it all again, same bull.... different day. Are we really going to let them do it. I know we are all afraid of loosing money but accept we have, a promise to make it back with these losers is like having another roll of the dice and it won't end well. 

The best and fairest game in town is to let BDO get on with the job and then let the authorities get on with theirs, this band of thieves will do time and we will get compensation but just not today.


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## ASICK (30 March 2012)

*Why We Lose*

There is only one value to be trusted, and that's the value of consideration on a binding contract of sale.  Trust any other value at your peril.

The only measure of income is cash.  Trust accrued income at your peril.

If money is lost in a managed investment fund, here is where most of it is lost:

(1) OVER ESTIMATION OF ACCRUED INCOME - actual losses incurred by way of failure to replace accrued income with cash.  
(2) OVER VALUED ASSETS - failure to recover loan shortfalls by way of asset sales (assets over valued to the actual market)

I think that accruals accounting should be outlawed in MIFs - but while the method persists, so does the heightened risk for investors.

As to valuations, what are they? Just educated guesses.

Who bears the risk? yes, you guessed it ---> investors


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## No Trust (31 March 2012)

*Shadow On a Wall*

McIvor is nothing more than a shadow on a wall... He is finished in business and this is his last despicable grab at "old people's" money...

They will FAIL in changing the RE, Equititrust will be liquidated and McIvor will be banned by ASIC and face further charges...


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## word75 (31 March 2012)

*Re: Shadow On a Wall*



No Trust said:


> McIvor is nothing more than a shadow on a wall... He is finished in business and this is his last despicable grab at "old people's" money...
> 
> They will FAIL in changing the RE, Equititrust will be liquidated and McIvor will be banned by ASIC and face further charges...




How do we feel knowing that Mcivor the Conniver still has 50 million units. 10 million ranked with ours and 40 million currently subordinated but soon to be back in play if this 
" she'll game " succeeds. My contention is that these assets together with the millions palmed to family members are THE PROCEEDS OF CRIME and soon to be proven by the authorities currently investigating this enterprise. So how is it that the promoter of such an enterprise gets to vote these units. Doesn't it stand to reason that these assets are ill gotten and only exist in his hands because he ripped us off.

Surely they should be taken into the possession of the receivers or the authorities until such time as their propriety or true beneficial ownership ie: us is established. If not the receivers then the authorities. 

Alternatively if Mcivor is as concerned about us as he maintained thru his coversive marketing, let's see him stand up now as a man and not the BULLY. Let's see him assign the assets to the receiver until this mess is soughted, lets see his undertaking in writing NOT TO VOTE HIS UNITS or rank with creditors. 

Would he do this if he is truly honourable? Should he do this? OH YES!! Will he do it?
NOOOOOO!!!!!!
He could though if he wanted to. The reason he won't is because he has only ever been about self interest, and now to prove that HALL CHADWICK and a $2.8 million pay day, and you guessed it, paid by us is here to help him.

It's fair but he won't do that because we the " old people " will then out vote the shonks, so you see why it really all hinges on Mcivor again, just the way he likes it, in control. 
Come on mate step up and give it all back. The game is up. If you don't you are shown to be ripping us all off again, maybe you and your family think that's right and can live with that, but me and mine don't and can't. 

ASIC should attend the next meeting with us to see the real mood of those affected, to see all of us struggling to even pay the parking fees and watch this man who has not one but 7 waterfront houses or land in his various ownership structures....CAN YOU BELIEVE THAT....they should come and see first hand how professionals make a mockery out of the system and see how hired guns such as Connivers team operate as they lay waste to real people and property on their way to self gratification.


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## No Trust (31 March 2012)

*Finished*

McIvor is desperate but that does not mean he will get up at the meeting...

There is action behind the scenes that will prevent this... There will a few surprises over the coming weeks...


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## No Trust (31 March 2012)

*Piper Alderman*

Given the allegations set out by *Piper Alderman*, it seems that the *losses and perilous financial state of Equititrust * were hidden since 2008... The management fees etc and return on subordinated investment *were all a scam*. 

The investigations being carried out by ASIC and "*various other parties*" will confirm that. Isn't it time that this crap stops and mareva injunctions are put in place regarding the "alleged" units being held by McIvor... 

McIvor *cannot and will not * run rough shot over investors and basically pull them into something *they do not want *... He cannot drag the other innocent retiree investors into his web of *lies and deceit*...

David Whyte is doing his job and investors want realisations via this route as it is *TRANSPARENT* and *ETHICAL*. His reasoning as to why the RE should not be changed is sound and is in the best interests of the investors...

To allow the perpetrators of this financial disaster to cook up another scam and then rope in "*all the investors*" is *untenable* and would be a blight on *ASIC* and *The Supreme Court of Queensland*...

Retiree are not pawns in some *crooked game *that McIvor is playing... If he hasn't learnt already he will learn that "*For Every Action There Is a Reaction*"


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## No Trust (31 March 2012)

*Resignation*

Given McIvor's previous acrimonious relationships with the board and multitude of directors and CEO's has the *Administraitor had enough of the lies and deceit *and is about to resign???

If this is the case is may be a good move to save its reputation rather than been seen as doing McIvor's bidding in trying to crush already decimated innocent retiree's...

Something is going on in the background and its looking *ugly*...


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## No Trust (31 March 2012)

*Administraitor's Deception*

If you look closely at David Whyte's *latest report March 27 * in Item *5*, he outlines how he has asked the Adminsi*traitor* to explain why they are recommending a change in the RE given that ordinary investors will be disadvantaged to the tune of *11.3M *to *15.3M*, David Whyte is still *awaiting a reply*.... They have been caught out and *don't know how to respond*.... They were not expecting this much scrutiny of their *dirty game *against investors... 

Come on "*All Barren*" respond to this question by David Whyte whats wrong??? 

We know whats wrong *its a scam *and McIvor is pulling ALL the strings in the background... It is inconceivable that a firm like this could be drawn into a *scam like this* what are the Hall Chadwick people nationally saying about this; surely their firm's reputation is important to them... If the firms partners on a national level do not get involved then they will be exposed in this monumental scam on investors...

*LET'S GET AN ANSWER TO DAVID WHYTE'S QUESTION*.... We are all waiting with baited breath...


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## No Trust (31 March 2012)

*Duties as an Administrator*

If you are being *lied to *and being asked to do things that are* unethical*, as an Administrator don't you have a *duty* to *ALL* stakeholders to either walk away or not participate in schemes that are clearly *unethical* and *NOT* in the investor's best interests.

As David Whyte clearly outlines the *Supreme Court *late last year *denied Equititrust's application* for a replacement RE as it was not required for an orderly winding up... So why now try a *surreptitious route *to achieve something the Supreme Court has already rejected... Its simple this way McIvor can benefit to the tune of *11.3M *to *15.3M*. So why hasn't the Administraitor *CLEARLY* outlined this... Whats in it for them in keeping this quiet... 

Its actually *quite disgusting *that this has even been attempted...

Lets get your answer "All Barren" what is it??? Investor's will now hound you 24/7 to *come clean on this scam*. I encourage ALL investors to now contact "All Barren" to answer David Whyte's question...


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## No Trust (1 April 2012)

Tick Tock, tick tock will "All Barren" beat the clock... 

Meeting coming up will you answer David Whyte's question or will McIvor ban you from talking... 

When questioned about the 2.8M in Management fees McIvor has not been able to come up with an answer yet he has instructed his paid mercenary the Administraitor to write to David Whyte requesting the fees be paid... Gutless cowardly animals out to rip of the elderly...


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## kostag (1 April 2012)

*McIVOR and HALL CHADWICK will be frantically getting the proxies*

from a  few hoodwinked wealthy sycophants....

they might well carry the day and change the RE

David Whyte has to somehow maintain the thankless job he has and wind up the EIF and payout the funds as collected and not allow anyone to succumb to this SHARE SWAP con!!!!!   

ASIC, Media, Courts - where are you when small ill-informed and gullible investors need protection more than ever????


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## Duped (2 April 2012)

*Re: McIVOR and HALL CHADWICK will be frantically getting the proxies*



kostag said:


> from a  few hoodwinked wealthy sycophants....
> 
> they might well carry the day and change the RE
> 
> ...





Want to know how bad things can get?  Ever heard of the MFS/Octaviar/Wellington Capital Premium Income Fund (PIF)?

We had a huge thread on ASF like you guys here but ASF pulled it.

Our PIF fund got taken over by Wellington Capital who listed it on the NSX. Unit value was diluted by a stock placement which the Federal Court found unlawful but refused to reverse. Tried to hold a GM to vote the RE out but which the Court found wasn't lawfully called but some how attracted an untraceable mailout to all unit holders that personally attacked unit holders.  On the day of the GM a large number of paid extras were added to the fund's register. Our auditor PWC still haven't signed off on the books for 2011. PWC tried to resign but ASIC won't let them.

General attitude to you Equititrust muppets, like us PIF muppets, may well be that you were greedy for higher returns and deserve what you get. 

Welcome to the club.

How well will the assets be looked after? See e.g. http://kooralbyntimes.com.au/category/resort-news/.  That resort is one of our (PIF's) assets .


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## kostag (2 April 2012)

*Re: McIVOR and HALL CHADWICK will be frantically getting the proxies*

sadly, well put and true

Hall Chadwick and McIvor are lining up......   how do we know?  well, how could any impartial party possibily recommend a new RE knowing that it triggers about $40M of sub-ordinated units and ranks them then pari passu.

ASIC, Media, AFP - anyone who can help.........





Duped said:


> Want to know how bad things can get?  Ever heard of the MFS/Octaviar/Wellington Capital Premium Income Fund (PIF)?
> 
> We had a huge thread on ASF like you guys here but ASF pulled it.
> 
> ...


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## word75 (2 April 2012)

Honestly if I had invested in Equititrust out of greed then maybe that comment might apply but really how was 8% secured on property being greedy. What was greed and avarice was a man who used my $30000 life savings and leveraged it my multiples of ridiculous  numbers then in compete contradiction and defiance of the companies constitution,,,, lends in total disregard of proper fundamentals to people and companies of  questionable repute. In short a scum bag (is that a bad word).... took my money, lent it to his scum bag mates and lined his pockets at ours/my expense. GREED .....who's greedy I ask. 

Has anybody done the numbers, how many of us investors have died in the last few years i ask. How many are dead? and now it's the estates of gullible and trusting people  like us praying for a resolution. Well my estate is already in debt whilst Mcivor The Terrible has through his myriad of Trusts, Companies and relatives sit on not one but 9 (nine) waterfront properties on the gold coast, a $6m house in Double Bay, 2 houses in Currumbin overlooking the beach  currently for auction with Ray White. And that's just the tip of it. There is property everywhere, development sites, subdivided blocks with no registered mortgages,,,,,, some agents have put a value of over $30m on these properties now say that slowly..... $30m. but if you were to get Mcivors usual valuers to value them well heaven knows, maybe they are worth $150m. Isn't that what happened with the Quinlivan properties. 

Well it's not bad enough that I've been conned by this pariah but Hall Chadwick appear poised to do me again and vote Mcivors, 40million subordinated units in support of VAX and the Oh Crikey Teamsters. Now the whole premise here is supposedly that they bring with them liquidity yet they are trading insolvently..... Prove me wrong I dare you. They can't pay their bills as and when they fall due now. They can't raise the funds they are  required to put up for the re quote on the NSX. In fact they are relying on a wealthy chicken farming investor, that's right one of us to plonk down another $250k. Now I ask you, on top of the millions he has already invested is Chicken Man doing this for us or himself. Why doesn't Hall Chadwick explain to us what he gets for putting up these funds. What inducement is he receiving or is that another one or the boys...

Well I did have some small reason to give thanks today....... my birthday, and a pretty good doctors report. Seems I will be around long enough to see ASIC do to Mcivor what he has been doing to us, and hopefully with no lubricant. When Kleenmaid and Equititrust occupy the same shelf then it won't be long now when the perpetrators of this MASSIVE FRAUD will need to pack a tooth brush. Oh and with those family members complicent.... well....... over crowding might be a problem in the big house. 

Take heart fellow investors..... David Whyte is really as good as it gets, and the authorities are Eyes Wide Open :hammer:


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## No Trust (3 April 2012)

*ASIC Enforcement - Directors*

Lets hope that *ASIC* and the *Federal Police *"*finally*" press charges against McIvor and ban him for life...


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## ASICK (3 April 2012)

*ASIC*

ASIC is NOT a prudential regulator, as its disclosed to a number of us who've made complaints in the past.  

If investors, for whatever reason, be it naivity or plain stupidity, want to vote for something that is detrimental to their best interests then ASIC will probably NOT intervene.

I think it's time that investors get the idea of fair play out of their heads.  

As pointed out previously, it'll be all about proxies - if the newcomer gets the votes, it'll win the day - nothing else will matter. 

While I wish ASIC would act to ensure the subordinated investment is not converted to an ordinary investment (which would decimate your respective unit holdings), I certainly wouldn't be too hopeful.

The ONLY way to protect yourselves is to write to ALL investors disclosing your concerns in a succinct way, especially in regard to the subordinated investment. 

Maybe the receiver might very well do this - but I wonder whether it's his responsibility to do so?

The best hope is that ASIC ensures that any newcomer has the where-with-all and the resources to actually manage the fund.

A real problem in a MIF is that YOUR money is able to used AGAINST you - it's not for you to use, it's for the responsible entity to use.


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## No Trust (3 April 2012)

*When is a Warranty not really a Warranty ? When Mark McIvor gives you one...*

The subordinated investment was meant to be a warranty remember and MASSIVE fees were charged for the subordinated investment remember ? How much were those fees per annum ? Yet McIvor still not having sucked enough blood out of the elderly investors wants to decimate them further with this scam. David Whyte is absolutely right about there being no need whatsoever to change the RE. 

Look how quiet the Administraitor is at the moment when it comes to answering David Whyte's question.... Bunch of pathetic cowards doing McIvor's bidding to rip off investors.. 

At a minimum ASIC should make them disclose the facts around the Subordinated Investment. Full disclosure is a basic tenement that ASIC insists on. This case is no different and if Hall Chadwick don't do this despite warnings on this thread they may find themselves uninsurable next year... 

With Amanda Banton on the creditor's committee I do not think that they will get away with this scam. 

Don't be surprised if the fast footed Amanda Banton pulls a rabbit out of the hat prior to the meeting to throw a spanner in the works maybe even a knockout blow...

ANSWER THE QUESTION ABOUT THE SUBORDINATED INVESTMENT "All Barren"...


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## No Trust (3 April 2012)

Surely there has to be some protection for the investors not wanting to commit financial suicide and participate in this scam... I disagree in terms of ASIC, they have to get involved as it totally undermines the court orders they sought in winding up the funds in the "best interests of investors"... If this scam was allowed to occur then everyone would hire an Administraitor and basically undo what ASIC and the court have ordered... 

A lot of people are now watching this including the media and all have been alerted to the Question that David Whyte has asked the Administraitor.... As their silence grows longer it becomes clear what the dirty game is. If they don't make full disclosure in regard to the subordinated investment then I am sure that either ASIC and or Piper Alderman or DAVID WHYTE will make application to the court to have the meeting 
cancelled due to a lack of "full and proper disclosure" by the Administraitor...

It's simple they just have to answer whether a change in the RE will trigger the conversion of the subordinated investment in favour of McIvor to the tune of 11.3M to 15.3M as David Whyte has outlined... ANSWER DAVID WHYTE'S QUESTION...


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## No Trust (3 April 2012)

*ANSWER*

*ANSWER DAVID WHYTE'S QUESTION....*


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## ASICK (4 April 2012)

*Trilogy's Stellar Performance*

After WC's PIF reported a massive drop in the last six months of 2011, the PFMF also fell heavily.

The PFMF dropped from $0.31 to $0.22 in the last six months of 2011 ($0.01 repaid to investors in late 2011 not accounted for)

That's 25% off the value of the fund in the first two years of Trilogy's management (July 2009 - 30 June 2011), and then a further 25% of what's left in the next SIX months (1 July 2011 - 31 December 2011)!

In all that time only $0.06 was returned.  Trilogy's fee: about $15m!!!   That's about 28% of what ALL investors received during the period.

The asset underpinning Trilogy Healthcare REIT fund is up for sale for about the value of the bank facility ($3.5m - $3.8m as told to a PFMF investor who phoned the agent) which is about the same as a recent valuation disclosed of about $3.9m.  

Anyone care to guess how much punters'll get from the stated $0.18/unit as at 30 June 2011?
(hint: Sale price, say $3.5m LESS (Bank debt about $3.4m plus interest plus outgoings) =  $______)

http://www.moneymagik.com/

After nearly THREE WEEKS, ASIC still hasn't scanned in both the PFMF and Trilogy's big time loss at Crows Nest (Trilogy Healthcare REIT fund).    I'd like to think that ASIC is simply BUSY.

Oppss .. I should add:  and not a peep from our mates at the SMH about the losses in either fund!!!

And while I can - I'll add: and not the least bit of support from the USELESS Federal Labor Government!!!


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## No Trust (4 April 2012)

*David Whyte BDO Australia*

After reading the above its a *simple choice*... Let David Whyte do his job and wind up the funds and return the money... No more fantasies and delusional schemes which lead to nowhere and only enrich the manager...   

The great thing about the RE now is that investors *do not have to pay a cent in management *fees to EquitiRust... They are *contained and disarmed*... This whole scam about changing the RE is to reverse this situation and let the *management fees flow again *via a surrogate RE which we all know will be controlled by McIvor/Family member via some *side agreement *or *trust arrangement*... He has done it before and will do it again...

*PS* "All Barren" still waiting *for your answer *have you responded to David Whyte yet or has the "cat" (McIvor) got your tongue... 

When will your answer be posted on the Equititrust Website ??? Maybe the firm on a national level is having second thoughts about "*what answer*" will be given.... 

"*Liability*" is a beautiful thing...


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## No Trust (4 April 2012)

*Silence Chirp Chirp*

Wow since David Whyte asked the Adminis*traitor* to answer his question about the change in RE there is just the sounds of "*chirping crickets*".

David Whyte's report of the *27th of March *posted on the *Equititrust Website *has well and truly kicked "All Barren" in the proverbials... 

Have another read below, its *great stuff *and* exposes the scam *that was about to be perpetrated on *innocent retiree investors*...

Having discussed the report with a number of high profile *lawyers* and *insolvency practitioners *on a *national level *all have commended on the the *high level of professionalism *contained within the report and the manner in which *David Whyte* has handled both McIvor and his paid mercenary The Adminis*traitor*...

http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf


----------



## No Trust (4 April 2012)

*David Whyte BDO Australia - Report*

Full Credit to *David Whyte *for taking these idiots on and protecting the investors...


----------



## ASICK (4 April 2012)

*Re: Trilogy's Stellar Performance*



ASICK said:


> After WC's PIF reported a massive drop in the last six months of 2011, the PFMF also fell heavily.
> 
> The PFMF dropped from $0.31 to $0.22 in the last six months of 2011 ($0.01 repaid to investors in late 2011 not accounted for)
> 
> ...




I forgot to put in unitholder equity as at 30 June 2011 - however, given that the asset was valued at $4.1m (cost about $9m), $600k down with a sale price of $3.5m,  and given the ongoing costs (facility interest, rates, land tax (unless it was put out for agistment - joke Joyce) and other costs), there probably isn't any in any event - especially since rental income was only derived up to some time in September 2011.  It seems to me that the bank is finding comfort in what remains of investor equity, while investors are unlikely to find any level of comfort.


----------



## No Trust (4 April 2012)

*Favourite Song*

What's the Adminis*traitor's* favourite song??  The Sound of Silence 

Come on "All Barren" *answer David Whyte's question *about the RE...

Now if the situation were reversed "All Barren" would *never take *a deal like the one he is trying to force down investor's throats... *Why change the RE again *??? Oh that's right so your puppet master McIvor can reap anywhere between *11.3M *and *15.3M* to the detriment of ordinary retiree investors...

*Losing credibility by the day*...


----------



## Mozzi (4 April 2012)

*Re: Favourite Song*



No Trust said:


> What's the Adminis*traitor's* favourite song??  The Sound of Silence
> 
> Come on "All Barren" *answer David Whyte's question *about the RE...
> 
> ...





How much notice is he supposed to give us of the meeting date?    Shouldn't we have heard by now?   Do realise he is a busy man - but rules are rules!   JOKE!

After all, we will need time to study the proposal at length!   ANOTHER JOKE!


----------



## Mozzi (4 April 2012)

*Re: Favourite Song*



Mozzi said:


> How much notice is he supposed to give us of the meeting date?    Shouldn't we have heard by now?   Do realise he is a busy man - but rules are rules!   JOKE!
> 
> After all, we will need time to study the proposal at length!   ANOTHER JOKE!





P.S.   Just checked back and the meeting "can be up to and including Friday 13th 2012, or within 5 business days after the end of the convening period".   Copy of the report to be received prior to the meeting!!  

FRIDAY THE 13TH - UNLUCKY FOR SOME!


----------



## No Trust (5 April 2012)

*Silence*

The silence from the Administraitor is deafening...  Is there a crisis ???


----------



## No Trust (5 April 2012)

*Disclosure*

Compare the disclosure from David Whyte to the Administraitor... David Whyte has provided comprehensive reports in a timely manner "All Barren" has provided nothing on an interim basis which is substantive from a financial perspective or outlines why he is asking for the "waived management fee" to be paid or why he thinks the RE needs to be changed to the detriment of innocent retiree investors...

David Whyte is waiting for an answer and so are investors... It seems the Administraitor's are soft in the underbelly when it comes to these issues...


----------



## No Trust (5 April 2012)

*Meeting*

Why doesn't McIvor speak at the Aministraitors meeting   Bring your rotten fruit and tomatoes... 

Don't fall for the scam that benefits the architect of this disaster... Reward McIvor by putting him on the same bench as his best mate "King Con" 

That's right remember "King Con" look how that bet left investors devastated, the McIvor led change in the RE via his paid mercenary the Administraitor is another "King Con" deal...


----------



## zencorp (5 April 2012)

*NAB SUING MARK MCIVOR*

AND IT BEGINS! 

Mcivor is OVER. Bankruptcy to follow! 

http://apps.courts.qld.gov.au/esearching/Results.aspx?Lastcompanyname=Mcivor&Givennames=Mark


----------



## kostag (5 April 2012)

*Re: Equititrust  Marky boy and Stace.... where are the stocks and rotten fruit*

he and Stace.... havent they been busy bees in Court...

http://apps.courts.qld.gov.au/esearching/Results.aspx?Lastcompanyname=mcivor&Givennames=mark


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## word75 (5 April 2012)

*Re: Equititrust  Marky boy and Stace.... where are the stocks and rotten fruit*



kostag said:


> he and Stace.... havent they been busy bees in Court...
> 
> http://apps.courts.qld.gov.au/esearching/Results.aspx?Lastcompanyname=mcivor&Givennames=mark




Poor Marky Mark, you and Stacey must feel like your an endangered species, only no one wants to save you. Most of your investors know that feeling. How did you honestly think you were going to get away with it? Enriching yourselves at the expense of so many people. You have ruined so many and you want to go on and do more of the same with your paid pals and shadow directors.

So MM was that the now disputed  and phenomenally expensive furniture and art work seen leaving in back of the removalist truck the other day. It was seen high tailing off Cronin Island and on to a new abode. So what's the story there? Is that the property of the unit holders or some other creditor? The courts are soon to determine that it seems.  And whats with the two Mercedes.... surely the finance company is all over them by now. Are the two of you still buds? Or are you sleeping in the car? By now some of your investors know that feeling too, though maybe not in a Mercedes.

So now that it's  just you and your new PNG pals left at the office, Kirk William Roberts and Bruno, it must be painful, scheming away and trying to figure out how you and Stinky Hicky can dud us again. By now you must also be wondering when Korda's going to change the locks? It's imminent but now that there's only 3 of you left, you really dont need all that space any way and besides the electricity bill must be a killer. Oh and by the way the press like us are curious to know what your PNG folks would want with the Chevron island building anyway. Are you having another go there, didnt work out to well last time. Well I'm sure the MORTGAGEE IN POSSESSION sale board is being prepared at this moment. 

Just remember the penaltities for trading insolvently are quite severe but you being a lawyer of 30 years experience you would know that. You wouldn't do that now, would you? Its ironic that you see yourself as creating a fiduciary practice in which you want to make a name for yourself, Guardian Fiduciary so you can privately prosecute white collar criminals. Are you kidding, criminals can't practice law unless it's jail house law, think about that Mcivor. The Authorities are hunting bear and you sport are in the cross hairs with your shorts around your ankles. It seems though, you are working on your insanity plea, and doing a good job of it so far. Its an upper cut sport and its about to be delivered by the " oldies " see you at the meeting......


----------



## No Trust (6 April 2012)

*Re: NAB SUING MARK MCIVOR*

*Gerry Collins of PKF Brisbane *is suing the *King and Queen of Mean *personally in one of the actions... 

Neither McIvor nor Racey Stacey shed a tear for the *innocent people they kicked out of their homes *and built their shabby empire on the bones and misery of the innocent... 

They were *forewarned of their demise * in a "*Macbeth like Manner*" long ago after acting in a *totally immoral manner towards certain innocent people*...

There is *no white light *shining above these two cretins... Leona Helmsley was an angel compared to these two...

*Bankruptcy* "*IS*" around the corner and *deservedly so*...





zencorp said:


> AND IT BEGINS!
> 
> McIvor is OVER. Bankruptcy to follow!
> 
> http://apps.courts.qld.gov.au/esearching/Results.aspx?Lastcompanyname=Mcivor&Givennames=Mark


----------



## M41 (6 April 2012)

Hi...new to forum.

Our family as estate recipients are involved in this mess. Could someone update me briefly ...is there any chance of any return at all? FIL was a victim to McIvors fast talking spiel.

This proposed class action...isn't it lawyers going after lawyers just wasting more money and then taking a percentage of what seems to be a minimal proposed return (if ever)

If the class action was successful ( are they ever really?) do they jump in front of the investors?

I have tried reading many of the posts...its difficult to discern fact from venting...which I understand now being involved. 

My sincere sympathy to those of you who lost your health and life over this debacle...it is a nasty situation indeed.


----------



## Mozzi (6 April 2012)

M41 said:


> Hi...new to forum.
> 
> Our family as estate recipients are involved in this mess. Could someone update me briefly ...is there any chance of any return at all? FIL was a victim to McIvors fast talking spiel.
> 
> ...





Fairly new too, and amateurs compared to most contributors on this who have been amazing at providing us with information we would not otherwise have.  

 However, our understanding is that Mr Whyte, court appointed receiver to the Fund is our best bet as he slowly sells up what is available to him.

The class action will not jump any queue as the action will be against the Directors personally and the Insurers!    Obviously, this will cost unit holders who join in at least 40% up to 50% of whatever a Court might award.   

Sadly, many of us will not be around by the time these multiple actions conclude!    However, If we all hang in there, some of us might just see the fast talking B....... get his just desserts!


----------



## No Trust (6 April 2012)

*The Miserable McIvor's*

Here we have the Miserable McIvor's in the midst of a personal financial MELTDOWN and the investors are meant to take their paid mercenary the administraitor seriously as he prepared to take elderly investors down like lambs to the slaughter... 

These are desperate people who will now do anything to try and save their arses including pushing a share scam / change of RE. 

The AdminisTraitor is very very quiet at the moment. Is the personal financial meltdown of his benefactor got something to do with his silence or are there other "MORE OMINOUS" factors in play at the moment...

Expect the attacks to come in fast and thick over the next week, The *QLD SUPREME COURT* will be a busy place...


----------



## No Trust (6 April 2012)

*Answer David Whyte*

Come on "All Barren" answer David Whyte's question about the change of the RE... 

Your so so quiet lately, what's up, it's not a difficult question to answer... Poor baby do you need some help with this one...

Watch what happens over the next few weeks you idiots, investors are not stupid and will never let McIvor rip them off again...


----------



## No Trust (7 April 2012)

*Bank's suing the McIvor's*

It looks like the banks are now enforcing their security and suing the miserable McIvor's under their personal guarantees. So they are not even masters of their personal domain. There must be a huge shortfall from the fire sale of assets...

Don't worry Marky and Stacey "King Con" has been warming the Bankruptcy Bench for you...   

Reap what you sow... Adios King and Queen of mean


----------



## No Trust (7 April 2012)

*NAB Court Action Against McIvor - back in Court on the 10th of April...*

2957/12 M.M. HOLDINGS PTY LTD & another -V- *MCIVOR* Supreme Originated in Currently in  Proceeding type  Date filed  Next listing  
Brisbane Brisbane Originating Application-Directions 29/03/2012 *10/04/2012 *

PartiesLast/Company name First name ACN Party role Representative 
M.M. HOLDINGS PTY LTD     Applicant *KING & WOOD MALLESONS *
MCIVOR MARK   Respondent   
NATIONAL AUSTRALIA BANK LIMITED     Applicant *KING & WOOD MALLESONS *
EventsDate Event type Diary Type Resource Result 
2/04/2012  Application Applications (Judge) Wilson J, MA Order 
5/04/2012  Application Applications (Judge) Wilson J, MA Adjourned After Commencement 
10/04/2012  Application Applications (Judge)     
10/04/2012  Application Applications (Judge)     
DocumentsDoc no Date filed Document type Document description Filed on behalf of Pages 
1 29/03/2012 Application (Originating)   Applicant  
4 2/04/2012 Affidavit OF R J TRUE EXH RJT1 Applicant  
5 3/04/2012 Affidavit G M MOLONEY + EXH 'GMM-1' Applicant  
6 3/04/2012 Application Directions Applicant  
7 2/04/2012 Affidavit OF G.M.MOLONEY & EXH GMM-1 Applicant  
8 2/04/2012 Draft Order JUSTICE M WILSON Registrar  
9 2/04/2012 Order JUSTICE M WILSON Registrar  
10 4/04/2012 Affidavit OF R.J.TRUE & EXH RJT-1 Applicant  
11 4/04/2012 Affidavit of Service (Other) OF A.J.ELS Applicant  
12 4/04/2012 Draft Order JUSTICE M WILSON 4/4/12 Applicant  
13 4/04/2012 Order JUSTICE M WILSON 4/4/12 Applicant  
14 4/04/2012 Application Directions Applicant  
15 5/04/2012 Affidavit OF R.J.TRUE RJT-3 Applicant  
16 5/04/2012 Affidavit OF M.MCIVOR & EXH MM1 Applicant


----------



## No Trust (7 April 2012)

*Where are the Lawyers Marky Boy*

It it clear from the above extract that the *legal onslaught *has begun... But where are poor Marky's lawyers   Is he so down and pathetic that he is now self defended and can't affford legal representation... *KARMA IS A BITCH*


----------



## No Trust (7 April 2012)

*Tick Tock*

It seems that the McIvor's are an "*endangered species*" with an Armageddon scenario now engulfing their lives... 

Something for both of them to reflect on :

*"THE SERMON ON THE MOUNT"*

    The *Golden Rule *(*Mt 7:12*)

*“Do unto others as you would have them do unto you.”*


Remember when "*innocent hard working people*" were kicked out of their home and their lives tormented *by the both of you*... Well now you both understand how the universe works...


----------



## No Trust (7 April 2012)

*NAB going for the Jugular*

NAB only filed the application on the *29th of March *and is straight to court on the *2nd of April*, back again on the *5th of April* and now again on the *10th of April*.

*WHAT IS GOING ON???*

Is this an application for *summary judgement *or something to do with the *preservation of ASSETS *???

*SERIOUS STUFF GOING ON IN THE BACKGROUND*


----------



## No Trust (7 April 2012)

*Administraitor's Deception*

Not to forget our *despicable friend *the Administraitor... 

Its like a teacher asking if the homework has been done... 

*HAVE YOU ANSWERED DAVID WHYTE'S QUESTION ABOUT THE CHANGE IN THE RE???*

*Nothing* on the Equititrust Website... What's wrong "All Barren", has the *personal Armageddon *engulfing of your sponsor messed things up? 

Are you still friends or have you too fallen victim to a fall out with Marky Boy? Don't feel special *he falls out with everyone*, ask his former board, friends and family...

An answer would be nice though... Are you proposing to help McIvor trouser *11.3M *to *15.3M *to the detriment of ordinary investors as *David Whyte has outlined *in his report??? Now we know that David Whyte's revelations have made you like a deer in the headlights but the *longer your silence lingers *the stench of this *rotten scam *just keeps getting worse...


----------



## M41 (7 April 2012)

Dear Mr NoTrust

As I stated before I am extremely new to this sort of terminology. I am aware that through circumstance what has happens has affected/ is affecting our family.

It would appears Mr McIvor cultivated a relationship with a relative and the said relative believed Mr McIvor was a mate. It now appears we are trying to wade through this debacle.

Could you sum up the position as it stands as you seem to have deeper understandings than us.

We believed the insolvency bloke was selling the company assets and we would get a diminished percentage of what was left.

Has Mr McIvor somehow managed another scam?


----------



## No Trust (7 April 2012)

*David Whyte BDO Australia - Report*

The scam I am referring to is detailed in *David Whyte's report below*. 

http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf

Investors would be mad to go for anything which changes the responsible entity. David Whyte is *ASIC* and *Court* appointed and has been doing an excellent job to date in exposing both McIvor and the Adminis*traitor*.

Let David Whyte do his mandated job and return whats left to the investors... Remember that the Adminis*traitor* was appointed by McIvor and despite his protestations of independence *has not *answered David Whytes question as to why he is backing a plan that could give McIvor a *$11.3M *to *$15.3M *windfall to the detriment of ordinary investors... They have *lost all credibility *now and unless an adequate answer is given the Administraitors will find themselves *in the cross hairs of ASIC*. 

Complaints about the Adminsitraitor's actions to date have already ben referred to *ASIC*... How on earth can "All Barren" make outlandish statements at the first meeting about changing the RE *without explaining the risk to ordinary investors*... David Whyte was *100%* right in slamming him about this in his report. 

The claim of *2.8M *in management fees is another matter which the Administraitor should be *ashamed of*. In front of the investors they put on one face and behind the scenes they are just doing *McIvor's dirty bidding *by asking for these waived fees to be paid. Again David Whyte exposes and outlines this in his report and asks both McIvor and  "All Barren" to respond... All David Whyte gets is silence from the other end... *Absolutely disgusting stuff*... 

But in case the Adminsitraitor thinks investors are all idiots I encourage all investors to *complain to ASIC *about the actions of the Adminstraitor to date... How hard is it to answer a question. *Pretty hard if you are hiding something*...

McIvor didn't release the financials in the dying days (*despite pressure from me on this thread*) because of the nightmare numbers so when his paid mercenary won't answer pertinent question to ASIC and the Court Appointed receiver then *you can only imagine what they were scheming*. 

I think that David Whyte has most likely made *ASIC* aware of the situation.


----------



## No Trust (7 April 2012)

*NAB going for the Jugular*

Is NAB applying for a *Mareva Injunction *to freeze the Miserable McIvor's Assets's... Something serious is going on thats for *SURE*... Its back to court on the 10th of April... So not a pleasant Easter Weekend at the "Miserable McIvor's"

A *travel ban *on both of them might be a good idea... Maybe ASIC is already working on that...


----------



## No Trust (7 April 2012)

*Lawyers*

Who is representing McIvor in the NAB action or is he *self represented*... Is he *such a liability *now that no one will represent him... 

Maybe legal aid will be the next option, they might be able to provide him a *poverty pack deal*... Oh how the mighty have fallen...


----------



## freebird54 (7 April 2012)

Having been involved with another of these as I understand it the action against PI Insurers cannot win because as soon as there is a sniff of a problem with ASIC they cancel the insurance and thus their defence is "Our insurance was not in place when all this came out"


----------



## No Trust (7 April 2012)

*Class Action*

The situation is a little different here in that the policy was in place whilst the directors malfeasance occurred. Piper Alderman have also taken advice on this matter otherwise they would not have secured funding for the action.

Investors have nothing to lose by participating in this class action as it does not cost them anything upfront. It will also not affect any return from the sale of assets by David Whyte. It will in effect enhance their return whilst not having to fund an expensive legal claim...


----------



## No Trust (7 April 2012)

*Come on "All Barren" where are you...*

Seriously we know hard it must be to try and* cook up* an answer to David Whyte's questions but the *silence and lack of a response *to the innocent elderly investors and David Whyte himself is now becoming a disconcerting and we are worried about your *welfare / state of mind*... Come on poor "*Deer in the headlights*" its ok just answer the question.  Why should there be a change in the RE and why should the management fee be paid when it was waived??? Why is something being pushed to the *detriment of ordinary elderly investors*???

The whole of Australia is watching a *floundering Administraitor *caught up in dirty scandal that *David Whyte from BDO *has exposed... 

Don't believe me, read David Whyte's report below and come to your own conclusion. What will the Administraitor say to this, that David Whyte is not telling it as it is... The report below has delivered a knockout blow in exposing what these guys have been up to behind the scenes whilst putting on a concerned front for investor's publicly...

Is this why *"All Abarren"* and his *cohorts* have been so silent... These idiots have well and truly been caught with their pants around their anckles...

Read Page *4* and *6*

http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf


----------



## M41 (8 April 2012)

*Re: Class Action*



No Trust said:


> The situation is a little different here in that the policy was in place whilst the directors malfeasance occurred. Piper Alderman have also taken advice on this matter otherwise they would not have secured funding for the action.
> 
> Investors have nothing to lose by participating in this class action as it does not cost them anything upfront. It will also not affect any return from the sale of assets by David Whyte. It will in effect enhance their return whilst not having to fund an expensive legal claim...





We have been contacted about the class action. 

Not sure how to proceed however. 

Solicitor has mentioned how difficult will be to get money out of them. We understand if they are successful that they will take a percentage of the winnings. 

What happens if Piper Alderman fail? Who pays them in that case? We are skeptical that they would altruistically fund this exercise themselves. Is there a clause in the class action where they can recover their costs from the investors should the proposed class action against the insurers fail to succeed? Or are they gambling on the fact they they believe they will be successful?


I suppose it is an extreme understatement to express how disappointed, annoyed and angry we are with the slimy and sneaky Mark McIvor and his cronies. How can people act this way and go about their lives?


----------



## No Trust (8 April 2012)

*Class Action*

If the class action fails investors do not have to pay a cent. Thats why the lawyers and the funder take a percentage, they are assuming all the risk... 

I would discuss the matter with Amanda Banton directly and she can explain it to you. She has been very helpful to investors in explaining how the action will proceed.


----------



## No Trust (8 April 2012)

*The forgotten Ones*

Remember these people McIvor / "All Barren" ??? Or are you just waiting for them to die so that they are no longer a nuisance to you...

Well you two "*idiots*" they will fight back *just as hard*. You want to scam them they will take you down in the same manner *by exposing your scam *for the *whole country to see*...

The crap that has been fed to investor's over the past year is mind boggling, just watch the video below where Kennedy has to disclose that proper valuations had not been done...

Now we have "Tricky Dicky Hickie" with a major conflict of interest attempting to scam investor's with the adminis*traitor*...

Don't think so guys, the days of greed are over... Leave the job to David Whyte. His performance has been exemplary to date, especially exposing the change of RE scam...

David Whyte has effectively *set them up *and then *set off a nuclear device *under their *despicable scam*...

http://media.smh.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html


----------



## No Trust (8 April 2012)

*Commercial of Lies*

Watch this and laugh / cry...


http://www.youtube.com/watch?v=c5ee0ptW_Gw


----------



## M41 (8 April 2012)

Mr NoTrust thank you so very much...this is the sort of info we have been seeking.

I have just spent the past few hours reading everything on this thread. Deeply appreciate you keeping the fight visible and up to date.




To McIvor (you do not deserve to be titled Mr) and Barren... shame , shame shame. As more information comes to light as to what you did to my beloved in-laws, the more I despise you. All this nastiness for material status...I hope your downfall is as humiliating as it can possibly be. I hope the devil gives you a nice shafting when your time comes to meet with him.


----------



## No Trust (8 April 2012)

M41 Its a pleasure, the thread is interesting reading front start to end. A lot of the credit also has to go to *Kostag* who started this thread and has been *relentless in his fight for the investors*... 

You can see the attacks we have weathered here in an attempt by McIvor to hide the truth. He has failed though and as you can see we have revealed a lot on this thread which the media has carried nationally. 


So when the Administraitor says that the anonymous posts on this thread carry no credibility *he is delusional*... Why doesn't he just *answer David Whyte's questions *as I have highlighted here on *innumerous occassions*... The fact is "All Barren" by *keeping his mouth shut *at the behest of McIvor, his sponsor, has *lost all credibility *and might lose a lot more if he does not fully inform the investors of the *ramifications of a change in the RE*... Its not me driving this transparency, its *David Whyte  *the *Court and ASIC appointed receiver *and I support his actions on this matter wholeheartedly...

David Whyte has cornered them and like rats and they don't know where to run for cover... They despise David Whyte as he has circumvented their scam via a "friendly" adminis*traitor*. They cannot in a *million years *claim independence when this kind of crap is *going on behind the scenes *which clearly shows full support for McIvor to the *detriment of ordinary investors*... 

This is text book case of being caught *red handed *and our thanks must go to David Whyte for exposing both McIvor and the Administraitor.






M41 said:


> Mr NoTrust thank you so very much...this is the sort of info we have been seeking.
> 
> I have just spent the past few hours reading everything on this thread. Deeply appreciate you keeping the fight visible and up to date.
> 
> ...


----------



## No Trust (8 April 2012)

*Tick Tock*

Less than *48* hours before McIvor's next court appearance before the *Supreme Court in Brisbane*... NAB are pulling out the big guns, this will be the *3rd* court date on this matter in a week and a half...  *WHAT IS GOING ON*???? Its looking *deadly serious *and very ominous indeed...

Have *NAB* discovered something??? Has Marky been a *naughty boy *


----------



## No Trust (8 April 2012)

*Gold Coast Bulletin Article*

There was an Article in the *Gold Coast Bulletin *where Nick Nichols *FINALLY* stepped up to the plate and interviewed *David Whyte *and exposed the scam that was about to be perpetrated by McIvor and the Adminis*traitor* regarding the RE...

It was not posted on the GC Bulletin Website, can someone cut it out, scan it and post it on this thread as it is an *extremely critical article *where the GC Bulletin has even exposed the scam...

Looks like Nick Nichols is even putting the boot into McIvor for trying on this scam. 

David Whyte's comments in the article *are damning*


----------



## kostag (8 April 2012)

*9% : Warranted (whatever that means)*

http://www.youtube.com/watch?v=P2m9RfGJ7xQ&feature=endscreen&NR=1


----------



## kostag (8 April 2012)

*LANDSOLVE: another genuis deal from the McIvor morons...*

Quinlivan was running this asset for McIvor.... real smart

http://www.youtube.com/watch?feature=endscreen&v=6MwQoCyGHwg&NR=1


----------



## ASICK (8 April 2012)

A trip down memory lane:
http://www.youtube.com/watch?v=c5ee0ptW_Gw&feature=related


----------



## No Trust (8 April 2012)

*Re: Gold Coast Bulletin Article*

*Has anybody been able to get a copy of the Article detailed below...*




No Trust said:


> There was an Article in the *Gold Coast Bulletin *where Nick Nichols *FINALLY* stepped up to the plate and interviewed *David Whyte *and exposed the scam that was about to be perpetrated by McIvor and the Adminis*traitor* regarding the RE...
> 
> It was not posted on the GC Bulletin Website, can someone cut it out, scan it and post it on this thread as it is an *extremely critical article *where the GC Bulletin has even exposed the scam...
> 
> ...


----------



## No Trust (8 April 2012)

*Re: 9% : Warranted (whatever that means)*

Nothing more than a litany of lies and deception.




kostag said:


> http://www.youtube.com/watch?v=P2m9RfGJ7xQ&feature=endscreen&NR=1


----------



## No Trust (8 April 2012)

*Financials Not Completed*

Where are the financials that McIvor promised ??? Another Lie that the Administraitor is aiding and abetting... A company that cannot produce financials must be liquidated... 

How* many times *have they been promised... Why is the Administraitor not providing complete audited financials to the end of *2011* let alone the half year to* 2012* ???

The figures were hidden because of the *nightmare numbers involved *and they are still trying to dodge the release of these accounts...


----------



## No Trust (8 April 2012)

*Re: Gold Coast Bulletin Article*

The article below in the *GOLD COAST BULLETIN* revealing their scam has been a further *massive blow *to McIvor and  the Adminis*traitor*. The upcoming meeting will be *hostile to say the least*... Lots of rotten fruit being thrown at the culprits of this scam be the order of the day... 

I have given Nick Nichols a *lot of flack *about the reporting of this disaster but it seems he has FINALLY seen the light and *supported the investors *in *exposing this scam*. His interview with David Whyte is *essential reading*... Don't think Marky boy and "All Barren" will be happy with this little interview...

David Whyte has *well and truly thumped them *again and deservedly so...



No Trust said:


> There was an Article in the *Gold Coast Bulletin *where Nick Nichols *FINALLY* stepped up to the plate and interviewed *David Whyte *and exposed the scam that was about to be perpetrated by McIvor and the Adminis*traitor* regarding the RE...
> 
> It was not posted on the GC Bulletin Website, can someone cut it out, scan it and post it on this thread as it is an *extremely critical article *where the GC Bulletin has even exposed the scam...
> 
> ...


----------



## ASICK (8 April 2012)

*Trilogy*

Just like the PFMF under Trilogy's management:
http://www.moneymagik.com/loss_PFMF.jpg

And we haven't received a copy of the financials either:
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_139_477&juris=9&hdtext=ARSN&srchsrc=1
(lodged with ASIC on 15 March 2012 but "not available")

Same goes for Trilogy's Healthcare REIT fund (down to $0.18 as at 30 June 2011):
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=127_026_251&juris=9&hdtext=ARSN&srchsrc=1

The losses keep on coming.


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## No Trust (8 April 2012)

*McIvor's Father in the Firing Line Now*

NAB is *really going for the jugular * and has filed Court Proceedings for the *Recovery Of Possession Of Property *in the Supreme court...

How embarrassing, was daddy holding property for Marky on a dodgy basis??? 

Catching them all *one by one *it seems  and about time... Like a Shakespearean tragedy or comedy...

http://apps.courts.qld.gov.au/esear...?Location=BRISB&Court=DISTR&Filenumber=951/12


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## No Trust (8 April 2012)

*Mummy in Trouble Too*

McIvor's Mother *is also in the firing line *and has lodged an application for an injunction trying to stop Westpac taking her home... (_Well we all know Mcivor is behind this not his mother_)

Boy oh boy the banks it seems have had enough of the miserable McIvor's and are about to sink their teeth into the jugular for good. All the relatives fed off the blood and sweat of innocent investor's and didn't give a damn *where the money came from*, they just led lives of luxury while fronting for McIvor... Couldn't happen to a nicer bunch...

Adios McIvor's time to get *kicked out of your homes *which retiree investor's paid for...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=1676/12


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## No Trust (8 April 2012)

*Wow More McIvor's in Trouble*

Bank of QLD has also filed a *Claim-Recovery Of Possession Of Property* against *MCIVOR DORMERICK ADRIAN *, who is this guy??? Another front man ?

Bank of QLD it seems has also had enough and is *going in for the kill*...

http://apps.courts.qld.gov.au/esear...?Location=BRISB&Court=DISTR&Filenumber=680/12


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## No Trust (8 April 2012)

*Any Pets*

Do the McIvor's own any pets, they maybe *holding some property assets *as well... 

This is now not a Personal Financial meltdown for McIvor it is "*Financial Armageddon*" 

The banks have launched an onslaught that is analogous to the "*Blitz*" on the McIvor's and will take this all the way to Bankruptcy...

*Dirty Deals and They're Done Dirt Cheap*...


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## No Trust (8 April 2012)

*You Ain't Seen Nothing Yet*

If these idiots think the *bank onslaught is horrendous*, it is nothing compared to the onslaught that *will now be launched by investor's *on the Change of RE Scam and it perpetrators McIvor, Dickie Hickie and their mercenary the Adminis*traitor*.

The *Gold Coast Bulletin Article *is just the catalyst of *much much more to come*, Local and Federal MP's have been lobbied to look into this scam. The *National Media *have also been primed to pounce the moment this "*filthy dirty scam*" is pushed on the weak and innocent retiree's who are on their knee's already...

You idiots are now well and truly in the *cross hairs *and I really hope you Punks try it on... Go Ahead, make my day... It will be an absolute pleasure to expose you even more *if that's the kind of punishment you want*. 

There is a solution to this and one is *extremely painful *and the other pleasurable... But knowing the delusion that is driving this *madness and trickery *it looks like pain is what you will get when you go for the final attack on the elderly...

See you at the meeting, that's if it is even held...


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## No Trust (9 April 2012)

*Delusional Idiot*

Remember when the delusional idiot posted this on the website on the *22nd of December 2011*. He forgot to mention he was going to appoint a "*friendly*" Adminis*Traitor* and try and shaft innocent elderly investors to the tune of *$15.3M*. 

*David Whyte*
He didn't count on having a formidable "*honest*" receiver like *David Whyte *to contend with did he? Both McIvor and "All Barren" have been *well and truly exposed* by David Whyte... How they can show their faces at the meeting is beyond comprehension...  The question now is, will the meeting *be held at all *considering whats going on behind the scenes with *McIvor's personal financial meltdown*... With all this going on how can the administraitors get instructions from their benefactor McIvor... 

The silence coming from the Administraitor since David Whyte exposed them and put them on the spot is remarkable... If there is no scam, *yell it out from the roof tops *and *declare your innocence*... If there is a scam and they have been caught out, the best course of action from their point of view is to remain silent... DELUSIONAL... They are deer's frozen in the headlights...

We will not let you go, if it takes a *24/7* effort to expose this scam to the whole country, you will *NEVER *get away with it in this lifetime...

http://www.equititrustincomefund.com.au/Pdfs/2011 Year End Investor Message.pdf


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## M41 (9 April 2012)

Do you know which date? I had a look through Fri and Sat and could not find it.


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## No Trust (9 April 2012)

*Gold Coast Bulletin Article*

It may have been in the GC Bulletin on Thursday...


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## kostag (9 April 2012)

*HALL CHADWICK are not doing nothing*

all have gone silent because they know that to say anything now  will bring attention..,. their only hope is to slip one past, then claim legitimacy of numbers (google   albarran and hellier capital for some insight)  they are all quitely working behind the scenes to shore up numbers....Hickey is frantically trying to get the NSX to re-list the failed ship ..........BUT these guys might just get there and get their big McIvor bonus.....

dont rule these guys out

if they get up on the day - a whole new series of attacks including media, Current Affair, Today Tonight and the Barry boys will start....   this is a long long way from over yet

and wait till the Borrowers who were promised much and short chnaged, start their legal actions -  dont rule out Lazar, King Con and the Meridien boys... whom from what I hear are well down the track....  Quinlivan has much to tell about fees and payments, dont you worry -  ASIC will have a field day 

and to rule out David Tucker would also be a big mistake..... he for one knows where all the skeletons are .... big mistake to shaft him!!! 

so many enemies and so little time......





No Trust said:


> Remember when the delusional idiot posted this on the website on the *22nd of December 2011*. He forgot to mention he was going to appoint a "*friendly*" Adminis*Traitor* and try and shaft innocent elderly investors to the tune of *$15.3M*.
> 
> *David Whyte*
> He didn't count on having a formidable "*honest*" receiver like *David Whyte *to contend with did he? Both McIvor and "All Barren" have been *well and truly exposed* by David Whyte... How they can show their faces at the meeting is beyond comprehension...  The question now is, will the meeting *be held at all *considering whats going on behind the scenes with *McIvor's personal financial meltdown*... With all this going on how can the administraitors get instructions from their benefactor McIvor...
> ...


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## kostag (9 April 2012)

*SUBORDINATED INVESTMENT -  rabbit in the hat? nothing up my sleeve? ha!!!*

everytime he opended his mouth he kept making the same old tired promise.....  come on ASIC, hold him to account!!!!!


http://www.goldcoast.com.au/article/2009/02/05/45965_gold-coast-business.html


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## word75 (9 April 2012)

*Re: HALL CHADWICK are not doing nothing*



kostag said:


> all have gone silent because they know that to say anything now  will bring attention..,. their only hope is to slip one past, then claim legitimacy of numbers (google   albarran and hellier capital for some insight)  they are all quitely working behind the scenes to shore up numbers....Hickey is frantically trying to get the NSX to re-list the failed ship ..........BUT these guys might just get there and get their big McIvor bonus.....
> 
> dont rule these guys out
> 
> ...







Tricky are you still having trouble raising the $500k needed to re list VAXNow chicken man has pulled the pin?  By now Christian Bros must be reconsidering their $100k investment in this rotten little venture of yours as the press seek answers from them too. 

Why would they want to be seen to be involved in another Mcivor led conspiracy to rob the remaining life savings of "Old People" 

You may have overlooked your own issues in this little scheme, it's one thing to be a director of Equititrust and let's face it a conflict of interest and bad timing, but you have been paid by Mcivor's entities to create this scheme with funds that will no doubt be traced back to Equititrust. What will this mean for your new venture? Well the tainted money trail leads the receivers and authorities straight to your door. It also means that anything business or related assets that derive from those funds are the ultimate assets of the receivers of Equititrust and by that virtue could flow to the unit holders. 

I'm sure the receivers are doing a tracing as we would expect. 

Can somebody please explain to us how Mcivor or his many related entities's interest in any units subordinated or otherwise  can be voted on by him or his cronies. I ask this because a interlocatary injunctions benefiting the secured mortgagees would under an all debts clause freeze such assets. An order would seek to preserve all assets, such that they can not be dealt with disposed of or in anyway transferred you get the gist. 

Now if in fact the many banks and receivers have sought such orders or have been granted such orders then I would think he has difficulty pressing his claims on Friday. He will also be restrained from using his numbers at the next meeting when ever that is, to bulldoze through his grubby scheme. Surely Hall Chadwick would also be hard pressed to vote his subordinated units in this case. 

Maybe more will be revealed by HALL CHADWICK when they finally put pen to paper, let's face it these are quite pertinent questions I would think.


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## ASICK (9 April 2012)

If Whyte is appointed (as receiver) to realize the assets of the fund, then I'd guess  the fund is being wound up.  In which case the subordinated investment (Capital Warranty Investment) ranks after investors in any event.

If it is the case that the fund is being wound up, a change in management (if any) would seemingly have no impact on the order of payout:-
1. Creditors
2. Investors
3. Subordinated Investment Investor
4. All Investors

PDS (now withdrawn):
http://equititrust.com.au/Pdfs/EIF_Pds_200902.pdf

"12.12 Winding up
In the winding up of the Fund the realisation of the assets of the Fund will be applied in the following priority:
(a) must apply the assets of the Fund, or the proceeds of their realisation, to pay any liabilities (excluding liabilities to investors); then
(b) pay to investors (excluding the Capital Warranty Investment investor) the sum equivalent to their issue price for their units;
(c) pay to the Capital Warranty Investment investor the sum equivalent to their issue price for their Capital Warranty Investment units; and thereafter
(d) distribute the remaining assets or the net proceeds to all investors in proportion to the number of interests of which they are the registered holder on the date of termination of the Fund."


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## No Trust (9 April 2012)

*Silence Chirp Chirp*

"All Barren",Mcivor and Tricky Dickie have been caught out and they *don't know what to do*... They know now that even the *Gold Coast Bulletin *hates their guts... Full credit to Nick Nicholls for exposing the scam by interviewing David Whyte...


McIvor has to make a reappearance in court on the *10*th of April, the banks are keeping him busy thats for sure...


The silence from "All Barren" though is now comedic...


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## No Trust (10 April 2012)

*McIvor Fronts Court Today*

Another day another court appearance for McIvor... This one though is to front NAB and could be a precursor of things to come... A very ominous day indeed. NAB's court action seems very serious. This is the 3rd time before the court since the 2nd of of April... 
Could the end be nigh for the delusional one or will he tell the court he will come up with the money once he converts his subordinated units via his good buddy the administraitor


----------



## No Trust (10 April 2012)

*NAB Court Action Against McIvor - back in Court on the 10th of April...*

Will NAB deliver the "*Knock out Blow*" today and start the domino's falling all the way to *McIvor's Bankruptcy*... 

This is one *serious* court action...


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## Mozzi (10 April 2012)

*Re: Silence Chirp Chirp*



No Trust said:


> "All Barren",Mcivor and Tricky Dickie have been caught out and they *don't know what to do*... They know now that even the *Gold Coast Bulletin *hates their guts... Full credit to Nick Nicholls for exposing the scam by interviewing David Whyte...
> 
> 
> McIvor has to make a reappearance in court on the *10*th of April, the banks are keeping him busy thats for sure...
> ...



]



Quite a clever tactic, don't you think?   Don't let anyone know the date and venue until the last minute, and don't supply the report to the unit holders until it is almost too late to seek any advice on same!

Bet the meeting is on the 20th (unless he applies to the Court again for another stay), and the report won't get to us until next week!

IS THIS FAIR OR ETHICAL ASIC?????????

IS ANYONE LISTENING????????


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## kostag (10 April 2012)

*Re: Silence Chirp Chirp REPUTATIONS ARE ALL WOEFUL*

just *google* any of these characters.....   hard to find one who is not in some sort of insolvency or financial disaster..... and they all wnat control of the managment of our money!!!!

ASIC, leave this with David Whyte and let him get on with the job!!!!




Mozzi said:


> ]
> 
> 
> 
> ...


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## ASICK (10 April 2012)

Would someone post the Explanatory Memorandum and Notice of Meeting relating to  this hyped meeting?

No meeting can be held unless it complies with the Corporations Act.

If, among other things, you're not given adequate notice of the time and place of the meeting, then there will simply be no compliant meeting of members.  If you haven't had notice, there is no way in Hades that a meeting is able to be held this month.

Thanks.


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## No Trust (10 April 2012)

*Meeting*

That's if a meeting is to be held at all... What's going on in the background, why the silence, has McIvor made the Administraitor's appointment untenable or have they just been caught red handed by David Whyte. ASIC may be a toothless tiger but in this case they have a vested interest in having apointed David Whyte. The stupid idiotic antics being pulled by "All Barren" and McIvor is seen to be undermining the actions to date by ASIC and David Whyte let alone the unessecary extra expense. This is McIvor's scorched earth policy at the expense of innocent elderly investors. To him he doesnt give a damn as long he has his last stand before he goes under and under is where he will go possibly sooner than we think if NAB and Westpac have their way in court. 

Come on idiots respond to David Whyte or call the meeting off and resign as administraitor before ASIC FORCES YOU TO...


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## Mozzi (10 April 2012)

ASICK said:


> Would someone post the Explanatory Memorandum and Notice of Meeting relating to  this hyped meeting?
> 
> No meeting can be held unless it complies with the Corporations Act.
> 
> ...







Refer Asic Information sheet 74 - Voluntary Administration.   Guide for Creditors ......

".........At least 5 business days notice is required..........."

However, read on to .....the Administrator must act FAIRLY AND IMPARTIALLY...... bit!!

As soon as we have it, we'll let you know, but have already said in previous post what the time frame is likely to be!  

 The shorter notice time will be to ensure that the least number of unit holders are in a position to turn up!  

 Is this the acting FAIRLY part???


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## No Trust (11 April 2012)

*Dodgy Dealings*

The Aministraitor has not acted fairly at all... Their actions to date have not been transparent and equitable towards the innocent elderly investors.. The claims for the waived management fee and change in RE have been nothing more than a front for McIvor. David Whyte see's it and even the cyclops Nik Nicholls  from the Gold Coast Bulletin now sees it. Blind Freddy sees it... THATS WHY THEY HAVE BEEN SO SILENT they have no answer to give David Whyte...


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## ASICK (11 April 2012)

Mozzi said:


> Refer Asic Information sheet 74 - Voluntary Administration.   Guide for Creditors ......
> 
> ".........At least 5 business days notice is required..........."
> 
> ...




http://www.ey.com/Publication/vwLUAssets/ASIC_info_sheet_74_Voluntary_administration_guide_for_creditors/$FILE/ASIC%20info%20sheet%2074%20Voluntary%20administration%20guide%20for%20creditors.pdf

I can't see where this relates to a change of RE, a matter which seems to me to fall within the confines of the Corporations Act.    However, I'm sure I'll be illuminated in the fulness of time by the turn of events.


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## No Trust (11 April 2012)

*NAB COURT ACTION*

What happened at the Supreme Court yesterday? Did the NAB rip Marky boy a new one ?  See what happens to miserable souless bullies... They get what they deserve... Not so big and powerful now are we ???? You never were, you were just a delusion in your own mind...


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## ASICK (11 April 2012)

I wonder where this elusive GC Bulletin article is?  I'd really like to see it.  Anyone got an excerpt?

Come on "No Trust", not like you to be so quiet!


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## No Trust (11 April 2012)

*GC BULLETIN ARTICLE*

I had the article read to me over the phone, unfortunately the people did not have a scanner to send it by email. It was in the paper either Thurs or Friday last week and it was damning... Considering Nick Nicholls wrote it and interviewed David Whyte...


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## M41 (11 April 2012)

Have found article on Newstext download but cannot copy and publish due to copyright. Have contacted author asking for copy and his permission to publish.


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## ASICK (11 April 2012)

"Fair dealing and other exceptions

The main exceptions to copyright infringement in Australia come under the general heading fair dealing. Fair dealing is comparable to the United States' fair use, is a use of a work specifically recognised as not being a copyright violation. However, unlike fair use, in order to be a fair dealing under Australian law a use must fall within one of range of specific purposes. These purposes vary by type of work, but the possibilities are:
 review or criticism
 research or study
 news-reporting
 judicial proceedings or professional legal advice
 parody or satire (added by the Copyright Amendment Act 2006)

In order for a certain use to be a fair dealing, it must fall within one of these purposes and must also be 'fair'. What is fair will depend on all the circumstances, including the nature of the work, the nature of the use and the effect of the use on any commercial market for the work.

Fair dealing is not the same as fair use, a term which is generally used in relation to the US's open ended exception, which allows any use (regardless of purpose) as long as it is 'fair'. This has, for example, been interpreted by US courts to allow for reasonable personal use of works, e.g. media-shifting, which would not necessarily be permitted under Australia's fair dealing laws. Australian copyright law does, however, have a number of additional specific exceptions which permit uses which may fall outside of both fair dealing and fair use. For example, a number of exceptions exist which permit specific uses of computer software.

In late 2006, Australia added several 'private copying' exceptions. It is no longer an infringement of copyright to record a broadcast to watch or listen at a more convenient time (s 111), or to make a copy of a sound recording for private and domestic use (e.g., copy onto an iPod) (s 109A), or make a copy of a literary work, magazine, or newspaper article for private use (43C).

Australia also has:
 a special division of exceptions applying to computer programs (for interoperability, security testing, normal use);
 a special division of exceptions applying to artworks in public places (to allow photography, incidental filming etc.);
 statutory (i.e. compulsory) licenses that allow use by schools, universities, and others on payment of a license fee set either by agreement or by the Copyright Tribunal (see below).

Because Australian copyright law recognises temporary copies stored in computer memory as 'reproductions' falling within the copyright owner's exclusive rights, there are also various exceptions for temporary copies made in the ordinary course of use or communication of digital copies of works."

An excerpt from good 'ol Wiki:
http://en.wikipedia.org/wiki/Copyright_law_of_Australia#Fair_dealing_and_other_exceptions


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## No Trust (12 April 2012)

*Re: GC BULLETIN ARTICLE*

Image still not sent unfortunately...




megladon said:


> GC bulletin/UsersScreen Shot 2012-04-11 at 6.59.27 PM.png/Users/gregheighes/Desktop/IMG.jpg


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## M41 (12 April 2012)

So does that mean I can make a copy of my copy I purchased and post it here?


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## ASICK (12 April 2012)

I most certainly can't give advice.  I'd copy and post it for discussion.  Different of course if you went ahead and copied a whole page.  If the document is linkable, then a small excerpt and a link would be appropriate.  Of course, the appropriate acknowledgements must be made (document title, author, source, date).

One article out of a whole paper is in itself a small but necessary minimium size excerpt (in my view).


----------



## M41 (12 April 2012)

ASICK said:


> I most certainly can't give advice.  I'd copy and post it for discussion.  Different of course if you went ahead and copied a whole page.  If the document is linkable, then a small excerpt and a link would be appropriate.  Of course, the appropriate acknowledgements must be made (document title, author, source, date).
> 
> One article out of a whole paper is in itself a small excerpt (in my view).





I had to purchase credits of Newstext, download and then have a copy sent to me. There is a disclaimer stating it cannot be copied and posted to an internet site. I have emailed Mr Nicholls  and have asked him to send me a copy that could be posted. Cannot post the link as it is a purchase article. I have read the terms of fair use and cannot determine whether posting would constitute a breach or whether I would be safe. So when in doubt - don't!

It is a well written article - outlining quite clearly what the intentions were. David Whyte sounded positive on the sale of assets.


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## ASICK (12 April 2012)

Everything is copyrighted, and then  there is the law.   

Clearly the purpose of the copying is important.  If it was merely to display on a website without comment, then the purpose would not protect the copier.  

However, I take the view that if the copy was for the purpose of discussing the article, then the copying is protected.  While I maintain that I would copy the article, it is for you to decide for yourself what you must do.

I can't see there is any copyright existing in  the words spoken by Mr. Whyte and as such I (personally) would have no difficulty in copying them.  

Last resort would always be paraphrasing.

In the end, who among us (other than those on the coast) would have even bought the paper?  For the most part (for those not in your fund), the news is passe in any event.


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## No Trust (12 April 2012)

*Who will pounce*

The action is about to hot up this week... Some interesting developments underway with the authorities...


----------



## M41 (12 April 2012)

Reprinted with kind permission of Gold Coast Bulletin. Article credited to them and Nick Nichols



Gold Coast Bulletin
 Edition B - MainSAT 07 APR 2012, Page 111 
$15.3m loss fears 
in Equititrust plan 
By NICK NICHOLS nicholsn@goldcoast.com.au 


THE receiver to Equititrust's mortgage funds has questioned the merit of a mooted plan to replace the responsible entity of the funds, Mark McIvor's stricken company Equititrust Ltd.
David Whyte, who was appointed by the Supreme Court in November to oversee the liquidation of the assets, has warned any change could lead to a loss of up to $15.3 million to existing ordinary unitholders of the frozen funds.
The loss would be triggered by the conversion of 40 million subordinated units owned by Equititrust Ltd into ordinary units once a new responsible entity was appointed.
They would rank equally with other units and dilute existing unitholder funds by between $11.3 million and $15.3 million, Mr Whyte said.
Mr Whyte told the Bulletin he was not aware of any plans to replace the responsible entity but he said Equititrust Ltd's voluntary administrator Richard Albarran, of Hall Chadwick, had suggested in February this should occur.
One concerned investor who contacted the Bulletin said he was aware of one proposal for a new responsible entity to step into Equititrust Ltd's shoes which would include a planned capital reconstruction for the funds.
The investor said the plan included a possible listing on the National Stock Exchange, as flagged by Mr McIvor late last year.
The investor, who declined to be named, said it was ``pointless'' replacing the responsible entity at a time when a receiver was in charge of winding down the funds.
Equititrust Ltd has lodged an appeal against Mr Whyte's appointment but that appeal has not progressed.
``I will continue to wind up the funds pursuant to the court order until I am told otherwise,'' Mr Whyte told the Bulletin. Meanwhile, Mr Whyte has given investors hope of receiving another capital repayment in the second half of this year after a solid run of sales achieved since his appointment.
The BDO partner said he was on track to put to bed more than $14 million in asset sales.
In his latest report to unitholders, Mr Whyte said he had finalised $3.1 million in sales, had five contracts worth $4.1 million yet to settle and was waiting on another four contracts totalling $6.7 million to be executed.
While some contracts were unconditional with 30-day settlements, some would not settle until the end of this year.
But Mr Whyte said he was hopeful of issuing an interim distribution to unitholders some time in the second half of this year.
Mr Whyte said investors should also benefit from nine legal actions currently in train against defaulting borrowers with one judgment handed down in early March totalling more than $400,000.


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## ASICK (12 April 2012)

It's always the big dream of bringing the fund back to life, but the reality seems to be very different from the dream:

http://www.moneymagik.com/loss_PFMF.jpg

Take the time to draw a graph of your fund's performance and post it on line.

Nothing hits home like the facts.


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## Olman (12 April 2012)

M41 said:


> Reprinted with kind permission of Gold Coast Bulletin. Article credited to them and Nick Nichols
> 
> 
> 
> ...




well done, M41.


----------



## kostag (12 April 2012)

Good work M41 -  David Whyte is right onto this.

The emails and Minutes uplifted onto this website show 100% that the scheme  to rpelace the RE was (is still?) on and that Hall Chadwick, McIvor and the Board (Hickie) were neck deep in it.....

Nick Nicholls is part of the way there -  he should interview Ian Craig at the NSX, David Hickie and Niall Cohburn of ASIC  -  and get some more in depth stuff......





Olman said:


> well done, M41.


----------



## No Trust (12 April 2012)

*Great Work M 41*

Great Work M 41... The only problem now is McIvor will be pissed off at Nick Nicholls 

Nick better watch himself now as the delusional one will consider him a sworn enemy

In any event the article is *real* and *damning* of the scam that "All Barren" and McIvor are trying to perpetrate...


----------



## No Trust (12 April 2012)

*Silence Chirp Chirp*

The silence from the Adminis*traitor* is now deadly...  The "*Gold Coast Bulletin Article*" has exposed their scam *even more*... The publishing of the article on this website will cause *more exposure nationally*... 

Will the meeting *even be held *or will they go down *burning in flames *at the behest of their sponsor McIvor... Whichever way, if a meeting is held it will be *hostile in the extreme *after this scam was exposed by David Whyte and Kostag on this thread.

*Full credit *has to go to *Kostag* for publishing the emails and minutes of their dirty little scam to rip off the weak and elderly...

David Whyte's efforts to date have been exemplary and he can be seen as a true ally of the investor's ripped off by McIvor.


----------



## kostag (12 April 2012)

*Re: Silence Chirp Chirp   WE MIGHT JUST HEAD THESE COWBOYS OFF AT THE PASS!!!!*

if DAVID WHYTE AND THE WHITE HATS continue doing their job -  these bandits will be pulled up.

I can assure you that two INVESTIGATIVE JOURNALISTS have been interviewing parties and are building material - you can only imagine from this web site the sort of material they have - family members, former girlfriends, business partners, lenders, staff, exec. staff, Borrowers, professional advisers, potential partners, neighbours, tenants, investors.....  hell, they can make a mini series out of this one!  

I think a move from Cronin Island to north north west Qlsd might be the order of the day. 

if this change  of RE scam comes off -  there will be media hell to pay!

VANTAGE may as well save paying their re-listing fees -  it will be a pariah like WELLINGTON PIF etc .....



No Trust said:


> The silence from the Adminis*traitor* is now deadly...  The "*Gold Coast Bulletin Article*" has exposed their scam *even more*... The publishing of the article on this website will cause *more exposure nationally*...
> 
> Will the meeting *even be held *or will they go down *burning in flames *at the behest of their sponsor McIvor... Whichever way, if a meeting is held it will be *hostile in the extreme *after this scam was exposed by David Whyte and Kostag on this thread.
> 
> ...


----------



## No Trust (12 April 2012)

*Journalists*

It is a fact that Investigative Journalists are on this at the moment as it is a *massive loss *and the *machinations about the change in RE *have raised more than a few eyebrows...


----------



## word75 (12 April 2012)

*Re: Silence Chirp Chirp   WE MIGHT JUST HEAD THESE COWBOYS OFF AT THE PASS!!!!*



kostag said:


> if DAVID WHYTE AND THE WHITE HATS continue doing their job -  these bandits will be pulled up.
> 
> I can assure you that two INVESTIGATIVE JOURNALISTS have been interviewing parties and are building material - you can only imagine from this web site the sort of material they have - family members, former girlfriends, business partners, lenders, staff, exec. staff, Borrowers, professional advisers, potential partners, neighbours, tenants, investors.....  hell, they can make a mini series out of this one!
> 
> ...




How much money has been squandered by these egomaniacal sociopath's....well we are about to find out and very soon. Creditors meeting tomorrow should be revealing but not as revealing as the continuing INVESTIGATIONS into club Mcivor. Seems Narky Marky has been tossed from the Equititrust Bunker,, umm can't pay the bills. EMBARRASSING but he is still scheming in the back ground. Now Korda's entertaining offers on the building.... Has anyone seen an auction board go up?? No .... now is that weird, must be the old get a "PNG mate to buy the mortgage" and presto Equitinotrust is back but this time with Mr Persona non gratis the right royal, aways attractive in a halloween mask kind of way, the King of **** FIGHTING  and the self appointed official speaker of the PNG people ..... Give it up forrrrr....KIRK WILLIAM ROBERTS......Now word is that KIRK has taken over Narky's business..... even scheming to punt tricky Hickie to the kerb. 

Now honestly how can Hall Chadwick seriously entertain supporting this tragic effigy of Queensland Inc. these clowns are eating each other just imagine what they will do with fresh meat......us!! Well they should all start planning for a dose of indigestion. Im told the unit holders meeting should be in approx 21 days plus 5  so watch out for the Tsunami of Grey Voters. The warning has been posted. 

Marky...is there any one you haven't pissed off? The court dockets are filled with your matters. Bank after bank all lined up, and then there's the family. Seems every one of them including the in laws have their bags packed just waiting for the sheriff's knock on the door. Well have you asked yourself how many of your family... the unit holders you have done this to? Interesting that your even in court fighting  over the furniture. Must be some furniture if you needed a Silk to represent you. 

Wake up sport, no one likes you, you are quite possibly the most despised person in QLD right up there with.... no your at the top, and you are keeping good company. You deserve another go........... Kidding. 
Your like that dreaded cockroach the one that's on it's back with most of its legs missing, still spinning on the spot spreading germs. Well ASIC, the FED'S, BDO, Ferriers, Korda's Westpac, BOSI, BOQ, NAB, COM BANK, your estranged family members, ex directors,  employees, and the unit holders are all packing BAYGON buster!!!! The end is nigh.


----------



## No Trust (13 April 2012)

*Organic Method*

Baygon, Mortein they are all effeective cockroach killers, however the old stomp of the foot that will be felt at the *unit holders meeting *will be the most organic method of crushing this *despicable cockroach*...


----------



## No Trust (13 April 2012)

*Furniture*

Fighting over the furniture???    What next from this idiot...

The Adminsitraitor *must be insane *if they are even thinking of *pushing this madness *on the innocent retiree investors. If they try they will also fall prey to the on your back like a cockroach spreading germs comparison...

Have no fear enough BAYGON for all...


----------



## No Trust (13 April 2012)

*BAYGON*

Word 75 may have come up with a *symbol of protest *for the long suffering retiree investors... 

Maybe the investors should each bring a can to the meeting to get the message across to McIvor and the Administraitor...


----------



## No Trust (13 April 2012)




----------



## No Trust (13 April 2012)

*Good Riddance Equititrust*


----------



## No Trust (13 April 2012)

*Its over*

*BAYGON EQUITITRUST​*


----------



## No Trust (13 April 2012)

*BAYGON THE CHANGE IN THE RE​*


----------



## word75 (13 April 2012)

No Trust said:


>





HALL CHADWICK would want to consider their options here closely. The Liar Advantage option as proposed is being tabled as an IM that is as an Information Memorandum prepared by Tricky and Ross. This document is nothing more than Snake Oil pretending to be Perfume. There is no substance to any of the components mearly window dressing so to satisfy the NSX requirements for re quoting and to lull everyone into the false belief that these Kings of Con can somehow turn the Titanic around. To impress you much will be made of the individual elements such as their ability to manage capital ... money, and Assets.... Property,,,,,, OH PLEASE, they cant pay their own bills now and they think we are going to give them our PIGGY BANK. Not on ASICS watch. 

No scrutiny or due dilegence will be given as to the veracity of their claims, there won't be independent valuations of the assets or the proposed shares and by the time we see the proposal many of the PARTS will have fallen through the gaping holes in ths tub such as Titanium which is rumoured to be pulling out and going in another direction. 

So why change the RE one asks? Well Narky Mark gets his hands on $12-15mil of OUR money with the conversion of his subordinated units and that's on top of the $4.4mil approx for his regular home grown units that we all have. Oh and he gets us by Stealth,,,,seems a winner to me, though not for us. 

This Den of Disaster is about to trott out some names as the Face of Reason and one have  genuine propriety but that is just the same as putting plump strawberries on the top of the punnet filled with rotten fruit. Don't be fooled...again. This is still a corpse and mascara won't bring it back to life.

So why are Hall Chadwick doing his, I can think of 2.8 million reasons. 

With all the David's featuring in this theatrical tragedy it was interesting to see David Kennedy get up in court and rub your nose in it. Must have been painful for you in your last days at Chevron staring out of your office and watching the development site opposite slide out from under your hands. Seems he played you well, just imagine what he must be doing now with impunity and the score card reading TKO. 

Any way shonks, bring it on, the GREY ARMY have stacked up on Baygon and there's plenty to go round. 

By the way, the BDO management have handled us properly and part return of funds are likely in the short term, that's good news, sad that your 10million units see's you back in funds. Let's hope the many receivers and liquidators sitting over you get to grab those funds... Now that would be comforting.


----------



## Mozzi (13 April 2012)

No Trust said:


> *BAYGON THE CHANGE IN THE RE​*




What have we missed?   What meeting today?!


----------



## No Trust (13 April 2012)

*Meeting ???*

What meeting ???


----------



## Mozzi (13 April 2012)

*Re: Meeting ???*



No Trust said:


> What meeting ???




Word 75 mentioned a "creditors meeting tomorrow............"   last night!   That would refer to TODAY!!!???


----------



## ASICK (13 April 2012)

*PFMF - A LESSON FOR ALL*

For the attention  of  investors in the PFMF (and any other interested party), please find excerpts of the mid-term 2012 return at: http://www.moneymagik.com/

ASIC only released the document for purchase yesterday (29 days after lodgement), and Trilogy has not released same (as at the time of writing this message).

There's a hell of lot of accrued interest written off - a recently purchased unit on the Gold Coast lost TWENTY FIVE PERCENT in the six month period to 31 December 2011.  

Trilogy's purchase of the (about) $500k unit transformed what was once a $1b fund into a "GROUP" - not a joke, it's for real.

The fund lost $68.8m in SIX MONTHS!!!!!

http://www.moneymagik.com/loss_PFMF.jpg


----------



## word75 (13 April 2012)

*Re: Meeting ???*



Mozzi said:


> Word 75 mentioned a "creditors meeting tomorrow............"   last night!   That would refer to TODAY!!!???




Led to believe a creditors meeting!!! Maybe a ring a round to the receivers and BDO COULD SHED MORE LIGHT..


----------



## mandl2415 (13 April 2012)

*Re: Meeting ???*



word75 said:


> Led to believe a creditors meeting!!! Maybe a ring a round to the receivers and BDO COULD SHED MORE LIGHT..




The meeting is April 2oth 2012.Mailing in regards to the meeting were to be sent yesterday.Major Meeting of Creditors.

Received by email from Hallchadwick with my enquiry.


----------



## mandl2415 (13 April 2012)

*Re: Meeting ???*



mandl2415 said:


> The meeting is April 2oth 2012.Mailing in regards to the meeting were to be sent yesterday.Major Meeting of Creditors.
> 
> Received by email from Hallchadwick with my enquiry.




Just received the 78 page Report to Creditors from Hallchadwick.


----------



## ASICK (13 April 2012)

*Aye Aye Cap'n - It'll be Cutthroat*

http://www.goldcoast.com.au/article/2012/04/13/407275_gold-coast-commercial-property.html

(pss.. so many of these Equititrust issues come up when we're looking around for PFMF issues)


----------



## Brethren (13 April 2012)

*Re: Meeting ???*



mandl2415 said:


> Just received the 78 page Report to Creditors from Hallchadwick.




Early important points from the Hall Chadwick Report: 

1: "This forthcoming meeting is not being convened to pass a resolution in regards to the replacement of the Company as the responsible entity. Unitholders may complete the form at Annexure F to indicate their preference which will guide the Administrators as to whether any further action is taken with respect to this issue." 

2: "As part of the investigations required the Administrators have identified a number of offences with respect to the Corporations Act and also a number of voidable transactions relating to unfair preferences and uncommercial transactions which have been detailed in this report." 

As to number 1: sounds like everyone should stampede to the Form and find the option that says "No bloody way". BUT it appears you are dealing with crafty folk. Perhaps take some ( legal) advice on best way to approach that?

As to number 2: sounds like some interesting reading as we work through this report tonight.


these quotes are from page 6. Doubtless much more


----------



## Mozzi (13 April 2012)

ASICK said:


> Would someone post the Explanatory Memorandum and Notice of Meeting relating to  this hyped meeting?
> 
> No meeting can be held unless it complies with the Corporations Act.
> 
> ...






What they consider adequate notice and what we consider adequate are two different things.   No notice in mail today, postman just been at 3pm so for all those unitholders relying on snail mail will like us not receive notice OFFICIALLY until Monday at earliest.   Meeting on Friday -Not even five clear business days in my book.

As noted in previous post - shorter  notice - less unit holders etc. able to attend.

Oh Yes, very FAIR and totally ethical!!!!!!!!!!!    NOT!!!!!!!!!!


H'mmmm!


----------



## ASICK (13 April 2012)

I was speaking to a meeting of members pursuant to the Corporations Act - not to a meeting of creditors.   I'm not convinced that either the administrator or a meeting of creditors is able to change RE at a creditors meeting - however, it's new ground for me, so I look forward to the turn of events.

To my mind, the administrator seems to be saying that he'll suss things out, and if there's a desire for change then he'll take further steps, which I suspect is calling a meeting of members pursuant to the Corporations Act.

Such a meeting may be called by the RE (at the fund's expense), or by holders of 5% of the units on issue (at the holders' expense), or by 100 members at the fund's expense. (you should check these criteria)

An administrator, a receiver, an RE, and investors ---> quite a mix.

I hope that investors are well advised of the issues otherwise ignorance may very well rule the day - there are bound to be a lot of twists and turns coming along.


----------



## word75 (13 April 2012)

*Re: Meeting ???*



mandl2415 said:


> Just received the 78 page Report to Creditors from Hallchadwick.




Well done Hall Chadwick,,,175 pages and you have provided us mostly with what looks like a Home Brand commercial for Lion and VAX, as I said, nothing but snake oil. What crap and you want fees as well. Bugger off and let David Whyte do his job. He is almost there and no extra fees to you. Same rights preserved to sue the bastards, and no dodgy duo playing with our family jewels for the next 3-5 years. As for VAX, isn't it the case that with all the board fire power you are advertising isn't it true you can't raise the money needed to re list. Please you have got to be kidding. Wait to the void able transactions come back and claw MM's payments to you amongst others. Will Hall Chadwick confirm that you will be required to return the payments made to you. I'm sure they have tracked them. Time for some full and transparent disclosure.

Get the Bagyon out these bugs are history. W sit and see this forum light up when every one gets to read this crap on the Equititrust web page. Shame on you Mcivor. Like the X Files, the truth is out there and you have been found out


----------



## No Trust (13 April 2012)

*What a Load of Crap*

What a steaming *load of crap*... When you compare this report to *David Whyte's *professional report you really have to laugh...

Copying and pasting Piper Alderman's Letter of November 11 2011 is *very amateurish*... Go back to school guys... You would never get a job at BDO...

*No Possible Change in the RE*
Effectively though is it acknowledged that the change in the RE *has absolutely no chance *and that *ASIC* and the *Supreme Court *would ultimately have to approve ANY CHANGE... It is also acknowledged that Lying Advantage *has no chance*.

What is interesting though is the fact that all 3 proposal letters respond by stating that the *Administraitor was the one seeking the proposals *not the other way around so in effect wasting time and money and racking up fees... 

*NO Payment for the Adminsitraitor*
The Adminsitraitor *should not be paid a cent *and ALL their fees challenged... NO one needs them, David Whyte is there and it may be a case of applying to the court to get these *infectious leeches *off the back of retiree investor's.... The Adminsitraitor did not achieve one thing except rack up *$600,000 *+ GST in fees. They have been nothing but a *hindrance* and *waste of money*...

They have pushed *McIvor's delusional plans *along knowing full well that ASIC and the Court will never allow a change in the RE, yet wasted time and money by playing along with Hickie and seeking proposals from Balmain and Trilogy whilst know full well *this would never fly*. This was a money making exercise for the Administraitor whilst placating their deluded benefactor McIvor... They knew full well from the outset that* McIvor was nuts *and that they had nothing to lose by playing along and then in the end saying ah....., well....., ASIC and the Court have to approve it.... *Its a joke*. They knew this from the outset but thought well lets *make some money out of it while we can*... This has been a disgraceful rip off and all concerned should make a complaint to *ASIC* to have the Adminsitraitor's made an example of. This was nothing more than *OPPORTUNISTIC GREED *on their behalf...


It seems an *investigation by ASIC into the Administraitor *is warranted especially considering the fees that have racked up to date... This is a disgrace and any decent company would never have raped elderly retired investors like this...

*PAY THEM NOTHING AND LET THEM GET THEIR FEES FROM MCIVOR WHO APPOINTED THEM
*

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf


----------



## word75 (13 April 2012)

Well I've taken the time to read this tripe again and you really do have to laugh. In the Monte Python movie "the holy grail" the King rode through the village (read retirement village) and the poor investors asked "who's that?" the answer came back... The King! How do you know that ,,,, was the question? To which the response was,,,,, he's the only one not covered in S..T. Well Marky Boy seems your throne is gone and you are now back down here with the common people. Time for a reality check. 

I was almost speechless at the number of breeches and possible charges you and your complicit cohorts are facing, some of them have got to stick, but using Equititrust as your own private ATM, now even HALL CHADWICK  cant cover for you here. Rather than give states evidence, now that's rich, why don't you just give up and accept that you will be giving plenty of evidence but how much of it will be true, now that's another story. 

So much reading in the Hall Chadwick tome but cut and pasting wasn't the only dalliance try the Para Phrasing by Hall Chadwick as to the published Mcivor/Equititrust excuse as to why we are in this mess. Yes the GFC and Board Disharmony and " I can't help it, every one else is to blame" it's ALL THERE FAULT!!! Does Mcivor accept any responsibility? He should be paying us SORRY MONEY. 

Am I the only one breathless here, have you all read the numbers.... How much was this clown and his subsidiaries paid,,,,if the QLD govt got their hands on that much money they could put the budget into surplus. 

But I digress unit holders I am just staggered that to get my head around all this information that has had Hall Chadwick beavering away for month's and Hickie working  overtime with the Comedy Club writers I have only  5 days to consider all this and my options. 

Well I don't need 5 Days...... simple, tell Hall Chadwick the cheques in the mail, and hang them out as an unsecured creditor, don't go past go, don't  get $600k. 
And somebody get that $580k back from Mcivor and Guardian. Don't just talk about it, get it back...that would run DAVID WHYTE'S administration for nearly 10 months. 

And one last word to Hall Chadwick, you were right to acknowledge Trilogy and Balmain for there reputation and ability to manage such distressed funds though one might have differing opinions. What you have not stressed though you did touch on it, the intended entity wishing to be the new RE will have to display the capacity to do so and that includes having the financial capacity. Has any one seen the balance sheets of any of the Hickie sponsored vehicles in this his preposed alternate RE. Has Hall Chadwick done a due dillegence on them before entertaining this dribble and putting it forward. They did stop short of recommending them did you notice. And for good reason,,,, there is no substance just words. Another con. 

Tricky be ready come meeting day mate, be ready to answer the questions yourself, and there will be plenty. Want to hear from you....in a public meeting and see the cut of our cloth before you and your Equititrust stooges are sent packing. And yes we all know the 5% of unitholders calling the meeting are led by Mcivor's family and self interested support crew. You dont have the numbers!!  You haven't fooled us or ASIC.


----------



## ASICK (13 April 2012)

Thanks for posting that link "No Trust".  Now I understand what's going on with the administrator and what the plot is.


----------



## No Trust (13 April 2012)

*Thieves*

The Administraitor's appointed by McIvor are nothing more than common thieves. Anything to do with McIvor has been catastrophic and now investors are expected to pay for his foray into saving his ass with a new RE that the Administraitor knew was an impossibility. 

The Administraitor should not be paid a cent and it's clear that Tucker always had a conflict of interest and should also not be paid and all previous fees recovered.

Let's hope Tucker's house and those of the other directors now go on the chopping block in any legal action.


----------



## No Trust (13 April 2012)

*Piper Alderman*

Piper Alderman's stealth is to be commended, rather than rushing off and spending untold amounts on discovery they have been handed the executioners noose on a plate... Watch for action on this front, after they have had time to digest all the information. 

In terms of McIvor he is well and truly finished and has been exposed for the crook he really is. He has flown under the radar for many years and used the Public's money to bully anyone he chose to, whilst using the legal system to cover his tracks and outspend innocent victims with deep pocket defense. It's all over now and he not only will be bankrupted, he will be prosecuted and banned by ASIC whilst most likely spending time in jail for the offences outlined by his own Administraitor...  What a scumbag...


----------



## kostag (14 April 2012)

*REPORT  -   you gotta love these idiots.....*

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf


----------



## kostag (14 April 2012)

*REPORT......*

look at 10.3.1 - Equititrust paid McIvor - out of our money - almsot $70Million!!!!!!!!


----------



## kostag (14 April 2012)

*HALL CHADWICK fees.....*

did you see the attached bills close to a $1Million -  even the Junior filing girl charges $55per hour - $2200 per week -  good if you can get your snout into that trough, eh?


----------



## No Trust (14 April 2012)

*Fee Rort*

This is a rip off, they should not be paid once cent...


----------



## No Trust (14 April 2012)

*Equititrust Collapse*

Let the McIvor pay the fees, this has *NOTHING* to do with the funds that David Whyte is winding down... If they think they will get paid out of that they have another thing coming...

*Delusional Scumbags*...


----------



## M41 (14 April 2012)

Could someone simplify this for me. Lets say a _'Equititrust for Dummies' _version.

Don't understand all the ins and outs....please tolerate my lack of undertanding. After reading the attached report  (which no doubt we will recieve on Monday). Who are all thses new players. Who is Lion Advantage, Who are Triology investments? Who are Venture access? ...and why are they all coming into play now? More people trying to drain fees out of a carcass?


Very simplistically as I understand it - Equitirust got themselves in trouble in about 2008-2009. The dealings by some of the board seems to be, shall we say, ..."interesting"....After all the 'interesting' transactions, there appear to many changes in the board of directors. When Equititrust were unable to pay investors dividends - who appointed the administraitor of Allbarron and Hall Chadwick?

What is David Whyte doing? Is he seperate to the Hall Chadwick mob, and if so who is actually make the decisions that count for us investors? 

At this meeting on Friday - what are the unit holders meant to vote on? is this a shonky meeting trying to get the investors to agree to this RE thing (that is if I am understading / interpreting what you have all said correctly) will actually not be in our best interests. I thought the administraitor was meant to be there to act in the best interests of the investors? 


Few last questions.....if McIvor loaned all this money (the investors funds) how do the banks get paid back first? What happened to the $70 million Equitrust paid themselves? What happened to the loan to Quinleaven? What happened to the Raptis money?


----------



## No Trust (14 April 2012)

*Answer*

The best thing is to *go back the beginning of this thread*, there you will get all the facts and references and links to newspaper articles and updates on the Equititrust Website...


----------



## No Trust (14 April 2012)

*Watch the Airports*

Surely the regulator and or the courts need to put some mechanism in place to prevent the *McIvor's and previous directors leaving the country*... Who knows where they have stashed money...

People who are desperate can easily be *tempted jump on a plane *and do a runner... If McIvor is *fighting for his furniture *you know he is *fighting for his life*... Don't let the bastard escape...


----------



## ASICK (14 April 2012)

My site (http://www.moneymagik.com/) will give you some insight into Trilogy and into Balmain (as part of Balmain Trilogy).   It's mostly factual with little comment.

The following link relates to one moment in the life of Trilogy and Balmain Trilogy:
http://www.theage.com.au/business/beware-an-angry-debt-collector-20110804-1idjt.html?skin=text-only

As I've posted before, Trilogy took information relating to its Healthcare REIT off its website, but here's a link with excerpts from the fund's annual reports:
http://www.moneymagik.com/analysis_REIT.php

Here's excerpts from Philip Ryan's breach of trust matter (together with the ASIC case against him and others whereby an employee was found guilty of fraud).
http://moneymagik.com/trilogy1.php

A fund not mentioned by Trilogy in its CV is:
http://moneymagik.com/dee_why_new.php

Trilogy came to the PFMF full of promises, but the outcome is that we've lost 42% ($177m) off the value when Trilogy took over the fund.

It's thirty days since Trilogy filed the fund's financials with ASIC but it's hasn't posted those financials on its website for investors to read.

In the six months up to 31 December 2011, the fund lost $67.5m!

On 30 August 2011, Trilogy responed  to an anonymous letter sent to investors.  The letter said (in part) something like "Trilogy was unable to deliver $295m by October 2012".  Here's Trilogy response:
http://www.balmaintrilogy.com.au/pdf/BTI 4882 Unitholder Letter.pdf (see Top of Page 4)

"Balmain Trilogy has kept Unitholders fully advised of the Fund's capital repayment program (which relies on asset sales) including a detailed asset review sent to all Unitholders in June 2011.

Notwithstanding some delays in recoveries, Balmain Trilogy is confident that it can still achieve the target of returning $295m by October 2012 and that it will complete the April 2011 and October 2011 scheduled repayments by December 2011.

We are aware of the inconvenience caused due to the delays in capital repayments. To date Trilogy has not received in full its management fee from April 2011 to maximise cash availability for Unitholders." (emphasis added)

In relation to the last paragraph, Trilogy didn't waive any of its fees, Trilogy merely delayed getting hold of them. In fact, in the two a half years of managing the fund, Trilogy was paid, or was entitled to be paid, about $15.4m!  A very pretty penny indeed.

Trilogy did not complete the April 2011 and October 2011 scheduled repayments (or capital) by December 2011.  In fact it repaid $0.01/unit and not the represented $0.08/unit.

And as at 31 December 2011, Trilogy is $131.49m shy of the qualified $295m (assuming no further losses/gains in fund value).

Here's an audio recording taken by a member at the so-called "Sydney Information Session":
http://moneymagik.com/audio.php

Here's an audio recording taken by a member at the so-called "Martha Cove Information Session":
http://moneymagik.com/audio_MCIS.php

The main speaker in both cases is Andrew Griffin of Balmain Trilogy.

Here's just about all the relevant documents relating to the PFMF:
http://moneymagik.com/general_information.php

The biggest problem with information is that if it's not able to be easily and readily assessed, then members will forget about it.

If any of you would like a page for your fund on moneymagik, then I'm happy to provide it - to provide ready access to links and documents, but comment would not be permitted.  Don't worry, I won't be the least bit offended if you don't want to.

Nevertheless, if you're interested in getting to know more about Trilogy and Balmain Trilogy (a construct by both Balmain & Trilogy - http://www.balmaintrilogy.com.au), then there's a lot of reading to be done.


----------



## No Trust (14 April 2012)

*Next move*

What is McIvor's next move... Will it entail *hightailing* it out of the Gold Coast???


----------



## No Trust (14 April 2012)

*Ego's*

The 2 key trophy assets *The Office Building *and *Bumbles* that the miserable McIvor's cherished so much are both now in the hands of the receivers... *HOW EMBARRASSING*... How will they now front the parent teacher evenings at the Snotty Private School they send their kids... Oh the shame of it all


Meanwhile *investors starve *whilst this crook goes on deluded journeys in his own mind trying to change the RE via an equally despicable Administraitor who wants to fleece $600,000 off investors for basically doing nothing except entertain a deluded madman...

Whats next will innocent retiree investor's be asked to pay the *St Hilda's *school fees... Lets all throw some money in the tin for the "POOR" McIvor's...


----------



## No Trust (14 April 2012)

*Kicked out of their Homes*

With so many McIvor's getting "*Kicked out of their Homes*" where will this miserable clan settle... Hopefully somewhere other than the Gold Coast where they are despised the most...  This is what you get when you steal from the Weak and Elderly...


----------



## word75 (14 April 2012)

*Re: Kicked out of their Homes*



No Trust said:


> With so many McIvor's getting "*Kicked out of their Homes*" where will this miserable clan settle... Hopefully somewhere other than the Gold Coast where they are despised the most...  This is what you get when you steal from the Weak and Elderly...




Sadly clan Mcivor have taken up residence not far from the old neighbourhood. Seems the short walk to Bumbles is therapeutic if you take the scenic stroll through the park. Still if things thaw with Narky's mum there's always the chance of parking a caravan on the "held in trust" double waterfront block in Jefferson lane Palm Beach, that's if mums trust deed isn't tested. There is room to park a number of caravans so it's possible that the whole family, mother, brother, step brother, in laws can all  reside together, whilst roasting chestnuts over the burning embers of Equititrust. Would make the Process Servers job a little easier.


----------



## No Trust (14 April 2012)

*Process Servers*

These guys sound like the hunted, Karma is a bitch... 

McIvor harassed some "totally innocent" old people before with a process server for absolutely no reason and I really mean absolutely no reason... The effect on their lives and health was devastating... It seems all is now being paid back to this despicable bastard and his equally despicable brood who lived off the I'll gotten gains of others...

Caravan is too good for this animal...


----------



## No Trust (14 April 2012)

*Administraitor's Deception / Report*

What is mind numbing though when you go through the Administraitor's Report is the fact that both *McIvor and Hickie *have refused to fill out the Questionnaires related to their personal assets. This is *required by law*, yet "All Barren" and his crew of misfits allowed him to submit a proposal for a change in the RE ??? *You have got to be kidding*??? Whose side are these idiots on??? Why was a complaint not made by them to ASIC immediately??? Oh thats right, it was purely a money making exercise...


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## No Trust (14 April 2012)

*Fee Indemnity*

If you read *Para 4* of the report it seems that the directors agreed to indemnify the Administraitor's *30*k per week if sufficient funds were not recovered during the appointment... They note *"it is their understanding that the directors will not be able to honour this indemnity"
*
"*Tough Titties*" guys thats what you get when *lie with dogs*, don't even think that this will come out of the wind down of the funds, they are two separate issues and you have dug yourself quite a deep grave... David Whyte I am sure will not  let you get a cent in fees... 

Good luck with what's left on the carcass of Equititrust, the meat left in the funds will *NEVER* be yours you scumbags...


http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf


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## No Trust (14 April 2012)

*Re: Kicked out of their Homes*

So Marky and Mummy are still estranged???





word75 said:


> Sadly clan Mcivor have taken up residence not far from the old neighbourhood. Seems the short walk to Bumbles is therapeutic if you take the scenic stroll through the park. Still if things thaw with Narky's mum there's always the chance of parking a caravan on the "held in trust" double waterfront block in Jefferson lane Palm Beach, that's if mums trust deed isn't tested. There is room to park a number of caravans so it's possible that the whole family, mother, brother, step brother, in laws can all  reside together, whilst roasting chestnuts over the burning embers of Equititrust. Would make the Process Servers job a little easier.


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## No Trust (14 April 2012)

*Bea Jeans*

What's happened with future Mother in law to be, *Bea Jeans *she must be screaming for her *$12M+* back...

Bet she rues the day in ever getting involved with Marky Boy...


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## No Trust (14 April 2012)

*DEN OF INIQUITY - AND OR NEGATIVE EQUITY*






Can you imagine all the *dirty deals *that took place in this building... 

As a homage to all the* lives destroyed *it should be demolished and a *memorial put in its place*... This building has sooooo much *BAD ENERGY *I don't know who would want to buy it unless its at an absolutely *knock down price*... Buidlings like this bring *bad luck*, nothing good can come of it...


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## No Trust (15 April 2012)

*Investors - Wrong People to Screw Over*

Hey Marky Boy, the investor's are far from finished, they are just getting started....

From the report your paid mercenary had to file you have done really despicable things which fed your greed and spat on the interests of the weak and elderly... Well you despicable creature they are not done with you yet... Hang your white head in shame because white hair is only thing you have in common with the people you have well and truly F##KED...

Reciprocity is Bitch isn't it...


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## Bonne Chance (15 April 2012)

My family are investors and we appreciate the time and effort you guys put into posting on this forum.  It's difficult getting through all the crap they are sending us and it's confusing.  I am just as angry as you about losing our money and Mark living the highlife not only on our money but the extraordinary borrowings, whilst we certainly have not!  

Say what you will about Mark and his cronies however, I for one, would appreciate you all leaving Mark's mother out of it.  It's churlish and ungentlemanly. I cannot imagine for one minute that Mrs McIvor was a participant in any of this and consider how distressing it is for her (probably in her 80's) to be thrown out of her home, effectively by her own son.  Thanks.


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## kostag (15 April 2012)

*McIVOR mother*

I agree -  the buck stops with Mark 'Madoff' McIvor....

I think the point being made  which is not lost on any of us -  is that he spared no-one -  future mother in law Bea Jeanes; his wife Stace; his mother; his brother Wayne..... everyone was a target 

anyone with money....

it is true - never get caught between a bucket of gold coins and Mad Dog McIvor.....

the wonderful thing about life is that it all finally comes around, doesn't it?

what you dole out, you usually get back in spades....



Bonne Chance said:


> My family are investors and we appreciate the time and effort you guys put into posting on this forum.  It's difficult getting through all the crap they are sending us and it's confusing.  I am just as angry as you about losing our money and Mark living the highlife not only on our money but the extraordinary borrowings, whilst we certainly have not!
> 
> Say what you will about Mark and his cronies however, I for one, would appreciate you all leaving Mark's mother out of it.  It's churlish and ungentlemanly. I cannot imagine for one minute that Mrs McIvor was a participant in any of this and consider how distressing it is for her (probably in her 80's) to be thrown out of her home, effectively by her own son.  Thanks.


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## No Trust (15 April 2012)

*Very Sorry No Sympathy*

Absolutely *NO Sympathy *whatsoever when it comes to his mother no matter what age she is... She *in particular *stood by while other innocent people were thrown out of their homes and particpated in a *number of scams *with him via the old *Trust switcharoo *method... Who would suspect an old lady now...

They are all crying now but the list of victims over the years has tallied up, particularly where *where she was the front woman *for Marky Boy's little scams... So please don't give me this rubbish when you clearly don't know the facts...



Bonne Chance said:


> My family are investors and we appreciate the time and effort you guys put into posting on this forum.  It's difficult getting through all the crap they are sending us and it's confusing.  I am just as angry as you about losing our money and Mark living the highlife not only on our money but the extraordinary borrowings, whilst we certainly have not!
> 
> Say what you will about Mark and his cronies however, I for one, would appreciate you all leaving Mark's mother out of it.  It's churlish and ungentlemanly. I cannot imagine for one minute that Mrs McIvor was a participant in any of this and consider how distressing it is for her (probably in her 80's) to be thrown out of her home, effectively by her own son.  Thanks.


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## No Trust (15 April 2012)

*Gold Coast Bulletin Article*

Another Article in the Gold Coast Bulletin Saturday 14 April Business Page *99* unfortunately not online...


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## No Trust (15 April 2012)

*Tucker*

The Administraitor's Report is also *very damning of David Tucker's involvement *in all this and is also recommending that he be *publicly examined *after the company is placed in Liquidation... What a joke... 

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

We were all screaming about his *conflict of interest *since last year... How could he be paid as a director and also be the company's lawyer as well as Marky Boy's *personal lawyer*... How can that be in the best interest of investor's... How competitive were the fees, when *no other firms were given the work*... Looks very dodgy as far as investors are concerned...

The fees should be returned and the $500k still owing should be dismissed as a valid debt...

The *Legal Services Commission *should also be brought in to investigate this clear conflict of interest...

It will be good to see both the chums in court getting Publicly Examined


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## word75 (15 April 2012)

Bonne Chance said:


> My family are investors and we appreciate the time and effort you guys put into posting on this forum.  It's difficult getting through all the crap they are sending us and it's confusing.  I am just as angry as you about losing our money and Mark living the highlife not only on our money but the extraordinary borrowings, whilst we certainly have not!
> 
> Say what you will about Mark and his cronies however, I for one, would appreciate you all leaving Mark's mother out of it.  It's churlish and ungentlemanly. I cannot imagine for one minute that Mrs McIvor was a participant in any of this and consider how distressing it is for her (probably in her 80's) to be thrown out of her home, effectively by her own son.  Thanks.





Dear Bonne

Mr No Trust does display a certain amount of passion in his writing and I can only assume that he is suffering great hardship like all of us at the hands of these deceitful people. Maybe even greater hardship than most. I heard that on two occasions an aggrieved unit holder rang and  threatened the Equititrust trust staff that he was on his way with a gun. Twice the staff locked down the premises. Now you might have an understanding that some investors faced with bills they can't pay, eviction from their homes or the loss of family members during this period might feel a little peeved. 

This disaster was perpetrated by sophisticated con men and women, mostly Mcivor and his family and I'm sure when the criminal proceedings which are inevitable are concluded they will reveal their evil doings. That includes mum. 

Nobody wants to see innocent people displaced but innocent people have been, so now the wheel turns. 

For a more succinct understanding of the complete tragedy that is Equititrust and the STAGGERING NUMBERS INVOLVED LET ME BREAK IT DOWN FOR YOU. As I read Albarrans report but let's face it, you don't have to be sophisticated to know what stinks and where it emanates from. 

In the years 2005 - 2008 the company (Mcivor) paid himself approx $67mil page 26 breach of fiduciary duties 10.3.1 and then 2009 - 2010 another $20mil.
KPMG prepared draft returns for the year 2011 which highlighted impairments (READ BIG BAD LOSSES) in the EPF AND EIF FUNDS IN THE AMOUNTS OF $70mil and $167mil. Do you understand that the value of the unit holders asset backed security was decimated. The reasons are highlighted in that part of the report Hall Chadwick must acknowledge, possible criminality. 

In any event we have been shafted whilst The KNIVOR was pocketing his ill gotten gains. Should I repeat those numbers again. 
A couple of other points to pay attention to. 

A) 4.0 the directors of the company engaged Hall Chadwick at their own expense as per their undertakings which Hall Chadwick accepted. The directors believe that Hall Chadwick would facilitate their plans to shift the funds to a new RE by taking the decision away from the unit holders..a ploy designed to install Tricky Hickie's company VAX 
This can not and will not happen if Mcivor is involved or seen to be involved. Now remember this point. 
B) voidable transactions.page 31...related parties.
Since Dec 2011 MM HOLDINGS was paid by Equititrust $330,000 and GUARDIAN CAPITAL PARTNERS $250,000 that's Mark paying Mark if I read the report right. Certainly Hall Chadwick make the point, but what are they doing to get it back?
Why hasn't Albarran done a TRACING of these funds. That's Equititrust funds to MCIVOR which should be returned. What is Hall Chadwick's position if it's discovered that these funds have been funnelled through to HICKIE to facilitate the joint Equititrust director in his attempt to back the unit holders assets into his company.
AND WHY HASN'T ALBARRAN INSISTED ON THE DIRECTORS PROVIDING THEIR PERSONAL FINANCIAL POSITIONS BEFORE CALLING THIS MEETING OR BEFORE TABLING THIS REPORT...what's up there??? THE LAW SAYS THEY MUST. What don't they want us to see???

C) 5.0 company books and records. So Mr Albarran you make the statement that the company appears to have kept adequate books and records yet you also referred in your report o a sum of aporox $800,000 that has been paid out yet no appropriate invoices have been located reflecting these monies. Please.... and this a public company.why haven't you initiated a TRACE of these funds to see who's hands they are in before you completed this report or called the meeting. 
D) and one more time for the dummies!!!
Mcivor, Hickie and Honeyman the DIRECTORS OF EQUITITRUST ENGAGED YOU ON AN INDEMNITY BASIS AT $30,000 per month,,,,,AND THEY CAN'T PAY YOU, is that right???.
WELL BUGGER OFF, your not wanted here, your not getting $600,000 dollars from the unit holders. You rolled the dice, you can notify the company of your intent to resign and persue the directors for any monies you feel entitled too. 
MAYBE YOU SHOULD HAVE DONE YOUR DUE DILIGENCE ON the three shonks. They must have acted  illegally engaging the services of your firm knowing that they could not pay. Is that them admitting they are insolvent. AND YOU PUT FORWARD A PROPOSAL BY  HICKIE AND HIS VAX LION ADVANTAGE AS AN ALTERNATE RESPONSIBLE ENTITY (RE)......OH PLEASE..

Bonne I hope this is in some way more insightful than the snippets the press are running. I do believe however that a flood more of investigative news print is on the way,,,


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## No Trust (16 April 2012)

All the Family Stooges have now been caught in their own *Web of Deceit *even Tucker who obviously didn't study what a conflict of interest means at University... He gets a good mention in the report and if the allegations are proven in court he may have trouble finding insurance for himself if he hasn't already...


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## No Trust (16 April 2012)

*Expose McIvor Inc*

There is definitely action on the *journalistic front*... A lot of people are being interviewed at the moment...

*McIvor Inc *or *McIvor Stink *will finally be exposed and there are some shocking personal revelations to come... Mad McIvor's antic did not just extend to the office...


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## ASICK (16 April 2012)

This is a "battle" and it's a battle about information - without information, investors don't have a chance.

I've started a link to provide what ever information I'm able to in order to be of assistance.  

If any of you think there are errors or misstatements, then please feel free to contact me on the email link provided.

http://www.moneymagik.com/equititrust.php


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## word75 (16 April 2012)

Whilst sitting here having breakfast I'm startled to learn that additional pearlers keep popping up from Albarans report like the sphincter tightening news that Mcivors MM HOLDINGS is also listed as a creditor to the company. That's right a creditor to the tune of some $10mil. What is hasn't ripped off the fund in one pass he gets in another. 

What's even more startling is the lack of support the large majority of unit holders are displaying by not being supportive of the CLASS ACTION already commenced. It's by the combined weight of the many through such action that can bring these crims to book the fastest. A proper application through such an action could legally injunct thats (FREEZE) the Mcivor monies and units where ever they are stopping him and his cronies from spending or dealing them. 

If you think a class action sounds too hard or don't understand it, some have rung Piper Alderman and are now better informed. The fight to get the money back is at a crucial point, that's why the sharks are circling.


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## Mozzi (16 April 2012)

word75 said:


> Whilst sitting here having breakfast I'm startled to learn that additional pearlers keep popping up from Albarans report like the sphincter tightening news that Mcivors MM HOLDINGS is also listed as a creditor to the company. That's right a creditor to the tune of some $10mil. What is hasn't ripped off the fund in one pass he gets in another.
> 
> What's even more startling is the lack of support the large majority of unit holders are displaying by not being supportive of the CLASS ACTION already commenced. It's by the combined weight of the many through such action that can bring these crims to book the fastest. A proper application through such an action could legally injunct thats (FREEZE) the Mcivor monies and units where ever they are stopping him and his cronies from spending or dealing them.
> 
> ...







That was what was so surprising at the last meeting - to hear that Ms Banton, Piper Alderman was only representing 39 of all the unit holders.   Are they holding off to see if they have any at all to represent after the next meeting????

By the way, what happened to the committee representing creditors who were supposed to be consulted by Hall Chadwick about what was being done behind the scenes before coming back to us???!!!


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## No Trust (16 April 2012)

*Mess*

It's all a big mess at the moment with the Adninistaitor realising the pay day they thought they were going to get has vanished just like the investors millions... McIvor the magician strikes again...


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## No Trust (16 April 2012)

*Piper Alderman - Amanda Banton*

Unfortunately a lot of the smaller investors are shell shocked and don't understand the benefits of the class action... I implore them to *get all the facts *and contact Amanda Banton at Piper Alderman.

Investors have nothing to lose and a *lot to gain *by being part of the Class Action...


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## No Trust (16 April 2012)

*Class Action*

McIvor being *so delusional *may even join the class action and sue the ass off himself


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## ASICK (16 April 2012)

And what will come from a new RE? Fees, yes, fees .. and more fees ..  and reports .. and this and that .. but all will be disclaimed .. and strategies ... will anything change for you? I think not. 

This is really all about which entity will make the $$$$$ .. not about a guaranteed better outcome for investors.  The RE, the asset manager, the custodian,  the receivers, the auditors, the lawyers, real estate agents, and more! $$$$ .. one great big cash cow.

20 August 2009, BRW, (in part), "But in 12 - 18 months we hope they'll share our view that the fund will be strong again" 
http://balmaintrilogy.com.au/pdf/BRW_Aug20.pdf (bottom left, page 30)

But it didn't work out .. as I've oft' posted, we've lost 42%/$177m to date!

Of course, it's the market - but if the fund went up in value, would it be the management?  

Interestingly,  last weeks "4 Corners" included a comment from KodaMentha in relation to this very issue and developers - when things go wrong there's always someone else to blame.


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## No Trust (16 April 2012)

*NAB Court Action Against McIvor - back in Court on the 10th of April...*

Does anyone have details of the *order issued *as result of the action by *NAB* last week...


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## word75 (16 April 2012)

When is TAKING PSSESSION NOT TAKING PISSESSION??
Can anyone at Korda's please expin...... Equititrust's prized office at Chevron is supposed to be in the possession of the Banks receivers Korda's, yet the RATS MCIVOR AND HIS TEAM OF VERMON are still ensconced making their way in and out without restrictions except maybe for the fact that they are using the back stairs near the car park.
PLEASE EXPLAIN....


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## No Trust (16 April 2012)

*Rats*

This is a joke, why are the rats running up the back stairs... How Pathetic...


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## No Trust (16 April 2012)

*No respect for the law*

How can these idiots be allowed to continue to break the law. Firstly they don't fill in the personal assets statement forms required by law and now they are roaming the halls of Equititrust... The only thing they will find there is a few of their own kind....  Good for Nothing Rats...


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## No Trust (17 April 2012)

At what point does the Administraitor fulfill his obligations and stops his buddy relationship with McIvor and demands he vacate the office and fill in the personal asset statement... 

This is a joke, how could the Administraitor let this slide and now claim $600,000 in fees. The moment McIvor and his fellow stooges didn't fill out those forms it should have been reported to ASIC. McIvor has also thumbed his nose at the court appointed receiver to the funds David Whyte. When will ASIC step in and charge this delusional idiot. It has to stop, McIvor has only caused loss and misery to people and he's hell  bent on causing as much damage as possible... Just because he is going down does not mean he can take everyone down with him.


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## No Trust (17 April 2012)

*Baygon*

The cockroaches have to be legally Baygoned and soon...  This interference and complete disregard for investors has to stop. McIvor has shown no remorse whatsoever and as has been revealed stripped the funds for his own personal benefit and to add further insult to injury indebted the funds incurred massive losses and then tried to hide them... 

Changing the constitution without investors knowledge as outlined by the ASIC search warrant will lead to charges... 

He should be banned for life...


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## No Trust (17 April 2012)

*Liquidation*

Whichever way you look at it, *Equititrust will be liquidated *and then the fun will start... The Public Examinations will be interesting stuff, that is if McIvor even turns up... *ASIC* will I'm sure be paying *particular attention *to the evidence McIvor gives whilst in the witness box...


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## ASICK (17 April 2012)

*Public Examinations (Generally)*

If McIvor is called, I don't think he'll have a choice, other than to attend.

http://www.craddock.com.au/docfiles/ResearchPaperMETLEJ-020611v2.pdf

http://www.aar.com.au/pubs/insol/cirjul03.htm

http://www.lawhandbook.sa.gov.au/ch03s08s01.php

Examples from a Google search.


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## No Trust (17 April 2012)

*Public Examination - Modern Day Public Stocks*

Knowing the temerity of McIvor *anything is possible*, however it does seem increasingly likely that he will face the *wrath of the legal system * that he once used and abused in the not too distant future...

If the company is placed in *Liquidation on Friday*, the Public examinations will soon follow considering the *malfeasance *already uncovered...

There is a lot lot more yet to be uncovered... The revelations *will be astounding *as there is evidence that will be presented to the court which has not come to light yet... McIvor *never thought *this would come back to bite him on the ass... 

It's been a *long time coming *but the time has finally come for this to come out...


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## word75 (17 April 2012)

*Re: Public Examination - Modern Day Public Stocks*



No Trust said:


> Knowing the temerity of McIvor *anything is possible*, however it does seem increasingly likely that he will face the *wrath of the legal system * that he once used and abused in the not too distant future...
> 
> If the company is placed in *Liquidation on Friday*, the Public examinations will soon follow considering the *malfeasance *already uncovered...
> 
> ...




PLEASE EXPLAIN

If Equitinotrust is put into liquidation, where does Hall Chadwick figure. Does that me a new RE will take charge? Does that mean that Narky Marky will have his subordinated units converted to ordinary units and will then peel off between $11-15mil of the remaining funds. MORE IMPORTANTLY DOES THAT ME THAT HALL CHADWICK AS LIQUIDATORS CAN MAKE THE DECISION THEMSELVES TO APPOINT VAX LION ADVANTAGE AS THE NEW ENTITY AND DO THE VERY THING MCIVOR AND HIS COHORTS PLANNED ALL ALONG. 

I feel a shafting coming on


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## ASICK (17 April 2012)

Change of RE and the Subordinated Investment are dealt with from page 40, paragraph 14.0.
http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

I don't think you're got anything to fear - but, expenses are bound to rise.


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## ASICK (17 April 2012)

*The Balmain Aqua Mezzanine Debt Pool*

I'm just trying to trace the money trail from the odd balmain fund (Trust Company (RE Services" Ltd. as RE) and find that as at 31 December 2011, $59.907m and as at 30 June 2011, $75.593m were transferred to the Balmain Aqua Mezzanine Debt Pool. (see Note 5, page 9)
http://www.balmain.com.au/Files/Reports/BAHIT signed accounts 31 Dec 11.pdf

A check of the Balmain Aqua Mezzanine Debt Pool reveals that it was deregistered on 15 April 2011!!
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=110_223_044&juris=9&hdtext=ARSN&srchsrc=1

How is it possible to make investments with a trust that's deregistered?


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## word75 (17 April 2012)

Questions for Hall Chadwick

1) how did you become to be introduced to Equititrust? Is it not a fact that a paid consultant of Equititrust, also a former client, who lost the company millions and whom you acted for in a Deed of Arrangement did introduce you to this project?
2) is it not a fact that you did consult with this person together with the current directors in their preparation of the proposal put forward by joint Equititrust director Hickie and his VAX Lion advantage entity? HOW is this not a conflict of interest?
3) does the issues raised in points 1and2 constitute a conflict of interest?
4) why have you not insisted on the directors providing their personal financial statements? Why have you not done so before calling the creditors meeting? 
5) have you commenced the appropriate legal proceedings that would compell HICKIE, HONEYMAN AND MCIVOR to do so.
6) STATE FOR THE RECORD YOUR VIEWS ON  HICKIE BEING ON BOTH BOARDS, that of the current RE and that of the proposed alternative RE, is it a conflict of interest?
7) how can you be seen to be independent when you can't even press these directors to comply with their legal obligations now? How can the unit holders be expected to trust that you, Mcivors paid VA, and weapon of choice would in fact turn on your masters and proceed against them to the fullest extent of the law? is it not a fact they chose you as the soft option in anticipation of a pass. SAY IT ISN'T SO!!

You are required to respond to these questions if not now THEN CERTAINLY AT THE MEETING ON FRIDAY WHERE YOUR ANSWERS WILL BE MINUTED. 
You won't be taking control of this meeting, and you certainly won't be shutting down the floor like last time... Plenty of us have lawyers with us this time. I would seriously think your resignation is not that far away,,,I'm sure ASIC will be looking closely at every ones role here. 

One last thing,,,,, what's the real game here? To help the disadvantaged and beleaguered unit holders, or to get control of the assets and strip them out....ASIC put BDO in there to do the first proposal and to date a great job has been done. Where does Hall Chadwick and the Hickie/Mcivor team figure here?


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## word75 (17 April 2012)

Questions for Hall Chadwick

1) how did you become to be introduced to Equititrust? Is it not a fact that a paid consultant of Equititrust, also a former client, who lost the company millions and whom you acted for in a Deed of Arrangement did introduce you to this project?
2) is it not a fact that you did consult with this person together with the current directors in their preparation of the proposal put forward by joint Equititrust director Hickie and his VAX Lion advantage entity? HOW is this not a conflict of interest?
3) does the issues raised in points 1and2 constitute a conflict of interest?
4) why have you not insisted on the directors providing their personal financial statements? Why have you not done so before calling the creditors meeting? 
5) have you commenced the appropriate legal proceedings that would compell HICKIE, HONEYMAN AND MCIVOR to do so.
6) STATE FOR THE RECORD YOUR VIEWS ON  HICKIE BEING ON BOTH BOARDS, that of the current RE and that of the proposed alternative RE, is it a conflict of interest?
7) how can you be seen to be independent when you can't even press these directors to comply with their legal obligations now? How can the unit holders be expected to trust that you, Mcivors paid VA, and weapon of choice would in fact turn on your masters and proceed against them to the fullest extent of the law? is it not a fact they chose you as the soft option in anticipation of a pass. SAY IT ISN'T SO!!

You are required to respond to these questions if not now THEN CERTAINLY AT THE MEETING ON FRIDAY WHERE YOUR ANSWERS WILL BE MINUTED. 
You won't be taking control of this meeting, and you certainly won't be shutting down the floor like last time... Plenty of us have lawyers with us this time. I would seriously think your resignation is not that far away,,,I'm sure ASIC will be looking closely at every ones role here. 

One last thing,,,,, what's the real game here? To help the disadvantaged and beleaguered unit holders, or to get control of the assets and strip them out....ASIC put BDO in there to do the first proposal and to date a great job has been done. Where does Hall Chadwick and the Hickie/Mcivor team figure here?


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## No Trust (17 April 2012)

*Administraitor's Deception / Report*

*David Whyte has done an exemplary job *to date in combating these crooks... 

McIvor's  attempt at a soft option to save his ass has failed and will now most likely cost unit holders upwards of $1M... The fees should not be paid by the fund...

The banks have put receivers into Equititrust so *why is the Administraitor needed*? Sure put the company in Liquidation but give it to another insolvency practitioner who is competent and does not have a conflict of interest...

Not compelling the directors to provide personal financial statements whilst still dealing with them on a potential change of the RE is *TOTAL INCOMPETENCE*.

I would encourage complaints to *ASIC* to have the *Administraitor removed *and a totally *INDEPENDENT* insolvency practitioner appointed. 

Due to conflict of interest David Whyte cannot do both jobs but at the least someone independent has to be appointed by ASIC as it is clear that the Administraitor here is *not impartial *and have *refused to do their job *in compelling the directors to provide financial declarations as per the law...

There is no defense to this as it goes to the *core of recovery *of the monies *shifted sideways by McIvor *just prior to the collapse. They have identified the crime but *refused to take any action against the culprit*... All they offer now is pay us some more money and then we will do it... Come on *no one is stupid*... What was *$600,000 *wasted on and nothing was done in regard to this...




word75 said:


> Questions for Hall Chadwick
> 
> 1) how did you become to be introduced to Equititrust? Is it not a fact that a paid consultant of Equititrust, also a former client, who lost the company millions and whom you acted for in a Deed of Arrangement did introduce you to this project?
> 2) is it not a fact that you did consult with this person together with the current directors in their preparation of the proposal put forward by joint Equititrust director Hickie and his VAX Lion advantage entity? HOW is this not a conflict of interest?
> ...


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## word75 (17 April 2012)

IF HICKIE CAN'T COMPLY WITH THE LETTER OF THE LAW NOW BY REFUSING TO SUPPLY HIS PERSONAL FINANCIALS AS REQUIRED BY LAW TO THE VERY FRIRNDLY AND CO OPERATIVE VA HALL CADWICK,  WHAT DOES THAT SAY ABOUT HIS PROPRIETY ???

If he is prepared to flout the law, disregard the very institution he has made his platform, HOW CAN ANY ONE TAKE HIM SERIOUSLY. 

Men of straw, people with no integrity and all neatly packaged will a HALLMARK ,,,
shame shame shame, more of the same !!!


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## word75 (17 April 2012)

Mr Alberran, have you referred the THREE AMEGO'S.... Tricky, Narky and Honey Pot to the authorities, to ASIC??? Just curious!
You must be dreading Question Time on Friday, it's going to be more like SHOW and TELL. The room full of parents, should be the largest contingent of administrators, lawyers, receivers, bankers, authorities, media and unit holders seen on the coast for many a years. I expect the beleaguered unit holders will to be out numbered. 

Should be a proud moment for Mcivor Inc,,,,


----------



## word75 (17 April 2012)

A WORD TO THE WISE

MR HONEYMAN

I met you at a unit holders meeting some time ago and you impressed me with demeanour and understanding of the needs of the disadvantaged. You seem a decent man and this not withstanding your somewhat interesting past puts you at odds with the position you are now in. As you are only recently to the board little of the past is your direct responsibility other than maybe the soon to be reversed payments made to MCIVOR RELATED ENTITIES. You would know better as to your position on these matters. 

IT'S TIME.....TIME FOR A CHANGE, and things will change this Friday. You would be better off resigned from this rotten hulk before its liquidated. You wouldn't want this catastrophe on your CV. Just a thought.


----------



## No Trust (17 April 2012)

*Tucker*

What about our little friend "*David Tucker*"... As the report outlines not only was Tucker the company's lawyer, he was also a *Unit Holder via his Super Trust *as well as *McIvor's personal lawyer *acting for McIvor's personal companies MM Holdings, MM Properties etc as well as for the delusional one *in a personal capacity *and then to top it off was a director of the company as well... 

*How many hats can one lawyer wear *??? At what cost to investors??? Whose interests was he actually representing in all of this??? Its good to see that he and *his personal assets *are now in firing line for insolvent trading as outlined in the report... 

It's unheard of that a lawyer could take so many conflicted postions... The *Legal Services Commission *as well as *ASIC *have to take action against this flagrant disregard for investor's interests...

Complaints can be made online at:

https://applications.lsc.qld.gov.au/complaintform/complaint-form.asp


----------



## ASICK (17 April 2012)

*Re: The Balmain Aqua Mezzanine Debt Pool*



ASICK said:


> I'm just trying to trace the money trail from the odd balmain fund (Trust Company (RE Services" Ltd. as RE) and find that as at 31 December 2011, $59.907m and as at 30 June 2011, $75.593m were transferred to the Balmain Aqua Mezzanine Debt Pool. (see Note 5, page 9)
> http://www.balmain.com.au/Files/Reports/BAHIT signed accounts 31 Dec 11.pdf
> 
> A check of the Balmain Aqua Mezzanine Debt Pool reveals that it was deregistered on 15 April 2011!!
> ...




I received the following email in relation to my query from a kind forum reader:

"As to investing in a de-registered scheme, there's two points to consider:
 1) When a fund is in wind-down mode, it can be de-registered and continue to exist for years as it redeems investments and winds up its actions. Similar to the Equititrust position where the funds cannot take on new investment but can exist as long as needed to be wound-down. I think this likely applies in the case you've pointed to. 
2) Schemes normally only have to be registered if they are taking investment from retail investors. If the only investors are those deemed by the Corps Act to be wholesale/sophisticated or other 'non-retail' types ( ie: they are deemed to be professional investors not mums and dads ) then it's legal to have what's termed an unregistered managed investment scheme. I think this would apply in the case you raised - one scheme investing into another is normally viewed as non-retail/non-regulated investment."


----------



## kostag (17 April 2012)

*HONEYMAN is up to his neck -  and so compromised*

he is in every one's radar.....

dont forget if it sounds too good to be true -  it is....

Mad Dog 'Madoff' McIvor is living proof of that one! 

wind the place up

lets get our 20cents in the $ (at best) and move on with life.....





word75 said:


> A WORD TO THE WISE
> 
> MR HONEYMAN
> 
> ...


----------



## No Trust (17 April 2012)

*Meeting*

Let's see if Marky Boy has the guts to show up to this meeting... After recent revelatations of his underhand malfeasance and totall disregard for investors he may not get off so lightly and will be subject to an earful from investors... Most despised person in QLD...


----------



## Olman (17 April 2012)

*Re: The Balmain Aqua Mezzanine Debt Pool*



ASICK said:


> I received the following email in relation to my query from a kind forum reader:
> 
> "As to investing in a de-registered scheme, there's two points to consider:
> 1) When a fund is in wind-down mode, it can be de-registered and continue to exist for years as it redeems investments and winds up its actions. Similar to the Equititrust position where the funds cannot take on new investment but can exist as long as needed to be wound-down. I think this likely applies in the case you've pointed to.
> 2) Schemes normally only have to be registered if they are taking investment from retail investors. If the only investors are those deemed by the Corps Act to be wholesale/sophisticated or other 'non-retail' types ( ie: they are deemed to be professional investors not mums and dads ) then it's legal to have what's termed an unregistered managed investment scheme. I think this would apply in the case you raised - one scheme investing into another is normally viewed as non-retail/non-regulated investment."




An example:
The EIF (Equititrust Income Fund) is a registered scheme with mums and dads as investors.
The EPF (Equititrust Premium Fund) was for a select group of wholesale investors (sophisticated investors).  This was an unregistered scheme.


----------



## No Trust (17 April 2012)

*Meeting*

The atmosphere at the meeting on Friday will be *incendiary*, given the revelations in the latest report and David Whytes disclosure at to McIvor's *lack of cooperation *and *obstructionist* behaviour...


----------



## No Trust (17 April 2012)

Does "*McIdiot*" seriously believe he is above the law?


----------



## No Trust (17 April 2012)

*Meeting*

It's quite a dilemma for the "*Miserable McIvor's*" attend the meeting on Friday and most likely get served by a process server or stay at home and *fend of the Sheriff's *from taking possession of their homes...  There will be people with legal documents there ready for any of the rats that dare come out of their holes...

Mmmm what to do on Friday either way these *pariah's* of the Gold Coast are finished and its being executed in the *most painful *and *embarrassing *way possible...  Remember when you did this to *innocent people *Marky, remember when you *hounded the elderly *until their health was almost gone Marky, remember when you *took their homes *that they had worked hard for all their lives... 

There is more to come for old Marky Boy this is just the start of his *Nightmare*...


----------



## No Trust (17 April 2012)

*Tick Tock*

Tick tock, tick tock how many more hours on the clock before we see "Marky Boy" at the meeting...

This is the meeting where investors want to front him on his* lies *and *deceit*...


----------



## No Trust (18 April 2012)

*Under Attack*

Remember this and why ASIC and the Federal Police raided McIvor... We now know it was because of his dishonesty as the latest report details.

Scumbag crooks...

http://www.couriermail.com.au/busin...raid-equititrust/story-e6freqmx-1226172406007


----------



## word75 (18 April 2012)

*Re: Under Attack*



No Trust said:


> Remember this and why ASIC and the Federal Police raided McIvor... We now know it was because of his dishonesty as the latest report details.
> 
> Scumbag crooks...
> 
> http://www.couriermail.com.au/busin...raid-equititrust/story-e6freqmx-1226172406007




*Time to liquidate not procrastinate

WHO LET THE DOGS OUT??? Woof Woof WHO LET THE DOGS OUT?? Well it seems their being rounded up now. Friday will see them impounded but these feral's won't be going to good homes. A different fate awaits this pack of rabid out of control tail chasing mutts. 

Thank you No Trust for posting the courier article, nothing more nostalgic like a trip down memory lane. It's unfortunate that with Knivor it's been a BAD TRIP.
Still his moment of fame is gone and in its place notoriety and with that striped pyjamas.
Oh he will squirm and deay the day with legal proceedings but the train will eventually pull into his station and you can bank on that. 

I'm curious to know from Hall Chadwick the answer to this question.
If the Mcivor family such as mum Janine is holding 4 properties in trust for Marky worth $12.5mil and the bank sells them to pay of any mortgages. What happens to the surplus. Does it return to the unit holders to be distributed. Certainly the tainted money trail would edict that. PLEASE EXPLAIN. From public records and discussions with the agents it would appear the Mcivor clan are sitting on approx $50mil worth of property. Ummmm... And how much were the funds impaired???? HOW MUCH DID WE LOOSE???*


----------



## word75 (18 April 2012)

LEAVING TOWN MARKY MARK?

So if things got to hot on the coast were you planning a move to COOPER ST DOUBLE BAY SYDNEY. The MM HOLDINGS/ SM CAPITAL $6mil pliÃ© is something. Maybe Johannothan Chancellor from the Herald will have a comment or two to run on this property..


----------



## ASICK (18 April 2012)

How much have you lost?  The real questons is "How much do you have left?"

My guess ... SFA - I think that you'll be lucky if you get back $0.15/unit. Of course I hope I'm wrong with my 'gut feeling' - as the value of the fund diminishes, then the same amount of costs consume a greater proportion of what's left.

To my way of thinking, it's a fight for the fees and charges now - it's only a matter of who'll make money off the carcass of your fund.  But if one finds comfort that any of the actions foreshadowed will be helpful for investors, then so be it.

Thanks to "Olman" for the information about un-registered trusts.


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## Olman (18 April 2012)

*Latest from David Whyte*

http://www.equititrustincomefund.co...ter to Investors re Administrators Report.pdf

There is important information here about the meeting on Friday.  Thank you David Whyte for your efforts on behalf of investors. Much appreciated.


----------



## Mozzi (18 April 2012)

*Re: Latest from David Whyte*



Olman said:


> http://www.equititrustincomefund.co...ter to Investors re Administrators Report.pdf
> 
> There is important information here about the meeting on Friday.  Thank you David Whyte for your efforts on behalf of investors. Much appreciated.







Just reading it now.   Boy, glad there is at least someone who appears to be on our side!Thank you Mr Whyte.   Look forward to shaking your hand on Friday!  

 Back to my reading!


----------



## word75 (18 April 2012)

*Re: Latest from David Whyte*



Mozzi said:


> Just reading it now.   Boy, glad there is at least someone who appears to be on our side!Thank you Mr Whyte.   Look forward to shaking your hand on Friday!
> 
> Back to my reading!




MAN THE LIFE BOATS.......this ship is sinking. With a little luck the RATS I'll go own with it. SEEMS IT HIT A WHYTE ICEBERG and no it's not an optical illusion Marky Mark, though this upper cut will leave you with blurred vision for some time. Didn't see it coming, neither did Hickie but really, have another read of that tome of dribble that purports to be Lions information memorandum attached to the Hall Chadwicks report. VAX will be re listed late Feburary it states, well it's April and still can't deliver. So let's all take seriously the MCIVOR THE CONIVOR AND TRICKY's little shell game..DON'T THINK SO. 

Got that sinking feeling boys, maybe you can find solace in an old Queen Song,,,you know the words.....another one bites the dust. Score one victory for grey power and due process, one more nail in the coffin of Queensland Inc.

And a big Cheerio to Mr David Whyte, our very own Predator Drone. BOMBS AWAY MARKY MARK.


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## word75 (18 April 2012)

All together now, sing with me....MAREVA...MAREVA injunction lets all file suit with a MAREVA injunction. Has a great ring to it. 
This little instrument can be used by the liquidators to INJUNCT all and any assets, money, units, deeds, cash of the Mcivor Inc preventing them from dealing, selling  or using them, ths preserves them for distribution to the rightful benificiaries ...us. 
It will also prevent him fom using unit holders money to defend himself fom the legal proceedings that will ultimately follow any liquidation.


----------



## ASICK (18 April 2012)

*Re: Latest from David Whyte*



Mozzi said:


> Just reading it now.   Boy, glad there is at least someone who appears to be on our side!Thank you Mr Whyte.   Look forward to shaking your hand on Friday!
> 
> Back to my reading!




Yes, I agree, the letter deals with a lot of issues. 

Interestingly Mr. Whyte doesn't make it clear that his company audits funds managed by both of Balmain and Trilogy, and as such he cannot make comment on those funds.  

For a start, there are massive  losses in three funds managed by Trilogy (one now wound up)  but where's the mention?

How about Balmain's performance (as part of Balmain Trilogy) in managing the assets of the PFMF losing $177m?

There's three running for your fund, and yet only one gets the comments from your Mr. Whyte?


----------



## No Trust (18 April 2012)

*David Whyte*

David Whyte has thumped them again, but this time solidly and the Administraitors will not get their fees paid... Will be some meeting on Friday...

In terms of the change in the RE David Whyte makes it abundantly clear that there is no need for any of the 3 proposals not just Lion Advantage...


----------



## ASICK (18 April 2012)

*Re: David Whyte*



No Trust said:


> David Whyte has thumped them again, but this time solidly and the Administraitors will not get their fees paid... Will be some meeting on Friday...
> 
> In terms of the change in the RE David Whyte makes it abundantly clear that there is no need for any of the 3 proposals not just Lion Advantage...




I don't agree - he speaks to issues in relation to VAX, but speaks of nothing in regard to both Balmain & Trilogy.  Of course he cannot speak to them because of the obvious confidentiality which arises out of  the relationships.

So, is it fair to speak to one and not to the other two?  How are investors (that is, ALL investors) properly informed when only one of the prospective suitors is scruitinized?  The receiver is sending these letters to investors at the fund's expense!

Does anyone think that because so much comment is made in respect to VAX, that investors in receipt of Mr. Whyte's communication might be led to believe that there is nothing of concern in relation to either or both of Balmain & Trilogy?

Mr. Whyte speaks to inadequacies in the administrator's report in relation to VAX  - and that's it!!!   Think about it - where's the balance?

Further, in my view, Mr. Whyte has not made it abundently clear there is no need for a meeting.  He merely asks investors to *consider * the following (paraphrased):

(a) The costs incurred by the administrator
(b) The time to call a meeting
(c) The administrator's prospects of success of overturning the current orders to appoint the receiver
(d) The time and additional cost for any new RE to come to grips with the fund
(e) The costs of a new RE viz-a-viz Mr. Whyte
(f)  The risks of a potential conversion of the subordinated investment.

In relation to the above:

(a) I think most of you would agree that all or most of the costs of the administrator of Equititrust Limited are unlikely to be costs borne by the fund.  If Equititrust limited remains the RE, then I believe it has the potential to call a meeting at the fund's expense if it believes that a meeting would be in "members' best interest"/

(b) Time? 28 days for a meeting - add a week for the court  - add two, add three.

(c) Overturning the current orders.  The administrator states that an opinion has already been sought - and that such opinion says there is no issue in law that would prohibit an application to set aside the receiver appointed to the EIF.

(d) The costs of a new RE coming to grips with the fund.  Yes, this is important, a very costly exercise - and one that members should see as something to avoid.  

(e) Re: Costs of a new RE viz-a-viz those of Mr. Whytes - well, time will tell.  It might turn out that an RE is cheaper, but then again, it might not be.  How are investors able to consider this issue? I think it's impossible to do so without a heap more information.

(f)  The subordinated investment.  The administrator addressed this point and there may be some movement in amending the constitution to remove the potential of a conversion.

I think it would probably be best for receiver to wind it up.  Members will be much happier with the disclosure coming from a receiver, rather than a manager.  Probably in relation to costs, the outcome might very well be the same - but how will members be able to judge?

I reiterate that I'm not an investor in your fund so I'm probably looking at things much more differently than you are.    However, to understand my feelings, you might consider how you might feel if your Mr. McIvor was attempting to take over another fund - what would you do?  Would you like the investors to know about Mr. McIvor? I'll bet you would.


----------



## No Trust (18 April 2012)

*David Whyte BDO Australia - Report*

Lets agree to disagree, I think you have missed the point, if you look at both of David Whyte's recent reports he *makes it clear that there are impediments to a new RE being appointed *particularly the need for *ASIC* and *Court approval* no matter who it is. Further the particular attention to VAX is warranted as Hickie is a director of both Equititrust and Lion Advantage... An obvious conflict of interest at the highest level. Hickie as well has not met his legal obligations by providing a declaration of his personal finacial position which is required by law.

David Whyte is doing an *excellent job*...


----------



## word75 (18 April 2012)

BDO might audit the other funds but that's not running them or managing them. What Whyte has done is to high light that TRIOLOGY AND BALMAIN have enough profile to be assessed and judged on their merits or lack there of. The point being high lighted is that VAX is a Mcivor Phoenix and certainly that point needs to be re inforced. 

This Corporate criminal has ripped nearly $80mil off the unit holders paying himself an his interests.  On top of that he has lost over $250mil of the combined value of the trusts..

Now that's some historicals  worth remembering


----------



## No Trust (18 April 2012)

*Administraitor in Trouble*

It seems the Administraitor's now having found out that their benefactor will not be in a financial position to pay their fees is *going back on their word *not to seek fees from the investors funds.

These guys are *worse than politicians *when it comes to broken promises... They are *liars of the highest *order and it is great that David Whyte *has exposed them *once again... *Crooks*


----------



## No Trust (18 April 2012)

*ABSOLUTELY RIGHT*, the VAX scam was propagated by McIvor with the Administraitor at the expense of investors...

People are not stupid, and this anger will be voiced at the meeting on Friday in the loudest possible way... Bring your cans of Baygon...



word75 said:


> BDO might audit the other funds but that's not running them or managing them. What Whyte has done is to high light that TRIOLOGY AND BALMAIN have enough profile to be assessed and judged on their merits or lack there of. The point being high lighted is that VAX is a Mcivor Phoenix and certainly that point needs to be re inforced.
> 
> This Corporate criminal has ripped nearly $80mil off the unit holders paying himself an his interests.  On top of that he has lost over $250mil of the combined value of the trusts..
> 
> Now that's some historicals  worth remembering


----------



## ASICK (18 April 2012)

*Re: David Whyte BDO Australia - Report*



No Trust said:


> Lets agree to disagree, I think you have missed the point, if you look at both of David Whyte's recent reports he *makes it clear that there are impediments to a new RE being appointed *particularly the need for *ASIC* and *Court approval* no matter who it is. Further the particular attention to VAX is warranted as Hickie is a director of both Equititrust and Lion Advantage... An obvious conflict of interest at the highest level. Hickie as well has not met his legal obligations by providing a declaration of his personal finacial position which is required by law.
> 
> David Whyte is doing an *excellent job*...




I'm happy to agree to disagree - and after all, it's your money at risk.  And as ASIC says, each of us makes our own prudential decision about how our respective investments are managed - it's the decisions we make today that affect our investments (or what's left of them)  in the future.

If it was my money at risk, I wouldn't want to see any of them anywhere near the fund.


----------



## No Trust (18 April 2012)

*David Whyte BDO Australia - Report*

David Whyte is thumping these idiots at every turn, Marky Boy has been given more than an upper cut he is about to be Knocked Out in the ring on Friday by the very investors he ripped off and then went and bought Multimillion Dollar Houses in Double Bay... His co*con*spirator wife should also *hang her head in shame*, she knew where the money was coming from and didn't blink an eyelid...


----------



## No Trust (18 April 2012)

*Re: David Whyte BDO Australia - Report*

ASICK you don't get it none of them will get anywhere near the fund as David Whyte has outlined... There are too many hurdles the main ones being the *Supreme Court *and *ASIC* approval..



ASICK said:


> I'm happy to agree to disagree - and after all, it's your money at risk.  And as ASIC says, each of us makes our own prudential decision about how our respective investments are managed - it's the decisions we make today that affect our investments (or what's left of them)  in the future.
> 
> If it was my money at risk, I wouldn't want to see any of them anywhere near the fund.


----------



## ASICK (18 April 2012)

*Re: David Whyte BDO Australia - Report*



No Trust said:


> ASICK you don't get it none of them will get anywhere near the fund as David Whyte has outlined... There are too many hurdles the main ones being the *Supreme Court *and *ASIC* approval..




Clearly we interpret the documents very differently. I'll stand with "I'm happy to agree to disagree".  As I said, it's your investment and it's your decision that matters.  I'm only opining - who's right? who's wrong?  Time will tell.  My sincere hope is that you're right and that I'm wrong.  I just don't have confidence  to say that I'm wrong.


----------



## No Trust (18 April 2012)

*Change in RE*

ASICK there will be no change in the RE.


----------



## No Trust (18 April 2012)

*200,000*

This thread is really getting some numbers now with views heading towards 200,000... Expect that number to skyrocket after the meeting and when McIvor is formally charged...


----------



## No Trust (18 April 2012)

*Thread*

The thread has been a invaluable tool for investors much to the chagrin of McIvor and his stooges...


----------



## word75 (18 April 2012)

IT'S TIME

LIQUIDATE DON'T HESITATE, LIQUIDATE DON'T PROCASTINATE, LIQUIDATE THEN CONSOLIDATE, LET'S LIQUIDATE THEN ERADICATE AND FUMIGATE. LETS AMPUTATE THIS CANCER and once done lets HUMILIATE, INVESTIGATE, LITIGATE, AGITATE, ARBITRATE, LET'S CASTAGATE AND COLLABORATE, then let's LUBRICATE (OR NOT) THE SHAFT WHERE GOING TO GIVE MCIVOR so he can  DEFECATE AND EVAPOURATE out of our lives. 

IT'S TIME EQUITITRUST AND ALL THAT CREWED HER WENT THE WAY OF THE DODO.


----------



## No Trust (18 April 2012)

*Couldn't Have Said It Better*

The only this you missed was "Castrate"


----------



## No Trust (18 April 2012)

*Meeting*

Don't forget your Baygon on Friday... This is shaping up to be one of the most volatile meetings in Gold Coast History... Those who seek Equity must come with clean hands and McIvor's have the blood of investors on them...  On Friday why not ask him where he got the money to buy his $6M pad in Double Bay... Stacey McIvor (from Sydney) must have been planning their escape for quite a while... 

Think they realize they have no where to run, and the nightmare has just started...


----------



## No Trust (19 April 2012)

Don't think McIvor is looking forward to the meeting on Friday...


----------



## No Trust (19 April 2012)

*Resignation*

Will the Administraitor *resign on Friday*??? Their reputation has received a hammering and it is clear they have a conflict of interest in continuing... Maybe ASIC should give them a gentle nudge...


----------



## No Trust (19 April 2012)

*Fees*

What gets me is why "All Barren" *by name and by nature*, lied at the last meeting and said *no fees would come out of the income funds*... Is it because he though he would get the *$2.8M *in Management Fees reversed... 

Well their scam backfired on them and now David Whyte has sent them a bill instead...

Lets see how he answers that question at the meeting.


----------



## No Trust (19 April 2012)

*Desperate*

Is "All Barren" that desperate for work that he had to *lower himself to McIvor's level *and deal with him... The Administraitors *look like idiots *now, who have their own self interest at the forefront of all of their objectives...


----------



## No Trust (19 April 2012)

*Piper Alderman - Amanda Banton*

Me thinks the fast footed Amanda Banton has *something up her sleeve *for the meeting on Friday... Problem for the idiots, McIvor and his stooge "All Barren" they just don't know what to expect and from where...


----------



## No Trust (19 April 2012)

*Miserable McIvor's*

Why don't all the "*Miserable McIvor's*" show up at the meeting on Friday including Mummy McIvor- (Front Woman) and others holding property on trust for McIvor... this is not their property it is the property of the investors and court orders will be issued to stop them dealing with any proceeds...

Investors will not hold back on what they think of these *deplorable scum bags *who have *stolen investors money *and then converted it into properties *held on trust for McIvor*... 

It's no wonder McIvor won't fill out a *Personal Declaration of Assets*, if he does he ends up* incriminating himself*... These would have to be the most despised people on the Gold Coast...

*Goodbye Cockroaches*, have fun when the banks kick you out of the properties funded from deceiving the weak and the elderly...


----------



## word75 (19 April 2012)

Mr Albarran

AS WEDNESDAY ADDAMS SAID IN THE LAST MOVIE " BE AFRAID...BE VERY AFRAID " if I was you, I would be very afraid of Grey Power. Come Friday you and your company will be forced to answer questions about your CONFLICT OF INTEREST IN THIS MATTER. Enough has been revealed by Whyte and others to show Mcivor and Stinky's complicity and more on you will come out now. 

PLEASE EXPLAIN why Mcivor has an unsecured debt of $10mil and as such is a significant creditor with serious voting rights come Friday. Why has that debt be allowed. Did he provide a proof of debt, did you allow it, and isn't it true that through related party loans he borrowed from the COMPANY some $15mil that he hasn't paid back. Explain your position here because you will be DRILLED on it at the meeting


----------



## No Trust (19 April 2012)

It's a scam, and "All Barren" is participating... There should be no proof of debt allowed to McIvor or related companies until he fills out the personal asset declaration... You simply can't have it both ways. Everything is so inextricably linked that any competent insolvency practitioner would have said no proof of debt will be allowed until you meet your statutory obligations




word75 said:


> Mr Albarran
> 
> AS WEDNESDAY ADDAMS SAID IN THE LAST MOVIE " BE AFRAID...BE VERY AFRAID " if I was you, I would be very afraid of Grey Power. Come Friday you and your company will be forced to answer questions about your CONFLICT OF INTEREST IN THIS MATTER. Enough has been revealed by Whyte and others to show Mcivor and Stinky's complicity and more on you will come out now.
> 
> PLEASE EXPLAIN why Mcivor has an unsecured debt of $10mil and as such is a significant creditor with serious voting rights come Friday. Why has that debt be allowed. Did he provide a proof of debt, did you allow it, and isn't it true that through related party loans he borrowed from the COMPANY some $15mil that he hasn't paid back. Explain your position here because you will be DRILLED on it at the meeting


----------



## No Trust (19 April 2012)

*Don't Believe Anything*

Don't believe a word these *scumbag liars *say at the meeting tomorrow. Watch the video below and see what Equititrust / McIvor was promising at last years meeting...

The Administraitor has been *proven to be dishonest *by promising not to expose the funds for any Administration fees and now as David Whte has exposed they are now wanting the retiree investors who have been savaged to pay for fees relating to the change of the RE etc... Who needs them anyway, *David Whyte is the only one that is needed *and remember that *McIvor appointed the Administraitor*... What does that tell you... They have also let McIvor off the hook by not demanding he complete his *Personal Asset Declaration*... How many more sins is McIvor trying to cover up by doing this... All of this on the Administraitor's watch... 

*NO FEES FOR THE ADMINISTRAITOR - JUST A RESIGNATION THANKS*...


http://media.brisbanetimes.com.au/b...vestors-fear-their-super-is-gone-2318091.html


----------



## No Trust (19 April 2012)

*Getting any Sleep*

It will be a sleepless night for some tonight... The glare of the Media Spotlight may be too much tomorrow... 

Maybe the threat of process servers at the meeting may put off the Miserable McIvor's from attending. They are all welcome though, as Investors have a few things to say to these crooks...


----------



## word75 (19 April 2012)

Don't be surprised if things are not as they seem, level one of the Chevron Pile is all lights blazing with all the co onspiritors hunkered down together..rats at play but the traps are laid.


----------



## No Trust (20 April 2012)

*Crooks*

Crooks of a feather plot together... Pity there will be a few surprises at the meeting today... No personal declaration no vote...


----------



## No Trust (20 April 2012)

*Teach Them A Lesson*

Investors have had a gutful of McIvor's deceit and the Administraitors obvious cooperation whilst gouging fees... The combination of McIvor and "All Barren" is nothing more than an elaborate scam on investors as David Whyte the court appointed receiver has exposed...

They need to be taught a lesson today, if McIvor does have the balls to show up its most likely gong to be the last time elderly investors get to see this scumbag face to face before he goes underground being the coward that he is...

Last chance to teach them lesson...


----------



## No Trust (20 April 2012)

*No Fees*

Don't approve ANY fees for the Administraitor as they have a clear conflict of interest and have protected McIvor all the way through... Stands to reason he appointed them and anything that is connected to McIvor ends in a disaster... Don't believe me ask his own family... Looks like blood is not not thicker than water... If he screws his family then what chance have investor's got...


----------



## No Trust (20 April 2012)

*It's Over*

It's over today Marky Boy


----------



## word75 (20 April 2012)

*Re: It's Over*



No Trust said:


> It's over today Marky Boy




Good morning World.
Another day in paradise. Today will have much significance because today is the beginning of Mcivors ACCOUNTABILITY. By voting against the Mcivor Appointed Administrators renumeration package the onus to pay them is the companies directors responsibility as they personally indemnified them. That means CONIVOR SCHTINKY AND HONEY POT must ay from funds in their possession. That would be the $330k and $250k they ripped from the company in December..now its time for the rats to pay the piper.
And so the end is near and be in fear Mcivor... The big house is not a waterfront


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## kostag (20 April 2012)

*MAD MAX FUHRERBUNKER:  DTZ for sale signs have gone up -  MORTGAGEE SALE!*

these Hall Chadwick boys are masters of spin....

dont let them beguile you today

IF they WIN, dont worry -  the MEDIA frenzy will then start


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## kostag (20 April 2012)

*McIVOR FUHRER BUNKER in COOPER STREET, DOUBLE BAY*

what is this property worth?

who owns it?

can we get recovery from its sale ???


----------



## Mozzi (20 April 2012)

*Re: MAD MAX FUHRERBUNKER:  DTZ for sale signs have gone up -  MORTGAGEE SALE!*



kostag said:


> these Hall Chadwick boys are masters of spin....
> 
> dont let them beguile you today
> 
> IF they WIN, dont worry -  the MEDIA frenzy will then start






Well, administrators still in, money on its way!   Reduced to  $400000!!

Mr Whyte still there.   McIvor no show!     Deloitte suggested -voted down!



Biggest schemozzle.   Couldn't organise a chook raffle!!!!    More to follow - Bring on the media but don't think that is going to help.   Obviously some people still love McIvor!!!!!!!!!!


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## kostag (20 April 2012)

*COMMERCIAL DENIAL*

it is a well known fact - that some people when confronted with a situation where the logical consequences are simply too horrible to contemplate -  they simply go into denial.

If you are an EQUITITRUST investor with $1 in the POT and McIvor and other liars suggest to you that there is some way, any way out -  you grab at it.....   because the alternative which David WHYTE and other honest advisers are telling is that it will probably pan out at 20cents in the $1......

faced with almost cetrian financial wipe-out for some poor investors -  anything looks good!

This will drag on over years -  investors die, move on, lose heart, lose the will to fight, hearts broken, throw it in....like a death in the family -  you get used to it - . a small group (minority) will fight the good fight.... without support Banton will throw it in..... McIvor will slide through the net.....  seen it too many times -  he just has to drag this out for as long as he can ..........

I can tell you now -  there wont be 20cents in the dollar left.....


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## M41 (20 April 2012)

*Re: COMMERCIAL DENIAL*



kostag said:


> This will drag on over years -  investors die, move on, lose heart, lose the will to fight, hearts broken, throw it in....like a death in the family -  you get used to it - . a small group (minority) will fight the good fight.... without support Banton will throw it in..... McIvor will slide through the net.....  seen it too many times -  he just has to drag this out for as long as he can ..........
> 
> I can tell you now -  there wont be 20cents in the dollar left.....




Exactly my worst nightmare coming true. These scumbags have had this lined up for years.

Feel sick after today, about 100 people there. Piper's proxies not accepted - why????. Old fellow in front of us had no idea what was happening. How did Deloitte not get backed? How does Hall Chadwick manage to scam the fees?


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## No Trust (20 April 2012)

*Wait There Is More To Come*

Nothing has really changed, and have fees still have to be paid. Until they are paid there are plenty of options in regard to challenging them which I am sure David Whyte has made contingencies for...

What is interesting though is what's planned for McIvor from a legal point of view over the coming weeks... Life is not going to be easy for him or his stooges like mummy dearest who fronted for him with properties held in trust...

As bad as it is for investors it's going to get a whole lot worse for McIvor...


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## Brethren (20 April 2012)

*Re: MAD MAX FUHRERBUNKER:  DTZ for sale signs have gone up -  MORTGAGEE SALE!*



Mozzi said:


> Well, administrators still in, money on its way!   Reduced to  $400000!!
> 
> Mr Whyte still there.   McIvor no show!     Deloitte suggested -voted down!
> 
> ...




The above is a start on reporting the events of the meeting, but somewhat cryptic. What, for example, does 'money on it's way' mean? Who was Chairing the meeting and on what grounds did they refuse the proxies Piper Alderman carried. Investors - whether pro or anti McIvor/Equititrust - need to know this info. 

In amongst all the emotion and noise that will doubtless follow from todays' meeting, could I ask, on behalf of investors ( I am not one, merely an interested observer ) , that someone who was present please summarise what actions were resolved or voted down? 

After the facts of the day have been posted then everyone can go to town venting as they see fit or feel the need. But let's at least START with a emotionless summary of the days' events so the readers of this blog who could not attend might know what occurred.

Anyone able to assist with this?

Thanks.


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## No Trust (20 April 2012)

*Gutless*

McIvor being a gutless bastard hid and was afraid to face the retribution of the investors he defrauded... Pariah of the Gold Coast... 

Losers don't get any biggest than this...


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## No Trust (20 April 2012)

*Re: COMMERCIAL DENIAL*

With the current interference investors will be lucky to see 10 to 15 cents in the dollar if that... The assets are toxic and from the emerging financial information and investigations by ASIC and the Federal Police it will be shown than McIvor defrauded the funds to the tune of tens of millions of dollars by taking management fees when the he clearly new the losses were already in the hundreds of millions... Remember our fight with them last year to have update valuations... They were not updated to hide the losses which they clearly new about... This was an organisation determined to deceive the weak and elderly...  



kostag said:


> it is a well known fact - that some people when confronted with a situation where the logical consequences are simply too horrible to contemplate -  they simply go into denial.
> 
> If you are an EQUITITRUST investor with $1 in the POT and McIvor and other liars suggest to you that there is some way, any way out -  you grab at it.....   because the alternative which David WHYTE and other honest advisers are telling is that it will probably pan out at 20cents in the $1......
> 
> ...


----------



## Mozzi (21 April 2012)

*Re: MAD MAX FUHRERBUNKER:  DTZ for sale signs have gone up -  MORTGAGEE SALE!*



Brethren said:


> The above is a start on reporting the events of the meeting, but somewhat cryptic. What, for example, does 'money on it's way' mean? Who was Chairing the meeting and on what grounds did they refuse the proxies Piper Alderman carried. Investors - whether pro or anti McIvor/Equititrust - need to know this info.
> 
> In amongst all the emotion and noise that will doubtless follow from todays' meeting, could I ask, on behalf of investors ( I am not one, merely an interested observer ) , that someone who was present please summarise what actions were resolved or voted down?
> 
> ...




Hall Chadwick chaired the meeting.   About 100 there.   ASIC observing.   Proxies rejected from Piper Alderman as not signed by unitholders.   Technicality!!!!!

Voted counted in backroom.   Admin voted in as liquid
ator -  out as administrator.   Deloitte lost the vote!  Hall Chadwick reduced their fee from $650,000 to $400,000.   Undertook not to take it from Funds?   Hopes to recoup from Equititrust but we will see.

Was trying to post 
  quick facts as was pressed for time.   Not emotional - too late for that.   Is this helpful.?

As things come back to mind.   Will post again....................to be contd.
>


----------



## word75 (21 April 2012)

IN LIQUIDATION

Well then, really the only result that could happen, Equititrust is to be liquidated and not a moment to soon. David Whyte reigns over these thieves  not withstanding the controversial move by Hall Charwick in maintaining their position and fees. Disallowing Piper Aldermans vote and proxies will prove unwise as they are soon to find themselves in court defending their actions. As for Deloittes they will replace IHall Chadwick very soon. 

As for the much mooted VAX bid for the RE... well it's still born and is about to be biopsied. Just another cankerous growth that has been effectively treated and ruled benign. 

Now the truth is, we needed a liquidator to go after these Conivors so to bring them to book, pay back the money and hopefully Mcivor and his co conspirators will go to jail and do the time they deserve. The only problem is the liquidator is a Mcivor Plant so the likelihood of them REALLY GOING AFTER MCIVOR AND OR'S is slim unless People Power forces them to. A group of investors acting together instructing a lawyer to keep the receiver honest would be a cheap way of making these mongrel's pay. Some suitable names come to mind however with more support Amanda can do the job. Lets support her in removing Hall Chadwick for what will soon to be shown as their in appropriate  behaviour and install Deliottes or in he alternative lets grab Hall Chadwick by the ankles and bash the bejesus out of Mcivor, Equititrust and their band of thieves using them. Now that would be poetic.


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## No Trust (21 April 2012)

*Public Examination - Modern Day Public Stocks*

McIvor will now be *Publicially Examined *on the allegations outlined in the previous report... They have no choice but to put him in the witness box and then refer him to ASIC and Prosecution...


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## No Trust (21 April 2012)

My dislike of the Administraitor's actions to date is clearly outlined, however since their role has now become *Liquidator*, they have *serious obligations to meet*. The fact that *ASIC* was observing the meeting has made that abundantly clear.

McIvor will now mean nothing to them and they MUST go after him on any financial irregularity and it seems from their report that there are many...



word75 said:


> IN LIQUIDATION
> 
> Well then, really the only result that could happen, Equititrust is to be liquidated and not a moment to soon. David Whyte reigns over these thieves  not withstanding the controversial move by Hall Charwick in maintaining their position and fees. Disallowing Piper Aldermans vote and proxies will prove unwise as they are soon to find themselves in court defending their actions. As for Deloittes they will replace IHall Chadwick very soon.
> 
> ...


----------



## ASICK (21 April 2012)

Good morning "No Trurst" - I guess we'll have to agree to disagree on this one too, but the failure of members to sign proxies is hardly a mere technicality.

I'm only guessing, but I think Piper Alderman simply doesn't have much standing with respect to the goings-on in yoru fund - and, as far as I understand it, it doesn't look good that the law firm (or its' associate) attempts to attend with unsigned proxies.

A couple of days ago, I posted that I had a gut-feeling that your fund was worth $0.15 - I'd guess that many readers thought that was nonsense - but now, both you and "Kostag" seem to be of the impression there's no much left in your fund, and figures around $0.15 are now being mooted by both of you.

Costs will kill your fund - same as the PFMF - PFMF unit price is now $0.28 ($0.22 plus $0.06 repaid) - The PFMF's already lost 42% ($177m) since Trilogy/Balmain Trilogy took over the fund.   Receivers / contractors / real estate agents / lawyers / auditors / CBA / valuers / managers etc are all making money, but we're losing hand over fist.

Trilogy took the fund at $0.48, and now with $0.22 remaining, I see no hope of that $0.22 actually coming on punters' hands.

I don't know if you realise it, but you're all becoming spectators cheering and jeering events which are, in fact, costing you all a heap of what's left of your investment.

No one is in this game at no cost - every event costs - the mails outs, the appointment of the receiver.

I've formed the view that a badly damaged fund is no more lucky than a defenceless badly wounded animal in the wild  -  both will be all or partly eaten up by opportunists.

I've also formed the view that ASIC is not concerned about fairness, but rather about process.   Members should remember that they can vote for very unfair arrangments: ASIC regards such decisions as members' respective 'prudential choices".

We'll also agree to disagree, but the only ones out there who really concern themselves about investors is investors themselves - and if they, in the collective, do nothing, then they will surely lose.


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## No Trust (21 April 2012)

*Public Examination - Modern Day Public Stocks*

Once thing that both *McIvor* and *Tucker* cannot now avoid is *PUBLIC EXAMINATION* by the "Administraitor" now "Liquidator"... 

Refer to Page *38* Para *12* of the Report below which outlines who will now be appearing in the Witness Box...

In seems that the liquidator (*as outlined in the report*) will have no choice but to refer the breaches of the Corporations Law to ASIC.

Now this will be *poetic justice *as McIvor never expected this. He was deluded enough to believe the *change in the RE would occur *and that he would be off the hook. He clearly does not understand the commercial realities or is *just plain dumb*. This was exemplified by *David Whyte *when McIvor appointed an Adminsitraitor to Wirrina Cove. David Whyte outlines _McIvor's lack of understanding of the securities and corporate structure of the resort, which effectively made the appointment irrelevant and David Whyte took full control again_...

I do not think McIvor is as smart as "he thinks he is" as this disaster shows he really is one dumb bastard...

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf


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## No Trust (21 April 2012)

ASICK please read the thread properly, *I did not say that*... Post *2304* regarding the Technicality was not posted by me



ASICK said:


> Good morning "No Trurst" - I guess we'll have to agree to disagree on this one too, but the failure of members to sign proxies is hardly a mere technicality.
> 
> I'm only guessing, but I think Piper Alderman simply doesn't have much standing with respect to the goings-on in yoru fund - and, as far as I understand it, it doesn't look good that the law firm (or its' associate) attempts to attend with unsigned proxies.
> 
> ...


----------



## ASICK (21 April 2012)

No Trust said:


> ASICK please read the thread properly, *I did not say that*... Post *2304* regarding the Technicality was not posted by me




Yes, you didn't say that ... sorry, I guess I forgot there were others on the forum.  The reference to the technicality should be directed to Mozzi's posting.


----------



## Brethren (21 April 2012)

I'll second many of ASICK's observations:

- un-signed proxies? That's a bad and basic slip-up; a literal case of not dotting the "i's" and not crossing the "t's".
- the predators will consume the carcass. Take a look at the long list ASICK put together a few post above of those who now get to feed off the remains of any Fund that hits the ropes ( whether it be Balmain Trilogy or the Equititrust Fund ). His 'wounded animal in the jungle' analogy is spot-on. It's basically now a matter of which predators will feed from the carcass. To move the analogy to African savannah - a cheetah may run down a gazelle and kill it, only to be chased off by hyenas or baboons who, in turn are chased off by lions [ and a predatory replacement Responsible Entity could be seen as a leopard who, if they get hold of the carcass, will stash it up a tree to eat at their leisure ]. 

The predators will now feed; the Investors are very much relegated to passive observers as their remaining capital is consumed. The only way to have avoided this was to have a large group of investors organised early to go hard with the legals. But this is almost impossible to achieve and almost never happens in commercial situations. Fear, hope that all will somehow come good, ignorance of the twists and turns of corporate law - all these factors get in the way for ordinary mums and dads.

- ASICK is also correct in their view of ASIC. Their legal mandate is not to ensure people do not lose investment money. It is to ensure that it's not lost by illegal means. ASIC cannot act just because something is immoral, only when they can argue to a Court that it is illegal. Hence the need for dotting all 'i's' and crossing all 't's' - sloppiness in any form is something you investors cannot afford.

Investors may get some say over who consumes their remaining capital [ ie: some of you may wish to do what you can to ensure that those you hold directly responsible do not benefit, which will simply mean that many lawyers, administrators, liquidators etc will make good money burying what should have been a healthy pool of investor capital ]. But don't expect much more.

Sorry to sound melodramatic but check back in 12 months and see if I am wrong. I hope to be. I do not expect to be.

I do expect that Hall Chadwick as Liquidators may be constrained to go after the Equititrust Directors, based on what I have read in their earlier Administrators report. If even the most colourful of of the accusations in these threads of a cozy relationship between Hall Chadwick and Equititrust were true it may well be a case of 'their neck on the chopping block or ours' because a lot of what is in their report is, in legal terms, at least as 'colourful' as anything I've seen posted on this forum. And that is saying something !


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## Olman (21 April 2012)

*Piper Alderman Proxies.*



Mozzi said:


> Hall Chadwick chaired the meeting.   About 100 there.   ASIC observing.   Proxies rejected from Piper Alderman as not signed by unitholders.   Technicality!!!!!
> >





Piper Alderman sent out proxy forms by email last Tuesday for completion and return. Maybe the proxies were disallowed on a technicality, rather than not being signed?


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## word75 (21 April 2012)

I'm sure ASIC is all over this. The criminality and evidence of same will have been collected during the raid on Equititrust now it's complicity and duplicity they will be researching and we will all be there with our congratulatory hats on when these thieves are bought to justice. 

Hall Chadwick will be under the gun here to, if simple people like us can join the dots then make no mistake, the smartest team of investigators in their field at ASIC will well and truly on their scent. There is no way a bunch of shysters who have stolen nearly $100mil for personal gain and cost hard working ordinary everyday people almost $250mil of their wealth, capital and security will get away with it.
Remember this, ASIC put the very capable receivers .... David Whyte into the funds and they did that at the first sign of trouble. If that hadn't then just imagine the s..t storm this would be. The funds only have the remaining pool of funds it has now because protective measures were initiated. This fund would be in a far worse predicament if not for BDO and David Whyte. Just imagine Evil Conivor and his mercinaries still managing these funds. 

It would appear that the remaining assets to be sold will be disposed of by years end. There is absolutely no evidence that BDO has fire saled anything, and from the advices they are providing it would also appear that the secured lenders are about to be discharged. That means unit holders are close to receiving distributions. The asset pool appears to be highly problematic, property that is poorly located, values grossly inflated and certainly not of the same AAA quality of the Premium Properties Mcivor chose to invest in for himself and interests. Which is just as well. 

Certain information that is publicly available would indicate that once the funds assets are sold a distribution if approx 35-44 cents is achievable. 
Keep in mind that the liquidators are encumbered to recover all monies from wherever they have been concealed or from whatever entity is liable. 

Mcivors private stash of property worth up to $50mil is fair game after the secured lenders recover any loans. Then their is at least $36mil of directors insurance and the possible claim against KPMG though one wonders if an insolvency practioner will actually go after another one. For that I think a class action expert is the weapon of choice. Then there is the personal liability of the directors who will be sued in the personal capacity. 

It's possible to recover the full $1.00 unit value for all investors and make those accountable pay for it. 

First things first, the three dumb me are now directors of a company in liquidation they must provide their financials and they should be injuncted from dealing in their private capacity on all personal assets. Given the size of the theft the millions missing they should be compelled to submit their passports to the authorities. Let's face facts...
$100mil has got to be hiding somewhere


----------



## Todays (21 April 2012)

I attended yesterdays meeting.
Hall Chadwick’s presentation and control of the meeting was disappointing.

I was very disappointed that no attendees offered to join the Liquidation Committee which would have given this forum inside information. (I can’t)

I was very confused as Deloitte’s represented the Liquidation and receivers of MM Capital & M M Holdings Ex Mark McIvor companies “Related Entities”  and ?NAB? 

As per Hall Chadwicks report page 25 item 10.2.2 Equititrust owes these identities $10,766,519 & $205,033 Total 10,766,519 (Unsecured Creditors)

Also refer to page 29 section 10.4 Related Entities.

I am confident BDO David & Hall Chadwick will be reluctant to pay these amounts until the debt is proven.

Also considering page 33 where MM Holding loan were being paid 20% could these loans be subject to litigation?

My question is do Deloitte’s have a conflict of interest if appointed liquidator as the payment of this dept assists there client (??NAB??) and Mark McIvor’s debt?

Did Piper Alderman comment on Deloitte’s appointment and trying to recoup $10.97 Mil from the fund?

Would ASIC be happy with this?

Hall Chadwick have guaranteed not to charge the funds for Liquidation. (A Win) 

I welcome you comments.


----------



## word75 (21 April 2012)

Todays said:


> I attended yesterdays meeting.
> Hall Chadwick’s presentation and control of the meeting was disappointing.
> 
> I was very disappointed that no attendees offered to join the Liquidation Committee which would have given this forum inside information. (I can’t)
> ...




My concern is that as liquidators Hall Chadwick can now change the RE AND MOVE US TO VAX whether we like it or not if they (make) believe its in the funds and unit holders best interest. That is a game changer  and that's been Conivors plan all along. We want an undertaking from Hall Chadwick that they won't do that. I BET THEY WON'T GIVE THAT


----------



## No Trust (21 April 2012)

There is *no way *the liquidator can change the RE to VAX, it will never happen... They have even acknowledged that the court, ASIC and David Whyte would need to approve that... So its never going to happen, we can forget about that now, its dead and McIvor failed...



word75 said:


> My concern is that as liquidators Hall Chadwick can now change the RE AND MOVE US TO VAX whether we like it or not if they (make) believe its in the funds and unit holders best interest. That is a game changer  and that's been Conivors plan all along. We want an undertaking from Hall Chadwick that they won't do that. I BET THEY WON'T GIVE THAT


----------



## Todays (21 April 2012)

word75 said:


> My concern is that as liquidators Hall Chadwick can now change the RE AND MOVE US TO VAX whether we like it or not if they (make) believe its in the funds and unit holders best interest. That is a game changer  and that's been Conivors plan all along. We want an undertaking from Hall Chadwick that they won't do that. I BET THEY WON'T GIVE THAT




Word 75,
Thank you for your post.

Hall Chadwick as confirmed at the meeting and in writing (Bottom of page 44) that they would not recommend the changing of the RE.
Also on page 40 section 14 it would require a vote of "majority of unit holders" to change the RE. (With the tone of the meeting this would not happen.)

It was clear at the last meeting that a vote for Hall Chadwick was a vote for a change in the RE and triggering the subordinated units that’s wrong.

ASIC are fully aware of the Subordinated unit triggers.  ASIC and the court would have to approve any RE change. There is no way ASIC would make a decision which would/could be detrimental to unit holders and the unit price.

I feel for Hall Chadwick. The Equititrust directors had to appoint an administrator as Equititrust was insolvent and they chose Hall Chadwick. Because of the understandable negative feeling to Mark McIvor I can understand a perception that Hall Chadwick is not independent. (There presentation did not build confidence)
ASIC is watching everybody to insure independence.

David Hickie VAX wound up Estate Mortgage and got the final unit price from $0.04 to $1.10. Considering this track record Mark McIvor suggested I think in good faith (Many Don’t) Hall Chadwick should investigate David Hickie VAX and they did.
Maybe an error of judgement we all make them. But track record $0.04 to $1.10.

I don’t fully understand the complexities of it but we (Investors) are creditors not unit holders. Hall Chadwick are in an unprecedented position hence the comment that they would have to “seek direction from the court”.

The BDO appointment is because the EIF (Income fund) is the only ASIC regulated fund because Equititrust could not get director insurance David Tucker during a court hearing and facilitated the appointment of BDO.

Under the Norman structure Equititrust would appoint an administrator then liquidation the liquidator would wind up all the funds. That’s why it’s unprecedented.

For obvious reasons one must consider there could be plan to ovoid litigation and due to David Hickie record destroying his proposal.

As mentioned in the meeting Liquidation triggers Litigation I believe there are many parties which should be held accountable and pay with $ to investors.


----------



## ASICK (21 April 2012)

Todays said:


> ...
> 
> ASIC are fully aware of the Subordinated unit triggers.  ASIC and the court would have to approve any RE change. There is no way ASIC would make a decision which would/could be detrimental to unit holders and the unit price.
> 
> ...




If anyone thinks ASIC wouldn't allow a decision that would be detrimental to unitholders should do some research on the Premium Income Fund (PIF) and a recent rights issue.

Even though a court ruled that a particulr rights issue was not in investors' best interests, it permitted the rights issue to stand.    ASIC ignored members' complaints in regard to the issue.  

I confess I'm perplexed about unitholders are creditors of Equititrust limited.  While unitholders are creditors of the EIF, how does that latch onto Equititrust Limited?  

I note that this issue was one of many issues which the (then) administrator of Equititrust Limited based an court application for an extension of time. ("Report to Creditors", Page 7, Paragraph 3. "Introduction") http://equititrust.com.au/Pdfs/Admi...eports - 20120412 - Circular to Creditors.pdf

However, I couldn't find the administrator's final position on the issue in the above referenced report.   I'm inclinded to think that its' not possible for unitholders to creditors of Equititrust Limited, even if Equititrust Limited actually owed the fund money.


----------



## kostag (21 April 2012)

*ASICK: value of units*

One small issue - and I do thank you for your contributions to thsi this thread -  over a year ago, when Equititrust mooted a $1 per $1 return -  I posted on this website a detailed analysis that brought it down to just over 40cents - in the following months, I continued upgrading this estimate as we learned more and more, until I dropped in at 20cents BEFORE overheads and realisation costs -  end likley result NIL

Why is Tricky Dicky interested -  well if we morons copy worthless VAX shares -  TRICKY DICKY 's company gets acess to our GROSS MORTGAGES -  we are no longer DEBTS to be repaid BUT shareholders,,,, last time I looked in the law books -  shareholders actually rank 100% last in the line of people to get paid

so tricky dicky gets $60M PLUS to play with -  re-lend, charge fees to borrowers, take directors fees, overheads -  whatever he likes....

if there is anything else - we might get a dividend BUT only after tricky dicky and the honeypot licker have been into the trough - 

share value?  NSX? no real NTA ? no market? no dividends??  you tell me, I reckon NIL.

A good deal if you can get it..... ALL-BARREN, lots of (Mc)CONNIVORING and lots of tricky dicky work.....

lets all hope and pray ASIC blocks this .....


----------



## Todays (21 April 2012)

ASICK said:


> If anyone thinks ASIC wouldn't allow a decision that would be detrimental to unitholders should do some research on the Premium Income Fund (PIF) and a recent rights issue.
> 
> Even though a court ruled that a particulr rights issue was not in investors' best interests, it permitted the rights issue to stand.    ASIC ignored members' complaints in regard to the issue.
> 
> ...




ASICK,

My negative brain is suggesting that by classifying  Investors as creditors how will it affect the insolvency rules.

We are now in Liquidation & Litigation mode and I am confident All Chadwick as per the report and by law will be uncovering everything.

We have turned a corner.


----------



## Brethren (21 April 2012)

As to the comments re VAX fixing up Estate Mortgage, age may be making my memory a bit dim but I seem to recall that the repair of assets from that was from about 30 cents in the dollar ( not 4 cents ) to 70 cents over a *10 year period *and mostly falls to the credit of Greg Paramour and his-then labels of Growth Equities Mutual and Paladin. Can't recall many others being involved and entitled to the credit. I reckon Greg would be first to admit it was mostly the compounding effect of time that repaired those values. It's also worth noting that the entire industry responded to the Estate Mortgage collapse by galloping as fast as possible to become listed, liquid entities. None of the current proposals from alternate Responsible Entities seem to contemplate that. In fact, the Lion Advantage / VAX proposal would seem to be the most 'locked-up' of all three despite the seeming advantage of 'listing' on the NSX.



ASICK said:


> If anyone thinks ASIC wouldn't allow a decision that would be detrimental to unitholders should do some research on the Premium Income Fund (PIF) and a recent rights issue.
> 
> Even though a court ruled that a particulr rights issue was not in investors' best interests, it permitted the rights issue to stand.    ASIC ignored members' complaints in regard to the issue.




On this point, Investors might want to consider that ASIC's presence at these meetings could very well be seen as a two-edged sword:
Edge 1: there to show the various groups struggling for control and $$$ that they are being watched;
Edge 2: there to show Investors that Investors will get what Investors vote for - and nothing more, less or else.

If you think that how I describe that second edge contains a warning for Investors - you're correct. 

ASIC's mere presence at these meetings is no guarantee that they are their to protect you as opposed to protection their own back-ends. Remember that, under the law, ASIC is not charged with protecting your money from loss, merely from ensuring regulation is observed. The letter of the law - not the spirit. With that in mind, take a look again at those two edges I described above. ASICK's commentary on his/her experience in another Fund may be a salutary lesson in that regard. ASIC may NOT be the cavalry riding to the rescue that some expect. Investors need to think of themselves as their own cavalry with ASIC, at this stage, merely there as the equivalent of UN observers. And we all know how useful THOSE usually turn out to be.


----------



## Todays (21 April 2012)

*Re: ASICK: value of units*



kostag said:


> One small issue - and I do thank you for your contributions to thsi this thread -  over a year ago, when Equititrust mooted a $1 per $1 return -  I posted on this website a detailed analysis that brought it down to just over 40cents - in the following months, I continued upgrading this estimate as we learned more and more, until I dropped in at 20cents BEFORE overheads and realisation costs -  end likley result NIL
> 
> Why is Tricky Dicky interested -  well if we morons copy worthless VAX shares -  TRICKY DICKY 's company gets acess to our GROSS MORTGAGES -  we are no longer DEBTS to be repaid BUT shareholders,,,, last time I looked in the law books -  shareholders actually rank 100% last in the line of people to get paid
> 
> ...




Kostag,

Thank you for your comment.

As I understand that Mr Hickie can not even consider to make am offer without ASIC’s approval.
You seem very negative. As mentioned Mr Hickie got estate Mortgage from $0.04 to $1.10.

All investors need hope and confidence.

In the VERY VERY VERY unlikely event we receive a presentation from Mr Hickie for a legal, regulated, transparent option which will not trigger the subordinated units and cuts the current wind up costs. My door is always open.

How can one make a decision without the updated signed off facts.

Sorry we will agree to disagree.
This is an open discussion forum.


----------



## Brethren (21 April 2012)

*Re: ASICK: value of units*



Todays said:


> Kostag,
> 
> As mentioned Mr Hickie got estate Mortgage from $0.04 to $1.10.




The gent in question may say it - I was not at the meeting to hear if and how he said it and I find it very interesting that he should make that claim. It does not mean it's 100% rolled-gold Gospel Truth. Might I suggest you check my comments above re the not-minor roles of Greg Paramor AND the compounding effect of time in the repair of Estate Mortgage investors' monies?

As I said, time and age dims memory, but I and others who were there for that ride do not seem to recall those events quite the same way.


----------



## ASICK (22 April 2012)

Sorry about the errors in my posts (all due to jet lag ..  )

When City Pacific got into trouble, City mooted two parths one after the other, they were (1) a preferential share issue, and (2) the listing of the fund.  It was clear to me that the moves were made deprive investors of their creditor status to what was left of their investments.    I know of no one who would have supported those moves.

A number of us could see what happened to members of the Premium Income Fund (PIF, NSX code PIN) - their investments were cut to pieces by listing.  For us, there was no reason to "throw the light switch when the bulb is clearly defective".

"A frozen fund is a manager's delight" - and if the manager is able to isolate members from their respective entitlements to their investment, then the future just might look rosy for the manager.

City Pacific and Wellington Capital (PIF) weren't the only ones, Trilogy tried it on too.  Trilogy promised they wouldn't list the fund - and true to their word, they didn't attempt to list the PFMF, but what did they do instead?

As part of their proposed strategy for the PFMF (see meeting of members 1 September 2010 http://moneymagik.com/general_information.php), members would give up their respective rights to redemptions - in my opinion, just as bad as a listing or the granting of preference shares.

The Proposed Constitutional changes to the PFMF as proposed by Trilogy:
http://moneymagik.com/Proposed_Constitutional_Amendments_August_2010.pdf

Note proposed clause 11.1 "No right to withdraw"
Only way out via a "Withdrawal Offer" (proposed clause 11.2)
Manager not obliged to made such an offer (proposed clause 11.3)
Manager may buy units (proposed clause 11.5b)
Or arrange for another entity to buy (proposed clause 11.5b)
Member can't deal with units after "Withdrawal Request" (proposed clause 11.11)
Must satisfy a "Withdrawal Request" within 12 months (proposed clause 11.5a)
However, satisfaction may be extended past 12 months (proposed clause 11.8)

What does that amount to for Trilogy or another entity? It's called a zero-cost option to buy units at the time of Trilogy's chosing.   

Then there's proposed clause 21.2e - "Projected Performance Fee" - the ability of the manager of "project" a fee - not have to stay to earn the money for it, and the fee was never going to reconciled with the actual outcome.

There's heaps more issues, but I'm sure you guys would get very bored with them.

The foregoing are by way of example - in the managed fund business - especially with damaged funds - anything is possible.

I, like "Brethren", wish to impart my experience (for what it's worth) so that you guys don't have to fall where others have fallen.  If we don't learn from the mistakes of others, we'll learn from our own mistakes.

..

For those who enjoy some light reading, here's a submission (and two supplementary submissisions) I made to the Financial Enquiry:
http://www.aph.gov.au/binaries/senate/committee/corporations_ctte/fps/submissions/sub182.pdf
http://www.aph.gov.au/binaries/senate/committee/corporations_ctte/fps/submissions/supsub182a.pdf
http://www.aph.gov.au/binaries/senate/committee/corporations_ctte/fps/submissions/supsub182b.pdf
Here's one another member made:
http://www.aph.gov.au/binaries/senate/committee/corporations_ctte/fps/submissions/sub355.pdf

(It should be noted that the estimated loss at "Pacific Beach" was not as high as first thought - but still, it was quite a lot of money - the only info we had was from the media - it was way off base, but never corrected by any one in the know at that time).

Only two of us out of over 8,000 PFMF investors made a submission - and we wonder why we didn't get any attention?  I may have posted about this before, but most of the submissions come from Storm investors - and it paid off BIG time for them.  They got heaps of attention.

How many of your members signed up to the class action? Did someone post 36? 

And we wonder we find ourselves where we are today?


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## No Trust (22 April 2012)

*McIvor Hiding*

Boy oh boy the hits just keep on a coming for Marky. The process servers are out in force and looking for him and wifey Stacey... The actions are lined up in the Supreme Court... 

Too gutless to turn up to the creditors meeting and now in hiding from his creditors and elderly retiree investors... What a loser...


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## No Trust (22 April 2012)

*Liquidator*

If the liquidator wants to redeem any credibility they will commence proceedings against McIvor and Tucker and have them both brought before a court for a public  examination...

Don't be fooled, Tucker (Mr Conflict of Interest) was up to his eye balls in this mess alongside his old mate McIvor and both need to be put into a witness box...

Time for these two idiots to tell the truth before a judge...


----------



## Bonne Chance (22 April 2012)

ASICK said:


> If anyone thinks ASIC wouldn't allow a decision that would be detrimental to unitholders should do some research on the Premium Income Fund (PIF) and a recent rights issue.
> 
> Even though a court ruled that a particulr rights issue was not in investors' best interests, it permitted the rights issue to stand.    ASIC ignored members' complaints in regard to the issue.
> 
> ...




Asick,  I admit I was perplexed as well about investors being creditors of Equititrust Limited.  As noted in the Hall Chadwick report (10.3) and BDO's letter to investors of 18/04/12, the investors are 'contingent creditors' and as explained by David Whyte - 'The Administrators consider the investors of the EIF to be contingent creditors on the basis that the investors may have a claim against the responsible entity for breaching the Corporations Act' and we have Piper Alderman to thank for that (apologies if I have misunderstood you and am stating the obvious).  This gives us certain rights but I don't think, access to any monies that might be forthcoming, although, Albarran did state that we would be considered 'unsecured creditors' - there will be nothing left anyway as Equititrust Limited has minimal assets. I suspect Hall Chadwick may have allowed us into the meeting to dilute the vote against them by the Deloitte boys who held proxies for the MM group of receivers/liquidators, whatever the hell they are.

I was also disappointed at the conduct of the meeting and I have grave concerns at the lack of transparency on everyone's part in that meeting.  There seemed to be much going on in the background that we were not privy to nor had any understanding of (at least I didn't).  In hindsight I believe the meeting should have been adjourned.  The proxy debacle was beyond a joke.  Either Piper Alderman submitted the invalid proxies hoping Hall Chadwick didn't notice they weren't executed (seriously?) or they didn't notice (seriously?).  Piper Alderman didn't argue when the proxies were invalidated - take from that what you will.  Also, submitting Deloittes at the 11th hour - could these 'experts' not get themselves better organised than this?  I am of the opinion that BDO and Piper Alderman could have contributed more to this meeting on behalf of investors.  I appreciate they all may have restrictions on their ability to provide advice in that forum but pertinent questions may have assisted investors in making better decisions rather than just squabbling over each others fees.  After all, we are not experts, we cannot be expected to be and we did not buy into this bloody shambles, we bought into .... well we all know what we thought we were buying into.

As to the class action, I had a conversation with a lady at the meeting and I asked her if she had joined - 'No" she said 'my lawyer told me it was just throwing good money after bad'.  Unfortunately, the meeting reconvened and I didn't get a chance to enlighten her but having said that, I have tried 4 times to get documentation out of Piper Alderman to join and so far, with no success.  I have even spoken to Amanda Banton - still nothing.  It would appear you are right - we need to get organised.  

The whole meeting was a shambles, the chairman (think I'll call him Albran - he has that affect on me) took no control over the meeting - or was that deliberate?  He should not have allowed questions about the RE, it was not on the agenda and it muddied the waters - deliberate?  I have to say I just feel dirty - from being walked all over!!


----------



## ASICK (22 April 2012)

Thanks "No Trust" for your illuminating posting.  No, you didn't misunderstand me, I didn't consider there was a contingency opportunity for investors, but if there is, that might (might not be) a good thing.

While I speak to la ack of participation in the class action, I confess I see class actions as a 'last resort' given the substantial percentage given up to the opportunitists (who would call themselves "risk takers") prepared to run such actions.

First opportunity would be that the fund, if able, should bring actions - perhaps in your case, the receiver might bring any action/s using fund monies.  Second, the fund brings a class action.  Third.  investors bring a class action.

There is an obvious advantage if the fund brings the action because of evidence - there shouldn't be any 'stabbing in the dark'.

Don't feel too bad about what happened with Piper Alderman, take a look at what happened at the recent meeting of PIF investors.  The prospective RE continued on with a meeting with court action in process whereby the existing RE (Wellington Capital) was seeking to invalidate the meeting.

WC's claim has legs to it, but the prospective RE ignored it entirely and proceeded to the meeting which was adjourned in any event.  WC won the day in court and the meeting was invalidated.

There's no doubt about it, when there's $$$$ at play, the "actors" will seek to ensure their respective slices of it.  That goes for all of them.   If you try to take away the income source, it'll be like  taking away a 2 year old's favourite toy - the fight'll be on!!

As I tried to point out, it was right of BDO to disclose the shortcomings of VAX's proposal, but its silence as to each of Trilgy and Balmain's respective shortcomings, or even to BDO's inability to comment on each of Trilogy and Balmain due to confidentiality,  seemed (at least to me) to be more than disappointing - this behavior is something I've come to expect when there's a mix of entities with various obligations between some, or even all of them.

Of course BDO wants to make money from  investors, so does Trilogy, Balmain, VAX, etc .. etc ..   

Ah ASIC - Here's an excerpt from my submission to the Senate Finance Inquiry:
"*It is important to understand the role of ASIC and to understand that ASIC is not a prudential regulator, nor do we approve products prior to their release.* 

*ASIC’s power primarily relate to ensuring that the scheme’s disclosure complies with the law. As such, ASIC has limited scope to intervene in the operations of companies simply because the projects or investments they propose may contain a certain level of risk or are not performing as expected. 

Risk and its relationship to the expected returns are matters for investors to assess (with or without financial advisers) and ASIC cannot direct how people invest their money."*

http://www.aph.gov.au/binaries/senate/committee/corporations_ctte/fps/submissions/sub182.pdf

The above excerpt was originally taken from a letter sent to me by ASIC in regard to a complaint I'd made.  An idential letter was sent to others, even though the other complaints related to entirely different matters!!!

I really hope you guys will NOT rely on ASIC - for reliance may only lead to disappointment.

For ASIC, it's form over substance - believe it or not!


----------



## Todays (22 April 2012)

Bonne Chance,

Thank you for your post.

As mentioned I was also very disappointed with Hall Chadwick’s lack of control of the meeting.

But Hall Chadwick’s report highlighted many areas requiring investigation which litigation should follow. (First time on the public record we can see a fraction of what went on)

I do wonder if M.M Holdings (Receivers appointed) is still charging the fund 20% as per comments on page 33 & 29.

Hall Chadwick have access to all the records of Equititrust.
At the meeting Hall Chadwick mentioned they have had discussions with Piper Alderman re sharing the litigation. (A ridiculous waist of money both parties litigating on the same subject)
I am planning to wait for there next report hopefully action plan before considering joining Piper Alderman.

I think we are all desperate for direction going forward


----------



## Olman (22 April 2012)

*PA class action.*



Bonne Chance said:


> As to the class action, I had a conversation with a lady at the meeting and I asked her if she had joined - 'No" she said 'my lawyer told me it was just throwing good money after bad'.  Unfortunately, the meeting reconvened and I didn't get a chance to enlighten her but having said that, I have tried 4 times to get documentation out of Piper Alderman to join and so far, with no success.  I have even spoken to Amanda Banton - still nothing.  It would appear you are right - we need to get organised.






Todays said:


> Bonne Chance,
> 
> 
> I am planning to wait for there next report hopefully action plan before considering joining Piper Alderman.




I am surprised and perturbed by Bonne Chance being unable to get to sign up with Piper Alderman.  

My understanding is that the PA class action costs nothing for investors to join, and there are no fees payable other than a percentage of winnings (if there are any). 

Discounting the example given by Bonne Chance of legal advice which appears frivolous and irrelevant, could anyone enlighten me as to why an investor would *not* join the action as a matter of priority?


----------



## Bonne Chance (22 April 2012)

Thanks Asick, (I presume you were replying to me and not No Trust).  I haven't been involved in one of these before and I greatly appreciate your input since it is obvious, regrettably, that you have.  

As I understand it, the Piper Alderman class action will be against the directors insurers, not against any of the companies and will be relying on the breaches of the Corporations Act, fraudulent acts aplenty etc hence, I am assuming, the importance of our status as contingent creditors of the RE.  The dates being important so that the insurers et al were notified prior to the cancellation of policies.  For these reasons I don't see it as a last resort but as an attack on two fronts.  I place no reliance whatsoever on ASIC, I place little reliance on all the receivers/ administrators/ liquidators/ banks/ anybody else who thinks they can steal what's left.  It would have been better if McIvor had something left for us to take but now that the MM group of companies are also in receivership or liquidation, those receivers will take what should have been ours.  So, as I see it, the directors insurers now have the deepest pockets.  Actually, I would think the insurers would be the most motivated to find the money stashed overseas and they are not bound by ethics (and I use that term loosely with all the others). There will be money overseas, it's just a matter of finding it.  McIvor knew this was coming and I'll be a 'monkey's uncle' if he hasn't got a large stash somewhere.

The fund and receivers will all be taking legal action against McIvor et al and as per the translation of my user name 'Bonne Chance'  good bloody luck with that!

I believe a change in RE is dead, investors don't want it and Albran stated at the meeting that he will not be recommending a change in RE either.

I am also under no illusions about BDO - some investors seem to think David Whyte is a knight in Whyte armour (sorry - bad joke) but they have already taken more money than most of us individually, had invested but, we must use someone to speak for us and since we are stuck with court appointed BDO - they're it!

If I am wrong in any of my assumptions, I'm happy to be corrected.

To Todays:  I am interested in your reasons for waiting to join the class action.  I read somewhere on the Piper Alderman website (although I couldn't find it today) that said there is a funding arrangement in place for the class action and it won't cost investors any contribution, even if the action is lost.  If the action wins, then the funders take a percentage and I can't quite remember how much it was, but it seemed reasonable to me.  That being the case, would you be encouraged to join?


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## Todays (22 April 2012)

Bonne Chance,

The way I see it the litigation can be broken in three.

1.	Creditors being true creditors.
2.	Investors. Unique claims but classified as creditors.
3.	Unique Individual investors being mislead. (Refer Below)

Equititrust can/will take action for true creditors and investors.
Investors should take action as investors and true creditors should not get any benefit.

But in some challenges the claim/litigation would have the exact same arguments but the court would have to decide the ratio to True creditors and investors.

Unique Individual investors being mislead.
For example in November 2010 Equititrust investors sat in front of Equititrust executives and were assured everything was OK and were encouraged to invest fresh funds and they did.
Therefore there could be a number of individual investors making a claim but the same argument for other compensation claims. (We also have to add Dividend reinvestment upto April 2011 as well.)

*It is incredible complicated and interwoven but true creditors should not get the investors benifits and vice versa.
*
This is why I am sitting back till Hall Chadwick formulates a direction.
Sorry it is even complicated to explain it.


----------



## ASICK (22 April 2012)

*Provable Debts*

This link may be of assistance:
http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/Creditors->Provable+Debts

This link may also be helpful:
http://www.aar.com.au/pubs/insol/foinsoljan07.htm

I guess most of us are on a sharp learning curve here.


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## Bonne Chance (22 April 2012)

Todays, I think I understand what you are getting at and in a way that is what is happening but you have to include the class action being your point 3.  The class action is separate and an avenue that individual investors at least have a chance of getting something back.  I see it that the class action is an 'as well as' not an 'instead of' the other actions.

It is incredibly complicated and I would think there is only one person who truly understands this web and that would be Mark McIvor.  However, one must keep the entities straight.  Investors invested in one entity and the creditors lent to another entity, we are not all creditors of the same entity and as such the creditors of the other entities have a first legal right to the money.  Investors come last - in a perfect and fair world, one might think the investors should come first but we don't.  As Asick has pointed out ASIC see investors as the risk takers.  Clearly the creditors were not supposed to be putting their funds at risk.  They have the security, we've got nothin'. 

If BDO intends taking legal action on behalf of EIF against the insurers as well as the class action - great but BDO have other avenues they must also take with all the shuffling of money.  I am sure we are entitled to funds that have been misappropriated to MM companies under the guise of management fees etc but now we have to fight their receivers to get it back, and remember they have huge creditors that want to hang on to their bit.


----------



## Bonne Chance (22 April 2012)

*Re: PA class action.*



Olman said:


> I am surprised and perturbed by Bonne Chance being unable to get to sign up with Piper Alderman.
> 
> My understanding is that the PA class action costs nothing for investors to join, and there are no fees payable other than a percentage of winnings (if there are any).
> 
> Discounting the example given by Bonne Chance of legal advice which appears frivolous and irrelevant, could anyone enlighten me as to why an investor would *not* join the action as a matter of priority?




1.  Yep - me too
2.  Think you're right
3.  Nope - think it's time to change that.


----------



## ASICK (22 April 2012)

There are two types of creditors, (1) secured, and (2) unsecured. 

Secured creditors hold a lien over some or all of the debtor's property.  The secured creditors take first bite of the cherry.  If there's a shortfall, the secured creditros lose out to the extent of the shortfall - in which case, unsecured creditors get nothing.

If there's a surplus after the secured creditors take their fill, then the residual is distributed amongst the unsecured creditors.

If unitholders are deemed a contingent creditor, then it seems to me that they line up with the unsecured creditors.

If the receiver decides to bring an action on behalf of the fund then, in my view,  things will get messy if a class action has been commenced by a number of members.  No investor is compelled to join a class action, and if an investor doesn't join, that member is entitled to bring an action at the time of his/her chosing.

I understand that WC (manager of the PIF) is joining up with a class action commened by a number of members.  IMF is funding the class action - if there's success, the disbursement of the proceeds should be an interesting exercise.

I can understand Piper Alderman wanting to get in on the action, but wouldn't it make more sense to get a final determination that all avenues for recovery have been exhausted before taking the option of last resort?  

After all, no point giving up 40% of any potential proceeds as a fee to a litigation funder if the fund will proceed along the same track.

Further, the litigation funder will snap up any recovered costs as well - an additional recovery if the fund brings the action.

There is a lot to think about - that's the joy of being locked up in these ghastedly badly damaged funds.


----------



## Bonne Chance (22 April 2012)

There may have been some urgency to commencing the class action because of the cancellation of the directors PI insurance policies, there would certainly be timeframes to be adhered to.  I don't think the percentage was as high as 40% (thought it was less than 20%) but nonetheless, I would rather have 60% of something than 100% of nothing.  I believe the proceeds from the class action top up what is not received from the winding up process anyhow.

Does anyone have any idea how many investors follow this thread?


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## M41 (22 April 2012)

Bonne Chance said:


> There may have been some urgency to commencing the class action because of the cancellation of the directors PI insurance policies, there would certainly be timeframes to be adhered to.  I don't think the percentage was as high as 40% (thought it was less than 20%) but nonetheless, I would rather have 60% of something than 100% of nothing.  I believe the proceeds from the class action top up what is not received from the winding up process anyhow.
> 
> Does anyone have any idea how many investors follow this thread?




How could one  determine that?


----------



## word75 (22 April 2012)

Brethren said:


> The gent in question may say it - I was not at the meeting to hear if and how he said it and I find it very interesting that he should make that claim. It does not mean it's 100% rolled-gold Gospel Truth. Might I suggest you check my comments above re the not-minor roles of Greg Paramor AND the compounding effect of time in the repair of Estate Mortgage investors' monies?
> 
> As I said, time and age dims memory, but I and others who were there for that ride do not seem to recall those events quite the same way.






Bonne Chance said:


> There may have been some urgency to commencing the class action because of the cancellation of the directors PI insurance policies, there would certainly be timeframes to be adhered to.  I don't think the percentage was as high as 40% (thought it was less than 20%) but nonetheless, I would rather have 60% of something than 100% of nothing.  I believe the proceeds from the class action top up what is not received from the winding up process anyhow.
> 
> Does anyone have any idea how many investors follow this thread?





Here's a reason proceedings should be commenced against Mcivor and his minions as soon as possible. In the names of MM HOLDINGS, CPT, MARK MCIVOR, SM CAPITAL, STACEY MCIVOR, JANICE MCIVOR, LPC there are TWENTY SIX (26) properties totalling $59,600,000 that's nearly $60mil that can be traced from public records. Most if these have mortgages on them but a little digging has revealed that some don't. A number of mortgages appear to be Mcivors companies doing related party loans. 

It's safe to assume that the banks are already moving on the secured assets, it's more what happens to the surpluses from the sale proceeds that needs to be quarantined. Also the un encumbered assets need to be frozen. The liquidator has the powers to examine these shonks including Lady Stacey and injunct the assets and proceeds of same. 

The immediate issue Albarran should address is the return of approx $333k paid to MM HOLDINGS, $250k paid to M MCIVORS GUARDIAN CAPITAL in about Feb of this year. The TRACING OF THESE FUNDS WILL REVEAL WHERE THESE FUNDS ARE HIDING RIGHT NOW. It will also reveal how Racey Stacey was able to move and pay for new digs. 

Let's see if the Liquidators can do a better job of investigating these issues that a 70 year old retiree. 

As for a quote in the GC Bulletin in which this delusional physciopath supports the liquidation. He apparently looks forward to the investigations that will reveal as to why the funds have had their balance sheets decimated this 2010. Well you WOMBAT, that answer is simple. The value was not in the assets since 2004/2005. It's clear now the lending practices were more than flawed they were deceptive and self serving. VALUATIONS were pumped up, complicity will be revealed during the current court action. And when previous clients are given immunity for their evidence against these career criminals the real extent of Mcivors Autocratic Rule will be disclosed. 

In what world does a lender take for example a twice bankrupted and failed developer as a client, accept a valuation on a block of land that lets say is bought for $10mll then lends say 80% of the valuation which has been dubiously instructed and puts the FORWARD VALUATION at something like $80mil. When there is no evidence to support that. What lender would prudently lend 80% of a make believe number then allow the borrower to build all the interest and development costs including EQUITITRUST AND ASSOCIATED COMPANIES fees in as well. Does anybody really wonder how or why the balance sheets were impaired during this period when artificial values are then tested in a rapidly declining market. Is any one suprised that these dud properties in more locations have been less than stellar in the market place. 

Does anyone have any doubt as to how Mcivor and THE FAMILY have been able to amass nearly $60mil in property and pay themselves nearly a total of nearly $90mil since 05. 

There is no blurred lines here only blurred allegiances. There should be a stampede of investors to any law firm proposing class actions against these people. 
Don't forget though their insurance is only $6mil per director per event and the inference of FRAUD I believe let's the insurance company off the hook. I also believe the directors previous insurer knew this which is why the policy was not renewed. Further more I also believe that because claims were not made during the period the directors were insured renders a claim against the insurance void. I'm seeking clarification from legal experts tomorrow and will post later.


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## Todays (22 April 2012)

Thanks Asick,

My understanding is yes we (Investors) are unsecured creditors. But there is some litigation that is unique to investors.

Say amending the constitution in a way which is detrimental to investors with out informing investors of the change.
Say Misleading and deceptive conduct.

I have been most impressed with the posts today Thank you.
It’s fantastic to comment on the future please. 

I am in the Premium fund and accept any money I receive will be a bonus. Therefore I going back 30 years and being a day trader to recoup my losses that’s life.

It is interesting to Read the Piper Alderman contract /funding agreement. The funder can cancel funding overnight. Considering Hall Chadwick have burnt up $100,000 in legal fees a few weeks on clarification ($650,000 in total) and it is suggested Piper Alderman only has 30 Clients (Seems low to me) out of 1,600 and has not made a formal application to the court also Deloitte appointment has failed twice. If I was the funder I would be asking some difficult questions.

I am confident in time McIvor etc will be held accountable.

Thank you.
 Last post from me for a few weeks.


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## No Trust (22 April 2012)

The McIvor's are on the run from banks, creditors, process servers and the like. They are also trying to cover their tracks... The advertising blitz on TV and Radio in 2008, 2009 was nothing more than a scam to inject money into the funds before a closer examination revealed the impairments and massive debt. Then to top it off in the middle of this mess they wanted to raise another 50M last year. When we questioned this on this thread we were attacked by Equititrust. McIvor is hiding a lot and thats why he needs to be put in a witness chair in court... This is what he is afraid of... The results will be jaw dropping...


----------



## ASICK (22 April 2012)

ok "Todays", enjoy the break.   Perhaps you're alluding to breach of statutory duty and other bases for potential actions by the fund and/or members.

http://equititrust.com.au/Pdfs/Admi...eports - 20120412 - Circular to Creditors.pdf
Paras 10.3.1 - 10.3.5.

(The obvious sections I totally missed on my last read relating to the contingent nature of unitholders potential claims against Equititrust Limted and certain directors.)

Breach of Statutory (fiduciary) duty:
Corporations Act, s. 601FC(1) 
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s601fc.html

Breach of Trust (LVR, Impudent Investments, Re-negotiated Mortgages):
Corporations Act, s. 601FC(2)
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s601fc.html

Continuous Disclosure:
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s675.html

Negligence:
https://www.dlsweb.rmit.edu.au/lsu/content/d_bus/law/business_negligence/concept/explanation.html

Misleading and deceptive conduct:
http://www.accc.gov.au/content/index.phtml/itemId/815335

There's ALWAYS more to read.


----------



## ASICK (22 April 2012)

Seems the PFMF has suffered even more losses  under Trilogy's management (Balmain Trilogy Investment Management P/L as investment manager for the fund) since 31 December 2011!

http://moneymagik.com/BTI 5028 UnitholderLetter.pdf
See paragraph headed "CBA Finance Facility'.

My guess is that the fund is now worth about $0.16 ($0.17 with $0.01 repaid in April 2012) - http://www.moneymagik.com/ 

It was different way back there in August 2009:
http://www.moneymagik.com/brw_speil.jpg

Don't worry too much what the promises are - it's the outcome that matters!


----------



## No Trust (23 April 2012)

Publicly Examine McIvor in Court and have the authorities prosecute him as soon as possible... Oh and stoping McIvor and wifey Stacey traveling overseas may be a good idea... Desperate people do desperate things... Where has all the money taken in illegitimate management fees gone ??? 

TIME TO PAY IT BACK TO THE INVESTORS THAT HAVE BEEN RIPPED OFF...


----------



## word75 (23 April 2012)

No Trust said:


> Publicly Examine McIvor in Court and have the authorities prosecute him as soon as possible... Oh and stoping McIvor and wifey Stacey traveling overseas may be a good idea... Desperate people do desperate things... Where has all the money taken in illegitimate management fees gone ???
> 
> TIME TO PAY IT BACK TO THE INVESTORS THAT HAVE BEEN RIPPED OFF...





Has anyone wondered how the 40 million subordinated units came into being. That was $40mil at some stage. Certainly it would appear that Mcivor and OR'S never obtained that money ligitimately so if that's money ripped from the unit holders accounts by nefarious means then it should be returned. Certainly it shouldn't rank as a creditor nor should be allowed to be voted. Early thoughts, time and investigations will reveal the truth....MR ALBERRAN, won't they?


----------



## No Trust (23 April 2012)

*Subordinated Units*

It seems the subordinated units were granted rather than real cash... It was a scam, Amanda Banton has relevant documentation from McCulloch Robertson which I  believe is related to this...

McIvor did everything within his means to enrich himself and disadvantage the innocent elderly investors...

Houses all over the place on the Gold Coast and Multimillion Dollar piles in Double Bay is the epitome of greed. Where did all this come from ? The investors ledger is barren yet  McIvor's is side of the ledger is full of multimillion dollar properties... You don't have to be  bean counter to work this scam out...


----------



## ASICK (23 April 2012)

*The Subordinated Investment*

The purpose of the subordinated investment (SI) is quite clear.  The SI was used for exactly the same purpose the CPFMF was consolidated into the accounts of City Pacific Limited: to skim the fund of extra profits.

The problem for investors in some funds (especially the PFMF and perhaps in the EIF) was that the "sludge" of accrued interest (interest receivables) which would not materialize into cash and of assets which would not meet valuation when sold all sinks to the bottom, thereby causing the REAL CASH in the fund to bubble over as an excess for the taking, say by way of a SI or by way of consolidation. 

There's something sinister about the SI because it gives the impression of a security even in circumstances whereby  a fund may have a lot of "sludge" artificially lifting the fund's value which enables a fund to be skimmed of extra 'profits'.  

But when mortgage loan interest receivables fail to materialize into cash and the sale of assets fail to meet valuations, the "sludge" disspates from the fund, and the level of REAL CASH is then apparent at a new low - sometimes at a very low new low.

It's not rocket science - and we all should give thanks to the Federal Government, ASIC, and the accounting stardards which allow the whole process to proceed unabated.


----------



## word75 (23 April 2012)

XX Cooper St Double Bay bought for $4.75mil on 28/11/2005 interesting the timing. A $1mil plus renovation/redecoration apparently  followed the purchase.  Current agents estimation $6.5mil. Now that's some holiday home.


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## kostag (23 April 2012)

*SUB-ORDINATED UNITS*

I did an analysis on this transaction way back in this THREAD whihc most parties ridiculed at the time.

McIvor got a Brisbane firm (whom I will not name here) to put a "value"  on the fact that he had given up certian rights and agreed to lend moneys etc etc ....

this value" was credited to the associated entity loan account. 

During that same year, he cashed units of about $40M -  in other words, knowing that values were flawed etc and that teh fund was probbaly even then, insolvent -  ripped out the cash -  and then in that same accounting period CREDITED the same amount as a non-cash accoutnign credit..... so unless you looked real deeply into the movements within the capital account, you would simply see that the opening balance and closing balances were about the same -  so you would not think that for a moment $40Million was ripped out....


----------



## word75 (23 April 2012)

Kostag

Its in everyone's interest except maybe Conivors that you provide your information and calculations to Hall Chadwick for a formal comment, to ASIC and to Ferriers who are MM's administrators. And that's just for starters. I share your belief that the find was fundermentaly insolvent back then. The investigations will show that a particular Valuation firm and one particular valuer  who is WELL KNOWN TO MCIVOR AND WELL KNOWN ON THE GC conducted not only most of the companies valuations but ALL of the valuations on Conivors $60Mil private portfolio. If the funds assets were PUFFED UP, and were not bonafide.... what other words would you use to describe the valuations,  I know .. DUMMY VALUATIONS, then if the true values were known and applied to the books back then,this rort would have been exposed years ago. 

If it was then millions of dollars of investors funds would not have been invested or sunk and Conivor would not have had the swamp of funds to skim off. The Conspiracy started way back then .... me thinks


----------



## No Trust (23 April 2012)

*Time to move on McIvor*

It's time to put the architect of the disaster in the witness box to explain where all these multimillion dollar properties have come from and why investors have lost upwards of $170M... Something stinks and the stench is coming from McIvor and wifey Racey Stacey... Greed greed greed...

EXPLAIN IT TO A COURT NOW...


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## word75 (23 April 2012)

Public Records are Revealing 

A search of company records has revealed the CONIVOR is alive and well with his re birthed LANDSOLVE, can you believe it, LANDSOLVE PARTNERS LTD, sole director and shareholder Mark Mcivor registered office 47 Peak Ave, Main Beach. Wonder who  is residing there or wats going on. How is this company not in receivership? 

And how is it the Mcivors have not been voted off the island. Cronin Island. The rats are still inhabiting the pantries of 1, 6, 7-9....PLEASE EXPLAIN!!!!


----------



## No Trust (23 April 2012)

*Landsolve*

If McIvor thinks Landsolve will save him he's madder than we all thought...

Even after being paid, Ian Maurice found it hard to swallow in those delusional videos...
McIvor's constipated performance was classic, blah, blah, blah we have a guy in China rubbish... Before McIvor made Ian Maurice take it down from You Tube it was my most favourite link to send to ASIC and the Media. I'm sure they had a good laugh as well...

Who is this guy you have in China Marky come on tell us another tale for a laugh...


----------



## word75 (24 April 2012)

It's all about the SERVERS 

Not much goes on at the Chevron Island Rat Quarters that doesn't get noticed, so it was with much interest the sight of what appears to be the Equititrust SERVERS, we're seen leaving the office with what seemed to be the Authorities. (in suits) Maybe there on their way to be Forensically Examined. Let's hope that digital records prove harder to erase than paper. Some of the Masters Best Work will be neatly encapsulated in those 6 black boxes. And all nicely date stamped. Does anyone deserve more than Coniver to get SERVED??


----------



## No Trust (24 April 2012)

*Men in Suits*

As previous mentioned on this thread, there is *recovery action *afoot on may fronts... 

There is a lot happening *behind the scenes *with both the *authorities* and the *bank's receiver's and lawyers *mounting a multi pronged attack. 

The only thing is McIvor and racey Stacey don't know when the *legal bombs *will hit... It's safe to say the assault on the *ill gotten gains *is underway... Shock and awe will have a new meaning in the McIvor household...


----------



## No Trust (24 April 2012)

*Process Servers*

In an effort to assist the *many process servers *in their hunt for the elusive McIvor's, anybody spotting them on the Gold Coast may want to post their whereabouts on this site to *assist the legal process *moving on expediciously...

They were worried the the process servers were going to hunt them down at the meeting and didn't turn up... 

The longer they avoid service the longer the legal process will take... 

The sooner the various receivers start legal action the better...


----------



## No Trust (24 April 2012)

*Computer Servers*

The Computer servers are an *amazing thing *in terms of holding information... 

How about Marky and Stacey's lap top's or PC's where are they. That's company property and should be immediately confiscated. 

Now the question is who took the  computer server's was it *ASIC*, The *FEDERAL POLICE*, liquidators ??? Why were the authorities involved ???

How much information was removed during the Administration??? 

There is some serious stuff underway at the moment...



word75 said:


> It's all about the SERVERS
> 
> Not much goes on at the Chevron Island Rat Quarters that doesn't get noticed, so it was with much interest the sight of what appears to be the Equititrust SERVERS, we're seen leaving the office with what seemed to be the Authorities. (in suits) Maybe there on their way to be Forensically Examined. Let's hope that digital records prove harder to erase than paper. Some of the Masters Best Work will be neatly encapsulated in those 6 black boxes. And all nicely date stamped. Does anyone deserve more than Coniver to get SERVED??


----------



## ASICK (24 April 2012)

*ASIC / CLASS ACTIONS / STORM FINANCIAL*

http://www.townsvillebulletin.com.au/article/2012/01/24/299835_news.html


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## ASICK (24 April 2012)

*Re: ASIC / CLASS ACTIONS / STORM FINANCIAL*



ASICK said:


> http://www.townsvillebulletin.com.au/article/2012/01/24/299835_news.html




This matter has been bubbling along for some time now:

http://www.lawyersweekly.com.au/news/principal-warns-against-asic--1-

It's fun isn't it? 

There are ALWAYS three POTENTIAL options for recovery:

1.  The manager/receiver brings an action on behalf of the fund (with or with a litigation fund);
2.  Members get together in a class action; and
3.  ASIC comes along and sues on behalf of members.

Members are able to bring a class action (3), but there's a cost - from 25% to 40% of proceeds plus recovered costs, the percentage may increase over time, and on appeal.  This path is sure but access to evidence is not sure.

The manager/receiver might bring an action on behalf of members - this is not sure, but possible - sometimes the manager might want a slice of the action (eg. Trilogy's proposals to PFMF members on 1 September 2010 included an attempt to grab 20% of any future proceeds - see http://www.moneymagik.com/general_information.php).  The fund may have to outlay costs (no litigation funder) and the fund may assume the risk (no litigation funder), but on a win, the outcome is much much better for investors if the fund runs the matter without a litigation funder.  The fund will recover legal costs. Access to evidence is not a problem.

ASIC might bring an action against certain parties including certain directors, but might not seek damages for members of the fund, and the other hand, it might (see Storm - it may, it may not).  This path provides maximum return for investors, with zero outlay.  Whether investors are able to have confidence in ASIC is quite another thing altogether - ASIC might not proceed as far as investors might like it to.

What do you do? Do you join up with a class action and pay a fee? Do you wait for the manager/receiver to make a decision? or do you wait for ASIC?

What do you do if you join up with a class action, and then ASIC comes along? of if the manager/receiver comes along?

What do you do?   There is no certain path, but there SHOULD be.  This should not be a guessing game - it should be certain - but, it's not!


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## No Trust (24 April 2012)

*Incestuous Gold Coast*

Its interesting to see that McIvor made the list of 32 Failures on the Gold Coast featured in the Gold Coast Bulletin. When you read thrugh the list you can see how many were Equititrust borrowers. An incestuous little cirlce of dirty dealing that finally caught up with this little club of deceit.

http://www.goldcoast.com.au/article/2012/04/20/409145_gold-coast-business.html


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## Bonne Chance (24 April 2012)

Equititrust and McIvor shouldn't be on that list.  The other people on that list actually build stuff!  McIvor just buys it!


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## kostag (24 April 2012)

*LIST OF THE FALLEN........*

THE LIST OF THE FALLEN SINCE 2008:
Raptis Group
City Pacific
Craig Gore
John Fish
Dudley Quinlivan
David Cherry
Mark Howard
Con Nikkiforides
Brett Currey
John Quinn (The OC @ Exit 35)
Bob Sukic
Graeme Ingles
George Lee
Robert Fraser Scott
Equititrust (Mark McIvor)
John Marshall
John Dalley (Monterey Keys)
Bob Morrison (Lifestyle Resorts Australia)
Resort Corp (Peter Madrers and Paul Brinsmead)
Larry Matthews
Charlie Freriechs
Rod Lambert
Mark Tonge
Solmac (Stephen Solomons and Duncan McInnes)
Susanne Rae Percival
Noel Gordon
Samtay (Cameron Davis)
Ron Wright (Miami One)
Ray Group
Bruce Barclay
Craig McDermott
Dean Cornish
Out of Towners
Austcorp
Tom Manassa
Mick Bezzina
Meridien (Russell McCart)


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## No Trust (24 April 2012)

*Another Gold Coast Shonk hits the dust today*

This buddy of McIvor hit the dust this afternoon. Now what's interesting here is Issakidis's wife is the sister of "King Con's wife Jo. Seems like a dirty little cicle on the Gold Coast and they are all going down.

Mcivor too may get a knock on the door one day soon and be hauled off in the same manner for his sins. The Issakidis investigation took 7 Months. The investigation into McIvor has just started and involves a lot more money belonging to innocent retired people... 

What will those Computer Servers reveal...


http://m.heraldsun.com.au/news/busi...y-assets-in-raid/story-e6frf7jo-1226337128637


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## word75 (24 April 2012)

Bonne Chance said:


> Equititrust and McIvor shouldn't be on that list.  The other people on that list actually build stuff!  McIvor just buys it!




LANDSOLVE undertook approx 25 projects, every single one failed and given Landsolve is Mcivor and will forever be associated with him, credit should be given where due. Mcivor has built one thing that is uniquely his, a REPUTATION FOR DECEIT AND DECEPTION. Don't count the delusional one out just yet, he is an accomplished salesman and  conmeister and where there are " old people " he will be circling looking for a way to pick their pockets.


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## No Trust (25 April 2012)

*Retirement Homes*

Maybe all retirement homes should be warned about McIvor's amazing track record.. He should get an award from the "Magician's Association" for making so much money disappear without the aid of a wand...

Some people have the Midas touch, this disaster has all the hallmarks as the McIvor touch... The future benchmark of failure " The McIvor Touch" 

it's like he's cursed... He might get the indigenous brothers out again for another smoking ceremonly... The authorities may be doing the smoking from now on...


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## word75 (25 April 2012)

MCIVOR THE PARIAH

You have got to admire a scamster who is an equal opportunist...especially one who treats all money as equal, so it is with Mcivor and his desire to relieve our Indiginous Brothers of as much of it as possible. Mainlanders or Islanders, Australian or PNG are all fair game as he weaves his way through these communities with the help of his corrupt partners. It will take the authorities intervention to prevent this. Go Landsolve or maybe you should rename it Landfill. 

It will need more than a smoking ceremony to wash the stench of the Mcivors off the coast.......maybe sheep dip is the answer.


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## No Trust (25 April 2012)

*Time Out - ASIC*

A *Time Out *by *ASIC* is seriously overdue... As with McIvor's old buddy Issakidis who was arrested yesterday, all assets which are subject to investigation should be frozen. Is this process currently underway? *Quite possibly* from all reports, however due to the multitude of receivers and liquidators now involved it seems the banks are *scavenging the carcass of the McIvor Inc*. The banks have filed claims in the Supreme Court against McIvor and wifey *Racey Stacey *because they now know that there will be a shortfall and are going for the guarantor's on a personal basis.


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## kostag (25 April 2012)

*THIS THREAD coming up to 2nd Birthday - will we hit 200,000 enquiries by then!*

what a battle we have had - BUT without our work - EQUITITRUST would not have toppled and may have pulled off their McIVOR-KENNEDY Dec 2010 led fianncial rogering..... 

I say -  well done to all!


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## No Trust (25 April 2012)

*200,000 Views*

Kostag, a lot of the thanks has to go to you for starting this thread. Aussie Stock Forums has to also be commended for providing such great website. They also alerted readers when Equititrust tried to ambush the site with false postings last year. Great work in terms of transparency.

If it were not for this thread a lot more innocent people would have been hurt by McIvor...


----------



## word75 (25 April 2012)

Meridian's fallen continue to live the high life of waterfront dwelling.  Thats appears about to change and very soon. Is that Billiecarts waterfront Tuscan inspired pile adjoining Conivors vacant block. Its on the Palm Beach waterfront and earmarked for auction. Why hasn't Jefferson Lane seen the boards go up earlier. Surely the love affair between these two cronies is well and truly over. how much unit holders money has been sunk into funding the  catastrophe that is Meridian. 

Time to sell up and pay up, though unfortunately with so many beach fronts for impending sale on this tiny strip, the CONIVOR and his rats are likely to create an over supply. That's 4 now and counting...


----------



## No Trust (26 April 2012)

*Public Examination*

The Liquidator needs to act fast, and commence the Public Examinations of McIvor and Tucker...


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## No Trust (26 April 2012)

*Court Again !!!*

My oh my, what was today's court appearance in aid of...

The onslaught has really begun and to think how poetic it is that his end will be inthe same judicial furnace he used incinerate innocent victims in the past...

Marky just wait the investors are throwing a lot of coal into that furnace it's going to get a lot hotter soon...


----------



## No Trust (26 April 2012)

*Rental properties*

Rental Properties, that's a bit poverty pack Marky Boy...


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## No Trust (26 April 2012)

*Money Back*

Isn't it time to cut all luxuries and give the money back to the investors who were ripped off... That would be too decent a gesture from these greed driven scumbags who's own self interest is paramount...


----------



## word75 (26 April 2012)

*Re: Rental properties*



No Trust said:


> Rental Properties, that's a bit poverty pack Marky Boy...




$330,000 to MM HOLDINGS AND $250,000 to GUARDIAN CAPITAL, both Mcivors companies. Money paid from Equititrust in February. I wonder whose money has paid for their the relocation costs and rental. More unit holders money expended on The Conivors Lifestyle. SOMEBODY MAKE IT STOP. 

$400,000 plus on Mcivors puppet Albarran and $600,000 to Mcivor, $800,000 paid out of the company with no invoices to show for it. Does it get any better?????


----------



## No Trust (27 April 2012)

*Survival Money*

This was nothing more than a grab for *survival money*... Which was highly illegal. McIvor's attitude is come and get it, possession is 9 10th's of the law. 

*BUT*

How things will change over the coming weeks... This money may the straw that breaks the camel's back and sends our dear friend hurtling down an path of no return... 

If the rented house can be traced back? They may be getting their marching orders from there as well... 
Looks like wifey's previous divorce settlement from hotelier Andy Turner in Sydney may have to be put into use to support broke hubby McIvor... Hang on has it been spent already...


----------



## No Trust (27 April 2012)

*Bumbles Sold at a Massive Loss - KARMA*

*Marky Boy *and *Racey Stacey *have been run out of Bumbles at Budds Beach and to add to the shame and humiliation at a massive loss... 

To rub further salt into the wound, McIvor nemesis Bob Ell has bought it... Probably out of spite  There was a famous incident between the two at Capital Bar in Main Beach where *McIvor ran out of the place with his tail between his legs *after a few  choice words from Bob. Good on ya Bob you saw the writing on the wall way back then, that's why *your a success *and *McIvor is  an abject failure *and laughing stock of the Gold Coast...

Many Happy Years at Bumbles Bob...


http://www.goldcoast.com.au/article/2012/04/27/410931_gold-coast-business.html


----------



## No Trust (27 April 2012)

*Bumbles Sold at a Massive Loss - KARMA*

Are the dynamic losers Marky Boy and Racey Stacey *down to the last few latte's*...

Things are *not at all *looking good for them... The Banks will now be chasing for the shortfall on their *personal guarantees*... Go Westpac Go and take these scumbags down... This was innocent retiree investors money anyway...

*Karma's a Bitch*...


----------



## No Trust (27 April 2012)

Read the Story below about another Equititrust Borrower Craig "*Dumb Cricketer McDermott*" and what happened to his main lender in New Zealand after the collapse.

*ARGH! INDEED*

*Scott Rochfort*
April 27 2012

"A NZ judge yesterday sent the Bridgecorp boss Rod Petricevic to the *big house *for up to *6 ½ years *over his role in the property investment group's collapse."

Read more: http://www.smh.com.au/business/questions-snowball-into-displeasure-20120426-1xo0q.html#ixzz1tBVFwXFw

"Justice Geoffrey Venning said Petricevic had not shown genuine remorse for actions including *inducing investors to pump more cash into the company when he knew it was already in trouble*. ''You may be sorry investors lost their money but that is not true remorse - you apparently still consider you did nothing wrong,'' he told the man Kiwis call *''the Pirate''*." End Quote

Remind you of any "*Pirate*" we know on the Gold Coast... Carbon copy Equititrust...

It may take a while as evidenced from the above story but as the Equititrust / McIvor catastrophe is unraveled by *ASIC*, *The Federal Police *receivers and liquidators our very own "*Pirate*" will also be facing the same fate as his counterpart in NZ... 

Don't get too comfortable at your rented abode in Isle of Capri because as your acquaintance Michael Issakidiss found out a few days ago *the Fed's could be knocking on your door at any time*... As Issakidiss said today as he was being extradited to Sydney "_I didn't even know I was being investigated_"...

Marky are you being investigated??? Question is how many agencies are investigating??? 

*The Australian Taxation Office *should also have a look at this...

http://www.smh.com.au/business/questions-snowball-into-displeasure-20120426-1xo0q.html


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## No Trust (27 April 2012)

*Pirate*

Now if McIvor was the "*Pirate*" Tucker must have been the "*Parrot*"... Maybe that's why "*All Bran*" wants to Publicly Examine both of them in the Supreme Court...

After this is done its a matter of who will be changing the paper at the bottom of the bird cage because once they're in the witness box there could be a *serious case *of the *'runs'* by both the "*Pirate*" and the "*Parrot*"...






*"ARGH WHERE'S MY TREASURE GONE"*


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## No Trust (27 April 2012)

*Parrots*

The great thing about *Parrots* and "we have all heard the jokes", is that they sometimes *overhear things *that you don't necessarily *want them to repeat* in an embarrassing situation... Polly want's a cracker...


----------



## word75 (27 April 2012)

COFFEE AT BUMBLE

Lady Godiva and her business partner gave themselves a 10 year lease so they will be serving Bob lattes for may years to come. Hopefully Stacy has learnt a thing or two from her hotelier of the year husband, his passed down lessons would prove invaluable about now. The only thing the Conivor has taught her is how to enrich herself at the expense of others. That might prove difficult in THE BIG  HOUSE

Is there talk of a disciplinary review for Stacey, the Legal Services Commission is not play school. WHAT HAVE YOU DONE THAT YOU KNOW YOU SHOULDN'T HAVe? Is it keeping you awake at night. Bet you wished you hadn't swapped a Prince for a CANE TOAD! Ironic isn't it?


----------



## No Trust (27 April 2012)

The ex was a prince and didn't deserve 10 years of deceit... 

Cane toads attract each other warts and all...



word75 said:


> COFFEE AT BUMBLE
> 
> Lady Godiva and her business partner gave themselves a 10 year lease so they will be serving Bob lattes for may years to come. Hopefully Stacy has learnt a thing or two from her hotelier of the year husband, his passed down lessons would prove invaluable about now. The only thing the Conivor has taught her is how to enrich herself at the expense of others. That might prove difficult in THE BIG  HOUSE
> 
> Is there talk of a disciplinary review for Stacey, the Legal Services Commission is not play school. WHAT HAVE YOU DONE THAT YOU KNOW YOU SHOULDN'T HAVe? Is it keeping you awake at night. Bet you wished you hadn't swapped a Prince for a CANE TOAD! Ironic isn't it?


----------



## No Trust (27 April 2012)

The problem for the business partner is *Racey Stacey's interests will now be subject to court action and recovery*...  The business will be valued and sold by receivers, So it looks like the business partner has *some serious problems *on the horizon...



word75 said:


> COFFEE AT BUMBLE
> 
> Lady Godiva and her business partner gave themselves a 10 year lease so they will be serving Bob lattes for may years to come. Hopefully Stacy has learnt a thing or two from her hotelier of the year husband, his passed down lessons would prove invaluable about now. The only thing the Conivor has taught her is how to enrich herself at the expense of others. That might prove difficult in THE BIG  HOUSE
> 
> Is there talk of a disciplinary review for Stacey, the Legal Services Commission is not play school. WHAT HAVE YOU DONE THAT YOU KNOW YOU SHOULDN'T HAVe? Is it keeping you awake at night. Bet you wished you hadn't swapped a Prince for a CANE TOAD! Ironic isn't it?


----------



## word75 (27 April 2012)

BOB

Whilst your emptying the change from your PETTY CASH TIN how about doing the unit holders a favour and throw some coins at the Quinlivin estate, that's up your alley and would be a big help to us. If you want to take King Toads throne there is always the bounty that is 6,7,8 and 9 Southern Cross Dr on Cronin..WESTPAC and BOQ would be happy to do a deal. You may have to fumigate the the joints after purchase and probably lobby for a name change to the Island given that Cronin is Synonymous with CONIVOR. Not many on the island would appose you. 

Don't forget 51, 65,67 and 69 Jefferson Lane at Palm Beach...a nice stretch of PRIME BEACHFRONT. Have a chat to Westpac and Nab and make everyone happy. 

You should still have change in the Tin to roll this wombat up and teach him the lesson his parents never did. RESPECT YOUR ELDERS


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## No Trust (27 April 2012)

*Thanks Bob Ell*

Here here, respect your elders simple rule in life... Well Bob Ell *taught McIvor a lesson a few years back *as did a couple of other business partners... The scars are still there. 

Well Bob being an elder statesman has really, shown McIvor what property is about and that *CASH is KING*... Don't think ol Bob is *living in a rented house *on the bones of his ass...



word75 said:


> BOB
> 
> Whilst your emptying the change from your PETTY CASH TIN how about doing the unit holders a favour and throw some coins at the Quinlivin estate, that's up your alley and would be a big help to us. If you want to take King Toads throne there is always the bounty that is 6,7,8 and 9 Southern Cross Dr on Cronin..WESTPAC and BOQ would be happy to do a deal. You may have to fumigate the the joints after purchase and probably lobby for a name change to the Island given that Cronin is Synonymous with CONIVOR. Not many on the island would appose you.
> 
> ...


----------



## word75 (27 April 2012)

Is anyone surprised at the deathly quietness from the Administrator and the Receiver. The much hyped meeting comes and goes and nada from anyone. Best keep the OLDIES in the dark...... again. Why hasn't the minutes and resolutions been circulated. Plenty of correspondence when they want something....


----------



## Mozzi (27 April 2012)

word75 said:


> Is anyone surprised at the deathly quietness from the Administrator and the Receiver. The much hyped meeting comes and goes and nada from anyone. Best keep the OLDIES in the dark...... again. Why hasn't the minutes and resolutions been circulated. Plenty of correspondence when they want something....





Not in the least surprised at the silence, but understood them to say that all would be relayed via the Equititrust website, including numbers and explanations as to why all these votes were rejected!!    They have had plenty of time!

Also they should inform people who were unable to attend that meeting what happened about the appointment as Liquidator ! 

Is this too much to ask?


----------



## No Trust (27 April 2012)

*Documents*

What's the deal with "*altered documents*" and investigation involving the police... There seems to be quite a lot of talk about this at the moment...


----------



## No Trust (27 April 2012)

*Bunkered Down*

So with a last grab of the *survival money *from the Company in February and not a home to live in the "*miserable two*" have taken their brood to Isle of Capri... 

Feel sorry for Isle of Capri residents having to have these two in their midst. Property values are likely to fall within their vicinity considering the energy they carry around...


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## No Trust (28 April 2012)

*McIvor - King Con*

McIvor is heading down the same road as his old mate "*King Con*" with banks, receivers and liquidators going for the jugular in terms of personal guarantees...

That rented "poverty pack" abode on Isle of Capri may soon be subject to questions as to *where the money came from *to pay for it...

The money shifted sideways by McIvor from Equititrust has to be accounted for by the liquidator... This is the innocent retiree's money not McIvor's survival money...


----------



## No Trust (28 April 2012)

*Sydney Morning Herald*

Colin Kruger
Sydney Morning Herald
Date: 21/11/2011

Its the last sentence of Colin Kruger's Article that everyone is interested in...

"The freeze on redemptions *hid the depth of problems at the fund*, which has since revealed massively underperforming *loans and possible fraud*." 


http://newsstore.fairfax.com.au/app...&cls=168&clsPage=1&docID=SMH111121AQ4V77EQKVI


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## No Trust (28 April 2012)

*Liquidation*

What's the Liquidator doing to *investigate* the allegations of fraud at Equititrust ??? Investors, Australian Public, Media would all love to know what is being done about our very own home grown pirate... *ARGH*





*"ARGH WHERE'S MY TREASURE GONE"*


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## word75 (28 April 2012)

CONIVOR

Have you worked it out yet, your like a big dumb sea slug caught in the nets. Everything you do and say is out there for everyone to see and hear. You will be explaining to the many receivers and liquidators and authorities your actions in attempting to deal with assets that you no longer have control of or the authority to deal with. 

No one is going to do a deal with you let alone do one of your side deals that benefits you at the expense of others, and no one will help you do an illegal transaction. Your lone with that sport. AND WHY WOULD THEY WHEN THEY CAN DO SO MUCH BETTER BUYING AT ONE OF YOUR MANY MORTGAGEE AUCTIONS. Just ask BOB. You forget that you are despised to such an extent that EVERY SINGLE  SHONKY MOVE YOU MAKE IS REPORTED. And given everything you do is shonky that's everything reported....FOOL.  You might wish to share with your FAMILY, YOUR UNIT HOLDERS, "THE OLD PEOPLE" how much money you have access to in PNG or maybe what the other properties your out there peddling. When will the lights come on OH DELUSIONAL ONE ?? Don't you get it, you've been Sterilsed but very soon the authorities with the support of your fan club...will have you NEUTERED.


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## No Trust (28 April 2012)

Authorities have to move in *now*, the "Pirate" has once again proven he will thumb his nose at authority...

He is totally deluded and can't come to grips *its all over*... He has *no control *and is in the hands of the receiver's, liquidators and the courts. A fitting end for a pirate... ARGH




word75 said:


> CONIVOR
> 
> Have you worked it out yet, your like a big dumb sea slug caught in the nets. Everything you do and say is out there for everyone to see and hear. You will be explaining to the many receivers and liquidators and authorities your actions in attempting to deal with assets that you no longer have control of or the authority to deal with.
> 
> No one is going to do a deal with you let alone do one of your side deals that benefits you at the expense of others, and no one will help you do an illegal transaction. Your lone with that sport. AND WHY WOULD THEY WHEN THEY CAN DO SO MUCH BETTER BUYING AT ONE OF YOUR MANY MORTGAGEE AUCTIONS. Just ask BOB. You forget that you are despised to such an extent that EVERY SINGLE  SHONKY MOVE YOU MAKE IS REPORTED. And given everything you do is shonky that's everything reported....FOOL.  You might wish to share with your FAMILY, YOUR UNIT HOLDERS, "THE OLD PEOPLE" how much money you have access to in PNG or maybe what the other properties your out there peddling. When will the lights come on OH DELUSIONAL ONE ?? Don't you get it, you've been Sterilsed but very soon the authorities with the support of your fan club...will have you NEUTERED.


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## No Trust (29 April 2012)

*Embattled Gold Coast merchant banker Mark McIvor fights to keep art collection*

*Embattled Gold Coast merchant banker Mark McIvor fights to keep art collection*

*Anthony Marx *
The Courier-Mail
*April 26 2012*


"GOLD Coast merchant banker Mark McIvor is fighting to keep a valuable collection of art, antiques and furniture that remains *a last vestige of his once lavish lifestyle*."

"Mr McIvor has not lodged a formal defence in the case but court records include emails which clearly outline his position. He accuses NAB, Ferrier Hodgson and law firm Mallesons of "unconscionable conduct" in pursuing him and he blames NAB for wiping out $76 million from Equititrust's balance sheet"

"Liquidators of another entity controlled by Mr McIvor, MM Capital, have filed suit alleging he approved payments when *the company was insolvent*."

"Mr McIvor has not filed a defence in either of these cases."

http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


Read the full story and you can see that both McIvor and Racey Stacey are in *very deep trouble*... The payments that were made were sheer desperation payments and a grab for survival money... McIvor *has not even lodged a defence*, which indicates he has *no defence *and *has run out of money*... The banks will get judgment and bankrupt both of them... 

Great news...


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## No Trust (29 April 2012)

*Bankruptcy*

Bankruptcy will be the last of the worries for Marky Boy and wifey Racey Stacey it seems that they have made some *very dodgy financial transactions *as detailed in the above article and the Liquidator of MM Capital Gerry Collins is suing them both in the Supreme Court... 

Charges will now *most likely follow*...

Gerry Collins is going to *rip the skin off both of them *over this fiddling of the funds...

The race is now on as to which receiver - liquidator will *Bankrupt them first*...


----------



## No Trust (29 April 2012)

*Isle of Capri*

The way in which the litigation is going its likely that they will be thrown out of the rented home in Isle of Capri if funds were diverted from Equititrust and or other entities in receivership - liquidation to pay for it...

When they are scrapping over furniture and art work with the NAB in court you know that *they are now on the bones of their asses*...

The banks will now be going for Racey Stacey's share in Bumbles CafÃ© with the "*inflated*" Kate Maddison... This sycophant needs to also go down with them...

What a fitting end to *two miserable greed driven scum bags*...


----------



## No Trust (29 April 2012)

*No More Marky Boy...*



*"MARKY BOY WILL NEVER BE DOING THIS AGAIN IN THIS LIFETIME"*

The "Pirate" and his first mate ol' Stace *loved the spoils of wealth *unfortunately it was built on the misery of others... McIvor made one critical mistake and in particular *one enemy *that vowed to expose him and take him down no matter how long it took...   *Mission Accomplished * The authorities can do the rest...


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## Mozzi (29 April 2012)

*Re: Embattled Gold Coast merchant banker Mark McIvor fights to keep art collection*



No Trust said:


> *Embattled Gold Coast merchant banker Mark McIvor fights to keep art collection*
> 
> *Anthony Marx *
> The Courier-Mail
> ...




They are fighting to keep their precious furniture and art collection paid for with our money, and the unit holders are fighting to keep food on the table, a roof over their heads  and survive without their income!    Bastard!  

 Good one Mark - you're a prince!!!!!!!!!   Do you sleep at night?   Do we care?


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## No Trust (29 April 2012)

*Courier Mail Article*

The Courier Mail Article is quite humerous in that McIvor in various *deluded emails *is complaining about *Ferrier Hodgson*, *Mallesons* and *NAB* pursuing him. Unconsionable is the term he uses... McIvor *abused the legal system *for years using public money (not his own) and used receivers's to beat people into submission. What a fitting *end to a bastard *who does not give a damn about the elderly retiree's lives he ruined... 

Your *taking our oxygen *Marky Boy...


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## No Trust (29 April 2012)

*NAB going for the Jugular*

It looks like NAB will make quick work of this and *obtain default judgments *in the absence of defenses and will drag ol "Marky Boy" straight to the Federal Court and *bankrupt him*. 

Wifey Racey Stacey looks like facing the same fate after  Liquidator Gerry Collins is finished with his court action in regard to *insolvent trading*...

Looks like Bob Ell will have to pick up her share of the restaurant business as well once the courts are finished with her...


----------



## No Trust (29 April 2012)

*Shakespeare Tradedy*

This whole saga is turning into a *Shakespearean Tragedy *of sorts...

There is more to come when the authorites get started on the two of them...


----------



## kostag (29 April 2012)

*INSIDERS.......*

poor old Mark -  he doesnt realise that 'trusted insiders' have all been feeding material to this web site for close to two years -  each time he burned a new 'partner' they simply became another source of material.....

jewellery purchases, diamonds, delusional deals with the Aborigines, domestic bliss... Tricky Hickei and Honeypot Honeyman....  Allbarren......  . nothing has been held back....

see, the trouble is in when you have given everyone a serve over so many years, when the tables get turned, they turn very very hard..... there are lots and lots of people all with a  little bit to add to this puzzle etc - this website has provided the forum to allow this to be done.....

and it is a long way from over yet... so much more comign down the line and going to media and authorities... the Banks who were ridiculed by Marky boy on his own corporate website, now have their chance to dish up revenge in spades....

they tell me Siberia has some cheap rental accomodation....



.....







word75 said:


> CONIVOR
> 
> Have you worked it out yet, your like a big dumb sea slug caught in the nets. Everything you do and say is out there for everyone to see and hear. You will be explaining to the many receivers and liquidators and authorities your actions in attempting to deal with assets that you no longer have control of or the authority to deal with.
> 
> No one is going to do a deal with you let alone do one of your side deals that benefits you at the expense of others, and no one will help you do an illegal transaction. Your lone with that sport. AND WHY WOULD THEY WHEN THEY CAN DO SO MUCH BETTER BUYING AT ONE OF YOUR MANY MORTGAGEE AUCTIONS. Just ask BOB. You forget that you are despised to such an extent that EVERY SINGLE  SHONKY MOVE YOU MAKE IS REPORTED. And given everything you do is shonky that's everything reported....FOOL.  You might wish to share with your FAMILY, YOUR UNIT HOLDERS, "THE OLD PEOPLE" how much money you have access to in PNG or maybe what the other properties your out there peddling. When will the lights come on OH DELUSIONAL ONE ?? Don't you get it, you've been Sterilsed but very soon the authorities with the support of your fan club...will have you NEUTERED.


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## No Trust (29 April 2012)

*Senate Confirmation of the Search of McIvor's House*

Below find confirmation that *McIvor's house was searched *by the police in regard to the ongoing investigation. This inquiry *has not been completed yet *with authorities now liaising with the multiple receiver's and liquidators as to the findings of forensic investigations. In addition to this the authorities are now waiting for the *Public Examinations* to take place...



https://docs.google.com/viewer?a=v&...7N4Zw7&sig=AHIEtbTHuT5uCF4lgWyNlgZXGBVbme91-A


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## No Trust (29 April 2012)

*Expose McIvor Inc*

There are some real *little pearler's coming to the surface now*... Imagine the embarrassment when the neighbor's on Cronin Island saw the *Police* raiding the house and carrying out boxes etc... Oh the *shame *of it all... 

Racey Stacey will never be able to show her face again at Bumbles... Oh hang on the banks have taken that too... Boo Hoo 

Justice is slowly being done


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## No Trust (29 April 2012)

The Rolling Pin's must be a flying' on the Isle of Capri at the moment... Its OK Marky's martial art skills will see him through and fend off any attack...


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## No Trust (29 April 2012)

The banks will not put up with any of McIvor's nonsense... They have launched a massive attack and *Malleson's are going for the jugular *on their behalf... The art and furniture will now have to be revealed to the receiver's from its hidden location...

Pirates always like to bury their treasure ARGH...






*"ARGH FERRIER HODGSON HAVE DUG UP MY TREASURE"*


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## No Trust (30 April 2012)

*What's next*

What will happen this week ??? Seems to be a lot of action going on behind the scenes.


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## No Trust (30 April 2012)

Process servers looking to serve legal documents , receivers uncovering buried treasure, the "Pirate" is going to have a very busy week... 

Let's hope that passports are soon confiscated and travel bans put in place ASAP... Whichever way there will be no more overseas holidays...


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## kostag (30 April 2012)

*POLICE RAID.....   good stuff.....*

was about time

where is ASIC now???



No Trust said:


> Below find confirmation that *McIvor's house was searched *by the police in regard to the ongoing investigation. This inquiry *has not been completed yet *with authorities now liaising with the multiple receiver's and liquidators as to the findings of forensic investigations. In addition to this the authorities are now waiting for the *Public Examinations* to take place...
> 
> 
> 
> https://docs.google.com/viewer?a=v&...7N4Zw7&sig=AHIEtbTHuT5uCF4lgWyNlgZXGBVbme91-A


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## No Trust (30 April 2012)

*How Dumb can You Get ?*

Here you have *once dunce McIvor *lending to *another dunce Raptis *and look what you get. Equititrust lent millions to Raptis and other failed developers and the results are self evident.

Look how smart Raptis was in the story below and it gives you an insight into the dodgy relationships and *who McIvor lent to*... Raptis was a mate just like "King Con" and that went sour too.

McIvor will *never lend another dollar *nor will any bank *ever lend to him again *in this lifetime... He's well and truly finished...


http://www.goldcoast.com.au/article/2012/04/30/411635_gold-coast-business.html


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## No Trust (30 April 2012)

*Re: POLICE RAID.....   good stuff.....*

ASIC have to move and make an example of this "*Pirate*"... Before he *buries more treasure*...




kostag said:


> was about time
> 
> where is ASIC now???


----------



## Mozzi (30 April 2012)

*Re: POLICE RAID.....   good stuff.....*



No Trust said:


> ASIC have to move and make an example of this "*Pirate*"... Before he *buries more treasure*...






Most of the treasure must be well and truly buried by now!  Don't you think?   

Too much time gone by while ASIC , newspapers and TV programmes sit on their hands and do nothing to help! 

Only person who seems to keep himself busy these days is Mr McIver!   What with all these court appearances, managing his affairs, moving house - or is that houses?   etc.   etc. ................ nobody can say his hands would have been idle!


----------



## kostag (1 May 2012)

*there is no-one he can trust*

problem that Mad Mark has is that he has no idea who he can trust....  he will die when he learns where some leaks have come from.... some of his closest.......







Mozzi said:


> Most of the treasure must be well and truly buried by now!  Don't you think?
> 
> Too much time gone by while ASIC , newspapers and TV programmes sit on their hands and do nothing to help!
> 
> Only person who seems to keep himself busy these days is Mr McIver!   What with all these court appearances, managing his affairs, moving house - or is that houses?   etc.   etc. ................ nobody can say his hands would have been idle!


----------



## No Trust (1 May 2012)

*Leaks*

McIvor's orginisation was *leaking like a sieve*, the employee's couldn't stand his temper outbursts, family, friends were all subject to abuse, legal action and the threat of it, leading him to be ostracized from *every group of people *surrounding him... 

Look at the revolving door of directors and who was left in the end... Not a pretty picture...

But in amongst this group of *usual suspects *the one that really gave up the information is *mind boggling *to a point that McIvor will die when he finds out...


----------



## No Trust (1 May 2012)

*Liquidation*

Lets see if "All Bran" is *going to go after his mate McIvor *as promised. The report after the meeting is *well overdue*...

Investor's want to see some action against McIvor for the enormous amount of money thats being spent. If nothing happens *immediately* in terms of the *Public Examination* then"All Bran" and his company *should be removed*. 
They let him go and did not pursue him when he refused to provide a *personal financial statement* which is *required by law*... Now is the time to act or *lose all credibility*... 

How about an *update* on this "All Bran"...


----------



## No Trust (1 May 2012)

*Chirp Chirp*

The Liquidator has gone *all quiet again*... What's going on...

Time for an update "ALL BRAN"... Are you *pursuing *McIvor or giving him another pass. Take a leaf out of the *NAB's book *and go for the jugular...


----------



## No Trust (1 May 2012)

*Financials*

There was a reason McIvor did not complete the financials... Let's find out what it was... The forensic accountants need to delve into the colourful transactions that were undertaken prior to the collapse...


----------



## Mozzi (1 May 2012)

Mozzi said:


> Not in the least surprised at the silence, but understood them to say that all would be relayed via the Equititrust website, including numbers and explanations as to why all these votes were rejected!!    They have had plenty of time!
> 
> Also they should inform people who were unable to attend that meeting what happened about the appointment as Liquidator !
> 
> Is this too much to ask?







Ten days is more than enough to get out some minutes or a report on the meeting held on the 20th!   What are the unitholders who were unable to attend to do - mind read???


Don't Hall Chadwick realise they are just compounding the undertakings which were made and not kept by Equititrust in the first place by their silence.   We need them to 
stop treating us all like mushrooms - we are sick of being fed bull.....!    Follow things up!!!!!!


----------



## kostag (1 May 2012)

*Re: Leaks  you are right... he'll go nuts*

when he finally learns who was bcc'ing the emails to all and sundry



No Trust said:


> McIvor's orginisation was *leaking like a sieve*, the employee's couldn't stand his temper outbursts, family, friends were all subject to abuse, legal action and the threat of it, leading him to be ostracized from *every group of people *surrounding him...
> 
> Look at the revolving door of directors and who was left in the end... Not a pretty picture...
> 
> But in amongst this group of *usual suspects *the one that really gave up the information is *mind boggling *to a point that McIvor will die when he finds out...


----------



## Just Observer (2 May 2012)

*Re: ILL GOTTEN LOOT...*



No Trust said:


> *"MARKY BOY WILL NEVER BE DOING THIS AGAIN IN THIS LIFETIME"*
> 
> The "Pirate" and his first mate ol' Stace *loved the spoils of wealth *unfortunately it was built on the misery of others... McIvor made one critical mistake and in particular *one enemy *that vowed to expose him and take him down no matter how long it took...   *Mission Accomplished * The authorities can do the rest...




No Trust/Kostaq,

As an observer I have been following this forum from the beginning. 

I commend both of you both for your determination and perseverance, especially during the early days when you copped lots of criticism with many doubters questioning your integrity (especially Kostaq). 

Despite the critisms and negative remarks, you never gave up.

You both deserve all the accolades. Keep up your good works. I am sure there are many investors (the silence majority) that appreciate your good works in exposing those crooks.

Unfortunately, from past cases those responsible for squandering the investors’ money managed to stash away their ill gotten loots behind many layers of trust companies including their superannuation fund thus untouchable by their creditors. Let’s hope this is not the case and the ill gotten proceed can be clawed back by the liquidator and return back to the right owner.


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## No Trust (3 May 2012)

Just Observer, thanks for your kind comments... There is a lot more to expose in the coming months and weeks. The reports from both the liquidator and receiver David Whyte will make for interesting reading as more is uncovered and both are given guidance where to look... We know McIvor is done but we want him "well done" by the authorities.


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## No Trust (3 May 2012)

*Liquidator*

Is "All Bran" having as much fun with McIvor as David Whyte from BDO did. What's the hold up with the report and and status of action against McIvor and Tucker... Up until the dying days both were two peas in a pod. 

As previous mentioned in the liquidators report it is critical that both of them are Publicly Examined before a Supreme Court Judge.. Why is this not happening...

Talk is cheap


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## ASICK (3 May 2012)

"No Trust",  Sometimes I liken you and "Kostag" to a pair of hands typing with furious intent.     

Other times I see both of you furiously working a cross-saw tearing into the heart of Equititrust Limited. 

In any event, you keep the story alive, and for that your fellow investors should be very thankful indeed.

By the way, having thought about it, I'd like to see Trilogy take over your fund - the way the fund's heading I might be lucky enough to get a fourth part to my Three Part Trilogy Tragedy:

http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php


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## No Trust (4 May 2012)

Thanks for the acknowledgment ASICK, if it were not for *this site *many other innocent retirees would have been burned by McIvor... Aussie Stock forums has been great...

Most of the thanks needs to go to Kostag for starting the thread and for his *fearless tenacity* in exposing McIvor INC...

Have to go the cross-saw needs sharpening...


----------



## No Trust (4 May 2012)

Boy oh boy Marky has got himself into some *serious trouble*... What do the coming *days* and *weeks *hold in store for him... Not even a *smoking ceremony *will get him out of this mess...


May he live in "*interesting times*"

Goodbye Mark...........................................................


----------



## kostag (4 May 2012)

*the facts speak for themselves*

we only ever had to get the truth into the public arena.... McIvor himself, his Directors, family and fruends did the rest.


----------



## No Trust (4 May 2012)

*Re: the facts speak for themselves*

They did that indeed... and it came in spades...



kostag said:


> we only ever had to get the truth into the public arena.... McIvor himself, his Directors, family and fruends did the rest.


----------



## No Trust (4 May 2012)

*Re: the facts speak for themselves*

And the great thing it's still coming...



kostag said:


> we only ever had to get the truth into the public arena.... McIvor himself, his Directors, family and fruends did the rest.


----------



## No Trust (5 May 2012)

*Marky Don't Play By the Rules*

"All Bran' what's up ??? Is Narky Marky not cooperating??? Is he accusing you of "*Unconscionable Behaviour*" for pursing him... Are you pursing him ???


----------



## Mozzi (5 May 2012)

Mozzi said:


> Ten days is more than enough to get out some minutes or a report on the meeting held on the 20th!   What are the unitholders who were unable to attend to do - mind read???
> 
> 
> Don't Hall Chadwick realise they are just compounding the undertakings which were made and not kept by Equititrust in the first place by their silence.   We need them to
> stop treating us all like mushrooms - we are sick of being fed bull.....!    Follow things up!!!!!!





STILL COUNTING!     Probably something in the rules that requests/suggests/demands that Administrators/now Liquidators report results of meetings held -within a reasonable time.   This is totally unreasonable HALL CHADWICK!!!!!!!!!!

Maybe that highly paid staff is too busy to write the Minutes/Report!


----------



## kostag (5 May 2012)

*More obscene excess....*

want to feel ill -  while invetsors, the banks , creditors, advisers, all rot in financial hell.....

see page 6 of the Sydney Morning Herald DOMAIN supplement.... Marks' $5M Sydney bolt hole at Cooper Street Double Bay now being sold off by Receivers.... "expensively and extensivley renovated for modern living" after 2005 -  just when cracks were forming in the financial deck of cards now known as Equiti-Rust....

atleast some got to enjoy all the money


----------



## ASICK (5 May 2012)

*"Double Dissolution"*

http://m.smh.com.au/domain/real-estate-news/double-dissolution-20120504-1y2dw.html


----------



## Bonne Chance (5 May 2012)

Nice house.  Don't like what he did with our money on the inside though, very amateurish interior design with no personality - should speak to him about that. 

http://www.lsdb.com.au/pol/property/search.asp?f_propertyID=1885602&xsl=448&f_st=1&f_ct=1&f_ps=2


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## ASICK (5 May 2012)

There is a simple reality, and that is while these schemes continue along without the manager really sharing risk with investors, it's entirely possible for highly leveraged funds to cause massive losses to investors while delivering a pretty penny to managers even while being run consistent with all applicable laws.  

The incentive is there to increase debt because it increases management fees, nevermind that it increases risk for investors.

Accruals accounting should be OUTLAWED in managed investment funds, and valuations should be TRANSPARENT.

Sadly, nothing will change - history WILL repeat itself.

Such is life!


----------



## No Trust (5 May 2012)

*Re: More obscene excess....*

Wow, "*Lady Macbeth*" wanted an abode in Sydney, and blind Marky obliged... Now both are trying to *wash the blood *of retiree investors off their hands whilst many *ghosts *come and visit them... *Bad Omens*




kostag said:


> want to feel ill -  while investors, the banks , creditors, advisers, all rot in financial hell.....
> 
> see page 6 of the Sydney Morning Herald DOMAIN supplement.... Marks' $5M Sydney bolt hole at Cooper Street Double Bay now being sold off by Receivers.... "expensively and extensivley renovated for modern living" after 2005 -  just when cracks were forming in the financial deck of cards now known as Equiti-Rust....
> 
> atleast some got to enjoy all the money


----------



## No Trust (5 May 2012)

When you look back it seems to have gone "*Pear Shaped*" after McIvor got married...  Maybe he should have stayed single and detached himself from Racey Stacey when the first signs of trouble appeared... The "Ambitions" of some lead to the downfall of others...


----------



## No Trust (5 May 2012)

*Poverty Pack*

From "Luxury Double Bay" abodes to *rental accommodation *and banks chasing the furniture and paintings... My oh my what will adorn the walls of this rental pad...

Tough titties as they say...


----------



## No Trust (5 May 2012)

*Send them something to put on the walls*

It might be an idea if investors write to our impoverished duo and send some picture of the people whose lives they have devastated in their pursuit of all things luxury... They may want to create a collage and hang that on their bare walls...


----------



## No Trust (5 May 2012)

Does anyone have their new address on the "Isle of Capri" ?


----------



## No Trust (6 May 2012)

*Bankruptcy*

Now that all the properties and "*dirt*" as McIvor like to call it are all gone the banks and creditor's will be suing him for the shortfall... *NAB* has already started; there will a line to *bankrupt* McIvor and Racey Stacey...


----------



## Just Observer (6 May 2012)

*Re: James Hardie's Court Ruling will send shiver to Directors of Equititrust*

Recent Court ruling holding the James Hardie's directors accountable for giving misleading information to the shareholders will send shiver to Equititrust Directors. Not only they will face bankruptcy but ASIC will send them to jail as well.


----------



## M41 (6 May 2012)

*Re: James Hardie's Court Ruling will send shiver to Directors of Equititrust*



Just Observer said:


> Recent Court ruling holding the James Hardie's directors accountable for giving misleading information to the shareholders will send shiver to Equititrust Directors. Not only they will face bankruptcy but ASIC will send them to jail as well.





Yay!!! Fingers crossed.


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## Just Observer (6 May 2012)

ASIC cheers High Court ruling on James Hardie 

by: Andrew Main 
From:The Australian
May 04, 201212:00AM

AUSTRALIAN Securities & Investments Commission chairman Greg Medcraft was calling it a victory for common sense. The High Court's decision to uphold the original verdict on behalf of the regulator against seven non-executive directors of James Hardie over the misleading press release put out by the board in 2001 was also something that should be seared into the minds of company directors.

It was, he said, "a timely reminder to all company directors about their obligation to provide information that is accurate".


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## No Trust (6 May 2012)

Look at what McIvor and his band of idiots were trying to *hide for years*. Look at what Kennedy wrote on this thread; Tucker being a lawyer should have known better, however being a sycophant just went along so long as the director and legal fees were paid. Goddard and Treasure they should all be prosecuted...

Investors were *MISLEAD*




Just Observer said:


> ASIC cheers High Court ruling on James Hardie
> 
> by: Andrew Main
> From:The Australian
> ...


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## kostag (6 May 2012)

*Re: Equititrust: Isle of Capri addresss?*

manhole cover number 1 sewer number 1 -  with all the other rats 



No Trust said:


> Does anyone have their new address on the "Isle of Capri" ?


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## No Trust (7 May 2012)

*Pest Control Miffed*

Pest Control are miffed at the dramatic *reduction in rat numbers *in Chevron Island and on Cronin Island... A similar phenomenon has been experienced in Cooper St Double Bay Sydney... Isle of Capri residents on the other hand are calling in the "Pied Piper" 







kostag said:


> manhole cover number 1 sewer number 1 -  with all the other rats


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## No Trust (8 May 2012)

The liquidator is very quiet at the moment... Whats up ???


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## kostag (8 May 2012)

*LONG HARD FIGHT*

Emotions run hot when people feel let down or worse. This website has been a wonderful tool as has the general media in allowing material which would more than likely otherwise remained 'buried' to come into the general public gaze. 

The downside is that it is too easy for people to get over excited and for a mob mentality to come to the fore. We know that there are 'false posters' in this web site - those who pretend to be against but have other agendas. But they are soon weeded out.

What all posts must ensure is that we eliminate the inclination to be angry and emotional and simply deal with facts as we each know them. Then the data base of knowledge becomes useful to us all. To speculate and or allow the publication of scuttlebutt does not aid the cause; it is not fair to innocent parties who may be affected; and prejudices all the good work that many have done.   
Let’s all keep the fight clean and factual. Personally, I have been of the view that the way this site is set up, it allows any aggrieved an immediate right of comment and re-dress. Any posting can soon have an appended comment or rebuttal from anyone. 

Therefore, once a posting is made, it can be challenged and correction demanded, in the same public forum. That allows for the free flow of informtion and the opportunity for it to be tested, challenged and if so, retracted. 

However, it is not compulsory for  the ‘other side’ to rebut and reply. They can simply ignore and this does not then mean that they can be attacked at a personal level, when such attack may simply be a venting of anger rather than based on fact.

This site has brought under scrutiny the accounting and valuation standards of Equititrust; Equititrust’ s insolvency; the ‘quality’ of its major ‘assets’ / loans i.e.: Quinlivin etc; exposed the attempted new capital raisings; revealed the Westpac loan over EIF that even the Board did not know about; the accounting entries to create more units and allow large cash withdrawals, all under the noses of the auditors; exposed the various deals designed to re-ignite the value of the supposed sub-ordinated units and deal with the RE licence to the serious detriment of all investors.
It has done very good work and very much in the public interest.
Let’s look back on what has been achieved with some pride and satisfaction and not allow this web site to become a forum for any personal anger – which some clearly harbour.

The authorities are all over this matter and it is only time that between ASIC, AFP, Amanda Banton and a raft of media that the full story will be told and or dealt with. They use a lot of this material from this site to assist them. 

So there is a very genuine public interest aspect to protect here – don’t risk that. 

To all -  steady as we go!


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## No Trust (8 May 2012)

*Next Critical Step*

It is essential that the authorities now take action on matters detailed in both the receiver David Whyte's report as well as the now liquidators report. McIvor has been named in both and needs to be publicly examined as detailed in the report... This is a simple fact that McIvor cannot run away from. Accounting to the investors...


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## kostag (8 May 2012)

*Re: Equititrust: next step: agreed*

that is now what should be done -  proper legal process underway -  our job on this website is now done.


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## Mozzi (8 May 2012)

*Re: Equititrust: next step: agreed*



kostag said:


> that is now what should be done -  proper legal process underway -  our job on this website is now done.






Thank you for all your efforts on our behalf!


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## ASICK (9 May 2012)

*Re: Equititrust: next step: agreed*



kostag said:


> that is now what should be done -  proper legal process underway -  our job on this website is now done.




Good morning "Kostag",

I wonder why you think your job here is done? 

What do you think will be the upshot?  

Could you point me to the latest audited accounts?

And to "No Trust", what brought on this new found focus on facts?   I agree with what you say, but it's such a dramatic departure from the norm that I confess that it took me by surprise.

Thanks.


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## Just Observer (9 May 2012)

*Re: Equititrust: next step: Join Class Action.*



kostag said:


> that is now what should be done -  proper legal process underway -  our job on this website is now done.




Today news . Class Action succesfull against Centro and its Auditor.

All investors in Equititrust should take heart and take note of this news. The Centro's directors and its auditor are held accountable for not disclosing short term debts of the company. It has similar ring to the debt/loans concealed by the director(s) of Equititrust. Class action (led by Piper Alderman) seems the logical way for Equitirust's investors to recoup their lossess.


Article from BUSINESS DAY.

_Centro settlement worth $200m 
Ben Butler, Leonie Wood May 08, 2012 

The long-running class action against the directors of failed property group Centro is to settle for $200 million, sources say.
Hearings before Federal Court judge Michelle Gordon started at the beginning of March and were set to run through to the end of June.
•	Auditors caught out
•	Former boss admits debt shock
•	Ex-chief reveals bank fury
Shares of litigation funder IMF, which is backing a claim run by law firm Maurice Blackburn, entered a trading halt this morning, to continue until the earlier of ‘‘an announcement concerning the Centro matter’’ or the start of trade on Thursday morning.
A second claim, run by rival law firm Slater & Gordon, is being heard at the same time.
It is believed a global settlement has been reached that takes in Centro, its directors and auditor PricewaterhouseCoopers, which was added as a cross-respondent by Centro.
Sources said discussions about details of the deal were continuing, but PwC may pay as much as a third of the settlement._


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## Just Observer (9 May 2012)

*Re: Equititrust? DISCLOSURE*

Disclosure statement.

For those who is wondering who am I;

I am just an observer to this thread. I *am not* an investor in Equititrust *nor* do I have any association whatsoever with Equititrust (either as creditors or failed developer), or Piper Alderman.

My interest and sympathy is with the Investors (especially the Retirees) who have lost millions of dollars investing their life saving with Equititrust.

I have followed this thread (started by Kostag) from the beginning and read all the reports attached in this thread (very informative and details), as well as those available on the web via company website.

My comments posted were not motivated by vengenge, ulterior motive nor promoting Piper Alderman, but purely resulted from my own observations of this threads.


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## Just Observer (9 May 2012)

*Re: Equititrust? How much is left?*

With the numbers of Liquidators/Admistrators appointed, including with those appointed by the secured creditors (Banks), I fully agree with Kostag and No Trust assessment, there will be no money left in the company once all the dust has settled.

Bearing in mind, those Liquidators/Administrators appointed by the banks will add their fee on top of the secured loans owed by Equititrust. On top of this, there will be fee payable to Hall Chadwick and David Whyte. 

Unfortunately the Liquidators/Admisnistrators are like shark on land and will rip apart the carcass at the smell of blood. To top it of, their fees will be paid even before the Banks (as secured creditors) get their money. 

The process to wind up the company may even take years to finalise. Litigation against the directors and its auditor (class action) is the only way to get some money back from their insurance. Unfortunately, litigation is lenghthy process. With Centro class action, it took 3 years.


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## ASICK (9 May 2012)

"Just Observer", would you care to compare and contrast the Cento case with any claim/s that might be brought on behalf of the members of the EIF?   It seems to me that given the long line of claimants forming outside of the main players' doors, unless the auditors are drawn into a claim, the Centro case doesn't really give rise to anything apart from hope, perhaps even no more than a false hope.


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## kostag (9 May 2012)

*PIPER ALDERMAN*

I too have no connection in any way with the firm BUT to all of us - the ONLY hope any of us for any financial recovery  from this mess is to back someone who will run a class action that will drag in to the net:-

-  directors
-  their advisers
-  more than likley auditors
-  maybe valuers
-  certainly PI insurers 

'professionals' know from experience that retiree invvestors lose heart, accept defeat and become apethetic -  or worse, are so desperate, that they will listen to and accept any hare-brained proposal. What needs to happen is to accept the loss as final and take and or support a unified action for recovery and redress.

Piper Alderman in Sydney seem to be the only ones running anything - so , logically, they should be contacted.


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## Just Observer (9 May 2012)

ASICK said:


> "Just Observer", would you care to compare and contrast the Cento case with any claim/s that might be brought on behalf of the members of the EIF?   It seems to me that given the long line of claimants forming outside of the main players' doors, unless the auditors are drawn into a claim, the Centro case doesn't really give rise to anything apart from hope, perhaps even no more than a false hope.




Asick, you probable right. I am merely voicing my two bobs comment. 

The information and my knowledge about the Centro case is limited to what was written and can be read from the press realeses. Apparently the class action brought against Centro directors and the company's auditor centered on what was said in the company financial report which listed the short term debt as long term liability. The Court accepted that the Centor Directors have failed in their duty to property inform the shareholders and could not claim ignorant as their defence. The Court also held it's auditor guilty as well, to which the Court appropriate one third of the blame to them.

This reminded me of the similarity (from what I have read on this thread) of the failure by the Equititrust's directors of its duty to list the Westpac and BOQ loans (to which the company has provided the guarantees) in the company Financial Report. Furthermore, the report dated 12/4/2012 by the Hall Chadwick also listed *numerous* serious wrongdoings by the Directors of Equititrust (page 7 of the report and chapter 10.3 and 11) and as alledged by Asic and Piper Alderman.

Whether these alledged serious wrongdoings will later be proven in Court is another matter. But from reading various comments and reports available, plus other evidence that will be collected during the investigation; if I am a betting man, I would put my money that some of the alledged serious wrong doings will stick and the class action will succeed.

This hope (succesful class action) is better than expecting there is something left in the kitty after the Liquidators have taken their fees and secured creditors are paid in full, including the additional default interest rate, legal fees etc.

Furthermore, I don't mean to be negative, but in my opinion the actual realization of assets will be much lower than what were stated in Hall Chadwick reports. So it will only get worse.


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## No Trust (9 May 2012)

*Liquidator*

Why is the liquidator *so quiet*....    Have they finally got a *personal financial statement *out of McIvor ?   How hard are they chasing him???


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## Just Observer (9 May 2012)

Kostag,

I am with you 100%. 

It is easy for me to sit in the side line and say nothing. For so long I have done so. but I noticed the comments in this thread has slowed down and I am disappointed to know that so few people have joined the class action, whilst I think this is the only hope the investors have in at least getting some thing back.

This has urged me to start writing on this thread.

Yes, it appeared so many investors have given up and lose heart. But they have nothing to lose by joining the class action as Piper Alderman will only get their fee if they are succesfull. Yes they will get their cut from it, but something is better than nothing.

You and other members of this thread are well inform and read all the available reports. You have come to your conclusions much sooner that most other members. But you have been proven correct again and again. You too came to conclusions that nothing will be left in the company once the dust has settled. 

All banks's loan agreements have "*default interest rate"* in their contract. The banks will collect this default interest rate from day one when the loan was either due or in default. I won't be surprised if default interest rate is well in excess of 12% per annum. Maybe this is something the investor can ask the Liquidator. If there is money in the kitty, the bank will definately dig deep to find way of getting their hand on it without any consideration to mum/dad investors.

If the bank can prove the company has been insolvent for some years back, they will apply default interest rate from then, as the banks' loan agreement contain this default conditions. This is a standard loan agreement from any banks that I know.

I hope Mr Whyte can strike a deal with the banks to limit what the banks can take, hence protect the interest of the shareholders.


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## ASICK (9 May 2012)

Thanks "Just Observer" for responding. I agree that there won't be much left at all for investors (if anything at all is left).  The fact that there doesn't seem to be an audited return to date should be very troubling to investors.  Anyway, valuations are moot in any event, it's sales that'll tell the real story about value.


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## No Trust (9 May 2012)

*Audited Financials*

I have been harping on about the audited financials since last year and despite McIvor promising them, where are they ???

They could not produce them as they were *hiding the massive impairments*...

With default interest etc etc there will be *nothing left *and as reported in the Courier Mail with McIvor fighting for *furniture and a few paintings *with Ferrier Hodgson and *NOT* lodging defenses in various court actions against him by NAB and the liquidator of MM Capital Gerry Collins McIvor it seems does not have any money left to *employ legal representation*.

The Piper Alderman *route is the best way forward *as we have been highlighting for quite some time...

http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


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## No Trust (9 May 2012)

*It Just Keeps on Getting Funnier*

McIvor Intends to defend the *Multi Million *Dollar claim by NAB plus has added a counterclaim. Don't like the odds of a one man band law firm up against *NAB* and *King and Wood Mallesons*

NAB are really going for the jugular...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2960/12


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## No Trust (10 May 2012)

*Litigation up to the eyeballs*

The defense and counterclaim may be a way of *stalling the inevitable*, just like the *stalling *and *delusion* with Equititrust... The Fat Lady has sung, its time to take your medicine. NAB and its lawyers have the medicine ready


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## No Trust (10 May 2012)

*NAB Court Action Against McIvor*

NAB are quite clever in that they instructed their receiver *Ferrier Hodgson *and Lawyers *King and Wood Mallesons* to go after the furniture and paintings which may have been used to fund some second rate lawyers to delay the inevitble...

Any lawyers being offered furniture and art work in lieu of fees beware... 

When its over its over...


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## No Trust (10 May 2012)

*Public Examination - Modern Day Public Stocks*

The first time McIvor appears in court and is *Publicly Examined *will be a spectacle... Expect the public gallery to be* packed*... Its always good to see the investor's face to face. The "*Old People*" are still alive and *kicking*...


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## klua (10 May 2012)

Artilce in yesterday's Gold Coast Bulletin (ie May 9) on page 31 regarding current and past receivers sales of properties either owned by MM or owned by associated companies. 

I dont have a link for the article but the aricle was written by by Martin Rasini. If you email him at martin.rasini@goldcoast.com.au he might be able to provide a link.


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## kostag (11 May 2012)

*FINANCIAL ACCOUNTS 30-6-09 -  when was it insolvent ?*

I am not an accountant.  However, an area of concern to me which appears to warrant investigation is in the 30 June 2009 Financial Statements for the Equititrust Income Fund.  
These accounts are still posted on the www.equititrust.com.au website.  They are worth looking at.
Let me overview what I think happened in these accounts in relation to the subordinated units which Equititrust Limited supposedly took up in EIF.
In the Notes to the accounts (page 13), Note (i) in paragraph 4, there is a comment that the responsible entity made an investment of $40,032,773 in subordinated units.  This certainly implies that Equititrust Limited injected cash into the EIF – does it not (that’s my reading of it)?  However, if you look on page 9 in the Cash Flow Report, there is no reference in the cash in-flow that refers to this cash investment from the RE.  There are new units issued to investors but no reference to a cash injection from the RE.
Nor does this Cash Flow Report highlight any redemption of units to the RE.
So let us dig further.  On page 14 under Note 4, it is confusing.
In the section referring to subordinated investments it shows applications of $40,000,000 and transfers of $42,136,143.  If you go further down the Note, the transfer amount is then revealed as being “On 1 July 2009 the responsible entity’s investment in the scheme of $42,136,143 was converted into subordinated units”.  Now, this is not quite the same as what it says in Note 3(i) about the RE making an investment of $40,032,773.  That figure is the closing balance as set out in Note 4 on page 14.
What appears to have happened is the following:
The RE applied for $40,300,000 of units in EIF.  It “transferred” some loan account that it had to EIF (it did not invest cash) and that constituted its investment in subordinated units.  At the same time (or during the same period) it actually withdrew from EIF (in the same year that redemptions were frozen against all investors) an amount of $42,403,370.
If Equititrust Limited (the RE) had not converted its “loan account” into a supposed investment in subordinated units and took out the same $42,403,730 in cash (which it did), it would have “nil” investment in the EIF.
So, my reading is that in the year ended 30 June 2009 – no new investment was made and, in fact, Equititrust Limited took out $42,403,370 in a period where the directors knew or ought to have known or were certainly forming the view that the EIF was illiquid.  
Further, and interestingly, on 30 October 2008 (Note 3(i)) the RE decided to defer withdrawals.  However, on 1 July 2009 the RE “converted” its loan account (or whatever it was) into subordinated units.
So, these elections were being made after the fund was already frozen and presumably after $42,403,370 was withdrawn by Equititrust Limited from EIF in cash.
The obvious question is:  What was the loan account?  Was it a true, bona fide cash investment?  If it was, then much of what I raise above becomes irrelevant.  However, if the loan constitutes “profits” where those profits were, at best, illusory, then to claim a subordinated investment in EIF at the same time as the RE pulled approximately $40M out of EIF is in the very least misleading.
An ordinary person reading these financial accounts would believe the RE had made a bona fide cash investment in the EIF during this very critical year of $40m.  This would invoke confidence in even the most sceptical investor.  However, the reality may well be that what actually occurred was that the RE took $40m out during this critical year, being the same year in which it elected to freeze redemptions to all other investors.
The wording in the Notes is vague at best.  It also my view that if my suppositions are correct that the auditors would be considered culpable because they have allowed notations to be published referring to cash investment when such investment may have in fact been nothing more than capitalisation of supposed profits at the same time as substantial cash withdrawals were effected.


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## ASICK (11 May 2012)

"Kostag", as I recall it, this is something I posted about some time ago. 

They simply converted about $42.14m from ordinary units into subordinated units and then redeeemed about $42.3m in subordinated units - it seems this bypassed the need to redeem under ordinary  (pro-rata) redemptions.

The money was shifted internally by way of unit type conversion (ordinary to subordinated). In other words, they got $42.3m out of the fund - free and away!


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## ASICK (11 May 2012)

ASICK said:


> "Kostag", as I recall it, this is something I posted about some time ago.
> 
> They simply converted about $42.14m from ordinary units into subordinated units and then redeeemed about $42.3m in subordinated units - it seems this bypassed the need to redeem under ordinary  (pro-rata) redemptions.
> 
> The money was shifted internally by way of unit type conversion (ordinary to subordinated). In other words, they got $42.3m out of the fund - free and away!




To expand on the deal - it's the old 'shell game' - about $40.3m was invested into the fund as a subordinated investment.   About $42.14m was converted from ordinary units into subordinated units, and about $42.3m was redeemed out of the fund.

That's:-

$40.3m + $42.14m - $42.3m = $40.03m

In fact, the manager took out $2m more than it put in.  It also shifted $40.3m out of a fund which was about to be frozen.  

I don't know the train of events, but let's say that the fund didn't have much cash, then converting the units cost the fund $0.00 in real money - so, it could have been a case of  $40.3m in and $42.3m out -  within minutes? within a day?  a week? only Equititrust Limited and the auditors know - with the added benefit of leaving $40.03m as a subordinated investment.

As I understand it, the balance of the subordinated investment would  remain unaffected by the freezing of the fund at the later date, a very different outcome had the money been caught in the freeze as ordinary units which would have to be paid out on a pro-rata basis with all other investors.

The investment is accounted here:
Proceeds from issue of redeemable units – investors $53,493,674 on page 9 of the 30 June 2009 report.  This amount included the $40.3m application made by the manager.

In the end, the subordinated investment was lost in any case.


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## ASICK (11 May 2012)

Sorry to post another time, I didn't realise the fund was frozen earlier.  This tightens the time frame for the "application" and "redemption" in/out from subordinated units.  

"Kostag", it's hard to believe that a manager could make these transactions between 1 Jul 2008 and 31 October 2008 without an inkling of the forthcoming deferral of redemptions.

Now I remember about my previous posting some time ago, and saying something like "It's all about timing".

As posted above, the manager actually came off worse in the end by having the subordinated investment set off against fund losses in any event.


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## kostag (11 May 2012)

this needs very serious investigation.....



ASICK said:


> Sorry to post another time, I didn't realise the fund was frozen earlier.  This tightens the time frame for the "application" and "redemption" in/out from subordinated units.
> 
> "Kostag", it's hard to believe that a manager could make these transactions between 1 Jul 2008 and 31 October 2008 without an inkling of the forthcoming deferral of redemptions.
> 
> ...


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## kostag (11 May 2012)

*www.insightequity.com.au ..... it could only happen on Gold Coast*

Equititrust execs Damien Gywne and Wayne McIvor jump ship and start Insight Equity.... now look whos there... Craig 'buried' Treasure and Sid 'where's my' Super....unbeleivable.....


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## Brethren (11 May 2012)

ASICK said:


> As posted above, the manager actually came off worse in the end by having the subordinated investment set off against fund losses in any event.




Not in any way having a go at you, ASICK, but what makes you think that? Or, to phrase that another way, I'll set this exercise for the 'reverse engineering class': "if you were a black and midnight soul, how would you have engineered the subordinated investment so it did not require ANY cash from you, but looked like $40million from an accounting perspective AND then allowed you to pull out $20,455,144 in real cash as payments for this subordinated investment in the following two years?" 

You see, I've just begun to get REALLY interested in the Equititrust accounts and I ask this question because I think you'll find it's not just a 'what-if'? It's one thing to shear the fleece off the herd of investors, quite another to send a pack of werewolves through the middle of it. 

On another angle, the Hall Chadwick report is the gift that keeps on giving. Endlessly interesting document, that. I see that on page 25 it contains a number of creditors claims against Equititrust Limited ( M.M. Holdings : $10,766,519; Westpac $25,447,309; BoQ $7,000,000) that they are arguing should be indemnified out of the Fund ie: out of Investors remaining monies. Apparently, the werewolves have not yet satiated their appetites! They do this on the basis that the Fund constitution indemnifies the Responsible Entity - that is Equititrust Limited - against any costs 'reasonably and properly incurred by it". That is where the Hall Chadwick quote stops and I think that is quite odd. The more normal way that this is written up in constitutions is 'reasonably and properly incurred by it in the carriage of its' duties as Responsible Entity of the Fund'. I strongly suspect that's what the constitution actually says, because Hall Chadwick alludes to this later in their report. As Hall Chadwick notes on page 25 of their report these creditor claims arise from guarantees and indemnities provided by Equititrust Limited to secure obligations of MM Holdings. Investors should ask how Equititrust providing sureties for one of McIvor's personal vehicles was in any way related to carrying out it's duties as a steward of the Investors' monies?

It couldn't possibly be the case that M M Holdings might even be attempting a triple-dip of fees with that contingent creditor claim. Could it?  

Note also that on page 29 Hall Chadwick's Mr Albarran writes: "I have conducted investigations....and have identified offences that may have been committed by the directors of the Company. I propose to report the results of my findings to ASIC in accordance with Section 438D of the Act." 

That Section of the Corps Act reads as follows: 
"Reports by administrator
(1)  If it appears to the administrator of a company under administration that:
       (a)  a past or present officer or employee, or a member, of the company may have been guilty of an offence in relation to the company; or
       (b)  a person who has taken part in the formation, promotion, administration, management or winding up of the company:
           (i)  may have misapplied or retained, or may have become liable or accountable for, money or property (in Australia or elsewhere) of the company; or
           (ii)  may have been guilty of negligence, default, breach of duty or breach of trust in relation to the company;

the administrator must:

                     (c)  lodge a report about the matter as soon as practicable;"

Note that it's not optional - the Administrator "must lodge a report....as soon as praticable:.

Might be worth someone formally enquiring of Hall Chadwick just WHEN they lodged that report. They wrote that on 12th April, so you'd assume that they'd had plenty of time to meet that requirement. Or, if they have not, why not ask ASIC their view on whether Hall Chadwick has complied with the Act?


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## No Trust (12 May 2012)

*Serious Matters*

As Brethren states the breaches of the Corporations Law identified by the Administraitor are very serious matters which need to be investigated. The games need to stop and answers given to investors as to what the status is in terms reporting the matter to ASIC.

In time other authorities will also have to get involved... McIvor ran the show and it looks like buck's literally stop with him.


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## ASICK (12 May 2012)

Good morning "Brethren", I'm speaking only to the act of converting the ordinary units to subordinated units and nothing more.  

I'm a little surprised it was as high as $40m given that the minimum stated in the PDS was $20m:-

"7.5 Capital Warranty Investment

Equititrust holds a Capital Warranty Investment in the Fund. The Capital Warranty Investment is the amount invested by Equititrust as a subordinated investment. This is a minimum sum of $20 million with no maximum."
http://equititrust.com.au/Pdfs/EIF_Pds_200902.pdf

As well as wondering who the manager converted ordinary units to subordinated units, I was also wondering why Equititrust Limited didn't trim the subordinated investment down to $20m, and then I found this pearl:-

http://equititrust.com.au/Pdfs/FinReport062010.pdf

"Interests of the Responsible Entity - *The Responsible Entity entered into an investment agreement dated 18 February 2009 to maintain a minimum investment in Equititrust Income Fund of $40,000,000. *The Responsible Entity has the discretion to reduce the minimum investment to $20,000,000 provided it has the approval of the bank credit line providers. The investment is subordinated to the rights of other investors. The subordination affords further protection to investors and assists the Scheme’s liquidity.

*The constitution of the Scheme was amended on 29 January 2009 to reflect the above subordination and also alters the manner of income distributions. Previously the Responsible Entity’s investment in the Scheme was at normal investor rates, terms and conditions and the Responsible Entity received separately an interest warranty fee after the payment of investor warranted return and any associated costs or outlays of the Scheme.*

Under the revised constitution income distributions during the year from the Scheme were conducted in the following order of priority:

 expenses of the Scheme;
 benchmark distribution return to Members;
 payment of management fees of the Responsible Entity;
 distribution of remaining surplus to be paid to the Responsible Entity as a return on Responsible Entity’s subordinated units.

*The changes in the constitution were made retrospectively with effect from 1 July 2008 *and the Responsible Entity’s interest has been presented in the financial statements on this basis. The following fees and returns were paid to Equititrust Limited out of Scheme property during the financial year:

2009 2008

Interest warranty fees - 2008 $21,072,761
Management fees - 2009 $5,494,519 -
Return on Responsible Entity’s subordinated investment - 2009 $9,913,410 -
Total fees and returns - 2009 $15,407,929  - 2008 $21,072,761

*The fees and returns paid in 2009 are represented by the surplus of receipts from mortgage lending after payment of the Scheme investors’ warranted or benchmark returns and expenses of the Scheme. *Management fees were calculated at 1.5% of funds under management.

Associates of the Responsible Entity or its directors had 40,904,625 subordinated investment units in the Scheme at 30 June 2009. At 30 June 2008 associates of the Responsible Entity or its directors had 42,136,143 investment units in the Scheme on normal terms and conditions." (emphasis added)

Among other things the constitutional amemdments (unilateral? or voted by members?) changed the return on the subordinated investment to skim the fund of excesses - and of course, up come the questions about whether the fund really was worth its stated value at that time (and later).

Of course, we shouldn't forget the $13,228,929 paid to Equititrust & Ors by way of skimming the surplus out of the fund until 31 December 2010.

I can't believe that investors haven't received an audited financial statement since 30 June 2010 - ASIC should be ashamed of itself.  Investors are entitled to be told the truth.

I wonder if permisson was sought from Bank Credit Line Providers to reduce the subordinated investment to $20m?


----------



## No Trust (12 May 2012)

*Audited Financials*

It is indeed a *travesty* that the audited financials have not been completed despite *McIvor promising to do so*... It  all *came to nothing *and the accounts are *still not completed*... I have been putting pressure on them for over a year in regard to the audited accounts for which they were very soft in the underbelly, in the end it was their undoing...


----------



## No Trust (12 May 2012)

*200,000 Views*

Some time over the next day or so, this thread will have recorded *200,000 *hits... A testament to the amount of interest this disaster has garnered.

To all the contributors *congratulations on a great effort*... To all the detractors, stooges, company sycophants, etc *read it and weep *because you can't hide the truth and free speech is free speech...


----------



## Brethren (12 May 2012)

ASICK said:


> Good morning "Brethren", I'm speaking only to the act of converting the ordinary units to subordinated units and nothing more........
> 
> *The changes in the constitution were made retrospectively with effect from 1 July 2008 *and the Responsible Entity’s interest has been presented in the financial statements on this basis. The following fees and returns were paid to Equititrust Limited out of Scheme property during the financial year:




Oh, My Lord ! ASICK, I read your post and genuinely spat my morning cuppa all over the computer screen. And it takes a lot to catch me by surprise! I'll need most of the weekend just to contemplate just how much you've hit upon there. I was tempted to say you've hit a gold-mine, but you've dug up something much smellier and nastier. Excellent work.

Changes to Constitutions are normally an area that is fraught with rules. Significant changes, or those that affect Member's interest normally have requirements that they be put to vote at a meeting of Members. I cannot see how a * retrospective amendment * that has such enormous impacts  could have been pushed into the Constitution without a formal meeting. It does not matter that McIvor interests may have had enough units to pass a vote on anything they liked; they still should, in all normal circumstances, have had a requirement under the Constitution and the law to call a meeting of members. 

And this is just one point you've raised ASICK - that post contains about a dozen, many of equal 'game over' significance'. Nice work!

I mentioned a 'black and midnight' scenario above and the prospect of triple-dipping for payments. ASICK, what you've outlined above makes me fairly certain that this ( and worse ) DID happen. Time for me to drag out a big whiteboard in the garage and start mapping out transactions. 

If anyone has copies of the Equititrust Constitutions could they be made available to the members of this forum?


----------



## klua (12 May 2012)

Kostag's forensic examination above is most interesting,  on page 2 of June 2009 report there is further mention of the transactions Kostag has detailed .

The full report can be read here: 
http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf

The following part on page 2 shows the order of the transactions Kostag mentions :

On 28 January 2009 the Scheme’s Constitution was amended enabling subordinated units to be issued. This enabled the Responsible Entity to convert its ordinary units of $42,136,143 to subordinated units on 1 July 2008. The rights attached these units were subordinated to those of other investors.

The Scheme experienced an increase in investor redemption requests during the first four months of the year, being $76,132,933 compared to $46,977,161 for the same period in 2008. There were also delays in the repayment of certain mortgage loans from borrowers. This was largely as a result of the ongoing global credit and liquidity crisis and the introduction of a guarantee of authorised deposit-taking institutions (ADIs) incorporated in Australian which does not apply to the Scheme.

As a consequence of these events the Responsible Entity advised investors in the Scheme on 30 October
2008 that it would commence deferring redemptions for 90 days to enable liquidity of the Scheme to be
managed. On 28 January 2009, electing not to invoke a further 90 and 180 day delay as permitted by the
Scheme’s constitution, the Responsible Entity declared the Scheme to operate as non-liquid.

NB The formattting etc may not be correct due to cut and paste so see the original report for correct details. http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf


----------



## No Trust (12 May 2012)

*Piper Alderman - Amanda Banton*

Piper Alderman have some *interesting documentation *in regard to the legal advice that was taken in regard to this retrospective amendment... Investor's were taken for a ride in series of *side shuffles *and *smoke and mirrors*...

This scam was also part of the reason for the search warrants issued by ASIC when the *offices *and *McIvor's house *was raided (_as detailed in the Administraitor's report_).


----------



## No Trust (12 May 2012)

*Liquidation*

The Liquidator must be having all sorts of fun at the moment getting a *personal financial statement out of McIvor*... Like the other Liquidators and Receivers acting for NAB etc the liquidator of Equititrust will also have to *issue legal proceedings *against McIvor in regard to the transactions highlighted prior to the collapse...


----------



## ASICK (12 May 2012)

I guess it's the truth that investors don't think too much about those Constitutional amendments effected unilaterally by the manager. 

It seems to me that investors, in what might be regarded at the time as  a fully functioning and well managed fund, are endowed with a pretext that such amendments are "in investors' best interests" and would therefore pay scant attention to them, if at all.

However, in time, and with skepticism moderating that before held pretext, constitutional amendments will most probably be viewed in an altogether different light.

A court of competent jurisdiction is able to nullify unilateral constitutional amendments in certain conditions - I wonder  even if an application was made today,  whether a court would even give it the time of day given the effluxion of time and the notice given to investors (2009 - 2012)?

If no one else challanged the amendments at the time, then it would have been unlikely investors would have amassed with the common goal of supporting a court action against it, even if alarm had been raised at the time.

The manager holds the upper hand, and if nothing is changed, it always will.


----------



## kostag (13 May 2012)

*THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*

WELL DONE TO ALL -  IRRESPECTIVE OF WHAT 'SIDE' YOU ARE ON -  THIS SITE HAS ENABLED A VERY DETAILED FLOW OF INFORMATION TO TAKE PLACE -  AND BOTH 'SIDES' HAVE THE CHANCE TO REFUTE AND DENY..... ITS ALL ABOUT GETTING THE TRUTH OUT THERE.....


----------



## No Trust (13 May 2012)

*200,000 Views*

Kostag, great work in starting this thread, *200,000 *views is quite an achievment...


----------



## Mozzi (13 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*



kostag said:


> WELL DONE TO ALL -  IRRESPECTIVE OF WHAT 'SIDE' YOU ARE ON -  THIS SITE HAS ENABLED A VERY DETAILED FLOW OF INFORMATION TO TAKE PLACE -  AND BOTH 'SIDES' HAVE THE CHANCE TO REFUTE AND DENY..... ITS ALL ABOUT GETTING THE TRUTH OUT THERE.....






You guys have been amazing!   Without you we would not have been kept so abreast of what has been happening.   Really don't know where it all comes from, but mostly you are ahead of everything.   It has been occasionally entertaining, but always informative, and that was what we needed.

We thank you, and Kostag, your work is not even nearly done!    If you have the will to do it, please keep it coming.   Hopefully, the best is yet to come - if we don't get any of our money back, at least let us see justice done in the courts!!!!!!!


----------



## Just Observer (13 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*



Mozzi said:


> You guys have been amazing!   Without you we would not have been kept so abreast of what has been happening.   Really don't know where it all comes from, but mostly you are ahead of everything.   It has been occasionally entertaining, but always informative, and that was what we needed.
> 
> We thank you, and Kostag, your work is not even nearly done!    If you have the will to do it, please keep it coming.   Hopefully, the best is yet to come - if we don't get any of our money back, at least let us see justice done in the courts!!!!!!!




Aye...aye. I seconded Mozzi's comment and cannot wait to see justice done to those sharks that walk on land who preyed on innocent victims.

Kostag, No Trust, Asics. Please......keep this posting/thread going until the end.

Any update how many investors have signed up with Piper Alderman?


----------



## No Trust (14 May 2012)

*Delayed Reports*

The fact that both the Liquidator's report and the Receiver's reports are *now delayed *seems to put paid to rumours that there is something very big going on the background with McIvor... *Is he *or *is he not *cooperating and are both insolvency practitioners at their wits end ??? 

Investors need to know the status and whether McIvor has provided a *personal asset statement*, wifey Stacey being a recent director and the subject to legal action by another liquidator should *also provide a statement*...

The Corporations Law* applies to the McIvor's as well *and its the job of the liquidator to now enforce it *vigorously*...


----------



## No Trust (14 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*

The fight *for the truth *will continue *unabated*... I am grateful that justice *is being done *and *will continue to be done*...

The banks and liquidators have McIvor squarely in their *cross hairs*... No where to run, no where to hide...



Just Observer said:


> Aye...aye. I seconded Mozzi's comment and cannot wait to see justice done to those sharks that walk on land who preyed on innocent victims.
> 
> Kostag, No Trust, Asics. Please......keep this posting/thread going until the end.
> 
> Any update how many investors have signed up with Piper Alderman?


----------



## Just Observer (14 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*

Anyone can tell me how to check the number of hits on this forum?


----------



## No Trust (14 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*

All you need to do is click forums, then click *General Investment and Economics *and you will then see *Equititrust* with a  face listed and beside you will see the number of views... 

Hope that helps 



Just Observer said:


> Anyone can tell me how to check the number of hits on this forum?


----------



## Just Observer (14 May 2012)

*Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS*



No Trust said:


> All you need to do is click forums, then click *General Investment and Economics *and you will then see *Equititrust* with a  face listed and beside you will see the number of views...
> 
> Hope that helps




No Trust. Ok, thanks. 200,000 hits and still rising. Well done.


----------



## No Trust (15 May 2012)

*Chirp Chirp*

So so quiet whats going on ???


----------



## Mozzi (16 May 2012)

Mozzi said:


> Ten days is more than enough to get out some minutes or a report on the meeting held on the 20th!   What are the unitholders who were unable to attend to do - mind read???
> 
> 
> Don't Hall Chadwick realise they are just compounding the undertakings which were made and not kept by Equititrust in the first place by their silence.   We need them to
> stop treating us all like mushrooms - we are sick of being fed bull.....!    Follow things up!!!!!!






YUP!   Still counting the days!!   The silence is deafening!!

Perhaps a call to ASIC to ask if they think this is reasonable to wait all this time for the meeting report, and what is now to happen..............

Wouldn't do any harm to drop a hint on what they themselves are doing!!!   Guess that is too much to hope for!


----------



## ASICK (16 May 2012)

*Some Other News*

16 May 2012 - "Planners Relieved by Report: Outraged by ASIC" 
http://www.wealthprofessional.com.a...lieved-by-report-outraged-by-asic-128977.aspx

16 May 2012 - "Will Advisers get Blame for Trio Collapse?"  
http://www.wealthprofessional.com.a...s-get-the-blame-for-trio-collapse-128982.aspx


----------



## ASICK (16 May 2012)

*Re: Some Other News*



ASICK said:


> 16 May 2012 - "Planners Relieved by Report: Outraged by ASIC"
> http://www.wealthprofessional.com.a...lieved-by-report-outraged-by-asic-128977.aspx
> 
> 16 May 2012 - "Will Advisers get Blame for Trio Collapse?"
> http://www.wealthprofessional.com.a...s-get-the-blame-for-trio-collapse-128982.aspx




One more:-
http://www.illawarramercury.com.au/...ra-help-for-trio-victims-inquiry/2558495.aspx


----------



## No Trust (17 May 2012)

*Liquidator*

The good old liquidator must be *having a ball *with McIvor at the moment... By chance "*All Bran*" do you have your mates *personal financial statement *or will you just let him off the hook *again* and *again* and *again*...


----------



## ASICK (17 May 2012)

*Statutory Representation?*

"17 May 2012 - "Concerned" (name withheld)

"My thoughts are with those retail investors in Trio Capital tonight.They are not alone. There are thousands and thousands of us who have been decimated in these funds.

So many silent retirees,  left alone to accept the loss of our life's savings. Our health has suffered, and our families are effected by what has happened to us. The newsworthiness of our plight has passed by... the press have in the main moved on.

We have been portrayed too often as investors “swimming outside the flags” and "reckless investors" but in truth we are a huge group of ordinary Australians who believed in supporting ourselves in our retirement. We worked and saved .We were guided by rating agencies, auditors reports, media presentations and the prolific advertising from the funds themselves. 

We invested in "first mortgages" with an LVR of less than 80%....with an advertised rate of return. Information that could have warned us about the bona fides of the key members of some of these schemes, such as previous bankrupcies and performance records were not  disclosed to us (and in some instances  are still not)  

Since the "GFC", ASIC has canvassed the industry's fund managers to collect information  - aimed at change - with a flurry of Consultation Papers and new Regulatory Guides. Investors were not asked to contribute. The imput that forms the laws comes from a percentage of contributors from within the industry itself.   Our own fund monies are expended by fund managers to entrench their position in our funds and promote their proposals.

Left alone, we have had little protection against their schemes and strategies to remove us far away from our rights to be treated equally under the Corporations Act. To defend these rights, we have to rely on our own resources, beginning with the financial hurdle to gain contact with fellow investors in our respective funds. 

The single, sensible, logical course of action - the suggestion of representation for unitholders in frozen funds by a statutory entity has to date fallen on deaf ears,  resulting in much more losses.    

We have been left out in the cold too long.""

From:
http://www.moneymagik.com/letters.php/


----------



## RMA (17 May 2012)

A very interesting article in todays Herald. Best wishes to you all. RMA

http://www.smh.com.au/business/the-scarlet-pimpernel-of-funds-management-20120517-1ysnv.html


----------



## ASICK (17 May 2012)

RMA said:


> A very interesting article in todays Herald. Best wishes to you all. RMA
> 
> http://www.smh.com.au/business/the-scarlet-pimpernel-of-funds-management-20120517-1ysnv.html




Here's the 30 June 2011 return: 
http://www.lmaustralia.com/Downloads/FinancialReports/FMIF_financials_30_06_11.aspx?ext=.pdf

Interest Revenues $35.6m
Cash and Distribution received $5m
(seems Interest Received from Mortgage Loans doesn't seem to be distinguished - Note 12 speaks to Mortgage Interest Receivable of $1.75m, but where is the $$$$ from the $35m??)  At a guess, it seems most of the interest was capitalized with very little actual cash received.
Impairments to Mortgage Loans $84.9m
Management Fees $11m
Finance Costs $14.1m
Advisor Commissions (paid to unitholders' investment advisors) $2m
Loss on Foreign Exchange Contracts $1.3m
Legal Expenses $407k
Other Expenses $481.5k

Investors lost $91.7m

3 other funds run by LM have invested $224.3m in the fund.  I didn't check to see whether the manager picks up fees in the whole of the four funds.

To my mind, it seems the fund is heading down the tubes straight after you guys.

I only found one RG 45 from 2009 and it indicated most of the loans fall into the 80% - 100% LVR ranges: http://www.lmaustralia.com/downloads/fund_reports/monthly_review_mif.pdf

I'm not surprised about the $84.9m in impairments when in 2009, $122.8m were secured by LVRs of between 90% and 100% - Actually, I'm surprised it took so long to suffer the impairments and that the value is really so low.

I can't image things getting better for them.

In my view, it's just another "train wreck" waiting to materialize.


----------



## Mozzi (17 May 2012)

Hey, we've got mail!!!    Mr Whyte on site at Equititrust!   Just about to read it and find out if we are winning or not!      At least he has been the most reliable and consistent of all the "professionals" so far!

Who knows, maybe tomorrow the liquidator's report will arrive - NOT!?


----------



## Mozzi (17 May 2012)

Mozzi said:


> Hey, we've got mail!!!    Mr Whyte on site at Equititrust!   Just about to read it and find out if we are winning or not!      At least he has been the most reliable and consistent of all the "professionals" so far!
> 
> Who knows, maybe tomorrow the liquidator's report will arrive - NOT!?







Just read it!   Of course we are not bloody winning - stupid to even make that comment!

Only people winning are - should we make a list................ 1 to 100!


----------



## ASICK (18 May 2012)

I don't know who's happiest to see the other - the investors in the EIF, or  David Whyte.

It must be painful  to think of paying a RE like Trilogy to manage the fund on top of your Mr. Whyte's nice little earner.  

Over $500k to the receiver, and only $3m in receipts - no asset sales seem have translated into cash in the six month report.  

Of course, with receivers appointed to assets, you'll only see advances made by the fund's receiver to distressed loans (about $400k) and some time later, any residue which might come back as receiverships are finalized.

Then there's the  $7.9m in land tax and rates outstanding (I would think this would increase over time).  And then there's Equititrust Limited floating around out there somewhere with its "reasonable" expenses claim.

Other than rising expenses, there doesn't seem to be too much "movement down at the station" - none of the substantial loans seem to be spoken to yet. 

Yes, then there's the claim against the valuer - good luck with that one.

I'll punt for the optimistic side of the estimated return to investors as a maximum.

There's no doubt about it, time really does mean money (for some).


----------



## Brethren (18 May 2012)

ASICK said:


> I'll punt for the optimistic side of the estimated return to investors as a maximum.




I am afraid that '18 cents to 30 cents in the dollar as at April 2012' is Mr Whyte politely saying "You'll get nothing." 

This WILL drag out for another 6 months at least. 

Remaining investor value will be gone. 

While I do not know the properties that remain in the fund, Mr Whyte's efforts to date would suggest that few, if any, of the big properties will come close to realising the value that they were apparently being carried at on the books.


----------



## ASICK (18 May 2012)

I meant the $0.18/unit as being the optimistic value - Since both values are optimistic, I have have termed it "the least optimistic". 

The reasons:

1.  The PFMF (a similar fund) is reporting continuing losses (reports "values in freefall" and difficulites in finding buying for more expensive assets)

2.  Ongoing costs.

3.  Potential claims/litigation from Equititrust Limited (in whatever state its in)

4.  Potential meeting to appoint a manager (if it's still on foot)

5.  Receiver recoveries seem to be on small value assets.

6.  Litigation risks.


----------



## Brethren (18 May 2012)

From today's Sydney Morning Herald ( 18 May ):

"In a sign of the times, the corporate watchdog is starting a website from July that will replace newspapers as the venue for public notices on company collapses and creditors' announcements."

Read more: http://www.smh.com.au/business/shif...t-direction-20120517-1ytlq.html#ixzz1vAnEsfEm


----------



## Brethren (18 May 2012)

*Change of Responsible Entity*

Looked what popped up on the National Stock Exchange site:

http://www.nsxa.com.au/ftp/news/021725310.PDF

pages 5 and 6 make interesting reading. Looks like they went and got someone to throw in $500,000. I'd guess that the 'change of Responsible Entity' strategy is still on foot. 

Interesting why Hall Chadwick remains so quiet. Do they have a time limit in which to report on meetings held?


----------



## ASICK (18 May 2012)

*Re: Change of Responsible Entity*



Brethren said:


> Looked what popped up on the National Stock Exchange site:
> 
> http://www.nsxa.com.au/ftp/news/021725310.PDF
> 
> ...




They NEVER let go - it's all about control and making money - no one is interested in investors, only in investors' money: the pot of gold, no matter how big, and all that flows from it.

The sooner investors get out of the fund, the better it will be for them - otherwise the pain just goes on and on and on.

There is NO prudential regulator, but there is some humour in the face of adversity:-
http://www.wealthprofessional.com.a...ay-in-the-life-of-an-asic-officer-129060.aspx


----------



## No Trust (19 May 2012)

*Liquidator*

The liquidator it seems is having *all sorts of fun *with McIvor, chasing personal financial statements from him and wifey Stacey... 

I have one thing to say to the liquidator, *if you do not obtain the personal financial *statements don't bother publishing a report... *Publish your resignation instead* because it will be demanded... 

"All Bran" and Co have had *ample time *to come down hard on McIvor, but have done nothing... Talk is cheap lets see some action for the *exorbitant fees*...


----------



## No Trust (19 May 2012)

*Personal Financial Statement*

If you have nothing to hide "Marky Boy" *do whats required under the law *and provide a *personal financial statement *to the Liquidator... On the other hand don't it will be a great pleasure for investors to see you *dragged before the Supreme Court*,ignore the Supreme Court as well and lets see what will happen...

*RESPECT THE LAW*


----------



## No Trust (19 May 2012)

*Whats Going On BEHIND THE SCENES*

There seems to be *something big going on *behind the scenes and "Marky Boy" will not be at all happy with whats about to hit him...


----------



## kostag (21 May 2012)

*SYDNEY MORNING HERALD 17th May 2012*

Equititrust class action

Then there’s Equititrust, where Piper Alderman is also working up a class action to recover $100 million in losses and $72 million in “manifestly excessive” payments made to its managers.

*The Equititrust RE went into liquidation, having appointed Richard Albarran from Hall Chadwick who now has his licence back after suspension.*

The entire sector has been a wipeout, a disgrace, and worse, a disaster which has affected mostly elderly people who needed these savings to fund their twilight years.

Instead of getting returns, they now suffer losses. Billions are gone. The reason they bought in the first place was based on property, “bricks and mortar”, a solid investment, said the promoters.

Few realised then that they were buying high-risk loans to property developers, not to mention loans to associates of their own fund managers.


Read more: http://www.smh.com.au/business/the-...-management-20120517-1ysnv.html#ixzz1vSSVZ08q


----------



## No Trust (21 May 2012)

*Liquidator*

Has "All Bran" got case of information constipation... Seriously what is going on and why has McIvor not been referred to ASIC and other relevant authorities...


----------



## No Trust (22 May 2012)

*Re: SYDNEY MORNING HERALD 17th May 2012*

What I am just amazed about with these *idiots*, *McIvor* especially, is how they plough money into residential edifices... The thing is, its not their money... In McIvor's case *its all lost now *and rented abodes await... A new abode may come rent free courtesy of Her Magesty... Sooner rather than later...




kostag said:


> Equititrust class action
> 
> Then there’s Equititrust, where Piper Alderman is also working up a class action to recover $100 million in losses and $72 million in “manifestly excessive” payments made to its managers.
> 
> ...


----------



## No Trust (24 May 2012)

*Another Mention in the Media*

*Cold comfort for frozen fund investors*
19 May 2012 00:03:22  
*Ben Wilmot *

"_Piper Alderman is involved in numerous class actions, including one against another Gold Coast-based mortgage fund, Equititrust, and is preparing to launch a class action on behalf of LM investors_".

http://www.afr.com/p/personal_finan...frozen_fund_investors_3lKdZ6kbAIJfLyvAommpAJ#


----------



## No Trust (24 May 2012)

*Re: Equititrust*

*Mark McIvor’s Gold Coast Palm Beach vacant block listed by receivers: Title Tattle 
*
By Jonathan Chancellor 
*Tuesday, 22 May 2012*


"_Another of Mark McIvor’s prestige Gold Coast property holdings has been listed under receiver’s instructions_".

http://www.propertyobserver.com.au/...isted-by-receivers-title-tattle/2012052254787


----------



## No Trust (24 May 2012)

*Mark's World comes crumbling down*

It looks like the banks *are not putting up with any of McIvor's crap *and are *going for the jugular *as they should...

Why isn't the liquidator doing the same and issuing proceedings against him and wifey... Time to resign "All Barren" *no report and no action*...  

Don't underestimate *investors and this thread*, it has brought down bigger fish than the liquidator *for doing the wrong thing* or in  this case absolutely nothing...


----------



## kostag (24 May 2012)

*WITH THE RE-LISTING OF HICKIE'S OPERATION ON NSX...*

dont rule out a chnage of RE any tick of the clock.....

that will test David Whyte's mettle.


----------



## No Trust (24 May 2012)

*Delusional*

Tricky Hickie must be delusional if he thinks that will fly... Maybe he is aiming to target LM instead...


----------



## zencorp (25 May 2012)

Westpac is going after Stacey 'Cry Baby' Mcivor's Superannuation Fund. 

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=4539/12

Oh, and so you know Stacey, this is the guy suing you: 

http://www.kordamentha.com/our-people/robert-hutson

All I can say is Good Luck. I guess Centerlink will be receiving a call soon. I still think they have a pension going...


----------



## Just Observer (25 May 2012)

zencorp said:


> Westpac is going after Stacey 'Cry Baby' Mcivor's Superannuation Fund.
> 
> http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=4539/12
> 
> ...




Zencorp, unless I read the court summary incorrectly, it appeared Westpact and Stacey McIvor are all from the same side (as the "applicants") and represented by the same law firms.


----------



## Just Observer (25 May 2012)

Quick searched on ASIC record indicated SBMC Pty Ltd as a company registered in Bundall, QLD. Anyone knows what is this SBMC Pty Ltd is, and why Westpac and Stacey is taking court action against this company?


----------



## zencorp (25 May 2012)

SMBC PTY LTD is the TRUSTEE of the Stacey Mcivor Superannuation Fund. 

Robert William Hutson and John Richard Park of Kordamentha are Westpac's receivers appointed to MM Holdings Pty Ltd. 

What you will probably find is the MM Holdings paid some money to the Superfund as the Superfund (properly structured) is protected under Bankruptcy. 

There are several reasons why Stacey may be listed as an applicant. Maybe this could be along similar reasons why MM Holdings is a co applicant with the NAB in an application against Mark Mcivor. OR Westpac (hence Korda Mentha) might have a Power of Attorney over Stacey. OR She may have been the original Trustee of the Superannuation Fund, and hence requires indemnification.  

Who knows - all we know is that the Mcivors are not working with the receivers - AND, Kordamentha & Westpac, NAB and their receivers, David White and his Lawyers are all after Mark and Stacey's blood.


----------



## Just Observer (25 May 2012)

zencorp said:


> SMBC PTY LTD is the TRUSTEE of the Stacey Mcivor Superannuation Fund.
> 
> Robert William Hutson and John Richard Park of Kordamentha are Westpac's receivers appointed to MM Holdings Pty Ltd.
> 
> ...




Zencorp, thank you for your information. This makes sense. Good on them. The more can be claimed from the Mc.Ivor personally, the more funds will be available to the investors from the sales of the assets. For all the investors sake, hopefully this does not mean more bonanza to the liquidators and receiverships to dip their hand into the ever shrinking pool of fund.


----------



## No Trust (25 May 2012)

*Tick Tock - This is just the start*

This wave of litigation is *just the start * it takes some months to prepare and brief counsel etc... So expect to see *much much more* from the various receivers and banks, even "All Barren" has to start if he ever gets off his ass. 

The interesting thing about this action is that McIvor used Korda Mentha to pursue borrowers of Equititrust... Me thinks that *Hutson may have some background information *on the McIvor's that is *highly sensitive *and *controversial* but irrefutable... 

There is *a lot more to this than meets the eye*... Did ol' "Marky Boy" give Hutson a bum steer in the past??? Whichever way you look at it Hutson is not holding any prisoners and is *going after them*. 

How many court actions *can they sustain*???


----------



## Just Observer (25 May 2012)

With so many ligitions to fight off, the McIvor must be getting desparate to find legal team that will represent them. These legal teams would require upfront deposits for each case to be held in their trust fund before taking on the case. Now the tide is turning. Their turn to start.....


----------



## No Trust (26 May 2012)

*On the ropes*

McIvor the *Con*niver and "Racey Stacey" are definitely on the ropes and the banks and receivers are *throwing punches left, right and centre*... The word is the punches are connecting and the *"big fight"*is just around the corner... 

Big City Law Firms won't represent them, most of them are on retainer to the banks...

It only a matter of time before *bankruptcy* proceedings commence against both of them...

The Macbeth's are trying to *wash the blood of investor's off their hands *to no avail... 

The nightmare *has just begun *and they are slowly starting to realise it now...


----------



## ASICK (26 May 2012)

*Re: Delusional*



No Trust said:


> Tricky Hickie must be delusional if he thinks that will fly... Maybe he is aiming to target LM instead...




Rumour, rumour around the traps, is it the case that Trilogy's in the LM mix as well?


----------



## No Trust (26 May 2012)

Zencorp, good spotting it seems from the latest reports as of yesterday that there will be *more tears to come*... 

Has someone been a *double agent *in the midst... "Tinker tailor soldier spy and I thought you were the apple of my eye"...




zencorp said:


> Westpac is going after Stacey 'Cry Baby' Mcivor's Superannuation Fund.
> 
> http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=4539/12
> 
> ...


----------



## No Trust (26 May 2012)

*Words*

The thing about *words* and *off the cuff remarks *is that they can come back to haunt the person spewing out the vitriol... 

*What was said *and *when was it said *that is causing so much controversy at the moment... 

The *numerous litigants *pursing the dynamic duo *are very interested *in the information as it circumvents having to put up with *delusional defenses *and *delaying the inevitable*...

Its over...


----------



## No Trust (29 May 2012)

*Liquidator*

Seriously what is the liquidator doing, no information, no action against McIvor in any way... 

Call this a shot over the bow, but if "All Bran" *plays it fast and loose again *and lets McIvor slip through the noose and allows him to not submit a *Personal Asset Statement *then his resignation and that of his firm *will be demanded*... 

What's the use of a Liquidator if he's a *toothless tiger *and does not use his claws and teeth to get information required by law ???

All the Bank's receivers *NAB*, *Westpac*, *BOQ* etc are going for the jugular and McIvor is feeling "*extreme*" pressure on all fronts with multiple court actions underway enforcing guarantees and demanding the return of furniture and art work. Even wifey Stacey's *dodgy super fund *is now under attack by the banks...

Has "All Bran" and Co *given up *? *Are they about to resign *? Are they still acting in the role of liquidator ? *What is going on *???

Investors deserve to know...


----------



## Mozzi (29 May 2012)

*Re: Liquidator*



No Trust said:


> Seriously what is the liquidator doing, no information, no action against McIvor in any way...
> 
> Call this a shot over the bow, but if "All Bran" *plays it fast and loose again *and lets McIvor slip through the noose and allows him to not submit a *Personal Asset Statement *then his resignation and that of his firm *will be demanded*...
> 
> ...






Heard from a reliable source that if they have nothing to report, then they are not obliged to submit any reports for us - so it appears that if they are doing NOTHING then that is what we get!   NOTHING!


----------



## Just Observer (29 May 2012)

*LIQUIDATOR*

No Trust, unfortunately the Liquidator was appointed by the Directors. Even though they would still be required to operate within the Law or risking to lose their License, my feeling is; they are willing to stretch the Law as much they can as to benefit those who has appointed them in the first place. 

For the sake of the ever suffering Investors, I hope David Whyte is doing his job in keeping the pressure on the Liquidator.


----------



## No Trust (29 May 2012)

*David Whyte BDO Australia*

It seems that *David Whyte is the only one doing anything*. In terms of stretching the law it seems the Liquidator *is doing just that *and favouring the interests of his old mate McIvor to the detriment of ordinary investors and creditors... Seriously *how hard *did "All Bran" push McIvor for his Personal Financial Statement" not that hard it seems... 

If "All Bran" does not come up with McIvor's "*Personal Financial Statement*" very soon he may find himself* suspended again*. In fact if he is so hopeless at doing the basics of his job then maybe ASIC should take a closer look at *how hard he pushed to get the statement off McIvor*... " All Bran" doesn't realise how pissed off people are at this ineptitude... 

Is the liquidator *letting McIvor off the hook*??? 

"All Bran and his firm are *losing credibility by the day*"...


----------



## No Trust (29 May 2012)

*SACK THE LIQUIDATOR

SACK THE LIQUIDATOR

SACK THE LIQUIDATOR*


----------



## Just Observer (29 May 2012)

*LIQUIDATOR NOT DOING ITS JOB*



No Trust said:


> *SACK THE LIQUIDATOR
> 
> SACK THE LIQUIDATOR
> 
> SACK THE LIQUIDATOR*




No Trust/Mozzi, I understand your frustration by the (in)action of the liquidator and demanding for the sacking of them.

Unfortunately, sacking them is not easy task either as indicated in the information from the link below.

http://www.obp.com.au/site/assets/media/documents/OBPNEWSAUG_08.pdf


----------



## Bonne Chance (29 May 2012)

No Trust said:


> *SACK THE LIQUIDATOR
> 
> SACK THE LIQUIDATOR
> 
> SACK THE LIQUIDATOR*




The reason for his previous suspension of 9 months in 2008:

The Board stated that ‘a reasonably competent practitioner would know not to and would not accept an engagement to perform by means of a contrivance functions which he was prohibited from performing as an appointed administrator’, and further, that Mr Albarran ‘has committed breaches of professional obligations which show a significant lack of appreciation of the purpose and scope of accepted standards of professional conduct relating to independence and objectivity.’

I wonder if he has learned anything since.

Why do all the 'disgraced' from NSW always come to Queensland?


----------



## Just Observer (29 May 2012)

*COSY RELATIONSHIPS*

It wouldn't surprise me if the Liquidator and the Equititrust's Directors (especially McIvor) have regular informal cosy meetings discussing what and not to do next.


----------



## Bonne Chance (29 May 2012)

*Re: Liquidator*

It seems our Mr Albarran has indeed had an interesting past.  Only yesterday I watched a Ted video on how things stay on the internet forever.  

http://www.theaustralian.com.au/business/legal-affairs/merciful-ruling/story-e6frg97x-1225714352324

He's repaying $1.6mil at $23,000 per month until February 2013 out of his $77,000 per month earnings.  Wonder where he gets all that dough from?  Umm ... that would be us and others like us.

http://www.allens.com.au/pubs/arir/2003/deeds.htm

An administrator appointed to Albarran's company.

http://www.smh.com.au/business/liquidators-the-6m-men-20100413-s7mc.html

A lovely article on liquidators in general and confirming Albarran's income of $924,000 p.a. but that was back in 2009 so it's bound to be higher now.

Holy dooley.


----------



## Mozzi (29 May 2012)

*Re: Liquidator*



Bonne Chance said:


> It seems our Mr Albarran has indeed had an interesting past.  Only yesterday I watched a Ted video on how things stay on the internet forever.
> 
> http://www.theaustralian.com.au/business/legal-affairs/merciful-ruling/story-e6frg97x-1225714352324
> 
> ...








DOES ANYONE KNOW?


This is frightening stuff!!    What does it really take to get the authorities to take serious action against some of the questionable actions/or non actions of some of these people who are slowly bleeding whatever there is left of the funds?

Where are all these people we thought were going to help?   TV, newspaper coverage, Courts etc. and more importantly ASIC?  (Hang on, do we not pay Asic's salaries?)   

   Oh, and where is Piper Alderman in all this?   Last post on their site was February - have they chickened out too?   They didn't even turn up to the April meeting!  

  Does anyone know?


----------



## ASICK (31 May 2012)

Sorry to remind you guys - ASIC is NOT a prudential regulator.   ASIC is not going to be bothered if investors lose all their money providing there's no breach of law, and even then it seems from the information released on this thead, even that has its limits.

The need to make a buck brings players to the table - lawyers want to make money, so they're in there to get some of YOUR money as they spruik class actions.  Receivers make big bucks helping you - administrations are in there too.

If you feel alturism is at play, then you might feel hopeful, until of course, you see the accounts these good folk render - then reality sinks in.

oh.. ASIC .. that's right - speaking about ASIC not being a prudential regulator --->

http://www.theaustralian.com.au/bus...-arp-growth-fund/story-e6frgac6-1226373723965

"Asic disputes fraud finding on ARP Growth Fund

    by: John Durie
    From: The Australian
    May 30, 2012 10:53AM

THE Australian Securities and Investments Commission (Asic) has disputed a parliamentary committee's finding that all Trio Capital losses were due to fraud.

The markets regulators argues that the ARP Growth Fund – a managed investment scheme run bt Trio, the failed fund manager – collapsed due to bad investment decisions.

The distinction is important because a finding of fraud triggers compensation payments to investors, whereas bad investment decisions do not lead to compensation for investors' losses.

Asic has also decided there was insufficient admissible evidence to take legal action against the alleged Trio mastermind Jack Flader.

Flader, who is now based in Thailand, was interviewed in Hong Kong in the presence of Asic staff and, based on that interview and others, Asic has concluded that it could not substantiate a case against him."


----------



## ASICK (31 May 2012)

http://www.abc.net.au/news/2012-05-30/asic-wants-warnings-of-self-managed-super-risk/4041794

"The corporate regulator has suggested that self-funded retirees be required to acknowledge that they are not covered by the prudential regulator's guarantees for theft or fraud.

The move comes after investors in Trio Capital discovered they were not eligible for compensation when the company collapsed in 2009.

The parliamentary report into the Trio collapse highlighted an "expectation gap" among many Trio investors, who wrongly believed that their self-managed funds were covered and guaranteed by the prudential regulator APRA.

Investors quickly discovered they were "swimming outside the flags", and that managing their own super carried a much higher risk and no compensation."


----------



## No Trust (5 June 2012)

*The Nightmare Has Started*

"A PALM Beach beachfront site, held by Mark McIvor, head of *troubled former merchant bank Equititrust*, has sold under the hammer at the behest of a receiver for $1.6525 million.

The 597sq m site has 10m of beach frontage at 67 Jefferson Lane and is understood to have been purchased in 1991 for $575,000. It was released for sale by Will Colwell, of *Ferrier Hodgson*, and sold on Saturday."


http://www.goldcoast.com.au/article/2012/06/05/421785_gold-coast-business.html

Looks like all of Marky Boy's "*dirt*" is being sold by receivers and liquidators... Karma is a bitch

*Adios Amigo*


----------



## No Trust (7 June 2012)

*Supreme Court*

Keep an eye on the Supreme Court of QLD, the action is *hotting up *on all fronts.


----------



## No Trust (7 June 2012)

*Liquidate the Liquidator*

My oh my "All Barren" must be having all manner of fun with the McIvor's... Has he got the Personal Financial Statements yet or is this a big issue now...

Speak liquidator speak... Has the cat got your tongue or can't you do your job...


----------



## Mozzi (8 June 2012)

*Re: Liquidate the Liquidator*



No Trust said:


> My oh my "All Barren" must be having all manner of fun with the McIvor's... Has he got the Personal Financial Statements yet or is this a big issue now...
> 
> Speak liquidator speak... Has the cat got your tongue or can't you do your job...






What is happening, just fluked this site again.   All the usual links have disappeared and even trying to bring up Equititrust forum which worked before has gone.   What's missing?  What changed:      Is it a housekeeping issue with Aussie Stock Forums??   HELP!


----------



## Olman (8 June 2012)

*Re: Liquidate the Liquidator*



Mozzi said:


> What is happening, just fluked this site again.   All the usual links have disappeared and even trying to bring up Equititrust forum which worked before has gone.   What's missing?  What changed:      Is it a housekeeping issue with Aussie Stock Forums??   HELP!




No problems here.  Might be your computer?


----------



## Mozzi (10 June 2012)

*Re: Liquidate the Liquidator*



Olman said:


> No problems here.  Might be your computer?





Thanks Olman, wondered if others were having trouble!   

Will persevere and have the machine checked if difficulties continue!!!!!   Perhaps the grandchildren can help!   Mozzi's expertise in computers is almost as good as expertise in choosing financial investments!!


----------



## meridian (11 June 2012)

*Re: Liquidate the Liquidator*



Mozzi said:


> Thanks Olman, wondered if others were having trouble!
> 
> Will persevere and have the machine checked if difficulties continue!!!!!   Perhaps the grandchildren can help!   Mozzi's expertise in computers is almost as good as expertise in choosing financial investments!!




G'Day Mozzi,
I'm having the same problems as you logging on, so are others here on the Gold Coast.


----------



## Just Observer (11 June 2012)

*Aussie forums euititrust*



meridian said:


> G'Day Mozzi,
> I'm having the same problems as you logging on, so are others here on the Gold Coast.




I have no problem is getting to this site. I always access this website by typing "aussie forums equititrust" on google home page. It will bring me directly to this forum. I hope this help.


----------



## Mozzi (11 June 2012)

*Re: Liquidate the Liquidator*



meridian said:


> G'Day Mozzi,
> I'm having the same problems as you logging on, so are others here on the Gold Coast.







Ha!   Success!  Back to the way it was first done = Google Equititrust Forum.   Up comes Equititrust Aussie Stock Forums.   Click on there and here we are again.   Don't know who sorted it out but someone sure as hell did.


Was also getting a lot of junk like winning a new Iphone every time Equititrust was googled and couldn't get rid of the page.   Maybe McIver has started up a new business! 

Anyway, thanks, back to my daily fix!    Hope it wasn't someone sabotaging the page!


----------



## No Trust (12 June 2012)

*Liquidate the Liquidator*

Everyone, it seems is *waiting for the liquidator *...  The report will make for interesting reading... Has "All Barren" got McIvor's personal financial statement??? Has any litigation been considered against McIvor??? Investors are *waiting* and *waiting* and *waiting* and *waiting* and *waiting*...


----------



## No Trust (13 June 2012)

*Re: Liquidate the Liquidator*

Is the liquidator still acting ? Have they resigned ? Are they about to resign ? 

It *really is time they said something *and it better be we have McIvor's *Personal Financial Statement*... 

*Don't hold your breath*...




No Trust said:


> Everyone, it seems is *waiting for the liquidator *...  The report will make for interesting reading... Has "All Barren" got McIvor's personal financial statement??? Has any litigation been considered against McIvor??? Investors are *waiting* and *waiting* and *waiting* and *waiting* and *waiting*...


----------



## No Trust (13 June 2012)

*Bunkered Down*

Are the *Miserable McIvor's *still bunkered down on the Isle of Capri ??? Or is that bunker *at risk as well *?  Something is stirring...


----------



## No Trust (19 June 2012)

*Liquidator*

What is the Liquidator doing??? Is it *that hard* to track down McIvor and get his Personal Financial Statement ???


----------



## word75 (20 June 2012)

*Re: Liquidator*



No Trust said:


> What is the Liquidator doing??? Is it *that hard* to track down McIvor and get his Personal Financial Statement ???




Is everything really that quite? A few weeks go by and there's no movement at the ranch or is there!
Tricky is out there banging away with VAX and has any one read his reams of bulls...in his attempts to re quote VAX on the NSX. What troubled property fund on the GC does he refer to as the platform for his companies re launch. Please he basically says it.  

Does anyone think he as given up on his plans to back Equititrust into VAX by the back door. Why else would they have scrimped up 500k from one of the believers to re float that carcas... It's still a bloater and smells just that little bit more given the deathly quietness from ALL BRAN. I mean doesn't this whole mess just make you want to GO. Bran does that to me, am I being sceptical but what is the bowel moving ALL BRAN up to... Wouldn't be working with Tricky on Shell Game Mark 2

I'm told that unit holders who ring this information line XXXX XXX XXX may feel some comfort and maybe some answers will be forth coming. Like where is all the money and where are the PERSONAL FINANCIALS.

And for some sobering news. ALL BRAN is under no time constraints to report, there is no requirement to do so and in fact I came across a similiar matter where the report took 7 years to turn up, all the while the vultures fed of the unit holders reminding equity.

20 Cooper st Double Bay has been sold... When do we see the money.

Oh and what is CONIVOR up to with the Murwillumbah property, does the receiver know that he is behind the negotiations.


----------



## No Trust (21 June 2012)

*Re: Liquidator*

You are *absolutely correct*... The liquidator is not being quiet for *nothing*...



word75 said:


> Is everything really that quite? A few weeks go by and there's no movement at the ranch or is there!
> Tricky is out there banging away with VAX and has any one read his reams of bulls...in his attempts to re quote VAX on the NSX. What troubled property fund on the GC does he refer to as the platform for his companies re launch. Please he basically says it.
> 
> Does anyone think he as given up on his plans to back Equititrust into VAX by the back door. Why else would they have scrimped up 500k from one of the believers to re float that carcas... It's still a bloater and smells just that little bit more given the deathly quietness from ALL BRAN. I mean doesn't this whole mess just make you want to GO. Bran does that to me, am I being sceptical but what is the bowel moving ALL BRAN up to... Wouldn't be working with Tricky on Shell Game Mark 2
> ...


----------



## No Trust (21 June 2012)

*Negotiations*

What is McIvor doing behind *any negotiations *??? Has the world gone mad???

Side line this *failure *once and for all... The *NAB*, *Westpac*, *BOQ* and *BOS* have put an end to McIvor and wife Stacey's games and have them in the *Supreme Court *with litigation stacking up to their eyeballs... 

The receiver David Whyte needs to *put a firm halt *to any interference by McIvor. In terms of the Liquidator this *Toothless Tiger *has proven to be as effective as McIvor himself in making statements which are mere puffery ultimately *ending in dismal failure*... Birds of a feather *fail together*...


----------



## No Trust (22 June 2012)

Simple question, we know McIvor has been relegated to the *poverty pack* (fighting for furniture about to be repossessed etc), but *how is he paying the bills *? Maybe his mate "All Barren" might enlighten all of those whose *lives have been ruined by McIvor*... Cat got your tongue "Brany"...


----------



## word75 (22 June 2012)

No Trust said:


> Simple question, we know McIvor has been relegated to the *poverty pack* (fighting for furniture about to be repossessed etc), but *how is he paying the bills *? Maybe his mate "All Barren" might enlighten all of those whose *lives have been ruined by McIvor*... Cat got your tongue "Brany"...




RIGHT NUMBER !!!!

The stench of Equitinotrust is a step closer TO dissipating from Chevron Island. No sold by sign yet but stay tuned. It's expected to be posted later today.
NOW SHOW ME THE MONEY


----------



## Mozzi (22 June 2012)

*Re: Negotiations*



No Trust said:


> What is McIvor doing behind *any negotiations *??? Has the world gone mad???
> 
> Side line this *failure *once and for all... The *NAB*, *Westpac*, *BOQ* and *BOS* have put an end to McIvor and wife Stacey's games and have them in the *Supreme Court *with litigation stacking up to their eyeballs...
> 
> The receiver David Whyte needs to *put a firm halt *to any interference by McIvor. In terms of the Liquidator this *Toothless Tiger *has proven to be as effective as McIvor himself in making statements which are mere puffery ultimately *ending in dismal failure*... Birds of a feather *fail together*...






Well, we finally got Mr Whyte's report again, (online if you want to read it)   Anything new - I don't think so!    Anything for us - NO!!!!!   Will go and further digest the content!   Might be some questions after that?

Still waiting for any word at all from the other mob!    H'mmm!   Maybe where there should be more questions  asked!


----------



## No Trust (23 June 2012)

*Re: Negotiations*

The Liquidator has some* major problems *on his hands... Care to share them "All Bran"...

Silence like this really does a lot for his firm's reputation... Quick sand is an amazing thing... 



Mozzi said:


> Well, we finally got Mr Whyte's report again, (online if you want to read it)   Anything new - I don't think so!    Anything for us - NO!!!!!   Will go and further digest the content!   Might be some questions after that?
> 
> Still waiting for any word at all from the other mob!    H'mmm!   Maybe where there should be more questions  asked!


----------



## No Trust (23 June 2012)

Is McIvor working or has he applied for the *dole*...


----------



## No Trust (23 June 2012)

Wait for some interesting news on McIvor and wifey Stacey over the coming weeks... 

Someone has a *really big mouth*... Rolling pins will be a fly'n *once again*... 

Adios amigos


----------



## No Trust (23 June 2012)

McIvor's ship *really has sunk*...  Maybe the first mate *is to blame*... 



word75 said:


> RIGHT NUMBER !!!!
> 
> The stench of Equitinotrust is a step closer TO dissipating from Chevron Island. No sold by sign yet but stay tuned. It's expected to be posted later today.
> NOW SHOW ME THE MONEY


----------



## No Trust (23 June 2012)

Marky Boy *really has fallen on hard times.*.. Office building sold by mortgagee's, *how embarrassing*...

Its not over yet, there is *plenty more to come *for McIvor... Watch this space over the *coming weeks*...





http://www.realcommercial.com.au/property-offices-qld-surfers+paradise-500239053






No Trust said:


> McIvor's ship *really has sunk*...  Maybe the first mate *is to blame*...


----------



## No Trust (24 June 2012)

*Dirty Little Secrets*

As all can now see, the *massive catastrophic losses *were concealed from investors for a *long time.*..What other little secrets has McIvor been hiding?

Loose lips, especially the ones *most closest*, really do sink ships...Get out the detergent, this *dirty laundry *is about to be *washed in public*... 

Always do the right thing and *refer the information *to the *"relevant"* authorities...


----------



## gardie (26 June 2012)

Good morning

I like to look into the thread from time to time

easiest way used to be to google Equititrust Aussie Stock Forum rather than signing in.

It seems now that if I try and click on the link through to the thread I get pushed to some weird site.

Is this someone trying to kep the public away from this thread or just a technical issue.

I noticed someone else raised a similar issue a while ago.


----------



## Olman (26 June 2012)

gardie said:


> Good morning
> 
> I like to look into the thread from time to time
> 
> ...




For members of the forum, if you click on "Thread tools" in the bar above the messages on the page and select "subscribe to this thread" you will be notified by email whenever a new post appears.  A link is provided with the email notification which opens up the page directly with no hassles.


----------



## Joe Blow (26 June 2012)

gardie said:


> I like to look into the thread from time to time
> 
> easiest way used to be to google Equititrust Aussie Stock Forum rather than signing in.
> 
> ...




This was a technical issue that has now been rectified. There should be no further problems accessing this thread, or any other forum thread on ASF, via Google.

If anyone experiences any further difficulties, please let me know via PM or the "Contact Us" link near the bottom of the website.


----------



## ASICK (26 June 2012)

*RBOS*

For those moments when there's a lull in the action:

http://www.youtube.com/watch?v=st40Gps08KI


----------



## No Trust (27 June 2012)

*Re: RBOS*

McIvor ran out of money as well..., only problem it was *innocent retiree's money *he was *gambling* with on the likes of his mate "*King Con*"... *Stupid Stupid Stupid
*




ASICK said:


> For those moments when there's a lull in the action:
> 
> http://www.youtube.com/watch?v=st40Gps08KI


----------



## No Trust (27 June 2012)

*Liquidator*

"All Barren" must really be having a time of it... Is it that hard to pin McIvor down and get a *Personal Financial Statement*... Or have the bean counters and *forensic investigators * uncovered *something huge *...

Their last statement *alluded to *and *specifically mentioned anomalies*, whispers are that they have found a lot more that will need the attention and intervention of the regulator…

Is this the reason for the delay ??? *Tick Tock*


----------



## ASICK (27 June 2012)

Yes, the guys at RBOS did quite well from other people's money (and continue to do so), as have (and are) the managers of funds which have lost hundreds of millions of dollars and which continue to lose.   If rewards were based on long term success, how many would prosper?  Very few indeed.

There's a lesson here - the smart ones invest with other people's  money - end of lesson.


----------



## word75 (27 June 2012)

*Re: Liquidator*



No Trust said:


> "All Barren" must really be having a time of it... Is it that hard to pin McIvor down and get a *Personal Financial Statement*... Or have the bean counters and *forensic investigators * uncovered *something huge *...
> 
> Their last statement *alluded to *and *specifically mentioned anomalies*, whispers are that they have found a lot more that will need the attention and intervention of the regulator…
> 
> Is this the reason for the delay ??? *Tick Tock*




Is it any surprise CONIVOR is on this forum watching it like a hawk. So quick to remove a number. Who cancelled all his and his fellow shonks mobile numbers to avoid answering the big questions..where's the money?. WELL not hard to find a $2500pw rental on Capri with a black E500, a white ML320 Mercedes and a silver BMW X5 parked outside but the liquidators oF MM HOLDINGS have that address anyway. Hiding.... Only from the "Old Folks". 

Now for some heartening news.....WHO HAS BEEN GIVEN THE IMMUNITY CARDS. One male and one female and OH SO CLOSE. Maybe something to discuss over the breakfast table. Pack a "Soap on a Rope" and a "Toothbrush" they are playing your song....no not Roy Orbison's ONLY THE LONELY... You won't be lonely where your going...JAIL HOUSE ROCK...you will make plenty of friends where your going PALE FACE.


----------



## Just Observer (27 June 2012)

*Re: Liquidator*



No Trust said:


> "All Barren" must really be having a time of it... Is it that hard to pin McIvor down and get a *Personal Financial Statement*... Or have the bean counters and *forensic investigators * uncovered *something huge *...
> 
> Their last statement *alluded to *and *specifically mentioned anomalies*, whispers are that they have found a lot more that will need the attention and intervention of the regulator…
> 
> Is this the reason for the delay ??? *Tick Tock*




No Trust, don't hold your breath. I dont believe the liquidator was appointed by McIvor for no reasons.


----------



## No Trust (27 June 2012)

*Re: Liquidator*

*$2,500pw *and a driveway *full of luxury German cars*, whilst innocent elderly retiree's can't even get a pension and a struggling to survive... Thats *DISGUSTING*

The McIvor's *really don't care*... Let the "*Old People*" eat cake...

The sooner the *Public Examinations *and *Prosecution* start the better... This total lack of restraint and *rubbing salt into elderly investor's wounds *cannot go on any longer...

Who's money are they living on anyway... The last administrator's report *clearly spells it out*



word75 said:


> Is it any surprise CONIVOR is on this forum watching it like a hawk. So quick to remove a number. Who cancelled all his and his fellow shonks mobile numbers to avoid answering the big questions..where's the money?. WELL not hard to find a $2500pw rental on Capri with a black E500, a white ML320 Mercedes and a silver BMW X5 parked outside but the liquidators oF MM HOLDINGS have that address anyway. Hiding.... Only from the "Old Folks".
> 
> Now for some heartening news.....WHO HAS BEEN GIVEN THE IMMUNITY CARDS. One male and one female and OH SO CLOSE. Maybe something to discuss over the breakfast table. Pack a "Soap on a Rope" and a "Toothbrush" they are playing your song....no not Roy Orbison's ONLY THE LONELY... You won't be lonely where your going...JAIL HOUSE ROCK...you will make plenty of friends where your going PALE FACE.


----------



## No Trust (27 June 2012)

*Re: Liquidator*

Very true, but word is that *things are being uncovered * that no one will be willing to lose their license over by not reporting it... Particularly a liquidator that has previously been suspended... This *cannot be swept under the carpet...*

ASIC still has a current investigation under way, which was detailed in the last Administrators report...

On top of this the *other liquidator's and receivers *have also unearthed things of *such magnitude *that they have had to go to the *Supreme Court *for *interim orders on behalf of their instructing banks*. 

The issue of the *furniture and art work *as well as the action against *Stacey McIvor as Trustee of a Super Fund *to name but a few… There is also the action by the liquidator of *MM Capital *where both McIvor and Wifey Stacey are both being sued… *All on the Public record*...

“All Barren” needs to step up to the plate now and take *decisive action *otherwise there will be a *major backlash*.  An interim update on how this mess will affect investors particularly the borrowings from Westpac etc is *not a lot to ask for*…




Just Observer said:


> No Trust, don't hold your breath. I dont believe the liquidator was appointed by McIvor for no reasons.


----------



## ASICK (27 June 2012)

Maybe I see this differently. I see the fund itself as the source of all things $$$$$ - I don't see $$$$$ anywhere else (except maybe insurance and I guess that'll depend on the facts).  Have I missed something?  By the time all the secured creditors of all the parties (including the fund) are fully sated (or as close to fully sated as possible), what's left for members of the fund?  Only the remnants of the fund?


----------



## word75 (27 June 2012)

ASICK said:


> Maybe I see this differently. I see the fund itself as the source of all things $$$$$ - I don't see $$$$$ anywhere else (except maybe insurance and I guess that'll depend on the facts).  Have I missed something?  By the time all the secured creditors of all the parties (including the fund) are fully sated (or as close to fully sated as possible), what's left for members of the fund?  Only the remnants of the fund?




CAN'T KEEP A RAT CUNNIMG SCUMBAG DOWN....which silly little boy has rebirthed LANDSOLVE PARTNERS LTD (public record) and parked all those lovely cars, MM Holdings former assets.. in it. Whose out there scaling this company up and where's All Bran when you need it. . 

And why hasn't someone,  say one of the super gullible $5mil plus wealthy investors sunk some money into bringing a private prosecution against CONIVOR. Why throw more money at Vax (greed) when the quickest way to the pot of gold is to kneecap this criminal and bankrupt him. He has no defence against Unconscionable Conduct/Behaviour. (Google)  This fits him like a glove and with no legal practioner silly enough to defend him it is a slam dunk. Such an action could be initiated and determined in months.. A word to the PIPER..play this simple little tune and the other little rats will go down with him and all his hidden ill gotten wealth will pop back up and be exposed. 

As everyday goes by and the ever efficient receivers sell down the assets to get rid of NAB, each day brings CONIVOR closer to re uniting with his ill gotten $2.8mil super. Would someone like to explain how this works. That super came from where.... and when...??? ALL BRAN... ANSWER THIS QUESTION YOUR ON NOTICE...check your inbox. Investors should email All Bran and request an answer 

PS: Who has kept that sweet project in Burleigh Heads away from prying eyes and accountability. The deal is the talk of the town and said to be worth millions. Count on Grey Power to unearth it, Equititrust written all over it.. Can't hide it now... It's stands out like a ROSE in a FIELD OF DOO DOO. Investors should email BDO AND ALL BRAN and get some clarification.


----------



## No Trust (29 June 2012)

Innocent elderly investors *starve * whilst McIvor is living the high life on Isle of Capri with a driveway *full of luxury cars* DISGUSTING BEHAVIOUR... Don't be surprised to see them being *pursued on this front as well *... The bank has obtained orders against *Stacey McIvor's *"SUPER (*for me*) FUND" in the Supreme Court last month...  

The "Party" *may soon be over *for the miserable McIvor's... Wait for the *knockout blow * about to surface soon... Someone has been keeping a *few aces *up their sleeve for the right moment.

Fancy a game of poker Marky Boy...


*Adios Amigos *




word75 said:


> CAN'T KEEP A RAT CUNNIMG SCUMBAG DOWN....which silly little boy has rebirthed LANDSOLVE PARTNERS LTD (public record) and parked all those lovely cars, MM Holdings former assets.. in it. Whose out there scaling this company up and where's All Bran when you need it. .
> 
> And why hasn't someone,  say one of the super gullible $5mil plus wealthy investors sunk some money into bringing a private prosecution against CONIVOR. Why throw more money at Vax (greed) when the quickest way to the pot of gold is to kneecap this criminal and bankrupt him. He has no defence against Unconscionable Conduct/Behaviour. (Google)  This fits him like a glove and with no legal practioner silly enough to defend him it is a slam dunk. Such an action could be initiated and determined in months.. A word to the PIPER..play this simple little tune and the other little rats will go down with him and all his hidden ill gotten wealth will pop back up and be exposed.
> 
> ...


----------



## No Trust (29 June 2012)

*Ex Staff*

It would be nice to hear from some of the *ex-staff *on this forum... Apparently some have not been *holding back* in their revelations on "*what actually went on*" at EquitiRust just prior to the collapse to various authorities...

Jaw dropping stuff... All about to be revealed *very soon*...


----------



## No Trust (29 June 2012)

*Failure*

After this *monumental failure *what has McIvor got to say to the "*old People*" now... Considering the white haired one is approaching his sixties soon *what has he got to say to himself*... The universe works in an *amazing way *and he may find himself in the same position as his investor's *very, very soon*...


----------



## word75 (29 June 2012)

*Re: Failure*



No Trust said:


> After this *monumental failure *what has McIvor got to say to the "*old People*" now... Considering the white haired one is approaching his sixties soon *what has he got to say to himself*... The universe works in an *amazing way *and he may find himself in the same position as his investor's *very, very soon*...




Do you want to know what he will say... GOTCHA 
With BDO having all but paid off the secured creditors, a layer of protection for the investors is soon to be removed. Word is BDO is letting the staff and the office at Bundle go with staff already given their pink slips. If this is true what does this mean? 

ALL BRAND HAS NOT PRESENTED HIS REPORT, What's the bet the first report to unit holders will be after the banks are paid out. What's the bet the report recommends the VAX solution given that CONIVOR and his shonks have the numbers by weight of debt and the numbers by units with his desperate wealthy investors. 

Am I being sceptical but have the unit holders paid All Brand his massive fees just or him to preside over this shell game. It's going to be a cold winter and I can see the shears being sharpened in the tricky shed. 

CONIVOR and the Tricky team with the Honey Pot support crew are going full bore and they are coming to get YOU. Where's Paul Barry when you need him...."Old People are an Endangered Species"


----------



## Mozzi (29 June 2012)

*Re: Failure*



word75 said:


> Do you want to know what he will say... GOTCHA
> With BDO having all but paid off the secured creditors, a layer of protection for the investors is soon to be removed. Word is BDO is letting the staff and the office at Bundle go with staff already given their pink slips. If this is true what does this mean?
> 
> ALL BRAND HAS NOT PRESENTED HIS REPORT, What's the bet the first report to unit holders will be after the banks are paid out. What's the bet the report recommends the VAX solution given that CONIVOR and his shonks have the numbers by weight of debt and the numbers by units with his desperate wealthy investors.
> ...






Well, here we are, check your snail mail guys!   Mr Pleash has put pen to paper!   Can someone please explain what the ....... it means!?


----------



## No Trust (29 June 2012)

*Re: Failure*

Tick Tock , time is *running out *for McIvor...




Mozzi said:


> Well, here we are, check your snail mail guys!   Mr Pleash has put pen to paper!   Can someone please explain what the ....... it means!?


----------



## No Trust (29 June 2012)

*Liquidator*

It will be interesting to see how hard they are pursuing McIvor on *payments made without invoices*; as detailed in their own previous report...

If no *serious action *is being taken against McIvor they should immediately be removed by ASIC... Lets see


----------



## No Trust (2 July 2012)

*Re: Liquidator*

When will *McIvor* and *Tucker* be *publicly examined *as promised in a prior report ???




No Trust said:


> It will be interesting to see how hard they are pursuing McIvor on *payments made without invoices*; as detailed in their own previous report...
> 
> If no *serious action *is being taken against McIvor they should immediately be removed by ASIC... Lets see


----------



## Brethren (5 July 2012)

*Re: Provident Capital in Receivership - another one bites the dust*

With something like 3,500 investors.

http://www.smh.com.au/business/receivers-tip-decent-return-from-provident-20120704-21hk4.html

Amazing to contemplate the difference b/w how this sector is marketed/perceived [ie: "as safe as houses"] and the sad reality of how much investor capital has been, to use the words from the Cold Chisel Song "pissed up against the damn wall".

I saw above a note that Hall Chadwick had recently written to investors. Anyone care to post up a link to it, for those of us on the outside?


----------



## Olman (5 July 2012)

*Re: Provident Capital in Receivership - another one bites the dust*



Brethren said:


> With something like 3,500 investors.
> 
> http://www.smh.com.au/business/receivers-tip-decent-return-from-provident-20120704-21hk4.html
> 
> ...




There is no copy of the report posted anywhere I can see. In an email from Hall Chadwick of 03 July re the latest report, they had this to say:

"I regret that this communication will only be forwarded to those investors with an email address so if you are aware of any other investors who may have queries regarding this form, please could you pass the message on or have them contact our offices."

It seems they don't really want the general public (or those investors who have not notified an email address) to keep up with the issues.


----------



## Brethren (5 July 2012)

*Re: Provident Capital in Receivership - another one bites the dust*



Olman said:


> There is no copy of the report posted anywhere I can see....... It seems they don't really want the general public (or those investors who have not notified an email address) to keep up with the issues.




Hmm. Surely someone amongst the good and helpful folk here could assist by finding an on-line space to which it could be posted? ASICK, is the Trilogy-tracking site yours, by chance ( my memory aint what it used to be, here )? If so, would it be possible/appropriate for a copy of the Hall Chadwick communication to find it's way there? If not, who can suggest an alternative?

I am sure some/many/all the recipients may be in need of some assistance in translating it into plain English and perhaps taking a few R.P.M. off whatever spin might have been applied.


----------



## ASICK (5 July 2012)

All the documents are here:-

http://equititrust.com.au/Updates.html

Look under "Receivers & Managers Reports"  and "Administrators Reports"

If need arises, I'd be happy to make a copy of any public document available on http://www.moneymagik.com but that shouldn't be necessary.  EIF investors should note the hefty fee paid by the EIF receiver in order to maintain http://www.equititrust.com.au


----------



## Olman (5 July 2012)

ASICK said:


> All the documents are here:-
> 
> http://equititrust.com.au/Updates.html
> 
> ...




The Hall Chadwick (Liquidators of Equititrust Limited) report, dated 27 June 2012, is not posted on the Equititrust website.


----------



## No Trust (5 July 2012)

How convenient to keep the report *away from public view*... The liquidator *clearly has an agenda *and it seems *does not like old people * just like their appointor McIvor. Maybe a few well-placed calls and emails to *ASIC* and the media may render them a bit more malleable...

In any event *dictator style censorship *will not work in the age of information technology... The report will be available online one way or another very soon...

*WHAT ARE THEY HIDING**???*


----------



## ASICK (6 July 2012)

I didn't realise the document wasn't posted on the Equititrust site.  If someone has the document, then it's probably easier if the document is attached to a posting (see the paperclip icon in the header bar of the "Reply to Thread" text entry box).  In this way you'll all have ready reference to the document without leaving the forum.


----------



## Brethren (6 July 2012)

ASICK said:


> I didn't realise the document wasn't posted on the Equititrust site.  If someone has the document, then it's probably easier if the document is attached to a posting (see the paperclip icon in the header bar of the "Reply to Thread" text entry box).  In this way you'll all have ready reference to the document without leaving the forum.




Thanks for the tip ASICK. So, any takers? I assume there's folk visting this board who'd like some clarification on what that report does or does not say or want to raise points for discussion.


----------



## Mozzi (6 July 2012)

*Re: Failure*



Mozzi said:


> Well, here we are, check your snail mail guys!   Mr Pleash has put pen to paper!   Can someone please explain what the ....... it means!?






Would have been happy to share it with you but didn't realise they were saving on postage by not using snail mail for everyone.   After all, we didn't get the impression that they were looking to save money in other areas, did we?!!!   Certainly realised that it had not been posted on line, (DEFINITELY  should have been) but it was addressed "Report to Creditors" so assumed that everyone would receive it.   

 Sorry not clever enough to post it on here but hope someone else can as still would like someone to please explain what the .... it means!?

Must admit thought everyone had gone quiet since there were no comments re this report - thought it was just taking a while to digest!   There apparently was some confusion on receipt by some investors as BDO must have had some enquiries and followed up with a "how to" re the form on the last page.


----------



## ASICK (6 July 2012)

Are you guys sure this isn't the document?

http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120621 - 5th Report to Investors.pdf


----------



## Mozzi (6 July 2012)

ASICK said:


> Are you guys sure this isn't the document?
> 
> http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120621 - 5th Report to Investors.pdf




Unfortunately, no!   The one you are referring to is the earlier BDO report.  

 The liquidator's report is from Blair Pleash of Hall Chadwick and is dated 27th June and when Mozzi checked earlier this evening it was NOT on the Equititrust site.   It's last page has the formal proof of debt or claim form and apparently had caused some confusion, hence the follow up from BDO!


----------



## mandl2415 (6 July 2012)

Mozzi said:


> Unfortunately, no!   The one you are referring to is the earlier BDO report.
> 
> The liquidator's report is from Blair Pleash of Hall Chadwick and is dated 27th June and when Mozzi checked earlier this evening it was NOT on the Equititrust site.   It's last page has the formal proof of debt or claim form and apparently had caused some confusion, hence the follow up from BDO!







Will post tomorrow for all whom are intetested.


----------



## mandl2415 (6 July 2012)

*Re: Equititrust? HALLCHADWICK Report to Creditors 27th June 2012*



mandl2415 said:


> Will post tomorrow for all whom are intetested.




Having a few tech issues in regards to getting the report on here.
For those interested you can PM me and I can email the PDF to you.


----------



## Bonne Chance (6 July 2012)

View attachment Hall Chadwick Report 120627.pdf


Here it is for those who would like to read it.  We got it by snail mail.


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## No Trust (7 July 2012)

*Joke*

The Liquidator is a *joke*... They can see no money in the pot and have *basically given up*... 

At least there is an "*ethical person *" in control of the winding up. David Whyte was the right the choice and the Supreme Court did a great job in selecting him... Let’s hope David Whyte refers McIvor to ASIC for prosecution as it seems the liquidator is protecting McIvor...

The banks on the other hand are going for *McIvor's jugular *and that of his *co-conspirator *wifey "*Racey Stacey*"... Boy did she back the wrong horse in terms of a husband... Both are now the *laughing stock *of the Gold Coast and Sydney business community... Failures who took a lot of innocent retirees with them...


----------



## Brethren (7 July 2012)

*Re: Joke*

Thanks for putting that document up where we can all see it. Initial comments/queries on a rapid first review:

1. Who is behind Crackers Corporation - a supposed debt of $25,000,000? 

2. last paragraph of section 3, Liquidator says they continue to liaise with legals about possible legal actions on preferential transactions/lapse of Director's duties etc. but that these hold little chance of recovering monies for creditors. Seems that Liquidator has accidentally forgotten that his duty does not end with the commercial task of recovery. He is also bound under law to report inappropriate behaviour to relevant regulators. I wonder why that issue, which was mentioned in his earlier report, seems to have dropped off the radar now?


----------



## ASICK (7 July 2012)

re: Crackers Corporation Pty. Ltd.
http://www.townsvillebulletin.com.au/article/2011/07/02/244531_news.html

Also seems the fight for fees will commence soon (Equtitrust Liquidator v. EIF (and another fund?) receiver).  I also note your Mr. White is doing quite well $375k .. nice work if you can get it.   To my mind, there doesn't seem to be too much recovery for $600k in total fees to the end of the rerported period.  Still, what can anyone do? absolutely nothing - just sit back and watch your money eke out to others.  I know the feeling and I know it's not good.


----------



## No Trust (7 July 2012)

*Re: Joke*

Where is the promised * Public Examination *of McIvor as outlined in the Liquidator's previous report??? All these idiots want to do is get their fees paid *at the expense of innocent retiree investors*... All of this unnecessary expense was caused by McIvor in appointing them in the first place in his *deluded* attempt to save his ass... It didn't work and now investors have to pay for that failure on his behalf as well... *What a loser*...



Brethren said:


> Thanks for putting that document up where we can all see it. Initial comments/queries on a rapid first review:
> 
> 1. Who is behind Crackers Corporation - a supposed debt of $25,000,000?
> 
> 2. last paragraph of section 3, Liquidator says they continue to liaise with legals about possible legal actions on preferential transactions/lapse of Director's duties etc. but that these hold little chance of recovering monies for creditors. Seems that Liquidator has accidentally forgotten that his duty does not end with the commercial task of recovery. He is also bound under law to report inappropriate behaviour to relevant regulators. I wonder why that issue, which was mentioned in his earlier report, seems to have dropped off the radar now?


----------



## No Trust (9 July 2012)

*NAB Court Action Against McIvor*

It seems that * NAB will finish the job *for everyone... Even though McIvor has filed an intention to defend and counterclaim (joke). He cannot delay the inevitable forever... NAB has very, very deep pockets and McIvor it seems does not have any pockets. *King & Wood Mallesons *are a formidable law firm which will finish the task at hand and relegate the delusional one to the same bench as his dear old mate “*King Con*”. 


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2960/12


----------



## No Trust (10 July 2012)

*Bank seeks possession of Surfers mansion*

*Bank seeks possession of Surfers mansion*

"THE Commonwealth Bank is trying to take possession of the most expensive house sold in Surfers Paradise this year, alleging fraud by a NSW truckie's company that paid $6.75 million for the property."

"The house, at No.1 Southern Cross Drive on the elite Cronin Island, is a luxury retreat built for the founder of the failed Equititrust merchant bank, Mark McIvor."

"The sale has been a *source of ongoing speculation*, with the $6.75 million paid by Vitago surprising property industry figures because *it was way above *the $4.55 million top bid achieved at auction. It was also more than *$1.5million above the price agents believed the riverfront house would fetch*.

http://www.goldcoast.com.au/article/2012/07/10/430315_crime-and-court-news.html


----------



## No Trust (10 July 2012)

*Karma*

My oh my, whats gone on here...


----------



## No Trust (10 July 2012)

*$1.5 Million over the expected Sale Price*

$1.5 Million *over the expected Sale Price *allegations of fraud and now the Commonwealth Bank is seeking possession... Things are sure to surface very soon...


----------



## Glen48 (10 July 2012)

Thats the way you do it money for nothing:

The Cronin Island mansion was sold in January for $6.75 million, almost $1.5 million above what local experts though it would fetch, the _Gold Coast Bulletin_ reports.*PHOTOS: The Cronin Island mansion*CBA claims it lent Vitago, a NSW company owned by transport boss Gary Fulton, over $4.75 million to buy the up-market property.But the bank is now taking Vitago and Fulton to court after allegedly discovering a string of false claims made in the credit application.The bank alleges Vitago provided a trust fund statement for a non-existent account, a fake ATO notice of assessment and a letter purporting to be from South East Tax Pty Ltd, signed by someone who was not employed by the firm.The CBA is seeking possession of the home and repayment of the mortgage, plus interest.The five-bedroom mansion at 1 Southern Cross Drive was built as a luxury retreat for Mark McIvor, the founder of failed merchant bank Equitrust.The Commonwealth Bank told ninemsn it would not comment on the case while it is before the courts._Sources: Gold Coast Bulletin, Commonwealth Bank
Author: Matthew Henry. Approving editor: Henri Paget_​


----------



## No Trust (11 July 2012)

*Whats Going On BEHIND THE SCENES*

Seriously.... *WHAT IS GOING ON*...

*Mark McIvor's house sales – Cronin Island and Double Bay – keep everyone guessing *


By *Jonathan Chancellor *
Tuesday, *10 July 2012*



http://www.propertyobserver.com.au/...le-bay-–-keep-everyone-guessing/2012071055508


----------



## No Trust (11 July 2012)

*National Media*

This story has now been picked up by the *National Media*, including Jonathon Chancellor and *ninemsn* on its front page...


----------



## No Trust (11 July 2012)

*Where did the rest of the money go ?*

If the *NAB* were paid out on the mortgage, where did the rest of the money go ???  

*Very pertinent question*...


----------



## No Trust (11 July 2012)

*Delusional*

Read this and see what delusional really is...


----------



## No Trust (11 July 2012)

*Senate Submission or Submission of Delusion*

This was submitted to a Senate Committee by McIvor...  Its amazing no mention of lending tens of millions of dollars to "*King Con*"...

Oh the conspiracy theories abound don't they... The banks *must be laughing *when they read this...


----------



## No Trust (11 July 2012)

*Re: Senate Submission or Submission of Delusion*

The submissions that McIvor made to the Senate are the *ranting’s of a delusional failed loser *... The multiple receivers and liquidators and national law firms have the *backing of the Supreme Court in all their actions*... 

Has this idiot really *lost the plot*... He lent innocent retiree's investors’ money to his mate "*King Con*"... He appointed the ex MFS directors and now blames them... He *made the bad loans*, he *made the bad decisions*, *he made the enemies *by victimising innocent people over the years by the use of the same " *bully boy tactics*" that he claims destroyed him...  His whole board of directors abandoned him, many like Tucker and David Jackson QC who claimed to be his friend... Sycophants most probably, but even they pulled the chute... Its all been reported in the media... 

Does he really think that the people he tried to destroy over the years *would not fight back*, for injustices done to them... The rant to the senate is nothing more than a mirror of what he has done to others however in his state of delusion he *can't see the wood for the trees*...

McIvor deserved everything he got and what’s coming to him in the form of legal action *particularly from NAB*... As far as going back to the practice of law, *good luck with that*... That’s *just not going to happen *in this lifetime...

"*When one seeks equity one must come with clean hands*" not the *blood of innocent retiree investor's *on them...


----------



## Mozzi (11 July 2012)

*Re: Senate Submission or Submission of Delusion*



No Trust said:


> The submissions that McIvor made to the Senate are the *ranting’s of a delusional failed loser *... The multiple receivers and liquidators and national law firms have the *backing of the Supreme Court in all their actions*...
> 
> Has this idiot really *lost the plot*... He lent innocent retiree's investors’ money to his mate "*King Con*"... He appointed the ex MFS directors and now blames them... He *made the bad loans*, he *made the bad decisions*, *he made the enemies *by victimising innocent people over the years by the use of the same " *bully boy tactics*" that he claims destroyed him...  His whole board of directors abandoned him, many like Tucker and David Jackson QC who claimed to be his friend... Sycophants most probably, but even they pulled the chute... Its all been reported in the media...
> 
> ...











IT WAS SIR WALTER SCOTT WHO SAID "OH WHAT A TANGLED WEB WE WEAVE WHEN FIRST WE PRACTICE TO DECEIVE"   !!!!!!!!!!!!!!!!


----------



## ASICK (11 July 2012)

*McIvor's Submission*

http://www.google.com.au/#hl=en&gs_....,cf.osb&fp=1d633261c2cc3a3f&biw=1600&bih=766

He might have something here (top of page 5):
"Fundamental Shortcomings of Legislation
ASIC comprehensively failed to:
1. Introduce any regulatory capital structure, and;
2. Ensure Responsible Entity Licences were issued to responsible persons, or corporations. Essentially, if you filled in a form correctly, you received a licence. A Responsible Entity licence quickly became an oxymoron. The failure to legislate an appropriate capital structure meant that parties successful in gaining a licence had no demonstrable commitment to investors. When banks world wide are obliged to hold only modest equity (Tier 1 Capital of 8%), why would ASIC not have insisted on a capital requirement ?"

I note Mr. McIvor didn't comment in relation to Equititrust Pty. Ltd. as regards the matters raised in the above excerpt.


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## No Trust (12 July 2012)

*Name's McIvor, he's not happy
*July 12, 2012
Scott Rochfort Sydney Morning Herald




''Concatenation and turpitude'' … Mark McIvor on the warpath. _Illustration:  John Shakespeare

"In a submission to a  Senate inquiry into the post-GFC banking sector,  McIvor, who labelled himself an ''unhappy Australian'', also blamed his  company's demise on the '*'gross mismanagement and negligence'' *of the two former  Equititrust employees - who did not have the last name McIvor - and ''routine  breaches of fiduciary duty'' by major law firms.''Misleading and deceptive conduct regarding ASIC by various parties to  ensure victimisation of Equititrust, and its founder, by ASIC,''  McIvor  added."

http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html


_


----------



## No Trust (12 July 2012)

*Sydney Morning Herald*

*Scott Rochfort *and the *Sydney Morning Herald *are to be congratulated for exposing McIvor's delusional rant to the Senate *nationally*...


The cartoon is *truly a thing of beauty *as it encapsulated this deluded idiot perfectly, escaping the flames of a burning Equititrust Building... 

Investors and others who have *lost money *as a result of this deluded idiot now have a perfect caricature to place on their dart boards... Hope *you feel the pricks *Marky Boy...

Oh and by the way "* YOUR WELCOME *"


----------



## No Trust (12 July 2012)

*The Age - Different headline*

New champion of retirees who lost life savings







http://www.theage.com.au/business/new-champion-of-retirees-who-lost-life-savings-20120711-21w84.html

The Age Headline is *spot on*... Now everyone in Australia can *read the truth*...


----------



## seamisty (12 July 2012)

Quinlivan mansion sells for $9.5m Quentin Tod   |  06:42am July 12, 2012

THE giant riverfront Southport house that was home to three-times bankrupted property marketeer Dudley Quinlivan sold at auction last night for $9.5 million
http://www.goldcoast.com.au/article/2012/07/12/430931_gold-coast-mansions.html


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## No Trust (13 July 2012)

*The Real Truth*

This is what will be submitted to the Senate, even though the deadline may have passed...   


*Investors lose in encounter with King Con*

*June 13, 2011 *

*Colin Kruger Sydney Morning Herald*

"HOW do you tell a room full of investors, who are no longer receiving the income they need for their daily expenses, that a big part of the problem *is your company lent their money to a twice-bankrupt ex-plumber dubbed ''King Con''*?"

"While the final quantum of the loss is still being determined, what is known is that* $70 million *of the fund's money was lent to *Dudley Quinlivan, aka King Con*, and it has gone massively sour. His Ipswich project, once valued at $82 million, is now worth as little as $20 million."

"Quinlivan's history offered *plenty of reasons for caution*."


http://www.businessday.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

*MCIVOR IS TO BLAME AND NO ONE ELSE*


----------



## kostag (14 July 2012)

*Re: The Age - Different headline*

poor old Mark

he just doesn't get it, does he?

from what I hear -  he approved every large loan. He and King Con were best mates, He even put Quinlivan in charge of other Equititrust assets, example: Quinlivan and his son ran the South Australian resort asset into the ground, plundering huge managment fees -  and this information is first hand from the current managers!

He let Quinlivan take $50M out of the fund -  all Mad Mark had to do was to ask where the loan proceeds were gong , to see that the 'asset' was being plundered.

McIvor acccuses his terrorised employees as being the root of his problems! Auditors who were beguiled by his charm and false figuring and his concealment of true valuation evidence, as being at fault!

ASIC for daring to shut him down! and the Banks -  how dare they ask for their money back!

The man is dillusional -  I am afraid he must have sniffed too much white shoe polish.

Me thinks his brother Wayne got out just in time.

There IS A REPORT that ought to go to the Senate and it is not one that would make Mark too happy.

ASIC and the AFP will get their man and David Whyte will hold steady and do the job. 

I still preict that 2-5Cents in the $ wil be the maximum ultimate return.









No Trust said:


> New champion of retirees who lost life savings
> 
> 
> 
> ...


----------



## No Trust (14 July 2012)

Kostag, you are spot on...


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## No Trust (15 July 2012)

*Wealth*

It's said that true wealth is happiness... It seems that not only has McIvor lost his money he is self admittedly UNHAPPY... That makes him a very very poor man indeed...


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## No Trust (15 July 2012)

*NAB going for the Jugular*

In terms of finishing McIvor off, the *NAB* it seems, is the one that will put him on the same bench as his mate "*King Con*"... Both have had receivers sell off their luxury homes and it seems they have a lot more in common than everyone thought...

All I can say, and I'm sure a lot of people will back me up is that I hope *NAB* do *go for the jugular *and tip this idiot into bankruptcy... No bills, no thrills Marky Boy...

After the latest idiotic rant, and false accusations against all and sundry (*especially his bankers*) I am sure that they will make a *proper example *of him...


----------



## No Trust (15 July 2012)

*More Exposure To Come*

This week’s revelations are just a start of a *domino effect * all the way to the end... Expect more *eye watering information *that will make its way to the Senate Inquiry to debase McIvor's deluded claims... If he keeps it up there will be more embarrassment worse than the Sydney morning Herald Article and cartoon (which was excellent by the way) ...


----------



## No Trust (15 July 2012)

There is a *storm coming *McIvor and you better batten down the hatches, because when it hits it will *make you pay *for *living so large *and leaving so little for the rest of us...


----------



## kostag (15 July 2012)

*SENATE SUBMISSION by Mad Mark: he has finally gone over the cuckoo's nest*

any qualified medical practitioner reading the Senate submission in light of what ACTAULLY occured would more than likley be entitled to schedule the poor fellow.

The greater the criminality etc, the greater the perpetrator carves admiration for honesty and integrity. 

The man simply has to realise that his opinions are irrelevant; his sphere of influence is gone; his days of riding rough shod over both Borrowers and his Invetsors, is gone.

His only relevance will be as a Defendant in a raft of actions that will ensue.

He seeks to establish some bridgehead of honest and ethicacy by trying to be seen as a victim and siding with authorities and blaming those truly at fault.

He carefully stays away from EQUITITRUST, which in fact serves as a wonderful case in point.

How could any regulatory regime put one man in a posiiton of controlling hundreds of millions of retiree funds and thne is left with un-fettered control to splash it out on reckless loans on King Con/Ipswich some $50M and some $40M on some fly blown Resort in South Australia? 

How Auditors, ASIC, the Banks etc - could possibly be held to blame for this insanity beggar's belief and ofcourse McIvor goes nowhere near his core failings.

Returning to the law is also delusional. Presumably the standards set by the Qlsd Law Society would block any such move.  McIvor seeking to protetc investor rights? Hell, I think that he has done enough damage to investors. When is he going to realise that he has presided over what will probably go down as the single biggest Mortgage fund write off in history -  100cents in the dollar -  lost.

It really takes some doing to in theory lend only to 70% of values - and then manage to be able to assemble a series of loans that are capable of generating even 1cent in the dollar return.

The information that I am getting is that there are cross claims and allegations of under teh table deals on foot that will see atleast the two biggest so called assets in the loan book (Ipswich and South Australia) evaporate -  ie: 100% nil!  When (not IF) that happens, there will not even be enough Gross Asset to even touch the sides of claims and costs -  HOWEVER in Mad Mark's words -  it is the fault of ASIC and the Banks. 

He might have been on safer ground to try and blame the 2011 Japanese Tsunami!

Fortunately it also seems that Hall Chadwick were smart enough to work out what was really going on and distance themselves from the delusional schemes to re-birth the dead.

David Whyte still has work cut out for him and there are still some horror stories for him to un-cover. When he does, he will be obliged to report -  so hold on to your hats. The saving grace in this might well be the PI insurance -  once teh extent of the losses and the negligence are established, a claim against the PI insurers might prove our best ASSET.










ASICK said:


> http://www.google.com.au/#hl=en&gs_....,cf.osb&fp=1d633261c2cc3a3f&biw=1600&bih=766
> 
> He might have something here (top of page 5):
> "Fundamental Shortcomings of Legislation
> ...


----------



## kostag (15 July 2012)

*SMH has done a great job - what about ACA or 7:30REPORT ????*

Mad Mark loves a bit of media -  how about it guys?




No Trust said:


> This week’s revelations are just a start of a *domino effect * all the way to the end... Expect more *eye watering information *that will make its way to the Senate Inquiry to debase McIvor's deluded claims... If he keeps it up there will be more embarrassment worse than the Sydney morning Herald Article and cartoon (which was excellent by the way) ...


----------



## Mozzi (15 July 2012)

*Re: SMH has done a great job - what about ACA or 7:30REPORT ????*



kostag said:


> Mad Mark loves a bit of media -  how about it guys?




Hey, they're only half hour programmes guys!   What about nominating this story for a series.   Would be more apt.    

  Would be great to do it, we could certainly give them enough background to fill several seasons!   We could do our own "Revenge"!   Bet they are looking for a replacement for that series on Monday nights!.


----------



## No Trust (15 July 2012)

*Re: SMH has done a great job - what about ACA or 7:30REPORT ????*

The live show has been *going on for some time *and there is *more in store* for "Marky Boy"... Don't think he remembers who he tried to destroy who has now come back from the dead... 




Mozzi said:


> Hey, they're only half hour programmes guys!   What about nominating this story for a series.   Would be more apt.
> 
> Would be great to do it, we could certainly give them enough background to fill several seasons!   We could do our own "Revenge"!   Bet they are looking for a replacement for that series on Monday nights!.


----------



## No Trust (16 July 2012)

*More Information*

More information will be released soon... Tick Tock *no more time on the clock*...


----------



## No Trust (16 July 2012)

*Victimisation*

I love the bit about being *a victim of ASIC*, boo hoo... "Poor" little Marky getting bullied by ASIC... Well if he thought that was bad he *ain't seen nothing yet*... 

Art work and furniture frozen by *Supreme Court Order*, Wifey Racey Stacey's *Super Fund *under attack in the *Supreme Court*, NAB going for Marky's jugular in the Supreme Court as well... It's all nothing compared to the *next chapter *in the saga...


----------



## No Trust (16 July 2012)

*Joint Venture with Borrowers... This is just the start of the revelations*

*Alluvial Windsor district turf, dairy and polo farms of Achilles 'Big Al' Constantinidis listed for receivership sale *


*Jonathan Chancellor *
Monday, 09 July 2012 




The land cost *$21 million plus in 2007*. Mark McIvor's Queensland-based lender, Equititrust, has a mortgage over the land and is believed to be owed *$22 million plus*, having been involved as *quasi joint venturers with Constantinidis.*


http://www.propertyobserver.com.au/...is-listed-for-receivership-sale/2012070955487


----------



## No Trust (16 July 2012)

*Equititrust Scam*

At what point did *Equititrust / McIvor *start to gamble retiree's investor's money on "*joint ventures*"...

This was not the first time *McIvor double dipped *at the expense of retiree's to feed his greed... What other joint ventures were there ??? What else will David Whyte uncover ??? What else will he *have to report *to the authorities including that bully that McIvor hates soooo much* ASIC*...


----------



## No Trust (16 July 2012)

*"King Con" and "McIvor"*

What really went on between "*King Con*" and *McIvor*... Maybe some of the ex employee's will shed some light on these "*arrangements*"...   

Was "*King Con*" managing the "Wirina Cove" Assets ? Lets get to the bottom of this... If this is the case then this disaster *takes on another dimension*...


----------



## kostag (16 July 2012)

*Re: "King Con" and "McIvor" : working in unison*

there were atleast two major Equititrust loan assets where King Con was given free reign to run the assets on site and charge huge fees for doing so.....   in relation to the Wirrina Cove assets, I am told that any interview of the present management and the past Mortgagors will confirm this arrangment and that an accounting showing millions of dollars taken by Quinlivan with McIvor's concurrence against these assets is clearly shown.



No Trust said:


> What really went on between "*King Con*" and *McIvor*... Maybe some of the ex employee's will shed some light on these "*arrangements*"...
> 
> Was "*King Con*" managing the "Wirina Cove" Assets ? Lets get to the bottom of this... If this is the case then this disaster *takes on another dimension*...


----------



## No Trust (16 July 2012)

*McIvor and King Con*

If this is the case then David Whyte who is in control of these assets needs to make a statement. Investors have been asking questions about King Cons's involvement in assets for some time...

If this is the case, was McIvor insane in letting King Con near these assets...


----------



## kostag (16 July 2012)

*Re: McIvor and King Con*

basically, all that WHYTE has to do is to do a forensic analysis of each large loan ledger and identify  all and any payments made to Quinlivan's company -  CROFTSWORTHS -  these costs and fees will have been  sheeted away into loans etc which in EQUITITRUST ledgers then constitute 'assets' when in reality such payments were more than likley were never with the agreement of the MORTGAGOR; not of any value to the real estate asset (and the Equititrust investors);   and also, more than likley, based on the true asset value, were more than likley, ever going to be recoverable.

Where did that money  go?

Frankly, such activity, if correct, is tantamount to a conspiracy to defraud INVESTORS be creating false asset values (ie: inflating the value of loans made); against known inflated valuations; with, therein, little if any chance of recovery; and if the funds so taken were not bona fide project related costs -  and were delat with improperly in any way, then the offences committed run much deeper.





No Trust said:


> If this is the case then David Whyte who is in control of these assets needs to make a statement. Investors have been asking questions about King Cons's involvement in assets for some time...
> 
> If this is the case, was McIvor insane in letting King Con near these assets...


----------



## No Trust (16 July 2012)

*Re: McIvor and King Con*

There is more to this than meets the eye, and if true needs to be *exposed* for what it is... 




kostag said:


> basically, all that WHYTE has to do is to do a forensic analysis of each large loan ledger and identify  all and any payments made to Quinlivan's company -  CROFTSWORTHS -  these costs and fees will have been  sheeted away into loans etc which in EQUITITRUST ledgers then constitute 'assets' when in reality such payments were more than likley were never with the agreement of the MORTGAGOR; not of any value to the real estate asset (and the Equititrust investors);   and also, more than likley, based on the true asset value, were more than likley, ever going to be recoverable.
> 
> Where did that money  go?
> 
> Frankly, such activity, if correct, is tantamount to a conspiracy to defraud INVESTORS be creating false asset values (ie: inflating the value of loans made); against known inflated valuations; with, therein, little if any chance of recovery; and if the funds so taken were not bona fide project related costs -  and were delat with improperly in any way, then the offences committed run much deeper.


----------



## No Trust (16 July 2012)

*50M Capital Raising - Concealment of Losses*

Can you imagine what would have happened to innocent investors if the *50M capital raising *was allowed to continue...* ASIC *smelt a rat and thankfully put a stop to it... *Colin Kruger of the SMH *was the first to alert the Australian Public to what, all can now see was a scam of epic proportions...


----------



## No Trust (16 July 2012)

*"King Con" and "McIvor"*

If "*King Con*" was involved in the management of any of the assets whilst being a borrower, then this puts another twist on this disaster which needs to be investigated not only by the regulator but by other authorities as well...


----------



## No Trust (16 July 2012)

*McIvor - King Con*

If McIvor was so STUPID to lend money to a two time Bankrupt and even give him a glowing reference to ASIC when he was being banned as a director, how on earth could he have allowed "King Con" to manage these assets...

Why did *McIvor give him such a glowing reference*??? What has *gone on *here ??? 


*Investors lose in encounter with King Con*

June 13, 2011 

*Colin Kruger*

Sydney Morning Herald


"_The judgment reports how *McIvor effectively provided a reference for the developer*, speaking ''of Mr Quinlivan's personal qualities and experience and the pivotal role he plays in the company''. "

"Nearly a year after this judgment was handed down, the Quinlivan Group was on the verge of collapse.  *EIF investors still had no inkling of their loan to ''King Con''* and Equititrust was still crowing about how *investors' funds were intact *and income distributions were being maintained."

_
http://www.businessday.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


----------



## kostag (17 July 2012)

*Re: McIvor - King Con*

David Whyte, Colin Kruger and ASIC are right on to this conduct

people are being interviewed and the trail of money being pursued

McIvor knows the real gig is just about up.






No Trust said:


> If McIvor was so STUPID to lend money to a two time Bankrupt and even give him a glowing reference to ASIC when he was being banned as a director, how on earth could he have allowed "King Con" to manage these assets...
> 
> Why did *McIvor give him such a glowing reference*??? What has *gone on *here ???
> 
> ...


----------



## No Trust (18 July 2012)

*Re: McIvor - King Con*

I have it on *good authority *that another Media Outlet is also on hot pursuit of this story... If there is any substance to this then this will be akin to opening Pandora's box... It's *unimaginable* that this could have happened with innocent retiree's money...




kostag said:


> David Whyte, Colin Kruger and ASIC are right on to this conduct
> 
> people are being interviewed and the trail of money being pursued
> 
> McIvor knows the real gig is just about up.


----------



## No Trust (18 July 2012)

*McIvor - King Con*

It seems from *recent inquiries *that the two names *McIvor* and "*King Con*" are melded together... One thing is for sure and that is when you give these two magicians *tens of millions *of dollars they can make it *disappear very vey quickly*...

How's life looking now guys...

These clowns are *"both"* about be *exposed very soon*...


----------



## No Trust (18 July 2012)

*McIvor - King Con*

Dirty deals and they're done *"dirt" cheap*...


----------



## kostag (18 July 2012)

*Re: McIvor - King Con  MEDIA*

there are atleast two media outlets doing major undercover work that I have been told about

I also think that you will find that there is no love from Dudley toward Marky....

I think that once Dudley releases all he knows that Marky will be very very concerned...






No Trust said:


> Dirty deals and they're done *"dirt" cheap*...


----------



## No Trust (19 July 2012)

*McIvor - King Con*

Where there is silence there are worrying concerns in terms of *what went on*... Why doesn't McIvor *come out publically* or maybe even send something to the Senate (I_’m sure they would enjoy another laugh_) denying the involvement of “*King Con*” in the management of assets…

The challenge is out there...


----------



## No Trust (19 July 2012)

*McIvor - King Con*

Maybe David Whyte *can shed some light *on what happened with the assets... He has been *the most transparent and consistent *to date in terms of reporting... He was the *right choice*.

The Liquidator *has been a joke*, not posting the last report on the website makes it clear they have an agenda and do not want to keep the creditors and *investors informed*...


----------



## No Trust (19 July 2012)

*McIvor Eviction*

Is this *McIvor's father *getting evicted from his home in Townsville ???


http://apps.courts.qld.gov.au/esear...?Location=TOWNS&Court=DISTR&Filenumber=231/12



http://www.news.com.au/business/mil...ter-janeen-pelly/story-e6frfm1i-1226144132392


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## No Trust (19 July 2012)

*Westpac seeking possession of home*

Is this McIvor's Co Conspirator / mother's home before the courts ??? Westpac is seeking possession of the property and the matter is set for trial *19th - 22nd of November*... 

Westpac have pushed the matter on to the *commercial list expediting the trial *so that the matter does not drag on for years... 

Westpac have had a gutful of the McIvor's it seems as have the NAB, BOQ, and BOS...

Lets hope McIvor appears to give evidence at the trial...


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=1676/12


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## No Trust (20 July 2012)

*McIvor - King Con*

Surely, the former directors know whether "*King Con*" was involved in managing Equititrust assets... Tucker was there long enough and close enough to McIvor to know the real truth... Did the former directors know about any involvement of "*King Con*" ???


----------



## No Trust (22 July 2012)

*McIvor's Life of Luxury*

How is "The Unhappy Australian" earning an income and still manages to have a driveway full of luxury cars ???

Maybe someone should take a picture of the luxurious house and cars and post it on this website to show how much he really cares about the innocent retiree investor's whose life savings he lost... When are you going to pay back the retiree's Mark ???


----------



## kostag (22 July 2012)

*Re: McIvor's Life of Luxury: GOOD IDEA - lets get the photoes up on web site*

what sort of cars are we talking about here?

leased or owned outright?







No Trust said:


> How is "The Unhappy Australian" earning an income and still manages to have a driveway full of luxury cars ???
> 
> Maybe someone should take a picture of the luxurious house and cars and post it on this website to show how much he really cares about the innocent retiree investor's whose life savings he lost... When are you going to pay back the retiree's Mark ???


----------



## No Trust (22 July 2012)

*Re: McIvor's Life of Luxury: GOOD IDEA - lets get the photoes up on web site*

Surely, there must be *taxation implications*... Who actually *owns the luxury cars*??? It's high time the Australian Taxation Office had a look into the affairs of McIvor and wifey Racey Stacey... Especially the days leading up to collapse of the various companies... 



kostag said:


> what sort of cars are we talking about here?
> 
> leased or owned outright?


----------



## No Trust (22 July 2012)

*Private School Fees*

Who is paying for the private school fees whilst innocent retire investors starve ???


----------



## No Trust (22 July 2012)

*Luxury Rental*

Who is paying for the luxury rental at Isle of Capri whilst innocent retiree investors starve ???


----------



## No Trust (23 July 2012)

*Financial Qualifications*

What’s really interesting here is that McIvor *does not have any formal financial qualifications*... 

Unbelievable how the regulator could let this go on. To be a Lawyer you need qualifications... Being a lawyer does not in any *way make you a bank**er*... *McIvor certainly proved that. 

*He even tried to be a property developer and *failed miserably* at that too... All his properties including his house were *taken by the banks*...

If he thinks that he will go back to the law in light of the *circumstances surrounding the collapse of Equititrust *which was *solely his fault *he has another thing coming...

If he thinks he will ever get a loan from another *AustralianBank *he is deluded...

If he thinks he can just move on with his life after *what he has done*, he will soon realise there is a price to pay for *losing the life savings *of thousands of* innocent retiree investors*...

*National Australia Bank *will finish him off financially and the "*bully boy*" receivers /lawyers (_as he calls them_) and ASIC will do the rest...

Dudley "*King Con*" Quinlivan is *warming the bench* for you Marky Boy... 

May you both live in interesting times...

May you both come to the attention of those in authority...


----------



## No Trust (25 July 2012)

*No Equitiflop Mark II*

It's interesting to note that McIvor does not herald a return to the financial services sector... It seem those leaked emails were absolutely spot on... Has McIvor given undertakings to ASIC that he will not seek a Financial Services License in the future ???

Don't think that ASIC would be that foolish to give Dracula the keys to the blood bank twice...


----------



## No Trust (26 July 2012)

*Which Banker*

McIvor made some pretty stunning allegations against certain senior bankers and insolvency practitioners in his deluded rantings to the Senate. Who was he referring to to ? Wouldn't be someone he has previously tried to unleash on others is it... Sources close to the matter have revealed that some insolvency practitioners that are involved have some very candid information... Poor Mark and Stace victims of bully boy tactics by unscrupulous time churning insolvency practitioners... Ironic isn't it


----------



## No Trust (26 July 2012)

*Senate Submission or Submission of Delusion*

When McIvor refers to the *2 ex MFS *employees he says brought Equititrust down, is he saying we were right all along ??? Read our warnings and comments from the beginning of this thread. *Kostag raised the alarm bell* from the beginning...

We all know it was *McIvor's bad judgement *in employing them and his bad loans ( "King Con") that caused the collapse of Equititrust... But thanks anyway in acknowledging we were right...


----------



## Mozzi (27 July 2012)

Watch out for David Whyte's report in your mailbox or on the Equititrust site!!

          We sure as hell aren't getting anything from the other mob!


----------



## Brethren (27 July 2012)

Mozzi said:


> Watch out for David Whyte's report in your mailbox or on the Equititrust site!!
> 
> We sure as hell aren't getting anything from the other mob!




thanks for the 'heads-up', Mozzi. The report IS on the site this arvo: http://www.equititrust.com.au/Pdfs/...orts - 20120726 - 6th Report to Investors.pdf

...oh, and I just popped over to the National Stock Exchange site and noticed that 'VAX' ( the boys who put up that 'interesting' bid to take over as Responsible Entity ) has some share-action going. Re-listed 19th May, and there's been little trading in it shares since then. But 1,000,000 shares changed hands on the 25th July and 10,000,000 on the 26th. This suggests everyone ought to 'watch this space' as it looks like they might be about to re-surface.


----------



## No Trust (27 July 2012)

Bretheren, *nothing* will happen, I think even these guys have seen what McIvor is *really about*...



Brethren said:


> thanks for the 'heads-up', Mozzi. The report IS on the site this arvo: http://www.equititrust.com.au/Pdfs/...orts - 20120726 - 6th Report to Investors.pdf
> 
> ...oh, and I just popped over to the National Stock Exchange site and noticed that 'VAX' ( the boys who put up that 'interesting' bid to take over as Responsible Entity ) has some share-action going. Re-listed 19th May, and there's been little trading in it shares since then. But 1,000,000 shares changed hands on the 25th July and 10,000,000 on the 26th. This suggests everyone ought to 'watch this space' as it looks like they might be about to re-surface.


----------



## No Trust (27 July 2012)

*BDO - David Whyte*

As usual, David Whyte is consistent in his reporting and is *doing a great job*... 

Hall Chadwick as the Liquidators are a *running joke *who do not have the decency to post updates on the website. Hall Chadwick *are doing nothing *they promised to do... Where are the *Public Examinations *of *McIvor* , *Tucker* etc. They are more interested in their fees than worrying about investors and creditors.

It's good to see the *Piper Alderman *claim *going ahead *against McIvor and fellow directors... Wonder who has made unsolicited approaches to investors saying the action is not going ahead???

This is the court action that McIvor and his *cohort* directors *most fear*... These actions take time to prepare and Piper Alderman are doing the right thing by proceeding cautiously and having everything thoroughly checked by *senior counsel*...

Someone on the other hand is *panicked* and trying to derail the court action... *PIPER ALDERMAN HAS MY FULL SUPPORT*


----------



## No Trust (27 July 2012)

*Piper Alderman*

The Class Action against McIvor *is going ahead*, there is *no doubt about that*. Any investor who has not joined should contact *Piper Alderman *and join. 

The fact that the *action is proceeding *has been confirmed in David Whyte's report below:


http://www.equititrust.com.au/Pdfs/...orts - 20120726 - 6th Report to Investors.pdf


For those investors sitting on the fence up until now, the time to move is now, Hall Chadwick *will offer nothing *and *McIvor offers nothing *by deluded ranting’s to the senate and tries to convince himself the collapse was not his fault...

*CONTACT PIPER ALDERMAN AND JOIN THE CLASS ACTION *before it is too late...


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## No Trust (27 July 2012)

*Who has been contacting Investors*

Who is the person that has been making *unsolicited communications *to investors, as detailed in the Piper Alderman update??? 

Why would they be saying that the Class Action is not proceeding ??? Why would someone want to derail the Class Action and *blatantly lie to investors*??? Sounds like someone *very, very dishonest indeed*...

What is great though is that the *truth is now being mailed out to every investor* contained within David Whyte's report... Justice prevails and bring on the class action *especially against McIvor*...


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## ASICK (28 July 2012)

A broader question might be, "Who has a copy of the fund's member register?"


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## No Trust (28 July 2012)

*ASIC Complaint*

Surely the person involved *needs to be reported to ASIC*, if they have not already been notified. 

With both the funds under court appointed receivership and the Company itself in Liquidation, surely the "*individual*" concerned by contacting investors has committed an illegal act...

Engaging in such *Malfeasance* and *Dishonesty* clearly deserves proper punishment... One might even suggest a period in the "*Public Stocks*"...

Can anyone enlighten the readers of this thread who the actual *individual *was ???


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## kostag (28 July 2012)

*RECEIVER REPORTS: TRUST UNITS DOWN TO 18CENTS*

BUT this is subject to all future costs of overheads etc -  I predicted a long long time ago that the return would be NIL.

The estimates  are in monthly free fall as more disasters come to light

Units will be NIL value.

How anyone could run a  First Mortgage Fund and seriously wind up witha  100% write off really takes some doing.


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## No Trust (28 July 2012)

Leave the running of the fund to *McIvor* and loans to his mate "*King Con*" and wala there you have it...


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## No Trust (28 July 2012)

*Class Action*

There will not be much left, that's why its important for the investors to join the class action that *WILL* be proceeding against *McIvor* and his *fellow directors*... Remember those guys, who took fees whilst *Equititrust burnt *along with the lives of innocent elderly investors...


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## No Trust (28 July 2012)

*Class Action*

*It's time for these guys to go down, McIvor was their leader, however Tucker and Kennedy etc all knew what the real story was and perpetuated a rosy picture whilst the company burned...*


*Investors lose in encounter with King Con*
Colin Kruger
*Sydney Morning Herald*

"One month later the company was explaining it would be *unaffected by the collapse of Quinlivan's latest property venture, Croftworth Property*, as the EIF held first mortgage over the properties.

This claim would *last until the April *when the meeting of EIF investors were told a massive writedown on these loans to Quinlivan would single-handedly ensure they would *lose money *on their collective $200 million investment."

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


All the *directors/idiots *were at the helm when the above claims were made to the media, in effect as a board they are all culpable and equally responsible for the lies that were pedalled to both the *investors and the Australian Public*, hence the class action by Piper Alderman against the directors for breach of the Australian Corporations Law...

The scam early last year to raise a further *$50M *from the unsuspecting Australian Public considering "*everything*" the board knew (_including the derelict loans to "King Con_") as detailed in Colin Kruger's Article above was tantamount to Corporate Crime of the highest order... It’s no wonder ASIC stepped in and stopped what would have been another financial bloodbath at the hands of McIvor and his complicit board of Hear no evil, See no evil, Speak no evil monkey's...


http://www.smh.com.au/business/four...fault-at-equititrust-fund-20110209-1an0h.html


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## No Trust (28 July 2012)

*Class Action*

Let's get these band of *idiots* in the witness box and have them cross examined by *Senior Counsel*. Lets see where the truth *lies* and the *lies* start...


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## No Trust (29 July 2012)

*Quarter Million Hits*

Testament to the *Public Interest *in this disaster the thread is well on its way to achieving a *Quarter of a Million Hits* which is still less than the amount of hits McIvor and his team of former directors will suffer when the class action commences...

Seems some are quite desperate, having to resort to *spreading lies and misinformation *about the class action proceeding... Of greater worry maybe the former *Equititrust employees *who are apparently more than keen to provide evidence as to *where the skeletons are buried*...

Who is the former Equititrust employee *raising their hand the highest*, keen to provide both evidence in and out of court.  Might want to be careful, this individual may get an *unsolicited call *saying the Class Action is off...  

Unfortunately for the culprits of this disaster *its definitely going ahead *and evidence is emerging from some unlikely sources...

Who said blood was thicker than water ???


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## ASICK (29 July 2012)

If hits on the thread were $$$$ then that'd be something to celebrate.    The class action sounds interesting, but who is against? and for how much?  Even if a claim is able to be sustained, is there $$$$ at the end of the rainbow?

I'm perplexed about paragraph 7 of the receiver's latest communication:
(http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf on page 5)

The receiver says (in part) in relation to "Proof of Debt", "Please note that an investor's claim against Equititrust Limited will be for any shortfall on their investment caused by Equititrust Limited acting as Responsible Entity of the Fund."

Ok, I give up - as Prof. J.S. Miller would say, "Why is it so?"  -   How do mere losses by an investor amount to a proof of debt against a responsible entity? 

It seems to me that a letter to investors from Piper Alderman might have been in order - maybe to give investors assurance - after all, the receiver is doing no more than passing on a message.    Sure, it saves the lawyer's money, but it just doesn't have a punch to it.


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## Mozzi (29 July 2012)

ASICK said:


> If hits on the thread were $$$$ then that'd be something to celebrate.    The class action sounds interesting, but who is against? and for how much?  Even if a claim is able to be sustained, is there $$$$ at the end of the rainbow?
> 
> I'm perplexed about paragraph 7 of the receiver's latest communication:
> (http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf on page 5)
> ...





Couple of comments - Unit holders were required to complete "Proof of debt" forms at the Hall Chadwick meeting in May.   As they have not even bothered informing anyone of their appointment as "liquidators" on the Equititrust site many of the unit holders remain uninformed as to what their role actually is!   Definite lack of communication!

Piper Alderman - very little has been discussed on this site re this potential legal action, and even Piper Alderman's own site has not been updated since 13th February.   Again - definite lack of communication - certainly would be more appropriate if they are serious that they communicate with investors directly!   The potential for unit holders to be required to pay out good money after bad is enough to worry anyone at this stage.   Remember, Piper Alderman were only representing 49 investors at earlier meeting.   By the way, the $$$$s at the end of the rainbow were supposed to be being claimed from the insurance company covering the "Company Directors", "Responsible" (and the term is used loosely) Entity,  employees  of Equititrust etc.

Regarding someone circulating "rumours" that the action will not take place - not all unit holders have been receiving these communications obviously - and would have been a perfect opportunity to lay their cards on the table and say exactly what they are doing, and with whom and under what conditions!

Seems like, with the possible exception of Mr Whyte's reports, the rest of the people involved are treating us like mushrooms - you know the deal "keeping us in the dark and feeding us bull****"!!!


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## ASICK (29 July 2012)

One would have to be wondering why the liquidator would ask investors to tender proof of debt since merely as investors there is no debt?  The receiver's statement (paragraph 7, page 5) makes no sense at all - actually, I'm surprised it was made at all.

I suppose if the liquidator would have said that each investor should sing "Simon Says", do you think they'd do it?

Okay, I'm only a punter too, but to me, it all seems badly amiss.  Investors filling out proofs of debt disclosing the amount of money they've lost in the fund might be thinking there's a chance of personal recovery via the liquidator of Equititrust Limited, when (as far as I'm concerned) that is not going to be the case - again, to my mind, a total waste of time.

Ok on the insurance - at least it's something (in the circumstances).


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## No Trust (29 July 2012)

*Piper Alderman*

Piper Alderman is the only avenue investors have to recover *any money from the directors*... The action will proceed and investors who are confused about what the action entails should contact Piper Alderman bofore its too late.


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## No Trust (29 July 2012)

*David Whyte BDO Australia*

In terms of consistency *David Whyte has been on the ball*... Hall Chadwick on the other hand have been a total disgrace. Talk a big game but deliver absolutely *no results*... They have literally done nothing except perpetuate McIvor's earlier delusions of resurrection from the dead via a stock market listing...

When they came to the realisation of who they were dealing with (deluded idiot) they have been like a deer in the headlights. The stream of fees just didn’t eventuate as they thought and the backlash from investors and this thread about collecting fees from the funds caught them off guard.

Hall Chadwick *should be removed *and a competent Liquidator put in their place. One that will be consistent, *investigate the malfeasance they have identified *and communicate with creditors and investors properly.

If they want their fees paid let them talk to their *buddy* McIvor who appointed them.


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## No Trust (29 July 2012)

*McIvor - King Con*

What should be investigated further is whether McIvor allowed "King Con" to *manage any of the assets *of either fund. Were there any other JV's or business relationships between McIvor and "King Con" ??? All *relevant matters *which require further investigation...


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## No Trust (29 July 2012)

*McIvor - King Con*

This was retiree investors money *not McIvor's personal piggy bank *to do as he wished... McIvor's performance indicates that he was a *very poor custodian *of the public's money...



http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html


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## No Trust (30 July 2012)

*Ex-McIvor home put on the block*

*Ex-McIvor home put on the block*

July 30, 2012

THE saga surrounding the mansion that *Mark McIvor*, founder of the *failed Equititrust merchant bank*, built on the elite Cronin Island is poised to take a new twist.


http://www.goldcoast.com.au/article/2012/07/30/434881_gold-coast-business.html


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## No Trust (30 July 2012)

*Auction*

Let's see if the "Unhappy Australian" attends the auction of his former abode which the banks repossessed earlier this year... Wifey Stacey might want to bring some Kleenex ... Pity these two never shed a tear for the innocent retiree investors who's life savings they lost...


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## kostag (1 August 2012)

*CRONIN ISLAND*

this whole deal seems very very suspicious.

No-one is suggesting that FULTON paid the full price are they?

So someone allowed a CONTRACT to be written for an inflated amount knowing that it was inflated.

Then what happended at the settlement?

The Commonwealth Bank handed over $4.5M to someone - presumably the outgoing Mortgagees. 

Did Fulton then hand over the balance to someone ? Or did everyone at the settlement just sit there saying 'well, there's a $6.7Million Contract here and only $4.75Million on the table ?". 

Sounds like a conspiracy and fraud to me.......  

why would FULTON be bothered doing this?

someone was behind this....... probably someone who had some interest in wanting to keep the house and needed a dupe to front on some crazy hare-brained transaction.

It could only happen on the Gold Coast!!!



No Trust said:


> Let's see if the "Unhappy Australian" attends the auction of his former abode which the banks repossessed earlier this year... Wifey Stacey might want to bring some Kleenex ... Pity these two never shed a tear for the innocent retiree investors who's life savings they lost...


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## No Trust (1 August 2012)

*Cronin Island - Island of Deceit*

There is something *seriously amiss *here...


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## No Trust (1 August 2012)

*Trust*

It was interesting to note that the real estate agent handling the sale *touted* that the property was held in a *trust structure *immune from the Equititrust debacle...

Read the article below for some *further insight *as to who was doing the marketing... The property seems like a *magnet* of some sort to a particular type of individual...


http://www.propertyobserver.com.au/...kollosche-taking-extended-leave/2012031953900


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## kostag (2 August 2012)

*McIVOR's house: agent taking 'time out' -  you bet he is!*

I bet he is!

My experience in life is that coincidences rarely occur. More often than not: well planned conspiracies.

Only Police investigation will unearth what really went on with this obvious 'ramped' sale.

Certainly, on the face of it, someone lodged a fraudulent finance application with CBA and what suckers they were!  Who do they employ to vet loans of this size? Idiots! Or did someone "gain" there too? 

Then, ofcourse, someone knowingly produced a false contract.

Who signed it on behalf of the Vendors?

What happened at stetlement day in regards to the supposed balance of purchase moneys, that is the amount over the mortgage moneys supplied by the CBA ?  Who simply turned a blind eye to what was patently a fraud taking place?

Expect to see much more on this than some agent simply taking 'stress leave'.


Then 







No Trust said:


> It was interesting to note that the real estate agent handling the sale *touted* that the property was held in a *trust structure *immune from the Equititrust debacle...
> 
> Read the article below for some *further insight *as to who was doing the marketing... The property seems like a *magnet* of some sort to a particular type of individual...
> 
> ...


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## No Trust (2 August 2012)

*Re: McIVOR's house: agent taking 'time out' -  you bet he is!*

This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...


----------



## kostag (2 August 2012)

*SMELL'S LIKE FRAUD ALRIGHT.... but who was behind this one and why ?????  ah,   ???*

no Rhodes Scholars needed on this one....



No Trust said:


> This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...


----------



## No Trust (2 August 2012)

*Re: SMELL'S LIKE FRAUD ALRIGHT.... but who was behind this one and why ?????  ah,   ?*

How stupid would one have to be to think this could be pulled off against a major bank...




kostag said:


> no Rhodes Scholars needed on this one....


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## No Trust (2 August 2012)

*Cronin Island - Island of Deceit*

The real question is why is the buyer trying to sell the house in such a *hurry*... Who else was involved in this little arrangement ???


----------



## kostag (5 August 2012)

*CRONIN ISLAND renamed CONMAN ISLAND*

just put two and two together....

who and how many people had to collude to get a CONTRACT isused for some $2M more than the hosue was actually being sold for?

what happended at settlement?

who agreed to this?

who oversaw the cheques being handed over or rather not handed over at settlement?

surely the CBA is not that stupid?   

we have seen the CBA new advertising logo of CAN .... maybe it should be CON.


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## kostag (6 August 2012)

*CONMAN ISLAND and the GHOST who Walks.*

when reviewing a transaction and looking for criminal intent and responsibility -  always ask yourself - who stood to gain?

Why would FULTON sign a contract to buy on CONMAN ISLAND for ~$6.5M when it could be bought for ~$4.5M?

Who really stood to gain here?

The GHOST WHO WALKS is not far from this one.


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## No Trust (7 August 2012)

*Court Documents*

A review of the court documents may shed some light on the matter. Sworn affidavits are a great source of information / embarrassment.


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## No Trust (9 August 2012)

*Unhappy Australian*

What a lot of investors would like to know is how is how McIvor and wifey Stacey are now paying their bills... Where is the money coming from ??? Isn't this a question the so called liquidator should be asking ? The liquidator needs to take action on this front before all credibility is lost... If money has been taken from the company then the liquidator has a duty to to take action...


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## No Trust (9 August 2012)

*Re: CONMAN ISLAND and the GHOST who Walks.*

"Property industry sources say the home has sold to parties *well known* to the McIvor family, but marketing agent Michael Kollosche, of Ray White Broadbeach, declined to comment."

http://www.goldcoast.com.au/article/2012/02/09/389045_gold-coast-real-estate.html




kostag said:


> when reviewing a transaction and looking for criminal intent and responsibility -  always ask yourself - who stood to gain?
> 
> Why would FULTON sign a contract to buy on CONMAN ISLAND for ~$6.5M when it could be bought for ~$4.5M?
> 
> ...


----------



## No Trust (9 August 2012)

*Alarm Bells*

Should the fact that he parties were "well known" to the McIvor Family raised some alarm bells??? The sale price in itself compared to the Perrin home just did not add up... 

What's going on here ???


----------



## No Trust (10 August 2012)

*Court Case*

A review of the court documents surrounding this case shows that the bank has asked for Further and Better Particulars... It seems some people are being asked some very uncomfortable questions... Whoever was connected to the fraud the bank alleges will have some serious consequences coming their way...

This was a very shady deal... Is everything the McIvor's touch marred in controversy ???


----------



## No Trust (11 August 2012)

*And it all comes tumbling down*

Karma at work... The universe really is settling the score on this idiot...

http://m.propertyobserver.com.au/ti...es-controls-of-another-cronin-island-property


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## kostag (13 August 2012)

*Come on Gold Coast media -  get real !!!!!*

when are the Gold Coast media going to take a reality check and start reporting it as it is.... look at some of these recent reportings...


they say:  _Mark McIvor has lost control of his remaining two block Cronin Island holding_.   we say:   ah, means Receivers have kicked him out


they say: _McIvor, who founded the Gold Coast's own merchant bank, Equititrust_,  we say: It was never a company registered with AMBA as a Merchant Bnak and ASIC insisted that they remove such reference. 

they say:  _which became known for using a Roman voussoir arch as its marketing logo to suggest structural stability,_  we say: became known for not paying anyone back since 2008.

they say: _one of the many unlisted mortgage trusts to fail _   we say:  as a $200M plus loss - almOSt 100% total right off -  represents one of Australia's biggest financIal scams. 


COME ON GUYS -  IF YOU WANT TO BE TAKEN SERIOUSLY, HOW ABOUT REPORTING THE SITUATION WITH SOME DEGREE OF ACCURACY







No Trust said:


> Karma at work... The universe really is settling the score on this idiot...
> 
> http://m.propertyobserver.com.au/ti...es-controls-of-another-cronin-island-property


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## kostag (13 August 2012)

*Re: Court Case: YOU DONT NEED A BRAIN TRANSPLANT TO WORK OUT WHAT HAPPENDED*

THIS LAST STUPID RECKLESS ACT OF HUBRIS COULD BRING IT ALL DOWN, FINALLY

AFTER THE RIDICULE THAT EQUITITRUST SUBMITTED THE CBA TOO, DONT YOU BET THAT THEY WONT BE GOING FOR THE JUGULAR NOW!!!!




No Trust said:


> A review of the court documents surrounding this case shows that the bank has asked for Further and Better Particulars... It seems some people are being asked some very uncomfortable questions... Whoever was connected to the fraud the bank alleges will have some serious consequences coming their way...
> 
> This was a very shady deal... Is everything the McIvor's touch marred in controversy ???


----------



## No Trust (16 August 2012)

*Somethings Rotten*

It seems the Burleigh Properties are being seized from the feuding McIvor Siblings according to the Gold Coast Bulletin... Tick Tock - Tick Tock 

True pariahs of the Gold Coast, but that's what you get when you screw other people...


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## ASICK (17 August 2012)

*Lion Advantage*

Yes, there has been silence - and there's a good reason for some of it too:-

http://www.asic.gov.au/asic/asic.ns...e of Lion Advantage and bans CEO?opendocument


----------



## No Trust (17 August 2012)

*Re: Lion Advantage*

My oh my, birds of a feather *do fail together *don't they... From "*King Con*" to Hickie McIvor really did keep good company didn't he... 

How long will McIvor be banned for ??? He has comitted far greater financial sins... 





ASICK said:


> Yes, there has been silence - and there's a good reason for some of it too:-
> 
> http://www.asic.gov.au/asic/asic.ns...e of Lion Advantage and bans CEO?opendocument


----------



## ASICK (17 August 2012)

*Re: Lion Advantage / Re: VentureAxess*



ASICK said:


> Yes, there has been silence - and there's a good reason for some of it too:-
> 
> http://www.asic.gov.au/asic/asic.ns...e of Lion Advantage and bans CEO?opendocument




http://www.brisbanetimes.com.au/bus...nd-hickie-hikes-to-appeal-20120816-24bg4.html


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## ASICK (17 August 2012)

Last check:

David Hickie is still holding a AR  licence 445276 under

VentureAxess Fund Managers Limited Licence No. 266712  

The information is subject to change without notice.


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## No Trust (17 August 2012)

Some may say that tricky Hickie's predicament was *self inflicted*, others may say its also *Karma* for dealing with McIvor and trying to dupe retiree investors into a share scam... Either way *nothing good ever comes *from dealing with McIvor... its like he's *cursed*..............................................................Maybe he is................................................................................




ASICK said:


> Last check:
> 
> David Hickie is still holding a AR  licence 445276 under
> 
> ...


----------



## kostag (17 August 2012)

*IS ANYONE ASSOCIATED WITH MARK 'MADOFF' McIVOR LEGITIMATE???*

1. dodgy co Directors
2. banned AFS opertiaves
3. bankrupct borrowers
4. struck off Liquidators who just snuck out of bankruptcy,

its like some surreal nightmare

and all brought to us by the one who used to promote sticking non paying borrowers into the stocks and throwing garbage at them .....

well, what is going to get thrown at the Ghost who haunts Conman Island , will make rotten garbage almost a treat


----------



## No Trust (18 August 2012)

*More confirmation of McIvor's bad company*

*Lion Advantage loses financial services licence and CEO David Hickie banned by ASIC for two years *

*Property Observer
*Larry Schlesinger 
Friday, 17 August 2012

"Hickie provided consulting services to Mark McIvor’s failed mortgage fund operator Equititrust in November 2011 and was appointed a director of Equititrust in January 2012."

What a bunch of incompetent idiots... Who else would deal with McIvor, desperado’s on the *verge of collapse *themselves...


----------



## No Trust (18 August 2012)

*McIvor ASIC*

ASIC needs to ban McIvor now for *life*...


----------



## No Trust (18 August 2012)

*Where is the money coming from ???*

As I have repeatedly highlighted what needs to be asked is where McIvor and his cohort Racey Stacey are getting money to pay for a *luxury rental *a driveway full of luxury cars and* private school *fees ???

The liquidator "All Bran" despite promises has *done nothing *to investigate the stripping of  funds from Equititrust prior to its collapse despite noting the occurrence of payments to McIvor related entities without any form of invoice in their initial report as Adminis*traitor*...
It is clear the liquidator having been appointed by McIvor is not playing a fair game which has now resulted in a *formal complaint against them to ASIC*... 

I encourage other investors and creditors to *do the same*...


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## kostag (19 August 2012)

*NATIONAL  DISGRACE*

ALL-BARREN himself was a struck off liquidator and almost bankrupt insolvency practitioner....  didn't we do well !!!!!  




No Trust said:


> As I have repeatedly highlighted what needs to be asked is where McIvor and his cohort Racey Stacey are getting money to pay for a *luxury rental *a driveway full of luxury cars and* private school *fees ???
> 
> The liquidator "All Bran" despite promises has *done nothing *to investigate the stripping of  funds from Equititrust prior to its collapse despite noting the occurrence of payments to McIvor related entities without any form of invoice in their initial report as Adminis*traitor*...
> It is clear the liquidator having been appointed by McIvor is not playing a fair game which has now resulted in a *formal complaint against them to ASIC*...
> ...


----------



## klua (20 August 2012)

A small but interesting item on page 48 of today's (Monday) Gold Coast Bulletin regarding the sale of the house on Cronin Island and the intrigue.


----------



## No Trust (21 August 2012)

Missed yesterday's paper, any chance you or someone else can summarise what the article says..


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## No Trust (21 August 2012)

*Cronin Island - Island of Deceit*

Something *seriously suspect *has gone on here... What will the court documents reveal ???


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## kostag (23 August 2012)

*CONMAN ISLAND and the FUHERERBUNKER*

you will find this....

1.  the Vendor was put up to it
2.  contract was 'loaded' and designed to trick CBA into lending
3.  all parties to the Contract will be shown to have known this was the go
4.  the shock disclosure (no big surprise here) will be who was the true beneficiary re the new house ownership.

BOGGO ROAD must be lookign closer by the day

the CBA wont go easy on this one

they have been made to look like fools.




No Trust said:


> Something *seriously suspect *has gone on here... What will the court documents reveal ???


----------



## klua (23 August 2012)

*Re: CONMAN ISLAND and the FUHERERBUNKER*



kostag said:


> BOGGO ROAD must be lookign closer by the day
> .




Boggo Road is closed now, but we all know what you are saying.


----------



## No Trust (23 August 2012)

*Re: CONMAN ISLAND and the FUHERERBUNKER*

Sources close to the matter have confirmed today that the matter has been referred to the police and a major fraud investigation has begun... Someone is going to get a knock on the door at a very inconvenient hour, if they haven't already...

These files are very hard to shred and the culprits have been caught with their pants down...

Now does anyone want to guess who the real beneficiary of the property was ??? Bare Trust and all...

The mystery "beneficiary" has pulled this Trust shell game before and was caught out, this time it seems the stakes are a lot higher and a stint in a correctional facility is not only warranted but now seems highly likely...




klua said:


> Boggo Road is closed now, but we all know what you are saying.


----------



## No Trust (25 August 2012)

It seems there is *another major controversy *brewing connected to this disaster... 

Eye watering stuff...


----------



## No Trust (27 August 2012)

*Cronin Island mansion built by Mark McIvor draws top bid $5m below what owner paid*

"Mr McIvor, founder of *failed fund manager Equititrust *which collapsed *owing investors millions*, lost the property to receivers"

Look at this unfolding, disaster connected to McIvor's *repossessed* home... Now why would you buy a property for *6.75M *and only months later put it to an urgent auction...


Something *seriously suspect *has gone on here...

Was the now "*impoverished*" Marky Boy at the auction with cry baby Stacey ??? 


http://www.couriermail.com.au/news/...-what-owner-paid/story-e6freoof-1226458361281


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## Mozzi (31 August 2012)

Mr Whyte's report is now online at Equititrust site.   Have not yet had time to read it!!!!!


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## No Trust (1 September 2012)

At least David Whyte is doing his job, what is "all bran" the liquidator doing???
Nothing... That's rights that appointment was CONected to McIvor...
What scam is the liquidator pulling ?


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## freebird54 (4 September 2012)

I have been involved in many of there for over 20 years and you should all be aware of this nice little earner................
often the lender [Or his mate] will loan top up funds initially [especially on construction loans] on a 2nd or even 3rd mortgage at high interest rates - 20-30% and will get his funds out before the 1st mortgagees even though there may be a deed of priority
This is not illegal so ASIC is not concerned but may be actionable if you ever find out about it.

And how can it be proven?


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## No Trust (5 September 2012)

*Whats Going On BEHIND THE SCENES*

Whats going on *behind the scenes*... Looks like McIvor's deeds *won't be forgotten *after all...


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## No Trust (6 September 2012)

Where is Marky Boy hiding whilst he is being pursed by the *NAB* and *receivers* ???

All his property and "*dirt*" taken away, no more Mr Egomaniac, just a legacy of having *ruined the lives of thousands of innocent retiree investors*...

He can't hide forever...


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## kostag (6 September 2012)

*How can $200M PLUS be simply gone and no-one is yet in jail ???*

1. David Whyte says we are down to 17cents in the dollar - BEFORE operating costs -  so it will be NIL my friends as I said over a year ago.

2. How can a $300M plus loan book go to NIL and no-one be charged?

3. A fully paid Board of Directors; constant PDS releases saying all is well; Audits  done each year and those accounts published = but no-one is at fault? It is a conspiracy to defraud us all. 

4. Huge salaries and fees paid which have all come out of our money.....

5. No prospect of any recovery

6.  Supposed loan moneys advanced to the likes of Quinlivan obvioulsy fonding their way through some smoke and mirror back door to other parties....

and neither  ASIC, AFP, Fraud Squad , no-one..... not a thing has been done!

This is just going to dissappear into the Sunset - everyone just walks away well paid except the INVESTORS -  all ripped off and broke.


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## No Trust (6 September 2012)

*Where is the money ???*

Kostag is absolutely right in terms of asking where *did the money go*... Why have the police and ASIC not spoken to "*King Con*" about what really happened in Ipswich... How on earth could a valuer get it *sooooo wrong*. There is more to this than meets the eye.


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## No Trust (6 September 2012)

*Quarter of a Million Views*

Within the coming days this thread will have had a *Quarter of a Million *views...

With the thread mentioned in the *National Media *and a raft of untruths uncovered, spurious claims and denials by Equititrust and McIvor exposed, *thanks need to go out to Kostag *for starting this thread and exposing the truth...

There are *more revelations *to come in the coming weeks and months which will expose what really happened, Piper Alderman have been *keeping their powder dry *and once proceedings commence and the evidence is presented ASIC and the Police will have no option but to move on those responsible for the *ruination* of some many retiree's lives. 

The retiree’s have not been forgotten and this thread will keep the spotlight on the culprits of this disaster...


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## ASICK (7 September 2012)

Good morning "Kostag".

Yes, you're right, off "into the sunset" - following along after so many others.

Sadly, I fear Equititrust will not be the last - you are all in good company.

Even in its 'death throes' your fund is worth much to many - I note that your much loved liquidator is making a handsome purse out of your troubles.  No one is doing anything for nothing.


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## kostag (7 September 2012)

*EQUITTRUST*

the FUND will have $NIL for investors -  a 100% write off!

I dont need a fancy Commerce degree to work that one out!

The best hope is through PIPER ALDERRMANN re a claim against PI insurance; a claim against the AUDITORS; and a claim against the DIRECTORS personally inclduing a forensic tracing of all their assets - injunctions restraining them all from dealing with assets and moving assets sideways....

otherwise, there is NIL for anyone!!!

Mark my words on this one.

Harry




ASICK said:


> Good morning "Kostag".
> 
> Yes, you're right, off "into the sunset" - following along after so many others.
> 
> ...


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## klua (7 September 2012)

Article on P32 of today's Gold Coast Bulletin regarding the auction of  properties linked to MM . 
According to the article it appears some were sold for bargain prices. Some properties were passed in.


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## No Trust (7 September 2012)

*I'll Gotten Gains*

Poor Marky and Stace, not only has all their property now gone... It was fire sold right out from under them...

Both now new inductees of the "Poverty Pack" as McIvor used to call them... How the world turns in only a matter of years. It's like they're financially cursed... Karma really is a bitch...

This really is financial death by a thousand cuts...


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## kostag (8 September 2012)

*250,000 HITS !!!!!!!!!!*

they said we would never make it and never last

despite Kolonel Klink 'I know nothing' Kennedy and Mard Dog "Madoff" McIvor engaging forensic IT guys and using false IDs to drawer us out -  we survived and got the truth out there

Media such as SMH in Sydney also did a great job

Lets hope that ASIC and AFP dont make a mockery of all of this effort and risk and finally finish this saga off with some serious jail time!!!


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## No Trust (8 September 2012)

*Re: 250,000 HITS !!!!!!!!!!*

*250,000 hits *and rising by the day... *Great work *Kostag in starting this thread...

Special thanks to *Aussie Stock Forums *for providing an *excellent platform *for investors of all types to be able to come together..

A hearty hello to Klink and Mad Dog too, who we know watch this thread like hawks... We see "*Karma*" is doing its job... Hope the resume's polish up nicely and don't forget to mention *MFS* and *Equititrust* in *BOLD* it will hold you in fine stead...

On wards to *500,000 *hits...




kostag said:


> they said we would never make it and never last
> 
> despite Kolonel Klink 'I know nothing' Kennedy and Mard Dog "Madoff" McIvor engaging forensic IT guys and using false IDs to drawer us out -  we survived and got the truth out there
> 
> ...


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## Goldie101 (9 September 2012)

I am not an investor in Equititrust but a member of the Gold Coast business community who has followed the demise of Equititrust with a somewhat morbid fascination.  I know several investors, advisors and a few former employees who I see from time to time and I think I am reasonably well versed in its affairs.

Freedom of speech is a wonderful right but it does not come free from obligation – it comes with responsibility even if one tries to hide behind the curtain of internet anonymity.  One must be truthful in what one says and one cannot use it to cause harm or damage to others without consequences.  There is an interesting article in today’s Sydney Morning Herald regarding this principle and how it has impacted upon the Hot Copper website (which is similar in nature to this one).  This article made me reflect upon what I have read on this forum and looking at it today (having been an avid reader from time to time) made me chuckle as I witnessed the mutual self-adulation of some participants who are obviously oblivious to the consequences of their past actions (or simply don’t care).  I was so amused I was energized to join the site and contribute (something I have been tempted to do for some time).

I am told (by several reliable sources) that the identity of some of the more prolific participants was established some time ago and is now well known to various parties/authorities.  These identities will no doubt be revealed in time.  I am told that they are not Equititrust investors at all but rather sworn enemies of McIvor.  I suspect they would be as concerned for the workers of a piggery in Nauru as they are for Equititrust investors.

The irony of some participants alleging criminal offences against all and sundry and damaging countless reputations will not be lost if their own past catches up with them.  I am told that it has been established that several participants have engaged in criminal defamation and serious breaches of the Criminal Code Act (like those on twitter who recently harassed Charlotte Dawson) and that such offences have not gone unnoticed.  I guess only time will tell if this is correct.

There is nothing wrong with fair comment or even raising suspicions about certain matters or people associated with Equititrust’s demise (which seems warranted from what I am told as its collapse is nothing short of an unmitigated disaster).  That is a fair way short of what some participants have done.  They have acted as judge, jury and executioner against individuals, their families and highly respected professional firms.  There can be no doubt that much of what they have said is false and they have jumped to conclusions that a reasonable person would not (or at the very least they have not provided facts to support their position).  It certainly appears to have been done with malice and reckless abandonment.  

I think the forum would have been far more useful had it stuck to the facts and allowed investors to discuss and comment on what has happened to their investment.  The personal attacks have been unhelpful and have distracted from what should have been the main show.  Investors should be very cautious as to acting on information contained on sites such as this.  Consider what is said by all means - just don't pay treat it as gospel.

Anyway, not sure how much more I will contribute to this forum but there is my ten cents worth for now.


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## ASICK (9 September 2012)

*"Good morning 'Sunshine'"*

I refer to the posting made by  "Goldie101", although I do not care to quote same.

What an extraordinary posting!  First, hearsay accusations against, and I'm guessing, "Kostag" and "NoTrust", by a person who himself/herself is anonymous, such accusations made in a posting, itself  loaded to the  hilt with hearsay.   

"Goldie101" says he/she is " told (by several reliable sources) that the identity of some of the more prolific participants was established some time ago and is now well known to various parties/authorities.", so then, what is the problem?  

Why haven't the 'authorities' acted to prosecute the alleged offenders of the alleged criminal defamation?

Why haven't the aggrieved parties brought such matters to the attention of the  moderator of ASF, a person who is quite active in protecting the site against civil transgressions (and worse), and/or why haven't they proceeded with civil litigation to protect their reputations?

It has been mentioned by a number of us that members should support postings with evidence, but that has not always been the way of "Kostag" and "NoTrust", and so it goes.

It seems to me that "Goldie101" fares no better than each of "Kostag" and "NoTrust" since he/she brings no evidence to support his/her claims against those he/she makes mere allegations.

Given the losses, who can blame certain members for even harbouring a degree of hate for those who lose investors' money? - who could blame them becoming 'sworn enemies' of those who lost investors' hard-earned savings?

I'm sure the postings which follow mine will surely be no less than colorful.


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## No Trust (9 September 2012)

*"Goldie Locks"*

*The Infamous Post #153* 16th-February-2011 11:10 PM posted by Equititrust, the last paragraph read:

"Would we like to state that investors investment is *100% safe*? *Yes we would *but ASIC guidelines *restrict us from making such statements*. What we can say is that Equititrust would have to lose its entire $40m investment *before investors lose one single cent*. Such commitment to protecting investors is unheard of in the Australian mortgage fund industry."

In response to "Goldie Locks" *deluded post*, I think *this says it a*ll... Here we have a company the "*apparent*" custodian of public money *making clearly false statements *to try and stifle the truth on this thread. Not only were there multiple false postings (*under multiple accounts*) by the company on this web site (which was widely reported in the national press) they also tried to supress the fact that they lent in excess of *$70M *of innocent retiree investors’ money to "*King Con*" 

The Article by *Colin Kruger *below sums it up and reinforces the fact that those in control of Equititrust were the *masters of their own destiny *in terms of their actions and *resultant damage to their reputations*, which in turn *have been widely reported **in every national newspaper in Australia *at its peak almost on a weekly basis... No one has made this up, journalists from the nation’s top newspapers Colin Kruger, Greg Stolz, Anthony Marx, Scott Rochfort, James McCullough, Mitch Gaynor, Anthony Klan etc etc etc, have brought this *to the public domain*... 

As for what the Receivers and Liquidators have outlined in their reports, *particularly the financial irregularities*, well that’s on the public record as well... 


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html

http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


Now the question is *who at Equititrust *will put their hand up for *Infamous Post #153 *? In light of Colin Kruger' Article on the *13th of June 2011 *it is clear whoever made the post on that date knew it was false considering the unfolding collapse of "King Con"... 

Further as reported by Colin Kruger :

http://www.smh.com.au/business/four...fault-at-equititrust-fund-20110209-1an0h.html

If the Sydney Morning Herald had not put the spot light on the further *$50M *capital raising forcing ASIC to intervene how many more innocent Australians would have been financially devastated. Following this article the fact that Equititrust had massive exposure to "*King Con*" was exposed on this web site. Equititrust under a false account traced back to them tried to deny it on this thread...

"Goldie Lock's" *does not seem to give a damn *about the innocent retiree investors who cannot even get a pension as a result of the actions of Equititrust and its management who seem to this day to be more interested in self-preservation than the welfare of those who entrusted their money to them...

As a reminder watch the video below, "*Also in the Public Domain*" to see the innocent people whose lives have been decimated by Equititrust...

http://media.theage.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html


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## Olman (9 September 2012)

*This thread.*

I found it refreshing to read Goldie's view.  While Asick's comments also hold some relevance, the self-adulation of the Two Main Posters (TMP) here, and their evasive responses to any attempt to get them to declare their interest, are boring in the extreme.  

The gleeful chortling of the thread "hit" statistics should be tempered by consideration of the posts - the majority of the TMP posts are personal observations and ranting of no substance, and one wonders how often the site is  visited by them to ramp up the stats. 

To their credit, they do occasionally come up with valid links to new information, but this is a pretty small proportion of their posts. Any oppositional view is attacked vehemently and intelligent discussion is drowned out by the knee-jerk responses.

The only sane way to deal with this site is to check out the thread, skip the constant irrelevant vitriol, and take note of anything that seems relevant.  It only takes a second or two to judge the content and close the page.

No doubt the TMP will follow previous tactics and post a multitude of separate few-liners to push the dissenting views from sight.  Enlightened discussion is in short supply here when considering the volume of garbage, but the nature of free speech does have limitations and it is unrealistic to expect any self-moderation.

Go for it, fellas ....


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## Goldie101 (9 September 2012)

It comes as no surprise to me that No Trust should decide that attack is the best form of defence.  In fact I would have been disappointed had this not been the case.  The history of this blog shows that he personally attacks anybody who dares question anything he says.  He appears to be either unable or unwilling to engage in anything like rational debate or consider an alternate view to his own.  I will give some examples of matters to which I was referring at a later time that I believe will demonstrate what I mean.

Let me be a little clearer in my views.   Does the collapse of Equititrust warrant investigation?  Absolutely.  My view is that this is a job best left for ASIC, the various Receivers, the Liquidator and others.  Surely they have access to information that others do not.  If anybody has any relevant information then they can provide it to them.  Have the various posters who apparently have such damning evidence given it to the appropriate authorities?

As to ASICK’s post, I must say I was a little surprised.  With the greatest respect, I couldn’t disagree more with what you say and I would hardly describe my post as extraordinary (particularly in light of some of the previous posts on this site).  You draw comparisons between my post and those of some others yet fail to recognise the significant and obvious differences.  For example, 

(i)	I have not named anybody nor tarnished anybody’s reputation.  Whilst I have been told the alleged identities of various participants I do not think it appropriate to share them as I have no evidence as to whether what I have been told is correct.  Even if I had such evidence I am not sure their identity adds much to the discussion. I suspect most readers will have long ago formed their own view regarding the motives of such participants (and the objectivity of them).  Furthermore, even if I disclosed the blog name of participants to which I was referring (which I did not) this hardly would identify them to readers of this site – this is a million miles away from what various participants have done to others;

(ii)	I made it clear that I was relying upon what I was told by others.  I also made it plain that I did not know if what I was told was correct.  In fact I said, “I guess only time will tell if this is correct”.  ASICK, we are not in a courtroom – there is nothing wrong with hearsay evidence – the issue is the extent of reliance that one places upon it – given I have made it plain when I was relying upon such hearsay I am not sure what your beef is;

(iii)	I was not attacking anybody.  I was simply saying that I think investors should be cautious of acting on information contained in sites such as this (such a caution would obviously extend to my post).  Nothing more, nothing less;

It is true that in theory anybody who thinks their reputation has been unfairly tarnished can take civil action.  In practice, this a naÃ¯ve proposition.  The time and costs of taking such action against people who may well have no assets available to satisfy any judgement makes it almost always a waste of time to pursue such course.  It is similarly naÃ¯ve to expect the moderator to censor such things – this was one of the points of the article in the SMH yesterday (which prompted my post).

As to the “sworn enemy” comment you may like to re-read my post.  I fully understand some investors who have lost large sums of money becoming sworn enemies of those that lost their money – I would do the same I suspect.  What I actually said was that I was told the people to whom I was referring are not investors at all but rather sworn enemies.  If this is true then, in my view, it does change the reliance one can place on what they say (particularly when they provide no evidence to support what they say).  If they are not investors, what is their motivation to attack the way they have?  This does not mean that they have no right to say the things they say – it just helps one put them in context.

Finally, I was not in any way trying to stifle debate – far from it.  I was just trying to encourage constructive discussion as opposed to much of what has transpired on this site, especially of late.  If you read my post I do not oppose participants from raising suspicions regarding people's conduct or behaviour.  I merely say that comments should not be stated as fact when they are opinion and no participant should act as judge, jury and executioner. I am not sure any reasonable person would disagree with such sentiments.

As discussed above, when I get the time later I will give some examples of what I was talking about regarding certain posts.

In the meantime, enjoy the weekend.


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## ASICK (9 September 2012)

re: "Goldie101" - there are no many errors in your posting and while I enjoy engaging, it would simply take too much time to attend to all of the issues in detail.

Please note that any individual comments I made in my last posting should be taken to stand alone (eg. re: "sworn enemies") unless expressed otherwise.

As I read it, you complain of hearsay by members of this forum, but you dose out hearsay in spades.

You say, "There can be no doubt that much of what they have said is false and they have jumped to conclusions that a reasonable person would not (*or at the very least they have not provided facts to support their position*)." and yet in total contradiction you say, "ASICK, we are not in a courtroom – *there is nothing wrong with hearsay evidence* – the issue is the extent of reliance that one places upon it – given I have made it plain when I was relying upon such hearsay I am not sure what your beef is;".

It's quite a hypocritical stance for you to take - to say on the one hand  that the bar should be raised when members of the forum make allegations (the provision of facts), and yet on the other hand to  say that the bar should fall to the ground when you post (hearsay is okay).   

I agree that the bar should be raised, and perhaps the first act in raising the bar might be for you to volunteer to ask the moderator to delete your first post since you have not provided one shred of evidence to support any allegation you made therein.

Some examples would be more than welcome.


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## No Trust (9 September 2012)

*Equititrust Collapse*

Now here we have "Goldie Locks" making some *very serious allegations *and when push comes to shove he arrrgh, gargle, arrrgh, pause, splutter says:  

"I made it clear that I was relying upon *what I was told by others*. I also made it plain that *I did not know if what I was told was correct*. "

So in effect "Goldie Lock's" posting was nothing more than rumour, hearsay and gossip...

I think (*in his own words*) that says it all...


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## No Trust (9 September 2012)

*No mention of the poor retiree investors*

Also of note is the fact that there is *no mention *of the Innocent Retiree Investors whose *lives have been ruined by Equititrust* and the *multiple false postings by Equititrust *on this thread... That was selectively ignored...

To any new readers of this thread the articles below are not hearsay, I wasn't told about them by someone anonymous, they are *published articles by respected journalists *in the public domain which are categorically in the *Public's interest*...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html


http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


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## No Trust (9 September 2012)

*Administrator's Report- On the Public Record*

Oh and here is some *more factual information *on "*The Public Record*" published by the then Administrator of Equititrust and *still readily available on the Equititrust website *for anyone wishing to fully inform themselves of the facts:

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Page *29* Para *11.1* is really interesting reading...

I wish I could make this stuff up, but no here it is in "*The Public Domain*" for all to see, read and legally comment on as enshrined under the provisions of the law enacted in *2005* and adopted in *2006*.

Its *Freedom of Speech *which really does makes this country great...


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## No Trust (9 September 2012)

ASICK, your input in this debate has always been *fair and balanced *to the chagrin at times of those who have caused this disaster...

The debate can get heated at times and given the extent of the losses and in particular *who the money was lent to without the investor's knowledge *the comments have always been based on Honest Opinion on what is readily available in the *Public Domain *almost on a *weekly basis*.

Yet here we have a posting in which the poster clearly states that he *does not have an honest opinion *and does *not know *whether the allegations are true yet has proceeded to publish them...

Hypocracy of the highest order... Asking the moderator to delete the post might be a *good option *for the offending individual...




ASICK said:


> re: "Goldie101" - there are no many errors in your posting and while I enjoy engaging, it would simply take too much time to attend to all of the issues in detail.
> 
> Please note that any individual comments I made in my last posting should be taken to stand alone (eg. re: "sworn enemies") unless expressed otherwise.
> 
> ...


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## Goldie101 (10 September 2012)

ASICK, you say I complain about hearsay but then dose it out in spades.  I am not sure where you get this from.  You are the one who raised hearsay evidence, not me.  My comment was actually “there is nothing wrong with hearsay evidence”.  I think we will have to agree to disagree on this one. 

With respect to No Trust’s predictable comments, I see no need to reply other than to note my bemusement that, of his 5 posts since mine, not one contained a denial of matters I raised - surely this would have been the faster way of dealing matters.  I did not post on this site for his benefit, or for the matter, for anyone with an ulterior motive.  I am posting for the benefit of investors and then only to warn them re the extent of the reliance that they place on what they read on sites such as this.  I am certainly not defending the action of Equititrust or any persons associated with it but the manner and content of some posts is, in my humble view, entirely inappropriate.

For example, No Trust accuses McIvor’s elderly mother (who I suspect must be in or near her 80’s) of participating “in a number of scams with him”, of being the “front woman for Marky Boy’s scams” and of being a “co-conspirator” with McIvor.  He provided not one shred of evidence to support any of these accusations and when another blogger chastised him he replied “So don’t give me this rubbish when you clearly don’t know the facts…”.  I wonder what No Trust’s definition of a fact is.

Another example is with respect to the Liquidator, Hall Chadwick, who are a national reputable accounting firm.  He has accused them of, amongst other things, total incompetence, being “a total disgrace”, being buddies with McIvor, being “idiots” and being a “running joke”.  Whilst these are clearly matters of opinion he also accuses them of having a hidden agenda, being involved in scamming investors, engaging in deceit, lying and gouging for fees. These are very serious allegations that affect a firm’s reputation yet not one shred of evidence to back up the allegations is provided or alluded to. I suspect because none exists.

I do not intend to be a prolific poster on this site as I have better things to do with my time.  I will however endeavour to post from time to time when I think the truth is being misrepresented or when I think things others says warrant being challenged.  Readers can then decide the extent of reliance (if any) they place on my posts.


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## gardie (10 September 2012)

Goldie

The problem with leaving it in the hands of the supposed experts is that history has shown that mum and dad investors tend to get rather short changed.

In relation to another Gold Coast Fund the Premium Income Fund ASIC have being "investigating" for three years now and no matter how many complaints are made they are not prepared to even talk to the investors. "Cannot discuss an ongoing investigation". ASIC are aware of a number of actions that are criminal in nature by certain parties and yet by the time they do something there will be nothing left.

Now how would you feel if you house was burgled and when you try and go to the police you cannot get a response.

As to relying on liquidators and receivers take a look at the number of complaints made to the Senate Review on this industry.

The whole model or liquidators/receivers/administrators is flawed as they have no incentive to maximise investors returns. They claim to do so but they are at the front of the queue in terms of getting paid. I think it was worked out that at an Ansett creditors meeting the cups of tea cost $60.

If this forum can get matters out in the public eye and show just little regard parties have for mums and dads hard earned investment then it provides a great service.


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## ASICK (10 September 2012)

*"Goldie101" Rides to the Rescue*

"Goldie101" said,  "ASICK, you say I complain about hearsay but then dose it out in spades.  I am not sure where you get this from.  You are the one who raised hearsay evidence, not me.  My comment was actually “there is nothing wrong with hearsay evidence”.  I think we will have to agree to disagree on this one."

Yes, you did say "there is nothing wrong with hearsy evidence", but the whole of your complaint in relation to "No Trust" (and unnamed others) relates to the fact that they did not provide facts to support statements, an onus of proof that you yourself are not prepared to rise to -  consequently, in my view, your stance is hypocritical.

"Goldie101" said, "With respect to No Trust’s predictable comments, I see no need to reply other than to note my bemusement that, of his 5 posts since mine, not one contained a denial of matters I raised - surely this would have been the faster way of dealing matters."

As I see, you didn't provide any particulars in your previous posts, so I have no idea why you should be bemused by anyone's failure to respond to broad allegations lacking particularization?

"Goldie1010" said, "I did not post on this site for his benefit, or for the matter, for anyone with an ulterior motive.  I am posting for the benefit of investors and then only to warn them re the extent of the reliance that they place on what they read on sites such as this."

Yes, and that's a noble cause - but the site clearly disclaims each and every posting -  there can be no reliance on any posting made on ASF, so there is no need for you to ride to the rescue (so to speak).  I'm very much aware that the moderators watch each and every posting and take any complaints very seriously.

"Goldie101" said, "I am certainly not defending the action of Equititrust or any persons associated with it but the manner and content of some posts is, in my humble view, entirely inappropriate."

You are entitled to hold and express your view in this forum - you won't find argument from me on your right to do so - we're all here, not at the King's pleasure, but rather, the Moderator's pleasure.

"Goldie101" said, "For example, No Trust accuses ***** elderly mother (who I suspect must be in or near her 80’s) of participating “**************”, of being the “******************” and of being a “*************” with ******.."  (I''ve edited the text - reference should be made to the posting made by "Goldie101")

"Goldie101" adds, "He provided not one shred of evidence to support any of these accusations and when another blogger chastised him he replied “So don’t give me this rubbish when you clearly don’t know the facts…”.  I wonder what No Trust’s definition of a fact is."

And so it goes - Personally,  I take no notice of such statements from "No Trust" because no facts support the statements, but how do you know that "No Trust" doesn't have facts which he's not prepared to disclose on the forum? He may - he may not. Where are your facts to support what he says is not the case?  Without facts, what reasonable person would take any notice of any such statement?

"Goldie101" says, "Another example is with respect to the ************, who are a national reputable ***** *** .  He has accused them of, amongst other things, ***********, being “a *********”, being *****with *******, being “*****” and being a “******”.  Whilst these are clearly matters of opinion he also accuses them of having ********************, ************, ***********." (Refer to "Goldie101" posting)

I repeat my previous paragraph with the addition of the fact that the company has published certain documents on the Equititrust website, portions of which seemed not to sit well with "No Trust" and perhaps others on this forum - for my part, I'm not an investor, so such issues do not affect me at they might "No Trust" and others - his/her response may be or may not be justied, I cannot assess that  - he'll have to answer that.

"These are very serious allegations that affect a firm’s reputation yet not one shred of evidence to back up the allegations is provided or alluded to. I suspect because none exists."

Well, by way of argument only, what if the allegations had legs to them? then so what? The firm is a national firm well able to defend itself in the media using $$$$. Perhaps you might tell us whether you are aware of the reasons why the firm hasn't proceeded with legal action in such a case of alleged defamation? -As I understand it, a company with a certain number of employees (perhaps such as the company you refer to) is unable to bring suit, but here you are defending it.  How nice of you.

I'm sure the others you wish to defend will also be happy for your activities - but in the end, you bring nothing to the forum to rebut any allegations made by any poster on this forum against any corporate entity or natural person.  

There are a number of avenues for redress available to those who feel aggrieved, yet none have been taken up - the only defence comes in the form of "Goldie101".


----------



## ASICK (10 September 2012)

I'm not in favour of members making statements which aren't able to be supported by facts - and while it's an ideal to have supportable statements, we're all human, and we err (some more than others) - some make statements out of anguish, some out of loss (eg. of money).   Having studied a tad about psychology, I'm also aware that financial loss may affect one as much as the loss of a spouse and as such, loss of one's life savings may amount to some to be a loss which in effect, is really quite an emotional blow.

I find it difficult to criticize some statements which (to me) seem outlandish and perhaps, unsupportable, and I find that difficulty arising because I account for the fact that I see members losing their life savings, and I see members suffering the worst at the most vulnerable time in their lives.

I don't believe that either of "No Trust" or "Kostag" make statements as "sworn enemies" of McIvor as a result of some experience other than as a consequence of their respective investments with Equititrust: I confess I'd be quite taken aback if it was otherwise.

Many of us find ourselves on these forums in the hope we can better the outcome for what's left of our investments in the various funds, and some of us work to help others from falling where we fell.  

Finally, I've been surprised that the moderator hasn't deleted a number of postings, but since he/she hasn't, I take it to mean that the moderator believes those postings to be okay.  I trust that the moderator fully understands the limits of the law and will act to defend the site in the event it is necessary.


----------



## klua (10 September 2012)

A longish article on page 46 of today's Gold Coast Bulletin about the sale of Cronin Isalnd home and the resulting Commonwealth bank court case.


----------



## No Trust (10 September 2012)

*"Goldie Locks" delusion it seems is infectuous...*

I agree with ASICK's take on what "Goldie Locks" is *really about *and when you sum it up what is he offering investors who have lost the lot at the hands of Equititrust and those who have run it into the ground ??? *Absolutely nothing *... 

In terms of *factual evidence *the records of the *Office of State Revenue in QLD*, as well as law firms who have acted for the *dynamic duo *I think is evidence enough of the fact that smoke screens and mirrors by way of trusts has been the modus operandi for some time... Now if others are uninformed of the facts well that’s not my problem... But defending the *indefensible * makes one look like quite an ignorant idiot...

*Supreme Court Action - Repossession*

Now have a look at the little game being played out in the Supreme Court with McIvor's mother and Westpac Bank. Westpac want to repossess the home it seems as was reported in the press as a result of the receivership of one of the MM Entities. The bank is now taking the matter to trial on the * 19 - 22 November 2012 *and have called a quite a list of people to give evidence and provide *non-party disclosure*...

The trial will be quite eye opening as to the *business arrangements *between MM Properties / Holdings and McIvor's Mother and the connection to the home his sister lived in... *Westpac sure is keen to unravel it*…

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=1676/12

*DOWNWARD TREND*
James McCullough
Courier Mail

_*The fortunes of embattled Gold Coast businessman Mark McIvor continue to nosedive.*

In the latest blow, *Westpac has appointed KordaMentha as receivers *and managers over about eight properties owned by *companies associated with McIvor*.

Among them are the Chevron Island headquarters of his struggling funds management firm Equititrust, as well as Gold Coast homes occupied by *his mother and sister*. The bank plans to sell the properties to recover $24 million-odd in loans."_ *End Quote*

http://www.couriermail.com.au/ipad/city-beat-horizon-beckons-for-molloy/story-fn6ck2gb-1226228825079

Considering the inextricable link of the *MM Entities to Equititrust*, it seems that given the previous *interwoven participation of relatives *in terms of property ownership and use of *bare trust structures*, the resultant legal and financial outcomes of court proceedings are of *high interest to Equititrust investors*. 

*Liquidator*

In terms of the Liquidator, *what have they done for investors *??? Where are the public examinations, where are the *statutory assets statements of McIvor *and the other directors. 

Promises have not been kept and if it wasn’t for this thread and pressure applied by investors at the meetings they would have tried to have their *fees paid from the proceeds of the asset sales *of the funds (_further reducing the returns to investors_). This was despite *previous assertions that this would not occur*… 
I think every intelligent person can come to their own conclusion as to the *professionalism or otherwise *of a firm that does this…

For further factual evidence just look at the reports and statements of David Whyte the “*court appointed*” receiver who had to make a statement on the *18th of April 2012 *regarding the actions of the then Administraitor now Liquidator and *impact of the change of responsible entity * would have on the dilution of the return to Equititrust investors whilst *benefitting MM entities *directly connected to McIvor…

http://www.equititrust.com.au/Pdfs/...ter to Investors re Administrators Report.pdf

Also refer to paragraph *5* in David Whyte’s report below:

http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf

Now *why would a respected insolvency firm recommend the change of the responsible entity *where the direct result would be *massive financial loss to the investors *who have already been decimated…

David Whyte who I hold in *high regard *took the high road and via *2* reports stood up for the investors and *questioned the actions of the Administraitor / Liquidator*. 

Given the *factual evidence *in the David Whyte reports, not mine it seems that “Goldie Locks” is again trying to *defend the indefensible*…

If it wasn’t for the *pressure applied and exposure by this thread *a lot of people would have been uninformed of what David Whyte ultimately exposed.


----------



## kostag (10 September 2012)

*Reply*

a lot of heated debate -  which I suspect is not a bad thing at all.

It is worth remebering this.

This 'fight' got dirty when postings from purported Equititrust investors were tracked by this site's modertaor as emanating from an Equititrust computer.

At a time that history shows, Equititrust wa smore than likley insolvent, they were out in the market pro,oting a new $50M raising and a Meridien Marina trust.

The constantly crowed about 'sub-ordinated $40M cash invetsment' turned out to be only a series of clever accounting journal entries.

The Board -  some of them reputable respected figures -  presided over a Fund that amongst other things made a $70m loan to Dudley Quinlivan.

Valuations were obtained from respected Valuers but (presumably) not tested against purchase price evidence.

A large percentage of the loan book was represented by Vacant Land and Development assets with no cash flows. The loan book was more than likley toxic from late 2008.

Although a respected audit firm was used -  what testing was done of the secuirty values and what positive testing was done of loan asset balances? We draw no inference at all -  the simple fact is that the same firm audit firm audit firm audited MFS. 

Again no inference -  the simple fact that David Kennedy presided over MFS in its last few years and then Equititrust in its last few years.

Whilst Equititrust continued to spruik about the investors' funds being 100% safe -  this site started to provide detailed analysis that showed its value at best under 50cents! Then slowly, over time, this sites worst predictions became a reality with respected Receiver David Whyte now predicting 17cents BEFORE final overheads and realisation -  so more than likley NIL.

Yes, the fight became heated and YES with hindsight often was childish and perhaps petty. BUT falso, misleading and petty? I suggest that most of the information has turned out to be very much spot on.

Now, has this helped anyone?  Probably not. If anything it has probably only served to bring investor losses to book earlier.

Who cares who any of the posters are. Clearly, various parties have various agendas. Just as some 'false posters' sought to mislead that they were happy Equititrust investors and "all was well" as against anotehr plethora of posters who clearly have an axe to grind.

Does it matter? I guess, if it is just done to hurt and injure, well that is what defamation law is all about. But if there is both truth and public interest involved and one could clearly prove that much of this site's posting have served to galvanise the media, motivate authorities, and highlight serious issues which for example contributed to a further $50M new raising being pulled and reigned in by ASIC.

So a bit of head-buting and to'ing and fro'ing by self interested parties and even perhaos enemies -  well, who really cares?

There can be not much doubt that very substantially the truth has stuck. Has it been childish at times -  by both 'sides' absolutely. Perhaps this has been the cost of getting the truth out there.

Has it caused Mark McIvor to suffer? Well, one could say that the loan book was clearly terminal and it was only a matter of time -  so what loss could he have suffered. Is he going to say that the loan book was a good one? That the Banks, ASIC and this web iste all got it wrong? He might say it, but he would be struggling to prove that. Has his family sufferred. No doubt. But that personal devastation was the ultimate and inevitable  result of a poorly constructed business model that clearly relied on the un-sustainable model of a continual flow of new funds from eiether Banks or investors. Post GFC, this was not going to continue and all it needed was a little bit of valuation and cash-flow stress to bring the true state of the core business into the open. 

I agree - that between David Whyte and ASIC , this pretty shabby affair will finalise. But, I say in conclusion that much if not most of what was said and perhaps speculated on along the way (no-one had any real factual material to go on, because what was published was not in reality factual) was based on gut feel and assesments of individuals and did turn out to be very close to the real position. Surely that is what mattered in the end? 

It probably does not hurt to reflect rather than on the postings on this site but go back through the Equititrust marketing blurb, spin and PDS statements. Do that with an open mind and tell me which information source was the more factual? Don't let me cloud your thinking -  raed it all and make your own judgement.


----------



## No Trust (11 September 2012)

*Buyers Snap Up McIvor Bargains*

*Buyers Snap Up McIvor Bargains*
Lucy Ardern

*Gold Coast Bulletin *

7 September 2012


_"Potential buyers could see the silver lining to Mark Mcivor's misfortune yesterday when they turned out in droves for a chance to pick up one of the eight properties linked to the Equititrust Group founder."_


View attachment DOC.PDF


----------



## No Trust (11 September 2012)

*Receivers Fire Sale of McIvor's Properties*

Did any one see this "*old guy*" at the auction...


----------



## No Trust (11 September 2012)

*Receivers Fire Sale of McIvor's Properties*

After reading the article regarding the receiver's sale of McIvor's properties it looks as though there will *quite a shortfall* considering the "fire sale" prices at which these properties have sold for... 

The bank will then have to *sue the guarantor *for any differential. Now the question is who provided personal guarantees and will they have the money to *stump up for the difference*.

Some misfortune indeed...


----------



## No Trust (13 September 2012)

*Stacey turns her talents to cafe life*

*Stacey turns her talents to cafe life*

*Gold Coast Bulletin *

Bizzy Bits

3 August 2012

A FAMILIAR face has *popped up *at the well-known Budds Beach cafe, Bumbles. 

Stacey Turner-McIvor, wife of Equititrust founder Mark McIvor


http://goldcoast.newspaperdirect.co...c551e1b4de9d&pdaffid=qHfizecEaPZkRivSNFZWCQ==


----------



## No Trust (13 September 2012)

*House of cards investigated*

*House of cards investigated *

Business with *Quentin Tod*

*Gold Coast Bulletin*

20 August 2012

THE *intrigue* over the $6.75 million January sale of Equititrust founder Mark McIvor’s Cronin Island house by receivers *continues to grow*. It’s been suggested police are seeking a fellow, *previously jailed for fraud*



http://goldcoast.newspaperdirect.co...0456c9ef213b&pdaffid=qHfizecEaPZkRivSNFZWCQ==


----------



## No Trust (13 September 2012)

*Owner meets ex-owner*

*Owner meets ex-owner *

Business with *Quentin Tod*

*Gold Coast Bulletin*

3 September 2012

GARY Fulton, the NSW truckie who owns Cronin Island’s most talked about house, *had a surprise caller *on the morning the property was auctioned. 


http://goldcoast.newspaperdirect.co...d944d5d9a37b&pdaffid=qHfizecEaPZkRivSNFZWCQ==


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## No Trust (13 September 2012)

*Statement of Financial Position*

The liquidators have mentioned in their reports that McIvor and other directors have not provided *Statements of Financial Position* as required under the law and if not, why not ??? McIvor is a lawyer he knows what his statutory obligations are as a director... If these statements are not provided how on earth can the Legal Services Commission allow him to practice law again ??? 

Given the *tens of millions of dollars *of innocent retiree investor's money that was lost and the large amounts identified by the liquidator as being transferred without invoice to related entities (_Refer to Administraitor report below Page *37* para *11.5* Page *30* para *11.2.1*_) these statements are critical...

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Has this matter been *reported to ASIC *by the Liquidator ?

Why have there been no public examinations *as promised in their earlier report *?


----------



## kostag (13 September 2012)

*ASIC ; been very very quiet*

with CBA fraud guys on the hunt -  dont be surprised to see some serious action from ASIC


----------



## No Trust (13 September 2012)

*Supreme Court Action against McIvor today*

King and Wood Mallesons it seems are *not holding back the punches *and have launched further legal action against McIvor in the Supreme Court. (_refer to Supreme court Link below_)

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8185/12

It seems there will be *substantial legal action on foot *in the coming weeks and months ahead, the question is what has precipitated the *latest onslaught*..


----------



## No Trust (13 September 2012)

*Supreme Court Action by Receiver against McIvor's mother*

Supreme Court proceedings have been launched by the receiver of MM Holdings against *McIvor's mother *last Wednesday at the *behest of Westpac Bank*.  (_refer to Supreme court Link below_)


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8062/12

It’s quite an interesting, *inextricably linked *web of *cross ownership *and *intermingling* of both corporate and *private interests *which has resulted in both and *McIvor and his mother *now *dragged before the Supreme Court*...   

What have the *receiver's found *that has justified Supreme Court action involving two of Australia's largest Law Firms..


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## No Trust (13 September 2012)

*Public Exposure*

What's good about these actions commencing by the bank's and receivers is that it *will finally shine a light *on what has been going... All of this has a *connection to Equititrust investors *and the truth finally needs to be revealed...

I commend the receivers for commencing these actions...


----------



## No Trust (13 September 2012)

*Re: Supreme Court Action by Receiver against McIvor's mother*

This matter is being heard in court tomorrow... One day after McIvor's hearing today. It seems like a *coordinated effort *by both the bank and the receivers to take action...




No Trust said:


> Supreme Court proceedings have been launched by the receiver of MM Holdings against *McIvor's mother *last Wednesday at the *behest of Westpac Bank*.  (_refer to Supreme court Link below_)
> 
> 
> http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8062/12
> ...


----------



## No Trust (16 September 2012)

*Supreme Court Action McIvor - Mother*

Why have the receivers and Westpac moved against McIvor and his mother ??? 

Two seperate court actions in *two days *is quite extraordinary ...

What have they found that has forced their hand ???


----------



## No Trust (17 September 2012)

*Re: Supreme Court Action against McIvor*

It appears McIvor did not lodge an affidavit in response to the *latest legal action *by Westpac and the receiver...

Looks like the main game is *about to start*... Equititrust investors are *watching closely *as is the *national media*...



No Trust said:


> King and Wood Mallesons it seems are *not holding back the punches *and have launched further legal action against McIvor in the Supreme Court. (_refer to Supreme court Link below_)
> 
> http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8185/12
> 
> It seems there will be *substantial legal action on foot *in the coming weeks and months ahead, the question is what has precipitated the *latest onslaught*..


----------



## No Trust (17 September 2012)

*Who else will be sued ???*

Given the recovery action of *amounts owed to MM Holdings*, the action commenced below may be of some  relevance and interest to the *receivers*...

It is clear now that there was substantial intermingling of private and business interests, which need to be set straight. The banks, receivers and in particular the *law firms acting for them *are doing an exemplary job of straightening out the McIvor clan...

http://www.couriermail.com.au/news/...ter-janeen-pelly/story-e6freoof-1226144026277

http://apps.courts.qld.gov.au/esear...x?Location=STHP&Court=DISTR&Filenumber=303/11


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## No Trust (17 September 2012)

*Mansion's long wait for a buyer*

*Gold Coast Bulletin*
Quentin Tod  
September 17th 2012


He was a client of the *failed Equititrust merchant bank*, which is understood to have a second mortgage over Alston.

http://www.goldcoast.com.au/article/2012/09/17/438326_gold-coast-business.html


Another *bad loan *which has decimated Equititrust investors, and McIvor wants to blame the regulator, the banks and receivers who are now pursing him... When he points the finger he has *3* pointing back at him...


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## No Trust (19 September 2012)

*2960/12 NATIONAL AUSTRALIA BANK LIMITED -V- MCIVOR*

*2960*/12 *NATIONAL AUSTRALIA BANK LIMITED *-V- *MCIVOR* 

The National Australia Bank is also moving on with their legal action against McIvor, lodging an amended statement of claim on *7 September 2012*

It will be interesting to see whether the *NAB expedites this matter *like Westpac have done with McIvor's mother and have this action placed on the commercial list...


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2960/12


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## No Trust (20 September 2012)

*McIvor’s court bid fails to block sale*

McIvor’s court bid *fails *to block sale 
Lucy Arden
*Gold Coast Bulletin*

*19 September 2012*

"_EQUITITRUST founder Mark McIvor *has failed *in a bid to stop the sale of five prime landholdings at Palm Beach, worth more than $5 million, which he owned until receivers took control_."

"_But receiver Will Colwell, of Ferrier Hodgson, challenged the legitimacy of the Gold Coast Highway land’s caveat in the Queensland Supreme Court recently and *was successful *in having it set aside_."


http://goldcoast.newspaperdirect.co...fb190b19784a&pdaffid=qHfizecEaPZkRivSNFZWCQ==


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## No Trust (20 September 2012)

*McIvor’s court bid fails to block sale*

*McIvor’s court bid fails to block sale*

"_The caveats were issued on the basis that *National Australia Bank *and *Westpac*, both mortgagees for the Gold Coast Highway and Jefferson Lane land, *had contributed to the collapse of Equititrust*_." 

http://goldcoast.newspaperdirect.co...fb190b19784a&pdaffid=qHfizecEaPZkRivSNFZWCQ==

Wow, NAB and Westpac are to blame for the *collapse * of Equititrust... Has McIvor forgotten about the loans to his good mate "King Con"... Remember the reference he gave his good mate...

"_The judgment reports how McIvor effectively provided a reference for the developer, speaking ''of Mr Quinlivan's personal qualities and experience and the pivotal role he plays in the company _''.

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


The *Supreme Court *and the *receiver* have again doused an outbreak of *chronic delusion*...


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## No Trust (24 September 2012)

*Piper Alderman - Amanda Banton - Class Action Victory*

*Congratulations Piper Alderman*...


http://s2.webtemplate.com.au/bridgehead/PiperAlderman/media/files/9506.pdf

Class actions take *time to finalise and plead*, the Equititrust action against its directors will be *compelling viewing*...


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## kostag (24 September 2012)

*GREAT WORK AMANDA BANTON !!!*

let's all hope for similiar results in the EQUITITRUST debacle...



No Trust said:


> *Congratulations Piper Alderman*...
> 
> 
> http://s2.webtemplate.com.au/bridgehead/PiperAlderman/media/files/9506.pdf
> ...


----------



## kostag (24 September 2012)

*EH?? THE NATIONAL BANK caused the collapse of Equititrust ???*

this is going to the ridiculous stage.

When is ASIC going to start laying charges around the GOLD COAST?



No Trust said:


> *McIvor’s court bid fails to block sale*
> 
> "_The caveats were issued on the basis that *National Australia Bank *and *Westpac*, both mortgagees for the Gold Coast Highway and Jefferson Lane land, *had contributed to the collapse of Equititrust*_."
> 
> ...


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## No Trust (25 September 2012)

*ASIC*

ASIC needs to reveal what they took away from the offices of Equititrust and McIvor's home...

The Administraitors report outlines the *basis of the warrants *and in particular refers to McIvor...

Page *29* par *11.1*

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Is ASIC sitting back and waiting for the raft of receivers and liquidators to compile their own reports with them prior to taking action?? If ASIC moves too soon, many other matters may surface.

In any event a complaint to ASIC regarding this debacle never hurts and makes them aware that investors have not given up...




kostag said:


> this is going to the ridiculous stage.
> 
> When is ASIC going to start laying charges around the GOLD COAST?


----------



## M41 (27 September 2012)

*Re: GREAT WORK AMANDA BANTON !!!*



kostag said:


> let's all hope for similiar results in the EQUITITRUST debacle...




Here here!

Thanks No trust for your constant updates!


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## No Trust (29 September 2012)

*Investors Not Forgotten*

Glad to be of some help to those who have lost *so much*... The detractors who *flittingly come and go *have their own agenda's and seem to care more about the idiots who *caused this disaster *rather than innocent retiree investors who were *taken for a ride*...  They seem to be *very quiet lately *given the raft of court actions commenced by the banks and receivers. McIvor's interwoven public and private interests are now being *unravelled* by the banks and insolvency practitioners. 



M41 said:


> Here here!
> 
> Thanks No trust for your constant updates!


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## No Trust (2 October 2012)

*Equititrust Ltd v Members of the Equititrust Income Fund*

*A recent decision in the Supreme Court of Queensland, Equititrust Ltd v Members of the Equititrust Income Fund*


"_Among factors leading to the determination was the company's history of non-compliance with its statutory obligations, breaches of the conditions of its licence and the evidence pointed to by ASIC (Australian Securities and Investments Commission) in relation to the *allegations of misconduct by the current director*_."


http://www.lexology.com/library/detail.aspx?g=3015903e-6136-47c9-b1ac-d96374ba7d4f


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## No Trust (2 October 2012)

*FULL JUDGEMENT*

Page *17 *para *62*

Page *18* para *66*

} some interesting reading



http://www.buddlefindlay.com/static/legalupdates/9.pdf


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## No Trust (2 October 2012)

*Supreme Court - Delusion Pesticide*

Its good to see the *Supreme Court and ASIC *douse an outbreak of delusion... 

The full judgement is compelling:

Para *62* of the judgement of  Justice Applegarth 


"_The affidavit of *Ms Gentles is a substantial document*, and contains material *which justified ASIC‘s concern *that *Mr McIvor may not deal with the assets of the EIF in the best interests of members*. The material relied upon by ASIC that supported its concern in this regard included documents that recorded the concerns of the board of the company in September and October 2011 about *Mr McIvor‘s conduct*. This included the then board‘s view that Mr McIvor ―was responsible for *making all of the current problem loans*. It also included claims that *he had demonstrated extremely poor judgment *in recent times (evidenced by emails attached to an affidavit filed in proceedings brought against the company by a borrower that had acquired a unit in the EIF and commenced proceedings to wind up the company). It included the *directors‘ view *that *Mr McIvor had continued to deal on an unauthorised basis with some borrowers*. Mr McIvor was said to be in *ongoing conflict with the board *and senior management and to have *made a series of threats against staff.*_*"*

http://www.buddlefindlay.com/static/legalupdates/9.pdf


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## Mozzi (4 October 2012)

*Re: FULL JUDGEMENT*



No Trust said:


> Page *17 *para *62*
> 
> Page *18* para *66*
> 
> ...






Well done on your posting, "No Trust"!

Just checked!

Some more interesting reading - Mr Whyte has submitted his current report on Equititrust site!


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## ASICK (4 October 2012)

*How Low Will It Go?*

The remaining value of an Equititrust IF unit  is tightening up:-

* 26 July 2012 - $0.18 - $0.26 *:http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
*30 August 2012 - $0.17 to $0.25* :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
*4 October 2012 - $0.16 to $0.23* :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20121004 - 8th Report to Investors.pdf

And the Receiver's cost was only  $924,089.65 (as at 30 September 2012) *[cost per hour = a mere $410.80] *- nice work if you can get it.


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## No Trust (5 October 2012)

*Re: How Low Will It Go?*

ASICK, you are spot on... *How low will it go *??? Most likely as low as Kostag predicted... It really makes me laugh when these *failed financier types *come on this thread intermittently and attack all and sundry... It seems the latest estimations by David Whyte back what was predicted on this thread yet again... 



ASICK said:


> The remaining value of an Equititrust IF unit  is tightening up:-
> 
> * 26 July 2012 - $0.18 - $0.26 *:http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
> *30 August 2012 - $0.17 to $0.25* :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
> ...


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## No Trust (5 October 2012)

*How low are the people who caused this disaster ?*

It’s good to see that Piper Alderman still have McIvor and his board of directors in their crosshairs... Investors can now see that their *only hope *of recovering more money is through the class action...


----------



## kostag (7 October 2012)

*SOUTH AUSTRALIA loan asset*

does anyone know anything about a Court case which is running right now in South Australia regarding a company called Wirrina Corporation Pty Ltd which apparently is the company that runs the properties that Equitirust has loaned moneys to. 

Cant find details but seems that the loans are in dispute. 

I cannot find any reference to this Court dispute in the Receiver's last statement (4th October 2012). 

I think it was this loan which is over $40million in one of the Equititrust PDS statements. I think there was reference to a valuation of over $71million.


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## No Trust (11 October 2012)

*Piper Alderman*

It will be interesting to see the pleadings in the *Class Action *to be lodged by Piper Alderman...


----------



## No Trust (11 October 2012)

*Liquidator*

What is the Liquidator doing ? *Nothing it seems*...

Where is the *Public Examination *of McIvor that was promised...


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## No Trust (14 October 2012)

*This is how bad its got...*




AT 80, master escapologist Arthur Coghlan is coming out of retirement for his most dangerous Houdini act yet.

Mr Coghlan is performing the escape trick to draw attention to the *plight of him and other "mum and dad" investors *in failed Gold Coast funds manager Equititrust.

The company, founded by *controversial merchant banker Mark McIvor*, collapsed in February *leaving investors millions of dollars out of pocket.*


http://www.heraldsun.com.au/news/na...n-sydney-harbour/story-fndo45r1-1226493923809


----------



## No Trust (15 October 2012)

*Sponsor*

Can anyone think of a *good sponsor *for Arthur Coghlan ???


----------



## ASICK (15 October 2012)

*Re: Sponsor*



No Trust said:


> Can anyone think of a *good sponsor *for Arthur Coghlan ???




How about David Whyte? He's been very fortunate because of Equititrust's failure.


----------



## No Trust (15 October 2012)

*Re: Sponsor*

How about Mark or Stacey McIvor... 




ASICK said:


> How about David Whyte? He's been very fortunate because of Equititrust's failure.


----------



## kostag (15 October 2012)

*HOUDINI... there is a far greater illusion*

starting a finance fund with over $400Million of assets all under secured 1stM most well under 70% LVR - and then within a few years -  all gone! 

Vanished into thin air! Wow! 

What an act.

Not even the Receivers or authorities can find neither hide nor hair or any of  the money. 

Was it all a mirage with smoke and mirrors. Was it a sleight of hand?

A far greater stunt than poor old Mr Coughlan will conjure up, that is for sure.

By the way -  what qualification does one need to be able to designate oneself as a "merchant banker" -  are you self anointed? or under some law or regulation?

or was this nonclemature simply another illusion -  lawyer one minute, Merchant banker the next, illusionist and stunt man the next....

roll up for the Magical Mystery tour!!!


----------



## kostag (15 October 2012)

*DAVID WHYTE*

I think that given the absence of help and limited funds, WHYTE has done a remarkable job workign through the quagmire

he has to get paid -  there are many banks etc who would pay him these sort of rates or more -  let teh man do his job

ASIC and litigation etc haven't started yet -  it has a long way to go 



ASICK said:


> How about David Whyte? He's been very fortunate because of Equititrust's failure.


----------



## No Trust (16 October 2012)

*Re: DAVID WHYTE*

*David Whyte *is doing a good job as is *Piper Alderman *in carefully preparing the legal proceedings against McIvor...



kostag said:


> I think that given the absence of help and limited funds, WHYTE has done a remarkable job workign through the quagmire
> 
> he has to get paid -  there are many banks etc who would pay him these sort of rates or more -  let teh man do his job
> 
> ASIC and litigation etc haven't started yet -  it has a long way to go


----------



## ASICK (16 October 2012)

*Litigation*



No Trust said:


> *David Whyte *is doing a good job as is *Piper Alderman *in carefully preparing the legal proceedings against McIvor...




I hope Piper Alerman do better than IMF did with the former directors of MFS - the claim against the directors discontinued after about three years.

http://www.theaustralian.com.au/bus...ght-in-kpmg-case/story-fn9656lz-1226493150893

"_Subject to approval from PIF unitholders and the Federal Court, IMF Australia proposes to discontinue the MFS class action against nine individuals, including MFS founder Michael King, former chief executive Craig White, former director Paul Manka and its former fund manager Guy Hutchings.

"The proposed discontinuance will limit the likely substantial costs of pursuing claims against the relevant respondents in circumstances where any ultimate recovery against them is doubtful because of questions concerning their ability to pay compensation and the existence and extent of insurance cover available to them," a notice issued to unitholders by IMF Australia said."_

IMF also funded the public examinations against a number of former directors of City Pacific Limited.  As a result of the public examinations it seems IMF did not fund proceedings against a number of the former directors.   Trilogy's (as PFMF RE) is off on its own with a claim against the directors.

Phil Sullivan (ex-Citypac CEO) alleges that there's no insurance because a run off policy wasn't maintained by Trilogy (as PFMF RE) - if true, one has to wonder why the claim against the directors, a claim, according to a fund member who phoned IMF, IMF isn't interested in?

Heck, they sued a former director who died two years before the claim was lodged.  The claim was discontinued against that director but no mention was made on the solictors' website or on Balmain Trilogy's website.

Statement of Claim (claim lodged 27 April 2012):
http://www.mauriceblackburn.com.au/media/1255813/12.04.27 trilogy soc (sealed).pdf
Media article in relation to the passing of Mr. Trathen (12 July 2010):
http://www.goldcoast.com.au/article/2010/07/12/237561_gold-coast-business.html
Federal Court file - Discontinuance filed on 22 June 2012:
https://www.comcourts.gov.au/file/Federal/P/NSD604/2012/actions

Does anyone see a pattern in suing former directors?  If there isn't an insurer or auditor or some deep-pocketed individual, there's not much chance.

Andrew Griffin (of Balmain Trilogy) said at the fund's 1 September 2010 meeting of members that there were claims of "more than $300m, more than enough" (or words to that effect), but only a couple of months later, contributory negligence was spoken to, and the quatum of claims was suddenly reduced to a "hopeful $100m".
http://www.moneymagik.com/twas_300_mil.mp3 (excerpt - Fund Info Session, Sydney, November 2010)

Yes, I know, each of the shattered funds is different from the others, and most members of each fund stay mute in hope of a successful prosecutions against the directors - but to date, optimism has been dashed.  

I'm confident that many Equititrust investors are now mute in hope of a successful prosecution of the directors too - but only time will tell if, in regard to unsuccessful claim against directors,  Equititrust falls in line between MFS, and I suspect, City Pacific.


----------



## No Trust (18 October 2012)

*Liquidator*

Chirp, chirp, sound "*sound of crickets*" the Liquidator Hall Chadwick is doing a good job of keeping quiet and obviously *doing nothing*... What a disgrace... Where are the public examinations of McIvor as promised by them??? 

Absolute *joke*...


----------



## Brethren (18 October 2012)

*Wellington Capital*

This from ASIC's website on Friday October 12:
" ASIC has commenced proceedings in the Federal Court in Sydney challenging whether Wellington Capital Limited (Wellington) is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF)."

http://www.asic.gov.au/asic/asic.ns...tal’s distribution of ARL shares?opendocument

While tangential to the problem for Equititrust investors, the Wellington moves ( giving investors shares in a new entity, rather than returns of their income/capital from the existing Fund ) are very similar to those Equititrust proposed earlier in this year through the Lion Advantage scheme. 

Interesting to note that ASIC doesn't like these kind of sharp moves. And understandable, too.


----------



## ASICK (18 October 2012)

*Re: Wellington Capital - ASIC failed*



Brethren said:


> This from ASIC's website on Friday October 12:
> " ASIC has commenced proceedings in the Federal Court in Sydney challenging whether Wellington Capital Limited (Wellington) is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF)."
> 
> http://www.asic.gov.au/asic/asic.ns...tal’s distribution of ARL shares?opendocument
> ...




ASIC failed:
http://www.nsxa.com.au/ftp/news/021726100.PDF


----------



## No Trust (18 October 2012)

*ASIC -v- McIvor*

When is ASIC going to take action against McIvor ??? Possibly when all the receivers file their reports and the evidence is *overwhelming*...


----------



## No Trust (18 October 2012)

*Restaurant Capers*

Now if "Racey Stacey" is working at Bumbles Cafe, is McIvor *doing the dishes *in the kitchen ??? 

Probably a good venue for Equititrust investors to gather for a meeting...


http://goldcoast.newspaperdirect.co...c551e1b4de9d&pdaffid=qHfizecEaPZkRivSNFZWCQ==


----------



## No Trust (18 October 2012)

*Restaurant Capers*

What kind of a *senior role *can you have at a cafe ??? That’s like a senior role McDonalds...

http://goldcoast.newspaperdirect.co...c551e1b4de9d&pdaffid=qHfizecEaPZkRivSNFZWCQ==


What "*Senior*" Role did she play here *is more important to Equititrust investors*. She was a former director of the failed company alongside hubby Marky Boy...

The receiver Robert Hutson certainly thought she had a case to answer and took it to the Supreme Court...

Of note, the Supreme Court file shows no defence or legal representation on her part...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=4539/12


----------



## No Trust (19 October 2012)

*Rates*

Well it takes an *honest experienced person *to pay things like rates i.e David Whyte... Under McIvor's mismanagement not even the rates on properties were paid... He made sure he was paid and also wanted his super fund to be paid *in preference to banks*... It shows where his priorities were... Investor's came last in his book...

What a failed loser...

http://www.thechronicle.com.au/news/Toowoomba-Foundry-auction-rates-arrears/1586456/


----------



## No Trust (22 October 2012)

*House of the Rising Sum*

A FRESH push is under way to sell the *controversy-engulfed Cronin Island *house built by the founder of the *failed Equititrust *merchant bank, *Mark McIvor*. Garry Fulton, the NSW truckie who overpaid $6.75 million for the riverfront house sight unseen 

http://goldcoast.newspaperdirect.co...6159af4162a5&pdaffid=qHfizecEaPZkRivSNFZWCQ==


----------



## No Trust (22 October 2012)

*Repossessed House*

More *controversy *on the house the bank repossessed from the McIvor's... Where will it end...


----------



## No Trust (22 October 2012)

*Fight over repossession of home*

The trial over *Westpac's* repossession of McIvor's mothers home starts *next month*... Looks like all and sundry have been *subpoenaed to appear as witnesses at the trial*. Westpac is not pulling any punches it seems in repossessing the last remaining assets of the *McIvor collapse*...

The *Failed Financier Brigade *now has a *"Hall of Fame Member"*


----------



## No Trust (24 October 2012)

*Gone to the Dogs!!!*

Plan to move greyhound racing to Mur'bah fails
Troy Kippen 
Byron Shire News 
22nd Oct 2012



_Greyhound racing will remain at Border Park after plans to move it to Murwillumbah fell through._

"Peter Mitchell, the developer of the greyhound track at Lundberg Dr, South Murwillumbah, said he was *no longer involved* with the deal.

Landsolve was the entity named on the development application lodged with the Tweed Shire Council on December 23, 2010, acting on the behalf on Mr Mitchell's company Tweed Central.

"Landsolve was never the developer; they acted for my bankers Equititrust," Mr Mitchell said.

"*Equititrust made me use Landsolve *(for) the deal." 

Landsolve is a subsidiary of Equititrust, which *went into liquidation *in February this year." End Quote


http://www.byronnews.com.au/news/dog-track-plan-takes-a-tumble/1589932/


----------



## No Trust (24 October 2012)

*Gone to the Dogs!!!*

Looks like McIvor also failed the "bowl lickers"


----------



## No Trust (26 October 2012)

*Liquidate the Liquidator*

What is the liquidator doing ??? Where are the public examinations ??? Useless bunch of blatent *money grabbers *with no regard for the investors...


----------



## No Trust (31 October 2012)

*Hall Chadwick - Liquidator*

Has Hall Chadwick the alleged liquidator given up ?? 

Their handling of this matter as Administrators and now as Liquidators has been an utter disgrace...

What have they archived ??? Absolutely nothing... 

Where are the Public Examinations of McIvor and Tucker as promised in their report ???


----------



## No Trust (1 November 2012)

*Battle for Mummy's House*

The battle for McIvor's mother's house starts in the Supreme Court this month...

This should be interesting viewing, I'm sure the media will be in the Public Gallery reporting on this very interesting court case which involves the inextricably woven web of business dealings between Mcivor's public and private interests... 

Conflict of interest is not in these people's dictionaries it seems... 

It's good that a judge will finally unravel what Westpac and the Public have wanted to be exposed for some time...


----------



## No Trust (4 November 2012)

*Supreme Court Action*

Why have ASIC been asked to provide disclosure in the court case over McIvor's mothers house???

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=1676/12

Something is going on...


----------



## No Trust (5 November 2012)

*Fulton to lose $1m on sale*

The controversy continues on the *bank repossessed *McIvor home on Cronin Island...

Does McIvor actually *own a house anymore *or is he a poverty pack "renter" now ???

More importantly is there a bank that will lend him money, given his current self made disasters...

http://goldcoast.newspaperdirect.com/epaper/viewer.aspx


----------



## No Trust (7 November 2012)

*Billions lost, elderly exploited*

*Billions lost, elderly exploited*
Niall Coburn 
Financial Review
7 November

"Equititrust, City Pacific, MFS, LM Investments, Banksia Securities and many more have *all proved to be a dog of an investment*. Corporate investigations have revealed that the investment model of such schemes was in many cases materially flawed, lacking the right risk and compliance strategies."

http://afr.com/p/opinion/billions_lost_elderly_exploited_JzBSK38sm0mE8K8eMJTquO


----------



## No Trust (7 November 2012)

*Dog of an investment*

Not only was *Equititrust a dog of an investment*, its time to *round up the dogs *who ran it and put them in the corporate pound...

Niall Coburn is right and clearly exemplifies the dilema facing *"innocent"* retiree investor's... Look at the liquidator of Equititrust Hall Chadwick. Despite highlighting in their report as then administators that money was *paid to entities related to McIvor **without invoice *prior to the collapse, what have they done to recover the money and or instigate legal action against McIvor.

McIvor is living the high life in a rented mansion on Isle of Capri with a driveway full of luxury cars whilst *elderly investors starve *and cannot even get a pension as a result of their poisonous investment in Equititrust... 

When will McIvor get put into the *Public Stocks *he advocated for other failed fund managers ???


----------



## No Trust (9 November 2012)

The Gold Coast Bulletin
LUCY ARDERN 
9 November 2012

RSL Queensland bought both parcels – paying $2.497 million for 50 Jefferson Lane in July this year and $1.652 million for No.67 in June. 
Both blocks of land were *sold off by receivers *after they were *appointed to Mark McIvor’s company MM Holdings. *

A deal is also believed to be close on another beachfront block owned by MM Holdings, No.51, with rumours a Palm Beach local is looking to buy the parcel for more than $3.5 million. 

http://goldcoast.newspaperdirect.com/epaper/viewer.aspx


----------



## No Trust (9 November 2012)

*Invetsors Funds Plundered*

From the above article it's clear where *Equititrust Investor's money went*... Exorbitant Management Fees equated to more beachfront dirt for Marky Boy...

The universe and Karma are a fantastic equaliser, with all properties taken away from him...


----------



## No Trust (9 November 2012)

*Loan Time*

Will another bank or financial institution ever lend McIvor money???

Will another Innocent Retiree Investor ever invest their life savings with him again ???


----------



## No Trust (9 November 2012)

*Legal Action*

What's next ???


----------



## No Trust (10 November 2012)

*You Have got to be Kidding- McIvor seeks to set up new bank with catholic priest*

Page *99* Business today's Gold Coast Bulletin

McIvor is now seeking investors to sink money into a new bank called *Mi Citizens Union *and Associate *Mi Guardian Fiduciary* and contacted former business associates asking them to be involved... A company he has set up with retired Brisbane catholic priest Richard Pascoe

He plans to not to sit on the board or resume capital management directorship.... Ahhh would ASIC have something to do with this... 

So after the Aboriginal smoking ceremony on Chevron Island the white haired delusional one has found god...

*DELUSION OF THE HIGHEST ORDER*


----------



## No Trust (10 November 2012)

Here it is...


http://www.miguardianfiduciary.com/Home.aspx


----------



## No Trust (10 November 2012)

*McIvor Mark II*

http://www.miguardianfiduciary.com/Portals/GuardianPartners/071248-Mi-Guardian-Memorandum-FINAL.pdf


----------



## No Trust (10 November 2012)

This quote is directly off the above PDF...

You *seriously have to laugh*... Is McIvor having a go at himself...



"YOU NEED A LICENCE TO BE A BARBER, BUT ANYBODY CAN BE
A BANKER" 

ANON


----------



## No Trust (10 November 2012)

*McIvor Mark II - Mi Guardian Fiduciary*

Ok, have you ever read a website or an *information memorandum *where the founders or shareholders of the company are not mentioned ???

*ASIC* has to put a stop to this...


----------



## No Trust (10 November 2012)

*Mi Guardian Fiduciary*

It looks like the "Former Business Associates" have contaced the Gold Coast Bulletin after being approached to invest in *Mi Guardian Fiduciary *


----------



## ASICK (10 November 2012)

*Re: McIvor Mark II - Mi Guardian Fiduciary*



No Trust said:


> Ok, have you ever read a website or an *information memorandum *where the founders or shareholders of the company are not mentioned ???
> 
> *ASIC* has to put a stop to this...




Trouble is, ASIC is not a prudential regulator - so, if a manager loses investors' money, even negligently, providing the manager complies with ASIC's requirements as to form, there's nothing ASIC will do about it.       

Everything in life is circular:
http://www.youtube.com/watch?v=wDoE67cqKyg


----------



## No Trust (10 November 2012)

*Mi Guardian Fiduciary*

Ok after closer examination of the PDF here are all of those involved...


Mi STRATEGIC PARTNERS TM
(the term “Partners” is used in a general commercial sense and does not include or intimate a partner within the legal definition of such word).

Richard Pascoe Chairman/Director Mi Citizens Union
Antoine Alcide Patron (South Pacific)
Joe Mamone Founder English Phoenetic Code
Bengt Hornberg Mutual Investment Banker (Europe)
John White Wholesale Financier
Karl Burnett Corporate Counsel
*Mark McIvor Managing Partner*
John Fox Mutual Investment Banker (UK)
Richard Hoffman GM/Director Mi Citizens Union
Brock Turner Director Mi Citizens Union
Guy Lane Environmental Banker
Alison Standfield Electronic Litigation
David Purcell Capital & Legal Solutions
Alyssa Paul Communication

http://www.miguardianfiduciary.com/Portals/GuardianPartners/071248-Mi-Guardian-Memorandum-FINAL.pdf


----------



## ASICK (10 November 2012)

*Re: Mi Guardian Fiduciary*



No Trust said:


> Ok after closer examination of the PDF here are all of those involved...
> 
> 
> Mi STRATEGIC PARTNERS TM
> ...




1984-ish, isn't it?


----------



## No Trust (11 November 2012)

*Re: Mi Guardian Fiduciary*

Yes exactly...




ASICK said:


> 1984-ish, isn't it?


----------



## No Trust (11 November 2012)

*Delusional*

Who in their right mind will invest in this deluded Fantasy ???

No Australian with access to the internet... Even the mentally certified would steer clear of this...


----------



## No Trust (11 November 2012)

*Re: Mi Guardian Fiduciary*

The only person missing of this list of partners is McIvors good mate "King Con". 



No Trust said:


> Ok after closer examination of the PDF here are all of those involved...
> 
> 
> Mi STRATEGIC PARTNERS TM
> ...


----------



## Maglitebright (11 November 2012)

Wayne McIvor (one time Equititrust director and employee, and brother of Mark McIvor) and his wife Judith Jackson (owner of Toscana) are the duo known as "No Trust". They also have links to other pseudonyms.

Aussie Stocks Forum provides the perfect platform for the duo;

a)They are NOT and never have been investors of Equititrust

b)Wayne McIvor was a director of Equititrust for many years and should not forget that he has ongoing fiduciary obligations and responsibilities.

c)They are determined to discredit Mark McIvor for the grand crime of being unable to continue to finance their unrealistic and indolent lifestyle.

d)Driven by greed and hate they have created over 1300 deceitful and dishonest posts, accounting for nearly half this entire thread.

While they use the internet to cause harm they are purposefully committing criminal offences. Forensic examination of IP addresses and email correspondence will expose them. 

Their posts illustrate a very sad and pitiful existence. Needless to say Wayne McIvor should focus more on his continuing duties as an ex-director. 

Stay tuned!


----------



## No Trust (11 November 2012)

Thats hilarious... My eyes are watering at the moment... It looks like the family are eating themselves from the inside... Wouldn't have anything to do mumsies house being repossessed would it... The mind boggles at the extent of the hatred that these two have for each other... 

Alas totally off the Mark...




Maglitebright said:


> Wayne McIvor (one time Equititrust director and employee, and brother of Mark McIvor) and his wife Judith Jackson (owner of Toscana) are the duo known as "No Trust". They also have links to other pseudonyms.
> 
> Aussie Stocks Forum provides the perfect platform for the duo;
> 
> ...


----------



## No Trust (11 November 2012)

What a *weird and crazy *post by Maglightbright... I'm sorry but I will leave the *family disputes *to someone else... 

Good luck with the forensic examination...


----------



## No Trust (11 November 2012)

*Im Fiduciary*

Now back to serious business, don't be surprised that other media outlets pick up on Im Guardian Fiduciary otherwise known in finance circles as Im a Delusional Fiduciary...

This thing is dead on arrival...

Who will be the company spokesman "*King Con*"


----------



## athyrio (11 November 2012)

*Re: Dog of an investment*

Mark, Mark, Mark............come back to your roots mate.......Frogs Hollow, Emu Vale via Killarney, nestled in the bosum of the Main Range. We still love you. Come and help us start our whiskey project. Where your elders ran the Killarney Coop, your peers excel in Southern Downs sport and the quiet pulse of the country beckons. You spent time with Michael Christodoulou and Phil Adams, hanging about on Elysian Fields; you lost your way....come home, reclaim, you prodigal son, all is forgiven. Give up that false Gold Coast lifestyle, come home to stay. 







No Trust said:


> Not only was *Equititrust a dog of an investment*, its time to *round up the dogs *who ran it and put them in the corporate pound...
> 
> Niall Coburn is right and clearly exemplifies the dilema facing *"innocent"* retiree investor's... Look at the liquidator of Equititrust Hall Chadwick. Despite highlighting in their report as then administators that money was *paid to entities related to McIvor **without invoice *prior to the collapse, what have they done to recover the money and or instigate legal action against McIvor.
> 
> ...


----------



## No Trust (12 November 2012)

*Re: Dog of an investment*

Ha ha ha ha, wait he has to rebuild his wealth in 3 years as he said in the Gold Coast Bulletin Article...



athyrio said:


> Mark, Mark, Mark............come back to your roots mate.......Frogs Hollow, Emu Vale via Killarney, nestled in the bosum of the Main Range. We still love you. Come and help us start our whiskey project. Where your elders ran the Killarney Coop, your peers excel in Southern Downs sport and the quiet pulse of the country beckons. You spent time with Michael Christodoulou and Phil Adams, hanging about on Elysian Fields; you lost your way....come home, reclaim, you prodigal son, all is forgiven. Give up that false Gold Coast lifestyle, come home to stay.


----------



## No Trust (13 November 2012)

*Bankrupt bid on Mark McIvor*

*Bankrupt bid on Mark McIvor*
Lucy Ardern  November 13, 2012 
09:48am 

A BRISBANE lawyer booted off the board of Equititrust last year is behind a push to have the founder of the Gold Coast funds manager, Mark McIvor, *declared a bankrupt*.

David Tucker and legal practice partner Richard Cowen lodged a creditor's petition with the Queensland Supreme Court after the parties were unable to agree on payment for legal costs.

Jeff McDermid, who was appointed chairman of Equititrust for a short time after Mr Tucker was removed from the board, yesterday *cautioned prospective investors *to do their homework *before investing in Mi Citizens Union*.

"With any new venture, you need to do due diligence carefully," he said.

"I think people need to *look very, very closely *before *getting involved*."


----------



## No Trust (13 November 2012)

*McIvor Bankruptcy Proceedings*

The matter has been filed in the Federal Magistrates Court

Listed for hearing on the :

28-Nov-2012 

9:30am

Creditors Petition

Registrar Baldwin

Court No. 8, Level 6

https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions


----------



## No Trust (13 November 2012)

*McIvor Bankruptcy Proceedings*

Bring your pop corn, this has been *a long time coming*, however it seems that Equititrust investors may get some justice after all...

Dont be surprised if other creditors pop up to support the action...


----------



## athyrio (13 November 2012)

*Re: Dog of an investment*



No Trust said:


> Ha ha ha ha, wait he has to rebuild his wealth in 3 years as he said in the Gold Coast Bulletin Article...



this is no laughing matter "no trust"..........the Killarney Abattoir closed over 2 years ago and Mark's talent is needed here. What Tinkler has done for Canungra, McIvor can do for Killarney. If you think Mark got his ferals sipping latte on the Gold Coast, think again. We all have roots.


----------



## No Trust (13 November 2012)

*Re: Bankrupt bid on Mark McIvor*

Here is the *Gold Coast Bulletin *link to the breaking story...

http://www.goldcoast.com.au/article/2012/11/13/441686_gold-coast-business.html




No Trust said:


> *Bankrupt bid on Mark McIvor*
> Lucy Ardern  November 13, 2012
> 09:48am
> 
> ...


----------



## No Trust (13 November 2012)

*Re: Dog of an investment*

Eyes watering again... very very funny indeed, however me thinks that "Marky Boy" will be busy travelling to Brisbane to appear before the *Federal Magistrates Court *for the *Bankrupcty Hearing*...




athyrio said:


> this is no laughing matter "no trust"..........the Killarney Abattoir closed over 2 years ago and Mark's talent is needed here. What Tinkler has done for Canungra, McIvor can do for Killarney. If you think Mark got his ferals sipping latte on the Gold Coast, think again. We all have roots.


----------



## No Trust (13 November 2012)

*Bankruptcy Bid on mark McIvor*

My oh my things *really are hotting up*... But wait there is more to come, this is just the start...


----------



## No Trust (14 November 2012)

*ASIC Officially Subpoenaed*

ASIC have *officially been subpoenaed * yesterday to appear in the Supreme Court in the action over the repossession of McIvor's mothers home...

Now one can speculate, however it seems likey that the material that was taken when the offices of Equititrust were raised by ASIC and the federal police *may have some material relevance *to this case...

What was in those files and computer hard drives that has Westpac on the hunt... What will *ASIC reveal *???

Expect *intense media interest *when this comes to court... Which of the McIvor clan will be there in support ???


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=1676/12


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## Brethren (14 November 2012)

*New report from Receivers*

Report as as 9th November is now on the Equititrust website.

http://www.equititrust.com.au/Pdfs/...orts - 20121109 - 9th Report to Investors.pdf

Interim projected final value to investors: 15cents to 22 cents in the dollar [ page 4 ].


----------



## Nothingtoadd (14 November 2012)

*brw.com.au*

brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN

brw.com has a story on Equititrust


----------



## Goldie101 (14 November 2012)

Having not read this forum for some time I appear to have reconnected at exactly the right time.

In the past I have documented my views on the accuracy of what "No Trust" says.  I also think the long held view by most readers of the site would be that "No Trust" is not an Equititrust investor so Maglitebright's observation there does not add much (nor is it supported by any evidence) and nor does that fact in itself mean much.  I am also not an investor in Equititrust.  Furthermore, whilst it is interesting/surprising to note that "No Trust" has not criticised Wayne McIvor much at all over the past couple of years notwithstanding he was a Director when all of the bad loans were made (and he dishes it out in spades to all those that came after such loans were made, including the Liquidators, Lawyers, Directors, Accountants, Staff etc etc) that does not mean that "No Trust" is Wayne McIvor.

In my view it is nothing short of disgraceful for Maglitebright to post the below allegations without providing a shred of evidence to support them.  They are very serious allegations.  

In previous posts I had indicated how I had been advised as to the identity of "No Trust" (and others).  I declined to name them because I didn't think that appropriate.  What I was told does not accord with "No Trust" being Wayne McIvor (or his wife).  I guess only time will tell who is correct (maybe).

It is hard to imagine a scenario whereby this post has come from anywhere other than deep within the depths of "Team McIvor" - who else would be prepared to defend the indefensible?  It really is quite pitiful.  McIvor's conduct and shenanigans have cost investors tens (if not hundreds) of millions of dollars - when will he be stopped?  Is he ever going to stop blaming everybody other than himself for Equititrust's demise.  If he wants to know what caused Equititrust to fail then surely he need look no further than his closest mirror.

In my humble opinion, one should only invest in an venture where Mark McIvor (or any of his family) is a part of it if they are seeking to obtain capital losses for their tax return.

Maybe instead of writing his version of the Equititrust collapse he could pen the script for "McIvor v McIvor" - it could be the oscar winning sequel to "Kramer v Kramer".  That is a movie I would pay to see.















Maglitebright said:


> Wayne McIvor (one time Equititrust director and employee, and brother of Mark McIvor) and his wife Judith Jackson (owner of Toscana) are the duo known as "No Trust". They also have links to other pseudonyms.
> 
> Aussie Stocks Forum provides the perfect platform for the duo;
> 
> ...


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## No Trust (14 November 2012)

*Strange way to settle the score*

In what would have to be one of the more unusual – if not *altogether bizarre *– instances of a *fallen chief executive* striking back in defence of his reputation, the founder of collapsed Gold Coast mortgage fund manager Equititrust, Mark McIvor , has self-published a “novella” to set the record straight.


http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN


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## No Trust (14 November 2012)

*BRW Article*

Leo D'Angelo Fisher the journalist who wrote the article comes to the same conclusion about we all do. The cover photo of McIvor with all the animals dressed up is obviously a cry for help...


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## No Trust (14 November 2012)

*Imaginary Creatures*

So all these *imaginary creatures *in McIvor's deluded book ended up putting the knife in his back ha??? 

Has someone not taken their medication... 

Poor Marky Boy is his own worst enemy when it comes to feeding the media... The BRW Article has made a laughing stock of his deluded publication and attempts to start another bank...


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## No Trust (14 November 2012)

*Deluded*

Other's have picked up the story and are having a laugh... 


http://www.propertyobserver.com.au/...ella-to-set-the-record-straight/2012111457831


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## No Trust (15 November 2012)

Looks like the *flood gates *are about to open... The bankruptcy proceedings against McIvor may be the least of his worries...


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## No Trust (15 November 2012)

*Mad Hatters Fairy Tale*

It looks like the *Mad Hatters *fairy tale is doing the rounds of the Gold Coast with much hilarity... How much time was wasted on this, yet the statement of financial affairs were not completed and provided to the liquidator...

There is a *price to pay *for everything... Every *action* has a *reaction*...


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## No Trust (16 November 2012)

*Now for Reality*

Combined with the Legal action on foot by *NAB* and multiple receivers and liquidators, add to that the impending *Class Action by Piper Alderman *and then the *Bankruptcy Proceedings *being brought by Tucker... How much in *legal fees *will McIvor have to fork out??? We are talking in the hundreds of thousands if not *millions of dollars *to defend these actions... If the non-payment of legal fees to Tucker and Nyst lawyers is any indication, I don't think too may law firms are lining up for work for which you are unlikely to be paid for...

Where will the *money come from *???

Not from sales of the deluded fairy tale that’s for sure...


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## No Trust (16 November 2012)

*Bankruptcy Bid on Mark McIvor*

Some of the *innocent retiree investors *who have lost their life savings, will be attending the Federal Court proceedings to Bankrupt McIvor...

King Con is warming the bench for his old friend...


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## No Trust (16 November 2012)

*Bankruptcy Bid on Mark McIvor*

How *much money *is owed to Tucker ???


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## ASICK (16 November 2012)

*Re: Now for Reality*



No Trust said:


> Combined with the Legal action on foot by *NAB* and multiple receivers and liquidators, add to that the impending *Class Action by Piper Alderman *and then the *Bankruptcy Proceedings *being brought by Tucker... How much in *legal fees *will McIvor have to fork out??? We are talking in the hundreds of thousands if not *millions of dollars *to defend these actions... If the non-payment of legal fees to Tucker and Nyst lawyers is any indication, I don't think too may law firms are lining up for work for which you are unlikely to be paid for...
> 
> Where will the *money come from *???
> 
> Not from sales of the deluded fairy tale that’s for sure...





I couldn't stop thinking of this old adage:

http://tinyurl.com/cj6plrv


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## MSsucker (16 November 2012)

Seems Greg Hannan and MainStreet group of companies will be going down with this ship:
http://www.austlii.edu.au/au/cases/qld/QSC/2012/313.html

Got to wonder how many more will be dragged into this quagmire.


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## No Trust (16 November 2012)

*Re: Now for Reality*

Very true ASICK...




ASICK said:


> I couldn't stop thinking of this old adage:
> 
> http://tinyurl.com/cj6plrv


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## No Trust (16 November 2012)

*McIvor Bankruptcy Proceedings*

*McIvor Bankruptcy Proceedings*

Yesterday MM Holdings (In Liquidation) filed an affidavit in the proceedings... 


https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions


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## No Trust (16 November 2012)

*Supporting Creditor*

As I predicted in an earlier post, a *supporting creditor *has joined the proceedings to *Bankrupt McIvor*... *King & Wood Malleson *representing MM Holdings (In Liquidation) has joined the proceedings yesterday.


https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions


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## No Trust (16 November 2012)

*McIvor Bankruptcy Proceedings*

It seems the *banks have had enough as well*, and have joined in the proceedings enforcing the personal guarantees... Lets hope that some of that money that was *transferred to related entities *prior to the collapse of Equititrust is recovered...


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## No Trust (16 November 2012)

*McIvor Bankruptcy Proceedings*

Once a *Creditor's Petition *is served and a *hearing date set*, does that prevent the Respondent from travelling overseas ?


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## No Trust (16 November 2012)

*Gold Coast Bulletin Article*

Page *35 Gold Coast Bulletin 16 November 2012 *"Bizzy bits" under the headline

*Please Explain List, Mr McIvor*

It seems one of the partners McIvor had listed on *page 2 *of the Information Memorandum for his new bank Mi Citizens Union knew nothing about it and wanted no involvement with the venture...

They said Mr McIvor would be *receiving a letter this week *politely suggesting he take their name which had been misspelt off the document...

How on earth *could he do this *and list people who had *not given consent *to be involved... Spruiking for money like this is a clearly desperate move and *totally misleading*... 

Lets hope *an end* is put to this delusion *once and for all*...................................


----------



## No Trust (17 November 2012)

*More Media Coverage*

Expect *more media coverage *on a *national level*...


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## No Trust (17 November 2012)

*Nice money - but they have to earn it*
Michael West
*Sydney Morning Herald*
November 17, 2012 



Illustration: Michael Mucci. 


MacGyver could blow up a terrorist camp with just a small tube of nasal spray, a turkey baster and a shoelace.

McIvor would think MacGyver a chump for relying on so many props. *McIvor blew up EquitiTrust and the savings of a thousand pensioners with nary a pair of tweezers and a roll of duct tape.*

In *vivid prose *McIvor debunks the vile claims of his assailants that EquitiTrust's leverage and *reckless lending* to the likes of the *twice-bankrupt Gold Coast ex-plumber known as King Con *were to blame for the demise of his fund.

Read more: http://www.smh.com.au/business/nice...-to-earn-it-20121116-29hv7.html#ixzz2CPmgfbmH


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## No Trust (17 November 2012)

*More Media Coverage*

*And there is it*... *Michael West *of the *Sydney Morning Herald *gives it to *McIvor* or is it *MacGyver* with both barrels and in the process tears him a new one...

The Cartoon (_another on to hang on the wall of shame_) is a stinging indictment of what he did to innocent retiree Equititrust investors whilst now spruiking to to raise funds...

*Michael West*
"_That's correct, the word is he may be asking other people for money so he can wrest back control of the thing he already blew up. That is flair_."

Read more: http://www.smh.com.au/business/nice...-to-earn-it-20121116-29hv7.html#ixzz2CPovGCbl


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## No Trust (17 November 2012)

*More Media Coverage*

The media as I predicted have *jumped on the story *about McIvor's new fairy tale of delusion as well as *impending bankruptcy proceedings*... Innocent citizens have also contacted the press about being named as partners in the new bank he is spruiking without *their knowledge or consent*...

I mean seriously *enough is enough*...


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## No Trust (17 November 2012)

*Birds of a Feather*

Birds of a feather fail together... 




MSsucker said:


> Seems Greg Hannan and MainStreet group of companies will be going down with this ship:
> http://www.austlii.edu.au/au/cases/qld/QSC/2012/313.html
> 
> Got to wonder how many more will be dragged into this quagmire.


----------



## No Trust (17 November 2012)

*Re: McIvor Bankruptcy Proceedings*

As predicted...

Everyone has really had a gutful... 

Time to put an end to this farce and put the culprit in his place once and for all...




No Trust said:


> Bring your pop corn, this has been *a long time coming*, however it seems that Equititrust investors may get some justice after all...
> 
> Dont be surprised if other creditors pop up to support the action...


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## No Trust (18 November 2012)

*Sydney Morning Herald*

The Sydney Morning Herald Article is *getting lots of circulation *. Michael West has *summed it up nicely*...


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## No Trust (18 November 2012)

*Gold Coast Train Wreck*

*Gold Coast Train Wreck*

Michael West of the SMH *predicted this *a long time ago... And *he was right*...

You can call journalists whatever you want but when your *wrong your wrong*... Writing a stupid book blaming everyone else may make the culprit feel better but it does not change history or who was actually to blame...



http://www.theage.com.au/business/the-gold-coast-train-wreck-20080912-4f4n.html


----------



## Bonne Chance (18 November 2012)

*Re: Gold Coast Train Wreck*



No Trust said:


> *Gold Coast Train Wreck*
> 
> Michael West of the SMH *predicted this *a long time ago... And *he was right*...
> 
> ...




From that article and in a nutshell:
A few words of interest for those with mortgage fund investments. When a mortgage fund tries to act like a bank and lend funds to developers, there is a fundamental flaw in the model.

When we invested, the model was different.  And a word to Mark - if ya wanna play with the big boys, ya better know how to play the game.  The banks may have stuck it to you, but you were well and truly bent over!


----------



## No Trust (18 November 2012)

*Re: Gold Coast Train Wreck*

Very good summation... Don't pretend to be a big player when your not...

Michael West was proven right once again... 



Bonne Chance said:


> From that article and in a nutshell:
> A few words of interest for those with mortgage fund investments. When a mortgage fund tries to act like a bank and lend funds to developers, there is a fundamental flaw in the model.
> 
> When we invested, the model was different.  And a word to Mark - if ya wanna play with the big boys, ya better know how to play the game.  The banks may have stuck it to you, but you were well and truly bent over!


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## No Trust (19 November 2012)

*Another McIvor Home on the Block*

*Another McIvor Home on the Block*
Quentin Tod
*Gold Coast Bulletin*
19 November 2011

Page 48 Business with Quentin Tod

" The *so-called McIvor mess *has *widened further*, with Equititrust founder Mark McIvor's *mother losing her Southport house* amid an apparently *hostile relationship *with her son.

In regard to his mother’s Palm Beach Property the Bulletin writes:

"Caveats put on the property by Mark were *removed by a Supreme court Judge *in September. *Court documents *show the *caveats were put on without Janice's knowledge*."

There is also mention of the impending move to have *McIvor Bankrupted*...



Wow, I'm speechless... It seems the contents of the *court documentation *is slowly seeping out... 

Hostile relationship with your mother ??? *OMG* 

There is also mention in the Article about McIvor suing his brother and sister last year ???

*Eye watering stuff*...


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## No Trust (19 November 2012)

*Janice McIvor tells court of shock at how much she owed after son Mark got her sign*

Janice McIvor tells court of shock at how much she owed after son Mark got her to sign $22m in mortgages
Emmaline Stigwood From:

Gold Coast Bulletin 

November 20, 2012 12:00AM


http://m.couriermail.com.au/news/ja...22m-in-mortgages/story-e6freon6-1226519911766


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## No Trust (19 November 2012)

*Mum and Son at War*

What a shocking article... The testimony from McIvor's mother is gobsmacking...

Imagine speaking to your mother like that... It's good that the real McIvor is being exposed in open court...

These bully boy tactics have been going on for years...


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## No Trust (20 November 2012)

*Bombshell Headline Courier Mail*

*Janice McIvor tells court of shock at how much she owed after son Mark got her to sign $22m in mortgages *
Emmaline Stigwood 
*Gold Coast Bulletin *

*November 20, 2012*




Janice McIvor (centre) outside court. Source: The Courier-Mail


"I was *shocked* ... I owed the bank *$22 million*," she said. 

Mrs McIvor said she now had *no relationship with Mark *after the two argued when *she discovered the situation*, got her own legal advice and refused to hand over the Woodgee St property. 

She said she was *in hospital at the time*, having had a *hip replacement*. 

"He just *lost it *(and) said he'd *never speak to me again*," Mrs McIvor said. "His *language was unspeakable *and as he went to leave I said I just want Woodgee St back unencumbered and he said *'you'll be effing lucky' *and slammed the door." 

http://www.couriermail.com.au/news/...22m-in-mortgages/story-e6freon6-1226519911766


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## No Trust (20 November 2012)

*City Beat: Beastly tales*

*City Beat: Beastly tales *

James McCullough 
*The Courier-Mail*
November 20, 2012


http://www.couriermail.com.au/business/city-beat-beastly-tales/story-fnfli675-1226519891702

Another *hilarious cartoon *depicting McIvor... At his worst...

Silver tongue indeed, time to pass him the soap and water and have him wash his mouth out... *Who talks to their mother like that *???


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## No Trust (20 November 2012)

*More Revelations*

As the *court cases proceed *there will be *more* revelations to come...

The trial will run for another *3* days and then will come the *Bankruptcy Proceedings *followed by the *Class Action* and possibly more legal action by the receivers and liquidators acting on behalf of the banks...


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## No Trust (20 November 2012)

*Cartoon in Today's Courier Mail*



Mark McIvor has published a novella in which *he is the hero*. Source: *The Courier-Mail*


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## No Trust (20 November 2012)

*Story Has Now Gone National*

The story regarding McIvor's mother has now *gone national *with *The Australian *Picking up the Story as well...

http://www.theaustralian.com.au/new...22m-in-mortgages/story-e6frg6n6-1226519911766


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## Bonne Chance (20 November 2012)

*Re: Story Has Now Gone National*

Dear No Trust, do you ever sleep?




No Trust said:


> The story regarding McIvor's mother has now *gone national *with *The Australian *Picking up the Story as well...
> 
> http://www.theaustralian.com.au/new...22m-in-mortgages/story-e6frg6n6-1226519911766


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## No Trust (20 November 2012)

*Mother and Son at War - Previously Soldiers in Arms*

What’s interesting in all this and something the *Supreme Court * and *Westpac's Lawyers *needs to ask is; How could *McIvor's mother not know*... Did she live in Wodgee Street, or in Brighton Parade House Number *1* or House number *2*... She was shuffled around *willingly* like a deck of cards... Where did she actually live ??? How many homes can you live in at once... *There is more to this than meets the eye *and that is why Westpac are *pursing it*... They are *not fools*

When she moved to *Brighton Parade House Number 1* daughter Janine and family moved to the Wodgee St house much to the chagrin of Marky Boy and racy Stacey... "Say sources *very* close to the family"...  Mummy McIvor was also planning to leave the Wodgee St home to daughter Janine and Wayne... Again to the chagrin of Marky Boy and Racy Stacey...

Whilst the spoils of *Marky Boys *nefarious activities were being shared by the "*pack*" all was good, living there rent free, but make *no mistake *all were aware *what was going on*. This shell game has been *going on for years *, *bare trust structures *used and *penalties paid to the Office of State Revenue *for transfers out of mumsies name when convenient. Why don't Westpac seek documentation from the Office of State Revenue... This may shed light on the fact that some were not as ignorant as they now say...

What’s happened now is that there is no meat left on the carcass and the pack has turned on each other...  *Strange Animals Do Come Down to Drink*... But they're *all related*...


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## zencorp (20 November 2012)

*Mark, the soon to be Bankrupt!*

I am sooooo soooooo Happy to see that Mark Mcivor will soon be a Bankrupt!!!! This will bring great joy to me over the Xmas Period 

I hope that Mark has a fantastic xmas, and a happy new year (as a Bankrupt)! 


Hear hear!


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## No Trust (20 November 2012)

*Re: Mark, the soon to be Bankrupt!*

Many will have the same sentiments given the revelations unfolding at the moment... 




zencorp said:


> I am sooooo soooooo Happy to see that Mark Mcivor will soon be a Bankrupt!!!! This will bring great joy to me over the Xmas Period
> 
> I hope that Mark has a fantastic xmas, and a happy new year (as a Bankrupt)!
> 
> ...


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## No Trust (21 November 2012)

*Mi oh Mi ... what's McIvor up to now?*

*Mi oh Mi ... what's McIvor up to now?*

November 21, 2012 


*Ben Butler
Sydney Morning Herald*

"HIS *property empire has collapsed*, $260 million of investors' money is in peril, the *corporate watchdog is asking hard questions* and *even his mum doesn't seem too impressed with his behaviour*

Janice told the court she signed paperwork *''because I trusted Mark'' *but the *two fell out *after she found she had signed $22 million worth of mortgages and guarantees.

*ASIC has also fallen out with McIvor*. It raided Equititrust's offices last December on allegations *he improperly used his position for personal benefit *to the detriment of investors and *did not act honestly with borrowers.*

Read more: http://www.smh.com.au/business/mi-oh-mi--whats-mcivor-up-to-now-20121120-29o12.html#ixzz2CmagotGb


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## No Trust (21 November 2012)

*Information Memorandum Pulled from Website*

Looks like the Information Memorandum *has been pulled *from the Mi Guardian Fiduciary Website !!!

Was it *ASIC* ? Was it *legal threats *from people who were named as partners without consent ? Whatever it was *its gone*...

*After Ben Butler's Denamning Article in the Sydney Morning Herald *this morning, as I predicted in a previous post, McIvor's delusional bank is *dead on arrival*... The Media are have a *field day *at the moment...

Enlisting brother in law Bock Turner as a willing participant brings back memories when wifey Stacey became a director of Equititrust *when no one else would *after all the directors abandoned the company... Have these people got *Stockholm Syndrome*???


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## No Trust (21 November 2012)

*Mi Guardian Fiduciary*

Luckily I have a copy of the idiotic document, read this and weep:


*Key opportunities and outcomes *

To achieve our goal, Mi Guardian Fiduciary proposes to invest in opportunities promoting and facilitating priority outcomes, as follows:
 1.The re-engineering of finance and capital solutions capacity to regional communities to provide a multi-discipline service delivery, with particular focus on *boutique law firms *as an infrastructure component.

2.The regeneration of market competitiveness through aggregation of boutique independent providers of retail finance, commercial property, wealth advisory and *mutual funds management*.

3*.The delivery of strategic legal and capital solutions to protect citizens, whose legal rights or financial position have been compromised by improper or unconscionable conduct of major banks or insolvency firms.*

4.The aggregation of independent education and academic professionals to improve options for education delivery as a commercial business.

*5.The provision of specialist advice to victims of corporate crime and misconduct.*

6.Investment in environmental intellectual property providing commercially and socially positive outcomes.

7.Investment in human resource partnerships leveraging our skill base and capital management brand.

8.Long term investment in relationship with founding South Pacific partners.

9.Commercialisation of breakthrough intellectual property for the advancement of English as a second language and the elimination of illiteracy.

10.Building of a relationship of confidence and trust with indigenous communities with a view to accelerating ‘Close the Gap’ initiatives.


OMG, the delusion is *beyond belief*... How about helping the *innocent retiree victims *of Equititrust first...

This is playing out like a *modern day version of Macbeth*... The culprits as much as they try cannot wash the blood of their hands...

That story *didn't have a happy ending *did it ...


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## Mozzi (21 November 2012)

*Re: Information Memorandum Pulled from Website*



No Trust said:


> Looks like the Information Memorandum *has been pulled *from the Mi Guardian Fiduciary Website !!!
> 
> Was it *ASIC* ? Was it *legal threats *from people who were named as partners without consent ? Whatever it was *its gone*...
> 
> ...







Nope!   Sorry "No Trust".   It is still online, just read the biggest load of bull.....!    Hope there is someone at Asic who can actually read - not that it matters - they are not doing anything about it, are they?    How can this be allowed to happen in this day and age?


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## No Trust (21 November 2012)

*Re: Information Memorandum Pulled from Website*

Because ASIC is a *toothless tiger*... Remember they are *Public Servants*, between flexi-time and doing nothing, there is not much time for anything else, let alone stopping this farce... 

*Its a joke...*






Mozzi said:


> Nope!   Sorry "No Trust".   It is still online, just read the biggest load of bull.....!    Hope there is someone at Asic who can actually read - not that it matters - they are not doing anything about it, are they?    How can this be allowed to happen in this day and age?


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## No Trust (22 November 2012)

*McIvor in the news again*

*Diminishing Trust*

Looks like Narky Marky forgot to tell a Catholic Priest that his name was used in his latest money raising scheme...

Marky might need to make a trip to the confessional, and not the church kind...

Media are having a field day at the moment...



http://m.smh.com.au/business/three-chords-and-a-sheppard-all-star-city-needs-20121121-29q5y.html


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## No Trust (22 November 2012)

*McIvor Bankruptcy*

The Partner from *King & Wood Mallesons *who has filed an affidavit in suppport of the *McIvor Bankruptcy * in the Federal court is Philip Pan. Philip is a Partner in the Brisbane office.

Equititrust investors and those who have had to deal with McIvor over the years give *Philip Pan *their *full support. *


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## No Trust (23 November 2012)

*McIvor Dirty Laundry*

Given the "*Dirty Family Laundry*" that is being aired in the Supreme Court at the moment, what’s next from the McIvor's ???

Don't be surprised at more *Media Scrutiny *over the coming weeks as there *is lots more*... It seems the deepest, darkest secrets are yet to come out...  Who is *next* to break rank within the McIvor's and reveal more ???

It's amazing what a *spotlight *and sitting in a *witness box *reveals...


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## nordrum (23 November 2012)

I worked at Equititrust and it has been a while since I visited this site. I am so disgusted by what I read. This isn't for investors this site is for sickos.

Finally, someone disclosed that Wayne McIvor is "No Trust". Not that it had to be written, it is so obvious (and the try hard cover up....ha!). It is a sad indictment on human nature that Wayne, who bled his brother for decades, turns on him when he is no longer able to support his lifestyle. Isn't it amazing that his hatred for Mark wasn't disclosed whilst the cheque book was open. He was happy to take employment, houses, holidays and spending money from Mark. To live a lifestyle he could never support himself. And this is the Wayne McIvor who never supported his only child.YesWayne like we didn't know. Now he wishes to write about responsibility. It is sickening. Give up the drink Wayne (and maybe the late night posts will follow).

The McIvor family should be shamed. Mark supported his Mother, Father, sister and brother in a way that I always thought was stupid (most of us did). Janene prancing around the office having her children's school fees paid, cars brought, air fares paid. Looking down on us employees. A mother, Janice McIvor, that never showed one inch of support to her son but was happy to have unlimited funds available to her, credit card bills that would buy a small country. Sent directly to our in trays. You never wanted to answer the phone when she wanted more. Pretending in court that she didn't know what she was doing. She is the most cunnig woman you could wish to meet. She was never a mother to Mark, she is an old lady who threw her son under a bus.

Mark is not a saint but he was always very good to me. He doesn't deserve this. Who needs enemies when you have this bunch for family (if you can call it that). God bless you mate.


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## No Trust (23 November 2012)

*Desperate Times for Some*

Eyes watering from laughter... *Totally off the "Mark" once again*...  

I will leave the family meltdown to the family which is doing a great job of tearing itself apart in the press and posing for pictures in the Gold Coast Bulletin…

As predicted "The Strange Animals that come down to drink" *are at each other’s throats yet again*... The Family dispute being played out in the Supreme Court is *well documented *in the media... The fact this is in the public domain is collectively the McIvor's fault... They have no one else to blame but themselves.

Employee or family member whoever "nordrum" is has to realise the only *siko's* in all of this are the people who *lost the life savings *of innocent retiree investors... Nordrum may be suffering from a form of corporate or personal "*Stockholm Syndrome*"... 

So the interests of the McIvor family and their *credit card bills *took precedence over innocent retiree investors???

Why were the personal interests of McIvor and family intertwined within a business where hundreds of millions of dollars of retiree investors’ money was meant to be managed???

Why did every board member resign including old mate David Jackson QC and then issue affidavits in support of the winding up proceedings... All well documented in court records and in the press...

Why did McIvor lend *tens of millions of dollars *to his good mate “King Con” ??? He also gave him a personal reference...

The media across the country in their reporting over the past week and the assessment of every sane person seem to vindicate my stance on this... 

Read below and get a sane perspective on what happened...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609

http://www.smh.com.au/business/mi-oh-mi--whats-mcivor-up-to-now-20121120-29o12.html

http://www.perthnow.com.au/news/jan...22m-in-mortgages/story-e6frg12c-1226519911766

http://www.goldcoast.com.au/article/2012/11/13/441686_gold-coast-business.html

http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html

http://www.smh.com.au/business/three-chords-and-a-sheppard-all-star-city-needs-20121121-29q5y.html


----------



## No Trust (24 November 2012)

*McIvor Bankruptcy Proceedings - 28 November 2012*

A review of the file indicates there has been *no documentation *filed on behalf of McIvor...

*King & Wood Malleson *have filed an affidavit as Creditor in Support of the Bankruptcy...

https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions#


----------



## No Trust (24 November 2012)

*Mumsies Court Case*

With court proceedings being finalised on Thursday over the possession of McIvor's mother's house judgment has been reserved and will be announced soon...

In terms of the  McIvor civil war amongst themselves as reported in the media this week, expect to see more scrutiny  by the media in the coming weeks...


----------



## kostag (25 November 2012)

You may well be right and the fact that you worked inside the place you might know better than any of us.... BUT isnt the fact this -  for whatever reason, Mark chose to shower abundant cash and gifts on those around him and the problem was simply that as it now emerges, it was never his money.

I am sure that he was good to you -  if you say so -  BUT again, in his generosity -  it was simply never his money.

The profits all appear to be illusions; the lending practices were reckless; the representations he made, atleast from about 2008 , would appear to be deceptive at best and some might argue, downright fraudulent.

Fair or unfair -  he was the CEO and enjoyed the largesse of pensioners funds.. The fact that his generoisty and support of his own family has been misplaced, is sad - but this was his choice and another poor judgement call. But hardly our fault!.

He seems to have made a lot of poor choices and when they impact to the extent that they have  on others and ruined so many lives -  makes him both culpable and responsible.





nordrum said:


> I worked at Equititrust and it has been a while since I visited this site. I am so disgusted by what I read. This isn't for investors this site is for sickos.
> 
> Finally, someone disclosed that Wayne McIvor is "No Trust". Not that it had to be written, it is so obvious (and the try hard cover up....ha!). It is a sad indictment on human nature that Wayne, who bled his brother for decades, turns on him when he is no longer able to support his lifestyle. Isn't it amazing that his hatred for Mark wasn't disclosed whilst the cheque book was open. He was happy to take employment, houses, holidays and spending money from Mark. To live a lifestyle he could never support himself. And this is the Wayne McIvor who never supported his only child.YesWayne like we didn't know. Now he wishes to write about responsibility. It is sickening. Give up the drink Wayne (and maybe the late night posts will follow).
> 
> ...


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## No Trust (25 November 2012)

*Can't See the Wood For The Trees*

Employees, "*if that’s what they really are*" sometimes fall into a *bunker mentality *exacerbated by the fact that their livelihood comes from the source that is under attack by both regulators and investors...

In the end there is only *one person to blame *and that is the person at the top. All the directors who resigned were very clear in their affidavits to the *Supreme Court *as to who was at fault and who was looking after his own interests at the expense of innocent elderly investors...

The media, courts and ASIC in their analysis across the spectrum have also come to the same conclusion...


----------



## No Trust (25 November 2012)

*Media*

Equititrust Investors should keep their *eyes on the media *in the coming weeks... More revelations to come...


----------



## kostag (25 November 2012)

*Re: Can't See the Wood For The Trees  CULPABILITY*

I think that ASIC will show that all Directors have a degree of liability and culpability BUT anyone who knew Equititrust and Mark McIvor knows that he ran it like a personal fiefdom -  and what Mark  wanted, Mark got... he bankrupted borrowers almost out of sadistic pleasure ....  there is a Kharma in life and it is now coming back to him in spades.... 

NOTRUST : you seem to know a lot -  what was the connection between Mark and King Con?

How come King Con finished up in control of and managing distressed EQUITITRUST  loan assets?  were there payments back to King Con or King Con and "private interests"?



No Trust said:


> Employees, "*if that’s what they really are*" sometimes fall into a *bunker mentality *exacerbated by the fact that their livelihood comes from the source that is under attack by both regulators and investors...
> 
> In the end there is only *one person to blame *and that is the person at the top. All the directors who resigned were very clear in their affidavits to the *Supreme Court *as to who was at fault and who was looking after his own interests at the expense of innocent elderly investors...
> 
> The media, courts and ASIC in their analysis across the spectrum have also come to the same conclusion...


----------



## No Trust (25 November 2012)

*McIvor Bankruptcy*

Karma indeed...


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## No Trust (25 November 2012)

*King Con*

*McIvor* and *King Con *had a long established business relationship as reported in court proceedings and the Media...

In terms of any other arrangements, these are *currently being investigated *by numerous parties... I will let investigations continue and look forward to their findings... A plethora of information has however changed hands...

Question now is who will throw who under the bus ??? 

Why were the investor's never made aware of the borrowings to King Con by McIvor ???


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


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## No Trust (26 November 2012)

*King Con - McIvor*

Given the *current proceedings underway *McIvor and King Con may soon have a lot more in common than past business dealings...

I know, maybe they should start another Mortgage Fund together...


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## No Trust (26 November 2012)

*Bankruptcy Proceedings*

The article below sets out what happens if the Bankruptcy Notice is not quashed by a court...

McIvor's matter to be heard on the 28th has now moved to Sequestration

http://www.goldcoast.com.au/article/2012/11/24/442435_gold-coast-business.html

https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions#


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## kostag (26 November 2012)

*Re: King Con - McIvor*

My questions on this relationship would be:-

1.  Quinlivan did not pay $82M for the property -  so when he borrowed $60M from Equititrust -  where did all that money go? What did he pay for the property at Ipswich? were any moneys diverted to third parties?

2.  Quinlivan was put in place to maaaaanage atleast two Equitirust loan assets once they slipped into default alleging bringing his unique property expertise to the benefit of Equititrust. I am told that moneys were then paid to Quinlivan's companies by Equititrust (the invetsors moneys). Did of any of that moeny filter acros to 'third parties'. What loan assets did Quinlivan get to manage in this way? whilst his own Ipswich loan 'asset' dwindle away....




No Trust said:


> Given the *current proceedings underway *McIvor and King Con may soon have a lot more in common than past business dealings...
> 
> I know, maybe they should start another Mortgage Fund together...


----------



## kostag (26 November 2012)

*Re: King Con*

my very good information is that QUINLIVAN has no love for the great white ghost and feels very much set up...



No Trust said:


> *McIvor* and *King Con *had a long established business relationship as reported in court proceedings and the Media...
> 
> In terms of any other arrangements, these are *currently being investigated *by numerous parties... I will let investigations continue and look forward to their findings... A plethora of information has however changed hands...
> 
> ...


----------



## No Trust (26 November 2012)

*Re: King Con*

Thats what I hear as well... 

Your questions *as to where the money *went are very valid and thats why they are being investigated...

What went where in terms of money is something the forensic accountants will have to unravel...




kostag said:


> my very good information is that QUINLIVAN has no love for the great white ghost and feels very much set up...


----------



## No Trust (26 November 2012)

It seems McIvor *fell out with everyone *even his old school mate Tony Hickey...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8601/06


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## No Trust (26 November 2012)

Oh, and let’s not forget the fall out with *old mate *and former director of Equititrust *David Tucker *who he appointed to sue Hickey lawyers...

Certain behaviour patterns in business clearly established...


----------



## No Trust (26 November 2012)

*McIvor Bankruptcy Proceedings - 28 November 2012*

It seems that the Bankruptcy application brought by Tucker and Cowan has the full support of NAB with respected Law Firm *King &Wood Malleson *filing an affidavit in support of the application.

Does that mean Marky Boy will not get his art back???

The Courier Mail Article below shows McIvor's disdain towards NAB, Ferrier Hodgson and law firm Mallesons.

_"Mr McIvor has not lodged a formal defence in the case but court records include emails which clearly outline his position. He accuses *NAB, Ferrier Hodgson and law firm Mallesons *of "unconscionable conduct" *in pursuing him *and he blames NAB for wiping out $76 million from Equititrust's balance sheet."_

Wow the delusion is *mind boggling*, can you imagine having to pay the banks back "their money"... Then when he didn't he complains that they are pursing him... Boo hoo... McIvor did a lot worse to borrowers who fell into his web. Now it seems that Tucker, NAB, Ferrier Hodgson and King & Wood Mallesons have had enough and have pulled out a big can of insolvency Mortein...


http://www.propertyobserver.com.au/...-mcivor-over-legal-fees-billing/2012111457833


http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


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## No Trust (27 November 2012)

*McIvor Bankruptcy Proceedings - 28 November 2012*

Latest affidavit filed 


https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions#


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## No Trust (28 November 2012)

*Long Drive to Brisbane*

Less than 3 and a half hours untill the much anticpated Bankruptcy Proceeedings commence against McIvor...

The question is, will McIvor front up to court or not...



https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions#


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## No Trust (28 November 2012)

*King Con is back*

Read the article below and *cry* or *laugh*...

It seems that both *McIvor* and *Quinlivan* post failing in business seem to find some catharsis in writing deluded books and establishing deluded blogs...

Is this a cry for help... Idiots of the highest order...

http://www.propertyobserver.com.au/...ith-website-and-twitter-account/2012112658067


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## No Trust (28 November 2012)

*King Con - McIvor.... Mi Guardian Fiduciary whats the conection.*

King Con - McIvor.... Mi Guardian Fiduciary what’s the connection ??? Well it seems that McIvor has a one Joe Mamone Founder English Phoenetic Code as one of the partners listed. See below in the attached PDF.

Today's *Gold Coast Bulletin Business *Page *25* has a big story on King Con and his come back and surprise, surprise guess who he says he is working with, yes the one and only........................ wait for it....................... " for the past 15 years, he says, he has been working with the Mamone family to develop an English- language learning system called the DD Code and, from this, has built a not for profit charitable aim to provide literacy programs to Australia's indigenous population..."


Now let’s see if we can connect the dots here... Look at the Mi Guardian Fiduciary Website and under Key opportunities and Outcomes we find:

9.Commercialisation of breakthrough *intellectual property *for the advancement of English as a second language and the elimination of illiteracy.

10.Building of a relationship of confidence and trust with *indigenous communities *with a view to accelerating ‘Close the Gap’ initiatives.

This is *Mi Guardian Delusionary*


http://www.miguardianfiduciary.com/MiGuardianPartners/Overview.aspx

http://www.miguardianfiduciary.com/Portals/GuardianPartners/071248-Mi-Guardian-Memorandum-FINAL.pdf


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## kostag (28 November 2012)

*MARK McIVOR : bankrupted today?*

anyone got any word on the status of this?


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## zencorp (28 November 2012)

*MARK MCIVOR = BANKRUPT*



kostag said:


> anyone got any word on the status of this?




Mark is now a *Bankrupt.* 

He got was he deserved - I will be cracking a bottle of Moet tonight!!!! 

You can downloand a copy of the Bankrupts order agaist him: https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions


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## No Trust (28 November 2012)

*Re: MARK MCIVOR = BANKRUPT*

He definitely got what he deserved and yes a lot of champagne bottles will be popped tonight across Australia...
Despite being attacked on this thread we have been proven right in our stance and it has been confirmed by the Federal Court today... 

This may not be the end of it after investigations are completed and prosecution started...

Adios Amigos 





zencorp said:


> Mark is now a *Bankrupt.*
> 
> He got was he deserved - I will be cracking a bottle of Moet tonight!!!!
> 
> You can downloand a copy of the Bankrupts order agaist him: https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions


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## Mozzi (28 November 2012)

*Re: MARK MCIVOR = BANKRUPT*



zencorp said:


> Mark is now a *Bankrupt.*
> 
> He got was he deserved - I will be cracking a bottle of Moet tonight!!!!
> 
> You can downloand a copy of the Bankrupts order agaist him: https://www.comcourts.gov.au/file/Federal/P/BRG927/2012/actions






YIPPEE!   Thanks for the info.   Haven't got any Moet, but will join you in spirit!!


Love that Karma, now just keep it coming..................


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## No Trust (28 November 2012)

Equititrust founder Mark McIvor declared bankrupt

http://m.heraldsun.com.au/news/nati...eclared-bankrupt/story-fncynkc6-1226526083397

Just the early start of the Media Coverage


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## No Trust (28 November 2012)

*Cafe Employee*

Lucky Stacey has a job a Bumbles Cafe maybe they have a job as a dishwasher for a bankrupt financier.


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## kostag (29 November 2012)

We should not gloat. Revenge is not a good vibe. No-one who lost wanted him to walk away unscathed but we probably would all prefer him to assist receivers...than face this waste and turmoil...

 and who knows rebuild a constructive meaningful life. Certainly David Tucker has a lot more clout than anyone gave credit for.


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## No Trust (29 November 2012)

*McIvor Bankruptcy*

The reason there is no sympathy especially from Tucker and the NAB is McIvor has hindered the receiver, especially David Whyte... He has destroyed lives and as ASIC has outlined acted in a dishonest manner in terms of elderly investors and borrowers.

Piper Alderman also have a litany of evidence... How much mercy did McIvor have to towards borrowers who he bankrupted because "he could"... All his power is gone and ultimately he was the cause of his own demise...

Now the prosecutions need to commence and McIvor needs to be put in a witness box and publicly examined. Don't be surprised to see the Bankruptcy Trustee aggressively pursue him. Tucker will instruct them and he knows where all the skeletons are buried... This is just the start of it.

He got what he deserved and there is much much more to come for this idiot...


----------



## Goldie101 (29 November 2012)

*Re: McIvor Bankruptcy*

McIvor being made bankrupt is a pleasing result and thoroughly deserved.  

No Trust suggesting that somehow his actions have been “proven right” by the Federal Court is quite another thing.  The Federal Court simply decided that McIvor should be bankrupted based upon a debt due which was nothing to do with Equititrust nor was it anything to do with this site.  In fact, the only person responsible for the Federal Court decision (and McIvor’s demise) is David Tucker, who has been an unrelenting target of No Trust since the beginning.  It seems No Trust is suffering from the same delusions of grandeur that McIvor does.  

I doubt very much that McIvor will have the slightest concern about any civil proceedings that may or not be bought by various parties – why would he?  They can in no way affect him now he is bankrupt.  His only concern would be criminal proceedings and they are notoriously difficult to successfully pursue.


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## No Trust (29 November 2012)

*Golden Split Personality*

It's great to see that some people still don't take themselves too seriously especially when they can't decide which side to take and flip around from one side to the other yet don't give a damn about investors...

The overall exposure of the Equititrust issue is what is being referred to. This site and particularly Kostag for starting the thread alerted many to issues that Equititrust were trying to hide and that includes time that Tucker and other directors such as Kennedy were on the board. 

There were definitely issues of conflict of interest which must now be investigated... This was even alluded to by Hall Chadwick the liquidator of Equititrust.

In any event, McIvor must now submit to the trustee or face lengthy and prolonged bankruptcy. What will be difficult is filling out the forms for the trustee as all money and assets must be declared.


----------



## No Trust (29 November 2012)

*Phone Disconnected*

According to BRW the debt was only $25,000 and it seems McIvor's phone has been disconnected.

The GC Bulletin also reported that McIvor didn't even appear in the Federal Court. At least his old neighbor Mathew Perrin had the balls to face it like a man and attend court as summoned...

McIvor was a tough talker but ultimately proven to be a coward when it came to facing up to his responsibilities. Now he won't even pick up the phone...

Gutless loser who lost the retirement savings of many innocent people...


----------



## kostag (29 November 2012)

*Re: McIvor Bankruptcy; GOLDIE101 you got it in ONE!*

CRIMINAL PROCEEDINGS conducted by ASIC rarely get up. 

ASIC would be seeking to have him banned from being an officer of a company for 10years+ -  as a BANKRUPT he is banned for atleast the next 3years - so with that in hand, ASIC might drop off.

THis leaves matters to AMANDA BANTON and her PIPER ALDERMANN team to go the PI insurers re Directors culpability in order to get some compensation for investors -  otherwise, the return will become NIL.



Goldie101 said:


> McIvor being made bankrupt is a pleasing result and thoroughly deserved.
> 
> No Trust suggesting that somehow his actions have been “proven right” by the Federal Court is quite another thing.  The Federal Court simply decided that McIvor should be bankrupted based upon a debt due which was nothing to do with Equititrust nor was it anything to do with this site.  In fact, the only person responsible for the Federal Court decision (and McIvor’s demise) is David Tucker, who has been an unrelenting target of No Trust since the beginning.  It seems No Trust is suffering from the same delusions of grandeur that McIvor does.
> 
> I doubt very much that McIvor will have the slightest concern about any civil proceedings that may or not be bought by various parties – why would he?  They can in no way affect him now he is bankrupt.  His only concern would be criminal proceedings and they are notoriously difficult to successfully pursue.


----------



## ASICK (29 November 2012)

Speaking of directors' indemnity insurance - is anyone aware of the status of that insurance (if any)?


----------



## No Trust (29 November 2012)

Amanda Banton gave notice to the company and insurers prior expiry last year...


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## Goldie101 (29 November 2012)

I have been told that the policy was for around $4m.  If this is true there will likely be nothing left for investors after legal costs for both sides are paid.


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## ASICK (29 November 2012)

I'm pleased to hear that .. it's as fast as lightning .. especially when compared to Trilogy:
http://www.moneymagik.com/litigation.php   So much BS over three years.


----------



## athyrio (29 November 2012)

*Re: Golden Split Personality*

well 'no trust' we're taking it all very seriously up here Frog's Hollow, Emu Vale via Killarney. A very sad time for the clan - how much lower can our kinsman and prodigal son go? When you see him tell him he's still welcome on the farm and to bring some of them polo ponies for a do at Morgan Park, Warwick.



No Trust said:


> It's great to see that some people still don't take themselves too seriously especially when they can't decide which side to take and flip around from one side to the other yet don't give a damn about investors...
> 
> The overall exposure of the Equititrust issue is what is being referred to. This site and particularly Kostag for starting the thread alerted many to issues that Equititrust were trying to hide and that includes time that Tucker and other directors such as Kennedy were on the board.
> 
> ...


----------



## No Trust (29 November 2012)

Sorry to hear its been such a devastating loss to your clan... The question now is where is Narky Marky and why has his phone been disconnected... I'm sure the trustee will want to speak to him very soon ... In fact I'm sure Tucker will be pushing to get every cent of that $25,000 owed to him... Now the question is was the bankruptcy about 25k or something else...


----------



## No Trust (30 November 2012)

BRW Article on McIvor Bankruptcy 

"Tucker declined to be interviewed for this story. Attempts by BRW to contact McIvor were unsuccessful. His mobile phone service has been disconnected and the telephone number for Mi Guardian Fiduciary was unattended. A recorded message explained: “The person you are trying to reach is unavailable.” "


http://www.brw.com.au/p/sections/fyi/founder_of_equitrust_declared_bankrupt_zY5NVhlw5CVaB2scvm9gSN


----------



## No Trust (30 November 2012)

*Gold Coast Bulletin Article on McIvor*

Gold Coast Bulletin Article on McIvor

"Mr McIvor, who founded Gold Coast merchant bank Equititrust, did not attend the court hearing and there was no one to represent him when Registrar Baldwin made a sequestration order against his estate."


http://www.goldcoast.com.au/article/2012/11/29/442721_gold-coast-business.html


----------



## No Trust (30 November 2012)

So what will happen to the driveway full of European cars ???


----------



## Bonne Chance (30 November 2012)

No Trust said:


> So what will happen to the driveway full of European cars ???




So, what's wrong with this picture?  There is a driveway full of European cars and Mark was bankrupted for a measly $25,000 without so much as a fight?


----------



## No Trust (30 November 2012)

That's right, lets hope the trustee gets to the bottom of this and how the rent is being paid on a luxury home...




Bonne Chance said:


> So, what's wrong with this picture?  There is a driveway full of European cars and Mark was bankrupted for a measly $25,000 without so much as a fight?


----------



## No Trust (30 November 2012)

*Gold Coast Bulletin*

Buzzy Bits Page 37 Business

McIvor listed as the loser of the week. What an honour bestowed by his own city...

The accolades just keep stacking up, keep up the good work Marky...


----------



## No Trust (2 December 2012)

*It's not over...*

There is something else scandalous brewing at the moment which will have jaws dropping... 

Latte's at Bumbles will be hitting the floor...


----------



## No Trust (3 December 2012)

*Liquidator*

Now that McIvor is a freshly minted bankrupt isn't it time the Liquidator conducted those Public Examinations...


----------



## No Trust (3 December 2012)

*Re: King Con - McIvor.... Mi Guardian Fiduciary whats the conection.*

Page 48 today's Gold Coast Bulletin Quentin Tod has picked up on the connection between McIvor and King Con... Now we just need to know where the money went...




No Trust said:


> King Con - McIvor.... Mi Guardian Fiduciary what’s the connection ??? Well it seems that McIvor has a one Joe Mamone Founder English Phoenetic Code as one of the partners listed. See below in the attached PDF.
> Page 48 Today's Gold Coast Bulletin, Quentin Tod seems to have picked up on the same connection between McIvor and King Con...
> 
> 
> ...


----------



## ASICK (3 December 2012)

*Re: King Con - McIvor.... Mi Guardian Fiduciary whats the conection.*



No Trust said:


> Page 48 today's Gold Coast Bulletin Quentin Tod has picked up on the connection between McIvor and King Con... Now we just need to know where the money went...




http://www.goldcoast.com.au/article/2012/11/28/442685_gold-coast-business.html


----------



## No Trust (3 December 2012)

*Re: King Con - McIvor.... Mi Guardian Fiduciary whats the conection.*

Thanks for the link ASICK, but there is another story in today's Bulletin which features McIvor on the same page as the previous story. This one has a picture of both the bankrupts at the bottom of the page with cover of McIvor's deluded book pictured as well. Hopedully the bulletin will put it online...





ASICK said:


> http://www.goldcoast.com.au/article/2012/11/28/442685_gold-coast-business.html


----------



## kostag (4 December 2012)

*THE SH-T IS GOING TO HIT THE FAN*

as DAVID WHYTE gets down to the last (big assets) ie: having sold off the more marketable stuff -  this is where the massive losses are going to hit the fan!

There are three major asset/loans left atleast - all with massive unpaid rates and costs -  and values nowhere near predictions.... 

after the costs of WHYTE etc -  there will be NIL left -  we predicted 18months ago a 100% loss to all INVESTORS -  this will be confirmed as the case within 4 months.

Anyone wnat to sell EQUITITRUST units? I'll pay one cent per dollar.... but you had better be quick.... next week, you can pay me a cent to take them off you


----------



## Goldie101 (4 December 2012)

*Re: THE SH-T IS GOING TO HIT THE FAN*

Finally after all this time Kostag has been revealed for what he is - an opportunistic predator.   I suspect this whole charade masquerading as the concerned investor has been nothing but a smokescreen to hide his long term strategy of talking down the unit price then making an opportunistic bid to elderly or confused investors.  

David Whyte has estimated further asset realisations of between $30m and $42m in his report of early November (ie less than one month ago).  This is after payment of all liabilities (including the o/s rates Kostag refers to) and all costs except for Receiver fees.  Simple arithmetic tells me that unless David Whyte's further costs are between $30m and $42m there will be a return to investors.  Given his costs over the last year were <$1m this seems an unlikely scenario.

All we need now is to wait for No Trust's 2c bid.

Unbelievable!!!!!!!












kostag said:


> as DAVID WHYTE gets down to the last (big assets) ie: having sold off the more marketable stuff -  this is where the massive losses are going to hit the fan!
> 
> There are three major asset/loans left atleast - all with massive unpaid rates and costs -  and values nowhere near predictions....
> 
> ...


----------



## No Trust (4 December 2012)

*Deluded*

Here's my bid, Goldie needs to take his delusion medication... It seems that sarcasm is beyond this flip flopping fool... Where was he 3 years ago when Kostag started this thread??? Sitting on the fence and waiting for the war to be over and now when it's all over appears and flip flops showing no support for the investors ... 

Kostag and a few other contributors had the balls to expose McIvor and Equititrust's deceit and the media has backed this thread on a national level. 

I will take Kostag's predictions any day as they have proven to be correct... The sale of these assets given they are toxic gives rise to major uncertainty in terms if what they will yield...


The return to investors has been dropping progressively and unfortunately will continue to decline... How much will be retained in the end by receivers against potential legal action is anyone's guess but I you look at Michaels West's recent reporting in the SMH over the last few days indicates receivers can withhold massive amounts to defend any future legal claims... 

The return may not be zero but its heading that way...


----------



## Goldie101 (5 December 2012)

*Re: Deluded*

Sorry No Trust.  I must buy myself a new dictionary as your definition of sarcasm is not in mine - mine defines sarcasm as the lowest form of wit.  I guess I should buy myself a new calendar whilst I am it, as it is not three years since Kostag started the post according to mine.  It's not even close.  Oh, my mistake, maybe that was sarcasm as well.  It's so hard to sort the fact from the fiction on this site sometimes.

Maybe the temperature here is getting to me and I am a bit hot under the collar but you really do say some silly things.  How exactly is it that one is defined as "having the balls" when all one does is anonymously post all sorts of unsubstantiated allegations (some of which have turned out to be true, many of which have not)?  One cannot be classified as courageous when they hide behind the shield of anonymity.

I took your advice and read the Michael West columns on receivers withholding payment (29 Oct 12 and 3 Dec 12).  Whilst I am not an expert on the topic, I don't think you need to be.  The article is referring to receivers appointed by banks (and in particular ANZ) - not those appointed by the court - apples and oranges my dear friend, apples and oranges.  

Anyway, what do I know, I am just a delusional fool.  I must be off - need to find my meds!!!!!





No Trust said:


> Here's my bid, Goldie needs to take his delusion medication... It seems that sarcasm is beyond this flip flopping fool... Where was he 3 years ago when Kostag started this thread??? Sitting on the fence and waiting for the war to be over and now when it's all over appears and flip flops showing no support for the investors ...
> 
> Kostag and a few other contributors had the balls to expose McIvor and Equititrust's deceit and the media has backed this thread on a national level.
> 
> ...


----------



## No Trust (5 December 2012)

*Re: Deluded*

While your at it, take those med's whilst starring into a mirror... Give me a break about anonymous posting...
ASICK already gave you a thorough beating about that...

Kostag has been spot on in his predictions and I'm afraid to say may be right in this instance again... In term of Receivers withholding money, they don't have to appointed by a bank to exercise that right... A tangible legal threat is all that is needed...

Air conditioning is a good remedy for heat strike 



Goldie101 said:


> Sorry No Trust.  I must buy myself a new dictionary as your definition of sarcasm is not in mine - mine defines sarcasm as the lowest form of wit.  I guess I should buy myself a new calendar whilst I am it, as it is not three years since Kostag started the post according to mine.  It's not even close.  Oh, my mistake, maybe that was sarcasm as well.  It's so hard to sort the fact from the fiction on this site sometimes.
> 
> Maybe the temperature here is getting to me and I am a bit hot under the collar but you really do say some silly things.  How exactly is it that one is defined as "having the balls" when all one does is anonymously post all sorts of unsubstantiated allegations (some of which have turned out to be true, many of which have not)?  One cannot be classified as courageous when they hide behind the shield of anonymity.
> 
> ...


----------



## kostag (5 December 2012)

*Re: THE SH-T IS GOING TO HIT THE FAN*

oh Goldie! Goldie! Goldie!

Surely you are not so naive ....

you of all people know exactly what is going on

WHYTE has done a great job - the one thing that he cannot affect is the GROSS REALISATION.....




Goldie101 said:


> Finally after all this time Kostag has been revealed for what he is - an opportunistic predator.   I suspect this whole charade masquerading as the concerned investor has been nothing but a smokescreen to hide his long term strategy of talking down the unit price then making an opportunistic bid to elderly or confused investors.
> 
> David Whyte has estimated further asset realisations of between $30m and $42m in his report of early November (ie less than one month ago).  This is after payment of all liabilities (including the o/s rates Kostag refers to) and all costs except for Receiver fees.  Simple arithmetic tells me that unless David Whyte's further costs are between $30m and $42m there will be a return to investors.  Given his costs over the last year were <$1m this seems an unlikely scenario.
> 
> ...


----------



## No Trust (5 December 2012)

*Re: THE SH-T IS GOING TO HIT THE FAN*

Precisely, David white can't turn Toxic Assets into Gold. McIvor on the other hand turned golden retirement savings of the elderly into crap through dodgey dealings with his mate King Con...

These two bankrupts need to show where the money went... How could so much be lost, something smells funny here... Maybe a closer look is warranted by the police whilst ASIC finalse their proceedings...



kostag said:


> oh Goldie! Goldie! Goldie!
> 
> Surely you are not so naive ....
> 
> ...


----------



## No Trust (7 December 2012)

*Bankrupt McIvor*

Where is the now bankrupt McIvor hiding and how is the rent being paid ???


----------



## No Trust (7 December 2012)

*Luxury Cars*

Where are the luxury cars ???


----------



## kostag (7 December 2012)

*Re: THE SH-T IS GOING TO HIT THE FAN*

Leaving all the personal animosity out of all of this etc, I think the real challenge and issue for David WHYTE and ASIC is and will be simply -  THE MONEY TRAIL -  where did the money do?

When QUINLIVAN borrowed tens of millions on a property that had been bought for so much less and he somehow got valued to some ridiculous level -  somehow -  what actually happended to all the money. Who go what?

Did McIvor/Equititrust charge some explosive crazy fee? in other words, gain personally to the obvious detriment fo investors.

Another issue will be 'TIMING'.

Equititrust was able to in theory continue in business since 2008 by PRETENDING to be solvent. 

Now, how did it do this? 

If it did this by manipulating loans or making dodgy loan deals (such as the Quinlivan loans) and was able therefore to use INVESTOR money -  in theory quite legally -  but in fact put new money at risk to prop up the old dud book and obligations to banks etc  -  then this enabled the EQUITITRUST crew to keep ripping their ludicrious managment fees and overheads out of the TRUST (that is INVESTOR MONEY) -  which they did.

This is direct personal benefit to the detriment of public investors. PDS statements that supported this conduct become public documents which are/were deliberately false and misleading statements for direct personal gain (and also knowingly false) -  I suspect that David Whyte, ASIC, AFP and Amanda Banton are all onto this in different degrees -  this is where the game will be intersting. 

It has not gone down this path as  yet -  BUT it will.




No Trust said:


> Precisely, David white can't turn Toxic Assets into Gold. McIvor on the other hand turned golden retirement savings of the elderly into crap through dodgey dealings with his mate King Con...
> 
> These two bankrupts need to show where the money went... How could so much be lost, something smells funny here... Maybe a closer look is warranted by the police whilst ASIC finalse their proceedings...


----------



## No Trust (8 December 2012)

*Prosecution*

Prosecutions will ensue, bankruptcy is only the beginning...

Where did the money go ???


----------



## No Trust (8 December 2012)

So many unanswered questions... However when the culprits have their asses pinned to a witness box maybe the truth will finally come out... The deluded version that McIvor penned doesn't fool anyone...


----------



## No Trust (8 December 2012)

What is the bankruptcy trustee up to... Lets hope that the trustee will finally get a personal financial statement from McIvor. Something the McIvor appointed Administrator / Liquidator has not been able to do...

The statement will be very interesting reading to many... Time to bare all Marky Boy...


----------



## No Trust (9 December 2012)

Former employees are likely to be subpoenaed in future proceedings... Who knows where the financial skeletons are buried ??? 

Now where did that money from Ipswich go... 

The two bankrupts in arms need to be thoroughly cross examined in court...


----------



## kostag (9 December 2012)

*ASIC*

what needs to be focused on is this

Management at Equititrust more than likley knew the crisis in their loan book by late 2008/2009.

Pressure was starting to be applied by external banks who had formed the view that the Equititrust loan book comprised a large percentage of toxic loans.

If Equititrust management had started to apply prudence to the loans, they would have started to provide for losses, particularly on loans that were not paying interest.

But, here's the rub -  if they had done this at this stage, they would have not been able to continue to draw down huge loan mangement fees and overheads. Plus take a look at how much much cash was ripped out in 2008/2009. 

So, at all cost they had to maintain an air of "business as usual'. 

Smokescreen strategies such as the laughable Landsolve initiative, were all a coverup from the main issue.

Equititrust juggled cash between loan assets and ignored the bleeding obvious in terms of values. As capital was repaid, it was used to fund management fees; interest and demands of external banks.

This took place 2008 to 2010.

By then tens of millions of dollars had been swicthed, juggled etc and none of this was to the benefit of unitholders.

Now, if ASIC shows that management and more to the point McIvor was doing this etc and that he knew the true state of the book whilst he was doing this -  then you can easily show a) personal benefit, to b) the detriment of investors, and c) knowing that the information avaialable to him etc made his public discloures, false and misleading.


----------



## No Trust (10 December 2012)

*McIvor Madness*

The charade had to continue so that McIvor could prop up his failing property investments and beachfront / waterfront lifestyle... Come on who needs a pretentious house in Sydney and multiple homes on the Gold Coast... End result bankruptcy...


----------



## No Trust (10 December 2012)

What financial qualifications did McIvor have ???

Did he have any accounting qualifications ? 

If not how the hell can you be allowed to run a mortgage fund...


----------



## No Trust (10 December 2012)

*More news*

Page 12 todays Gold Coast Bulletin more news on the miserable McIvor's...

Look at the receivers sale price and how much debt was loaded on the property... So will Westpac now enforce the personal guarantee and bankrupt McIvor's mother ???

What will the court say about Woodgee St ???

What a sordid state of affairs and this Idiot went spruiking for more money from the public... He set quite an example in his personal life and then he was out to destroy more people with his deplorable financial skills... This idiot should be banned for life for what he has done to innocent retiree investors...


----------



## kostag (10 December 2012)

*Re: More news*

anyone got a link to today's GOLD COAST BULLETIN page 12



No Trust said:


> Page 12 todays Gold Coast Bulletin more news on the miserable McIvor's...
> 
> Look at the receivers sale price and how much debt was loaded on the property... So will Westpac now enforce the personal guarantee and bankrupt McIvor's mother ???
> 
> ...


----------



## ASICK (10 December 2012)

*Monday, 10 December 2012*

http://www.goldcoast.com.au/article/2012/12/10/443402_gold-coast-business.html


----------



## No Trust (10 December 2012)

*Re: Monday, 10 December 2012*

McIvor was up to his eyeballs in debt... The properties were all hocked up to cover the massive  losses in Equititrust... Getting his mother to sign the mortgages was another clear sign of distress, yet was concealed from the investors and regulators... That's why valuations were not officially undertaken... It's all coming out now...





ASICK said:


> http://www.goldcoast.com.au/article/2012/12/10/443402_gold-coast-business.html


----------



## No Trust (10 December 2012)

Charges need to be laid...


----------



## No Trust (10 December 2012)

All directors need to be publicly examined as to when they knew what was going on...


----------



## kostag (11 December 2012)

*Re: Equititrust: CHARGESS?*

it won't happen.

ASIC wont do it.

By being bankrupted, McIvor cannot operate a company for 3 years. That's all ASIC wanted anyway.



No Trust said:


> Charges need to be laid...


----------



## No Trust (11 December 2012)

*Re: Equititrust: CHARGESS?*

Word has it that ASIC do want charges after all the effort in raiding the offices and home of McIvor...
The issue has been unravelling the plethora of information coming in from multiple receiverships and receivers who must report to ASIC... More information is flooding in by the day... Charges will be laid by various authorities...



kostag said:


> it won't happen.
> 
> ASIC wont do it.
> 
> By being bankrupted, McIvor cannot operate a company for 3 years. That's all ASIC wanted anyway.


----------



## Bonne Chance (12 December 2012)

*Re: Equititrust: CHARGES?*



kostag said:


> it won't happen.
> 
> ASIC wont do it.
> 
> By being bankrupted, McIvor cannot operate a company for 3 years. That's all ASIC wanted anyway.




3 years doesn't quite seem right.  Should McIvor get the same amount of time as Average Joe who gets bankrupted after he loses his job and can no longer pay his mortgage?  McIvor has disposed of hundreds of millions of other people's dollars, along with $100 mil of his own. 

Tucker probably did Mark a favour.  It all goes away now doesn't it?  And in 3 years, he is free and clear of any debts and lawsuits.  He doesn't even have to pay his own legal bills now whereas, the investors are still paying ... and paying ... and paying ... and paying ... until there's nothing left.  Don't have much faith in ASIC - even if they do charge him and succeed, what are they gonna do - fine him?  Pfffft!   Yep, feeling a bit bitter this morning.


----------



## kostag (12 December 2012)

*Re: Equititrust: CHARGES?*

mate, this is the system
and you have laid out exactly what will happen
go back to one of McIvor's old annual reports where he talks about the public stocks and debtors being pilloried and fruit flung at them.... now might be just the time for the old stocks to be ste up in Gold Coast.



Bonne Chance said:


> 3 years doesn't quite seem right.  Should McIvor get the same amount of time as Average Joe who gets bankrupted after he loses his job and can no longer pay his mortgage?  McIvor has disposed of hundreds of millions of other people's dollars, along with $100 mil of his own.
> 
> Tucker probably did Mark a favour.  It all goes away now doesn't it?  And in 3 years, he is free and clear of any debts and lawsuits.  He doesn't even have to pay his own legal bills now whereas, the investors are still paying ... and paying ... and paying ... and paying ... until there's nothing left.  Don't have much faith in ASIC - even if they do charge him and succeed, what are they gonna do - fine him?  Pfffft!   Yep, feeling a bit bitter this morning.


----------



## kostag (12 December 2012)

*Re: Equititrust: CHARGESS?*

NO TRUST -  dont hold your breath -  it wont happen.



No Trust said:


> Word has it that ASIC do want charges after all the effort in raiding the offices and home of McIvor...
> The issue has been unravelling the plethora of information coming in from multiple receiverships and receivers who must report to ASIC... More information is flooding in by the day... Charges will be laid by various authorities...


----------



## Brethren (12 December 2012)

*Re: Equititust and Centrelink*

If I understand the current situation, Equitrust investors' still face the nasty situation that their 'assets' while frozen, damaged or destroyed still count for Centrelinks' pension means test. Please correct me if I am wrong in this, or my information oudated.

I was just reading a recent Administrators report for Provident Capital and I noted that their Administrator has negotiated agreement from Centrelink that their investments no longer count for means-tests. http://www.ppbadvisory.com/uploads/i284-Notice-to-Debentureholders-3-December-2012.PDF ( second last page of this 4 page report ).

I am no expert in this area - perhaps someone with knowledge would assist readers by explaining why the two cases are treated differently?

Thanks


----------



## No Trust (12 December 2012)

*Re: Equititrust: CHARGESS?*

Normally I would agree with you, however in this instance there may be quite a surprise in the New Year for McIvor from authorities currently investigating the matter... It's painful to hear your own words played back to you.... 



kostag said:


> NO TRUST -  dont hold your breath -  it wont happen.


----------



## Bonne Chance (13 December 2012)

*Re: Equititrust: CHARGES?*

Getting McIvor into the stocks could lighten my mood a little and would definitely add to his humiliation.  It would likely give us more satisfaction than the justice meted out to date.

Could you organise it Kostag, as a Christmas present for us all?  I'll bring the rotten fruit.



kostag said:


> mate, this is the system
> and you have laid out exactly what will happen
> go back to one of McIvor's old annual reports where he talks about the public stocks and debtors being pilloried and fruit flung at them.... now might be just the time for the old stocks to be ste up in Gold Coast.


----------



## No Trust (13 December 2012)

*Re: Equititrust: CHARGES?*

McIvor advocated the Public Stocks for others and yet he may be the one whose neck could be firmly fastened in one... 

Who is paying the rent at the luxury abode whilst retiree investors starve again at Christmas. No income and no pension all due to McIvor and his reckless gambling on King Con... 



Bonne Chance said:


> Getting McIvor into the stocks could lighten my mood a little and would definitely add to his humiliation.  It would likely give us more satisfaction than the justice meted out to date.
> 
> Could you organise it Kostag, as a Christmas present for us all?  I'll bring the rotten fruit.


----------



## kostag (13 December 2012)

*Equititrust*

The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous.  These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008.  Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid.  In reality, these investors were getting their own capital back but it was being treated as interest.
The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
However, the position gets worse.  They now have a capital loss.
The idiots in the bureaucracy justify this by saying that these investors have the benefit of a capital loss which they can use in the future.
How can a retiree investor, whose capital has been wiped out, ever make a capital profit to use the capital loss?
What the government must do is to bring in a system where they require and insolvency expert to give a declaration as to the date that they believe that the Fund was insolvent.  All payments then made from a declared insolvent Fund, are deemed (even if it is retrospectively) to be a partial return of capital.  Then investors would be able to amend their Tax Assessments for those years in which they declared receipts as income.  They would also be able to retrospectively apply for social benefit.
There has to be some equity in the system.  At the moment it stinks.


----------



## ASICK (13 December 2012)

*Re: Equititrust*



kostag said:


> The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous.  These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
> In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008.  Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid.  In reality, these investors were getting their own capital back but it was being treated as interest.
> The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
> In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
> ...





Hear, Hear!

Well said Kostag - I, for one, agree with all you say.  I particularly agree with your comment in relation to income tax.

Some pointers -- when NOT TO invest in an MIS - http://www.moneymagik.com/why_not.php


----------



## No Trust (13 December 2012)

*Re: Equititrust*



kostag said:


> The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous.  These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
> In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008.  Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid.  In reality, these investors were getting their own capital back but it was being treated as interest.
> The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
> In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
> ...




SPOT ON, the retiree's who have worked hard all their lives and contributed to this country cannot even get a pension yet an asylum seeker gets an income and a colour tv. Maybe the answer for Equititrust retiree's is to renounce citizenship and then re enter the country illegally by boat. McIvor may even volunteer to captain the boat. Hang on that mightn't be such a good idea as he has history if running ships into the rocks...


----------



## Charles Darwin (13 December 2012)

No Trust.. Any idea who the  four 'wise men' were.. And why didnt they enjoy Christmas?


----------



## No Trust (14 December 2012)

How wise were those men ???


----------



## No Trust (15 December 2012)

The miserable McIvor's are in the news again today...

*Mark McIvor's mum to lose home
*

http://www.goldcoast.com.au/article/2012/12/15/443738_crime-and-court-news.html

Even if they bankrupt McIvor's co conspirator otherwise known as his "loving mother" she will be able to get an old age pension as opposed to McIvor's elderly investors who cannot get a pension due to their poisonous investment in Equititrust...

Looks like the McIvor clan may have to pitch a tent somewhere now that all their property has been taken away... 

One scandal after another, but wait there's more and the exposure of the McIvor's who have flown under the radar for many years will continue...


----------



## No Trust (15 December 2012)

As predicted when this saga started Westpac knew what they were doing and they could see through the McIvor scam and enforced their rights and will now repossess the home...

McIvor's gifts just keep on giving... 

"She was told by independent solicitors that she might go bankrupt and lose her home," he said. He found, therefore, the bank had a right to enforce the mortgage, repossess the home and also seek $9.54 million in outstanding debt.

http://www.goldcoast.com.au/article/2012/12/15/443738_crime-and-court-news.html


----------



## kostag (15 December 2012)

*Talk about a life built on SMOKE and MIRRORS*

not only $500M of other peoples' money to squander BUT burnt-up family , friends, potential in-laws -  was anyone safe?

How smart was this guy?

You couldn't have a bigger write off even if you stood in QUEEN STREET and handed out money to strangers and asked them to promise to bring it back one day....




No Trust said:


> As predicted when this saga started Westpac knew what they were doing and they could see through the McIvor scam and enforced their rights and will now repossess the home...
> 
> McIvor's gifts just keep on giving...
> 
> ...


----------



## No Trust (15 December 2012)

*What's next ?*

Ok, what I don't get is how a bankrupt can afford to be living in a rented mansion on Isle of Capri...
Lets hope the bankruptcy trustee puts an end to this and also looks into the driveway full of European cars... 

Disgusting greedy behaviour whilst retiree investors starve at Christmas...

Merry Bankruptcy...


----------



## No Trust (16 December 2012)

*Merry McIvor Christmas*

Given the latest media revelations about the dysfuctional McIvors the final Christmas get together at mumsies home should be interesting...

Maybe they can all move in together on Isle of Capri


----------



## Bonne Chance (16 December 2012)

*Re: What's next ?*

There's money somewhere.  One doesn't have $100 mil in personal assets without having a 'rainy day' account.  He knew the writing was on the wall so he had time to establish it and fill it up.  Can we get travel itineraries for the last 5 years?

It's just a question of who knows where it is.  Come out, come out, whoever you are!



No Trust said:


> Ok, what I don't get is how a bankrupt can afford to be living in a rented mansion on Isle of Capri...
> Lets hope the bankruptcy trustee puts an end to this and also looks into the driveway full of European cars...
> 
> Disgusting greedy behaviour whilst retiree investors starve at Christmas...
> ...


----------



## No Trust (16 December 2012)

*Re: What's next ?*

There is money there paying the rent for this luxury lifestyle, the bankruptcy trustee needs to investigate this immediately... 



Bonne Chance said:


> There's money somewhere.  One doesn't have $100 mil in personal assets without having a 'rainy day' account.  He knew the writing was on the wall so he had time to establish it and fill it up.  Can we get travel itineraries for the last 5 years?
> 
> It's just a question of who knows where it is.  Come out, come out, whoever you are!


----------



## No Trust (17 December 2012)

*What's next ?*

It might be a good idea for people with information about excessive income and luxury lifestyles to contact the bankruptcy trustee... Elderly retiree investors starve at Christmas whilst McIvor kicks back in a luxury mansion... 
Disgusting behaviour of the highest order...


----------



## No Trust (17 December 2012)

*Gold Coast Bulletin*

Gold Coast Bulletin Page 48

*Mark Mcivor saga continues*

"THE Mark McIvor property serial enters another chapter next month when receivers will try to sell a second major riverfront property associated with the newly bankrupt Equititrust founder.

The property, in Southport’s Korong St, sits on a 1608sq m site that houses an older-style three-bedroom abode.

It was bought through companies MM Holdings and SM Capital in 2005 for $5.7 million. In January a McIvor riverfront home on Cronin Island sold for $6.75 million in a controversial deal."


----------



## No Trust (17 December 2012)

*Greed*

My oh my the saga just keeps on keeping on for this poverty pack bankrupt...

So this is where investors money went via scalping excessive fees as outlined by Piper Alderman...

And of course newly appointed  cafe chick wifey Racey Stacey had her lot protected via a half interest in the property... Lets hope she also plonked down a personal guarantee to the bank like her "favourite" mother in law...
Greed Indeed...


----------



## No Trust (17 December 2012)

*Negative Equity Negative Trust*

It's clear to see from the purchase price of the Southport Property that McIvor and wifey Racey Stacey had no idea when it came to property... $5.7M for that property was a joke... Then load debt onto that and rates and land tax and multiply that over many overpriced properties and what do you get ? A major need for cash by way of raping the elderly retiree's who invested in Equititrust. Throw in duping borrowers and partners and even family and then you get a picture of the current predicament of McIvor and wifey... The question will now be whether the bank enforces personal guarantees against wifey Stacey under her ownership SM Capital...

The Macbeth's saga continues...................... Are we nearing the end ???


----------



## No Trust (19 December 2012)

*Deluded Bankrupt*

Look at what McIvor's up to now... Watch the videos and bring out the straight jacket...

http://www.fairgomate.com.au/Home.aspx


----------



## No Trust (19 December 2012)

*Read the Deluded Book*

Someone has not taken their medication... McIvor should stick to bankruptcy, writing is clearly not one of his skills...


http://www.fairgomate.com.au/Portals/Fairgomate/Novella/Strange-Animals-Part 1-Mark-McIvor.pdf


----------



## No Trust (19 December 2012)

*White Haired Freshly Minted Bankrupt*

It looks like the stress has taken its toll on the ghost who walks...

No mention of his mother in the deluded book... Someone has completely lost the plot...

Accusing journalists and borrowers of being homosexuals and repeated references to fat people is a sign the stress meted a solid mental beating...


----------



## ASICK (19 December 2012)

*Re: Read the Deluded Book*



No Trust said:


> Someone has not taken their medication... McIvor should stick to bankruptcy, writing is clearly not one of his skills...
> 
> 
> http://www.fairgomate.com.au/Portals/Fairgomate/Novella/Strange-Animals-Part 1-Mark-McIvor.pdf




I've only read a few pages, but I get the drift, "an out of body experience":

"If a delivery system is unsustainable, by definition it won’t be sustained." (page 30) - now, why didn't I think of that?

"The defects in legislation quickly turned to disaster and the term Responsible Entity became an oxymoron, much like a civil engineer. (Apologies to engineers, but as a University law student staying at a Catholic college on campus in the mid ‘70’s my memory of engineering students was anything but civil). How ASIC, henceforth known as the Bumbling Bureaucrat, could conceivably imagine this wouldn’t be a catastrophe is anybody’s guess. They gave out licences to anyone who filled in a form. The lawyers who were hopeless lenders, and any spivs who saw the angle, beat a path to their door to gain a Responsible Entity’s licence. They had about as much value as something you get out of a Weeties packet. They never bothered to penetrate an understanding of the market place, or ask who had successfully navigated the obstacles to building a finance business. Blind Freddy would know that aged Australians had to look for other options simply ‘to put bread on the table’, and this legislation would lead to disaster." (page 35)

I'll take the time to read the spiel - I think most investors in Equititrust, City Pac, PIF, etc will be able to separate the fact from fiction.

Another good read:
http://www.manipulative-people.com/externalizing-manipulation-tactic-3/
(in particular, "Externalizating the Blame"


----------



## No Trust (19 December 2012)

*Re: Read the Deluded Book*



ASICK said:


> I've only read a few pages, but I get the drift, "an out of body experience":
> 
> "If a delivery system is unsustainable, by definition it won’t be sustained." (page 30) - now, why didn't I think of that?
> 
> ...




Very good link ASICK and sums up McIvor to a tee...


----------



## No Trust (19 December 2012)

*McIvor got it wrong*

Where Mcivor got it wrong in his bulls##t book of lies and delusion is that he didn't earn his money honestly. He took innocent people's homes and tried to enrich himself, instead he cursed himself that no aboriginal smoking ceremony could cleanse... The blood will never be washed from his hands and he knows what he did and who it did to...

He acknowledges that 28 armed police raided the offices and his home. Why ? For good reason which will come soon as the prosecutions start...


The joke of all jokes is when he tells the aboriginal elder to smoke Kennedy's office... OMG is this idiot for real...

Read the book and a true picture of a deluded idiot  who makes a bloody fool of himself emerges and cements his position as  a deserving bankrupt who will never be taken seriously by anyone in his lifetime... 

I can now see why all the directors filed affidavits against him in the Supreme Court.... This is insanity of the highest order...

Mother, brother, sister, priest, partners, regulator, banks, lawyers, clients, investors all abandoned this delusonal idiot...


----------



## No Trust (20 December 2012)

It's good to see the thread will hit 300,000 views by years end... Lets hope the New Year brings the commencement of the Class Action as well as Prosecutions by the relevant authorities.... 

The bankruptcy trustee will also using McIvor's terminology run up a few of his pipes with the assistance of the NAB and his former lawyer...


----------



## No Trust (21 December 2012)

*Innocent Elderly Retiree's*

Whilst everyone has been down in the trenches we must not forget the real victims of McIvor's mismanagement which has been laid to bare by the national media... The innocent elderly retiree investors who have lost their life's savings and who cannot get a pension. 

These are the people who should be remembered at this time of year...


----------



## No Trust (22 December 2012)

*Book*

As reported in BRW the book really is a strange way to "try"and settle the score. It would be interesting to get other people's take on this Pulitzer Prize winner. 

http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN


----------



## No Trust (23 December 2012)

*Re: Book*



No Trust said:


> As reported in BRW the book really is a strange way to "try"and settle the score. It would be interesting to get other people's take on this Pulitzer Prize winner.
> 
> http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN




Does anyone regognise the various characters in the book ???

It looks as though the smoking ceremony may have worked a little too well and also got rid of 
McIvor himself...


----------



## kostag (26 December 2012)

*THE RAPE OF NANKING*

sincerley -  I think that the novella, the fairgomate web site and the videos are brilliant.

Say what you like - the  man is a fighter. I love it.

Sadly, leaving all of this to one side, the truth and looming charges etc will overtake this brilliant attempt to re-write the history.

Also (sadly) McIvor does not seem to recall the excessive greed, ruthless use (abuse) of power and an indefatigable belief in his own brilliane which were all causes in his downfall.

Anyone who know him well would be the first to acknowledge his brilliance and marketing prowess..... but one day, the spin stopped and reality cut in.


----------



## No Trust (26 December 2012)

*Re: THE RAPE OF NANKING*

ASIC didn't raid McIvor's home and office for no reason. There are many who are providing information to the relevant authorities... 






kostag said:


> sincerley -  I think that the novella, the fairgomate web site and the videos are brilliant.
> 
> Say what you like - the  man is a fighter. I love it.
> 
> ...


----------



## No Trust (28 December 2012)

300,000 views and rising...


----------



## No Trust (28 December 2012)

*Re: THE RAPE OF NANKING*

Lending money to "King Con" was not brilliant it was plain stupidity...



kostag said:


> sincerley -  I think that the novella, the fairgomate web site and the videos are brilliant.
> 
> Say what you like - the  man is a fighter. I love it.
> 
> ...


----------



## ASICK (29 December 2012)

*10th Report?*

Wot? No 10th report yet from the million dollar man?
http://equititrust.com.au/Updates.html


----------



## kostag (30 December 2012)

*Re: 10th Report?*

those reports costs money and if there is not much chnaged within the month, I'd rather wait until there is news, wouldn't you?

in any event -  I can tell you that by report 18, the units will be $0.00 -  so I am not holding my breath.



ASICK said:


> Wot? No 10th report yet from the million dollar man?
> http://equititrust.com.au/Updates.html


----------



## Nothingtoadd (31 December 2012)

*Re: Book*



No Trust said:


> Does anyone regognise the various characters in the book ???




Some.  Anyone in particular?


----------



## Bonne Chance (4 January 2013)

*Re: Carless??*

Rumour has it, Mark McIvor was last seen WALKING along the Broadwater because his car has been repossessed.


----------



## Mozzi (4 January 2013)

*Re: Carless??*



Bonne Chance said:


> Rumour has it, Mark McIvor was last seen WALKING along the Broadwater because his car has been repossessed.







Rumour has it that Mark McIvor thinks he is so great, he can actually WALK ON THE BROADWATER!!!!


----------



## Mozzi (4 January 2013)

*Re: Carless??*



Mozzi said:


> Rumour has it that Mark McIvor thinks he is so great, he can actually WALK ON THE BROADWATER!!!!








                       SO HERE IT IS AT LAST - MR WHYTE'S 10TH REPORT ONLINE NOW!!!!!


                                                  DOWN DOWN - PRICES ARE DOWN........................


----------



## ASICK (4 January 2013)

*"I"*



Mozzi said:


> SO HERE IT IS AT LAST - MR WHYTE'S 10TH REPORT ONLINE NOW!!!!!
> 
> 
> DOWN DOWN - PRICES ARE DOWN........................




Yes, but "I" is doing very well indeed !


----------



## No Trust (6 January 2013)

*Receivers Report*

As predicted on this thread, the return to investors looks like heading towards zero...
If you read the report, it now seems Hall Chadwick are also attempting to claim their fees from the income fund despite promising not to do so... Throw that into the mix, interest charges, receivers fees and dwindling property prices and the figure will be nil. So much for the detractors who said this will never happen...


----------



## No Trust (6 January 2013)

*Re: Carless??*

Well I guess he could always ring mumsie for a lift...

Karma really is a magnificent leveller...



Bonne Chance said:


> Rumour has it, Mark McIvor was last seen WALKING along the Broadwater because his car has been repossessed.


----------



## word75 (6 January 2013)

*Re: Receivers Report*



No Trust said:


> As predicted on this thread, the return to investors looks like heading towards zero...
> If you read the report, it now seems Hall Chadwick are also attempting to claim their fees from the income fund despite promising not to do so... Throw that into the mix, interest charges, receivers fees and dwindling property prices and the figure will be nil. So much for the detractors who said this will never happen...




Is it just me but isn't the issue hidden in the fine print. Even if all the properties are sold by the receivers and every expense paid out in full, from what minuscule sum remains $3,3mil will be deducted and paid into Mcivors superannuation account. That is before unit holders see a cent and you all thought that Mcivor letting himself be bankrupted was the end of it. In Bankruptacy his superannuation is protected and as is the case here, with a self managed super fund he can invest those funds pretty much in any company or shares he wishes. Even one where he is the "silent or de facto " director. 

Seems his move was smart after all, so living in Salerno st Isle of Capri is within the budget. 

The unanswered question is when he took his money out of his super fund and lent it to the EIF at 15% was it a prescribed investment protected by the bankruptcy act or is it now exposed to his creditors. Then is the question how did so much money go into his super fund presumably paid by Equititrust when Equititrust was possibly insolvent in 2008. Whose money is it really.


----------



## Mozzi (6 January 2013)

*Re: Receivers Report*



word75 said:


> Is it just me but isn't the issue hidden in the fine print. Even if all the properties are sold by the receivers and every expense paid out in full, from what minuscule sum remains $3,3mil will be deducted and paid into Mcivors superannuation account. That is before unit holders see a cent and you all thought that Mcivor letting himself be bankrupted was the end of it. In Bankruptacy his superannuation is protected and as is the case here, with a self managed super fund he can invest those funds pretty much in any company or shares he wishes. Even one where he is the "silent or de facto " director.
> 
> Seems his move was smart after all, so living in Salerno st Isle of Capri is within the budget.
> 
> The unanswered question is when he took his money out of his super fund and lent it to the EIF at 15% was it a prescribed investment protected by the bankruptcy act or is it now exposed to his creditors. Then is the question how did so much money go into his super fund presumably paid by Equititrust when Equititrust was possibly insolvent in 2008. Whose money is it really.






Law or no law, buggered if the investors superannuation money should take a back seat to his under any circumstances!    Think there might be a few challenges to that one!


----------



## ASICK (8 January 2013)

*Make Hay While the Sun Shines?*

And I thought "I" was on an earner:

http://www.heraldsun.com.au/news/vi...rges-for-banksia/story-e6frf7kx-1226537184720


----------



## No Trust (11 January 2013)

Another media report on McIvor's disaster...

http://m.smh.com.au/business/equiti...rs-to-lose-close-to-90-pc-20130107-2ccqz.html


----------



## No Trust (11 January 2013)

It's good to Colin Kruger from the SMH keeping the spotlight on McIvor...


----------



## No Trust (11 January 2013)

*What's Next*

It looks like even more controversy is about to *emerge*...


----------



## No Trust (11 January 2013)

*Spilling the beans*

Who has been spilling the beans to authorities ???


----------



## No Trust (11 January 2013)

Keep a close eye on the papers...


----------



## No Trust (11 January 2013)

*Bad Energy*

*Gold Coast listing that keeps giving*
By Jonathan Chancellor	
Friday, 11 January 2013


http://www.propertyobserver.com.au/queensland/gold-coast-listing-that-keeps-giving/2013011058729

There seems to be some "really" bad energy associated with this property' any guesses ???


----------



## No Trust (12 January 2013)

*Class Action*

Good to see the class action proceeding... This is just the beginning of this year's proceedings...

http://www.lawyersweekly.com.au/news/pipers-not-planning-class-war


----------



## kostag (15 January 2013)

*ZERO return*

1. return to investors will be NIL as we have predicted for nigh on 2 years
2. McIvor will get his superannuation payout ahead of INVESTOR interests
3. DLA Fox class action will lose traction
4. ASIC will not large any significant charges
5. AFP will do nothing
6. a compromise deal will be done to settle with McIvor appointed Hall Chadwick.

what else does anyone need any help with?


----------



## No Trust (15 January 2013)

*Re: ZERO return*

There may be a few surprises over the coming weeks and months...

Where Kostag is right though and I have fully supported his assessment from the beginning is that the return will be *zero*...

Just draw a chart of the estimates since David Whyte was appointed and any financial analyst with half a brain will tell you that once the receivers skin this cat and Hall Chadwick take the flesh off the bones there will be nothing left. What I can't understand is why Hall Chadwick lied and said they would not claim fees from the fund... Oh hang on I can understand they are receivers right...





kostag said:


> 1. return to investors will be NIL as we have predicted for nigh on 2 years
> 2. McIvor will get his superannuation payout ahead of INVESTOR interests
> 3. DLA Fox class action will lose traction
> 4. ASIC will not large any significant charges
> ...


----------



## Mozzi (16 January 2013)

*Re: ZERO return*



kostag said:


> 1. return to investors will be NIL as we have predicted for nigh on 2 years
> 2. McIvor will get his superannuation payout ahead of INVESTOR interests
> 3. DLA Fox class action will lose traction
> 4. ASIC will not large any significant charges
> ...






No doubt you are absolutely correct on all points - investors have had no wins so far!

Help?   (1)   What is DLA Fox action?   Is this still to do with Equititrust?

          (2)    Does anyone know if Piper Alderman are still only working for 39 investors out of the large numbers affected?   Doesn't seem to be a very economical proposition for them!


----------



## kostag (17 January 2013)

*Re: ZERO return*

SORRY    MY MISTAKE   NOT DLAPHILLIPS FOX  - the class action is PIPER ALDERMAN -  my mistake -  sorry!!!!!



kostag said:


> 1. return to investors will be NIL as we have predicted for nigh on 2 years
> 2. McIvor will get his superannuation payout ahead of INVESTOR interests
> 3. DLA Fox class action will lose traction
> 4. ASIC will not large any significant charges
> ...


----------



## word75 (21 January 2013)

*Re: Class Action*



No Trust said:


> Good to see the class action proceeding... This is just the beginning of this year's proceedings...
> 
> http://www.lawyersweekly.com.au/news/pipers-not-planning-class-war




Sadly No Trust I don't believe there is a class action afoot with Piper Alderman.
I'm reliably informed that 39 investors are not enough to get it started but more importantly Piper Aldermsn are not funded to proceed. You may wish to phone them yourself and see if there is a clear assurance. They have not made a definitive announcement in any forum nor have they shown any appetite to bring even the simplest of claims to kick things off...... which could then allow further particulars and claims to be made.
1400 plus investors have lost their life's savings to a man who has publicly announced that he has made $100million dollars lets o the math. 

$500million under management now gone he makes $100million and in the space of a year he claims it's all gone and what's beyond belief is that he is bankrupted, filed his "statement of affairs" and again I'm led to believe no Public Examination is planned as his Trustee is unfunded to proceed to court. So in short nobody is even prepared to fund an examination of the bankrupt under oath. 

If that's not enough to wilt our hearts then knowing his millions of super, that's his super not the investors super is protected from his creditors. In fact when he gets hold of it he can deal with it as he wishes with no impediment other than the normal constraints pertaining to self managed super funds. Now he has filed his statement of affairs it's feasible he I'll be discharged in 3 years maybe even less if he annuls his bankruptcy using funds from wherever. 

Why don't the investors contact Worrals Qld and offer kick the tin, surly it wouldn't take much money to fund an examination. Sadly the big banks look like being repaid in full so they have no interest in funding such a venture. 

BDO have no interest in examining him, it's not their job to chase him or the other directors, only sell the assets and wind up the funds so what's left?

Hall Chadwick have one what since Mcivor appointed them, they can examine him but they won't, and claiming $800k plus just rubs salt in the wound.

Maybe investors should contact either Maurice Blackburn, Slater and Gordon or DC Legal and see if either of these successful class action firms wish to take on these crooks


----------



## ASICK (22 January 2013)

*It is as it is.*

Word75, I'm not surprised.   In many cases a law firm might spruik to get a shoe in the door (so to speak) - gettting a claim up and going is another thing altogether.  

Your point about superannuation done no more than aggrevate my tinnitus.

Sometimes truth is harsh - too bloody harsh.

In relation to public examinations - in particular, those held by Trilogy on behalf of the PFMF:
http://www.moneymagik.com/imf_litigation.mp3
(Conversation late 2012 between a fund member and Rodger Bacon of Trilogy Funds Management - dig that Chinese background music)


----------



## Mozzi (22 January 2013)

*Re: Class Action*



word75 said:


> Sadly No Trust I don't believe there is a class action afoot with Piper Alderman.
> I'm reliably informed that 39 investors are not enough to get it started but more importantly Piper Aldermsn are not funded to proceed. You may wish to phone them yourself and see if there is a clear assurance. They have not made a definitive announcement in any forum nor have they shown any appetite to bring even the simplest of claims to kick things off...... which could then allow further particulars and claims to be made.
> 1400 plus investors have lost their life's savings to a man who has publicly announced that he has made $100million dollars lets o the math.
> 
> ...






Have said all along that 39 investors wouldn't be enough to make it worth the funders trouble.   Not enough in it for them.   Also from the investors point of view would be throwing good money after bad if the funder pulled out half way  - as they have to sign contracts they will pay Alderman's costs anyway .  Think this is why they only have 39 prepared to take the risk.   



Doesn't help to know that really there is no one who has the intestinal fortitude or finances to take on this mob at all.   For all that incompetence and ineptitude it will be BUSINESS AS USUAL!    

  Everyone puts their hand out and everyone else gets the money but us!    So what's new?


----------



## No Trust (22 January 2013)

McIvor will not access his super, his good friend Tucker will make sure of that...


----------



## word75 (23 January 2013)

No Trust said:


> McIvor will not access his super, his good friend Tucker will make sure of that...




SADLY MR TUCKER CAN'T INFLUENCE THE OUTCOME HERE. 
Mr Tucker claimed as I understand $25k only as the debt owed personally by Mcivor. You can now add to that his costs to bring the proceedings and to that approx $15-20k for the administrator. Let's say for arguments sake $50k. Ask yourself why Mcivor did not defend the claim........why did Mr Tucker succeed unchallenged unless Mcivor saw the benefit of having certain assets such as his super protected under the Bankruptcy Act. And his super is protected. 

Why didn't the Big Banks go after Mcivor, surely there's a reason. Is it that they didn't want to spend the money or is it that once bankrupted Mcivor has slipped through. 

The banks need to prove their debt but they not appear to be in a hurry, maybe they are being fully repaid through the sale process or maybe other people are hung up on the guarantees like mum but in any event should no one else come forward with debt incurred personally by Mcivor it's feasible that for something less than $50k Mcivor can annul his bankruptcy. Didn't Bond get his $400mil bankruptcy annuled for $2mil paid by a son, 

Mcivor's trustee Worrals will only investigate the bankrupted if they are funded to do so, no funds no examination. A report to the creditors will only provide a shallow picture of the bankrupted persons activities and once circulated that's pretty much it. 

Make no mistake Mcivor's strategic move into bankruptcy PROTECTS HIS SUPER. On today's figures 1400 hundred investors will sit by helplessly watching $3.3million leak fom their super funds back into Mcivors and what can David Whyte do about that. There may already be substantially more than that in his Mcivors super fund already, does any one know.

EQUITITRUST LIMITED, sole director and shareholder one Mark Mcivor (in administration) Appointed by Mark Mcivor.
Hall Chadwick have every opportunity and resource and honestly they have the only grounds currently to EXAMINE Mcivor and they won't. Is it money no they supposedly spec'd $800k plus to date so what is another $5k to examine Mcivor. One must surly wonder what's the deal here.

Because no one is examining how Equititrust Limited derived its income and because none of the current administrators care to as its not their job to, then any money Mcivor fed from his company EQUITITRUST LIMITED to his super fund provided that process was legitimate and legal at time of transfer is protected.

One of the greatest Asset Relocation Program's ever undertaken on the Gold Coast has been successfully perpetrated by a master of the simple shell game. Take Millions of retired investors super under this shell move it here move it there and hey presto it turns up in Mcivors protected super fund.

Some one say it isn't so.............and what's Hall Chadwick doing if not protecting Mcivor. At the end of this once the administration of Equititrust is cancelled and this is possible once BDO pays to them the fees they claim, it's feasible that Mcivor can resume control of Equititrust Limited.  

Game Set and Match Mcivor.


----------



## ASICK (24 January 2013)

*The Plans of Mice and Men*

Ah Word75, you've done it again.

It seems that the outcome of Tucker's efforts is to well and truly insulate McIvor from further harrassment by creditors, and by fund members.

If there ever was a case for ASIC to spend a bit of public money to investigate past dealings, this would be such a case - after all, it seems no other entity is going to do it.


----------



## kostag (30 January 2013)

*SUPER FRAUD AND OTHERS MATTERS*

the trick will be in this at what stage did McIvor or in fact anyone (Kennedy and Andersen) know that the FUND was insolvent or that any major loan asset was fraud. From what I am hearing there seems to be knowledge of major impairments as far back as late 2008. Now if David WHYTE of BDO can prove this (and you would have to think that he is right onto this aspect) then he and ASIC have a much easier target and any draw downs and or withdrawals from that time is liable to serious and successful attack. Super would not be safe from such an attack either.


----------



## ASICK (30 January 2013)

*Re: SUPER FRAUD AND OTHERS MATTERS*



kostag said:


> the trick will be in this at what stage did McIvor or in fact anyone (Kennedy and Andersen) know that the FUND was insolvent or that any major loan asset was fraud. From what I am hearing there seems to be knowledge of major impairments as far back as late 2008. Now if David WHYTE of BDO can prove this (and you would have to think that he is right onto this aspect) then he and ASIC have a much easier target and any draw downs and or withdrawals from that time is liable to serious and successful attack. Super would not be safe from such an attack either.




Correct me if I'm wrong, but wasn't it the case the there were impairments in a certain fund loan or loans that Equititrust "corrected" by payment directly from Equititrust without disclosing those impairments to investments?


----------



## word75 (30 January 2013)

*Re: SUPER FRAUD AND OTHERS MATTERS*



kostag said:


> the trick will be in this at what stage did McIvor or in fact anyone (Kennedy and Andersen) know that the FUND was insolvent or that any major loan asset was fraud. From what I am hearing there seems to be knowledge of major impairments as far back as late 2008. Now if David WHYTE of BDO can prove this (and you would have to think that he is right onto this aspect) then he and ASIC have a much easier target and any draw downs and or withdrawals from that time is liable to serious and successful attack. Super would not be safe from such an attack either.




Sorry but I'm not sure how to post a link maybe someone else on the forum can look this up and post it or all to read. SUPREME COURT OF NSW 
EQUITITRUST LTD vs RM WALSH LANDHOLDINGS PTY LTD
(2012) 427

Points 51-54 outline the issues raised by RM WALSH in dealing with the likes of Mcivor and Equititrust. Reference is made to the issues raised by Piper Alderman but what is telling is that in his affidavit Mr Whyte makes it clear that he DOES NOT INTEND TO TAKE ACTION ON BEHALF OF INVESTORS TO ANY OF THE MATTERS OUTLINED. 
Unfortunately that covers all the issues you have just outlined. 
As efficient as Mr Whyte is his job is simply to sell the assets recover what he can, cover the banks exposure and expense, cover his expenses and return what if any funds are left to the unit holders. 
If he was serious about helping unit holders he would subpoena Mcivor to give evidence in the court cases brought against Mcivors Pet Valuers. There would be a free shot at Mvivor in the box even though the bankrupts evidence would be deemed unreliable none the less this wont happen for fear of exposing the conspiracy and fraud. Insurance companies don't pay out on fraud so shhhhhh! 

What fraud.... How does a dud block of land worth maybe $10mil get a valuation unimproved that is not one dollar spent on its improvements of $80mil and a loan issued of $73mil. 
And in case you are wondering, the receiver on King Cons block is struggling to get $10mil for it even now.
The Mcivor team lent against the asset value, instructing the valuer, a legal process, though flawed and open to abuse where values are attributed to the future  value and booked as at today. Banks lend against the contract price or valuation as at today which ever is the lesser. By bank standards a bank may have lent possibly $7mil on this dump, yet on those figures Mcivor would not earn much in fees but a joint venture using $73mil of retiree's super, now that's worth a little dalliance with the F word. There is nexus to be found between the instructions given to the valuer when Mcivor and Equititrust knew the contracted price was so low and the benefit received by all the parties to the transaction. Multiply this by all the dud deals such as Werrina Cove then ask how the investors upper ended up in Mcivors Super Fund


----------



## ASICK (30 January 2013)

*Re: SUPER FRAUD AND OTHERS MATTERS*



word75 said:


> Sorry but I'm not sure how to post a link maybe someone else on the forum can look this up and post it or all to read. SUPREME COURT OF NSW
> EQUITITRUST LTD vs RM WALSH LANDHOLDINGS PTY LTD (2012) 427 Points 51-54 outline the issues raised by RM WALSH in dealing with the likes of Mcivor and Equititrust.  ...




http://www.caselaw.nsw.gov.au/action/PJUDG?jgmtid=158320

Sadly the issues raised at 43 - 49 related to matters of law, but there seems no facts with which to apply that law. The judge said (at 50)

"According to the plaintiff, the question for the Court is whether Equititrust has a right of indemnity for any costs order that might be made in these proceedings, which Equititrust has brought on the instructions of a receiver appointed by the Supreme Court of Queensland. I accept that there is no issue of any untoward conduct relating to Mr McIvor (or anyone else) in bringing the proceedings. The plaintiff's argument continues that since there is no suggestion that the bringing of the proceedings involves any gross neglect, deceit or material breach of covenant on the part of the receiver or Equititrust, the exclusion in clause 6.1 of the constitution of the EIF does not arise."

and ordered:

"The Court orders that:

(1)The defendants' notice of motion filed 15 December 2011 is dismissed.
(2)The first to fourth defendants are to pay the plaintiff costs as agreed or assessed.
(3)The first to fourth defendants are to provide the proposed cross claim to the plaintiff and other cross defendants by 5.00 pm on 21 May 2012.
(4)The matter is stood over for a directions hearing at 9.00 am on 28 May 2012 before the Registrar."

Talking about fraud and proving it and indeed two different "kettles of fish".


----------



## No Trust (31 January 2013)

*Nice Work McIvor*

McIvor creates a disaster and throws innocent retiree investors on the scrap heap then wants his super... What a disgrace...

Maybe there is some justice just around the corner...


----------



## Mozzi (31 January 2013)

*Re: Nice Work McIvor*



No Trust said:


> McIvor creates a disaster and throws innocent retiree investors on the scrap heap then wants his super... What a disgrace...
> 
> Maybe there is some justice just around the corner...








Which corner would that be No Trust?    We are all sick of waiting for justice!   Anything??   Anything?? 

Anyone??   Mr Whyte??   Piper Alderman??


----------



## Goldie101 (31 January 2013)

*Re: Nice Work McIvor*

Mozzi,

I have been watching this site for some time, partly due to morbid curiosity and partly because a few people ask me my views on Equititrust from time to time.  It takes something different to the usual drivel that pollutes this site to get me motivated to post and your post earlier today did that.

I sense your frustration but I feel your frustration will continue unless you decide to let it go.  I accept that may be very hard, if not impossible.  I did not lose money in Equititrust so it is easy for me to say.

Early on I was amazed at the detail and quality of information about Equititrust that was posted.  Clearly some posters had a person or persons “inside” to feed them information.  The site was useful for investors to obtain information that they would not have otherwise obtained.  Sadly the Equititrust specific information seems to have dried up over the last year or so and all that has been posted is various people’s opinions and from what I can gather, a fair degree of misinformation.  Whilst I take no issue with people having opinions, they should, in my humble view, be stated as such and not treated as fact.  I think this may have led you astray.

David Whyte will not take any action.  It is not his job to do so and I don’t even think he is authorised to do so.

I don’t know much about the Piper Alderman action but I make some observations.  They first mooted a class action almost two years ago yet have not commenced one.   They said a year ago that they would be filing proceedings within weeks but a year has passed and they have not done so.   To me that says they do not have a great case.  If you have a good case then you don’t take two years to file it.  For what it is worth, I do not think that they ever had a decent case.  I say this because the prospect of a significant return to investors through litigation was always going to come from a claim against the auditors and Piper Alderman were never going to be able to bring that as such a claim needs to be brought by the company – as silly as it may seem, the auditors do not owe a duty to the investors but rather to the company.   I have heard that Piper Alderman have spent almost $1m to date and they are desperate to get that back so maybe something will come of it.  

I suspect the only way out for Piper Alderman is to join with the Liquidators to try and bring a  claim against the auditors.  I have no idea whether that would be successful but that to me seems the best option.  Given that Piper Alderman wanted Hall Chadwick removed early on that would be an interesting work dynamic.  Remember also that a major difficulty is that investors need to show a loss as a result of the auditor's (or directors’ actions).  That may be a stumbling block as the fund was frozen in 2008.  Even if everything that Piper Alderman have alleged to date is correct I am not sure the loss can be demonstrated as investors could not have redeemed their investment anyway.  This is different to a normal class action against public companies as the investor could have sold their shares if proper disclosure was not made.  As I said, anything is possible but I wouldn’t hold your breath.

ASIC may bring proceedings but I am not sure how that would help.  They can bring criminal or civil proceedings.  Civil proceedings against McIvor are worthless as he is bankrupt.  Maybe they could bring against other directors but I do not know the basis upon which they would do that or what assets the other Directors have available (from Hall Chadwick’s report such personal assets are quite limited) – once again there needs to be loss demonstrated which would be a big obstacle after 2008 since the fund was frozen then.  You would need to show that the Directors after 2008 were negligent and that caused loss.  I don’t recall seeing this allegation made with any veracity (other than on this site).  It seems to me that since 2008 it has centred more around disclosure rather than negligence so I am not sure that helps.

ASIC can also bring criminal proceedings.  I have no idea what evidence they may have to support such proceedings but what I do know is that the burden of proof is very high.  It is not a crime to do something stupid – if it was then surely McIvor (and others) would already be serving time at Her Majesty’s pleasure.  It needs to be criminal and then it needs to be proved (beyond reasonable doubt).  Unfair, immoral or unjust does not equate to criminal.  Only time will tell whether this is pursued but if history is anything to go on then you may be waiting for some time.

Anyway, these are just my views.


----------



## ASICK (31 January 2013)

*Re: Nice Work McIvor*



Goldie101 said:


> ...  I say this because the prospect of a significant return to investors through litigation was always going to come from a claim against the auditors and Piper Alderman were never going to be able to bring that as such a claim needs to be brought by the company – as silly as it may seem, the auditors do not owe a duty to the investors but rather to the company.




Goldie,  we haven't heard the "fat lady" sing yet, so there may be something in the wings, somewhere.

The only issue I'd like to query is your comment re: an auditor's duty to fund investors, after all, the investors are the owners of the fund being audited.  Why do you say that if investors lose as a consequence of an auditor's negligence that only the RE is able to sue for recovery? The RE lost nothing - the fund, and therefore its members lost.  The RE should be entitled to sue on behalf of the fund and its members, or a receiver/administrator should be able to sue on behalf of the fund and its members, or members should be entitled to sue in a class action or individually (whatever the case may be).

In relation to the rumoured $1m expense for the lawyers, I'd guess that it's mostly a costing of their own time that they'd like to recover if a class action did get up and going.


----------



## word75 (31 January 2013)

*Re: Nice Work McIvor*



Mozzi said:


> Which corner would that be No Trust?    We are all sick of waiting for justice!   Anything??   Anything??
> 
> Anyone??   Mr Whyte??   Piper Alderman??




Mcivor used Equititrust as his own little Piggy Bank, he raised it, fattened it up on retiree's super, then he butchered it taking home all the bacon himself. 
In one deal alone the Quinlivan landholding, that's the one BDO are still struggling to sell (for more than $10mil)  has lost for the unit holders some $63mil or roughly 25c of what otherwise would have been returned to investors on every unit. 

How much of this money found its way back into Euiitrust as fees or joint venture fees. How much of this contributed to Mcivors publicly stated worth of $100mil on his personal balance sheet. Indeed how much of this made its way to his super fund or wife Stacey as one would expect income splitting may have been embraced here. Let's face it..... They are clever.

Knowing who did it, knowing how much was lost or misappropriated even knowing how he/they did it won't make it come back. The obvious apathy shown by so many of the 1400 investors not to pony up and support Piper Alderman all but guarantees the perpetrators of this massive scam will get away with it. 39 sign ups from 1400 investors is not a good roll up.

To be clear BDO are not mandated to pursue Mcivor or his band of thieves. Hall Chadwick won't bite the hand that fed them and Worrals are not funded to even put the bankrupted Mcivor on the stand. 

If one looks at the remaining runts in the property basket and then analyses their original purchase prices which won't be achieved in today's market let alone the Puffed up Valuation and subsequent debt..... well there is less than 10c equity left per unit. Oh and doesn't Mcivors super fund have 10 million units. Just a win win or lose lose if your an elderly retiree. 

There is one Pet valuer out there whose a partner with a major firm. His evidence could put himself and the major players in the big house. Maybe immunity should be discussed but then the claim aginst the identity insurance policy would need to be dropped. there is no incentive for participants to speak up and no incentive to pursue Mcivor. 

It seems the authorities are even more disinclined to throw resources at this otherwise they out be all over the dud valuation scam and all those that  played a part in it. Starting with the current claims against the valuers.


----------



## Olman (1 February 2013)

*ASIC and Auditors.*

From the ASIC Audit inspection program report for 2011-12, which can be found at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep317-published-4-December-2012.pdf/$file/rep317-published-4-December-2012.pdf

Under the heading "Enforcement action":

"The objective of our inspections is to work co-operatively with audit firms to improve 
and maintain audit quality. We expect audit firms to make changes and to undertake 
work in response to our findings. However, there are some cases where findings 
are so serious as to warrant enforcement or similar action. *We are currently 
considering possible enforcement action on concerns arising in the 2011–12 review 
period from our inspection of a Smaller firm.* Further, as a result of inspections 
conducted in the 2009–10 review period and reported on in our previous report, one 
auditor from an Other National and Network firm and one auditor from a Smaller 
firm have chosen not to continue as registered company auditors."

(The emphasis has been added).  Considering the extent of the deficient auditing that ASIC are expressing concerns about, it's remarkable that they are considering action on just '*... a Smaller firm*'.  

No doubt this will improve the behaviour of the crooks out there...


----------



## kostag (3 February 2013)

*Re: SUPER FRAUD AND OTHERS MATTERS*

I THINK YOU HAVE HIT THE NAIL RIGHT ON THE HEAD !!!!!



ASICK said:


> Correct me if I'm wrong, but wasn't it the case the there were impairments in a certain fund loan or loans that Equititrust "corrected" by payment directly from Equititrust without disclosing those impairments to investments?


----------



## ASICK (3 February 2013)

*Disclosure*



kostag said:


> I THINK YOU HAVE HIT THE NAIL RIGHT ON THE HEAD !!!!!




First, I'll correct my previous posting:
"Correct me if I'm wrong, but wasn't it the case that there were impairments in a certain fund loan or loans that Equititrust "corrected" by payment directly from Equititrust without disclosing those impairments to investors?"

IMO that's a failure to disclose a material fact to investors - at best, not a good look, at worst, ?.   Clearly the act of making the payment hid the true state of the loan/s from investors.  I would have thought ASIC would have found interest in it - and I often wondered how Equititrust was able to disclose it at a later date as if they'd merely done fund members a good turn.

On the face of it, yes, Equititrust filled a hole, but a hole investors didn't get to find out about at the time.

I don't know whether Equititrust made the payment prior to the closing of the fund (or not), but to my mind, if it was made prior to the closing of the fund then I would think ASIC should look into it, especially if members of the fund might have formed a negative opinion about their respective investments.

Surely it would have been something that should have been picked up in an audit?

Maybe it's the case that the same argument would be raised if the payment was made after the fund was frozen.  After all, investors acquiesced to Equititrust's management of the fund without knowing about that impairment, be it before, or after the fund was frozen.


----------



## ASICK (3 February 2013)

*Ned Kelly?*

http://www.theage.com.au/business/c...etail-ashes-20130201-2dqi8.html#ixzz2JoXlrsUw

"There'll be a fleet of Bentleys for the boys from Bentleys. Let their creditors from MFS drive Matchbox cars.

We are looking at the document Octaviar Administration Pty Ltd, and the pallets of wads of backsheesh ripped out by the liquidators from Bentleys Queensland and their indispensable lawyers, Henry Davis York.

Lest you were wondering how a gang of accountants could possibly take $17 million in fees out of the corpse of Octaviar, nee MFS, in just two years, wonder no more.

It is because they can. There is nobody stopping them. The sky or the state of Octaviar is the limit, whatever comes first.

Back in the day, if Ned Kelly had known about this lurk, this liquidation racket, there is no way he would have gone into bushrangering.

He would have partnered with the banks, rather than robbing them. Instead of riding a horse he could have owned a stable of the finest, held through a tax-effective offshore trust structure subsidiary of his insolvency practice, Edward Kelly & Partners. Kelly was definitely in the wrong game."


----------



## No Trust (4 February 2013)

*Re: Ned Kelly?*

Look at McIvor's poison pill in appointing Hall Chadwick... Now innocent retiree investors are meant to pay their fees despite promises by Hall Chadwick not to claim fees from the funds...

Inflict more pain and misery on old people whilst enriching themselves for what ? Letting McIvor off the hook...  Where was the public examination of the directors and more importantly the main culprit McIvor... 



ASICK said:


> http://www.theage.com.au/business/c...etail-ashes-20130201-2dqi8.html#ixzz2JoXlrsUw
> 
> "There'll be a fleet of Bentleys for the boys from Bentleys. Let their creditors from MFS drive Matchbox cars.
> 
> ...


----------



## No Trust (5 February 2013)

*More McIvor Magic*

How much *investor money *was diverted to this disaster ???


http://www.goldcoast.com.au/article/2013/02/01/446521_gold-coast-news.html


----------



## megladon (5 February 2013)

Liquidators report now on website....$106,029.00  fees for december


----------



## ASICK (5 February 2013)

and the winner is ... "I" !!!!

sorry to see the unit price plunge .. but I think many of you guys already anticipated this outcome.

maybe there's 5 or 6 cents in it.

January 2013
http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20130104 - 10th Report to Investors.pdf

November 2012:
http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20121109 - 9th Report to Investors.pdf


----------



## No Trust (5 February 2013)

Try zero... So the money that McIvor took out in fees to fund his Super by raping the fund will now rank ahead of investor's ???

Lets see, one way or another me thinks he will not get it... 




ASICK said:


> and the winner is ... "I" !!!!
> 
> sorry to see the unit price plunge .. but I think many of you guys already anticipated this outcome.
> 
> ...


----------



## Mozzi (5 February 2013)

No Trust said:


> Try zero... So the money that McIvor took out in fees to fund his Super by raping the fund will now rank ahead of investor's ???
> 
> Lets see, one way or another me thinks he will not get it...






No Trust!   Would be nice to think you are right, but frankly the majority seem to think he's going to collect!   There will be nothing 

left for the investors, rightly or wrongly!  

  However, regarding the posting re the "receiver", you got to be worried about  anyone claiming that amount of money in a month 

after months and months of silence!   Even more worried about the competency of people who didn't learn the basics - ie.  " i " 

before "e" except after "c "   - the spelling of what you are supposed to be Hall Chadwick is RECEIVER!!!!!   Think we were about five 

yrs old when we learned that.    PEDANT - maybe!     However, we have lots of time in our retirement to be pedantic as we don't 

have thousands of dollars of other people's money to count -  unlike some!


----------



## Bonne Chance (6 February 2013)

Never mind the spelling, did it take the junior accountant 79.85 hours to figure out how to get the bill up over $100k for the month?  Are they bloody joking??  What a ridiculous report and how much did it cost for some tosser to prepare that!  Seriously, is this how it works?  Do we have to sit idly by while these receivers submit these kinds of 'Calculations of Remuneration'.  To whom do they verify these hours spent?  I don't know how they sleep at night.



Mozzi said:


> No Trust!   Would be nice to think you are right, but frankly the majority seem to think he's going to collect!   There will be nothing
> 
> left for the investors, rightly or wrongly!
> 
> ...


----------



## Mozzi (6 February 2013)

Bonne Chance said:


> Never mind the spelling, did it take the junior accountant 79.85 hours to figure out how to get the bill up over $100k for the month?  Are they bloody joking??  What a ridiculous report and how much did it cost for some tosser to prepare that!  Seriously, is this how it works?  Do we have to sit idly by while these receivers submit these kinds of 'Calculations of Remuneration'.  To whom do they verify these hours spent?  I don't know how they sleep at night.





The point is - if they can't spell - they can't count!!!!!


----------



## kostag (7 February 2013)

IT WILL BE A NIL $ PAYOUT TO UNIT HOLDERS.

IT WAS ALWAYS GOING TO BE.



No Trust said:


> Try zero... So the money that McIvor took out in fees to fund his Super by raping the fund will now rank ahead of investor's ???
> 
> Lets see, one way or another me thinks he will not get it...


----------



## kostag (7 February 2013)

*BANKRUPTCY*

McIvor's Trustee is un-funded, so without money he is not going to be able to do much than the bare minimum that he must by law carry out.

Whilst we must respect the privacy and the family secuirty of all individuals (ie: McIvor) if we wnat to help WORRELLS and perhaps assist in getting some recovery from the ESTATE and form what I think we can safely asusme was side-swipped in a well thought out and orchestrated Bankruptcy, we should all use this site to report (name and shame) any activity that we become aware of re McIvor so that WORRELS have material to then follow up....

1. the sort  of cars being driven
2. luxury events -  such as holidays, private schools
3. employment -  ie: managing companies
4. spotted out and about having expensive dinners

anything that might help WORRELLS thena ask the questions"how did this get paid for" -  then and only then, they might be able to track and acess some money tree.

Dont rule out that this Bankrputcy may have been in planning for some time as the ultimate 'escape' route.

Walk away at 50+ with say $3-$4M cash as untaxed super is not a bad 'start agin' fund, is it?

All debts wiped; no ASIC charges etc....   who wants to swap positions? Most of you - I bet.


----------



## word75 (7 February 2013)

kostag said:


> IT WILL BE A NIL $ PAYOUT TO UNIT HOLDERS.
> 
> IT WAS ALWAYS GOING TO BE.




Less than Zero if you factor in the actions of Hall Chadwick. Remember they had previously been instructed by Mcivor and Equititrust when Cameron Davis was wound up owing $17mil plus to Equititrust then was forgiven the debt, and then retained by Mcivor and Equititrust for $150k plus per annum. Investors money down the drain and it was Davies who brought Hall Chadwick to the rescue of Equititrust BECAUSE they are after the $2.8mil in fees that are the subject of a dispute with Whyte. What's the bet that a settlement between the parties see's these funds and the Hall Chadwick liquidation fees settled in part rather than go to court.  Me thinks Hall Chadwick an Mcivor will come out on top.

Why else is Hall Chadwick in it. Equititrust supposedly has no assets,,,, not true. Who's collecting the fees from Werrina Cove. Then there's the matter of Hall Chadwick lacking th mettle to own up to what they are doing to claim such fees. This is a matter they will soon be explaining to the Ombudsman. 

Then there is the deliberate misinformation regarding proposed joint undertakings with Piper Alderman. As investors you should make a call, there is no plans to do so and in any event Hall Chadwick does not need any help to fund their obligations and examine these crooks or are they their friends. Why then is Mcivor listed as sole director on Landsolve Associates Pty Ltd and the  sole shareholder of 2 shares is EQUITITRUST. Explain why this company is racking up debts has assets listed on public records has a bankrupt steering it, yes still a director and why hasn't Hall Chadwick got around to capturing it unless they are ...... well you surmise. 

Whist your doing that Landsolve Partners Ltd sole director and shareholder Mcivor is piloting this company with a raft of debts..including Telstra. where's the accountability. WHERE'S Hall Chadwick when they are not billing a $100k a month for a junior to sit at a desk and read Cosmo. 

Note that the Korong Rd house of Mcivor sells for $4.55mil which displaces wifey's parents but maybe not the caveat lodged to Protect their Interests. Where did the money come from to buy this home......like everything else. Investing in the son inlaws business should not give rise to preferential treatment


----------



## No Trust (7 February 2013)

If you go back to previous posts, the actions of Hall Chadwick were *predicted*... Their actions in now *money grabbing *innocent retiree investors after doing absolutely nothing to pursue McIvor (_rememeber McIvor would not give them a financial statement as required by law_) is disgusting... This whole saga with Hall Chadwick and McIvor stinks to high hell... *No one is stupid*... 

Maybe an inquiry like the one being played out in Sydney at the moment is warranted here to get to the truth of this rape of innocent elderly Australian's.

Hang your heads in shame Hall Chadwick...




word75 said:


> Less than Zero if you factor in the actions of Hall Chadwick. Remember they had previously been instructed by Mcivor and Equititrust when Cameron Davis was wound up owing $17mil plus to Equititrust then was forgiven the debt, and then retained by Mcivor and Equititrust for $150k plus per annum. Investors money down the drain and it was Davies who brought Hall Chadwick to the rescue of Equititrust BECAUSE they are after the $2.8mil in fees that are the subject of a dispute with Whyte. What's the bet that a settlement between the parties see's these funds and the Hall Chadwick liquidation fees settled in part rather than go to court.  Me thinks Hall Chadwick an Mcivor will come out on top.
> 
> Why else is Hall Chadwick in it. Equititrust supposedly has no assets,,,, not true. Who's collecting the fees from Werrina Cove. Then there's the matter of Hall Chadwick lacking th mettle to own up to what they are doing to claim such fees. This is a matter they will soon be explaining to the Ombudsman.
> 
> ...


----------



## No Trust (7 February 2013)

To add insult to injury, the idiots at Hall Chadwick do not even have the temerity to post any updates on the Equititrust Website... Its nice to work *in the shadows *and financially rape elderely Australians who have lost their life's savings...


----------



## No Trust (7 February 2013)

The return will *zero*... There is now *no doubt *about that...


----------



## Bonne Chance (7 February 2013)

*Re: BANKRUPTCY*

I wonder who might be driving the new 7 series BMW out of the private Bumbles car park.




kostag said:


> McIvor's Trustee is un-funded, so without money he is not going to be able to do much than the bare minimum that he must by law carry out.
> 
> Whilst we must respect the privacy and the family secuirty of all individuals (ie: McIvor) if we wnat to help WORRELLS and perhaps assist in getting some recovery from the ESTATE and form what I think we can safely asusme was side-swipped in a well thought out and orchestrated Bankruptcy, we should all use this site to report (name and shame) any activity that we become aware of re McIvor so that WORRELS have material to then follow up....
> 
> ...


----------



## kostag (7 February 2013)

*THEY POP UP EVERYWHERE....*

David "Kolonel Klink" Kennedy -  ex CEO of failed MFS and CEO of failed EQUITITRUST -  has popped up a senior analyst in HOng Kong with MS ASIA DEBT ACQUISITION - see LINKEDIN and or google David Kennedy Hong Kong Linked in etc

they just do the same old scams and move on


----------



## kostag (7 February 2013)

*Re: BANKRUPTCY*

a series 7 BMW ? with $3M plus is safe super funds -  why not go for a Bentley!!



Bonne Chance said:


> I wonder who might be driving the new 7 series BMW out of the private Bumbles car park.


----------



## word75 (7 February 2013)

*Re: BANKRUPTCY*



kostag said:


> a series 7 BMW ? with $3M plus is safe super funds -  why not go for a Bentley!!




It's a perfect accompaniment with Stacey's silver X5 parked outside Bumbles each day from 9am. Got to drop the kids to their private schools first. Not hard to spot these cars outside their waterfront rented mansion in Salerno St Isle of Capri. Nice luxurious life for some.


----------



## No Trust (7 February 2013)

*Re: BANKRUPTCY*

These people are a disgusting joke... BMW stands for "brings more worries"





word75 said:


> It's a perfect accompaniment with Stacey's silver X5 parked outside Bumbles each day from 9am. Got to drop the kids to their private schools first. Not hard to spot these cars outside their waterfront rented mansion in Salerno St Isle of Capri. Nice luxurious life for some.


----------



## No Trust (8 February 2013)

The latest news is that there will be *injunctive relief sought *if McIvor claims his super... It looks as though the books are *being given a once over *by the authorities...

Let’s see if Marky Boy *has the bikkies *to pay the lawyers on this one... Considering his *abysmal performance *in paying law firms, don't think too many will be standing in line for the work...


----------



## No Trust (8 February 2013)

*Hall Chadwick Disgrace*

Hall Chadwick identified *$810,000 *of payments *not reconciled *to invoices of that *$616,000 *was paid to *McIvor related entities*... What have they done about recovering this money ??? 

*11.2.1*

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Absolutely nothing and now they want to get paid close to a million dollars at the expense of innocent elderly investors... Despite on *two occassions *saying that they would not claim against the funds... They have *NO RIGHT* to claim against the already financially raped investors... McIvor did a great job of doing that.

So much for McIvor's claims of looking out for the investors... If he had *any self respect *he would not even consider claiming this money. The fact that he gambled innocent retiree's investor's money on "*King Con*" without telling them is *reason enough*...

*Karma* Marky Boy *Karma*


----------



## word75 (8 February 2013)

*Re: Hall Chadwick Disgrace*



No Trust said:


> Hall Chadwick identified *$810,000 *of payments *not reconciled *to invoices of that *$616,000 *was paid to *McIvor related entities*... What have they done about recovering this money ???
> 
> *11.2.1*
> 
> ...




Not only do they appear not interested in pursuing Mcivor or the money paid out of EL moments before Hall Chadwick was appointed. Wouldn't it be appropriate for Hall Chadwick to account to investors for the funds that surely must have been put into their trust account at the time of their appointment, and the source there off. How are these funds treated if they were deposited and if they came from EL and if not there then where else. If from Mcivor then Worrals might argue a preferential payment and seek the return of those funds. Worrals should make the call, wouldn't it be perfect if those funds in turn help Worrals go up the Mcivor spout.

Recent phone enquiries indicate that Hall Chadwick like all the other bottom feeders in this industry don't get out of bed for less than $50k for a job of this size... Say it isn't so. They were appointed by Mcivor not the court. They like all trustees and receivers want $15k plus up front to kick off simple individual administrations so how much did Hall Chadwick book to do this job. ring any of their offices and check their fees.

Sceptically one might think "not" enough to put the brakes on from DOING THEIR DUTY. The trail of those funds must have been so fresh that they would have tripped over it. How much of that went to the well publicised and documented Venture Axcess play for Equititrust and the RE.. Im might be wrong but wont the players here  already identified as recipients by Whyte.  

HALL CHADWICK HAVE ALL THE GROUNDS AND RESOURCES TO EXAMINE MCIVOR, to insist on the presentation of the crooks statutory required statement of financial positions but to date they have not, why is that?

Why won't one single bank, not one contribute $1 to assist Worrals examine Mcivor and how isn't  it a fact that $500k worth of collectible art and artefacts are now safely quarantined from creditors in a self managed super fund to be sold or dealt with at will.
Got to get me one of them. 

Again it should be noted the relationship between Mcivor and  Equititrust which is a matter of public record. Mcivor is a sole director of Landsolve Associates P/L and sole shareholder Equititrust. One has to wonder what Hall Chadwick are doing about this and the assets and liabilities of this company also a matter of Public Record.
Maybe they can get their $100k a month junior to make a call.


----------



## kostag (17 February 2013)

*STATUS OF NATION..*

1. McIvor -  rightly or wrongly -  walks away -  trousering millions
2. investors: NIL return and a tax burden for years in which they received their capital back disguised as income
3. Hall Chadwick: nice big fat fees -  no public examination of anyone
4. ASIC: another toothless excercise
5. Worrels: (McIvor bankruptcy trustee) -  do nothing as un-funded
6. Media: do nothing now -  story is old hat
7. David Kennedy: now in HK -  ex MFS ex Equititrust -  same old same old
8. David Andersen: David who?
9. BOrrowers: another day another dollar

the more things change, the more they stay the same -  

I think this is my last post on this site -  an interesting journey -  lots of winners and sadly one group of losers with nowhere to go.... as one Equititrust person said once - _ just drag this out as long as we can -  people get used to it, people forget...._


----------



## No Trust (17 February 2013)

Hall Chadwick should not be paid...


----------



## word75 (17 February 2013)

No Trust said:


> Hall Chadwick should not be paid...




They should not be paid!!! But they already have been paid. The corporate Conivor engaged them even though it's said they had previously been associated with the company in other matters. Where from and how much was paid to commence this windup and why does it smell like a setup. 

Let's try and not be sceptical here as hard as it maybe but how many less than scrupulous directors ENGAGE THEIR OWN FRIENDLY TO THEIR CAUSE corporate insolvency firms JUST AHEAD OF SOME OTHER CREDITORS APPLICATION. A friendly is less likely to go after the directors who appointed  them or bring them to account. Less likely to make referrals to the authorities because let's face it they are in for say.....ONE MILLION DOLLARS...and this will come out of everyone's super except the Big Mac's.

Now a court appointed trustee would go up and down each and every orifice and feel no pain in naming snd shaming yet here is a previously shamed operator displaying all the deft shepherding skills of a infant school soccer cheat. Now who is being protected either by negligence or design. Now what has HC done to earn the fees they are now claiming, I think plenty but here is one thing worth considering. ASIC have a nifty little on line complaint thing.. where you can go and MAKE A COMPLAINT SPECIFICALLY ABOUT INSOLVENCY FIRMS AND THEIR ACTIONS JUST LIKE THESE. 

Sorry I don't know how to post it but I'm sure No Trust can find it. 

So go on line and Dob the bastards in and lets see if that gets them to bite the hand that feeds them. Who's sceptical now.


----------



## Goldie101 (17 February 2013)

Word75, you are obviously a very angry little vegemite.  I have no idea whether your anger is justified or not but a lot of what you say does not appear to be right.

How do you say that Hall Chadwick have already been paid?  Their last report says that they are unfunded and as such haven’t been paid.  BDO’s last report says they are trying to get their costs from them and are going to court about it this month.  I think you are wrong here.

You then say that Hall Chadwick had previous dealings with Equititrust and as such are a friendly firm who will not chase the Directors.  Section 4 of Hall Chadwick’s 12 April 2012 report says they had no previous dealings with the company or Directors.  If they lied in this report they should be reported.  Do you have any evidence to back up what you say?  

You then talk about a Court appointed trustee.  Isn’t BDO the court appointed trustee who was appointed by the court to look after investor interests?  Do you want another one?  You also seem to ignore that creditors were given the option of changing Hall Chadwick on two occasions but the investors voted to keep them.

The Liquidators cannot just take their fees.  The fees need to be approved by creditors or the court and then they need to have the money to pay them (which they say they do not have).  I’d suggest if a creditor has a complaint to make about the fees then they should contact Hall Chadwick directly.  This would be the usual course when one has a complaint about professional fees.  The fees seem very high for what has been achieved to date but I do not know what work they have done.

Accusing HC of being cheats, negligent and/or crooked without any apparent basis for saying so and to then call them bastards does not reflect well upon you.  They are a reputable and professional firm of accountants and should be afforded the common courtesy of being treated as such unless and until there is evidence to the contrary.


----------



## No Trust (18 February 2013)

*Hall Chadwick complain about them to ASIC*

Wow, what a defense of Hall Chadwick !!! Yet no mention of the fact that on two occasions they have promised not to take fees from the funds... Yet now are seeking to inflict further damage on innocent retiree investors... Where does that place a firm of "accountants" in the credibility and honesty scale...

My advice is to make direct and multiple complaints to ASIC which in a free and democratic country every Australian is entitled to do... Why on earth would any investor contact Hall Chadwick directly rather than make a complaint to ASIC. THEY HAVE BEEN GIVEN MULTIPLE OPPORTUNITIES TO PUBLICLY EXAMINE MCIVOR YET WERE SO COMPLICIT AND OR INTENTIONALY INCOMPETENT TO OBTAIN HIS STATEMENT OF FINACIAL AFFAIRS. By not obtaining this basic information they should have been sacked on the spot there and then. Information in regard to their actions has been provided to both ASIC and I believe David Whyte who I  believe will oppose their application for fees to be paid from the funds...

Investors can make an email complaint as well as phone ASIC directly, all details are on the ASIC WEBSITE.





Goldie101 said:


> Word75, you are obviously a very angry little vegemite.  I have no idea whether your anger is justified or not but a lot of what you say does not appear to be right.
> 
> How do you say that Hall Chadwick have already been paid?  Their last report says that they are unfunded and as such haven’t been paid.  BDO’s last report says they are trying to get their costs from them and are going to court about it this month.  I think you are wrong here.
> 
> ...


----------



## No Trust (18 February 2013)

*ASIC COMPLAINT LINK*

Link to ASIC complaints below... It's time investors fought back against Hall Chadwick... Appointed by McIvor and still protecting him and their back pocket... 

ASIC needs to step in to the proceedings and oppose any fees being paid from the funds...  The media will be shining a spotlight on this little shell game being inflicted on investors... 

We have exposed Equititrust and McIvor before, Hall Chadwick now need to answer Publicly for their actions in lying to investors... It's always the weak, elderly and defensless that are targeted... Sorry financial vampires not this time...


http://www.asic.gov.au/asic/asic.nsf/byheadline/Where+ASIC+can+help?OpenDocument=&ExpandSection=7


----------



## No Trust (18 February 2013)

*David Whytes's Take on Hall Chadwick's Spurious Claim for fees*

READ para *2.3* the basis for David Whytes's objection to Hall Chadwick's duplicity... 

Also a very solid basis for a complaint to ASIC. I would include this PDF Link and David Whyte's rational in para 2.3 in any complaint to ASIC as its hard hitting, succinct and undeniable...

David Whyte is doing a good job and was independently appointed by the Supreme Court of QLD, his objections to Hall Chadiwicks claim should be backed by ASIC by direct intervention in the proceedings. In addition Hall Chadwick should be hauled before the regulator as soon as possible. Any lack of intervention by ASIC in this glaring instance of duplicity and corporate GREED will cement their reputation as being a toothless tiger...


http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf


----------



## word75 (18 February 2013)

Goldie101 said:


> Word75, you are obviously a very angry little vegemite.  I have no idea whether your anger is justified or not but a lot of what you say does not appear to be right.
> 
> How do you say that Hall Chadwick have already been paid?  Their last report says that they are unfunded and as such haven’t been paid.  BDO’s last report says they are trying to get their costs from them and are going to court about it this month.  I think you are wrong here.
> 
> ...






I too want to be a believer and maybe Equititrust is just another episode of the GC X FILES but here is something to consider in her pursuit of the truth.

SAMSTAY PTY LTD a company owned by failed GC developer Cameron Davis went down owing Equititrust over $17mil and as a matter of public record the company engaged a Insolvency firm as their appointed trustee. ANY GUESSES HERE!!! Also a matter of record Equititrust and the Big Mac forgave the $17mil debt allowing for a scheme of arrangement.....Now that's $17mil of investors super gone in one hit and a free pass for Cameron.

Cameron of course went on to be a retained consultant with EL and a trusted lieutenant along with Mr Honey Pot. As identified by Mr Whyte these cronies tried to wrest control of the funds for themselves in a new vehicle all the while paying Cmeron $15k a month to help manage the windup of the funds. Mr Whyte put a stop to this. 

Who do you think recommended HC and  with the decision being made about the fate of EL which firms name came up as the Right People For The Job.

Now Google Richard Allbaran and make your own assessment as to the calibre and cut of their jibe. Maybe phone for yourself and see who at the firm acted on the Sanstay matter. 

I make no disparanging comments in relation to any of the sharks swimming in the ocean just the ones frenzy feeding in the pool of investors super funds.

Ps: court appointed receivers almost always take on their administrations with NO CASH in the bank at the start but they have first call on any funds recovered. 
Self appointed administrators ALMOST ALWAYS NEVER ACCEPT INSTRUCTIONS TO ACT AS ADMINISTRATORS IN A COMPANY THAT MAYBE INSOLVENT UNLESS THEY HAVE $$$$$ IN THEIR ACCOUNT TO KICK IT OFF. 

You may wish to phone and confirm this as well.

I too want to believe !!


----------



## Goldie101 (18 February 2013)

No Trust - have you ever been bankrupt?


----------



## No Trust (18 February 2013)

Goldie 101 - have you ever worked for Hall Chadwick ???

I note *no comment *on the fact that Hall Chadwick promised *not to seek payment *from the funds...

*Reminder below*:

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf

Avoidance of the facts won't make them go away...

Goldie 101 - Have you ever done someone elses bidding ???


----------



## No Trust (18 February 2013)

You are spot on and complaints to ASIC will be made...




word75 said:


> I too want to be a believer and maybe Equititrust is just another episode of the GC X FILES but here is something to consider in her pursuit of the truth.
> 
> SAMSTAY PTY LTD a company owned by failed GC developer Cameron Davis went down owing Equititrust over $17mil and as a matter of public record the company engaged a Insolvency firm as their appointed trustee. ANY GUESSES HERE!!! Also a matter of record Equititrust and the Big Mac forgave the $17mil debt allowing for a scheme of arrangement.....Now that's $17mil of investors super gone in one hit and a free pass for Cameron.
> 
> ...


----------



## No Trust (18 February 2013)

*Liquidators the $6m men*

Some *notable* mentions...

http://www.smh.com.au/business/liquidators-the-6m-men-20100413-s7mc.html


----------



## Goldie101 (18 February 2013)

*Re: Liquidators the $6m men*

No Trust, have you ever been bankrupt?  Time to answer the question!!!!!!!!!


----------



## No Trust (18 February 2013)

Ha ha ha, diversion diversion diversion...  

*Question again *???

Goldie 101 - have you ever worked for Hall Chadwick ???


----------



## No Trust (18 February 2013)

Goldie 101 - Have you ever done someone elses bidding ??? 

No comment from your side on the issue of *promises to not seek payment *from the funds...

Many have come and gone on this thread and have been discovered to be *doing the bidding for someone else*... Remember Buffetman etc... There has been name calling, accusations, etc etc, water off a ducks back as far as I am concerned... Call me what you want, say what you want but the critical question remains why is HALL (*pass*) CHADWICK  now claiming fees from the funds that they promised (*on 2 occassions*) they would not...

Where is the honesty in that ?


----------



## Goldie101 (18 February 2013)

No Trust - I have never worked for Hall Chadwick.  I have often done others bidding for them - what's unusual about that?  You are doing the same on this site.

Now that I have answered your two questions, let's get back to the simple question I asked first - have you ever been bankrupt?  It's not name calling - just trying to establish your credentials.


----------



## No Trust (18 February 2013)

Thanks for that, little diversion, which all started around the issue of HALL CHADWICK promising on *2* occassions not to seek fees from the innocent retiree investor's funds... This is undeniable...

When that hot potato was thrown at you, all we got was have you ever been bankrupt??? *Is that the best you've got??? *I will give you enough rope to hang yourself with if you want. Make the accusation if you dare... In fact put your money where your mouth is... *Thats my answer*...



Goldie101 said:


> No Trust - I have never worked for Hall Chadwick.  I have often done others bidding for them - what's unusual about that?  You are doing the same on this site.
> 
> Now that I have answered your two questions, let's get back to the simple question I asked first - have you ever been bankrupt?  It's not name calling - just trying to establish your credentials.


----------



## Goldie101 (19 February 2013)

I agree that HC fees look high and need to be investigated.  I have no idea whether they are justified or not as I do not know what work they have undertaken and what progress they have made.  I am not sure how anyone can say they are unjustified on the basis of quantum alone.

I was questioning the process being suggested by some (i.e. a complaint direct to ASIC).  I would not be at all surprised if ASIC were to ask whether an complainant had raised the issue with HC first - this is afterall ordinary practice.

No Trust I have not accused you of anything.  I was asking a simple question.  I am not sure why you are so offended by it.  It is a pretty simple question to answer (unless of course you do not like the answer).


----------



## No Trust (19 February 2013)

*Avoid Avoid avoid*

I again raise the issue WHY DID *HALL CHADWICK *SAY THEY WERE *NOT GOING TO CLAIM FEES *FROM THE INNOCENT ELDERLY INVESTORS VIA THE ALREADY RAVAGED FUNDS ???

No answer to that... Instead spurious slurs thrown around when cornered and can't give an answer... What, did Hall Chadwick's PR Department give instructions not to answer this undeniable fact...

What were Hall Chadwick lying when they said that they were not going to claim fees from the funds ??? This is *an outrage of epic proportions * from a useless organisation that did not even get the statement of financial affairs from McIvor or the other directors...

It’s very simple when Hall Chadwick blatantly lie to investors and do not do their job by giving McIvor a free pass it’s time to hit them where it hurts and *report them to ASIC*… They don’t like this unwanted attention where their unscrupulous actions are publicly exposed… 

I believe David Whyte will vigorously oppose their application for fees…  What’s next will they then send out a posse and accuse BDO of being a bunch of bankrupts, oh hang on that’s right wasn’t it one of Hall Chadwick’s partners that was hauled before the Federal Court on a matter of insolvency… 

Here are some more references from ASIC on this stellar firm of bean counters...


https://www.asic.gov.au/asic/asic.nsf/byheadline/08-08+Sydney+liquidator+suspended?openDocument


----------



## word75 (19 February 2013)

Goldie101 said:


> I agree that HC fees look high and need to be investigated.  I have no idea whether they are justified or not as I do not know what work they have undertaken and what progress they have made.  I am not sure how anyone can say they are unjustified on the basis of quantum alone.
> 
> I was questioning the process being suggested by some (i.e. a complaint direct to ASIC).  I would not be at all surprised if ASIC were to ask whether an complainant had raised the issue with HC first - this is afterall ordinary practice.
> 
> No Trust I have not accused you of anything.  I was asking a simple question.  I am not sure why you are so offended by it.  It is a pretty simple question to answer (unless of course you do not like the answer).




Goldie 101 I think your line of questioning is a little inappropriate given the climate some 1400 retiree's are currently experiencing. It would be safe to assume most investors have been hard working folk having done the right thing through their working life and now possibly facing bankruptcy themselves  due to having come into contact with the contagious disease that is Cleptomcivor. 

Even worse than bankruptcy how many of our numbers a not here today to see these (read bad words) brought to account. 

I can't see how casting dispersions on No Trust is going to make any difference to the matters at hand. In any event If you want to discuss bankruptcy look no further than the expert in this field Mr Conivor, a true master, it's just ashame that all the oldies that are likely to join him soon by no choice of their own won't be able to come out of their bankruptcy with Millions $$$ to play with..some victims here might just be lucky enough to come out ALIVE.

Now for HC.....given the previous complaints made  to ASIC about this firm that appear to be valid,  I'm sure any new complaints will be dealt with as all other complaints made before and valid ones prosecuted.  Mr Google has many pages on this FIRM for you to review showing you the outcome with them. In the meantime you might like to see for yourself where a request for an explanation of the work done to date by HC on the EL matter gets you and whilst your at it make a compaint. I will bet you my last $10 Mcivor will be out of Bankruptacy an rebirthed in a new venture ripping off a brand new bunch of gullible oldies before you get an answer.

And I like my Vegemite


----------



## Goldie101 (19 February 2013)

*Re: Avoid Avoid avoid*

One can only be amused by the effluent that you emit No Trust.  

Let me say once and for all that I have no relationship whatsoever with HC (nor do I know anybody working at HC or for them) so directing questions to me about their fees is pretty pointless.  I am concerned only about due process and your repeated attempts on this site to state your opinion as if it were fact and then try to bully and berate anybody that does not agree with you.

If you want an answer to the question you ask about HC's fees (such question being perfectly reasonable in my opinion) then I would have thought that the best person to ask would be HC.  Have you done this? if the answer is no then why not (given this is "an outrage of epic proportions")? Is it because you don't want to know the answer or because you have no standing to ask the question of them or some other reason?

For someone who has handed out accusations (mostly unsubstantiated I should add) like candy, you sure don't seem to know what one is.  Nobody has ever accused you of being a bankrupt - merely asked you several times if you have ever been bankrupt which you have not answered - I suspect your tactic (to use your own words) is to "avoid avoid avoid" answering the question.  How can a question be "a spurious slur"?  Time to pull out the old dictionary No Trust and brush up on your English.  The first thing you should look up (after accusation, spurious and slur) is hypocrite.


----------



## No Trust (19 February 2013)

*Deluded*

Here we have someone who won't put their money where their mouth is... What on earth does a stupid, idiotic question *without any basis * about bankruptcy have to do with *HALL CHADWICK *lying to elderly retiree investors about not claiming fees from the funds... 

Does the deluded one deny that they *promised to not to take these fees from the funds *???

The *quantum of fees is irrelevant *to retiree investors, HALL CHADWICK'S statements at *2 meetings *is the question. If they have made these statements as confirmed by David Whyte why on earth should investors talk to Hall Chadwick when it is *abundantly clear *to everyone except the deluded one that these *fees are not payable *from the funds... *Case closed *

Unless the deluded one can say that Hall Chadwick did not make these promises or face this specific issue all and sundry can see that he is merely trying to create a smoke screen and put investor's off making complaints to ASIC...

I will stand by David Whyte the (_court appointed receiver _) and what he says below about HALL CHADWICKS actions.

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf


----------



## No Trust (19 February 2013)

*Statement From David Whyte*

Extract from David Whyte's Report

*2.3 Claims by the Liquidators of EL*

"I have previousty queried the basis of their claims and their right to claim against the EIF's assets
and bearing in mind:
I was already appointed to wind up the EIF at the time of their appointment and was the
Receiver of the EIF's assets;

The *statements made by Richard Albarran *at the first meeting of creditors where he
advised lnvestors of the EIF that his costs and expenses would not come out of the Fund;

The Court Order of 29 February 2012 (which the Administrators consented to) and which
clarified the roles of the various insolvency practitioners in order to save the duplication
of costs; and

*Richard Albarran's confirmation *at the second meeting of creditors that if Hall Chadwick
were appointed Liquidators of EL they would not seek reimbursement of any costs from
the EIF as Liquidators."

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf


----------



## No Trust (19 February 2013)

*Unethical Behaviour*

*NO FEES ARE PAYABLE*

The behaviour by Hall Chadwick as set out by David Whyte is *totally unethical *and nothing more than a *money grab *at the expense of innocent retiree investors...


----------



## word75 (20 February 2013)

*Re: Unethical Behaviour*



No Trust said:


> *NO FEES ARE PAYABLE*
> 
> The behaviour by Hall Chadwick as set out by David Whyte is *totally unethical *and nothing more than a *money grab *at the expense of innocent retiree investors...




All may not be as it seems....HC may have eyes on a different prize. After all its my understanding that EL as RE and the holder of the licence had no assets or liabilities in its name. It was purely there as Conivors private piggy bank and repository of his proceeds of ....... whatever. This is where he parked the bucks and the vehicle he used for some of his joint ventures. Likely more bucks skimmed off the projects.. anyway I digress. 

HC were almost definitely put into funds at the time the LEADER appointed them, but from where, well between $600-800k has not been accounted for says HC, I'm not implying. The issue of duplication has been well covered but what if the real prize HC are after is the $2.8mil of deferred fees that maybe due to EL. This was raised by Mr Whyte earlier in his administration. Technically speaking if HC got their hands on this then maybe the argument can be made that it came from EL and not the funds..again I'm not implying just saying where the dots appear to join up.

Now that might be worth a punt, stay in and run up a huge bill throw some money at a legal challenge and get those bucks. Again I'm not implying.  As administrators/liquidators they can reverse transactions done up to 2 years prior to their appointment sometimes longer. Then one might ask where any balance of funds might go after they pay themselves.... The Big Mack has got to be a fair bet. Might be his get out of jail card so to speak. I'm not implying but you have to wonder, after all whats left to do but wonder?

I still think the truth is out there.


----------



## No Trust (20 February 2013)

*Re: Unethical Behaviour*

Word 75, I think *something stinks*, David Whyte (_from an actually respectable firm_) and the feedback I am getting from investors all can see there is *something going here*... The fact that this firm did not obtain the financial statements of the directors and then went and spent money on a *stupid, idiotic investigation *of the scheme proposed by McIvor (_who appointed them_) to change the RE via his idiotic mate (_who has now been banned by ASIC_) is testament to whose interests Hall Chadwick were acting for...

I made it abundantly clear that the RE *would not be changed *and that they would fail, despite "All Bran" publicly stating at one of the meetings that the RE needed to be changed...

I say it now, HALL CHADWICK *WILL NOT BE PAID *from any fees from the funds at the expense of the innocent elderly investors. McIvor financially raped these poor people and HALL CHADWICK made public statements on 2 occasions they will not claim fees from the funds…

Let’s see what a *Supreme Court judge says *on the matter particularly when David Whyte (*who has been charged to preserve the funds’ assets by the Supreme Court*) presents affidavits to the court regarding HALL CHADWICK’S duplicitous behaviour in attempting to deceive the investors. 

I urge all investors to make complaints to ASIC and ask them to investigate the actions of Hall Chadwick and seek their intervention in the court proceedings. Hopefully Piper Alderman will also do something and intervene in the proceddings as well.










word75 said:


> All may not be as it seems....HC may have eyes on a different prize. After all its my understanding that EL as RE and the holder of the licence had no assets or liabilities in its name. It was purely there as Conivors private piggy bank and repository of his proceeds of ....... whatever. This is where he parked the bucks and the vehicle he used for some of his joint ventures. Likely more bucks skimmed off the projects.. anyway I digress.
> 
> HC were almost definitely put into funds at the time the LEADER appointed them, but from where, well between $600-800k has not been accounted for says HC, I'm not implying. The issue of duplication has been well covered but what if the real prize HC are after is the $2.8mil of deferred fees that maybe due to EL. This was raised by Mr Whyte earlier in his administration. Technically speaking if HC got their hands on this then maybe the argument can be made that it came from EL and not the funds..again I'm not implying just saying where the dots appear to join up.
> 
> ...


----------



## No Trust (20 February 2013)

*One more bites the dust*

As testament to the fact that David Whyte is doing *an exemplary job* another one of McIvor’s cohorts (Geoff Booth and wifey Helen Mackay) are in a bit of bother in the Supreme Court with their house being repossessed it seems.

Looks like good old Karma has caught up to the skateboarding, board short wearing Geoff Booth who has participated in some unsavoury property activities with his mate McIvor... 

To show how *pathetically desperate *he was to cling on to the property he enlisted the help of none other "Marky Boy" to provide an affidavit on their behalf... One *has to laugh *at how this was perceived by the court…

On the 30th of January 2013 the *freshly minted bankrupt, whose mummy doesn’t like him anymore *provided an affidavit of support  for his old partner in nefarious property activities…

Back on the skateboard Geoff, times up and David Whyte wants the money back buddy… 

KARMA ‘S s a bitch…


http://apps.courts.qld.gov.au/esear...ocation=BRISB&Court=SUPRE&Filenumber=11850/12


----------



## No Trust (20 February 2013)

*One more bites the dust*

So McIvor provides an affidavit for Booth but no affidavit for dear ol mumsie, who soon has to vacate her luxurious abode on the hill...


----------



## No Trust (21 February 2013)

*ASIC*

Good to see ASIC showing an interest in the fee matter... Lets hope they take action against Hall Chadwick...


----------



## No Trust (23 February 2013)

*Ouch*

Looks like someone is getting close to the nerve... It's the old story, don't start fights you can't finish...


----------



## Nsw10 (24 February 2013)

Hi Guys

Just wanted to ask you question. Does anyone know if MS ASIA the company David kennedy works for or owns has  purchased the bad debt lent out by Equititrust ??


----------



## No Trust (27 February 2013)

*Klink*

I don't really see how this would be possible, given the appointment if a court appointed receiver...
Sycophant's like Kennedy though made some serious statements on this thread which are here for all to read... Remember in his own words... Who selected him ? McIvor of course the Gold Coasts newest Bankrupt...


----------



## Goldie101 (27 February 2013)

*Re: One more bites the dust*

No Trust,  do you think about what you say before you type or does it just flow out?

You say Whyte has done an exemplary job.  I am not sure how you know this but this statement is directly contrary to your own ramblings that investor returns will be zero.  How can Whyte be doing an exemplary job if investors get nothing back?


----------



## word75 (27 February 2013)

*Re: One more bites the dust*



Goldie101 said:


> No Trust,  do you think about what you say before you type or does it just flow out?
> 
> You say Whyte has done an exemplary job.  I am not sure how you know this but this statement is directly contrary to your own ramblings that investor returns will be zero.  How can Whyte be doing an exemplary job if investors get nothing back?




Ordinarily I wouldn't comment on the nonsensical ramblings of others but really Goldie101 how can I hold myself back when you post such ill informed tripe. With No Trust the volume of posts clearly indicates his FEELING of the issues and his intent to push his obvious disdain for the Mcivor Disaster,,, whatever his issues are I think most of the observers on this forum have come to accept his One Eyed View for better or worse it's still keeping the spot light on the mess that is Equititrust.

The reasoning behind some of your posts and questions at best can be explained as naive at worse subversive. I say naive here because no intelligent educated and impartial observer of the Whyte administration would utter such rubbish. WHAT YOU CLEARLY FAIL TO APPRECIATE IS THAT MR WHYTE IS NOT RESPONSIBLE FOR THE QUALITY OF ASSETS HE INHERITED AT THE TIME OF HIS APPOINTMENT. That was Mcivors doing yet we don't see you flaying comments in that direction. Ummmm.....100s of millions of property values clouded in smoke and manipulated with mirrors just evaporated before Mr Whyte was appointed.

You can't make a silk glove fom a sows ear nor can you change a dog of a property into a prestige must have. In short by the time Mr Whyte got there the dogs were all that were left. These ones were wearing inflated valuations on the Equititrust Books and are now being sold for THEIR REAL VALUE, which unfortunately means there I'll be nothing left...An example...  The Quinlivan property is being offered for just 12% of its Equititrust Book Value supported of course by legally and independently appointed current valuations. 

So yes David Whyte is doing a great job and in the circumstances we should all be grateful. Just because we don't  like the news doesn't mean he's not doing a great job. Things could have been so much worse ... Hall ..should I spell it out or you


----------



## Goldie101 (27 February 2013)

*Re: One more bites the dust*

Word75, your attack on me is not only ill-informed but it demonstrates gross naivety on your part (the very same things you accuse me of).

My participation on this site has (from the very beginning) been about promoting a balanced and accurate view and discouraging others from bullying or defaming people without adequate evidence.  

I did not say that Whyte was not doing a good job nor did I say that he was doing a bad one.  I don't know enough about what he is doing to make such a call and I suspect neither do you or No Trust.  How did you possibly take what I wrote to be a criticism of how Whyte is doing his job?  It was nothing of the sort.

The point of my post (and the only point) was to highlight the inconsistency in what No Trust was peddling.  On the one hand he says Whyte is doing an exemplary job and on the other he says investors will get nothing.  If success is not measured by return to investors how do you measure it?  Simple arithmetic shows that it is almost impossible for investors to get a zero return as No Trust (and now you) appear to be peddling.  An examination of Whyte's last report makes that pretty plain for one of even average intelligence to see.  The question is not whether investors will get a return but rather how much of one they will get.

You comment that I fail to appreciate Whyte is not responsible for the quality of the assets he inherited or that you don't see me flaying comments in McIvors direction.  Before making such comments surely you should at least read what I have said previously.  For example, a previous post of mine (14 Nov 12) says "McIvor's conduct and shenanigans have cost investors tens (if not hundreds) of millions of dollars - when will he be stopped? Is he ever going to stop blaming everybody other than himself for Equititrust's demise. If he wants to know what caused Equititrust to fail then surely he need look no further than his closest mirror".  

Who exactly is it that is ill-informed now?


----------



## word75 (27 February 2013)

*Re: One more bites the dust*



Goldie101 said:


> Word75, your attack on me is not only ill-informed but it demonstrates gross naivety on your part (the very same things you accuse me of).
> 
> My participation on this site has (from the very beginning) been about promoting a balanced and accurate view and discouraging others from bullying or defaming people without adequate evidence.
> 
> ...




Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining  in the tainted  portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns.  So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance.  The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances. 

I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.


----------



## Goldie101 (27 February 2013)

*Re: One more bites the dust*

Thank you for your clarification Word 75.  Your post has shown me of your apparent inability to understand the most basic of concepts.  It does not surprise me that you stand by comments that are so palpably wrong.

As I said in my earlier post, I have never questioned Whyte's performance - I don't have enough information to make an assessment of it and nor could you (unless of course you have access to Whyte's confidential reports, valuations etc which are certainly not publicly available).  I doubt very much you do.  Without such information you could not know what you claim to know.

I note that you also ignore my comment about my previous post but rather stand by what you said (which has been shown by me to be incorrect).  You simply got it wrong but are not prepared to acknowledge that.


----------



## No Trust (28 February 2013)

*Re: One more bites the dust*

Word 75 you absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.

Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...



word75 said:


> Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining  in the tainted  portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns.  So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance.  The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances.
> 
> I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.


----------



## No Trust (28 February 2013)

*Re: One more bites the dust*

Word 75 your absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.

Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...



word75 said:


> Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining  in the tainted  portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns.  So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance.  The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances.
> 
> I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.


----------



## Mozzi (28 February 2013)

*Re: One more bites the dust*



No Trust said:


> Word 75 your absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.
> 
> Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...






Mr Whyte's ears must have been hurting!   His report is online now!


----------



## Brethren (28 February 2013)

*Re: One more bites the dust*



Mozzi said:


> Mr Whyte's ears must have been hurting!   His report is online now!




Key early points from a quick first-reading of the latest report seem to be:
- investors should be making other investors aware of the letter they can take to Centrelink for SOME relief on that front;
- investors need to be pushing other investors to join the Class Action;
- Mr Whyte might be well advised to hold off his finalisation of the position re McIvor Super Fund and whether it ranks in front of ordinary investors until after the Piper Alderman public examinations. IF Piper know the right questions to ask it really will open the possibility of making a claim that some/all of that +$3million of super is unfair/unjust/reversible payments owed back to the Fund; 
- the public gallery ought to be crammed to the rafters for the public examinations and everyone be taking careful notes because more than a few nuggets of valuable info should drop out of those !


----------



## ASICK (1 March 2013)

*A MUST WATCH*

http://www.abc.net.au/4corners/stories/2013/02/28/3700673.htm

(first posted on the ASF LM thread)


----------



## No Trust (1 March 2013)

*Re: A MUST WATCH*

Lets see what they say about the Gold Coast Cowboys... Especially the likes of McIvor and "King Con" *bankrupt brothers* in arms...




ASICK said:


> http://www.abc.net.au/4corners/stories/2013/02/28/3700673.htm
> 
> (first posted on the ASF LM thread)


----------



## No Trust (1 March 2013)

*Re: One more bites the dust*

McIvor *will not get his hands on the Super money*... Additional complaints have been made to ASIC and due process *has to be followed *in terms of holding Public Examinations... If Hall Chadwick had been doing their job these examinations would have already have been instigated and statements of financial affairs obtained from McIvor... 

Interesting to see that Hall Chadwick has backed off on the court action in regard to their fees... The Four Corners expose has been in the works for *some time *and will be *explosive* on Monday night... ASIC and all the characters involved will be exposed for their negligence in protecting investors...

Good luck to Hall Chadwick in collecting their fees after this especially given the fact that they promised on 2 occasions not to claim the fees from the innocent elderly investors...





Brethren said:


> Key early points from a quick first-reading of the latest report seem to be:
> - investors should be making other investors aware of the letter they can take to Centrelink for SOME relief on that front;
> - investors need to be pushing other investors to join the Class Action;
> - Mr Whyte might be well advised to hold off his finalisation of the position re McIvor Super Fund and whether it ranks in front of ordinary investors until after the Piper Alderman public examinations. IF Piper know the right questions to ask it really will open the possibility of making a claim that some/all of that +$3million of super is unfair/unjust/reversible payments owed back to the Fund;
> - the public gallery ought to be crammed to the rafters for the public examinations and everyone be taking careful notes because more than a few nuggets of valuable info should drop out of those !


----------



## No Trust (1 March 2013)

*Four Corners FINALLY*

Four Corners *FINALLY* the truth will come out... A few people will be *shaking in their boots *prior to Monday Night...

This will be an explosive expose which *will lead to prosecutions*... ASIC *will have political pressure put on them in an election year*... It's time for Abbot and Gillard to finally make comment on this and what they will do about it.. 

It will become a political issue given the fact that Billions have effectively disappeared...


----------



## ASICK (1 March 2013)

*Re: Four Corners FINALLY*



No Trust said:


> Four Corners *FINALLY* the truth will come out... A few people will be *shaking in their boots *prior to Monday Night...
> 
> This will be an explosive expose which *will lead to prosecutions*... ASIC *will have political pressure put on them in an election year*... It's time for Abbot and Gillard to finally make comment on this and what they will do about it..
> 
> It will become a political issue given the fact that Billions have effectively disappeared...




I think it also might have the potential to scare existing managed fund investors out of their investments as well as the potential to dry up interest in investing in managed investment funds.

Some years ago, ASIC commented on "tweeking" (I think that was the word) between more and less regulation - ASIC seemed fearful that more regulation would dry up investment while less regulation would mean more investor losses - well, it seems ASIC mightn't have any choice now, I'd guess the "knob" will be "tweeked" towards more regulation: Clearly less regulation has meant far too many investor losses.

ASIC tried to keep the "knob" at less regulation by spruiking education.

ASIC does not like playing with its "knob" - once it's got it where it wants it, it wants to keep it there.


----------



## No Trust (2 March 2013)

*Re: Four Corners FINALLY*

ASICK, *very true * however this policy has let a number of "*Knobs*" do what they want in the industry... 

Monday night will be a *watershed moment*, which will expose what these spiv's especially the ones from the Gold Coast have done to innocent retiree investors... It’s the medicine these crooks need, as well as put the boot into ASIC... ASIC were warned about McIvor and given damning evidence some years back, yet *refused to do anything*... Look at the end result. Those concerned should be fired from their cushy Public Service jobs and *banned from ever holding such positions in any government organisation again*.

The fact that tens of millions of dollars was loaned to McIvor's mate *King Con *is evidence of a system which nurtured individuals like McIvor and deals like the one in Ipswich where *untold millions were gambled and lost *at the expense of the weakest in our community "*The Elderly*"... The People that McIvor has forgotten and the Australian Government abandoned... Where is *Swan and Gillard now*, or will it take 4 Corners to wake them up again...

*Countdown to Monday Night...*




ASICK said:


> I think it also might have the potential to scare existing managed fund investors out of their investments as well as the potential to dry up interest in investing in managed investment funds.
> 
> Some years ago, ASIC commented on "tweeking" (I think that was the word) between more and less regulation - ASIC seemed fearful that more regulation would dry up investment while less regulation would mean more investor losses - well, it seems ASIC mightn't have any choice now, I'd guess the "knob" will be "tweeked" towards more regulation: Clearly less regulation has meant far too many investor losses.
> 
> ...


----------



## word75 (2 March 2013)

SHOW US THE MONEY 

FOUR CORNERS won't shed a whole lot of light on the Mcivor Shell Game. The real depth of that Fraud is the relationship between all the parties that created the scheme and stood to gain from rorting it. The corrupt parties are..lets just say "when a fish stinks it stinks from the head down" 

All these people will lie through their teeth to protect themselves at any examination, you would be naive to think otherwise. The Butcher MCIVOR, The Baker the VALUER and The Candle Stick Maker KING CON and the rest of the thieving Developers that Jacked up values and contracts so to rip money from the Piggy Banks of Retirees. In any event the insurance policies on the directors won't pay out on Fraud so Piper won't be keen to go down that path for fear of not being paid and remember if in fact they do proceed to court they are paid first from and funds recovered. Rightly so, but even self interest reins here.

I suppose it's not fraud if they were given the tools to legally do it ,,, let me think which authority has oversight here.

HC were appointed  By Mcivor to ET in the last minutes of its rein of infamy. Clearly they HC  were able to see where the $600-800k went whether accounted for or not. As administrators they could have Traced the funds, put a hold on them or clawed them back....... Even the last $xxxk  that went to Guardian Capital Partners,,,,of which $xxxk went to Stacey. Yes people talk especially when they are treated badly and not paid. So I suppose it can be assumed that that's what's being paying the rent at Salerno..Retiree's super funds to the rescue. 

I will bet $10 that it's the same bunch of funds used by Mcivor to kick start HC's friendly administration.  
Why is it that Mcivor as Sole Director of Landsolve Associates Pty Ltd and it's Sole Shareholder ET are out there trading and ripping off more people. What does HC and ASIC have to say about this.


----------



## No Trust (2 March 2013)

So retiree Super Funds paying Mark and Stacey's rent on Salerno St hey... If that's true then that's disgusting. If Hall Chadwick allowed this to happen without taking any action to claw back the funds as you mention then that's beyond belief...




word75 said:


> SHOW US THE MONEY
> 
> FOUR CORNERS won't shed a whole lot of light on the Mcivor Shell Game. The real depth of that Fraud is the relationship between all the parties that created the scheme and stood to gain from rorting it. The corrupt parties are..lets just say "when a fish stinks it stinks from the head down"
> 
> ...


----------



## No Trust (2 March 2013)

Retiree investors are really getting the blood sucked out of them on all fronts... Hall Chadwick want to get paid for fees they promised they would never seek payment from the funds yet have let this travesty of $600k to $800k slip sideways to McIvor. Then instead of doing anything about it they just report in their findings as well as have the temerity to say that McIvor refused to provide a statement of financial affairs as required to do by law... How convenient for all involved... No wonder all and sundry are sceptical about how Hall Chadwick have conducted themselves and yet they have the gall to seek close to a MILLION DOLLARS in fees from the very people that have been decimated by their appointor. The way they are going about it is also extremely underhanded, remember that on 2 occasions they promised not to seek payment from the funds, then in a smoke and mirrors move without any consultation and or basis for going back on their word they make application to the court to determine whether they can be paid from the funds... David Whyte was absolutely correct in exposing this duplicity in his report below.

Here is a challenge, I dare them to go to the Supreme Court after Monday night and try and pull the wool over eveyones eyes... David Whyte will definitely challenge them, investors will protest outside the court and I am sure the media will be merciless in their coverage.

Does "All Bran's" word at 2 public meetings mean nothing ???

Read David Whytes's take on Hall Chadwick's actions below:

Para 2.3  Page 6

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf


----------



## kostag (4 March 2013)

*EQUITITRUST: 4 CORNERS TONIGHT at 8:30pm*

tonights the tonight -  everythings going to be alright.... NOT!


----------



## word75 (4 March 2013)

*Re: EQUITITRUST: 4 CORNERS TONIGHT at 8:30pm*



kostag said:


> tonights the tonight -  everythings going to be alright.... NOT!




And what did we learn from this, nothing we didn't already know before. Scum always rises to the top and no one wants to touch it. So Mcivor will slip down the drain taking millions of dollars with him while we all go down the drain. 
I DON'T THINK SO!!! Let's see who squeals when put in the box. Drill Wife Stacey with a Top Gun QC and see what she gives up, as a one time director to Equititrust she is fair game so let's see where the  money is and how it got there. 

ASIC....SIC


----------



## Mozzi (4 March 2013)

*Re: EQUITITRUST: 4 CORNERS TONIGHT at 8:30pm*



kostag said:


> tonights the tonight -  everythings going to be alright.... NOT!






Perhaps they are planning a whole series on Equititrust and it's ringleader for later .......NOT!!!

Expected nothing - and nothing was what we got!   So what's new?????


----------



## chops_a_must (4 March 2013)

I feel for you guys.


----------



## No Trust (5 March 2013)

I agree Racey Stacey needs to be put into the box... The courts and ASIC have a spotlight on them now and it's time to line up the McIvor's and not let them get away with it... 

Pariah's of the Gold Coast living on other people's money...


----------



## No Trust (5 March 2013)

*McIvor's Mafeasance*

Wait till the whole Equititrust / McIvor story unravels in court... There are still things McIvor *does not want to surface * relating to his business and *personal affairs*... The rolling pins will be a flying in the new lair on Isle of Capri...


----------



## kostag (5 March 2013)

*ASIC*

respected forensic accountant NIALL COBURN ex ASIC was the case officer leading the EQUITITRUST investigation I am told. He was impressive in the 4CORNERS expose. One can only imagine what he must have told them about EQUITITRUST and McIVORS. I would still watch this space - BUT isnt this all so agonisingly slow!!! 

ASIC Chair MEDCALF looked like a rabbit in the spotlight -  whilst Peter Drake simply took control.


----------



## ASICK (5 March 2013)

*Re: ASIC*



kostag said:


> respected forensic accountant NIALL COBURN ex ASIC was the case officer leading the EQUITITRUST investigation I am told. He was impressive in the 4CORNERS expose. One can only imagine what he must have told them about EQUITITRUST and McIVORS. I would still watch this space - BUT isnt this all so agonisingly slow!!!
> 
> ASIC Chair MEDCALF looked like a rabbit in the spotlight -  whilst Peter Drake simply took control.




Kostag, at least for the video,  it was Trilogy who contracted with the ex-ASIC lawyer (not accountant):

"A former special investigator and senior lawyer at ASIC, Niall Coburn, was contracted to investigate the LM Managed Performance Fund by a rival fund manager that is fighting to take over some LM schemes on behalf of disgruntled investors." 

http://www.abc.net.au/news/2013-03-...-for-potentially-misleading-investors/4550414

Yes, I agree with your comments about Medcalf and Drake.  Maybe Drake would do well as the head of ASIC?


----------



## ASICK (5 March 2013)

*"4 Corners"*

If you're disappointed with last night's "4 Corners", why don't you let the ABC know how you feel?

http://www.abc.net.au/4corners/contact.htm


----------



## No Trust (5 March 2013)

*Re: ASIC*

Medcalf looked like a goose... The problem with his appointment is the fact that he is a banker, some may even replace the b in banker with a w. He is so removed from these issues that he simply does not understand the environment which needs to be established to give ASIC teeth. it is a toothless tiger which has stood by whilst innocent retires the country over have been decimated...




kostag said:


> respected forensic accountant NIALL COBURN ex ASIC was the case officer leading the EQUITITRUST investigation I am told. He was impressive in the 4CORNERS expose. One can only imagine what he must have told them about EQUITITRUST and McIVORS. I would still watch this space - BUT isnt this all so agonisingly slow!!!
> 
> ASIC Chair MEDCALF looked like a rabbit in the spotlight -  whilst Peter Drake simply took control.


----------



## No Trust (5 March 2013)

*Drake*

My take on Drake was entirely different, sure a bit of false bravado in his driveway but take a closer look at his face and body language he is definitely shook up by the cameras being in his face. This is what is needed and should have happened to McIvor at an early stage. 

Now if Drake has all the answers to appease his investors and ASIC great, if not at least there is a spotlight on him and his companies... To say that they were doubly regulated is a joke... But anything to get the money in right, the beachfront homes don't pay for themselves...

What is it about all these guys and luxury mansions, is it an inferiority complex ???


----------



## No Trust (5 March 2013)

*Hall Chadwick*

The next exposÃ© should be of "All Bran" and Hall Chadwick who promised the innocent retire investors that they would not charge fees on the decimated funds but who have now gone back on their word... What would Hall Chadwick say to this if a camera was shoved in their partners faces... These guys work in the shadows, at least David Whyte has shone a spotlight on them...


----------



## No Trust (6 March 2013)

*Public Examination*

Will McIvor *turn up *to any future Public Examination ???


----------



## ASICK (6 March 2013)

*Re: Public Examination*



No Trust said:


> Will McIvor *turn up *to any future Public Examination ???




http://www.worrells.net.au/Content/Factsheets/ViewFactsheetArticle.aspx?ArticleId=36

http://www.bransgroves.com.au/documents/PDF/Articles/ExaminationsCorporationsActASICAct.pdf


----------



## word75 (6 March 2013)

*Re: Public Examination*



ASICK said:


> http://www.worrells.net.au/Content/Factsheets/ViewFactsheetArticle.aspx?ArticleId=36
> 
> http://www.bransgroves.com.au/documents/PDF/Articles/ExaminationsCorporationsActASICAct.pdf




Posting the links doesn't answer the question...... What do you really think?
Me......well when the Gun Investicator on the Mcgivor Disaster leaves his career position and joins a fund in the very field being investigated.........ummm


----------



## No Trust (6 March 2013)

*Re: Public Examination*

This is something that McIvor is dreading and the reason is he knows whats waiting for him. What he does not realise is that a lot of *other information *has and will be given to the lawyers prior to the Public Examination that he thinks has been *dead and buried *for a number of years. 

Whats good about Public Examinations is the fact that the *Public can be present in the courtroom*... Lets hope they set up the public stocks for him outside the court as he advocated for other failed executives of mortgage funds...





word75 said:


> Posting the links doesn't answer the question...... What do you really think?
> Me......well when the Gun Investicator on the Mcgivor Disaster leaves his career position and joins a fund in the very field being investigated.........ummm


----------



## word75 (6 March 2013)

*Re: Public Examination*



No Trust said:


> This is something that McIvor is dreading and the reason is he knows whats waiting for him. What he does not realise is that a lot of *other information *has and will be given to the lawyers prior to the Public Examination that he thinks has been *dead and buried *for a number of years.
> 
> Whats good about Public Examinations is the fact that the *Public can be present in the courtroom*... Lets hope they set up the public stocks for him outside the court as he advocated for other failed executives of mortgage funds...




Am I the only sceptic or just the voice of reason but do you honestly believe that Mcivor would answer any question put to him honestly. That's not his Achilles heel. The people who need to be examined are his long term subordinates the staff on the payroll who witnessed his documenting of deals, their  creation, dating and signatures. These people were on the coal face and unlikely to lie to protect him.....They were the remaining few who stayed till the end...when Whyte finally let them go. I urge immunity which would encourage these budgies to sing. Then examine the Nexus between Mcivor personally and the valuers who he met with, instructed and cultivated so to Plump up the Valuations of dud properties allowing him to plunder falsely the riches created on paper. This resulted in the real loss to investors. Pure and simple..... This is the criminality needing investigation. 

One valuer is featuring prominently even discussing with his partners the prospect of their firm joining Guardians Band of Brands.... before the wheels fell of that turkey, putting him in Zoo Doo. If this conspirator was given immunity you could guarantee Mcivors next big purchase would be A Soap On A Rope. 

Lawyer and ever diligent Racey is up to her eyeballs in it, The Truth Is Out There.....THEY KNOW ABOUT THE SIGNITURES.....  explain again your millions in super. 
Somebody please EXAMINE RACEY.....cappuccino's are not paying for Soleno, Is of Capri the private school fees or the luxury cars. How long could she hold back the truth with a Skilled QC drilling for information. Mcivor will be undone by his minions and hopefully loose his millions,,,,and return our millions


----------



## No Trust (6 March 2013)

*Re: Public Examination*

Now if Racey Stacey is not Examined in Court as a *former director *and alleged beneficiary of funds then something is *very very wrong*...

Where is the rent money coming from etc etc. These are valid points and if innocent retiree's money is being used to fund this luxurious lifestyle then *it must come to an end*...



word75 said:


> Am I the only sceptic or just the voice of reason but do you honestly believe that Mcivor would answer any question put to him honestly. That's not his Achilles heel. The people who need to be examined are his long term subordinates the staff on the payroll who witnessed his documenting of deals, their  creation, dating and signatures. These people were on the coal face and unlikely to lie to protect him.....They were the remaining few who stayed till the end...when Whyte finally let them go. I urge immunity which would encourage these budgies to sing. Then examine the Nexus between Mcivor personally and the valuers who he met with, instructed and cultivated so to Plump up the Valuations of dud properties allowing him to plunder falsely the riches created on paper. This resulted in the real loss to investors. Pure and simple..... This is the criminality needing investigation.
> 
> One valuer is featuring prominently even discussing with his partners the prospect of their firm joining Guardians Band of Brands.... before the wheels fell of that turkey, putting him in Zoo Doo. If this conspirator was given immunity you could guarantee Mcivors next big purchase would be A Soap On A Rope.
> 
> ...


----------



## Mozzi (7 March 2013)

*Re: Public Examination*



No Trust said:


> This is something that McIvor is dreading and the reason is he knows whats waiting for him. What he does not realise is that a lot of *other information *has and will be given to the lawyers prior to the Public Examination that he thinks has been *dead and buried *for a number of years.
> 
> Whats good about Public Examinations is the fact that the *Public can be present in the courtroom*... Lets hope they set up the public stocks for him outside the court as he advocated for other failed executives of mortgage funds...






Where are you guys getting all this?   Has someone given an undertaking that there is ACTUALLY going to be a Public Examination?   

Must have missed that bit!


----------



## word75 (8 March 2013)

*Re: Public Examination*



Mozzi said:


> Where are you guys getting all this?   Has someone given an undertaking that there is ACTUALLY going to be a Public Examination?
> 
> Must have missed that bit!




SADLY no, there apears to be no verifable undertaking to do so out there. There are mutterings from Piper but really after nearly 2 years at it there is no evidence to indicate they are any closer to actually proceeding with Proceedings. Not withstanding Whytes recent foot note on the subject there is no real motivation there other than publicity or some.

Action taken against the auditor would fail and that action is prohibitively expensive to bring and the directors insurance wont payout if fraud is alleged or proven, and let's face it, that's what they will allege and really that's what it is.

Another reason why it unlikely is because Mcivor chose Strategic Bankruptcy as a way of protecting his Assets. His Trustee Worrals could examine him but they don't have funds to do so, Tucker won't  throw good money after bad being satisfied that he had last laugh. Really.... Mcivor had last laugh, the banks are listed as creditors owed millions so why haven't they thrown some money Worrals way to fund an examination..... Because they will have already researched and concluded that Mcivors remaining assets are protected from creditors. They too won't fund another dollar if there is no likely return. 

So who's left to do the job....ASIC? This industry has seen scumbags like Mcivor rip $15 billion off investors and if you believe Four Corners this was all done LEGALLY. So what would an ASIC examination result in, Mcivor is a bankrupt, anything he says is deemed unreliable by the court anyway, so just imagine how unreliable it would be with him lieing as well. 

So you have a remote possibility of a joint application by Piper and Hall Chadwick.... what nonsense Hall Chadwick had funds from day one and or could have recovered funds from Mcivor and his bride, or the Guardian/Vax enterprise using clawback provisions at there disposal, but didnt. They could have used those funds for the purpose of examining Mcivor and or's but didnt. 

Ive concluded that the Christmas Turkey that is Mcivor has flown the coup and we will all go hungry while he lives a lush life on the range raising his family of gobblers.


----------



## ASICK (8 March 2013)

*Fishing Expeditions*

Just for your information.

Trilogy, as RE for the Pacific First Mortgage Fund (PFMF) conducted a public examination (aka "the Fishing Expedition") of certain ex-City Pacific Limited (Citypac) folk as well as a number of others, including some from the CBA (or ex-CBA). IMF funded the expedition.




In November 2012, Rodger Bacon told a PFMF unitholder that IMF spent $2m on the examinations.  Bacon described the outcome of the public examinations as "bloody disappointing". IMF pulled the plug and did not fund the eventual litigation against the ex-Citypac Directors.

http://www.moneymagik.com/imf_litigation.mp3

In February 2013, a PFMF unitholder was told by a member of Balmain Trilogy's staff that the fund had paid about $500k on the litigation to date and expects the final cost to be about $1m.  To date, Trilogy has not provided an update to members in relation to IMF, the public examinations, and the fact the fund's shelling out BIG $$$$. In fact, it's now FOUR months since we've had a fund update and OVER TEN MONTHS since we're heard from BT's ICC.

Phil Sullivan, ex-Citypac CEO alleges there's no insurance because the premiums on a "run off" policy weren't paid.

Unless there's $$$$$, I can't see a fishing expedition in relation to your fund anytime soon.


----------



## Mozzi (8 March 2013)

*Re: Fishing Expeditions*



ASICK said:


> Just for your information.
> 
> Trilogy, as RE for the Pacific First Mortgage Fund (PFMF) conducted a public examination (aka "the Fishing Expedition") of certain ex-City Pacific Limited (Citypac) folk as well as a number of others, including some from the CBA (or ex-CBA). IMF funded the expedition.
> 
> ...






Thank you both for all your input.   Never for a moment thought it was going to happen, so if you don't expect - you don't get and aren't disappointed.    Know we are all "peeeeed off" about all of this.   Particularly the McIvers  living the life of Riley on our money, but them's the breaks.   Who knows, perhaps we can all have dinner at McDonalds with the few cents if any Mr Whyte has left over (after he is paid of course)!

It is good to get all the info and gossip, but know that the end of the day - Zilch is what we have to look forward to.   By the way, still say that Piper Alderman have something like 15000 in their funded class action againt Vodaphone, not sure that the funder will run one for for 39 Equititrust  investors if that is still the number?    Too much time is passing with no action!    They haven't even advertised, or circularised investors to get any other interest as far as we know.   So far the best kept secret!


----------



## ASICK (8 March 2013)

*Schemes*

Really, it's the Federal Government's fault because they set up the framework.  If one sits back and thinks about it objectively, just a little bit of planning and the $$$$ could soon be flowing in the door.

A little bit of seed money and a co-operative bank (and a way to get the seed money out ASAP) -  A constitution that's lumps all the risk on the punters. None or few personal assets.  Then advertise a more than attractive interest rate.  Spruik the security of mortgage - and then, finally, disclaim everything.

and as they would say in days of yore, "Bob's your uncle".

The blessing is that if the whole scheme goes belly up, the Corporation Act provides the fund is to be frozen - and then the $$$$$ really start rolling in - after all, there's NO redemptions.

The worse things get for the fund, the better for the manager, or if the manager is ousted, for the new manager - or in the case of a receiver, the receiver.  

A non-liquid managed fund (scheme) is literally a "Manager's Delight".

Yes, these are schemes, but these are schemes structured with a lot of forethought for the manager's benefit, not for investors.

Yes, the Corporations Act spruiks that a manager must operate the scheme "in the best interests of the members of the scheme" - but, that's naive of the government to think that self-interest is able to be banished from the scheme.

The government most certainly set up a way of making money, not only in the good times, but more so in the bad times.

Take LM's FMIF, the manager takes a fee for management, and a fee for acting as "receiver" for bad loans LM itself made - not bad.  As I said, the worse things get, the more money's to be made.  Crickey, not much at all for a manager to do when things go bad.  Seems then the works is to give the punters hope, even if there isn't any.

Loss gives rise to grief, grief to acceptance, acceptance to hope - but in the end, others have their snouts in the trough making money at members' expense.

The shame of it all is that you all have to contribute to entities like BDO (at great cost) to wind up the mess Equititrust Limited left you with.

Perhaps hope will turn to acceptance and it all soon be at an end.


----------



## No Trust (8 March 2013)

Read Hall "Pass" Chadwick's latest report on the Equititrust Website and it seems that they have nailed their colours to the mast in terms of Public Examinations... I do not see them getting paid unless they now follow up on their promises... Given Hall Chadwick's track record in terms of promises I would not hold your breath...

Very amusing though...


http://www.equititrust.com.au/Pdfs/...eports - 20130228 - Circular to Investors.pdf


----------



## word75 (8 March 2013)

No Trust said:


> Read Hall "Pass" Chadwick's latest report on the Equititrust Website and it seems that they have nailed their colours to the mast in terms of Public Examinations... I do not see them getting paid unless they now follow up on their promises... Given Hall Chadwick's track record in terms of promises I would not hold your breath...
> 
> Very amusing though...
> 
> ...




CAN YOU BELIEVE THE GAUL 

And I thought the award season was over and all the Oscars handed out. This piece of fictional accounting most certainly would have been awarded if nominated. 

First up.....HC ..you can't be serious really and we all thought Mcivor was the....maybe I should be aware of liable here but you know what we are all thinking. AND YOU DIDN'T CLAW THE MONEY BACK FROM THE MCIVOR's, HONEYMAN, HICKEY, GUARDIAN CAPITAL PARTNERS, AND THE LAWYERS, WHEN YOU WERE APPOINTED....WHY WAS THAT. $600-800k on the fly and well within your reach and juristiction. Now most certainly dispersed...AT BEST THAT CAN BE SEEN AS NEGLIGENT, and you are racking up bills at the rate of over $150k per month. Makes BDO look like an absolute bargain. 

At least we can draw comfort in the knowledge that you won't be paid. All that nonsense about auditing the auditor, window dressing and puff, more smoke and mirrors to bamboozle the gullible punters. How hard is it to find Honeypots poison pill in those books. Even I would stump up the $44 for H&R Block to spend an hour to spot it. KPMG WON'T HAVE ANYTHING TO ANSWER...any report is only as good as the information provided and if it was inaccurate or worse deliberately deceptive or sabotaged.....well I expect that will get them a pass..

Any evidence they are concerned any mention or report in their financils of a contigent lability,,,,,,can't see any. 

STOP TALKING RUBBISH, PUT UP OR PUSH OFF!!!


----------



## ASICK (8 March 2013)

Well, if nothing more, the information provides evidence that the real money's not working in the mines, but rather in the liquidating business - 34 hours for $18,700.

I don't know too much about what's left in Equititrust Limited (EL) - is the liquidator paid by EL or is it expecting the $$$ from the "remuneration" to come from the EIF? 

Which entity is expected to front up with the $$$$ for the pubilc examination? - that's not going to be cheap: IMF paid out $2m to fund the manager of the PFMF to publicly examine certain individuals.

Of course, it's commonly recognized that these examinations are really no more than fishing expeditions.  Does anyone really think that an affirmation or oath is going to produce documents not produced to date?

Imagine the case if someone had documents hidden in a box under the bed, does anyone think that an affirmation (or oath) would cause them to deliver up the box, and say "Do your worst - I deserve it"?

I'm curious about the letter's reference which is, in a nutshell, "Report to Investors of EL" - but isn't it the case that no EIF investor is an investor of EL? EL was only the responsible entity for the fund.

The whole thing seems a tad strange to me.

Maybe I'm wrong because I don't fully understand what's happening, but it seems to me that the target is in fact the money in the EIF.

It seems to me that if a public examination is required, then they haven't got the evidence on which to bring proceedings, and if that's the case, expensive public examinations are unlikely to advance the cause. 

Could it be that investors (or the receiver) be asked to contribute towards the public examination (and more, like the "remuneration" in the letter) in order to give investors a chance at recovering losses?

The EIF is most certainly a "delight" for those able to tap into what's left of it, that is, before investors get their hands on what's left after that.


----------



## word75 (8 March 2013)

ASICK said:


> Well, if nothing more, the information provides evidence that the real money's not working in the mines, but rather in the liquidating business - 34 hours for $18,700.
> 
> I don't know too much about what's left in Equititrust Limited (EL) - is the liquidator paid by EL or is it expecting the $$$ from the "remuneration" to come from the EIF?
> 
> ...





21 working days in Janurary and HC has a very diligent junior paid the paltry sum of $95per hour who billed 265.55 hours  for those 21 days. Now is that 12.64 hours a day..assuming she didn't take a sickie or was late..We have the making of a New Cooking Show here.


----------



## No Trust (8 March 2013)

This may explain where they hope to get their funding :


http://www.equititrust.com.au/Pdfs/...eports - 20130228 - Circular to Investors.pdf

Very retarded approach, they let McIvor slip away with $800,000 and did nothing about and now want to do sham investigations in July ??? You have got to be kidding. Why didn't they pounce when they had a chance, hang on that's right they were appointed by McIvor and cast a blind eye in terms of getting the financial statements from him... 





ASICK said:


> Well, if nothing more, the information provides evidence that the real money's not working in the mines, but rather in the liquidating business - 34 hours for $18,700.
> 
> I don't know too much about what's left in Equititrust Limited (EL) - is the liquidator paid by EL or is it expecting the $$$ from the "remuneration" to come from the EIF?
> 
> ...


----------



## No Trust (11 March 2013)

*Where is the culprit*

Whilst the retiree investors burn, where is McIvor ??? Enjoying his luxury lifestyle with wifey Stacey ???

Shameful...


----------



## word75 (11 March 2013)

*Re: Where is the culprit*



No Trust said:


> Whilst the retiree investors burn, where is McIvor ??? Enjoying his luxury lifestyle with wifey Stacey ???
> 
> Shameful...




We know where they are, living life on their ill gotten gains now disguised as Super, it's where they are going that's the question. Mcivor the Al Capone of the Gold Coast should go down the same way that Dodo went. At the hands of the Tax Office. The Narcisist Mcivor boasted loud AND PUBLICALLY that he and his family amassed $100million that's ONE HUNDRED MILLION DOLLARS IN PROPERTY. Please explain......how do you do that declaring $200kper annum. 

Hiding behind bankruptcy won't protect you from an examination by the Commonwealth. Has any of the receivers referred this matter. They won't out run the tax office. MILLIONS AND MILLIONS in their Super Funds and one of them did little more than make the coffee. Sorry ... She spent the money, our money with enthusiasm.

Mr Taxman.....please explain!


----------



## No Trust (11 March 2013)

*Re: Where is the culprit*

Karma has a way of making ill gotten gains disappear... 




word75 said:


> We know where they are, living life on their ill gotten gains now disguised as Super, it's where they are going that's the question. Mcivor the Al Capone of the Gold Coast should go down the same way that Dodo went. At the hands of the Tax Office. The Narcisist Mcivor boasted loud AND PUBLICALLY that he and his family amassed $100million that's ONE HUNDRED MILLION DOLLARS IN PROPERTY. Please explain......how do you do that declaring $200kper annum.
> 
> Hiding behind bankruptcy won't protect you from an examination by the Commonwealth. Has any of the receivers referred this matter. They won't out run the tax office. MILLIONS AND MILLIONS in their Super Funds and one of them did little more than make the coffee. Sorry ... She spent the money, our money with enthusiasm.
> 
> Mr Taxman.....please explain!


----------



## No Trust (20 March 2013)

What information has been provided to ASIC recently about McIvor and his activities prior to the collapse of Equititrust ??? 

He's not off the hook yet...


----------



## Brethren (20 March 2013)

LM finally hits the wall.........
http://www.smh.com.au/business/when-drakes-empire-came-crumbling-down-20130320-2geq9.html

That'd be the last of the big Gold Coast property managers / spruikers come tumbling down. Any of them left?


----------



## No Trust (24 March 2013)

*Re: Where is the culprit*

Its time for Racy Stacey to *answer to the investors*, she was after all a director of hubbies *failed* company..

If investors money was channeled into a super fund controlled by her, then the liquidator needs to have this reversed. If Stace is now in control of the purse strings, *how much of an allowance is McIvor drawing*... These idiots with no respect for elderly investors *need to be exposed*... Maybe a camera in the face from a current affairs program might do the trick and get ASIC off their back sides..

Maybe a coffee at Bumbles will shed light on *who's driving what around town*... Something *stinks* when these idiots can live a life of luxury whilst investors starve to death in the twilight years... 

McIvor has *ruined the lives *of a lot of innocent people, he will live with this curse for the rest of his life... 



word75 said:


> We know where they are, living life on their ill gotten gains now disguised as Super, it's where they are going that's the question. Mcivor the Al Capone of the Gold Coast should go down the same way that Dodo went. At the hands of the Tax Office. The Narcisist Mcivor boasted loud AND PUBLICALLY that he and his family amassed $100million that's ONE HUNDRED MILLION DOLLARS IN PROPERTY. Please explain......how do you do that declaring $200kper annum.
> 
> Hiding behind bankruptcy won't protect you from an examination by the Commonwealth. Has any of the receivers referred this matter. They won't out run the tax office. MILLIONS AND MILLIONS in their Super Funds and one of them did little more than make the coffee. Sorry ... She spent the money, our money with enthusiasm.
> 
> Mr Taxman.....please explain!


----------



## No Trust (24 March 2013)

*Australian Taxation Office*

Word 75 is absolutely right the *TAXATION OFFICE * should investigate the affairs of the McIvor's in a very thorough fashion as soon as possible...


----------



## No Trust (24 March 2013)

*Change of Solicitors*

This is an interesting twist, it looks like Marky Boy and Racy Stacey now have their old friend Tucker on their case again in the *Supreme Court*...

*2954/12 BAKER & another -V- MSM FAMILY HOLDINGS PTY LTD & others*

It seems that Gerry Collins the liquidator has now appointed Tucker and Cowan (*5 March 2013*) to take on the action where Marky Boy and Racy Stacey are listed as defendants... Now this should be *very very *interesting in terms of recovering assets... The party for these two is far from over...


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## word75 (25 March 2013)

*Re: Change of Solicitors*



No Trust said:


> This is an interesting twist, it looks like Marky Boy and Racy Stacey now have their old friend Tucker on their case again in the *Supreme Court*...
> 
> *2954/12 BAKER & another -V- MSM FAMILY HOLDINGS PTY LTD & others*
> 
> ...




How many Bankrupts can afford professional services to help complete their Statment of Affairs? How many Bankrupts would need to engage such services? Just ask Mark!


----------



## No Trust (25 March 2013)

*Re: Change of Solicitors*

looks like Marky Boy is being *very careful*... What interests me though is the impending litigation by Tucker for the Liquidator Gerry Collins, what's going on there??

Wifey Stacey is in the crosshairs there as well...





word75 said:


> How many Bankrupts can afford professional services to help complete their Statment of Affairs? How many Bankrupts would need to engage such services? Just ask Mark!


----------



## No Trust (25 March 2013)

Is the Liquidator on the hunt for money, *looks like it*... Stacey may need to spend some of that cash on *legal fees *now that she is being sued...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## word75 (25 March 2013)

No Trust said:


> Is the Liquidator on the hunt for money, *looks like it*... Stacey may need to spend some of that cash on *legal fees *now that she is being sued...
> 
> http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12




The game so far, plunder the oldies piggy banks and stuff the super funds of SM and MM and when thats full stuff more money in MSM Holdings, that's Mark and Stacey Mcivor. Millions in super funds,  vacant blocks of land WITH CONVENIENT LAST MINUTE MORTGAGES TO SM Super Fund, half a million in art and that's just part of it. 

Then there is the hiring of an (**** protecting from prosecution) friendly Liquidator to go back after the $2.8mil in previously deferred management fees after which THEY will no doubt be paid and any surplus is likely to top up Mcivors super after all he was the sole shareholder of EL and there will be undoubtably freshly minted OLD documents directing such payment to his super fund. 

Add that to the $3.3mil SCAM LOAN and you are looking at a serious amount of Fun Coupons for the Conivors.
Why then Mark are you pretending for your Trustees and other INTERESTED PARTIES that you are living with Brock Turner, Stacey's brother when you and the clan are happily ensconced at No.30

The 100 Million Dollar Man, the Mighty Mouse Mcivor may no longer be Disney Land Dad to his band of wieners, but he is still doing way better than those of us stretching a can of beans for 3 days. And he did all this on $200k a year. 
So in the Mcivor tome where he publically tells the world he made $100million in his 29 year work history how many years at the rate of $200k per year would that take........like..500 years. Maybe the liars trustees or the ATO can explain. 

One more thing, can anybody point out to me in what jurisdiction Mcivor and others are supposedly being publicly examined in July per HC's written declaration. I can not  see any court filings or proceedings. The clerk tells me even if such proceedings we're commenced today the court list is already out till Oct. seems more BS from the experts. Sadly these thieves are likely to get away with it, and the return to unit holders now likely to be less than 10 cents there would be a strong case for making Bumbles into a soup kitchen..... If they had a soul betwen them.


----------



## No Trust (26 March 2013)

Word 75 Spot on... The old last minute documentation *is a specialty *as was mumsie when required to act as the front woman for the smoke and mirrors...

What is interesting though is the fact that the action against MSM Family Holdings now being run by Tucker could unravel a whole lot of the *intertwined transactions *between McIvor's Public and Private interests...

What's this about living with Brock Turner??? Don't tell me there is trouble in Paradise... 




word75 said:


> The game so far, plunder the oldies piggy banks and stuff the super funds of SM and MM and when thats full stuff more money in MSM Holdings, that's Mark and Stacey Mcivor. Millions in super funds,  vacant blocks of land WITH CONVENIENT LAST MINUTE MORTGAGES TO SM Super Fund, half a million in art and that's just part of it.
> 
> Then there is the hiring of an (**** protecting from prosecution) friendly Liquidator to go back after the $2.8mil in previously deferred management fees after which THEY will no doubt be paid and any surplus is likely to top up Mcivors super after all he was the sole shareholder of EL and there will be undoubtably freshly minted OLD documents directing such payment to his super fund.
> 
> ...


----------



## No Trust (27 March 2013)

*Legal Request for ASIC Files*

In an interesting twist the Liquidator has now requested ASIC for the files related to McIvor and its raid on the Equititrust Offices and his home for the impending public examinations... (Let's see I will believe it when I see it)

Given the 4 Corners expose and growing public anger it would take a brave insolvency practitioner to not fully investigate the claims of illegal activity by the founder of Equititrust. These claims were made by ASIC and play an integral part of the ongoing investigation...

If the public examinations do go ahead, then McIvor will have nowhere to hide any longer and will be fully exposed as there is additional information which will be provided to the court which is irrefutable, lets say "it's in his own words"

This has been a long time coming and will be provided at the appropriate time and will ensure the same jaw dropping atmosphere in the court room as in the ICAC inquiry where the miscreants were forced to hear their own words played back to them...

Loose lips sink ships ...................


----------



## word75 (29 March 2013)

*Re: Legal Request for ASIC Files*



No Trust said:


> In an interesting twist the Liquidator has now requested ASIC for the files related to McIvor and its raid on the Equititrust Offices and his home for the impending public examinations... (Let's see I will believe it when I see it)
> 
> Given the 4 Corners expose and growing public anger it would take a brave insolvency practitioner to not fully investigate the claims of illegal activity by the founder of Equititrust. These claims were made by ASIC and play an integral part of the ongoing investigation...
> 
> ...




Conivor.... maybe your not worried by the odd whistle blower but with most of your ex staff resembling the WIND SECTION OF AN ORCHESTRA and heavier on the HORNS, maybe the time for you to turn States Evidence (against yourself) is closer than you realise....good luck sport.


----------



## No Trust (30 March 2013)

*Re: Legal Request for ASIC Files*

The ex staff have really been spilling the beans lately... Amongst the admissions has been their particular dislike for the dynamic duo, seems racy Stacey made quite an impression on the organisation. First of all she was sequestered to the house next door to the office, however this was not good enough for the princess then she demanded hubby move her into the main office much to the chagrin of the staff... All down hill from then on according to reports...

Looks like investor's paid for this idiotic folly as well...





word75 said:


> Conivor.... maybe your not worried by the odd whistle blower but with most of your ex staff resembling the WIND SECTION OF AN ORCHESTRA and heavier on the HORNS, maybe the time for you to turn States Evidence (against yourself) is closer than you realise....good luck sport.


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## No Trust (31 March 2013)

*Sun setting on fraud capital of Australia*

*Sun setting on fraud capital of Australia*

March 30, 2013
Ben Butler
Sydney Morning Herald

LM got a mention, but they failed to show McIvor's address amongst the list... Maybe a follow up article when charges are laid...

The Gold Coast and the likes of McIvor are an utter disgrace...


http://www.smh.com.au/business/sun-setting-on-fraud-capital-of-australia-20130329-2gz30.html


----------



## No Trust (2 April 2013)

Looks like its not only the ex staff who are giving up the gig... Seems a lot more people are putting pleasure on ASIC to have McIvor charged...

Leading into the election it would be a good idea to speak to your local member to ensure this issue is kept alive... An example has to be made...


----------



## No Trust (5 April 2013)

What else has the liquidator discovered ??? Was Marky Boy as upfront with them as he was with his former directors... Remember David Tucker's sizzling affidavit presented to the Supreme Court...

What else was hidden and who else "very interesting" is also being interviewed by authorities... More revelations to come to the surface soon...


----------



## No Trust (5 April 2013)

The interwoven web of personal and business interests by McIvor and wifey racy Stacey is slowly being unravelled by the various insolvency practitioners... Word has it that there are some interesting tit bits from the past being discussed at a low decibel level at a particular cafe at Budd's Beach by various ladies who lunch. 

Some personal details can be very embarrassing even though the participants thought them safely sealed in the corporate vault some years ago... Every action has a reaction even though it may take some years to surface... 

Outward appearances are not always what they seem...


----------



## Brethren (5 April 2013)

Good news ( sort of ) for others. It now appears that Banksia investors will get back somewhere b/w 70 and 80 cents in the dollar.

http://www.smh.com.au/business/grea...lender-banksia-securities-20130405-2hbfq.html

I also note that the public examinations for that case will occur *within 6 months* of it going to the wall, a somewhat better timeline than the Equititrust investors have had to endure.....


----------



## No Trust (6 April 2013)

Brethren, this is very true... What happened with Equititrust though was a case of concealment to ensure maximum fees were extracted from innocent elderly investors until McIvor pushed it and the lives of innocent elderly investors into the abyss. Valuations on the properties were delayed because McIvor knew from 2008 what the score was.  According to reports ASIC were given a dossier on McIvor and Equititrust some years back and did nothing yet it was clear from the evidence that he was not playing a straight game with either the auditors and ASIC. Due to ASIC's negligence on the matter look at the result. The file I am told still sits with ASIC and outlines a litany of deceit and breaches of the corporations law. If ASIC had taken action then and investigated thoroughly and put in a court appointed receiver at that time the return to investors could have mirrored that of Banksia...  Instead the financial vampire was given the keys to the blood bank where the elderly invested.

ASIC IN THIS CASE LET MCIVOR OFF THE HOOK and the end result has been the destruction of  innocent people's lives...


----------



## ASICK (6 April 2013)

Brethren said:


> Good news ( sort of ) for others. It now appears that Banksia investors will get back somewhere b/w 70 and 80 cents in the dollar.
> 
> http://www.smh.com.au/business/grea...lender-banksia-securities-20130405-2hbfq.html
> 
> I also note that the public examinations for that case will occur *within 6 months* of it going to the wall, a somewhat better timeline than the Equititrust investors have had to endure.....




Really, it's much ado about nothing:

"McGrathNicol, which took charge of the group and froze the $660 million in investments in October last year, said repayments to debenture holders were more likely to be 70 to 80 cents to the dollar – as opposed to 65 cents as first anticipated."

65% to 70%?  To my mind, given the error in these sorts of guesses, no more than a spruik.


----------



## No Trust (6 April 2013)

Yeah ,lets see the final wash up... Look how many times the Equititrust return has been revised from a possible return of 80 cents in the dollar...

McIvor's incompetence was only truly discovered in the wash up... Even more discoveries to be revealed soon...


----------



## No Trust (6 April 2013)

Anybody seen the ghost who walks lately, is he still using the mode of transport below...


----------



## No Trust (6 April 2013)

This was another classic...

http://www.couriermail.com.au/business/city-beat-beastly-tales/story-fnfli675-1226519891702


----------



## No Trust (7 April 2013)

*ASIC ACCUSATIONS*

The ASIC accusations against McIvor are worth examining further in the context of further scrutiny by authorities...


----------



## word75 (7 April 2013)

No Trust
I want to remain positive but I'm finding it harder as the reality of the Mcivor disaster sinks in. Don't you think it strange that years after the ASIC raids on the Mac Mansion and the Rats den that ASIC has still not brought charges themselves. What's with HC claiming they are seeking access to said files and info from those raids to assist them in formulating a line of questions to put the Conivor at the up coming examination. Oh Please...if ASIC can't do it or hasn't done it why would the story be any different when the Rats "friendly" self appointed Receivers are now assisting. ASSISTING WHO. More Window Dressing to garner fees.


----------



## ASICK (7 April 2013)

Yes Word75 as in the PFMF, it's all nearly at an end, just a few miserable cents/unit to go and then it'll be all over.  There's no need to bother about ASIC riding in on a broken down horse to save the day, and there's no need to bother about lawyers - all that's left is what's left.


----------



## word75 (7 April 2013)

And where's BDO's latest report. Should be a goody when it finally lands. Word is the Dog Property of King Cons is still not sold with offers of $9mil being discussed. I want to be wrong but I wouldn't bet on it. That will make approx $63mil of Oldies Super gone in one hit, and Swan wants the rest. I guess we tricked him, lost it all before the big grab.
Seems the crew winding up LM are on it, harder and faster and  calling in the outfitters to size Drake up for his Green Onesies. As I understand specialist valuers have been appointed to value the PROPERTIES and I'm  also to understand they will value the properties back when they were first acquired/ or secured. Seems flushing out any dud valuations or collusive activities is high on the agenda. 
Is there a pattern these shonks follow. Dud up values lend more money rip more fees loose everyone's money and retire to a secure pile of protected super. Then live a life of comfort knowing that the system they operated as flawed as it was PROTECTS THEM NOW.


----------



## No Trust (8 April 2013)

Word 75 ASIC is a lazy toothless tiger at best run by public servants. I don't expect much from them, however I do put some weight on my ability to keep this in the public eye as well as put pressure on ASIC to do something because they know for a fact that they were forewarned and a file sits at ASIC to prove that. Now given what's happened with Prime Trust and LM etc the new head of ASIC really has no choice but to prosecute. They are now revisiting Prime Trust and taking action against the founder Bill Lewski which the previous useless head of ASIC refused to do... In the same vein ASIC now has some seriously damning evidence against McIvor and must act. They have no choice and although it may take some time prosecutions will occur as they have will Bill Lewski... It's no going to make a difference to the return but at least it will make McIvor pay and not go on to the same thing another day to innocent elderly retiree's...







word75 said:


> No Trust
> I want to remain positive but I'm finding it harder as the reality of the Mcivor disaster sinks in. Don't you think it strange that years after the ASIC raids on the Mac Mansion and the Rats den that ASIC has still not brought charges themselves. What's with HC claiming they are seeking access to said files and info from those raids to assist them in formulating a line of questions to put the Conivor at the up coming examination. Oh Please...if ASIC can't do it or hasn't done it why would the story be any different when the Rats "friendly" self appointed Receivers are now assisting. ASSISTING WHO. More Window Dressing to garner fees.


----------



## No Trust (8 April 2013)

I agree the latest report should be very interesting, whilst I believe David Whyte is doing his best, he should stick to his promises and file monthly reports. 


In terms of LM I think a lot of lessons have be learnt and ASIC seems to have been on the scene a lot earlier. Amazing what media pressure will do...  LM looks like a mess however the same old traits appear in the asset profile of the founders.... PRIME beachfront property bought with the sweat and blood of others... Don't forget the related party loans etc etc... It's a bloody joke what these scum bags have allowed to get away with and ASIC is squarely to blame through their intransigence and not investigating people like McIvor when they were given volumes of material which were damning... Given the culture and the idiotic behaviour of the previous head of ASIC in not prosecuting Bill Lewski is it any surprise that ASIC took no action against McIvor some years back when given this material... 

Now ASIC needs to front up as they have had to do with Bill Lewski and answer why they did nothing to prevent something that was very preventable. Instead McIvor was given a green light and subsequent to the information being given to ASIC went on to do the sweetheart deals with his mate King Con...  This was nothing but pure and utter negligence which now has to be redressed... 




word75 said:


> And where's BDO's latest report. Should be a goody when it finally lands. Word is the Dog Property of King Cons is still not sold with offers of $9mil being discussed. I want to be wrong but I wouldn't bet on it. That will make approx $63mil of Oldies Super gone in one hit, and Swan wants the rest. I guess we tricked him, lost it all before the big grab.
> Seems the crew winding up LM are on it, harder and faster and  calling in the outfitters to size Drake up for his Green Onesies. As I understand specialist valuers have been appointed to value the PROPERTIES and I'm  also to understand they will value the properties back when they were first acquired/ or secured. Seems flushing out any dud valuations or collusive activities is high on the agenda.
> Is there a pattern these shonks follow. Dud up values lend more money rip more fees loose everyone's money and retire to a secure pile of protected super. Then live a life of comfort knowing that the system they operated as flawed as it was PROTECTS THEM NOW.


----------



## ASICK (8 April 2013)

Hi All,

I've copied down all of the files on:
http://equititrust.com.au/Updates.html

I intend to start a new information section on: http://www.moneymagik.com/equititrust.php
(just an open file as yet)

I notice that there's only financial reports up to 31 December 2010. Is anyone able to post later reports so I'll be able to update the proposed information section?

Just like the PFMF experience, the Equititrust and LM experiences will be important to investors who may chance upon moneymagik.com before investing in these dogs of managed schemes.

Thanks.


----------



## No Trust (8 April 2013)

Dogs of the lowest breed indeed... I'm talking about the promoters of these schemes...





ASICK said:


> Hi All,
> 
> I've copied down all of the files on:
> http://equititrust.com.au/Updates.html
> ...


----------



## No Trust (8 April 2013)

Lets hope ASICK's information Section warns off other innocent Australians *from ever investing with McIvor *again or for that matter letting him near a Financial Services License again... *Lay with dogs and wake up with fleas*... Apologies to all dogs for using them in the same sentence as disgusting greed driven mortgage fund managers...


----------



## No Trust (9 April 2013)

*Bad Bad Energy*

The McIvor's bad energy seems to infect everything... 

Call it Karma, but is this weird or what... Some may even describe it curse like... McIvor was warned some time back that this would all come back and haunt him... No smoking ceremony will brake this curse... Alas the Macbeth's were warned yet they chose a nefarious path and took something sacrosanct from someone who never forgets...


http://www.goldcoast.com.au/article/2013/04/08/449938_gold-coast-mansions.html


----------



## No Trust (9 April 2013)

*Tucker*

Now that Tucker has stepped up the legal action in the Supreme Court on Marky Boy and Racy Stacey, it seems there will be more explosive revelations in the recovery action of assets on behalf of the Liquidator Gerry Collins who seems to have had a gut full of McIvor...

Tucker has gone from trusted lieutenant to sworn enemy for life given the description in McIvors deluded Novella Strange Animals Come Down to Drink... It seems the only strange animals are the McIvors given the airing of the families Dirty Laundry in the press... This is trailer park stuff....


http://www.couriermail.com.au/busin...22m-in-mortgages/story-fn7kjcme-1226519911766


----------



## ASICK (9 April 2013)

Here's the link so far:
http://moneymagik.com/equititrust.php

If any of you kind folk have any links (relating to Equititrust or the EIF) that you'd like to have added, then please post them here and I'll add them in due course.

Advertising material would also be useful.

Thanks.


----------



## No Trust (11 April 2013)

*King Con*

What will be the final financial wash up of McIvor's deal with his mate King Con... What will Ipswich be worth ? Why was McIvor doing these deals behind investor's backs... 

*Dirty Deeds Done Dirt Cheap*


----------



## No Trust (15 April 2013)

*Finance Fraud*

Now doesn't this ring a bell... Marky Boy its time to get into the box and be cross examined... So too key staff and directors prior to the collapse... What does wayward brother Wayne know ??? Tick Tock Tick Tock... 

"_The top contributors to corruption were a ''lack of senior management commitment to ethical conduct'' and companies operating in ''inherently unethical'' industries_."

Read more: http://www.smh.com.au/business/liqu...aud-on-rise-20130414-2htqq.html#ixzz2QSX3W6f7


http://www.smh.com.au/business/liquidators-find-finance-fraud-on-rise-20130414-2htqq.html


----------



## Nothingtoadd (16 April 2013)

according to this familiar author it is all ASIC's fault:

http://www.independentaustralia.net/2013/life/crime/the-case-of-the-bumbling-bureaucrat/


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## No Trust (16 April 2013)

*Delusional Idiotic McIvor*

It seems McIvor has been writing again under another non de plume... Same old crap except he fails to mention that he lent the bulk of the money to his mate "King Con"... What a delusional idiot... Time to get back on the med's...


----------



## ASICK (16 April 2013)

*"The case of the Bumbling Bureaucrat"*



No Trust said:


> It seems McIvor has been writing again under another non de plume... Same old crap except he fails to mention that he lent the bulk of the money to his mate "King Con"... What a delusional idiot... Time to get back on the med's...




ok, I've dug a shell scape, put on my helmet & gas mask .... I'm prepared ..

Guys, I don't agree that the article is written by McIvor in any form whatsoever.

I agree with the article's contents and said as much myself.

It's always been the law that's allowed those like McIvor to do as they did - there was an encouragement for them to do as they did.

I don't think the article attempts (in any way) to defect the blame from any manager.

I think you guys are dead wrong about both the author and the article.

Ok .. I'm prepared .. go for it.

http://www.independentaustralia.net/2013/life/crime/the-case-of-the-bumbling-bureaucrat/


----------



## ASICK (16 April 2013)

oppps... 

I just saw this:
http://www.fairgomate.com.au/

on this page:
http://www.independentaustralia.net...-james-packer-and-crown-casino-to-high-court/

sort of complicates things.  I might have to dig a deeper shell scrape.

However, I still agree with the contents of this page:
http://www.independentaustralia.net/2013/life/crime/the-case-of-the-bumbling-bureaucrat/

I guess the test comes down to whether a manager is competent or not - and if in regard to Equititrust's performance, I'd agree with you guys in the negative.

I'll also refer to this excerpt, "Blaming greedy, dishonest and incompetent operators is simply scratching the surface." - I agree with this too - I don't see the excerpt excusing "greedy, dishonest, and incompetent operators", I see it as stating the obvious, and it does merely scratch the surface.

The real problem comes about (as it does with the test I cite immediately above), it depends whether one classes oneself as being  greedy, dishonest, and/or incompetent.    I guess that's where Mr. McIvor and you guys would find no agreement whatsoever as to how Mr. McIvor and Equititrust are categorized.

I guess it's like buying one of those story books for children - one simply puts the child's name into the story.  Here we have a story too, but it's not as simple as just putting in the name - there's a slew of adjectives to adjust.


----------



## No Trust (17 April 2013)

*If it gets you through the night*

I guess if writing these articles gets McIvor through the night then he's gotta do what he's gotta do. Unfortunately it will not get him to sleep as he has the blood of innocent investors and other people who have dealt with him on his hands...  He definitely did write the article, it's in his prose extracted from his idiotic book that the media had a field day with... 

ASIC as in the regulator was warned about his nefarious activities years back and did nothing...

This idiot intertwined his personal and business interests in complete and utter abandon. He didn't give a damn about regulations he just skirted under the radar, fudged the auditors and misled a lot of innocent people. Imagine spruiking that he was lending money to "King Con"... How many people would have invested ???

As for his partners, former directors, lawyer, friends and family just look at that train wreck. Is there anyone he has not destroyed a relationship with ???


----------



## No Trust (17 April 2013)

What's the next relationship to hit to the rocks ???

He has been quoted as saying that he can "detach himself from anything"... Well he certainly detached himself from his duties to his investors by lending money to "King Con"... Look how that worked out... Another McIvor Disaster


----------



## ASICK (17 April 2013)

No Trust said:


> ... He has been quoted as saying that he can "detach himself from anything"...




and it seems he can:

http://www.independentaustralia.net/2013/life/crime/the-case-of-the-bumbling-bureaucrat/


----------



## Nothingtoadd (17 April 2013)

*Re: "The case of the Bumbling Bureaucrat"*



ASICK said:


> ok, I've dug a shell scape, put on my helmet & gas mask .... I'm prepared ..
> 
> Guys, I don't agree that the article is written by McIvor in any form whatsoever.
> 
> ...




"Mason initial P." is a device or character that appears in "Strange Animals..."

For the record I wouldn't disagree that ASIC has been asleep at the wheel.  What is noteworthy is that the author sees himself on the side of the Angels.


----------



## ASICK (17 April 2013)

*Re: "The case of the Bumbling Bureaucrat"*



Nothingtoadd said:


> "Mason initial P." is a device or character that appears in "Strange Animals..."
> 
> For the record I wouldn't disagree that ASIC has been asleep at the wheel.  What is noteworthy is that the author sees himself on the side of the Angels.




Yes, I agree - that is the case.


----------



## No Trust (17 April 2013)

*Angelic maybe not...*

There was also an angel that was banished from heaven, me thinks that the author could well be from this side of the angelic spectrum...


----------



## word75 (17 April 2013)

*Re: Angelic maybe not...*



No Trust said:


> There was also an angel that was banished from heaven, me thinks that the author could well be from this side of the angelic spectrum...




Lucifer was once an angel created good and look how that turned out. I'm sure as a 19 year old surfer on the GC Conivor may have also once been good but his fall fom grace has been Biblical. 
Now take Hapless and supposedly Luckless Harry, seemingly a chronic gambler with a known destructive addiction, yet Conivor could still TAKE A PUNT ON HARRY ROLLING THE DICE WITH RETIREE'S LIFE SAVINGS. The story goes that Equititrust held security over properties the High Roller controlled and were already highly leveraged, and in a late evening phone call from the Pit Conivor the one man credit committee approved a further draw down of $1mil that's one million dollars so Hapless Harry could continue his dream run. Certainly when Harry met Conivor he must of thought he had won Lotto. Just ask King Con. Now who was the real looser on those plays ..

Word on the street is that the Conivor will benifit sideways if Harry wins or settles the stoush with the Casino having stuck so close to Harry that they share spoons. So does the benevolence of Harry extend to returning the agreed $5million from any win back to the Oldies or is the MM SUPER FUND it's ultimate destination. Maybe Mr Whyte might be able to shed some light when he gets around to releasing his much delayed but eagerly anticipated report.


----------



## No Trust (17 April 2013)

*Re: Angelic maybe not...*

McIvor was never good... Look at who he was and is dealing with... If good ol Harry gets up in court then any sideways payment to McIvor should be closely looked at by his trustee in bankruptcy... Its the hallmarks of *truly weak character *in dealing what was in essence was people of his level - *King Con *and *Harry a chronic gambler*... All at the expense of innocent investors who were none the wiser of McIvor's nefarious dealings...

*There will be no side deal*...





word75 said:


> Lucifer was once an angel created good and look how that turned out. I'm sure as a 19 year old surfer on the GC Conivor may have also once been good but his fall fom grace has been Biblical.
> Now take Hapless and supposedly Luckless Harry, seemingly a chronic gambler with a known destructive addiction, yet Conivor could still TAKE A PUNT ON HARRY ROLLING THE DICE WITH RETIREE'S LIFE SAVINGS. The story goes that Equititrust held security over properties the High Roller controlled and were already highly leveraged, and in a late evening phone call from the Pit Conivor the one man credit committee approved a further draw down of $1mil that's one million dollars so Hapless Harry could continue his dream run. Certainly when Harry met Conivor he must of thought he had won Lotto. Just ask King Con. Now who was the real looser on those plays ..
> 
> Word on the street is that the Conivor will benifit sideways if Harry wins or settles the stoush with the Casino having stuck so close to Harry that they share spoons. So does the benevolence of Harry extend to returning the agreed $5million from any win back to the Oldies or is the MM SUPER FUND it's ultimate destination. Maybe Mr Whyte might be able to shed some light when he gets around to releasing his much delayed but eagerly anticipated report.


----------



## ASICK (17 April 2013)

Yes, "I" (aka "the $1m man") has been tardy with his reports - and after about a year and a bag loads of fees, not a single cent returned to investors.  Not a good look for BDO.

http://moneymagik.com/equititrust.php


----------



## No Trust (17 April 2013)

*BDO - David Whyte*

Yes I agree, whilst I have been a supporter of David Whyte he is not doing himself a favour by not providing reports in a timely manner... Investors really need to know what's going on...


----------



## No Trust (18 April 2013)

*Re: Angelic maybe not...*

The problem with McIvor was that he had a deluded high opinion of himself and his skills as a dodgy mortgage fund manager, yet he lacked the qualifications to be a banker. A law degree does not make you a banker... What other solid qualifications or commercial experience did he have??? One man credit committee is absolutely right. As a control freak he wanted to control everything and everyone including family and staff who would often have tears in their eyes after a tirade of abuse... 

The REAL bankers he abused on his website put him in his place and thumped him into submission, they even kicked him out of his house for good measure... What a fantastic conclusion to this morons foray with other people's money... Now who's the real banker Marky Boy ???  






word75 said:


> Lucifer was once an angel created good and look how that turned out. I'm sure as a 19 year old surfer on the GC Conivor may have also once been good but his fall fom grace has been Biblical.
> Now take Hapless and supposedly Luckless Harry, seemingly a chronic gambler with a known destructive addiction, yet Conivor could still TAKE A PUNT ON HARRY ROLLING THE DICE WITH RETIREE'S LIFE SAVINGS. The story goes that Equititrust held security over properties the High Roller controlled and were already highly leveraged, and in a late evening phone call from the Pit Conivor the one man credit committee approved a further draw down of $1mil that's one million dollars so Hapless Harry could continue his dream run. Certainly when Harry met Conivor he must of thought he had won Lotto. Just ask King Con. Now who was the real looser on those plays ..
> 
> Word on the street is that the Conivor will benifit sideways if Harry wins or settles the stoush with the Casino having stuck so close to Harry that they share spoons. So does the benevolence of Harry extend to returning the agreed $5million from any win back to the Oldies or is the MM SUPER FUND it's ultimate destination. Maybe Mr Whyte might be able to shed some light when he gets around to releasing his much delayed but eagerly anticipated report.


----------



## Mozzi (18 April 2013)

*Re: BDO - David Whyte*



No Trust said:


> Yes I agree, whilst I have been a supporter of David Whyte he is not doing himself a favour by not providing reports in a timely manner... Investors really need to know what's going on...




Report online now!


----------



## No Trust (19 April 2013)

Watch for a final few twists and turns which will leave next to nothing for the investors... Sub 5 Cents in the Dollar is more likely...


----------



## ASICK (19 April 2013)

*Re: BDO - David Whyte*



Mozzi said:


> Report online now!




where?  are you able to provide a link to the report?

I can't find it here: http://equititrust.com.au/Updates.html

could it be the weather? after all, today looks like the first bright sunny day we're had in SEQLD for months !!!!


----------



## No Trust (19 April 2013)

*More dodgy paperwork by Bonnie and Clyde*

What a mad scramble to change the trustee of the McIvor Super Fund as detailed by David Whyte in his report below at para 2.2. The trustee was changed on the 20th of September 2011 from MM Holdings Pty Ltd to MSM Family Holdings Pty Ltd  and David Whyte was appointed of the 21st of November 2011. Yet McIvor made assertions to David Whyte that the "alleged loan" was repayable to MM Holdings which is now in liquidation...  This is clearly a sham and an attempt to avoid creditors in a desperate attempt to shore up their own interests not giving a damn about the investors... 

The despicable McIvor's will not get this money as it is McIvor's usual shell game that he played on others by miraculously pulling out a document in attempt to cover his nefarious intent. It hasn't fooled the QLD stamps office in the past and it won't fool ASIC and the courts this time.

http://www.equititrust.com.au/Pdfs/...rts - 20130418 - 12th Report to Investors.pdf


MSM FAMILY HOLDINGS PTY LTD  

Now what's really interesting is the fact that the Liquidator of MM Capital Pty Ltd Gerry Collins is now suing MSM Family Holdings Pty Ltd as well as the dynamic due Marky Boy and Racy Stacey in the Supreme Court. What's even more interesting is that David Tucker has now taken over the litigation on behalf of the liquidator on the 5th of March against MSM Family Holdings and Marky Boy and Racy Stacy. 

To add to the intruige Marky Boy and Racey Stacy have appointed lawyers to defend this action. Seems like there is something to protect here which has justified appointing lawyers and officially filing a defence on the 8th of April...

As for the investors let them eat cake... 


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (19 April 2013)

Who's paying the lawyers to defend the McIvor's, where is the money coming from...


----------



## No Trust (19 April 2013)

As David Whyte alludes to in his report by mentioning his surprise at the change of Trustee THERE IS SOMETHING VERY SUSPICIOUS going on...


----------



## word75 (19 April 2013)

*Re: BDO - David Whyte*



ASICK said:


> where?  are you able to provide a link to the report?
> 
> I can't find it here: http://equititrust.com.au/Updates.html
> 
> could it be the weather? after all, today looks like the first bright sunny day we're had in SEQLD for months !!!!




The report is there and so is Mr Whyte informing us that further reports will not be monthly from now maybe every two or three months. Cost savings he says. So now we will suffer longer for the bad news. 

Don't be buoyed by the anticipated meagre return tipped in this report...it's all the DOG PROPERTIES that remain with the exception of Toowoomba where the range is anywhere from $7-15mil depending on who you talk to. Can you guess how much it owes looking at that range. 

Now for the Shell Game, Mcivors play for the $3.3mil super money. REMEMBER CONIVOR, it's not when you create the self serving documents, it's when you date them....WRONG..you forgot that computers date and time when documents are created... Up to your old tricks again, THEY KNOW WHAT YOU DID WITH THE mortgage's and caveats,  not enough practice for you. maybe you should not have counted on your In House Legal Dept to do all your bidding. Your staff have formed a choir. You idiot, TO MANY PEOPLE KNOW WHAT YOU DID LAST NIGHT 

You won't get away with it, there is still the investigation as to the financial position of the companies when you piliged them to skim for your super. Just because you directed payments from a clearly insolvent business to you super fund doesn't mean they will return back to your fund. Implicating Stacey... The Weak Link in all this, well will she lie for you when in the BOX. Any contribution from EL to Stacey's super will be under the microscope. The Tea Lady must have done miracles for you to justify such massive contributions. 

And what return to investors then if the remaining  properties tank at the bottom end, Conivor wins the super and HC grab the bickies oh and don't  forget BDO's ongoing fees?? I ask you!


----------



## No Trust (19 April 2013)

*Wicked Web*

McIvor needs to get his story straight... Not pull documents out of a draw as he has done many many times in the past...  At least David Whyte has exposed him in a very public way...


----------



## No Trust (19 April 2013)

Well it's clearly suspicious and yes both Bonnie and Clyde should be put into the witness box for the sake of transparency. The super was clearly pillaged from an insolvent company which should not have been collecting any management fees as far back as 2008...

This is another shell game which will not work this time as he can't fly under the radar as he has for so many years...


----------



## ASICK (19 April 2013)

*Re: Update*

Yes, it's there.  My internet explorer did update the page.
Thanks


----------



## Brethren (19 April 2013)

*Re: Update*

An bold move from Mr McIvor to attempt to ( after the fact?) change the trustee of his SMSF so as to be able to direct the $3.3million ( *IF* that claim was successful ) to an entity he controls and not to one under external admin.

I wonder just how educated he is / is not on the skills of forensic document examiners? I've had the chance to see the work of some of Australia's finest in this area and their skills are AWESOME.

He could be treading on some thin ice, here.


----------



## word75 (19 April 2013)

*Re: Update*



Brethren said:


> An bold move from Mr McIvor to attempt to ( after the fact?) change the trustee of his SMSF so as to be able to direct the $3.3million ( *IF* that claim was successful ) to an entity he controls and not to one under external admin.
> 
> I wonder just how educated he is / is not on the skills of forensic document examiners? I've had the chance to see the work of some of Australia's finest in this area and their skills are AWESOME.
> 
> He could be treading on some thin ice, here.




He's been measured for his Green Jump Suit and caught dead to rights on a number of other CREATIVE WRITINGS. Has he bought a SOAP ON A ROPE yet, maybe he's off to Campbell's Cash and Carry to get a bulk buy, he will be in there for a while. The recent experience in the Big House was a HUMBLING for his Good Mate, Confidant and all round BUMBLING special consultant on everything Green, K.W Carbon Con Roberts. Not the Big Rooster in there mate, retail is a hard game. Maybe a few tips for the Conivor. **** fighting back in the Philipines a far safer bet! CONIVOR and his cohorts are on the nose like Bin Juice at The Fish Co Op, now is the time for ASIC to reach for the DRAINO!


----------



## No Trust (19 April 2013)

McIvor just seems to follow the same dodgy pattern again and again... We should just call him the magician for his amazing ability to make documents which "favour him" appear out of thin air... This is not the first time he has tried to pull this scam, he has done this many times before to the detriment of his investors, business partners and borrowers... 

The next part of his modus operadi was to then use public money (investor's money) to legally bludgeon those who discovered his malfeasance via the courts and cover up the truth... The use of the deep pocket defence and attack until the other party was financially spent was how this financial vampire sucked the blood out of many people. 

Vampires don't live forever and it seems that McIvor is now on the firing end of what he meted out in spades to many innocent people over the years, stealing their lives and taking their homes to fuel his spending spree on luxury homes across the Gold Coast and don't foret the "Double Bay" bolt hole for Lady Macbeth.... 

The latest discovery by David Whyte is no surprise and should be referred to the QLD Police for investigation. 

The McIvor's / McBeth's  have a lot of financial blood on their hands which they can't wash off...


----------



## No Trust (19 April 2013)

*Re: Update*

Bin juice at the Fish Co Op is quite an apt analogy in terms of the smell that is now emanating from McIvor's latest document switcheroo... David Whyte must have to crack open a new can of Glen 20 every time he has to deal with McIvor... 

WHAT A STENCH, Marky Boy your gig is up... NO ONE in their right mind would believe your latest scam...









word75 said:


> He's been measured for his Green Jump Suit and caught dead to rights on a number of other CREATIVE WRITINGS. Has he bought a SOAP ON A ROPE yet, maybe he's off to Campbell's Cash and Carry to get a bulk buy, he will be in there for a while. The recent experience in the Big House was a HUMBLING for his Good Mate, Confidant and all round BUMBLING special consultant on everything Green, K.W Carbon Con Roberts. Not the Big Rooster in there mate, retail is a hard game. Maybe a few tips for the Conivor. **** fighting back in the Philipines a far safer bet! CONIVOR and his cohorts are on the nose like Bin Juice at The Fish Co Op, now is the time for ASIC to reach for the DRAINO!


----------



## No Trust (20 April 2013)

What are investors meant to think of McIvor's latest scam in regards to the Super... It shows his true character of greed and self interest... Investors in his mind come last... It's not your money Marky Boy


----------



## word75 (21 April 2013)

No Trust said:


> What are investors meant to think of McIvor's latest scam in regards to the Super... It shows his true character of greed and self interest... Investors in his mind come last... It's not your money Marky Boy




The Canny Scot David Whyte is your worst nightmare Conivor and he's coming to get YOU.


----------



## word75 (21 April 2013)

Ever wondered why HC have not followed the TAINTED MONEY TRAIL...the path from EL to Stacey, Tricky, Guardian, Vax and Honey Pot was lit up like a landing strip at night. All those funds leached out of Equititrust in the last days COULD HAVE BEEN CLAWED BACK but no they weren't. $120k to Stacey for what ? Pretty sure that what's paying the rent the waterfront mansion on Salerno. For sure her wage from her investment in Bumbles cant pay it. The Guardian money and the money invested in the Impotent Reptilian Guppy, the Asperger and Barred Financial Misadvisor Tricky Dicky must surely give the Equititrust unit holders equity in those plays. 

In fact anywhere tainted money went such as the Conivors many super funds , the $500k in art and furniture neatly shifted to a super fund with the flick of a pen (after the event) the cafe, the house on Capri, the house harbouring the inlaws and the luxury cars are all de facto assets of the entities from which the fund were originally sourced. By virtue they could reasonably be expected to be recovered and ultimately distributed to the unit holders except that HC has shown no interest in making such enquiries. WHY? And how much are they seeking for this miss service?


----------



## word75 (21 April 2013)

Ever wondered why HC have not followed the TAINTED MONEY TRAIL...the path from EL to Stacey, Tricky, Guardian, Vax and Honey Pot was lit up like a landing strip at night. All those funds leached out of Equititrust in the last days COULD HAVE BEEN CLAWED BACK but no they weren't. $120k to Stacey for what ? Pretty sure that's what's paying the rent for the waterfront mansion on Salerno. For sure her wage from her investment in Bumbles cant pay it. The Guardian money and the money invested in the Impotent Reptilian Guppy, the Asperger and Barred Financial Misadvisor Tricky Dicky must surely give the Equititrust unit holders equity in those plays. 

In fact anywhere tainted money went such as the Conivors many super funds , the $500k in art and furniture neatly shifted to a super fund with the flick of a pen (after the event) the cafe, the house on Capri, the house harbouring the inlaws and the luxury cars are all de facto assets of the entities from which the fund were originally sourced. By virtue they could reasonably be expected to be recovered and ultimately distributed to the unit holders except that HC has shown no interest in making such enquiries. WHY? And how much are they seeking for this miss service?


----------



## No Trust (21 April 2013)

*Hall Chadwick Disgrace*

Look at David Whyte's latest report and it you will find that Hall Chadwick did not make an application to the court to have their fees paid from the funds... Why ? Because *David Whyte exposed them *and their lies to the investors  where on 2 occasions "All Bran" *promised not to seek payment from the funds * i.e. the innocent retiree investors...

Read para 2.3 below: (_Where David Whyte exposes Hall Chadwick and "All Bran"_)

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf


Hall Chadwick *will not get paid a cent from the funds*... If they do try and this is just a little warning to them the Media and I'm sure the Regulator will be all over them considering the climate after the 4 Corners Report...

Hall Chadwick have *handled this matter disgracefully *and let McIvor off the hook, they didn't even get his statement of financial affairs. That's a dereliction of duty considering the scale of the collapse. At the point McIvor refused to provide this statutory declaration he *should have been hauled before a court *and reported to ASIC... Hall Chadwick did nothing...





word75 said:


> Ever wondered why HC have not followed the TAINTED MONEY TRAIL...the path from EL to Stacey, Tricky, Guardian, Vax and Honey Pot was lit up like a landing strip at night. All those funds leached out of Equititrust in the last days COULD HAVE BEEN CLAWED BACK but no they weren't. $120k to Stacey for what ? Pretty sure that's what's paying the rent for the waterfront mansion on Salerno. For sure her wage from her investment in Bumbles cant pay it. The Guardian money and the money invested in the Impotent Reptilian Guppy, the Asperger and Barred Financial Misadvisor Tricky Dicky must surely give the Equititrust unit holders equity in those plays.
> 
> In fact anywhere tainted money went such as the Conivors many super funds , the $500k in art and furniture neatly shifted to a super fund with the flick of a pen (after the event) the cafe, the house on Capri, the house harbouring the inlaws and the luxury cars are all de facto assets of the entities from which the fund were originally sourced. By virtue they could reasonably be expected to be recovered and ultimately distributed to the unit holders except that HC has shown no interest in making such enquiries. WHY? And how much are they seeking for this miss service?


----------



## No Trust (22 April 2013)

*Greed and Self Interest*

Whilst the McIvor's do everything to try and scam their super, not a tear is shed by either of them for the innocent investors whose lives they have destroyed...


----------



## No Trust (22 April 2013)

Yes let's see what David Whyte's lawyers have to say on the matter... McIvors dodgy trust documents are worthless. Best advice for McIvor is to go and buy a budgie call him David Whyte and and use the "Trust Deeds" as lining for the cage... 







word75 said:


> The Canny Scot David Whyte is your worst nightmare Conivor and he's coming to get YOU.


----------



## ASICK (22 April 2013)

*Trustee*

From David Whytes most recent (in part), "l am still investigating the amount advanced by the Mclvor Superannuation Fund ('MSF') to the ElF, the current batance of which is approximately $3.3 million. ln this regard, I was of the understanding that the trustee of the MSF was MM Hotdings Pty Ltd (Receivers and Managers Appointed) (ln Liquidation) ('MMH') and, therefore, if it could be determined that the debt was due and payable then funds woutd be repaid to the Liquidators of MMH."

I'm curious to understand why, even if a trustee is bankrupt, money paid to a super fund for the benefit of its member/s would be paid to the liquidators of the trustee?  It seems to me, that subject to the payment itself being legal, if the trustee was bankrupt, there is no legal fault with the payment itself.


----------



## word75 (22 April 2013)

*Re: Trustee*



ASICK said:


> From David Whytes most recent (in part), "l am still investigating the amount advanced by the Mclvor Superannuation Fund ('MSF') to the ElF, the current batance of which is approximately $3.3 million. ln this regard, I was of the understanding that the trustee of the MSF was MM Hotdings Pty Ltd (Receivers and Managers Appointed) (ln Liquidation) ('MMH') and, therefore, if it could be determined that the debt was due and payable then funds woutd be repaid to the Liquidators of MMH."
> 
> I'm curious to understand why, even if a trustee is bankrupt, money paid to a super fund for the benefit of its member/s would be paid to the liquidators of the trustee?  It seems to me, that subject to the payment itself being legal, if the trustee was bankrupt, there is no legal fault with the payment itself.




I think the issue of the loan made from Conivor's super needs to be investigated back to the original source of those funds in th first place. Just because Conivor sent funds to his super fund doesn't make the contribution legal nor does paying tax there on. The question must be asked how were the funds derived so that they could be paid across. The question for the authorities is Does his declared tax returns support the size of the contributions because it would take him contributing approx $200kpa as a contribution for the 29 years to arrive at the suspected balance of his fund. That doesn't  include the art collection, wife Stacey's fund, or other funds in those accounts unknown to the  public. Remember Conivor publicly declared he made $100million in his 29 year career. And the TAX? 

Now the relevant question would be if the companies that he pillaged for his fees the source of his super contributions were insolvent at the time were the payments legal and was he entitled to enrich himself whilst at the same time ensuring those companies were heading towards liquidation and with it thousands of innocent investors.

And what if the fees were skimmed from sham property transactions based on collusive puffed up valuations that enabled higher transactional fees to be paid to Conivor. Unwinding this sham loan needs to be fought further back in the food chain. 

The Macfeast that was Equititrust ran into trouble at its inception, all along it was another GC SCAM, a feed lot created by crooks and only when the music stopped courtesy of the GFC did the  rank of deception alert all to the  FRAUD.

The NAB called in its loans and for good reason as their own valuers exposed Conivor and the dud valuations so to BUY TIME Conivor was URGED indeed made by the bank to provide additional security. he did not do this because of a sense of conscience but because of a sense of self preservation. He knew he was introuble and if the GIG collapsed all would be revealed and all exposed. The Bank was already holding the money that went from his super and would not release it, so in comes a loan document, to justify the position on the books. Making a bad position good lets wack a massive interest rate on it and tell the investors it's a benevolent gesture by their beloved ruler. wasn't his money any way, it's I'll gotten and hopefully will be clawed back by Whyte. 

Sitting at the table at equititrutrusts last supper the CONIVOR madevone last attempt to controll the information and the outcome by bleeding out all the remaining funds out then burning the earth before engaging HC to shovel dirt over the grave. And their payment, the $2.8million in deferred PAYMENTS due fom the funds to EL 

A conspiracy theory yes but can anyone point to an apposing argument.


----------



## ASICK (22 April 2013)

*Re: Trustee*



word75 said:


> ... The question for the authorities is Does his declared tax returns support the size of the contributions because it would take him contributing approx $200kpa as a contribution for the 29 years to arrive at the suspected balance of his fund. That doesn't  include the art collection, wife Stacey's fund, or other funds in those accounts unknown to the  public. Remember Conivor publicly declared he made $100million in his 29 year career. And the TAX? ...




A couple of issues - up until about 2008 personal contributions in super funds could be high, I think (at least) up to $1m in a year.  This has been reduced to $450k over 3 years (or an average of $150k per year).    Company contributions to a super fund are deductable in the company but 15% is paid in the super fund.

I think it will simply come down to whether the debt is payable, and if so, it must be paid.

The payments to the fund could be long in the past.

I don't understand David Whyte's comment that the $3.3m (or whatever) could be payable to the liquidator of a previous trustee - is he playing the man and not the ball?

McIvor could have millions of $$$$ already in his super fund - the $3.3m could be just "icing on the cake".


----------



## No Trust (22 April 2013)

It's a scam, McIvor has done the old document switcheroo before... David Whyte has caught him out. He is not playing the man,  the man or idiot has played himself this time...


----------



## ASICK (22 April 2013)

Where a SMSF trustee goes bankrupt:

http://www.afrsmartinvestor.com.au/...f_an_smsf_trustee_goes_PZRZ34zGLUftyYaTnq8SMN


----------



## No Trust (22 April 2013)

In terms of McIvor, the claw back provisions are what's of interest... If the fund was in trouble as far back as 2007 and he did not disclose this then the management fees were not payable. The super was paid out of these management fees... The other issue which is again another dictatorial decision on behalf of McIvor is the obscene interest rate on the loan. McIvor does not know the meaning of conflict of interest... How could he arbitrarily determine the interest rate which would in turn adversly impact on his investors whilst in turn reaping him a huge windfall... Where is the equity in that ??? Yet McIvor spruiked his credentials as a fiduciary... The only person he cared about was himself. 

He will not get a dollar of the super money once the investigation shows the fund was in major trouble years back. Why were investors not told about the demand from Commonwealth Bank... They knew that Equititrust and McIvor were finished when they pulled their money... Now the question is who spoke to Commonwealth Bank on a confidential basis ???


----------



## ASICK (23 April 2013)

No Trust said:


> In terms of McIvor, the claw back provisions are what's of interest... ...




They may be of interest, but then they may not be of any effect:
"Under the rules, a transaction is assumed to be made for this purpose if at the time of the transfer, the super fund member was, or was about to become, insolvent. Any records that prove the member was solvent at the time of making contributions will help prevent those contributions from being clawed back."

and this rule only applies to contributions, and it's very narrow, "was, or was about to become, insolvent" at the time of the contribution, not the loan ($3.3m).  Which contribution? Such contributions (if any) were probably made from Equititrust Limited (or other corporate entities), not the fund, and could have been made years ago - personal contributions could also have been made.  It seems to me that the rule relates to issues probably being dealt with by the liquidators of Equititrust Limited - issues which seem to me to be most certainly beyond the purview of David Whyte.


----------



## No Trust (23 April 2013)

Well, I think there is a *bit more background *to this than meets the eye. David Whyte alludes to this in his report and so does David Tucker in his affidavit's to the Supreme Court... McIvor made this demand on the directors prior to its collapse... They obviously did not pay it, much to the chagrin of McIvor... Watch this unravel and you will see that there is something suspect behind it...

McIvor *won't get a cent *of this money... 

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609





ASICK said:


> They may be of interest, but then they may not be of any effect:
> "Under the rules, a transaction is assumed to be made for this purpose if at the time of the transfer, the super fund member was, or was about to become, insolvent. Any records that prove the member was solvent at the time of making contributions will help prevent those contributions from being clawed back."
> 
> and this rule only applies to contributions, and it's very narrow, "was, or was about to become, insolvent" at the time of the contribution, not the loan ($3.3m).  Which contribution? Such contributions (if any) were probably made from Equititrust Limited (or other corporate entities), not the fund, and could have been made years ago - personal contributions could also have been made.  It seems to me that the rule relates to issues probably being dealt with by the liquidators of Equititrust Limited - issues which seem to me to be most certainly beyond the purview of David Whyte.


----------



## No Trust (23 April 2013)

*Loser Again*

McIvor loses again... Obviously pissed off at Tucker...


http://www.austlii.edu.au/cgi-bin/s...3/54.html?stem=0&synonyms=0&query=Mark McIvor


----------



## No Trust (23 April 2013)

*Luxury Rental*

Whilst investor's starve the McIvor's lead a luxury life... How is this being *paid for *??? Why are Marky Boy and Racy Stacey *being sued in the Supreme Court *by Liquidator Gerry Collins... Why has Tucker come on board to represent the Liquidator???

*SOMETHING IS GOING ON...*


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (23 April 2013)

*More Exposure To Come*

It seems another media organisation is sniffing around the above mentioned questions... Should make for interesting reading... 

Why is *Stacey McIvor being sued by the Liquidator *for money owing ??? How will this affect Stacey McIvor's *Credit Rating*??? David Tucker former best buddy of the dynamic duo doesn't seem shy in bankrupting McIvor's, is there another bankruptcy on the cards ??? 

A house divided against itself cannot stand............................


----------



## No Trust (23 April 2013)

*There is a lesson in this*

A lawyer's dog, running around town unleashed, heads for a butcher shop and steals a roast. 

The butcher goes to the lawyer's office and asks, "if a dog running unleashed steals a piece of meat from my store, do I have a right to demand payment for the meat from the dog's owner?" 

The lawyer answers, "Absolutely."

"Then you owe me $8.50. Your dog was loose and stole a roast from me today."

The lawyer, without a word, writes the butcher a check for $8.50. The butcher, having a feeling of satisfaction, leaves.

Three days later, the butcher finds a bill from the lawyer: 

$100 due for a consultation.


----------



## No Trust (23 April 2013)

Marky Boy was *well and truly *outplayed by his lawyer... Hey he even bankrupted him...


----------



## ASICK (23 April 2013)

No Trust said:


> Well, I think there is a *bit more background *to this than meets the eye. David Whyte alludes to this in his report and so does David Tucker in his affidavit's to the Supreme Court... McIvor made this demand on the directors prior to its collapse... They obviously did not pay it, much to the chagrin of McIvor... Watch this unravel and you will see that there is something suspect behind it...
> 
> McIvor *won't get a cent *of this money...




It seems to me that this is not an issue about claw back, but rather about the demand for repayment of an alleged loan.  I think that if the debt is substantiated, then it'll have to be repaid ahead of EIF investors.  We can agree to differ - time will reveal the facts and the result.


----------



## ASICK (23 April 2013)

*Re: Loser Again*



No Trust said:


> McIvor loses again... Obviously pissed off at Tucker...
> 
> 
> http://www.austlii.edu.au/cgi-bin/s...3/54.html?stem=0&synonyms=0&query=Mark McIvor




No Trust, it seems to me that the lawyers are the losers - after all, they didn't get paid.  The lawyers certainly won't get anything from a bankrupt.  Not merely to take the opposite point of view, it seems to me that the outcome didn't really matter to McIvor.


----------



## ASICK (23 April 2013)

*Re: There is a lesson in this*



No Trust said:


> A lawyer's dog, running around town unleashed, heads for a butcher shop and steals a roast.
> 
> The butcher goes to the lawyer's office and asks, "if a dog running unleashed steals a piece of meat from my store, do I have a right to demand payment for the meat from the dog's owner?"
> 
> ...




Good one !!!!

A man was standing with a dog beside him at a bus stop.

A woman asks the man, "does your dog bite?"

The man answers "No"

The woman attempts to pat the dog - the dog bites her hand.

She says to the man "I thought you said your dog didn't bite?"

The man retorts "That's not my dog".

[if one wants the right answer, one has to ask the right question]


----------



## ASICK (23 April 2013)

No Trust said:


> Marky Boy was *well and truly *outplayed by his lawyer... Hey he even bankrupted him...




and now, as a bankrupt, he has not a (financial) care in the world.

paradoxically, bankruptcy offers (financial) protection.


----------



## No Trust (23 April 2013)

*Re: Loser Again*

Oh ASICK, this is all about egos and it did matter to McIvor in a very big way... Tucker was paid handsomely over the years and is still on the gravy train with the liquidator...




ASICK said:


> No Trust, it seems to me that the lawyers are the losers - after all, they didn't get paid.  The lawyers certainly won't get anything from a bankrupt.  Not merely to take the opposite point of view, it seems to me that the outcome didn't really matter to McIvor.


----------



## No Trust (23 April 2013)

Yes but can't leave the country though... Wings are clipped 



ASICK said:


> and now, as a bankrupt, he has not a (financial) care in the world.
> 
> paradoxically, bankruptcy offers (financial) protection.


----------



## No Trust (23 April 2013)

The debt won't be substantiated... There is something on foot at the moment which will be revealed in proceedings...





ASICK said:


> It seems to me that this is not an issue about claw back, but rather about the demand for repayment of an alleged loan.  I think that if the debt is substantiated, then it'll have to be repaid ahead of EIF investors.  We can agree to differ - time will reveal the facts and the result.


----------



## No Trust (23 April 2013)

Marky Boy strayed from his meditative past, what would his old spiritual guru say now...


----------



## ASICK (23 April 2013)

No Trust said:


> Yes but can't leave the country though... Wings are clipped




https://www.itsa.gov.au/debtors/bankruptcy/bankruptcy-overview/overseas-travel


----------



## No Trust (23 April 2013)

Tucker will never allow it...



ASICK said:


> https://www.itsa.gov.au/debtors/bankruptcy/bankruptcy-overview/overseas-travel


----------



## No Trust (23 April 2013)

Looks like Liquidator Hall Chadwick and All Bran need to come up with a good reason to get paid from the funds...  Their promises to not claim against the funds will be thrown in their face if they attempt to take the matter to the Supreme Court...

Not so ballsy anymore are they...


----------



## No Trust (23 April 2013)

Good to see the thread pushing past *345,000 views*... This disaster that Mark McIvor created needs to remain in the public spotlight...


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

What's the *next twist *in the latest litigation... 


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

I have posed this question before and maybe its one for McIvor's Bankruptcy Trustee to seek answers.. Who is paying for the solicitors representing the dynamic duo ???


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

If the dynamic duo lose, *how will they pay *the liquidators court costs ???


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

The claim to have been filed in the Supreme Court must be in excess of *$750,000*. The legal costs alone will run into the hundreds of thousands...

Where is the money coming from ???


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

What money is *actually owing *??? What *tangled web *has been woven... Seems to now have entangled the two who wove it...


----------



## No Trust (25 April 2013)

*Litigation Against Mark and Stacey McIvor*

To add to the drama in a "Karmic sense" its McIvor's *old mate *now *nemesis* who bankrupted him acting for the liquidator... 

Boy oh boy, looks like payback from the universe... This should be one interesting court case....................


----------



## ASICK (25 April 2013)

*Re: Litigation Against Mark and Stacey McIvor*



No Trust said:


> If the dynamic duo lose, *how will they pay *the liquidators court costs ???




that's a joke, right?


----------



## ASICK (25 April 2013)

*Re: Litigation Against Mark and Stacey McIvor*



No Trust said:


> The claim to have been filed in the Supreme Court must be in excess of *$750,000*. The legal costs alone will run into the hundreds of thousands...
> 
> Where is the money coming from ???




The McIvors are defendants - why should they care?


----------



## ASICK (25 April 2013)

*Re: Litigation Against Mark and Stacey McIvor*



No Trust said:


> To add to the drama in a "Karmic sense" its McIvor's *old mate *now *nemesis* who bankrupted him acting for the liquidator...
> 
> Boy oh boy, looks like payback from the universe... This should be one interesting court case....................




where did you gleam the info about his "old mate" acting for the liquidator from No Trust?


----------



## meridian (25 April 2013)

Who are the members of the Committee of Inspection (COI) that Hall Chadwick claims approved the outstanding remunerations???


----------



## No Trust (25 April 2013)

*Re: Litigation Against Mark and Stacey McIvor*

Right here if you click on the link...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12



ASICK said:


> where did you gleam the info about his "old mate" acting for the liquidator from No Trust?


----------



## No Trust (25 April 2013)

Piper Alderman's Amanda Banton I believe is one of the members of the committee...





meridian said:


> Who are the members of the Committee of Inspection (COI) that Hall Chadwick claims approved the outstanding remunerations???


----------



## No Trust (26 April 2013)

*Litigation*

McIvor has not been winning a lot of court cases lately... Don't like his chances against Tucker...


----------



## No Trust (26 April 2013)

McIvor can try and hide the truth but Tucker knows where all the skeletons are buried... A rolling pin is a fly'n...


----------



## No Trust (26 April 2013)

David Tucker and David Dornan came before the nuptials... The Beatles had Yoko and Mark had.............???


----------



## word75 (26 April 2013)

No Trust said:


> David Tucker and David Dornan came before the nuptials... The Beatles had Yoko and Mark had.............???




Once they were joined at the collusive hip Conivor and his pet valuer TG soon they will be joined at the ankles on a chain gang. It was only a matter of time before someone dropped a dime on this dastardly duo. 

As if the prominent valuation practice employing this shister didnt have enough problems, they may not survive the next onslaught from THE BANK. How much insurance is left with Whyte chasing $10mil already.  Maybe the Pet Valuer with 16 years tenure will be forced into Permanent Retirement. 

A new career most suitable for this CREATIVE VALUER would be as a writer of FICTION. He clearly has a KNOWN TALENT FOR IT.


----------



## No Trust (26 April 2013)

*Bad Energy*

Looks like anything associated with McIvor turns into an *unmitigated disaster*... 

*Gold Coast Bulletin Today*

_"One source said yesterday that it was believed Mr Fulton was given a valuation of the house before he bought it.

The source suggested he might have legal redress."_


http://www.goldcoast.com.au/article/2013/04/26/451000_gold-coast-mansions.html


----------



## No Trust (26 April 2013)

*True Value*

The home has now sold for its *TRUE VALUE*... Not a pretty looking home by any means, overpriced Architect from Sydney delivering a very average home...

The home has bad energy and legal disputes connected to it from the outset:


http://www.austlii.edu.au/cgi-bin/s.../174.html?stem=0&synonyms=0&query=MM Holdings

Even the landscaping ended up in the District Court... Now wasn't there a nicer way to settle this ? McIvor being the vindictive person that he is wanted to show his legal powers by trying to *bludgeon a poor subbie*... End result was way short of what McIvor was seeking... Pitiful way to start life in a family home and as the universe would have it, it was sold of my mortgagee's... Think the subbie may have a wry smile on his face now after his encounter with Marky Boy... 

There is a nicer way to deal with people...


----------



## No Trust (26 April 2013)

*No Love Lost*

Another example of McIvor's madness...

*Millionaire McIvor sues siblings over loans*

http://www.goldcoast.com.au/article/2011/09/23/351755_crime-and-court-news.html


----------



## No Trust (26 April 2013)

*Legal Action coming back to Bite*

Now the *same lawyers *and *insolvency practitioners *that McIvor used to bludgeon innocent people in the past are the *same ones *coming after him... Now that's poetic justice and an example of the universe *giving him *what he gave to others in a very unscrupulous and unethical way...


----------



## No Trust (28 April 2013)

What did McIvor's lieutenant Tim James say once, "_Sometimes we have to push the money out for the sake of pushing it out_"  Now that's a great way to do business isn't it.. Valuations were moulded to suit... 

The whole outfit was a *pathetic joke *that was *waiting to go bust*... McIvor made the bad loans in fact all of them were bad...

Even the aboriginal smoking ceremony couldn't get rid of them... The only person that got *smoked out *was McIvor...




word75 said:


> Once they were joined at the collusive hip Conivor and his pet valuer TG soon they will be joined at the ankles on a chain gang. It was only a matter of time before someone dropped a dime on this dastardly duo.
> 
> As if the prominent valuation practice employing this shister didnt have enough problems, they may not survive the next onslaught from THE BANK. How much insurance is left with Whyte chasing $10mil already.  Maybe the Pet Valuer with 16 years tenure will be forced into Permanent Retirement.
> 
> A new career most suitable for this CREATIVE VALUER would be as a writer of FICTION. He clearly has a KNOWN TALENT FOR IT.


----------



## No Trust (29 April 2013)

The Gold Coast Bulletin Australia 
Page 52
29/04/2013

Quentin Tod

*Mark’s home ties end*

"MARK McIvor, the founder of failed mer*chant bank Eq*ui*titrust, might have moved out of his Cronin Is*land house, but he didn’t take all his be*long*ings with him.
In the wake of re*ceivers tak*ing con*trol of the prop*er*ty in 2011 and Mark later leav*ing it, he was ap*par*ent*ly al*lowed to store things in the garage.
Now time’s up – a buyer who has snared the house for less than $4 mil*lion wants va*cant pos*ses*sion, and the bankrupt Mark has been told to ‘‘get mov*ing’’."


----------



## No Trust (29 April 2013)

Many *innocent people *lost their homes because of McIvor... McIvor knows what he has done in the past and why this has come back to bite him... When you take someone's home that they have worked for their whole life they don't take it lying down... For every action there is a reaction Marky Boy...

Maybe a Garage Sale is in order, subject to the Bankruptcy Trustee inspecting the goods of course...


----------



## No Trust (30 April 2013)

Looks like McIvor and "King Con" have pushed the bankruptcy figures skyward... 

http://www.goldcoast.com.au/article/2013/04/30/451123_gold-coast-business.html


----------



## No Trust (30 April 2013)

*Ex Staff*

Another ex staff member interviewed... what's going on...


----------



## No Trust (30 April 2013)

What was being concealed by Marky Boy that has authorities buzzing... Was there other matters that involved the police... The raid on the office and McIvor's house involved Federal Police... A reporter is apparently sniffing around on a new tip off...


----------



## No Trust (30 April 2013)

Marky Boy was and is not a real fan of the journalists


----------



## No Trust (30 April 2013)

What's Tucker's next move in the court case on behalf of Gerry Collins the Liquidator of MM Capital ???

Marky Boy and Racy Stacey clearly in the crosshairs again .... If the Liquidator gets up in court and gets a judgement will the dynamic duo have the bikkies to pay the judgement amount or will there be another bankruptcy proceeding...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## Orks (30 April 2013)

One of the assets formerly owned by Equititrust, Wirrina Cove Resort and Golf Course in South Australia, is now on the market for $3 million (excluding a caravan park, marina and some development land which is maybe worth $5-6m between them). MFS, who owned Wirrina with a loan from Equititrust, had the resort valued at $72m in 2008, but they went into administration shortly after as we all know, and it went into the control of Equtitrust, who had an apparent conditional offer of $34m in 2011 which fell through. God knows how much debt is tied to this thing, probably $30-40m, but the sad thing is that it currently loses about $800k per year without taking interest into account, so it's really not even worth the $3 million they are asking for it. The poor investors in Equititrust are going to take a massive bath.


----------



## No Trust (1 May 2013)

Orks, spot on, this was a dog of an asset and when it all hit the fan McIvor was clueless... He has no idea about property development. Deer in the headlights nothing more...He didn't even pay the rates  and land tax on the resort... End result another Mark McIvor Disaster.........

Incompetent idiot of massive proportions who ruined the lives of many investors...







Orks said:


> One of the assets formerly owned by Equititrust, Wirrina Cove Resort and Golf Course in South Australia, is now on the market for $3 million (excluding a caravan park, marina and some development land which is maybe worth $5-6m between them). MFS, who owned Wirrina with a loan from Equititrust, had the resort valued at $72m in 2008, but they went into administration shortly after as we all know, and it went into the control of Equtitrust, who had an apparent conditional offer of $34m in 2011 which fell through. God knows how much debt is tied to this thing, probably $30-40m, but the sad thing is that it currently loses about $800k per year without taking interest into account, so it's really not even worth the $3 million they are asking for it. The poor investors in Equititrust are going to take a massive bath.


----------



## ASICK (1 May 2013)

*"I wouldn't even attempt to give you any clarification of that,''*



No Trust said:


> Orks, spot on, this was a dog of an asset and when it all hit the fan McIvor was clueless... He has no idea about property development. Deer in the headlights nothing more...He didn't even pay the rates  and land tax on the resort... End result another Mark McIvor Disaster.........
> 
> Incompetent idiot of massive proportions who ruined the lives of many investors...




And life goes on (from 5 August 2011) :

http://www.smh.com.au/business/beware-an-angry-debt-collector-20110804-1idjt.html

"'The various interested parties and companies that are involved and the receivers that are involved, I wouldn't even attempt to give you any clarification of that,'' Bacon said. He suggested CBD put a call through to his co-manager, the loan manager Balmain. Balmain's chief executive, Andrew Griffin, failed to return CBD's phone call."


----------



## No Trust (1 May 2013)

*La La Land*

McIvor put his hands on his ears and assumed the corporate fetal postion in terms of the rates and land tax on the bad bad loans he made.... La La La may be comforting in that position, but the reality is the rates and land tax had to be paid...  He didn't pay them simple as that...

Why didn't his idiotic Landsolve make those admissions ??? This was a total dereliction of duty to the investors...

Landsolve was his diversion to save his and Stacey's ass and nothing more...

Instead as the a liquidator has identified amounts approaching 1 Million Dollars were paid to entities associated with the dynamic duo without invoice...

It's quite disgusting, no wonder the Liquidator of MM Capital Gerry Collins who is a well respected insolvency practitioner is pursuing Marky Boy and Racy Stacey...  Gerry Collins has not instituted proceedings in the Queensland Supreme Court for nothing...

Good to see that Tucker has finally seen the light and has come on board to pursue these two...


----------



## No Trust (2 May 2013)

Great to see David Whyte pursing Geoff Booth and wifey Hellen Makay... The scruffy surfer with a penchant for skateboards was a known accomplice of McIvor...

Time to hand over the house Boothy Boy... You reap what you sow, it took a few years but looks like the universe got around to you... 

GREAT JOB David Whyte in pursuing this character on behalf of Equititrust Investors...


http://apps.courts.qld.gov.au/esear...ocation=BRISB&Court=SUPRE&Filenumber=11850/12


----------



## No Trust (2 May 2013)

The dodgy Gold Coast is being given a thorough sweep out of its nefarious individuals... McIvor being number one on that list...


----------



## No Trust (3 May 2013)

More information regarding McIvor's Public Examination would be helpful... Hang on it has to come from Hall "Pass" Chadwick... Don't hold your breath for this duplicitous bunch to give a straight answer...


----------



## No Trust (4 May 2013)

Do the McIvor's own any more property on the Gold Coast *or anywhere *for that matter ???


----------



## No Trust (4 May 2013)

Any update on McIvor post bankruptcy...


----------



## No Trust (5 May 2013)

*Hall Chadwick*

Facts are facts and history is what it is...


https://www.asic.gov.au/asic/asic.nsf/byheadline/08-08+Sydney+liquidator+suspended?openDocument


----------



## No Trust (6 May 2013)

*Bad Bad Energy*

Today's Gold Coast Bulletin
Quentin Tod 
Page 48

GARY John*son, a fel*low who runs aged*care vil*lages, is the moot*ed buyer of the Cronin Is*land house built by Eq*ui*titrust mer*chant bank founder Mark McIvor.
Gary, who runs John*son Vil*lage Ser*vices from Bun*dall’s Cor*po*rate Cen*tre, is be*lieved to be pay*ing $3.9 mil*lion for the home, or *$2.​85 mil*lion less* than NSW truck*ie Garry Ful*ton paid McIvor re*ceivers 16 months ago.
The 67-year-old busi*ness*man’s port*fo*lio al*ready in*cludes a 300sqm apart*ment on the 35th floor of South*port’s Piv*otal Point and a home at Royal Pines.


What a whopping loss and another disaster connected to McIvor, now the question is who provided the dud valuation ???

Gary Fulton says he was provided a valuation at the purchase price and there is speculation that the matter is heading to the lawyers...


----------



## No Trust (6 May 2013)

*House of Horrors*

Gary Johnston should have this place doused with holy water. Very very unlucky home with some lingering bad energy. It is said that energy does linger in a home after the previous owners have left.


----------



## No Trust (7 May 2013)

The thread views will reach *350,000 *Views within the next few days...

Keep up the *fight* and don't let McIvor and wifey racy Stacey escape *justice*...


----------



## No Trust (7 May 2013)

Expecting the service of *more writs *Marky Boy ???


----------



## No Trust (7 May 2013)

Those process servers seem to love hunting down poor bankrupt Marky Boy...


----------



## Mozzi (8 May 2013)

No Trust said:


> Those process servers seem to love hunting down poor bankrupt Marky Boy...







Process servers are one thing - always thought the Taxation Dept took precedence over anyone else.

Where are they in this?   Anywhere?


----------



## No Trust (8 May 2013)

Mozzi, your right, the Taxation Office should do a *thorough audit *of McIvor and wifey Stacey...




Mozzi said:


> Process servers are one thing - always thought the Taxation Dept took precedence over anyone else.
> 
> Where are they in this?   Anywhere?


----------



## No Trust (9 May 2013)

*Unit Price*

With the unit price already plummeting, and reports to now be made on a 3 month basis, how will investors know what the unit price has dropped to. Believe me it will not be going up... With interest and more fees being scalped off the funds expect close to zero... 

McIvor needs to be admonished further in the media for his claims for super... 

The court case against McIvor and Racy Stacey by the liquidator Gerry Collins needs to be closely watched in the coming months as it may have some interesting ramifications for the dynamic duo...


----------



## No Trust (9 May 2013)

*Gerry Collins Court Case*

The Supreme Court action against Marky Boy and wifey has some significance and the affidavits that are filed in the registry need to be closely monitored... It may shed some light on what these two characters have done in the lead up to the collapse of Equititrust...



_"Liquidators of another entity controlled by Mr McIvor, MM Capital, have filed suit alleging he approved payments when the company was insolvent.

They allege that MM Capital loaned $700,000 to Ms McIvor in July last year to invest in the Income Fund, advanced $205,032 to Equititrust and paid $300,000 in January to buy two properties in the Gold Coast suburb of Oxenford. MM Capital collapsed soon after, with $1.13 million in liabilities."_


http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


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## No Trust (9 May 2013)

Payments whilst the company was insolvent... WTF were these two up to prior to the collapse of Equititrust...

Gerry Collins is a reputable Liquidator and has not proceeded with the Court action for nothing, the coming months will unravel quite a lot about these two individuals...  

Notice to the Media who follow this thread, search the affidavits in the Supreme Court it's all on the public record with more to come...


----------



## No Trust (9 May 2013)

*350,000* Views of this thread reached today... 

The *spotlight *on this disaster *will not stop *until the *real* truth about McIvor is revealed... The dealings of wifey *as detailed by the Courier Mail *prior to the collapse *will also be exposed *in detail as the court case by Gerry Collins proceeds in the Supreme Court...

Innocent Retiree investors *have not been forgotten*, they may not get a lot back if anything but at least the *culprits will be exposed*...


----------



## ASICK (9 May 2013)

***** 350k views *****



No Trust said:


> *350,000* Views of this thread reached today...
> 
> The *spotlight *on this disaster *will not stop *until the *real* truth about McIvor is revealed... The dealings of wifey *as detailed by the Courier Mail *prior to the collapse *will also be exposed *in detail as the court case by Gerry Collins proceeds in the Supreme Court...
> 
> Innocent Retiree investors *have not been forgotten*, they may not get a lot back if anything but at least the *culprits will be exposed*...




yes .. you use the facility very effectively.

congratulations on reaching 350k ..... 

let's hope the end will come sooner rather than later.


----------



## No Trust (9 May 2013)

Yes let's hope so... Thanks for all the support ASICK, your input on this matter has been invaluable...


----------



## word75 (9 May 2013)

*Re: Gerry Collins Court Case*



No Trust said:


> The Supreme Court action against Marky Boy and wifey has some significance and the affidavits that are filed in the registry need to be closely monitored... It may shed some light on what these two characters have done in the lead up to the collapse of Equititrust...
> 
> 
> 
> ...




OXENFORD....follow the bouncing ball. Equititrust lends money at exorbinate rates to shonk white shoe developers on dodgy valuations. The retiree investors take all the risk whilst Conivor pockets all the profits whilst skimming from the top layers of fees most of which find there way to Conivor personally and or his private compnies. This is done by way of joint ventures between Conivor and in this case MM CAPITAL.. Where if the developer wants funds for his projects he must agree to the SIDE AGREEMENTS IN THE SHAPE OF THESE JOINT VENTURES.   

OXENFORD is one such agreement. Now J.m from LANDSOLVE marketed the subdivision and in this instance quite successfully. So far so good but as the story goes MM Capital goes into liquidation then some weeks after that event J.m reminds the Conivor that there are 3 read three blocks of land left from the OXENFORD project unencumbered with titles sitting in the drawer. They are as good as cash. I ASK YOU, are these blocks assets of Equititrust or Conivor. I think the real owners are the unit holders..Now what to do, these blocks are worth approx $220k each but if the receivers know about them they will get swallowed up. CONIVOR has to think fast.  Got to cash them up quickly before the nasty receivers find out. 

Three contracts of sale quickly materialise and one block the best block sells instantly to J.ms Self Managed Super Fund ...for $150k WOW WHAT A DISCOUNT, COST PRICE. And settles almost immediately SO THE STORY GOES the other 2 blocks go to KNOWN BUYERS but before all the blocks can settle the bad receivers step in and the game looks to be over for Conivor. Before you start clapping, out of the bottom of the other drawer pops a MORTGAGE to none other than Stacey or her Super Fund for $300k.  Such impeccable timing that the ink smudged when the documents were dropped on the receivers desk. 

Was the tax ever paid on these blocks surely it's income, is that how Conivor accumulated over $100million in assets. Has any one questioned J.M about these transactions or what about the In House Legal Eagle Br...n, can't be hard to check the computer date stamp on these documents, in any event if every one is EXAMINED I'm sure all will answer honestly with the possible exception of Conivor and Racy. ummm..... magically appearing documents to protect valuable art and furniture,  a sceptic may think there is a pattern here.

AS THE STORY GOES..


----------



## No Trust (9 May 2013)

Word 75, there is something to this whole dodgy saga, and Oxenford is just scratching the surface... The Supreme Court is *littered with a litany of sworn affidavit material *about McIvor's miraculous magical documents, including trusts and blatantly altered documents... This scam has been run many many times and the QLD Stamp's office have caught it out...  This guy operated under the radar for many years and *ripped off many many people*. The side agreements were a common feature of doing business with McIvor... The conflicts of interest and intermingling of his private and business interests is a common thread in his dealings...

It may seem like an obscure court case at the moment, but this little number in which Tucker has now come on board
as the Solicitor for Liquidator Gerry Collins may be the undoing of the McIvor's once and for all as it possesses the ingredients of greed and deception which the dynamic duo thought they could pull over everyone's eyes...

This is *where the main game may be played *out and *charges subsequently laid *as the dealings are inextricably linked to Equititrust. The web that was woven by the dynamic duo may have finally entrapped them both...


----------



## No Trust (10 May 2013)

Now where did MM Capital get the $700,000 to "*loan*" to Racy Stacey ???

http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


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## No Trust (10 May 2013)

*Artwork*


"In a ruling this month, Justice Glen Martin *forbade* Mr McIvor from *disposing of any of the pieces *and ordered that receivers from *Ferrier Hodgson *have access to inspect them."


http://www.couriermail.com.au/busin...p-art-collection/story-e6freqmx-1226338596337


----------



## No Trust (10 May 2013)

What else is Liquidator Gerry Collins looking into ? Gerry is a very experienced insolvency practitioner who is pursing McIvor and wifey Stacey for monies owing... The Supreme Court File tells no lies and it's worth keeping an eye on... 

http://www.bdo.com.au/people/gerry-collins


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## No Trust (10 May 2013)

*Supreme Court Action*

This story has really started to get some traction with much more information coming in... Any information that any individual has should be forwarded to the Liquidator Gerry Collins. 

Contact information below:

http://www.bdo.com.au/people/gerry-collins


----------



## No Trust (11 May 2013)

*Oh Marky Boy*

Marky Boy, you have really been *stealing a lot of people's oxygen*, namely a few who you left for dead... 

You should have kicked them in the guts whilst they were down a few more times just to make sure they were dead... A "Phoenix is rising from the ashes"...


----------



## No Trust (12 May 2013)

Despite narcissistic delusions of grandeur and power "Marky Boy" and bolt on attachment wifey Stacey were nothing more than a Gold Coast Cowboy and cowgirl... The coming court case by  liquidator Gerry Collins will put paid to that... Self interest ruled investors of Equititrust came last...


----------



## No Trust (13 May 2013)

More questions have to asked about McIvor's "funding" of good mate "King Con" in Ipswich... There is going to be a massive shortfall, where did the money go ? Why haven't the Liquidators investigated this ? This is a joke ?


----------



## No Trust (13 May 2013)

What is mind boggling is that that McIvor 1.Thought King Con was a good person to lend to and 2. That he risked the livelihoods of innocent retiree investors on this folly. 

The "whole" relationship between these two bankrupts needs to be thoroughly investigated... That's right Marky Boy the reality is that you will be referred to as a bankrupt for the rest of your life. As the saying goes "lie with dogs wake up with flee's" or worse McIvor...


----------



## No Trust (13 May 2013)

*Financial Vampires*

*Financial Vampires*






Bit like McIvor's reflection on the collapse of Equititrust... Yet the blood was sucked out of investor's veins without them even knowing about it... *Count McIvor *was definitely doing his finest work when ASIC gave him the keys to the proverbial blood bank... Investor's didn't even feel the teeth sinking in...


----------



## No Trust (14 May 2013)

*The Con Man's Tool Kit*

*Stages of the Con* 

In Confessions of a Confidence Man, Edward H. Smith lists the "six definite steps or stages of growth in every finely balanced and well-conceived confidence game."
"One follows the other with absolute precision. In some games one or more of these acts, to use a theatrical comparison, may be dropped out, but where that happens the game is not a model one. The reference to the stage is apt, for the fine con game has its introduction, development, climax, dÃ©nouement and close, just like any good play. And this is not the only analogy to the drama, for the scenes are often as carefully set; the background is always a vital factor. In the colorful and mirthful language of the bunko man, all these parts of the game have their special names. I give them with their definitions:

*Foundation Work*
The preparations which are made before the scheme is put in motion, including the elaboration of the plan, the employment of assistants and so forth.

*Approach*
The manner of getting in touch with the victim””often most elaborately and carefully prepared.

*Build-up*
Rousing and sustaining the interest of the victim, introducing the scheme to him, rousing his greed, showing him the chance of profit and filling him so full of anticipation and cupidity that his judgment is warped and his caution thrown away.

*Pay-off or Convincer*
An actual or apparent paying of money by the conspirators to convince the victim and settle doubts by a cash demonstration. In the old banco game the initial small bets which the victim was allowed to win were the pay-off. In stock swindles the fake dividends sent to stockholders to encourage larger investments are the pay-off.

*The Hurrah*
This is like the dÃ©nouement in a play and no con scheme is complete without it. It is a sudden crisis or unexpected development by which the sucker is pushed over the last doubt or obstacle and forced to act. Once the hurrah is sprung the victim is clay in the schemer’s hands or there is no game.

*The In-and-In*
This is the point in a con game where *the conspirator puts some of his money into the deal with that of the victim; *first, to remove the last doubt that may tarry in the gull’s mind, and, second, to put the con man in control of the situation after the deal is completed, thus forestalling a squeal. Often the whole game is built up around this feature and just as often it does not figure at all."


----------



## No Trust (14 May 2013)

Innocent Elderly Retiree investors were the victims of Equititrust's well or he started scam in this instance... 

Hall Chadwick need to take action and refer all illegal activities to ASIC and the Police... Dragging their feet and doing nothing only tarnishes Hall Chadwicks's reputation...


----------



## No Trust (16 May 2013)

McIvor and Racy Stacey have *some answering to do *to investors and liquidators alike... Gerry Collins from BDO has at least taken legal action in the Supreme Court... Hall Chadwick are *incompetent idiots *who could have taken legal action by now but have *done nothing *except "try" and duplicate fees AND *LIE TO INVESTORS *ABOUT "NOT " CHARGING FEES TO THE FUNDS... *LIARS* in the true sense of the word...

Hall Chadwick *is a joke *who did nothing but protect McIvor... Remember McIvor appointed them, surprise, surprise...


----------



## No Trust (16 May 2013)

What's the update on the public examinations of McIvor??? Are they going to proceed or is this just another lie from Hall Chadwick...


----------



## No Trust (16 May 2013)

What has the Liquidator Hall Chadwick gleaned from the ASIC charges against McIvor which formed the basis for the raids on the offices with police ???


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## No Trust (17 May 2013)

No interest payments for years, funds frozen and yet McIvor wants to claim super payments to support his luxury lifestyle...

The culprit of this collapse has no shame whatsoever... Investors who have lost the lost will likely get nothing and yet McIvor wants to suck millions from them all the way to very end. 

A financial vampire never changes...


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## No Trust (18 May 2013)

*Creative lies*

Remember this little gem below dated Feb 18 2011

Who was McIvor trying to fool, himself or in reality the investors, note no mention of the loans to King Con... 

Love the sanitisation of the loan to King Con. It's referred to as a large residential site west of Brisbane. In reality it was a large piece of excrement in a deal made by McIvor and King Con...

Where as all the money gone and why hasn't this not been investigated. Were there any side deals involved?


http://www.equititrust.com.au/Pdfs/EIF ContinuousDisclosure_LoanPortfolio_Feb18.pdf


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## No Trust (18 May 2013)

McIvor + Quinlivan = ...........................

Investors can fill in the blank


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## meridian (29 May 2013)

Hall Chadwick's latest report to investors is now on line.


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## Mozzi (29 May 2013)

meridian said:


> Hall Chadwick's latest report to investors is now on line.






                     Once again - the Lord giveth, the Lord taketh away!!!!!!!!!!!!!!!!!!!!!


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## ASICK (29 May 2013)

*"Litigation Funding Deed"*

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20130423 - Circular to Investors.pdf

and there we have it, a cut and paste of the complete previous "Litigation Funding Deed" section.

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20130528 - Circular to Investors.pdf

it doesn't seem like the matter is gaining any traction at all.


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## word75 (29 May 2013)

*Re: "Litigation Funding Deed"*



ASICK said:


> http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20130423 - Circular to Investors.pdf
> 
> and there we have it, a cut and paste of the complete previous "Litigation Funding Deed" section.
> 
> ...




Wow... Didn't see that coming. Now you have got to give credit where credit is due. A lazy $2mil and something tax refund for Equititrust. Now can you guess how much work HC will do and how much they will charge...just keep milking the cash cow. SO IM CURIOUS TO KNOW IF HC HAS BANKED THE MONEY AND IT'S SWIMMING AROUND IN THEIR ACCOUNTS, WHY DO THEY NEED LITIGATION FUNDING TO CONDUCT EXMINATIONS??? MAYBE THEY WANT TO KEEP THESE FUNDS IN THEIR FEED BAG SO ONLY THEIR SNOUTS CAN FEAST ON IT.. So diligent in hunting down this money yet couldn't chase the $800k plus they seeped from the accounts when the Rats of Equititrust jumped ship handing the Golden Battern to HC. 

Some how I see some of this money finding its way back to Conivor even if it's only a spotters fee..


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## Mozzi (29 May 2013)

Mozzi said:


> Once again - the Lord giveth, the Lord taketh away!!!!!!!!!!!!!!!!!!!!!






Does anyone remember who was on the committee of creditors?   Memory here says that a Ms Amanda Banton and a Mr Stuart Norton were the names mentioned, not sure about anyone else.   Has anyone heard from this Committee?   

Quote - Hall Chadwick  "The function of a committee of creditors is to consult with the Administrators in relation to the administration of the company and receive and consider reports by the Administrator.   As outlined in the meeting the committee is effectively to act as a "sounding board" for the Administrators."   End Quote.

Would have thought they would have had something to say about what is happening since they are there to represent the investors and creditors of the Company.

The silence is deafening!


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## ASICK (7 June 2013)

*EIF Receiver - David Whyte*

Seems even with the big bucks, your Mr. Whyte isn't compelled to keep punters up to date on a monthly basis - not even a little monthly "thank you" for  the hundreds upon hundreds of thousands of dollars in fees BDO has receipted from the EIF - it seems to me that BDO should be grateful, after all, any receiver could do their job, but it's your fund paying the big bucks.

http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20130418 - 12th Report to Investors.pdf


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## word75 (10 June 2013)

No Trust said:


> *Artwork*
> 
> 
> "In a ruling this month, Justice Glen Martin *forbade* Mr McIvor from *disposing of any of the pieces *and ordered that receivers from *Ferrier Hodgson *have access to inspect them."
> ...




Latest update on the disputed Conivor's Treasure. Well it seems the The Man Cave hoarding the Mcivor art and furniture spoils on Cronin has finally been dismantled. It appears the bulk of anything of value such as the art work and sculptures was surrendered to FERRIERS while Stacey The Jackel scavenged over the remains dragging the personal furniture ie: all the bad taste crap and kids beds back to the Mcivor humpy on Solerno Drive. 

It was an embarrassing day as Crazy Stazy argued tooth and nail with the receivers over every morsel of her last feast at the Equititrust table...yes she got the horrible 20 seat round table.

No knights to sit at this table, no table of knowledge, just an ugly edifice of greed and averice. I hope it serves up a dose of karma every time they sit down to it.


----------



## kostag (14 June 2013)

*Re: "Litigation Funding Deed"  $47K for May 2013 -  we are being financially f---ked*

EXCEPT LOOK - they got paid $47k!!!!!   for May 2013....

what a gig



ASICK said:


> http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20130423 - Circular to Investors.pdf
> 
> and there we have it, a cut and paste of the complete previous "Litigation Funding Deed" section.
> 
> ...


----------



## kostag (14 June 2013)

*Re: EIF Receiver - David Whyte LEAVE WHYTE ALONE*

every report costs money

he is quietly chipping away and making good progress where noone else has a done a thing....

we cant have low costs and reports beign done too....

who cares - lets get this trainreck cleaned up as quickly and cheaply as we can....



ASICK said:


> Seems even with the big bucks, your Mr. Whyte isn't compelled to keep punters up to date on a monthly basis - not even a little monthly "thank you" for  the hundreds upon hundreds of thousands of dollars in fees BDO has receipted from the EIF - it seems to me that BDO should be grateful, after all, any receiver could do their job, but it's your fund paying the big bucks.
> 
> http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20130418 - 12th Report to Investors.pdf


----------



## kostag (14 June 2013)

*Re: Equititrust? 23rd JUNE coming up ANOTHER ANNIVERSARY OF THIS THREAD...*

this thread led the media and others and effectively brought the house of cards down.....



No Trust said:


> Yes let's hope so... Thanks for all the support ASICK, your input on this matter has been invaluable...


----------



## ASICK (14 June 2013)

*BDO in the News*

"ASIC confirmed on Thursday that Australia's six biggest auditors - PwC, KPMG, Ernst & Young, Deloitte Touche Tohmatsu, Grant Thornton and BDO - had agreed to prepare "action plans" to improve the quality of their audits."

Read more: http://www.smh.com.au/business/prom...sic-warning-20130613-2o737.html#ixzz2W8e33llJ

Yes, BDO is coming up with an "action plan" - that's great, after the years of managing the PFMF, they're going to improve the quality of their audits.

The jokes keep on rolling in.


----------



## word75 (14 June 2013)

*Re: "Litigation Funding Deed"  $47K for May 2013 -  we are being financially f---ked*



kostag said:


> EXCEPT LOOK - they got paid $47k!!!!!   for May 2013....
> 
> what a gig




Doesn't anyone get it yet. HC are sitting on approx $2.3mil tax refund cheque. They don't need littigation funding or money to examine any one. EL would have been solvent except for this tax issue, and now it's solvent again. HC should exit the company now and return it to Conivor or who ever the shonk wants to install. The Conivor owns all the shares in his super dooper fund..and the good news.....Macrat could now apply to have his bankruptcy annuled then it's back to do what he does best.....corporate pillaging whilst living the high life. YEAH TEAM CONIVOR. How's what you can do with a good plan and a good pet receiver.   the question is how much more will HC drain the well before they exercise their exit strategy.


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## ASICK (18 June 2013)

*Claims Against Directors*

http://www.jonesday.com/class-action-drivers-in-australia-do-insurance-and-access-to-deep-pockets/

"Claims Against Directors

Central to the applicant's reasons for seeking a discontinuance was that the directors' and officers' liability policy which responded to the claims was capped at a confidential figure but that the policy was, or would soon be, exhausted.

The policy had been used to meet defense costs of the settling respondents in defending the present proceedings. The policy also responded to other claims, including a civil penalty proceeding brought by the Australian Securities and Investments Commission in the Supreme Court of Queensland against three of the settling respondents. Consequently, upon the basis of estimates of anticipated future legal costs, no insurance moneys were expected to be available to meet a judgment in the current proceedings. Further, evidence established that each of the settling directors had insufficient assets to meet a judgment."


----------



## Orks (27 June 2013)

*Re: EIF Receiver - David Whyte*



ASICK said:


> Seems even with the big bucks, your Mr. Whyte isn't compelled to keep punters up to date on a monthly basis - not even a little monthly "thank you" for  the hundreds upon hundreds of thousands of dollars in fees BDO has receipted from the EIF - it seems to me that BDO should be grateful, after all, any receiver could do their job, but it's your fund paying the big bucks.
> 
> http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20130418 - 12th Report to Investors.pdf




No investor update for 2 and half months from David Whyte.

Wirrina Cove resort and golf course failed to sell at auction last Friday, nor surprises there, it loses $1 million per year and BDO want $3m for it. They have managed to sell all the blocks of land though, for a pittance (most under $100k per block), and are flogging off the last of the marina sites for $1000 per lineal metre.


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## No Trust (30 June 2013)

*Public Examinations*

Public Examinations... Investor's now demand them !!!

Hall Chadwick had better give a *firm date soon*...


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## No Trust (30 June 2013)

*My oh my...* Put the knife into others and expect the same blade to penetrate the flesh...

The many *innocent people *who McIvor unleashed receiver's on are now looking on with bemusement...

The McIvor's have really hit *rock bottom*... Laughing stock of the Gold Coast with "*all*" the dirty family laundry aired... Or are there more dirty little secrets which the "white haired ghost who walks"(_barely_) would rather not have unearthed... 

"Marky Boy" its *too late*, if the Public examinations do go ahead that's when you will face your *hidden secrets*, the witness box is a phenomenal place to have your own words played back to you... 

Tick *Tock*, Tick *Tock*, Tick *Tock*




word75 said:


> Latest update on the disputed Conivor's Treasure. Well it seems the The Man Cave hoarding the Mcivor art and furniture spoils on Cronin has finally been dismantled. It appears the bulk of anything of value such as the art work and sculptures was surrendered to FERRIERS while Stacey The Jackel scavenged over the remains dragging the personal furniture ie: all the bad taste crap and kids beds back to the Mcivor humpy on Solerno Drive.
> 
> It was an embarrassing day as Crazy Stazy argued tooth and nail with the receivers over every morsel of her last feast at the Equititrust table...yes she got the horrible 20 seat round table.
> 
> No knights to sit at this table, no table of knowledge, just an ugly edifice of greed and averice. I hope it serves up a dose of karma every time they sit down to it.


----------



## Mozzi (1 July 2013)

No Trust said:


> *My oh my...* Put the knife into others and expect the same blade to penetrate the flesh...
> 
> The many *innocent people *who McIvor unleashed receiver's on are now looking on with bemusement...
> 
> ...







Nothing much changed while you've been offline - BUT WELCOME BACK!   Wasn't quite the same without "NO TRUST"!


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## Brethren (9 July 2013)

*Re: Public Hearings*

Any word on the Hall Chadwick claim a few months back that public examinations would be held in late July? We are almost at that part of the calendar. Or are Hall Chadwick just wanting to let that commitment silently slide past? If they are going to be held I am sure that some folk would be prepared to climb Mount Everest if that's what it took to be able to attend?


----------



## No Trust (12 July 2013)

Nothing from Hall "Pass" Chadwick, no updates just a lot of talk. Maybe they should be put into the witness box instead and questioned about letting McIvor off the hook in not providing his statement of financial affairs... 

Useless liquidators out to fill their own pockets and rip off the investors...

- - - Updated - - -

Here's a challenge, they can respond on this thread if they would like to update investors... Don't hold your breath for a resone from these gutless wonders...


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## No Trust (12 July 2013)

Just a question are Hall Chadwick to be removed as liquidator's of Equititrust ???  Any further information would be greatly appreciated...

- - - Updated - - -

Something's going on...


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## Mozzi (14 July 2013)

No Trust said:


> Just a question are Hall Chadwick to be removed as liquidator's of Equititrust ???  Any further information would be greatly appreciated...
> 
> - - - Updated - - -
> 
> Something's going on...





   Not aware of H C movements (non existent?)

   However, Mr Whyte does need to get another report in soon for us (somewhat overdue).  Busy Man!

   Is he involved in work for LM Investments? Something on line about 3 day court hearing on 15th July and affidavits from Mr Whyte among others (looking for more work maybe???)


----------



## No Trust (19 July 2013)

*Public Examinations*

Where are the *Public Examinations **promised* by "Hall Chadwick"... Why are they protecting McIvor??? Hang on he appointed them,,, that's right...

Hall Chadwick are a joke...


----------



## No Trust (19 July 2013)

*Legal Proceedings Against the Dynamic Duo*

Looks like the *bankrupt* "Marky Boy" and "Racy Stacey" are not out of the woods yet with *legal proceedings *still on foot in the *Supreme Court*. Old time pal *David Tucker *who bankrupted McIvor must be having a chuckle representing the Liquidator of another one of the dynamic duo's *failed companies*...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

Its not over yet Marky Boy,,, how much are you going to give back to the *old people *who's money you lost on "King Con" etc, etc, etc ...

McIvor what a disgrace...


----------



## Mozzi (19 July 2013)

Mozzi said:


> Not aware of H C movements (non existent?)
> 
> However, Mr Whyte does need to get another report in soon for us (somewhat overdue).  Busy Man!
> 
> Is he involved in work for LM Investments? Something on line about 3 day court hearing on 15th July and affidavits from Mr Whyte among others (looking for more work maybe???)







Well, here it is at last!    Mr Whyte's report!   Off to study it now..........................


----------



## No Trust (20 July 2013)

Not looking good, return to investors dropping again and distribution delayed again... 

McIvor really left a god awful mess, what a loser, has ruined the retirement of many many innocent people...

McIvor will never raise another dollar from the Australia public again...


----------



## No Trust (23 July 2013)

*Public Examinations*

Hall Chadwick promised Public Examinations in late July... No updates, no sign of Public Examinations... *Why the lies??? *A lot of people want to see McIvor in the Witness Box. The public gallery will be *full*...


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## No Trust (27 July 2013)

*Backflip with a Twist*

In an amazing backflip with a twist Hall "Pass" Chadwick despite *PROMISING* to conduct Public Examinations of McIvor have now gone back on their promise... Am I surprised???? No... This lot calling themselves professionals have also on *2* occasions promised not to seek payment of their fees from the funds i.e. The *blood and sweat *of innocent retiree investors and then went back on that without an iota of shame. If it was not for David Whyte of BDO the "Independent" "*court appointed*" receiver shaming them on the Equititrust website these jackals may have got away with it.

David Whyte was right to bring this to the attention of investors and now its time to expose these incompetent's lies and deceit in promising Public examinations and then at the "*last minute*" cancelling them. ASIC should take a close look at Hall Chadwick's actions and the *Hall Pass *they have given McIvor to date. Remember this was the same "allegedly professional" group of bean counters who let McIvor off the hook in not providing his Statement of "Financial Affairs" as required by law... Its just a joke... 

I urge all investors to make formal complaints to ASIC about this *latest farce* from Hall Chadwick. Their latest statement on the Equititrust website gives no reason for the cancellation of the "*LONG AWAITED*" Public examinations...   Why should Hall Chadwick be trusted any longer ??? Simple answer they cant be trusted, they have let the investors down one time too many... Isn't it time the Regulator *removed Hall Chadwick *from this appointment as its clear there is a *conflict of interest *which is having a detrimental effect on Equititrust investors...


----------



## No Trust (29 July 2013)

Today's Gold Coast Bulletin Page 44 

Looks like McIvor's last property holdings are to be sold off by Liquidators... The land is in Oxenford and by the looks of current resales listed on the same page there will be a major shortfall... 

The bankrupt McIvor has really made some doozies when it comes to investing in property.... Imagine he then went on to manage others people's money and risked a massive amount on his ever so close bussom buddy "King Con"... Look how that worked out... Investors likely to get zero in the dollar the way it's going...

Nice work Marky Boy...


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## No Trust (29 July 2013)

http://www.smh.com.au/business/opes-prime-director-smith-dismissed-risk-alert-20130725-2qna3.html

Imagine what they would find at Equititrust... ASIC really needs to expand their investigation and thoroughly review the material taken when Equititrust's offices and McIvor's former home were raided... 

These things take time and McIvor may face trial yet on the collapse of Equititrust... ASIC didn't raid his home and offices for nothing...


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## Mozzi (29 July 2013)

No Trust said:


> http://www.smh.com.au/business/opes-prime-director-smith-dismissed-risk-alert-20130725-2qna3.html
> 
> Imagine what they would find at Equititrust... ASIC really needs to expand their investigation and thoroughly review the material taken when Equititrust's offices and McIvor's former home were raided...
> 
> These things take time and McIvor may face trial yet on the collapse of Equititrust... ASIC didn't raid his home and offices for nothing...







YUP!   Here's another one - Read today's Age Business Day re LM fund  and the ever so charming Mr Peter Drake, do you think if you change the name, the story is the same - they are all on the game!!!!

Is there anyone out there listening?


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## No Trust (29 July 2013)

*Gold Coast Cowboys*

Gold Coast Cowboys McIvor , Drake they're all the same..

http://www.brisbanetimes.com.au/business/lm-fund-gave-loan-to-drake-20130728-2qsnp.html

- - - Updated - - -

The bankrupt Mark McIvor needs to be investigated further... Where did all the money go that the liquidator identified as being withdrawn without invoice and connected to interests related to McIvor... Wifey Stacey also a former director needs to be included in these investigations...

Despicable behaviour of greed and self interest... Innocent retiree investors get screwed out of their money...


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## No Trust (31 July 2013)

*McIvor Superannuation Claim exposed by the media*

Under the heading " More woe for Equititrust Investors " Quentin Tod from the Gold Coast Bulletin on Page *27*      (todays edition) exposes McIvor's dodgy trust deeds that he tried to pass off on to receiver David Whyte.

Good to see the document switcheroo employed by McIvor exposed publicly for all to see... Absolutely disgusting greed driven behaviour whilst investors will ultimately get nothing. 

Lets hope ASIC do their job and prosecute McIvor... It's what he deserves for losing innocent elderly retiree's life savings...

He will never raise a single dollar from the Australian Public again...


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## No Trust (7 August 2013)

It seems Marky Boy's problems are far from over...


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## No Trust (9 August 2013)

Upcoming Court Case will provided a *warts and all *insight into the private dealings of Marky Boy and Racy Stacy...

And to top it off their former bestie, lawyer David Tucker (_*who bankrupted McIvor*_) is acting for the liquidator.

Word has it the affidavits will be very very colourful indeed, time to search the *Supreme Court File*... The Real McIvor is now being exposed...

When are you going to give the "*old people*" their money back Marky Boy ???


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## Brethren (12 August 2013)

On Friday the Queensland Supreme Court appointed a receiver to the LM Funds......David Whyte of BDO.

The ASIC update is here: 
http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-211MR Receiver appointed to LM fund?opendocument


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## No Trust (13 August 2013)

All these funds were scams to fund luxury beachfront homes etc' , and McIvor and wifey racy Stacey were the masters of it... This is a cleansing of a cancer on the financial services industry... Bye bye Marky Boy not so tough now are we


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## No Trust (14 August 2013)

McIvor needs to be charged for what he did to innocent retiree investors, the deal with "King Kong" aka Dudley Quinlivan was absolutely disgusting... How much in approval fees did McIvor pull out of this deal and then pocket to fund his uber luxurious lifestyle... What was done to investors was criminal...


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## word75 (14 August 2013)

*Re: Equititrust*



No Trust said:


> McIvor needs to be charged for what he did to innocent retiree investors, the deal with "King Kong" aka Dudley Quinlivan was absolutely disgusting... How much in approval fees did McIvor pull out of this deal and then pocket to fund his uber luxurious lifestyle... What was done to investors was criminal...




Paulding Constructions directors are being examined by the companies receivers funded by ASIC in the matter of a purported back dated loan document for $2mil. This being a private company matter and yet there is no examination of the directors of Equititrust where hundreds of millions of dollars of investors money has gone missing and the purp is a theiving lawyer with creative document form. 

Where's the justice ?


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## Mozzi (14 August 2013)

*Re: Equititrust*



word75 said:


> Paulding Constructions directors are being examined by the companies receivers funded by ASIC in the matter of a purported back dated loan document for $2mil. This being a private company matter and yet there is no examination of the directors of Equititrust where hundreds of millions of dollars of investors money has gone missing and the purp is a theiving lawyer with creative document form.
> 
> Where's the justice ?







WHERE'S THE JUSTICE YOU ASK?  THERE IS NO JUSTICE FOR US!    WE HAVE BEEN WELL AND TRULY SCREWED!

BY EVERYONE!


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## No Trust (16 August 2013)

*Re: Equititrust*

Screwed well and truly my McIvor and Wifey Racy Stacey who was also a former director... The inextricably interconnected web of trusts may have finally caught the spider in his own wed of deceit... David Whyte is still waiting for an explanation from McConivor regarding the trust deed...

http://www.equititrust.com.au/Pdfs/...rts - 20130418 - 12th Report to Investors.pdf



Mozzi said:


> WHERE'S THE JUSTICE YOU ASK?  THERE IS NO JUSTICE FOR US!    WE HAVE BEEN WELL AND TRULY SCREWED!
> 
> BY EVERYONE!




- - - Updated - - -

What's up Marky Boy finally been caught making documents appear on the fly... David Whyte's not stupid and hasn't been appointed by the Supreme Court to wind up LM for nothing... 

Lets hope David Whyte makes recommendations to ASIC that McIvor be *prosecuted and charged*... McIvor has ruined too may lives and its time for justice...


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## Mozzi (21 August 2013)

*Re: Equititrust*



Mozzi said:


> WHERE'S THE JUSTICE YOU ASK?  THERE IS NO JUSTICE FOR US!    WE HAVE BEEN WELL AND TRULY SCREWED!
> 
> BY EVERYONE!






Liquidator's report online now!   No comment necessary!


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## No Trust (26 August 2013)

*Re: Equititrust*

If the Public examinations do *finally go ahead*, as per the latest liquidator's report then the investors will be waiting for McIvor in court to observe the proceedings and look him in the eye... 

The question is will McIvor be able to look back... Will he even turn up ??? He didn't turn up to his *Bankruptcy Hearing*...

The National MEDIA will definitely be present hanging on his every word...

Where's the *money gone *Marky Boy ??? Well you will soon have to explain it to the *court* and in turn *ASIC* who I am sure will be represented in court...

Time has *finally come*...




Mozzi said:


> Liquidator's report online now!   No comment necessary!


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## No Trust (26 August 2013)

*Liquidator's To Issue Arrest Warrant for Mark McIvor for Non Attendance*

Liquidators have outlined that they may seek an *arrest warrant *for  Mark McIvor.

To date he has *thumbed his nose *at his statutory obligations and has *not provided *documentation and has *failed to appear*...


Page *14* of the Report below:


http://www.equititrust.com.au/Pdfs/...eports - 20130822 - Circular to Creditors.pdf


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## No Trust (27 August 2013)

*Come Out of Hiding Marky Boy*

Come out of hiding Marky Boy, wherever you are... The Liquidator and the investors *want to talk to you*...

McIvor didn't turn up to his Bankruptcy hearing and is repeating the same *gutless behaviour *again, to the point the Liquidator has threatened to issue an *arrest warrant*...

What don't you want to face Marky Boy ??? Is it the money that was stripped from the company before its collapse *without invoice *as documented by the liquidator, is it the deals done with *King Con*, is it the manner in which you dealt with borrowers in an *unethical manner *??? Are there more corporate and personal sins to come out that you just cant bear to hear whilst in the witness box with the *eyes of all your investor's glaring at you*. Yes the innocent victims will be there in court to watch you squirm under a barrage of questioning from the barristers...

Whether you come on your own volition or are *dragged there by the police under the arrest warrant*, you my dear old friend will *face justice *for all the innocent lives you have ruined over the years. You were warned your actions would lead to this but you were too arrogant to listen... See you in court...


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## No Trust (28 August 2013)

*What's Next*

What's Next for McIvor , word has it that the next move will not be to McIvor's liking especially if the authorities who have been sniffing around for a while crank it up a notch or 10... 

What has been uncovered and who has rolled to the authorities, a verbally and emotionally abused former employee / employee's maybe.

There are many victims, it could be one of many, but rest assured the information has been provided to the relevant authorities...

Now for the small matter of arresting McIvor to come and answer some long overdue questions about where the money went ...


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## No Trust (29 August 2013)

David Tucker will also be subject to *Public Examination*, his stint in the witness box will be interesting, what will have to say about his *former BFF *"Marky Boy"... Oh how the mighty (_legends in their own minds_) have fallen...

Counting down the days till the *Public Examinations *and or *McIvor's arrest*, either will be satisfying to witness... 

No passport "Marky Boy" where *can you run*...


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## nordrum (30 August 2013)

It's a disgrace what happened at equititrust, so many lives ruined and nobody held to account. Only us investors really understand the impact it has on our lives and at a time when its to late to salvage or start again. So many lies told you just don't know what is really going on. It breaks your spirit and your heart.

When you see it happening to others you can really feel their pain, like those from city pacific, MSF and LM capital. All of us getting the same bull**** run around. We can all really empathise with each others suffering. In many ways the feeling of being used as pawns in the greedy selfish actions of the crooks who ended up with the millions is worse than being left broke at this stage of life. How can they sleep at night, must take someone with a pretty rancid soul.

I've been looking around the internet keeping tabs on what is being done, not only in our case but in the other property trust disasters to see how they are managing, to see what king of returns they are getting and the news isn't good. There seems to be a bit of a pattern., first thing is the banks get paid and those bastards don't lose a cent, not one damn cent, I guess those billion dollar record breaking profits have to come from somewhere. Next thing is the liquidators crank up the bull**** machine, message after message that returns are going to take longer than expected and are going to be less than we thought, one cruel blow after another. All the while their fees pile up and up and up. Deadlines always passed and forecasts always missed.

Maybe they think that if they can string it out long enough we will all die and what they haven't already bled out of us in fees they will just pocket, if they haven't already.

Maybe us investors from the different funds should all get together. Seems we have a lot in common.


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## No Trust (30 August 2013)

Spot on Nordrum, in terms of how McIvor sleeps at night well I would say pretty good as there is no soul getting in the way of this idiot's nightly rest whilst he lives on the blood sweat and tears of innocent elderly retiree investors who cannot even get the pension because of his poisonous scheme. McIvor was a failure in business and is in life... 

Look what he did to his family and mother and it was clear that investors didn't have a chance. In McIvor's eyes King Con was a good bet to gamble people's retirement on...

Now he is snubbing his nose at the law and looks likely to be placed under arrest as detailed in the Liquidator's latest report available on the Equititrust website...


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## No Trust (31 August 2013)

*What is McIvor hiding???*

Why won't McIvor provide documentation to the liquidator ? 

Why is McIvor so afraid to be publicly examined ?

Marky Boy what are you hiding from the court and the innocent elderly retiree investors who's lives you have ruined???


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## No Trust (2 September 2013)

What's *going on *with the McIvor's ??? 

Why wont the bankrupt Marky Boy *cooperate *with the multiple receivers and Liquidator's...


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## nordrum (3 September 2013)

I agree No Trust, it will be great to finally get some answers from McIvor in the witness box but let's hope we don't just get the scapegoat and that the whole crooked bunch get taken down.

Like ICAC in NSW showed, it's never just one. From McDonald to Obeid to Kinghorn and a whole slew of others, once these captains of industry and crooked professionals get their snouts in the trough it's a blood sucking frenzy.

Like they say, you need to follow the money and buckets of it, buckets of our money, seem to be ending up in some very conspicuous pockets. Just look at the names of so called professionals that, on the Gold Coast alone, have moved around like a game of musical chairs from MFS to Equititrust and now have their hooks into LM. Names like Kennedy, Tucker, Whyte, Banton etc all seem to be getting rich off unit holder misery. 

There is a very disconcerting pattern to all of this and it always has the same ending, the money just seems to evaporate... Got to watch the properties too, I hope someone is keeping an eye on them, once they end up in overseas companies it starts to whiff a bit. Didn't Kennedy work a lot in HK? How many Equiirust asetts ended up over there? Then there is this http://northside-chronicle.whereilive.com.au/news/story/council-clears-tucker/ showing that director Tucker doesn't mind a bit of property wheeling and dealing. Maybe it's nothing but the more you look at it, and not just Equititrust, the more suspicions it all is.

NoTrust is spot on, you can't trust any of them and the idea that McIvor acted alone is just nieve. Let's hope that upcoming court action exposes the rest of this dirty gang and that we may finally get some of OUR money back before we get sucked dry.


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## No Trust (3 September 2013)

Lets get McIvor in front of the court, an *arrest warrant seems likely *as he has thumbed his nose at everyone and provided no documentation...

The *police* raided his *office* and *home* before, an *arrest warrant *is simple if McIvor is in contempt of court. And to think he is still a solicitor and officer of the court... Maybe not for too long... 

Its all crumbling down..............................................................................


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## No Trust (4 September 2013)

Today's Gold Coast Bulletin Page 21 Business more coverage of what McIvor did to his poor elderly mother (also his former partner in nefarious activities over the years)... Her home is to now be auctioned all because of McIvor...

If he can treat his mother in this despicable manner all under the cover of darkness, what chance did any of the innocent elderly retiree investors have...

Disgusting behaviour, on McIvor's part yet given her prior ambivalence to her sons nefarious activities which directly benefitted her, its Karmic that she's now on the street. Both her and her sons behaviour put others on the street and yet they thought it would never come home to roost...


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## No Trust (6 September 2013)

*McIvor's Hit another Low*

Gold Coast Bulletin Story: 

 McIvors Mother Set To Lose Home

http://www.goldcoast.com.au/article/2013/09/04/457468_gold-coast-business.html

Both Mother and son forced others out of their homes... These are grave sins which didn't go unpunished...

Maybe time to pitch some tents soon...


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## No Trust (6 September 2013)

*Today Gold Coast Bulletin*

Gold Coast Bulletin

Page 59 Business 

Bizzy Bits

Loser of the week

Janice McIvor

"A victim of blind faith in her son, Mark McIvor, the bankrupt founder of the failed Equititrust merchant bank, Janice McIvor is set to lose her family home at Currumbin, with receivers to auction the property later this month. Mrs McIvor was forced out of the home by a bank over a $9.5 million debt, despite a court finding her son had used ‘‘undue influence’’ to get his elderly mother to sign up for massive mortgages to help his business."


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## No Trust (6 September 2013)

Wait for more media attention and revelations in the coming weeks... Mark's world is heading towards the precipice...

Bullying people and tormenting old people and throwing them out of their homes has come home to roost... His business career is over forever and the revelations from the public examinations are yet to be revealed... 

Bye bye Marky Boy


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## No Trust (6 September 2013)

*ARREST MCIVOR*

THE LIQUIDATOR MUST MAKE APPLICATION TO THE SUPREME COURT TO HAVE MCIVOR ARRESTED as they have outlined in their latest report... He has thumbed his nose at the authorities and now the court... ASIC needs to make an example of him... The money lost by innocent elderly investors was not a small sum... 

For those who want McIvor arrested please voice your support by emailing the liquidator, the media, ASIC and your Federal Member after the election or voice your opinion on this thread. SOMETHING HAS TO BREAK and force this idiot to fulfil his statutory duties... HE CANNOT BE ALLOWED TO ESCAPE JUSTICE...


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## nordrum (6 September 2013)

*Justice for ALL*

Justice for Equititrust investors is long overdue. Could ti be more than coincidence that the longer justice is denied the more money DAVID TUCKER, DAVID WHYTE and others suck from OUR remaining value?

I now believe Mark McIvor deserves all the justice coming his way but the idea that he acted alone just doesn't stack up. When you look a bit more closely and see the pattern, just for starters, in what happened to MFS, Equititrust and now LM you quickly realise that DAVID TUCKER, DAVID KENNEDY, DAVID ANDRESON, DAVID WHYTE, AMANDA BANTON, all have very serious explaining to do. Got to remember that Mark can't even hang onto the family home... where do we now need to look for the missing millions?!

It would be convenient for a few if Mark gets used as scapegoats but it won't help suffering investors. What can you expect to squeeze from a bankrupt? Us investors need to look at ALL the people involved and, s the saying goes, FOLLOW THE MONEY.


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## nordrum (6 September 2013)

I think NoTrust's 1500+ posts of targeting McIvor as the sole culprit in the piece is pretty narrow and very, very obviously based on personal attack. Sure McIvor needs to be held to scrutiny but so do ALL the directors, executives and anyone else who has been making a profit on our misery.

DAVID TUCKER of TUCKER and COWEN took plenty of money in fees as a long serving director of this disaster and now that that ride has come to an end he is pulling even ore out, just like DAVID WHYTE of BDO, in fee after fee after fee but investors have not seen ONE CENT!

DAVID KENNEDY and DAVID ANDERSON were at MFS when that went belly up then arrived at Equititrust just in time to see that fund get into strife? Surely that deserves closer scrutiny?

I just worry that by focusing solely on McIvor investors are being lead up a dry gully, we need to FOLLOW THE MONEY!


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## nordrum (6 September 2013)

*Re: McIvor's Hit another Low*



No Trust said:


> Gold Coast Bulletin Story:
> 
> McIvors Mother Set To Lose Home
> 
> ...




Good to see some of the McIvor pigeons coming home to roost but you have to ask, if they can't even hang on to the family home where did the millions go?

As many of the investors I still commiserate with say, the only people doing well out of it seem to be David Whyte & David Tucker, who have managed to suck millions in fees and charges out of the fund for doing god knows what, nothing that has put any money in our accounts, that's for sure. Our unit value keeps going down and down and down while David Tucker and David Whyte keep racking up huge fees.. Then you have David Kennedy and David Anderson, the ex MFS execs who seem to have the unfortunate distinction of leaving a trail of destruction and investor devistation behind them! It just doesn't add up.


If us investors are going to get anything back at all we better start looking beyond McIvor and looking at who else was involved. Maybe they should be losing their houses too!!!

I think us Equititrust investors should get together with LM and MFS investors to check this out. It makes you wonder what other funds have been paying these same people millions in fees and getting the big fat donut in return?


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## No Trust (7 September 2013)

It starts and ends with McIvor, he controlled everything and was the sole shareholder... A closer look should be concentrated on his dealings with "King Con" where most of the money disappeared... McIvor led innocent elderly investors up a very very dry gully...

Are my posts personal, yes you bet they are , because McIvor is personally responsible... The others are just feeding on the  carcass...




nordrum said:


> I think NoTrust's 1500+ posts of targeting McIvor as the sole culprit in the piece is pretty narrow and very, very obviously based on personal attack. Sure McIvor needs to be held to scrutiny but so do ALL the directors, executives and anyone else who has been making a profit on our misery.
> 
> DAVID TUCKER of TUCKER and COWEN took plenty of money in fees as a long serving director of this disaster and now that that ride has come to an end he is pulling even ore out, just like DAVID WHYTE of BDO, in fee after fee after fee but investors have not seen ONE CENT!
> 
> ...


----------



## nordrum (7 September 2013)

No Trust said:


> It starts and ends with McIvor, he controlled everything and was the sole shareholder... ...




What a very strange comment. There is no possible way NoTrust can know this with certainty. There were many directors and execs at Equititrust who pocketed millions, millions and million of OUR MONEY while working with McIVOR who walked away and now, like DAVID TUCKER, DAVID KENNEDY are to be found popping up or having been involved in similar debacles such as MFS and now LM. Why would you not want to thoroughly investigate their possible involvement?

There is not one good reason or a single benefit to investors to be had from totally ignoring people like TUCKER, KENNEDY, ANDERSON, and what role they may have played in the huge losses to investors. Why not have a full investigation? Isn't that in UNIT HOLDERS, BEST INTERESTS?

I can't understand why NoTrust wouldn't want the people who seem to be the only ones getting any money out of this disaster, MANY OF WHO WERE DIRECTORS AND TOP LEVEL EXECUTIVES AT EQUITITRUST to be completely ignored and the focus put solely on a bankrupt from who it will be very difficult for investors to get money from? 

From an investor's perspective NoTrust's passionate determination to ignore THE ENTIRE EQUITITRUST BOARD AND EXECUTIVE and to ensure NO ONE BUT THE BANKRUPT MCIVOR gets even so much as thought of, let alone looked at, for their role DOESN'T STACK UP..

If NjoTrust really is a fellow unit holder why wouldn't they want to look everywhere to try and recoup unit holder money?

Looking back through this whole thread makes me think there could be more than a small amount of  'Look over there' going on. Focusing only on MCIVOR and ignoring DAVID TUCKER, DAVID KENNEDY, DAVID ANDERSON and the rest of the Equititrust board and management does ABSOLUTELY NOTHING for the real victims, us unit holders. Why would any unit holder suggest it?

Who would stand to benefit if no one but MCIVOR is investigated for their contribution to the disaster??? Not us unit holders that is for sure.


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## No Trust (8 September 2013)

The reality is that Tucker, Kennedy etc are all named as people to be Publicly Examined... I'm all for that and if they find something *well and good *they should be held to account. The sad reality is, that *McIvor did the deals *and *side deals *with the borrowers, this was acknowledged by ASIC when McIvor tried to change terms with defaulting borrowers to the *detriment of unit holders*. 

To implicate David Whyte, who was independently appointed by the Supreme Court is not only clutching at straw its ridiculous, the fact that David Whyte from BDO was again appointed independently by the Supreme Court to LM with the consent of ASIC is due to his experience and expertise handling the Equititrust disaster.

Conspiracy theories may be soothing but are not realistic, McIvor stuffed this whole thing up and the buck stops with him that's the reality...

*I'm all for the directors being investigated *and even McIvor's wife *"Racy Stacie"* and my posts are consistent with that so lets not put words into my mouth that aren't there...

Its all well and good to demand an investigation however *who will pay for it *? In the end the unit holders will pay, no one else, so *lets get realistic*...

*ASIC Statement - David Whyte BDO *

Reasons for appointment:

http://www.4-traders.com/news/ASIC-...mmi--Receiver-appointed-to-LM-fund--17178100/



nordrum said:


> What a very strange comment. There is no possible way NoTrust can know this with certainty. There were many directors and execs at Equititrust who pocketed millions, millions and million of OUR MONEY while working with McIVOR who walked away and now, like DAVID TUCKER, DAVID KENNEDY are to be found popping up or having been involved in similar debacles such as MFS and now LM. Why would you not want to thoroughly investigate their possible involvement?
> 
> There is not one good reason or a single benefit to investors to be had from totally ignoring people like TUCKER, KENNEDY, ANDERSON, and what role they may have played in the huge losses to investors. Why not have a full investigation? Isn't that in UNIT HOLDERS, BEST INTERESTS?
> 
> ...




- - - Updated - - -


----------



## nordrum (8 September 2013)

The sad reality is that NoTrust has been on a one thousand five hundred plus post crusade to create a reality that exists only in one persons mind. That being that *McIvor *is alone in responsibility for the disaster and that the board and execs, *DAVID TUCKER, DAVID ANDERSON, DAVID KENNEDY* etc, who had been paid *MILLIONS *have no responsibility for their parts, at all, If you listen to NoTrust you would believe that CEOs, CFOs, directors and other company officers have no part at all in running their company! I think you will find that is complete rubbish.

The reality is that *DAVID TUCKER* helped appoint and made submissions to the court to get *DAVID WHYTE* to his current role and in that role *DAVID WHYTE* has engaged *DAVID TUCKER* of *TUCKER & COWEN* to act for and together they have billed absolute bucketfuls of dough to the fund and us *unit holders have not received a single cent.*

The reality is that *DAVID KENNEDY* and *DAVID ANDERSON* were both at *MFS *during that demise and that a very similar fete befell Equititrust not long after they were appointed.

The reality is that despite what NoTrust claims in his/her previous post he/she has put in an incredible effort to try and deflect any attention away from BOARD MEMBERS and SENIOR EXECS in terms of THEIR RESPONSIBILITY and there are 1500+ posts in this very thread that are the evidence that proves the point, so lets at least be realistic about that!

The reality is that if NoTrust _really _is a fellow unit holder he/she would know that we are already getting zero return and that any money left is being rapidly hoovered up by, you guessed it _*DAVID TUCKER of TUCKER*_ & *COWEN* and *DAVID WHYTE* so the excuse that unit holders can't afford to see what extent former board members including *DAVID TUCKER* and EXECS *KENNEDY*, *ANDERSON *etc are responsible is specious. There is money there, it is just going in different directions and that sure isn't to us investors!!!

The reality is that UNIT HOLDERS' INTERESTS will be best served by discovering and holding to account EVERYONE who was responsible for the decimation of our savings.

The reality is that even suggesting this seems to make NoTrust uncomfortable. WHY?


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## No Trust (13 September 2013)

Conspiracy Theories Abound...

- - - Updated - - -

If you had actually* read any of my posts *over the many years this thread has been running, you will see how *idiotic* your comments are...

I have strongly advocated  the pursuit of all of those you have mentioned including *David Tucker*... The sad fact is though that the buck stops with McIvor, it’s as simple as that... He did the deals and side deals with the borrowers, it’s been documented in a *Supreme Court Judgement*...

I wish you all the very best in your pursuit of an investigation into your *conspiracy theories*.  But let’s get real now and answer the following questions:

*1. Who will conduct the investigation ? You ?

2. Who will fund the investigation ? 

3. What role do propose ASIC playing in all this as they appointed David Whyte. Do you envisage ASIC removing David Whyte as Receiver of the funds based on your conspiracy theories ???

4. What evidence do you have about David Whyte in this conspiracy theory of yours ?*

I don't really give a damn about the others *including Tucker *but to allege anything untoward about David Whyte , who ASIC appointed independently *is absolutely idiotic*... You have the thread here to present your evidence and unless you can do so, all you have is nothing but a *conspiracy theory*...

If there are to be Public Examinations I again wholeheartedly endorse a thorough investigation of the former directors and senior executives...  

In terms of *who ran the company and from when *you will see that your assertion is *Complete and Utter Rubbish *as McIvor made all the loans before the stooges were brought in... Do some homework before making statements that you *clearly cannot back up with facts*...


----------



## No Trust (13 September 2013)

On a *more positive note *its good to see the thread about to hit *380,000 *views...


Its also good to see Marky Boy *still avidly reading the thread *and reminiscing on the *lives he has ruined*...

Lets hope the Liquidator follows through and we see the white haired ghost who walks *arrested *and in handcuffs in the Supreme Court...


----------



## nordrum (13 September 2013)

Well, that is quite an outburst. I apologise for touching a nerve but I'm still at somewhat of a loss as to what motivates *NoTrust's* obvious personal vendetta against Mark McIvor given that NoTrust is unlikely to be an investor and, more curiously,  has again demonstrated a *dedication to diverting any attention away from directors and executives. How does this help unit holders?*

Quite ironic that NoTrust speaks of conspiracy theories at the mere suggestion that we should look at *DAVID TUCKER of TUCKER COWEN*, the ex director who made submissions to the Supreme Court that helped get* DAVID WHYTE of BDO* appointed as receiver who is now using fund money to pay *DAVID TUCKER of TUCKER COWEN* to do God knows what. Not get any money back to unit holders that is for sure. I find it more than a little strange that the same two, *DAVID TUCKER* and *DAVID WHYTE* are involved in the same way at another distressed fund, LM.

NoTrust demands answers to his/her questions but it is a standard that he/she doesn't think applies to him/her. Seriously, how in the hell can NoTrust be certain that it 'starts and ends with McIvor'? What proof is offered that former *MFS *execs *DAVID KENNEDY* and *DAVID ANDERSON* have nothing to answer for, or *DAVID TUCKER of TUCKER COWEN* or any other of the board and exec team? Of course the answer is that *NoTrust can't be sure at all*, so who stands to gain from constantly repeating the assertion? Again, not us unit holders.

The dissembling attempt to dissuade any interest in *DAVID TUCKER of TUCKER COWEN, DAVID WHYTE of BDO, DAVID KENNEDY, DAVID ANDERSON* and others on the grounds that there is no personnel or money to conduct such enquiries is of course specious.

Really all of this argument from NoTrust looks like it is just obfuscating sound and fury, in reality it comes down to common sense. The idea that none of the board or senior executives, lawyers, accountants, auditors etc who were pulling down* MILLIONS AND MILLIONS *in fees and salaries have any case to answer for what happened to us at Equititrust is *arrant nonsense.
*
Frankly I'm a little concerned at how much effort and vitriol NoTrust has expended trying to breath life into the unsubstantiated fantasy that 'it starts and ends with McIvor'. *Who stands to benefit from this canard?
*


----------



## Goldie101 (13 September 2013)

What a bizarre rant by Nordrum.

I thought that I had retired from posting on this site but when someone posts comments as silly and as uninformed as Nordrums, I had no choice but to drag myself out a retirement.  I didn’t think I’d see the day that I agreed with No Trust on this site but I do.

Maybe Nordrum had a bad experience with someone named David in the past so he now has a vendetta against all Davids.

How could any rational person implicate David Whyte in the collapse of Equititrust?  He was independently appointed by the Court.  Trying to blame David Whyte is like blaming a funeral director for the death of his customer because he is getting paid to deal with the deceased.  Does he think David Whyte should do the job for free?  

Nordrum says Whyte should be investigated because he is using Tucker as his legal advisor.  I don't know where he gets this from but that’s not what it shows on the Equititrust website – it shows Whyte is using Gadens in Brisbane as his advisor.  If you look at the fee application this is clear.  Even if he was using Tucker and Cowen this would not necessarily be an issue.

I agree that the other Davids, Tucker, Kennedy and Anderson should be investigated but I suspect this would be an ordinary part of the role of the Liquidator/Receiver/ASIC.  Having spent many years on the Gold Coast it is my understanding that all three have a lot of experience as insolvency practitioners on the Gold Coast (either as Lawyers or Accountants) so it is hardly surprising to me that they pop up on two of the Gold Coast’s biggest insolvencies over a 4 year period.  Their involvement alone does not constitute guilt.  By all means investigate them.

Nordrum makes some claims that I suggest he has made up.  He says Tucker, Anderson and Kennedy were paid millions by Equititrust.  Where does he get this number from?  I would be gobsmacked if they were paid anything like this knowing how much business people get paid on the Gold Coast.  He also says there were “many Directors and Execs at Equititrust who pocketed millions”.  Who were they and how does he know this?  It certainly doesn’t stack up with the fund accounts I have seen or the people I have spoken to.

Nordum says that Kennedy and Anderson arrived at Equititrust “just in time to see that fund get in strife”.  How does this make any sense given they appear to have arrived at Equititrust in 2010 yet the funds were frozen in 2008 and banks were demanding their money back in 2008, some two years prior.

Nordum says Tucker was “a long serving director” yet he was only a director for a year – hardly what one would normally describe as long serving.

For good measure Nordrum even seems to have a go at Amanda Banton of Piper Alderman – how does this make any sense?  Is he saying she is somehow responsible for the demise of Equititrust?  A review of the various reports, website material etc shows she only came into the picture in 2011 after interest payments were suspended. So what if she is working on LM?  A doctor works on sick people – it doesn’t mean he caused them to be sick.

I think it is right to investigate anyone who has held significant positions in a company that collapses.  That alone doesn’t mean they are responsible nor does it mean there is any wrong-doing on their part.  It just makes sense.

As I think I have said before, from what I have seen and from what I am told, the main cause of the collapse of Equititrust seems fairly obvious - it borrowed too much money, lent it to bad quality borrowers based on questionable valuations and they didn’t move fast enough to call in the loans when things went wrong.  All of these decisions were made solely by McIvor long before any of the “Devious Davids” had anything to do with Equititrust.  In the circumstances it seems sensible to me to have the main focus on McIvor without completely ignoring others involved.

Finally, I note that Mcivor is the one that has been uncooperative according to the various Receivers and Liquidators reports.  It is his house that was raided by police.  I have seen no such allegations about the other directors/execs.  In these circumstances why wouldn't McIvor be the primary target?

Obviously No trust has his own reasons for targeting McIvor so vehemently.  I don't think many investors would object to this.  There may have been other crew on board but McIvor was clearly the one flying the plane.


----------



## No Trust (13 September 2013)

I too would never have thought I would agree with Goldie10. But *his post and reasoning *regarding Nordrum's idiotic comments is *spot on*...

McIvor solely created this *unmitigated disaster* by doing deals with the likes of "*King Con*" and varying mortgage terms with defaulting borrowers against the advice of former directors, this is well documented in a Supreme Court Judgment...

Before anyone is investigated the "*sole shareholder*" of Equititrust - McIvor *needs to be investigated*. Why is he avoiding the Public Examination and refuses to provide documents ??? Its because he has something *big to hide *and sitting in the witness box is well........ a bit too much for him to handle ... Its *quite disgusting *that an officer of the court by virtue of his profession as a solicitor is allowed to conduct himself in this manner and *thumb his nose at receivers and liquidators *for disaster of epic proportions that he created...

McIvor has *ruined many many lives *including that of investors and other people who he thought he could bully... Karma has taken the *money* and "*dirt*" as he would call it all away from him, however this is not the final act in terms of his spiral into the abyss... His *impending arrest *and *forced appearance in front of the court *and media will unravel much much more leading to his final downfall...


----------



## No Trust (13 September 2013)

*Smoke and Mirrors*

Well its seems *smoke and mirrors *have always been McIvor's modus operandi, *posting under assumed names *on this site then tracked back to Equititrust computers..

http://www.couriermail.com.au/busin...-words-escalates/story-e6freqmx-1226013111852


Nordrum is diverting the attention from McIvor onto *other people *which when you look at Nordrum's first post on this thread *it all makes sense*...

*23 November 2012* Post # *2902*

_I worked at Equititrust and it has been a while since I visited this site. I am so disgusted by what I read. This isn't for investors this site is for sickos.

Finally, someone disclosed that Wayne McIvor is "No Trust". Not that it had to be written, it is so obvious (and the try hard cover up....ha!). It is a sad indictment on human nature that Wayne, who bled his brother for decades, turns on him when he is no longer able to support his lifestyle. Isn't it amazing that his hatred for Mark wasn't disclosed whilst the cheque book was open. He was happy to take employment, houses, holidays and spending money from Mark. To live a lifestyle he could never support himself. And this is the Wayne McIvor who never supported his only child.YesWayne like we didn't know. Now he wishes to write about responsibility. It is sickening. Give up the drink Wayne (and maybe the late night posts will follow).

The McIvor family should be shamed. Mark supported his Mother, Father, sister and brother in a way that I always thought was stupid (most of us did). Janene prancing around the office having her children's school fees paid, cars brought, air fares paid. Looking down on us employees. A mother, Janice McIvor, that never showed one inch of support to her son but was happy to have unlimited funds available to her, credit card bills that would buy a small country. Sent directly to our in trays. You never wanted to answer the phone when she wanted more. Pretending in court that she didn't know what she was doing. She is the most cunnig woman you could wish to meet. She was never a mother to Mark, she is an old lady who threw her son under a bus.

Mark is not a saint but he was always very good to me. He doesn't deserve this. Who needs enemies when you have this bunch for family (if you can call it that). *God bless you mate*. _"


*Interesting reading*, from someone who admits they *worked at Equititrust *and was an investor. Someone who hates Amanda Banton, David Tucker, David Kennedy, David Whyte and even Janice McIvor, McIvor's  Mother ...........................................................

The devil's greatest trick is to persuade you he doesn't exist...


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## nordrum (14 September 2013)

Seems the idea that anyone other than McIvor having anything to do with the Equititrust disaster brings out the crazy in the resident conspiracy theorist!

No matter how hysterically or how often NoTrust tries to mount a defense for the actions of* DAVID TUCKER of TUCKER COWEN, ex MFS BOYS DAVID KENNEDY and DAVID ANDERSON and BDO's DAVID WHYTE *with all manner of ad hominem, false equivalency and half truth verbiage the fact remains:

These are ALL people who were/are paid MILLIONS to LOOK AFTER UNIT HOLDERS MONEY and one way or another THEY ARE/WERE GETTING THE MONEY WHILE WE GET THE DONUT!

Obviously only a mad person would bother looking at whether any money can be redirected from that lot to us unit holders. Especially considering the wonderful job they all did looking after us!


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## No Trust (14 September 2013)

Marky Boy, *I will address you directly*, the delusional finger pointing at those who you appointed after you made the loans *will not save you*... You made the bad loans in dealing with "King Con" etc etc and ruined investor's lives... In line with a psychopathic nature you will never take responsibility yourself... What do you want sympathy, change public opinion about you, *don't see anyone lining up to defend what you did*...

For those *who know you well*, the language used in your posts *gave you up*... "Dry Gully".  

To say that I have defended David Tucker (_your former bestie, who ultimately saw who you really are_) and the MFS fools you appointed is a joke. People aren't stupid and can read my posts over the last *3 years*. You *cant change history *with a couple of idiotic posts trying to be someone concerned for investors when in fact your actually *concerned about yourself*. Too much spare time on your hands lately mate...

In terms of David Whyte, I have and will continue to defend him as he is *doing a marvellous job cleaning up your mess.* The fact that he is dealing with you in an appropriate manner is also *very very satisfying*... Hope you* never *see a dollar of that super money you so desperately want.

Thanks for your contribution, I will let you get back to sucking your thumb in the foetal position in a dark cupboard whilst reminiscing on your *stellar life achievements *in ruining the lives of innocent elderly Australians...

"The devil's greatest trick is to persuade you he doesn't exist"...



nordrum said:


> Seems the idea that anyone other than McIvor having anything to do with the Equititrust disaster brings out the crazy in the resident conspiracy theorist!
> 
> No matter how hysterically or how often NoTrust tries to mount a defense for the actions of* DAVID TUCKER of TUCKER COWEN, ex MFS BOYS DAVID KENNEDY and DAVID ANDERSON and BDO's DAVID WHYTE *with all manner of ad hominem, false equivalency and half truth verbiage the fact remains:
> 
> ...


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## No Trust (15 September 2013)

*Nordrum -  A Strange Animal That Has Come Down To Drink*

*Nordrum -  A Strange Animal That Has Come Down To Drink*

_"In a submission to the Senate’s inquiry into the post-GFC banking sector in July, McIver catalogued a “*concatenation of events*” that led to the demise of Equititrust, which included the *“arrogant unconscionability *of the major banks, the systemic incompetence of the regulatory system, the routine breach of fiduciary duties and professional codes by large insolvency and law firms acting as bank ‘enforcers’ and the greed and moral turpitude at large in Australia businesses”._

http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN

*Legal ease*

McIvor, fortunately, used some language in his submission that would be *easily understood by any solicitor armed with a thesaurus. *

http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html

Read Nordrum"s posts and a theme of a solicitor armed with a thesaurus emerges...  

*Yesterday 11.04am*

" with all manner of *ad hominem*, *false equivalency *and *half truth verbiage *"


*13 Sept 2013*

"*obfuscating* sound and fury"

"benefit from this *canard*?"


*8 Sept 2013 *

"are responsible is *specious*"

Its hilarious... McIvor's old spiritual mentor David Dornan(_who was his priest and confessor_) would often say that McIvor had a major character fault in that *he thought *he was intelligently superior to everyone else and this would one day be his downfall...

*Abusing a thesaurus *doesn't make you intelligent as the Sydney Morning Herald outlines above nor does losing hundreds of millions of dollars of innocent retiree investor's money and then trying to blame everyone else but himself... This is *not intelligence *this is a psychotic delusion that all the directors of Equititrust witnessed and resigned... Even his old mate *David Jackson QC *"Jacko" could see he had *lost the plot*.

"*THE email landed like a hand grenade in a living room*.  

"_To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were *stunned by the threat*. It prompted McIvor's long-time friend, *David Jackson QC*, *to resign as a director *and then-chief executive David Kennedy to respond by email that day_."


http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609


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## word75 (15 September 2013)

nordrum said:


> Well, that is quite an outburst. I apologise for touching a nerve but I'm still at somewhat of a loss as to what motivates *NoTrust's* obvious personal vendetta against Mark McIvor given that NoTrust is unlikely to be an investor and, more curiously,  has again demonstrated a *dedication to diverting any attention away from directors and executives. How does this help unit holders?*
> 
> Quite ironic that NoTrust speaks of conspiracy theories at the mere suggestion that we should look at *DAVID TUCKER of TUCKER COWEN*, the ex director who made submissions to the Supreme Court that helped get* DAVID WHYTE of BDO* appointed as receiver who is now using fund money to pay *DAVID TUCKER of TUCKER COWEN* to do God knows what. Not get any money back to unit holders that is for sure. I find it more than a little strange that the same two, *DAVID TUCKER* and *DAVID WHYTE* are involved in the same way at another distressed fund, LM.
> 
> ...





Who amongst us really gives a rats ring what motivates No Trust though if you have read all the posts it's pretty clear he (lets say he) wants to see justice metered out to Conivor. Tell me who doesn't?  There are some contributors to this forum who appear to have better intel than others maybe even whistleblowers, who knows but one thing for sure, if you have had any personal dealings with Conivor The Master of Disaster, The Crown Prince of Averice and his Wicked Wench Wacy Stacey then you know WHEN A FISH STINKS, IT STINKS FROM THE HEAD DOWN. 

Mcivor is an evil narcissistic sociopath who ruled his kingdom as a true autocrat. as for the  Kenedy's and Tucker's and the other bit players to this tragedy they all get a credit and should all be brought to book along with the master shonk but sadly they won't  because once everything is sold, the remaining pennies distributed and the carcass that was Equititrust is finally buried there will be not appetite to pursue these scoundrels because quite honestly....there's no money in it and after all thats all it's ever been about


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## Goldie101 (15 September 2013)

I had lunch today with several GC business people, one of whom worked at Equititrust for a long time.   I don’t know this person well but have met them once or twice in the past.

They said they read ASF from time to time but hadn’t for a while.  They also had some interesting comments when I showed them Nordrum’s recent posts on my phone:

-	says Nordrum’s posts appear to have “McIvor’s DNA all over them”.
-       says they are not aware of any employee being paid millions and understood that the highest paid earned about $250-$300k per year.
-	Kennedy and McIvor were once close but had a major falling out over the calling in of bad loans – particularly Quinliven and a few others (some of whom McIvor was mates with) – McIvor didn’t want to, Kennedy said they had to and defied McIvor by pursuing them – McIvor threatened to sue Kennedy and the other Directors for doing so.
-	During 2011 McIvor and Kennedy used to have regular shouting matches in the office  – only stopped when Kennedy locked McIvor out of the Equititrust office.  McIvor then moved to ground floor and worked from there as he owned the building.
-	says criticism of board and execs is ill-informed and unfair – this disaster was created by McIvor – the board and execs had to work against McIvor to try to protect investor interests – says they have little doubt the Receivers and ASIC will vindicate directors/execs role in the demise of Equititrust.
-	it was several of the board and execs who supported the appointment of Whyte as Receiver to ensure that McIvor did not get back in control after he tried to use his position as sole shareholder to regain control – not a conspiracy as Nordrum would have us believe.
-	The board (Goddard/Tucker/Treasure/Kennedy) that has been criticised so much on ASF (and elsewhere) was in office for about a year – in that time they brought $200m in bad debt provisions to account, booted out McIvor (and his wife), cut significant staff numbers/overheads, called in all o/s loans, waived the management fee for the year and almost fully repaid banks - not bad, if true.  
-	says when Whyte was appointed McIvor started to threaten him but Whyte would have none of it.

Said a few other things I cannot remember now but which may come to me in time.

Interesting observation by someone else at the lunch.  When spelt backwards, Nordrum spells Murdron.  Murdron was a Transformers character who was a leader of the faction that thinks they are the most powerful but driven by a desire to protect their homeworld, even if it is at the expense of others.  He sees himself as a hero.  Coincidence?????


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## No Trust (15 September 2013)

Interestingly enough, people who were close to McIvor who have read the Nordrum posts *also agree* that it has McIvor's DNA all over it...

The comments by the former employee are *spot on* especially the bit about McIvor threatening David Whyte. David Whyte being the penultimate professional handled McIvor well, much to McIvor's disdain as he was powerless to bully Whyte... For a *psychopathic control freak* known to lash out at much weaker people this was too much to bare...

The Supreme Court Judgement documents McIvor threatening Equititrust employees, the modus operadi was simple in McIvor's mind, bludgeon people into submission with *no thoughts* whatsoever on the innocent people's lives he was trying to ruin as long as his and his wife's insatiable greed was satisfied...

There are people who will not rest until he comes to justice...

In terms of being a *Murdron Transformer* the only thing McIvor has in common with Murdron is that it is a *Decepticon Character* just like him...









Goldie101 said:


> I had lunch today with several GC business people, one of whom worked at Equititrust for a long time.   I don’t know this person well but have met them once or twice in the past.
> 
> They said they read ASF from time to time but hadn’t for a while.  They also had some interesting comments when I showed them Nordrum’s recent posts on my phone:
> 
> ...


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## No Trust (16 September 2013)

*Decepticon of all Decepticon's*

The ever Transforming McIvor has mutated from Buffettman to Ozab and now, to wait for it.... Nordrum or Murdron when spelt backwards.... A transformer from the wait for it *Decepticon* Family...

http://www.couriermail.com.au/busin...-words-escalates/story-e6freqmx-1226013111852


*WHAT'S NEXT ???*


Which ever way you look at it the *Decepticon McIvor* is living true to his species character in peddling deceit and losing people's money on a guy called "King Con"...


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## No Trust (16 September 2013)

*Decepticon Strikes Again*

Looks like the *Decepticon* has been at it on the LM thread as well.

*Post #984*

https://www.aussiestockforums.com/forums/showthread.php?t=24697&page=50&p=794200#post794200

Please also refer to my *Post #987*


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## nordrum (16 September 2013)

Well, it seems that the fairly basic premise that a board of directors and senior executives carry some of the responsibility for the failure of a company has exercised a few anxieties around here!

To say there was a hint of desperation in some of the responses to the idea is putting it mildly, more like a cacophony of breathless hysteria. The skills of the campus debating society were on full display.

We were treated to one of the poorest examples of appeal to authority that I have ever seen, confirmation by DNA from a gossiping gaggle of esteemed "Gold Coast businessmen" (who wouldn't trust a mother's club meeting of anonymous Gold Coast businessman?) that I was in fact Mark Mcivor (came as something of a surprise to me!): a ham fisted variation on the shoot the messenger chestnut. We saw the, now to be be expected, false equivalency, an exceptionally generous helping of blarney and finished up with the troublingly bizarre assertion that if you played my name backwards it proved that I was really the devil and have a bunch of aliens planning an attack on the earth.

I honestly don't know whether this is funny, sad or simply pathetic. What next? I will no doubt be accused of believing the earth revolves around the sun and that man actually did land on the Moon! Talk about conspiracy theories.

It would be easy to have a good old laugh at the goings on in this thread if it wasn't for the fact that the humour comes at the expense of the 1400 odd investors who are being taken for mugs. It is now blatantly obvious that there are a handful of vested interests whose self-interest would be served well if the investigation into the Equititrust disaster "started and finished with" Mark Mcivor. One can only wonder what they may be trying to hide.

Let's just remind ourselves of a few facts shall we:


*DAVID TUCKER of TUCKER COWEN* was a director of Equititrust *AND *it's primary legal adviser *OF LONG STANDING, AND* a friend of McIvor's
*DAVID TUCKER of TUCKER COWEN* made a submission to the supreme court that helped to get colleague *DAVID WHYTE of BDO* appointed in his role as receiver.
*DAVID WHYTE* now sees no problem with continuing to use *DAVID TUCKER* who as a consequence is still receiving fund money despite his contribution, if any, to its collapse not being comprehensively understood.
*DAVID TUCKER *has received *AT LEAST 1.5 MILLION* through his association with Equititrust.
*DAVID WHYTE'S *projections of unit value continue their one way decline in what seems an inverse relationship to his fees.
Ex *MFS *execs *DAVID KENNEDY and DAVID ANDERSON* were copping 250K plus each for their efforts. Efforts that apparently did not amount to very much.
These four alone have taken *MILLIONS *from the fund but according to a small few here none of them have *ANY RESPONSIBILITY WHATSOEVER* for what happened. Indeed, it is not even worth looking at!
*DAVID KENNEDY *had *MARK MCIVOR* locked out of the office but somehow, apparently, still bears no responsibility for what happened.
Maybe these guys didn't do anything at all, maybe doing nothing at all contributed to the problem. Maybe they should have been doing something. Maybe they were being paid to do something. *SOMETHING LIKE PROTECT UNIT HOLDER'S INTERESTS!*
Unit holders *HAVEN'T RECEIVED 1 CENT, MciVOR IS A BANKRUPT* and we are not supposed to be interested in *WHERE THE MONEY WENT!!*!


This is just for starters. As for who decided which assets went where, to who, why and when, Which entities have been buying up debt and controlling sale of fund assets to who and for how much... Well maybe, just maybe, it is a bit more complicated than the loan to Quinlivan. 

Maybe, just maybe, unit holders DESERVE to have someone as well as BANKRUPT McIVOR in the frame in terms of recovering some of our losses?

Who in their right mind would be so outraged at such a simple contention? Who indeed.


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## No Trust (16 September 2013)

*It's still the Decepticon*

Ok Decepticon... You said you worked at Equititrust, what was your position there ?  

*We all know its you *Marky Boy because there is no person who would ever defend you, not even your own mother...

You stuffed up Equititrust and lost the savings of innocent retiree investors *no one else*. Now when your arrested and not given computer privileges I'm sure your posts will stop, that is unless you give wifey Racy Stacy your password.

All your ex employees hate your guts, sick of the abuse, screaming and making secretaries cry... Who do do think gave you up ???

In terms of whether you are the Devil I think many agree *your worse*, with the devil at least the misery starts in hell, with you it starts on earth, investing money with you is tantamount hell on earth...

We all look forward to having you arrested and publicly examined...


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## No Trust (17 September 2013)

https://www.aussiestockforums.com/forums/showthread.php?t=24697&page=50

*Post #988* 

"Re: LM Investment Management - Lack of confidence
That Equitrust thread is such an interesting read. *Seems like Nordstrum is this McIvor chap.*

I dare Peter Drake to come into this forum. What, Peter, too afraid of us "sophisticated investors" who can afford those financial advisors... oh wait, no YOU paid them those handsome commissions, didn't you?"


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## No Trust (17 September 2013)

*McIvor's Scared*

With Public Examinations yet to commece McIvor is trying to deflect the fault on everyone except himself... *Deluded as usual* he thinks by posting absolute rubbish under the name Nordrum that the world will somehow forget that he is *solely to blame*... 

McIvor was in full control of Equititrust up until *30 June 2011*...

Here's the proof:

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_10_10_2011.pdf

The idiot made the bad loans to losers like "King Con" and then made matters worse by burying his head in the sand and extending loans that were *clearly in default*...  McIvor's actions in doing this is reprehensible and damning as the article in the Sydney Morning Herald details below:

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

To top it off he then hid $24 Million of Westpac loans from the board which were secured by Equititrust Assets to fund his private interests. Equititrust investors received no benefit...

http://www.smh.com.au/business/westpac-owed-millions-by-equititrust-20111106-1n1z4.html

"The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, according to Tucker's affidavit."


"In a blunt response to McIvor about his plans, Tucker allegedly provided advice that was, as he described it, "without pleasantry or platitude".

"You have made some bad loans. Those loans have been *mismanaged on your watch*. You should walk away from Equititrust - it is, as the board has resolved, all about collecting the loans for the investors and returning investor money. That is what the investors now expect," Tucker's email alleges."

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609

The gall of this loser to blame everyone else except himself is to be expected from a *delusional failure* like McIvor...

Justice is coming Marky Boy and its going to *extremely satisfying* watching you sqirm in the witness box...


----------



## No Trust (18 September 2013)

*This is What the Supreme court had to say about McIvor*

Despite McIvor's - Nordrum's *deluded rants *its clearly evident from the Supreme Court Judgement below that *McIvor was the one who destroyed Equititrust*. In his *mind altering state of delusion * McIvor wrote a novella called "Strange Animals Come Down to Drink" in which he attacked the *same individuals *including the media and accused one journalist from the Sydney Morning herald of being gay and accused the same journalist of *some sort of conspiracy *with a defaulting borrower who was suing him... Clearly stuff from a person who needs some form of *psychological* or *psychiatric* help...

So in terms of his current delusional rants we all just have to hope the meds kick in soon and hopefully before he is arrested and forcibly brought before the court... 

http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN


*Equititrust  Ltd*, Re [2011] QSC 353 (*23 November 2011*)

*Para[62]* The affidavit of Ms Gentles is a substantial document, and contains material which justified ASIC’s concern that *Mr McIvor may not deal with the assets of the EIF in the best interests of members*. The material relied upon by *ASIC that supported its concern in this regard *included documents that recorded the *concerns of the board of the company* in *September* and *October 2011 **about Mr McIvor’s conduct*. This included the then board’s view that Mr McIvor *“was responsible for making all of the current problem loans”. *

It also included claims that he had *demonstrated extremely poor judgment *in recent times (*evidenced by emails *attached to an affidavit filed in proceedings brought against the company by a borrower that had acquired a unit in the EIF and commenced proceedings to wind up the company). It included the directors’ view that Mr McIvor had continued to deal *on an unauthorised basis with some borrowers*. Mr McIvor was said to be in *ongoing conflict with the board *and *senior management *and to *have made a series of threats against staff*. 

[63] Exhibits to Ms Gentles’s affidavit provided evidence from a *former chairman, a former director and a former CEO *of the company about the exercise by Mr McIvor of his ability to change the company’s personnel and directors *without notice and without consultation*.

[64] *ASIC sought relief *in the proceedings that it brought against the company and submitted on that occasion that *such relief was appropriate *.



http://www.austlii.edu.au/cgi-bin/s.../353.html?stem=0&synonyms=0&query=Equititrust


----------



## Orks (18 September 2013)

Wirrina Cove resort and golf course in SA has finally sold after being on the market for 2 years, for an "undisclosed sum", which no doubt means a fair bit below the $3m asking price they slapped on it after it failed to sell for the first 18 months. After selling the surrounding vacant blocks for less than $100k each and the marina berths for bugger all I doubt David Whyte realised much more than $5-6m for the whole joint - Equititrust lent $34m on it from memory.....

http://www.adelaidenow.com.au/business/wirrina-cove-resort-in-nz-hands/story-fni6uma6-1226718271284


----------



## No Trust (18 September 2013)

Who will *Marky Boy - Nordrum *blame for this ??? He gambled innocent retiree investor's money on dogs with fleas like this... 

*WHAT AN IDIOT*...




Orks said:


> Wirrina Cove resort and golf course in SA has finally sold after being on the market for 2 years, for an "undisclosed sum", which no doubt means a fair bit below the $3m asking price they slapped on it after it failed to sell for the first 18 months. After selling the surrounding vacant blocks for less than $100k each and the marina berths for bugger all I doubt David Whyte realised much more than $5-6m for the whole joint - Equititrust lent $34m on it from memory.....
> 
> http://www.adelaidenow.com.au/business/wirrina-cove-resort-in-nz-hands/story-fni6uma6-1226718271284


----------



## nordrum (18 September 2013)

*Re: McIvor's Scared*

As macabrely interesting as NoTrust's posts are, and far be it for me to interrupt his obsession, it is *very important* that any *genuine unit holders* visiting this thread *understand the* *abject fallacy* of his most oft repeated claim (we can properly leave any discussion of the motivation behind it to medical and legal professionals)



No Trust said:


> McIvor is ... *solely to blame*...




Equititrust was a company constituted under the corporations act and according with statutory obligations had a board of directors and company office holders *ALL OF WHOM HAD RESPONSIBILITIES TO US UNIT HOLDERS.*

NoTrust has put in an astonishing effort to* create the impression that McIVOR alone is responsible* for the Equititrust disaster but this claim is *FACTUALLY and LOGICALLY IMPOSSIBLE and it's acceptance INJURES UNIT HOLDER'S INTERESTS.*

The path that lead to the decimation of unit value was pursued under the stewardship of, and thus *RESPONSIBILITY LIES WITH, the whole company*, but if, as NoTrust is fond of alleging, McIVOR was some kind of rogue maniac hell bent on destroying our (and apparently his own) wealth *THEN THE BOARD AND SENIOR EXECUTIVES ARE RESPONSIBLE BY THEIR INACTION*.

Either way, unit holders need to look beyond the *bankrupt McIVOR* and look at people such as *DAVID TUCKER of TUCKER COWEN, DAVID KENNEDY, DAVID ANDERSON and others for THEIR RESPONSIBILITY* in what occoured to ensure we get *MAXIMUM RECOVERY *of unit value.

No doubt there will be ample opportunity to discuss the realities of the path to disaster like why/which/and to who loans were made and why/how/which assets came to be disposed of - for peanuts - and no doubt NoTrust will be outraged by the truth I point out *BUT IT IS VITAL FOR ANY UNIT HOLDER LOOKING TO MAXIMISE OUR PITIFUL RETURNS* that we do not fall for *NoTrust's campaign to limit the exposure and responsibility of the board and senior execs* by settling for the fantasy that McIvor alone is responsible for what happened.


----------



## Goldie101 (18 September 2013)

I must say I am finding a new lease of life in this thread since Nordrum re-entered the scene.  It becomes almost impossible to ignore his self-serving posts that are littered with obvious falsities and contradictory statements.  One can only ponder what his motivation is.

At the risk of appearing to be No Trust’s new BFF I cannot comprehend where Nordrum is coming from.

He singles out for attack a handful of individuals (who coincidentally are the same individuals who brought about McIvor’s downfall accordingly to court documents/judgements/reports) but not those who were at Equititrust when all the bad loans were made or when the huge amount of money was borrowed from the banks.  

I don’t think anybody disputes that those involved in Equititrust need to be investigated as well as the circumstances surrounding the collapse.  I would expect that this is what the Liquidators/Receivers/ASIC are doing.  You don't have to read too many of No Trust’s posts to see that he has also pushed for this to happen (even though Nordrum would make you believe otherwise).  

From what I can see, those who Nordrum attacks (particularly Whyte and Banton) all came on to the scene way after Equititrust was admitted to the intensive care ward with a terminal disease yet he appears to blame these people for its death.  As one would investigate medical staff to ensure adequate care was given to a terminal patient prior to their death, Equititrust execs should be investigated to make sure they did all they could to protect unitholder interests during their tenure.  What Nordrum suggests however is akin to charging the medical staff with murder because the patient dies whilst in their care.  I am not sure how he blames Whyte and Banton but he manages to.

I see that Nordrum does not push for McIvor’s wife’s conduct to be scrutinised even though she was both an exec and a director and obviously had close ties to McIvor with much to gain from any misconduct.  Why is this?

The other thing that I find unusual is that Nordum says the board/execs are to blame for their inaction re McIvor in the dying days.  This seems unfair if you read the court judgement to see what they did to try to keep him in check.  From what I can gather they:

-	sacked him from the board (even though he was the sole shareholder);
-	sacked him as an employee of the company (even though he was the founder);
-	locked him out of the office (even though he owned the building);
-	called in all loans including those of his mates (even though McIvor tried to stop them doing so and threatened to sue them personally);
-	When McIvor tried to wrestle back control of the company they applied to court to have an independent receiver appointed on behalf of unitholders (even though they had all resigned by then).

Whilst it may be argued that they did not do enough (and that is up to ASIC/Receivers/Liquidators to determine) it cannot be said they did nothing.  

The other interesting thing is that Nordum appears to apportion no blame to the board who made the bad loans or borrowed so much money from the banks in the first place but is quite keen to blame the board in control when the effect of such actions crippled the company.  Why is this?

From what I have read and what I am told, one of the most startling aspects of the Equititrust collapse was that McIvor accepted no responsibility for it, even at the end.  He apparently blamed everybody but himself.  It appears that Nordrum shares this view.


----------



## No Trust (18 September 2013)

*Re: McIvor's Scared*

Give it up Marky Boy we know its you... 

You are *solely to blame*, hasn't your psychiatrist got that through yet... 

It's over mate you will never raise another dollar from the Australian Public again...

One question that should be put to you under oath in court, is whether you were in fact posting as Nordrum on this thread...

Remember what the Christian Brothers at Aquinas told you... Hand on the bible... 




nordrum said:


> As macabrely interesting as NoTrust's posts are, and far be it for me to interrupt his obsession, it is *very important* that any *genuine unit holders* visiting this thread *understand the* *abject fallacy* of his most oft repeated claim (we can properly leave any discussion of the motivation behind it to medical and legal professionals)
> 
> 
> 
> ...


----------



## No Trust (18 September 2013)

I think I may have a clue where the motivation is coming from... McIvor has become irrelevant, nothing, a bankrupt failure and from his foetal position in a dark cupboard wants some kind of catharsis... This ain't the place for sympathy or delusion... McIvor is to blame for the destruction of investors life savings and as is usual for failures like him takes it out on the receiver and lawyers pursuing him... He used the legal system and insolvency practitioners to persecute people for years and now he has been exposed for the loser he is and is getting everything he did to others back tenfold...






Goldie101 said:


> I must say I am finding a new lease of life in this thread since Nordrum re-entered the scene.  It becomes almost impossible to ignore his self-serving posts that are littered with obvious falsities and contradictory statements.  One can only ponder what his motivation is.
> 
> At the risk of appearing to be No Trust’s new BFF I cannot comprehend where Nordrum is coming from.
> 
> ...


----------



## word75 (19 September 2013)

No Trust said:


> I think I may have a clue where the motivation is coming from... McIvor has become irrelevant, nothing, a bankrupt failure and from his foetal position in a dark cupboard wants some kind of catharsis... This ain't the place for sympathy or delusion... McIvor is to blame for the destruction of investors life savings and as is usual for failures like him takes it out on the receiver and lawyers pursuing him... He used the legal system and insolvency practitioners to persecute people for years and now he has been exposed for the loser he is and is getting everything he did to others back tenfold...





Interestingly enough Nordrum/Mcivor (is that you Conivor? It is you isn't it?) has chosen not to smear or sully his staunch supporters namely fellow director and all round egret Honeyman, the personally appointed gate keeper running block for Conivor Hall Chadwick and All Bran and lets not forget the other directors Tricky Hickey and I've taken the money and run Racey Stacey. Now trustee of the Gnat Conivors super fund. 

Why don they get a mention I wonder


----------



## Just Observer (20 September 2013)

*Has Nordrum slipped up?*



nordrum said:


> Equititrust was a company constituted under the corporations act and according with statutory obligations had a board of directors and company office holders *ALL OF WHOM HAD RESPONSIBILITIES TO US UNIT HOLDERS.*




As an Observer, I cannot help but noticed that Nordrum is now claiming to be a Unit Holder of Equititrust. In his posting, he stated _"the board of directors and company office holders all of whom had responsibilities *TO US* unit holders"_

I thought Nordrum is merely an ex worker of Equititrust??? Why is he now claiming to be unit holder???


----------



## No Trust (20 September 2013)

The reason they don't get a mention is because its called self incrimination...




word75 said:


> Interestingly enough Nordrum/Mcivor (is that you Conivor? It is you isn't it?) has chosen not t.o smear or sully his staunch supporters namely fellow director and all round egret Honeyman, the personally appointed gate keeper running block for Conivor Hall Chadwick and All Bran and lets not forget the other directors Tricky Hickey and I've taken the money and run Racey Stacey. Now trustee of the Gnat Conivors super fund.
> 
> Why don they get a mention I wonder


----------



## No Trust (20 September 2013)

*Re: Has Nordrum slipped up?*

McIvor / Nordrum being the Decepticon shape shifter that he is, creates documents, facts, etc to suit his ever changing deluded state of reality... 




Just Observer said:


> As an Observer, I cannot help but noticed that Nordrum is now claiming to be a Unit Holder of Equititrust. In his posting, he stated _"the board of directors and company office holders all of whom had responsibilities *TO US* unit holders"_
> 
> I thought Nordrum is merely an ex worker of Equititrust??? Why is he now claiming to be unit holder???


----------



## word75 (20 September 2013)

*Re: Has Nordrum slipped up?*






No Trust said:


> McIvor / Nordrum being the Decepticon shape shifter that he is, creates documents, facts, etc to suit his ever changing deluded state of reality...




Technically he is a unit holder, if my memory is correct Conivor it's on 10 million units, his inlaws on 1.2million units and Racy has a packet as well.


----------



## No Trust (20 September 2013)

Mordum may be more appropriate... Once a McIvor always a CONIVOR...

Poor old Marky Boy despite his ill conceived belief that he is superior in intelligence has actually proven to be quite dumb as a businessman, in life and in concealing his activities on this thread... 

Good to see you reading Marky Boy... Look back over the years and see how this thread has exposed you, your wife and your miserable sham of an operation Equititrust... 

All of you have the blood of innocent people on your hands...


----------



## Mozzi (20 September 2013)

No Trust said:


> Mordum may be more appropriate... Once a McIvor always a CONIVOR...
> 
> Poor old Marky Boy despite his ill conceived belief that he is superior in intelligence has actually proven to be quite dumb as a businessman, in life and in concealing his activities on this thread...
> 
> ...











                                      FYI  -     MR. WHYTE'S 14th REPORT AVAILABLE NOW!


----------



## word75 (20 September 2013)

Mozzi said:


> FYI  -     MR. WHYTE'S 14th REPORT AVAILABLE NOW!





Well there it is in black and white, subject to identifying the correct trustee of Conivors Superannuation Fund, Mr Whyte has resolved that he is to pay $3.4mil to the Sxxm Bag. As it reads if Mr Whyte is not clear which of the trustees CONIVOR has proposed then Mr Whyte WILL PAY THE FUNDS INTO COURT. Regardless Conivor will ultimately be in control of another few million dollars of investors money to help further pad out his already multi million dollar fund. Racy is the trustee, so a lazy 5-6 million dollars should ease the pain of waking up next to this inadequate sod


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## No Trust (20 September 2013)

Wait wait wait, there is a reason the money is being paid into court by David Whyte and there was a reason McIvor changed the entity... This still has to play out... He hasn't got the money yet...

He may never receive it or enjoy it after he is dragged into court...

- - - Updated - - -

There are other legal proceedings on foot in the Supreme Court and the dynamic duo Marky Boy and Racy Stacy may get caught up in their own web... David Whyte is doing this for a very good reason...............


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## word75 (20 September 2013)

No Trust said:


> Wait wait wait, there is a reason the money is being paid into court by David Whyte and there was a reason McIvor changed the entity... This still has to play out... He hasn't got the money yet...
> 
> He may never receive it or enjoy it after he is dragged into court...
> 
> ...




My friend I don't think you grasp the situation, super is protected, Mr Whyte has indicated he can't withhold the repayment of the loan  to Mcivors super fund. The issue is who is the trustee to Mcivors fund. I understand it was MM Holdings before it was put into receivership thats when Racy popped up as the new trustee. I believe even as a bankrupt Conivor can nominate his own trustee. Mr Whyte may frustrate and delay the process for a while but the Coniver will end up with the loot... again


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## No Trust (21 September 2013)

Word 75 I agree with you in terms of super being protected from bankruptcy, however a receiver / liquidator can reverse any super contributions if they were made to defeat creditors in the preceding years prior to the collapse...

Now if McIvor guised the diversion of funds into super and the company was in trouble at the time, it will warrant an investigation by the many receivers and liquidators particularly given the fact that he has not cooperated with any one of them.

David Whyte's decision to pay the money into court whilst the inextricably linked web of McIvor's companies is investigated is a good move. 


http://www.worrells.net.au/Content/InsolvencyResources/InsolvencyResourceArticle.aspx?ArticleId=61

This money given McIvor's track record to date and the many receivers and liquidators wanting to obtain information from him will be held up for years... The court action to watch is the the Supreme Court proceedings being undertaken by Liquidator Gerry Collins...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

Given the McIvor's recalcitrance to date they won't find a sympathetic ear in the Supreme Court. In addition when one comes before a court of equity they must come with clean hands...

The McIvor's have blood of innocent retiree investor's on theirs...


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## No Trust (24 September 2013)

*Superannuation*

Given the fact that it is alleged that the company *traded whilst insolvent*, it will be important to have a *forensic accountant *investigate when the company was *in fact insolvent*, going back as far as *2007 - 2008*. If as is unusual with McIvor he intermingled his *private and corporate interests *in favour of himself and his Super Fund then this money may in fact be tainted. 

It is important to also look at the *Piper Alderman Class *action and *what is alleged *and as far back as they allege the malfeasance actually went. I am sure that the various receivers / liquidators and most likely Piper Alderman will apply for a *Mareva Injunction *for any monies paid into Court by David Whyte pending further investigation of the financial web that McIvor spun and *got caught in*. The very fact that he has *not in any way *cooperated with the receivers and liquidators in providing financial statements is a *compelling reason *to have the *money frozen in court * pending further investigation and outcome of legal proceedings on foot against both Marly Boy and Racy Stacy...

Its time to *shake the tree *the McIvor's have scuttled up...

The "Big Freeze" is coming Marky Boy and your not gonna like it...


----------



## No Trust (24 September 2013)

We have a *Bankrupt* in the form of *McIvor* who lost *Hundreds of Millions of Dollars* of innocent retiree investors money who *won't cooperate *with court and bank appointed receivers and liquidators who now wants his Superannuation... Mind you without a *Public Examination *which has been thwarted by McIvor himself... 

Common sense dictates that this money must be FROZEN when paid into Court by David Whyte, who is doing the right thing by erring on the side of caution... If McIvor wants it, let him fight for it... In the process lets hope he* gets arrested *and is made to appear before the *Supreme Court *to answer questions that many have wanted to ask for soooo long...

Marky Boy the money is going on "ICE"...


----------



## No Trust (25 September 2013)

It will be tantalising watching McIvor trying to get his hands on the money paid into court... To get to the money he has to go to the last  place he wants to be... *THE SUPREME COURT...*

David Whyte has made an excellent move...


----------



## word75 (25 September 2013)

No Trust said:


> It will be tantalising watching McIvor trying to get his hands on the money paid into court... To get to the money he has to go to the last  place he wants to be... *THE SUPREME COURT...*
> 
> David Whyte has made an excellent move...




Food for thought

With no distribution to unit holders likely before Xmas and no result from litigation aginst any valuer likely before the following Xmas what do you think the final numbers are for the shorn sheep of Equititrust. Well I'm told with the ongoing expenses, the payout to Conivors Super and the likely payment to HC the numbers are closer to 4c. It's pretty simple math now that the final numbers are in on the big stuff.

Oh and even if there is a resounding success in that litigation it only adds about 2c per unit and Conivor has 10mil units


----------



## No Trust (25 September 2013)

The most likely result will be close to *zero*... Kostag who started this thread predicted it *some time ago*, even before receiver's and liquidators were appointed...

Nice work McIvor, what a great way to lose *innocent people's *money...




word75 said:


> Food for thought
> 
> With no distribution to unit holders likely before Xmas and no result from litigation aginst any valuer likely before the following Xmas what do you think the final numbers are for the shorn sheep of Equititrust. Well I'm told with the ongoing expenses, the payout to Conivors Super and the likely payment to HC the numbers are closer to 4c. It's pretty simple math now that the final numbers are in on the big stuff.
> 
> Oh and even if there is a resounding success in that litigation it only adds about 2c per unit and Conivor has 10mil units


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## No Trust (26 September 2013)

*McIvor in the Media Again*

*Today's Gold Coast Bulletin*

Page 2

"Ray White Surfers Paradise has listed 30 properties for its spring auction today at the Gold Coast Arts Centre, including the home of Janice McIvor – mother of *bankrupt businessman, Mark McIvor.*
Receivers are selling Ms M c I v o r ’ s  h o u s e  a t 6 5 A Woodgee St – which comes after the Supreme Court in Brisbane decided *her son pressured her into signing massive mortgages* over her Currumbin home to benefit his business.
The documents in favour of Westpac Bank nevertheless remained valid."


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## No Trust (27 September 2013)

Something's brewing behind the scenes and the McIvor's ain't gonna like it...

Legal Karma's a bitch...


----------



## Nothingtoadd (27 September 2013)

No Trust said:


> Something's brewing behind the scenes and the McIvor's ain't gonna like it...
> 
> Legal Karma's a bitch...




20 sleeps?


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## No Trust (28 September 2013)

Tick Tock, Tick Tock, Tick Tick, Tock Tock...


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## No Trust (30 September 2013)

*Miserable McIvor's Make The news AGAIN !*

"ANOTHER chapter in the *sorry saga *of *bankrupt businessman Mark McIvor *has closed with the sale of his mother's home to her neighbour."

Good to see the *dynamic duo of deceit *lose their homes... Let there be *no doubt whatsoever * that these two masters of *smoke and mirrors *and dodgy documents caused much misery to many people...

And in the end the partners in crime went for each other's jugulars... *STRANGE ANIMALS INDEED*...

Don't think the caravan parks would house this lot...

http://www.goldcoast.com.au/article/2013/09/28/458963_gold-coast-real-estate.html


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## No Trust (30 September 2013)

*BFCSA*

http://www.bfcsa.com.au/index.php/entry/bfcsa-more-woe-for-equititrust-investors


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## No Trust (4 October 2013)

*What are you hiding ???*

Why is McIvor* so reluctant *to provide a statement of financial affairs??? What is he hiding ? Maybe Nordrum might like to elaborate...


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## No Trust (4 October 2013)

Good to see the thread heading to* 400,000 *views... *Marky Boy *and *Racy Stacey *and the whole *Miserable McIvor Clan *are keeping the whole Gold Coast entertained with the airing of their dirty laundry... What a monumental fall from grace...




http://www.news.com.au/business/jan...22m-in-mortgages/story-e6frfm1i-1226519911766


----------



## Bonne Chance (9 October 2013)

*Re: A little reminder Mark*

Integrity. It’s a quality every man worth his salt aspires to. It encompasses many of the best and most admirable traits in a man: honesty, uprightness, trustworthiness, fairness, loyalty, and the courage to keep one’s word and one’s promises, regardless of the consequences. The word integrity derives from the Latin for “wholeness” and it denotes a man who has successfully integrated all good virtues – who not only talks the talk, but walks the walk.

Credit for the extract:

http://www.artofmanliness.com/2013/...our-integrity-part-i-why-small-choices-count/

Relinquish the $3 mil .... or take it and share it, by sending a personal cheque equally to each and every investor.


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## No Trust (10 October 2013)

*Re: A little reminder Mark*

McIvor has never had any of these traits, and the universe has come back to bite him in the form of David Whyte... Good luck getting the money out of court Marky Boy...



Bonne Chance said:


> Integrity. It’s a quality every man worth his salt aspires to. It encompasses many of the best and most admirable traits in a man: honesty, uprightness, trustworthiness, fairness, loyalty, and the courage to keep one’s word and one’s promises, regardless of the consequences. The word integrity derives from the Latin for “wholeness” and it denotes a man who has successfully integrated all good virtues – who not only talks the talk, but walks the walk.
> 
> Credit for the extract:
> 
> ...


----------



## No Trust (16 October 2013)

Page 23 Business Today's Gold Coast Bulletin. 




No Trust said:


> Something's brewing behind the scenes and the McIvor's ain't gonna like it...
> 
> Legal Karma's a bitch...


----------



## No Trust (16 October 2013)

Piper Alderman have pulled the pin on the grenade...


----------



## Mozzi (17 October 2013)

No Trust said:


> Piper Alderman have pulled the pin on the grenade...







       Must have blinked!   Are you saying they are actually doing something after all this time?


----------



## No Trust (17 October 2013)

Yep, it's all been filed in the Federal Court... Sleep tight Marky Boy... National exposure will ensue...




Mozzi said:


> Must have blinked!   Are you saying they are actually doing something after all this time?


----------



## No Trust (18 October 2013)

Not a pleasant turn of events for McIvor...

The revelations will be *mind blowing*, and this time McIvor has *no place to run*... *Charges will ensue *once this is over...

https://www.comcourts.gov.au/public...&action_type=any&search_by=party_name&commit=


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## No Trust (21 October 2013)

Looks like *Nordrum - McIvor *is pretty quiet lately... Amazing what a writ shoved in you gob will do...

Nice work *Amanda Banton *and *Piper Alderman*, its time for the fireworks to start...

There's more to come Marky Boy... 

Word has it that *something even bigger *is brewing in the pot...  *Watch the press*... 

Tick *Tock*, Tick *Tock*, Tick *Tick*, Tock *Tock*............................................................................................


----------



## No Trust (21 October 2013)

Little bit of interesting reading:

http://www.equititrust.com.au/Pdfs/...eports - 20131009 - Circular to Investors.pdf

No *mention* of McIvor cooperating with the liquidator...


----------



## No Trust (23 October 2013)

Which government department is now on the case ? 

The legal action just launched by Piper Alderman will help further the investigation and hopefully result in charges being laid...


----------



## No Trust (24 October 2013)

It took some time but Piper Alderman and Amanda Banton came through... In all of this David Whyte and Amanda Banton have done a good job...

You both have my full support...


----------



## No Trust (25 October 2013)

*Mi oh Mi ... what's McIvor up to now?* 

November 21, 2012 

SMH

"*ASIC* has also *fallen out *with McIvor. It raided Equititrust's offices last December on allegations he *improperly used his position for personal benefit *to the detriment of investors and *did not act honestly *with borrowers."

*Tick Tock, Tick Tock, Tick Tick, Tock Tock*...........................................................................................

http://www.smh.com.au/business/mi-oh-mi--whats-mcivor-up-to-now-20121120-29o12.html


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## No Trust (28 October 2013)

What McIvor has to be pressed on by the authorities and the lawyers is where the unaccounted money went prior to the collapse of Equititrust as detailed in the Liquidator's Report.

Where's the money Marky Boy ???


----------



## Brethren (28 October 2013)

The Hall Chadwick notice of early October makes for interesting reading. Noteworthy that both KPMG ( the Auditors ) and Paul Steer of KPMG are included in the list against whom the Class Action is proceeding.

While not well-versed in the Who's Who of the Gold Coast, some months ago ( April, 2013 I think ) I had a lengthy talk with someone who certainly is. While it is hearsay, they raised the following points of interest.

- post-GFC Equititrust was almost unique in being apparently the only major mortgage fund to not write down any assets, even partially. It was suggested that any prudent manager would have done SOMETHING of this nature, even just to reflect the depressed outlook for the whole sector post-GFC. 

- This situation persisted for a number of post-GFC years, and was signed off on by the Auditors ( KPMG ). 

- The audit partner was Paul Steer; hence his inclusion in the legal proceedings.

- Paul Steer is the brother-in-law of Dudley Quinlivan. The fellow with whom I was in conversation was astonished that this had not already emerged for discussion. If true, its seems important if such a link existed between Equititrust's biggest borrower and it's audit partner. If false, it should be put to rest immediately.

- Family interests of Steer had been a borrower/s from Equititrust. Again, it would seem significant *IF* there is any basis in fact.

*Is anyone on this forum able to confirm or dismiss these pieces of hearsay?*  I know a lot of 'colour' is seen on these pages. A strictly factual response to the above would be of service to all, I think.


----------



## No Trust (29 October 2013)

Hello Nordrum where ever you are, maybe *you would like to answer this one*... If true, where was the relevant disclosure, has anyone on the Gold Coast heard of *conflict of interest * or did Equititrust investors get a *bum Steer...*


----------



## No Trust (1 November 2013)

What *else is unravelling *in Marky Boy's life... You only have *yourself to blame *son...


----------



## No Trust (6 November 2013)

It takes a while, but *charges were laid*... David Anderson in this case... *Why* did McIvor employ him???

ASIC needs to turn the screws on McIvor... Where's the *money* Marky Boy...

http://www.townsvillebulletin.com.a...irectors-charged/story-fnjbnvta-1226753329626


----------



## No Trust (11 November 2013)

It would interesting to get an update as to whether *Marky Boy is cooperating *with the *receiver's* and *liquidator's*... I'm sure ASIC have been dutifully informed of all the goings on and in particular Marky Boy's *incaltitrance*...


----------



## word75 (11 November 2013)

No Trust said:


> It would interesting to get an update as to whether *Marky Boy is cooperating *with the *receiver's* and *liquidator's*... I'm sure ASIC have been dutifully informed of all the goings on and in particular Marky Boy's *incaltitrance*...




Can anyone confirm a venue, time and date for Conivor's examination. I don't want to miss it,


----------



## No Trust (11 November 2013)

A lot of people want to look "Marky Boy" in the eye and ask him where there money is... Being the *utter coward *that he is, he will do everything to avoid the people who's lives he ruined...

In turn, *as the universe is just*, he has ruined his own life and there is *more justice to come *from the mere mortals who regulate his type of nefarious activities...

Where is the money Marky Boy ???



word75 said:


> Can anyone confirm a venue, time and date for Conivor's examination. I don't want to miss it,


----------



## word75 (14 November 2013)

No Trust said:


> It takes a while, but *charges were laid*... David Anderson in this case... *Why* did McIvor employ him???
> 
> ASIC needs to turn the screws on McIvor... Where's the *money* Marky Boy...
> 
> http://www.townsvillebulletin.com.a...irectors-charged/story-fnjbnvta-1226753329626




The Hall Chadwick report of October states that the examinations were adjourned till 11-14 Nov 2013. Can any one confirm that these examinations are indeed underway


----------



## Mozzi (14 November 2013)

word75 said:


> The Hall Chadwick report of October states that the examinations were adjourned till 11-14 Nov 2013. Can any one confirm that these examinations are indeed underway






Honest to God!   Was anyone naive enough to really think that was going to happen??


----------



## No Trust (15 November 2013)

I'm with Mozzi... Hall Pass Chadwick are very selective with the information they provide. Particularly their shortcomings as an insolvency firm when it comes to their engagement "by McIvor" in regard to Equititrust... Why didn't they pursue him in regard to his statement of financial affairs...  

The word JOKE comes to mind... How about promising to not claim fees from the funds and then backflipping on that... At least David Whyte brought them to account on that...





Mozzi said:


> Honest to God!   Was anyone naive enough to really think that was going to happen??




- - - Updated - - -

How about an update Hall "pass" Chadwick...


----------



## No Trust (16 November 2013)

Where is Nordrum, he is very very quiet at the moment  What's up Marky Boy... ASIC got your tongue... 

It's far from over...


----------



## No Trust (19 November 2013)

Has McIvor lost the plot ? ...

The latest article in the Sydney Morning Herald seems to confirm it...


*Mark McIvor's Poetry *

http://www.businessday.com.au/business/developer-mark-mcivors-poetry-20131118-2xr9e.html

This may be more apt:

There was a grey haired ghost called McIvor
Who turned out to be quite a financial Conivor 
When it all when bust and no longer seemed fun
He employed the age old trick... Take the money and run...

Further poetic contributions are welcome


----------



## No Trust (19 November 2013)

The Senate must have been laughing their asses off when they read McIvor's submission...

For those who really want a laugh and read the reason why doctors prescribe med's please read McIvor's delusional submission to the Senate below :


http://www.aph.gov.au/DocumentStore.ashx?id=e57a1099-fa67-48e3-9e0a-bb3c5090342f&subId=31273

*ENJOY*


----------



## word75 (20 November 2013)

No Trust said:


> The Senate must have been laughing their asses off when they read McIvor's submission...
> 
> For those who really want a laugh and read the reason why doctors prescribe med's please read McIvor's delusional submission to the Senate below :
> 
> ...




Delusional sociopathic narcissist


----------



## Just Observer (20 November 2013)

Have I read correctly that Hall Chadwick has been awarded 800k plus by the Court for their (non) services??? Oh my....my......


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## No Trust (21 November 2013)

Its a *joke*... McIvor appointed them *what more *can you expect...




Just Observer said:


> Have I read correctly that Hall Chadwick has been awarded 800k plus by the Court for their (non) services??? Oh my....my......


----------



## No Trust (22 November 2013)

Nordrum - McIvor is very quiet at the moment, I guess the poetic verses are getting priority...  

McIvor again is the *laughing stock* of the nation thanks to the Sydney Morning Herald... Thanks SMH for a great job in exposing McIvor yet *AGAIN*...


----------



## No Trust (22 November 2013)

Latest report just in:

http://www.equititrust.com.au/Pdfs/...rts - 20131122 - 15th Report to Investors.pdf


----------



## word75 (22 November 2013)

No Trust said:


> Latest report just in:
> 
> http://www.equititrust.com.au/Pdfs/...rts - 20131122 - 15th Report to Investors.pdf




Well there it is, subject to the bankrupted Conivor nominating an acceptable trustee (the fix is in, Racey Stacey gets the guernsey) $3.3mil plus of our money slides into his super fund. That and the 3 vacant blocks of land and the millions no doubt already harbouring there should leach out in the guise of appropriate investments to fund the theifs lifestyle. 

Hasn't HC already clipped the fund for the $805k, their report says they won the case and booked the funds to their account already. Not to be a doomsayer but 11-12c possible distibution and  now not likely to be seen till after April 2014, well I'm sorry but with the contingent liabilities factored in and HC already paid the $1.1mil bond bing gobbled up an th ever present monthly fees to both BDO and HC milking the balance ......well a BIG FAT ZERO is more likely the outcome. 

As for the Conivor just 2 more years to go and he will be out of bankruptcy and back conning others out of their nest  eggs. Well he won't get mine,,,,, he got it all the first time


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## No Trust (23 November 2013)

*Does Marky Boy Get The Money or NOT !!!*

Will Marky boy get the money, let's see... There maybe a reason it is being put into court... 

Will Piper Alderman seeks an order freezing the money pending the finalisation of their court action. It's all interlinked and if the money was improperly siphoned off from Equititrust on Marky Boys instruction then the court may have grounds to reverse the transactions... In any event given the court action,  and until a thorough forensic accounting investigation is completed Piper Alderman should apply to have the money frozen... 

Maybe there are plans on foot already... In any event Marky Boy will never see this money... Kharma's a bitch...


----------



## word75 (23 November 2013)

*Re: Does Marky Boy Get The Money or NOT !!!*



No Trust said:


> Will Marky boy get the money, let's see... There maybe a reason it is being put into court...
> 
> Will Piper Alderman seeks an order freezing the money pending the finalisation of their court action. It's all interlinked and if the money was improperly siphoned off from Equititrust on Marky Boys instruction then the court may have grounds to reverse the transactions... In any event given the court action,  and until a thorough forensic accounting investigation is completed Piper Alderman should apply to have the money frozen...
> 
> Maybe there are plans on foot already... In any event Marky Boy will never see this money... Kharma's a bitch...




And it seems...neither will we


----------



## No Trust (23 November 2013)

*Re: Does Marky Boy Get The Money or NOT !!!*

Sadly Word75, I think your right, the assets that are being sold are basically sub prime... Add to that the receivers fees etc and I think the return will be close to zero...

Good work *Marky Boy*, you and *King Con *did quite a job...




word75 said:


> And it seems...neither will we


----------



## No Trust (24 November 2013)

Its good to see EquitiRust gets a mention...

http://www.smh.com.au/business/scru...og-or-a-dog-with-no-teeth-20131122-2y1s0.html

But its *McIvor* that needs to be charged for what he has done *innocent retiree investors*...

By the way he should also be *charged for his poetry*, now that truly is a crime...


----------



## No Trust (26 November 2013)

Why is Marky Boy / Nordrum *soooooo* quiet lately... Maybe the thought of all that Super money being *gobbled up *by legal fees is *too much to bear*...

The legal action instigated by* Piper Alderman *in the Federal Court will also gobble up a *mammoth amount *of legal fees... Maybe old mate *David Tucker *will give him a *"mates rates"*discount...


----------



## Mozzi (26 November 2013)

word75 said:


> The Hall Chadwick report of October states that the examinations were adjourned till 11-14 Nov 2013. Can any one confirm that these examinations are indeed underway






Missed the next instalment - sorry next adjournment - 17th/20th February 2014  - as per Hall Chadwick report of 15th Nov. online now.      

 Don't hold your breath!


   Like I said before, was anyone really naive enough to think this was going to happen?


----------



## No Trust (26 November 2013)

It's just being dragged out to suck more money out if it... Now if they did their job properly from the start these so called necessary public examinations would not be required. These guys get paid for incompetence and negligence. Why didn't they pursue McIvor in regard to filing a statement if financial affairs ??? 



Mozzi said:


> Missed the next instalment - sorry next adjournment - 17th/20th February 2014  - as per Hall Chadwick report of 15th Nov. online now.
> 
> Don't hold your breath!
> 
> ...


----------



## No Trust (27 November 2013)

Are all your financial affairs in order Marky Boy ??? It looks like your about to go under the microscope... The Australian Tax Office should also give you and wifey a once over...


----------



## No Trust (29 November 2013)

*Kaaaabooom...*

Kaaaaaboooom... Something *BIG* is underway... You were warned Marky Boy, Greed is *NOT GOOD*...


----------



## meridian (29 November 2013)

*Re: Kaaaabooom...*



No Trust said:


> Kaaaaaboooom... Something *BIG* is underway... You were warned Marky Boy, Greed is *NOT GOOD*...




In May 2011 investors were told that Collingwood Park was a 1000 lot subdivision valued at $82 million.
Which firm valued this property ???
And who originally owned it ???
The current investor preparing to buy the Collingwood Park site is having to jump through any number of hoops from council to the Federal department of Sustainability to get permission to clear vegetation from the site for approval to proceed.
Surely, Dudley Quinlivan would have had all of the approvals in place before he took the development proposal to Mark McIvor.
Surely, McIvors LANDSOLVE would have insisted that all approvals were in place before Equititrust investors' money was handed over.
Who originally owned Collingwood Park, and got paid all the money ???
As NO TRUST often asks " Where's all the money" ???
Who benefited from this sale to Quinlivan/ Equititrust.
Surely, there was no other motive involved that would risk the investors' funds ???


----------



## No Trust (30 November 2013)

*Re: Kaaaabooom...*

Meridian, this has been the *perennial *question year in year out since Equititrust collapsed around McIvor ears...
Regardless of his delusional ranting's about "it being everyone else's fault" *McIvor is solely to blame 100%*. 

*Dirty Deals Done Dirt Cheap*
The famous ACDC song *Dirty Deals *may be partly analogous here except that this deal was *bloody expensive *and as you correctly highlight, where *did the money go *???

Who were the beneficiaries of this largesse ? Has anyone investigated who was involved in the initial deal for the Ipswich Land ? Are there any related party transactions ?

When McIvor goes on one of his poetic, *overly verbose rants * _that the media laugh at and make fun of_, he never seems to go near the "*King Con*" or "*Ipswich Land Disaster*"... Why ? As one very prominent barrister put it, when commenting on McIvor's other examples of misfeasance over many years, "*he's very soft in the underbelly*" when it concerns old "Duddles and Dud land in Ipswich" 

Have no doubt that these *two Bankrupt's *didn't give a damn about investors, many who are innocent elderly retiree's, it was all about their own pockets...

What will unravel in the *coming months *and subsequent court cases, will *leave jaws dropped*... It was akin to giving *Dracula* the keys to the blood bank... 

Goodbye Marky Boy, your days in the *money raising - lending business *are over in this lifetime...










meridian said:


> In May 2011 investors were told that Collingwood Park was a 1000 lot subdivision valued at $82 million.
> Which firm valued this property ???
> And who originally owned it ???
> The current investor preparing to buy the Collingwood Park site is having to jump through any number of hoops from council to the Federal department of Sustainability to get permission to clear vegetation from the site for approval to proceed.
> ...


----------



## No Trust (30 November 2013)

Good to see the Thread about to hit the *400,000* views mark in the next week... No doubt Marky Boy has contributed greatly to this number as have his former Bankers, ASIC and many other authorities interested in Marky Boys *"activities*" over the years...


----------



## No Trust (30 November 2013)

Your *Welcome *"Marky Boy"...


----------



## word75 (30 November 2013)

*Re: Kaaaabooom...*



No Trust said:


> Kaaaaaboooom... Something *BIG* is underway... You were warned Marky Boy, Greed is *NOT GOOD*...




Kaaaaaaaboom....went our money. This is a fact and to the greatest extent the Conivor and Dudley Do Wrong's conspiracy and that of their pet valuer have furthered this fraud. 

There is however a basic model in developements which could explain wherhe's one of the money went on the Ipswich project. By no means am I stating this as fact as I dont know the specifics but I do know the norm in this field

The raw land value in this region is calculated at approx $10k per possible lots. That is if the site can carry 1000 lots then it's worth $10mil. I believe this is what was  paid for it. The Conivor and Do Wrong sought and were granted 2200 lots on this site hoping to make a killing and exponentially increas their profits. This particular site had many serious design issues which commercially could not efficiently carry this amount of lots and was uncommercial in this format. This didn't stop the greedy duo. 

Now the cost to develope this land ordinarily runs to approx $65 k-$$75k per lot for services, roads paths and lighting. The bulk of the excavation on this site is an additional cost and this site is very steep with access issues and problems with road grades and sewer design. As I said an ill conceived design which was always going to blow up  
Hence BDO selling it subject to approvals and the site being re configured back to 1000 lots. 

There is a further cost to the site which may possibly yield a return to the investors and warrants investigation. The council charges a contribution on all new lots approved and this is customarily approx $26-26k per lot. This is normally paid upon approval and the plans being uplifted and before operational work commences. 

On 2200 lots this would be approx $57mil. Now I can not confirm this has been paid but I can't see how it can't have been. Assuming it is and the new approval for the same site is for 1000 lots then at the very least council should return $27mil if not all of it because the argument is that the lots have not been created. In any event the $10mil the site has just been resold at, hopefully did not pass this benifit on to the purchaser as surely they are responsible for their own contributions. 

My contention is that there maybe a substantial pile of money sitting at council which has not been looked at. 
It would be a great Christmas present if it is and a tasty target to pursue.

What say you BDO


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## No Trust (30 November 2013)

*Re: Kaaaabooom...*

Word 75 it would be great if this were the case, however I do not think civil works even started on site. The head works contributions to council would usually be payable if the project proceeded and prior to completion.. In any event there may have been some performance bonds payable to the council. 

It's definitely worth a look at.

That fact that the now bankrupt McIvor (_although always morally_ BANKRUPT) dealt with "King Con" says it all... Birds of a feather fail together...




word75 said:


> Kaaaaaaaboom....went our money. This is a fact and to the greatest extent the Conivor and Dudley Do Wrong's conspiracy and that of their pet valuer have furthered this fraud.
> 
> There is however a basic model in developements which could explain wherhe's one of the money went on the Ipswich project. By no means am I stating this as fact as I dont know the specifics but I do know the norm in this field
> 
> ...


----------



## No Trust (30 November 2013)

*Re: Kaaaabooom...*

And who were "*King Con*" and "*Marky Boy*" going to flog off those *2000* odd crap townhouses to ? Unsuspecting innocent Southern buyers looking for a tax break via negative gearing... "King Con" was a master of the two tiered marketing scam (_ripping peoples equity out of their homes whilst pocketing huge commissions_) and "Marky Boy" *Robin to a rogue Batman *was in on the game...

Its not the first time "Marky Boy" has used *two tiered marketers *before, remember Hope Island Marky Boy, or would you rather forget that episode... We don't want another stint in private hospital care now do we...






No Trust said:


> Word 75 it would be great if this were the case, however I do not think civil works even started on site. The head works contributions to council would usually be payable if the project proceeded and prior to completion.. In any event there may have been some performance bonds payable to the council.
> 
> It's definitely worth a look at.
> 
> That fact that the now bankrupt McIvor (_although always morally_ BANKRUPT) dealt with "King Con" says it all... Birds of a feather fail together...


----------



## No Trust (2 December 2013)

*What Really Went On*

The "Failed Marky Boy" gets a mention in today's Gold Coast Bulletin *Page 44.*

What really went on in the sale of the house on Cronin Island... There seems to be a dark dark cloud following Ol Marky Boy, it's like he's cursed and that energy seems to remain wherever he goes...


----------



## No Trust (4 December 2013)

Why oh why, is "Marky Boy" *sooo *quiet... No Christmas cheer mate ? Inflict misery , expect it in return...


----------



## No Trust (5 December 2013)

Remember this ?

http://www.equititrust.com.au/Pdfs/2011 Year End Investor Message.pdf

Marky Marky you are *joker*...


----------



## No Trust (5 December 2013)

*Delusional Unit Price*

Look at the Unit price that these delusional idiots estimated in *September 2011*

http://www.equititrust.com.au/Pdfs/Summary_EIF_IBS_September_23_2011.pdf


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## No Trust (5 December 2013)

*Ugly Reality*

The ugly reality is that due to *McIvor's dereliction of his fiduciary duties *to investors the return to *innocent elderly retiree's* is likely to be close to nil...

- - - Updated - - -




- - - Updated - - -

You just have to *love that cartoon*, it couldn't depict him any better...


----------



## No Trust (5 December 2013)

*Supreme Court Action*

Now, what's *going on here*, pray tell ???

Looks like "*Marky Boy*" and "*Racy Stacey*" are getting a run for their money from old pal and lawyer David Tucker, you know the one McIvor called the "*ruling elite*" in his hair brained, delusional novella...


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


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## No Trust (5 December 2013)

*Seperate Lawyers*

"Marky Boy" and "Racy Stacey" the *pariah's* of the Gold Coast seem to now have *separate legal representation* in the Supreme Court case being undertaken by one of the bank's liquidators...

What's going on...


----------



## No Trust (5 December 2013)

*Federal Court Action*

Looks like "Marky Boy" and his long lost brother "Wayne (_the money drain_)" will have to front up to the hearings which are well under way... The legal fees for this will be eye watering...

Imagine the looks, or will there be an *altercation outside court*, be careful "Wayno" "Marky Boy" professes to be a Taekwando expert and can apparently throw a mean kick... Don't provoke him or he may alternatively read you some *poetry* which may kill you quicker  

Just *deserts *for the McIvor Clan 



https://www.comcourts.gov.au/public...stry=any&action_type=any&search_by=party_name


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## No Trust (6 December 2013)

Its been a long journey and testament to that is the site will hit *400,000 *views some time today...

"Marky Boy" and "Racy Stacy" need to be *brought to justice *and the spotlight needs to be kept on the dynamic duo...

Pariah's of the Gold Coast and the *enemy of innocent elderly retiree investors *who starve whilst the McIvor's live a life of *LUXURY*...


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## No Trust (6 December 2013)

*Shame*

Shame McIvor's *SHAME*...


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## No Trust (6 December 2013)

*Christmas Card List*

Apparently Amanda Banton, David Tucker, *The Sydney Morning Herald*, Wayne McIvor, Janice McIvor, Janeen McIvor, ASIC, The Federal Police, David Whyte, The Federal Court and the whole world aren't on McIvor's Christmas Card List...


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## No Trust (6 December 2013)

*Pretty Weak*

What makes me laugh is how tough McIvor was *over a telephone line*, the profanities *unspeakable*, yet when face to face a *very weak, weak man* gutless in fact... The verbal abuse, bullying and tough guy antics were *all a bluff *and when push came to shove he was no match for the people he really *shouldn't have crossed*... In his delusional mind he expected to rort the little shell game he created at Equititrust and thought that no one would retaliate and contact his bankers etc *at an early stage *and inform them of his off the radar activities and dealing with the likes of "King Con"...

There is a *lot more which will be released *in the coming months which has been sat on with a great deal of self control and patience by an insider waiting for the right time to release the information that McIvor *does not want released*...

Now we are at the next stage of the *Thermonuclear Apocalypse *of McIvor the time will soon come for the media to release what *really went on *behind the scenes...

Jaws will be dropping...


----------



## No Trust (10 December 2013)

*Not So Merry Christmas*

What's "Marky Boy" got to say to the *old people *this Christmas ??? Nice work in ruining so many peoples lives Marky Boy... Think about that while your *stuffing your face *in your *luxury abode* on Christmas Day...

Disgrace...


----------



## Bonne Chance (11 December 2013)

*Re: Not So Merry Christmas*

Rumour has it that Mark will not be stuffing his face in his luxury abode this Christmas.  Rumour has it that Mark and Stacey may have gone their separate ways.  Stacey has gone home to Mummy, rumoured to be at Regatta Parade, and Mark is in shared rented accommodation for the time being. He can't very well go home to Mummy cause he had her thrown out of her home.  Does that mean that Stacey (as trustee of the super fund) gets to walk off with our dosh?  Is it all real or just for appearances?  Can't help being skeptical.




No Trust said:


> What's "Marky Boy" got to say to the *old people *this Christmas ??? Nice work in ruining so many peoples lives Marky Boy... Think about that while your *stuffing your face *in your *luxury abode* on Christmas Day...
> 
> Disgrace...


----------



## No Trust (11 December 2013)

*Re: Not So Merry Christmas*

Am I skeptical ? Of course, however she may have suffered one kick too many to the emotions...

Shared rental accommodation for "Marky Boy" well that's a bit poverty pack isn't it...

So a other one of "Marky Boys" relationships bites the dust... He has literally fallen out with everyone. Mother, brother sister and wife... Also include friends, work colleagues, school mates, business partners... Who's next ? I know, HIMSELF !!!




Bonne Chance said:


> Rumour has it that Mark will not be stuffing his face in his luxury abode this Christmas.  Rumour has it that Mark and Stacey may have gone their separate ways.  Stacey has gone home to Mummy, rumoured to be at Regatta Parade, and Mark is in shared rented accommodation for the time being. He can't very well go home to Mummy cause he had her thrown out of her home.  Does that mean that Stacey (as trustee of the super fund) gets to walk off with our dosh?  Is it all real or just for appearances?  Can't help being skeptical.


----------



## No Trust (11 December 2013)

The "Marky Boy" Fail


*F*orget about the old people
*A*lways looked out for his own pocket 
*I*nvested innocent peoples money with his mate "King Con"
*L*oveless life 

A lesson in *life* Marky Boy...


----------



## No Trust (11 December 2013)

*The Omens Were Not Good*

As predicted by "Marky Boy's" spiritual guru, David Dornan, the doomed love match between "Marky Boy" and "Racy Stacey" would not last... How right he was...


----------



## No Trust (12 December 2013)

So are we now in for the McIvor -v- McIvor saga in the Family Court ?

Who will try and pocket the Super Money ?

Good Ol Stace has, let's say, been less than complimentary of hubby before, what will she have to say for herself now... Will she spill the proverbial beans or has she already ???

As in business "Marky Boy" has not made wise choices in life... 

My oh my "Marky Boy" you have really hit he skids... Time to write some Poetry perhaps...


----------



## No Trust (12 December 2013)

*Supreme Court Action*

Keep an eye on the *Supreme Court *proceedings where now "Estranged Duo" Marky Boy and Racy Stacey are separately represented...

Now if Racy Stacey does get her hands on the dosh, will she do the *upright moral thing *to do and hand the money to the investors or will she do the *lawyerly thing *and keep the cash for herself and her brood... 

Nothing will surprise me from these two...


----------



## No Trust (13 December 2013)

Look out for more headline grabbing announcements soon... A lot *has been uncovered *that Marky Boy and his *lost love *Racy Stacey do not want revealed... Tick Tock...


----------



## No Trust (13 December 2013)

*Nordrum*

Where is Nordrum ??? Sooooooo quiet lately....


----------



## word75 (13 December 2013)

No Trust said:


> Look out for more headline grabbing announcements soon... A lot *has been uncovered *that Marky Boy and his *lost love *Racy Stacey do not want revealed... Tick Tock...





It's all for appearances, for the sake of the creditors and liquidator. Conivor is still bunkered down at the family pile on the Isle of Capri waterfront. Answers the phone, walks the dog at night, drives the BMW and the kids to school. 

He's put the word around that he is sharing accommodation with Brock the brother inlaw, rubbish Brock is ensconced in his own pliÃ© with his long term partner. 

The Conivors will be celebrating his Christmas with our turkey, but don't feel bad he gave us a turkey....EQUITITRUST


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## No Trust (13 December 2013)

*Mmmmmmmmmmmmm*, so that's what's going on...

Is McIvor walking the dog, or is the *dog walking him*... 

How on earth is a bankrupt driving a BMW ??? *Bloody disgrace*...


----------



## word75 (13 December 2013)

No Trust said:


> *Mmmmmmmmmmmmm*, so that's what's going on...
> 
> Is McIvor walking the dog, or is the *dog walking him*...
> 
> How on earth is a bankrupt driving a BMW ??? *Bloody disgrace*...




Pick a number between 28 and 32 and a waterfront st on the Isle of Capri starting with S and ending in o and send your Xmas cards of joy and mirth. Seems Santa has been coming down this chimney all year.


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## No Trust (13 December 2013)

I'm sure the process servers and David Tucker are keeping an eye on this area of he Gold Coast... Sometimes Santa can stuck in the chimney causing all kinds of issues... 




word75 said:


> Pick a number between 28 and 32 and a waterfront st on the Isle of Capri starting with S and ending in o and send your Xmas cards of joy and mirth. Seems Santa has been coming down this chimney all year.


----------



## No Trust (14 December 2013)

Isn't this Marky Boys old mate  or have they fallen out too ?

http://www.goldcoastbulletin.com.au...d-coast-property/story-fnjc2dm2-1226782685973


----------



## No Trust (15 December 2013)

Good to see the thread getting some *solid *views...



word75 said:


> It's all for appearances, for the sake of the creditors and liquidator. Conivor is still bunkered down at the family pile on the Isle of Capri waterfront. Answers the phone, walks the dog at night, drives the BMW and the kids to school.
> 
> He's put the word around that he is sharing accommodation with Brock the brother inlaw, rubbish Brock is ensconced in his own pliÃ© with his long term partner.
> 
> The Conivors will be celebrating his Christmas with our turkey, but don't feel bad he gave us a turkey....EQUITITRUST


----------



## No Trust (17 December 2013)

*Tick Tock*

Keep an eye on this in the New Year...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

It must piss McIvor off to *no end *that David Tucker his former lawyer and bestie *bankrupted him *and is now also making his life *miserable* via this court case...  Should have paid your legal bills "Marky Boy"  How is the bankrupt Marky Boy *paying Geoff Rapp's legal bills *(_His lawyer in this case_) ??? 

Show us the money Marky Boy...


----------



## trainspotter (17 December 2013)

No Trust said:


> I'm sure the process servers and David Tucker are keeping an eye on this area of the Gold Coast... Sometimes Santa can get stuck in the chimney causing all kinds of issues...




Can't see a chimney anywhere ?


----------



## No Trust (18 December 2013)

Ha ha good spotting...  But there is a grey old man in residence and he's NOT HAPPY...


----------



## word75 (19 December 2013)

No Trust said:


> Ha ha good spotting...  But there is a grey old man in residence and he's NOT HAPPY...




How is he not happy? The pair of them have over $5mil in cash in their super fund a substantial proportion of their art ollection expensive furniture. Unencumbered plots of land unencumbered luxury cars and they are living in a waterfront home ith their kids in private school.

They are dancing a jig every night at dusk pleased with themselves for getting away with it and they have. Any action against the bankrupt will fail and have no effect and actions against their super funds will have no effect because super funds are non recourse entities. Only the directors can give third party guarantee's 

As for " are they or arn't they still together, well Racy is no dumbie, even she knows on the face of it the appearance of being seperated and independently represented looks marginally better than the taint of being associated with and sleeping with the enemy. 

I'm told however she has that base covered, no sleeping with the enemy for a couple of years now. Maybe the old fella has taken up a new ball sport to sort out that quandary. 

If Racy really did have half a brain she would take the pile, ditch the looser, change her name back to her maiden name and get off the Titanic Mcivor. Save the children, you see what he has done to their grand mother and all us oldies, what chance do they have.


----------



## No Trust (19 December 2013)

Quote by Word75

_"As for " are they or arn't they still together, well Racy is no dumbie, even she knows on the face of it the appearance of being seperated and independently represented looks marginally better than the taint of being associated with and sleeping with the enemy. 

I'm told however she has that base covered, no sleeping with the enemy for a couple of years now. Maybe the old fella has taken up a new ball sport to sort out that quandary." _

Poor Marky... I hear they have little "Blue Pills" for that now...


----------



## No Trust (19 December 2013)

Whatever they have it will unravel in the *very near future*...

- - - Updated - - -



No Trust said:


> Quote by Word75
> 
> _"As for " are they or arn't they still together, well Racy is no dumbie, even she knows on the face of it the appearance of being seperated and independently represented looks marginally better than the taint of being associated with and sleeping with the enemy.
> 
> ...




Besides who "*on earth*" would want to sleep with him for gods sake !!!


----------



## No Trust (19 December 2013)

word75 said:


> How is he not happy? The pair of them have over $5mil in cash in their super fund a substantial proportion of their art ollection expensive furniture. Unencumbered plots of land unencumbered luxury cars and they are living in a waterfront home ith their kids in private school.
> 
> They are dancing a jig every night at dusk pleased with themselves for getting away with it and they have. Any action against the bankrupt will fail and have no effect and actions against their super funds will have no effect because super funds are non recourse entities. Only the directors can give third party guarantee's
> 
> ...




Boy didn't she *stuff up her life*... Maybe she should have listened to her family before she married him after her *first bust up * with Marky Boy which caused her to _*run back to Sydney* _with her tail between her legs...

But she came back for more, what must her first "very honourable husband" be thinking now ??? *GOOD RIDDANCE *would be a fair guess...


----------



## Mozzi (20 December 2013)

16th report from Mr Whyte online now!!!   SAME OLD!     SAME OLD!




             LAST YEAR, THIS YEAR, NEXT YEAR       -      NOTHING IS GOING TO HAPPEN THAT IS GOING

TO GIVE US ANY JOY -   PROMISES, PROMISES!!  




                                                       SHOW US THE MONEY


----------



## No Trust (21 December 2013)

SHOW US THE MONEY... "Marky Boy"


----------



## No Trust (22 December 2013)

Look where money is *being wasted *on Solicitors and Barristers...



https://jade.barnet.com.au/Jade.html#!sy=311851


----------



## Just Observer (24 December 2013)

No Trust said:


> Look where money is *being wasted *on Solicitors and Barristers...
> 
> 
> 
> https://jade.barnet.com.au/Jade.html#!sy=311851




Who pays for the legal costs for the Applicant and the Defendant, the Investors??? If so, there goes the 10c in a dollar expected return. Who will pursue McIvor once there is no more money available in the fund???


----------



## Mozzi (24 December 2013)

Just Observer said:


> Who pays for the legal costs for the Applicant and the Defendant, the Investors??? If so, there goes the 10c in a dollar expected return. Who will pursue McIvor once there is no more money available in the fund???





      NO-ONE!     WHO IS REALLY CHASING HIM NOW  - REALLY?   WHO?


----------



## No Trust (25 December 2013)

Merry Christmas to all the long suffering Equititrust investors...


----------



## Mozzi (26 December 2013)

No Trust said:


> Merry Christmas to all the long suffering Equititrust investors...






MERRY CHRISTMAS TO YOU "NO TRUST" - YOUR PERSEVERANCE AND DOGGEDNESS IS APPRECIATED BY ALL.      

WISH WE HAD GOT A RESULT FOR ALL YOUR EFFORTS, BUT WHO KNOWS AS YOU KEEP SAYING "KARMA IS A

BITCH"!


----------



## No Trust (27 December 2013)

Thanks Mozzi, much appreciated... Some say life's a bitch and then you marry one... There could be Karma all packed in one 




Mozzi said:


> MERRY CHRISTMAS TO YOU "NO TRUST" - YOUR PERSEVERANCE AND DOGGEDNESS IS APPRECIATED BY ALL.
> 
> WISH WE HAD GOT A RESULT FOR ALL YOUR EFFORTS, BUT WHO KNOWS AS YOU KEEP SAYING "KARMA IS A
> 
> BITCH"!


----------



## No Trust (28 December 2013)

Boy oh boy Nordrum has been quiet of late... Wonder what's got him all gagged up...


----------



## No Trust (29 December 2013)

A number of insiders have a fair idea what's going on with "Marky Boy" and it's not pretty...


----------



## No Trust (31 December 2013)

Piper Alderman and the Federal Court will have McIvor in their crosshairs in 2014. Reap what you sow "Marky Boy" reap what you sow...


----------



## No Trust (7 January 2014)

Keep an eye on this in 2014...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (7 January 2014)

Why is "Marky Boy" - Nordrum soooooo quiet of late ???  Impending court appearances must not be a pleasant thought for the "old" Boy...


----------



## No Trust (8 January 2014)

Marky Boy is getting greyer and greyer and older and older... Not far from being a sexagenarian turning 59 next year... What a proud record he has in business... Remember Marky, Bankruptcy stays on your record for ever...  Disgrace of the Gold Coast...


----------



## No Trust (18 January 2014)

The "Wolf of Wall Street" was based on a *real life character*, imagine what title would apply to McIvor, not that in anyone's fantasies would anyone make a movie about this bit player from the dodgy Gold Coast...

Maybe "*The Tick of Thomas Drive*" maybe a more applicable title for "Marky Boy" as he did suck the blood out of a lot of "old "people...


----------



## No Trust (18 January 2014)

*Federal Court proceedings Against McIvor for Misleading and Deceptive Conduct*

Its on... 

2014 will *show who the real McIvor *was and how much he didn't give a damn about his investors and only thought about enriching himself...

Great work *Amanda Banton*


https://www.comcourts.gov.au/file/Federal/P/NSD2025/2013/actions

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions

Good luck recovering from this "Marky Boy"  lets hope *charges are laid *once all is laid to bare... One thing that is guaranteed is that a *lot of information *has flowed to the lawyers in preparation of bringing this to court and once "Marky Boy" is firmly placed into the witness box there will a lot things brought into court by way of evidence from a business and personal sense that will make him less than comfortable... Being the *penultimate coward *that he is (_ he didn't appear at his bankruptcy hearing_) lets see is he has the balls to appear or will he have to be threatened with arrest again... When he finally sees what evidence there is against him, I suspect he will have to be dragged there...

One thing is for sure and that is his investors and people he has burnt over the years *will be at court *to greet him and look him squarely in the eye... The problem with this coward however is that he will do everything to avoid looking the investors in the eye as he has no more BS to spin to them... McIvor flew under the radar on the Gold Coast for *many years *and literally *destroyed peoples lives *and took homes from innocent people to only enrich himself... Its only now and after a lot of work by "silent" individuals who were ripped off by McIvor that *he was brought down hard*... 

This ego maniac thought he could take peoples homes and livelihoods and that these people would never fight back, well he was very wrong... Maybe Marky Boy should read the book "The Count of Monty Christo"...

See you in court...


----------



## No Trust (25 January 2014)

Marky Boy has a lot on his plate in the coming months and from recent discussions over the last few days with highly reliable sources, it seems some "other" agencies are looking into his  business and personal affairs... 
It's about time... Don't think Marky Boy will be travelling for quite some time given his full dance card with the Supreme Court...


----------



## Just Observer (26 January 2014)

No Trust said:


> The "Wolf of Wall Street" was based on a *real life character*, imagine what title would apply to McIvor, not that in anyone's fantasies would anyone make a movie about this bit player from the dodgy Gold Coast...
> 
> Maybe "*The Tick of Thomas Drive*" maybe a more applicable title for "Marky Boy" as he did suck the blood out of a lot of "old "people...




The movie should be titled "The 500 Million dollars Con Man". In New Zealand, they have made a movie out of the international conman Derek Turner (a New Zealander). After conning millions of dollars in Australia, he fled to US when pursued by Australian Police. He continued conning millions of dollars from US' investors, including his scheme to rebuild the Twin Tower. He was finally caught by FBI sting in Bahamas and jailed. The movie is titled "the million dollar con man".

Anyone interested to read his story can google "derek turner the con man".


----------



## No Trust (30 January 2014)

Nordrum is ever so quiet lately... Wonder what might be preoccupying him


----------



## No Trust (8 February 2014)

"Marky Boy" the imbecile who lost innocent retiree's life savings is oh sooooo quiet of late... Which regulatory wolf is lurking in the shadows stalking and watching every move he makes...

Exposure is imminent... See you in court


----------



## No Trust (12 February 2014)

Watch the video attached to the story below and see why the Gold Coast is so dodgy... The media are tainted...


http://www.abc.net.au/mediawatch/transcripts/s3839279.htm


----------



## No Trust (12 February 2014)

It's reminiscent of the Gold Coast Bulletin's reporting under Nick Nichols... Was he bloody blind as to what McIvor was doing to innocent elderly retiree investors... The Gold Coast's white shoe brigade reputation is well deserved and McIvor was the cowboy that they let run loose with his mate "King Con"...  Two losers who ruined people's lives....


----------



## Mozzi (13 February 2014)

No Trust said:


> It's reminiscent of the Gold Coast Bulletin's reporting under Nick Nichols... Was he bloody blind as to what McIvor was doing to innocent elderly retiree investors... The Gold Coast's white shoe brigade reputation is well deserved and McIvor was the cowboy that they let run loose with his mate "King Con"...  Two losers who ruined people's lives....






             Did you catch the last report on the 10th?   Snuck that one in!    Nearly missed it!


            Here comes another one - just like the other one!


----------



## No Trust (16 February 2014)

What will be ultimate return to investors ??? Heading to zero very fast given the various payments yet to be made...

Kostag was right in his estimations...

McIvor poisonous scheme just keeps on giving...


----------



## No Trust (19 February 2014)

Tick Tock the time is counting down for McIvor to face a judge...


----------



## No Trust (25 February 2014)

*Countdown*

*Countdown to implosion*...  

Marky Boy's time of *flying under the radar *is about to come to an end... Reliable sources inform me that Piper Alderman have some *very very *interesting information to present to Marky Boy whilst he's in the box...

After this he needs to be *banned* as a company director for life...

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions


----------



## No Trust (26 February 2014)

There will be no more delusion or hiding from the fact that McIvor ruined many many people lives. The court case will be his version of Public Stocks and a flogging by the people. Let's hope ASIC get in in the act...


----------



## Mozzi (4 March 2014)

[     



NO CLASS ACTION!    WHY ARE WE NOT SURPRISED!?


----------



## No Trust (4 March 2014)

Hi Mozzie

Not sure if you had an attachment to your post but it didn't come through..



Mozzi said:


> [
> 
> 
> 
> NO CLASS ACTION!    WHY ARE WE NOT SURPRISED!?


----------



## Mozzi (5 March 2014)

No Trust said:


> Hi Mozzie
> 
> Not sure if you had an attachment to your post but it didn't come through..







Sorry, no attachment.   Just a reliable source says Piper Alderman is mailing out the news!


Not really news though, did we really think anything that has been indicated in the past would be forthcoming - 


like all the adjournments to court cases etc.  Asic etc. etc.  - No!  Hiighly unlikely to happen!!!


----------



## Mozzi (5 March 2014)

Mozzi said:


> Sorry, no attachment.   Just a reliable source says Piper Alderman is mailing out the news!
> 
> 
> Not really news though, did we really think anything that has been indicated in the past would be forthcoming -
> ...







(Later)   Just found the text on the Piper Alderman site - refer Equititrust!   H'mmm!


----------



## No Trust (7 March 2014)

Thanks Mozzie 



Mozzi said:


> (Later)   Just found the text on the Piper Alderman site - refer Equititrust!   H'mmm!


----------



## No Trust (7 March 2014)

Well the class action was an overlap on the claim the liquidators have made... Legal action hasn't stopped per se

Read the full extract below:



http://www.piperalderman.com.au/class-actions/equititrust-limited


----------



## No Trust (7 March 2014)

Marky Boy is still facing some serious issues to face this year and they don't all relate to court action... 

How many friends and family members do you have left Marky Boy ???


----------



## Just Observer (10 March 2014)

No Trust said:


> Well the class action was an overlap on the claim the liquidators have made... Legal action hasn't stopped per se
> 
> Read the full extract below:
> 
> ...




Hmm......Interesting news. Now that Hall Chadwick is working hand in hand with Piper Alderman, does it mean Hall Chadwick will go against Mark McIvor, the person who appointed them and will be pushing for Marky personal affair statement......?


----------



## Mozzi (10 March 2014)

Just Observer said:


> Hmm......Interesting news. Now that Hall Chadwick is working hand in hand with Piper Alderman, does it mean Hall Chadwick will go against Mark McIvor, the person who appointed them and will be pushing for Marky personal affair statement......?









Yeah!   Right!   If you believe that, we have this bridge for sale in Sydney, going real cheap!   Interested?



We believe that what goes around, comes around - but  would be great if it was earlier rather than later!!!!!!!!!!!


----------



## Just Observer (10 March 2014)

Mozzi said:


> Yeah!   Right!   If you believe that, we have this bridge for sale in Sydney, going real cheap!   Interested?
> 
> 
> 
> We believe that what goes around, comes around - but  would be great if it was earlier rather than later!!!!!!!!!!!




I am with you Mozzi. I posted my remark with great degree of scepticism. I too believe the leopard will never change its spots.


----------



## No Trust (13 March 2014)

Hall Chadwick have shown their true colours throughout. These guys are a bunch of hypocrites and say one thing at an investor meeting and then try and pull a sly one over a bunch of defenseless old people...

Remember "All Bran" saying the fees wouldn't be charged against the income funds and then tried to do it afterwards... Slimey indeed...

At least David Whyte exposed them... 




Just Observer said:


> I am with you Mozzi. I posted my remark with great degree of scepticism. I too believe the leopard will never change its spots.


----------



## Mozzi (20 March 2014)

No Trust said:


> Hall Chadwick have shown their true colours throughout. These guys are a bunch of hypocrites and say one thing at an investor meeting and then try and pull a sly one over a bunch of defenseless old people...
> 
> Remember "All Bran" saying the fees wouldn't be charged against the income funds and then tried to do it afterwards... Slimey indeed...
> 
> At least David Whyte exposed them...






HOT OFF THE PRESS - 


18th report online from Mr Whyte - However, even he must be getting cheesed off with the same old, same old!!!!

AND AS FOR HALL CHADWICK .........


----------



## No Trust (22 March 2014)

Well Hall "pass" Chadwick have been given quite a slap across the head by David Whyte haven't they...  court ruled against Hall Chadwick and awarded costs to David Whyte... 

Meanwhile whilst Hall Chadwick play games and incur further legal costs and David Whyte's time the unit value / return to innocent Equititrust investors just keeps going down... 

Hall Chadwick are milking this baby for all it has, investors will be lucky to get anything in the end...


----------



## No Trust (24 March 2014)

*Scumbags at War*

My oh my, this is getting *quite dirty*... 

What are "Marky Boy" and the oh so ever "*Racy*" Stacey fighting to keep...

The subpoena's are *flying everywhere*, even one to *ASIC* and one to *David Tucker *himself... This will be interesting as Tucker is representing the Liquidator in the same action... 

Looks like the *dirty dirty dirty laundry *will be aired for all to see in the Supreme Court...  Comrades in Arms now sworn enemies... Its _too funny to watch _these blood sucking leeches go at each other. 

Tucker and McIvor both had their *snouts in the Equititrust Trough *and didn't give a damn about the investors, they're both as *bad as each other*... 

It would be good to see Tucker and Cowan *go down the same path *as Equititrust and McIvor and given the curse that's attached to both, it wont be long before Tucker and Cowan "*live in interesting times*" 

Tick *Tock* Tick *Tock*


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## Brethren (25 March 2014)

*Re: Scumbags at War*

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions

expand the link above to look at the orders filed in the case on 24 March 2014 and you will see that KPMG and Paul Steer ( Auditors and Audit Partner, respectively ) have been well and truly drawn in as fifth and sixth respondents. 

As they signed off on many years' worth of Equititrust accounts, scrutiny will/should fall on whether they paid proper attention to their job. To my mind, this line of enquiry is probably the best chance investors have of recovering any significant amounts - if the partners of KPMG decide to offer some sort of settlement. Lot of water will be passed under the bridge before that point, so patience will be required.

You'd think that if the rumoured family links b/w the audit partner and the largest borrower/defaulter from E'Trust were to be proven and were brought into play it would begin to make the KPMG partners more than a little edgy.


----------



## No Trust (26 March 2014)

*Re: Scumbags at War*

Brethren, I totally agree, there is a lot more this dirty little shell game than meets the eye...

McIvor was constantly doing something or other to divert the auditors. Now if they saw something and then cast a blind eye for whatever reason, there needs to be some answers...

McIvor flew under the radar for years and cost many people their financial well being. Some however have grown to be immensely powerful... The worst enemy that McIvor can ever have is the one he can't see... 

See you in court Marky Boy... 



Brethren said:


> https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions
> 
> expand the link above to look at the orders filed in the case on 24 March 2014 and you will see that KPMG and Paul Steer ( Auditors and Audit Partner, respectively ) have been well and truly drawn in as fifth and sixth respondents.
> 
> ...


----------



## No Trust (4 April 2014)

*Crooks*

Remember this crap from McIvor...

This cowboy *flew under the radar on the dodgy Gold Coast *for years and fleeced money from innocent elderly investors...

He then lent it to his mate "*King Con*"  

*McIvor* + *King Con *= One hell of a *CON*


http://www.youtube.com/watch?v=P2m9RfGJ7xQ


----------



## No Trust (4 April 2014)

*Poor Marky, No one will have him...*

"Marky Boy" has *lost his lawyer *and is now acting in person... Looks like *no lawyer *will have him or has he run short of brass... 

Bit *poverty pack *don't you think "Marky Boy"...

*28th of March 2014 *- Filed a notice that he is acting in person... ???  !!!

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (11 April 2014)

*Dumb and Dumber*

Looks like McIvor will cross examine Tucker and Cowan himself ... This should be hilarious...

Order the popcorn, I will definitely be in court to watch this one...


----------



## word75 (11 April 2014)

*Re: Dumb and Dumber*



No Trust said:


> Looks like McIvor will cross examine Tucker and Cowan himself ... This should be hilarious...
> 
> Order the popcorn, I will definitely be in court to watch this one...




Any idea of a date and time. I will happily fly back to Aus for a ring side seat


----------



## No Trust (12 April 2014)

*Re: Dumb and Dumber*

Hi Word 75 , not sure yet but will definitely let you know when closer to the *trial date*.

I will be there, cant wait to see this circus unfurl... 

The "white haired ghost who walks" will be *funny to watch*... Gone from rooster to a feather duster... 




word75 said:


> Any idea of a date and time. I will happily fly back to Aus for a ring side seat


----------



## No Trust (12 April 2014)

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (12 April 2014)

Tick Tock, Tick Tock, McIvor's got *no time *left on the clock...

D Day is coming Marky Boy, the *court will sort you out*, as will the glare of your investors eyes from the public gallery... 

Like his *Bankruptcy hearing*, the gutless wimp will most likely *not turn up*... McIvor is a tough guy over the phone but face to face an utter coward... 

No more *verbal terrorism *from Marky Boy... He can save that for his family... oh hang on they've abandoned him too...


----------



## No Trust (12 April 2014)

Now will Racy Stacey *turn on him too *??? We wait with baited breath...


----------



## word75 (12 April 2014)

No Trust said:


> Now will Racy Stacey *turn on him too *??? We wait with baited breath...




Don't hold your breath, those two snakes continue to slither together. Stacey reverting to her maiden name mid proceedings is just a pale attempt to sway the court into believing she is independent of the Conivor. Never fear the ghostly goose still slimes his way in an out of the families waterfront home under cover of darkness for fear of the roost being exposed. Mate your neighbours see and report all. 

On another note, what happened to the $3.3million loan. Did BDO roll over snd give it to him. I've lost track


----------



## Mozzi (20 April 2014)

Mozzi said:


> HOT OFF THE PRESS -
> 
> 
> 18th report online from Mr Whyte - However, even he must be getting cheesed off with the same old, same old!!!!
> ...







and again - here's another one - just like the other one..................

Hall Chadwick update -   Don't you just love the timing?   17 April!!!!!   Online now!

Happy Easter!

Will we bother to change the date in the diary to 2nd June, 2014?     No of course not, we'll just wait for the next instalment !!


----------



## No Trust (1 May 2014)

Mmmmmmmmmmm interesting, Marky Boy acting for himself has had a change of address ??? 

What's going on...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

Maybe worth searching the Supreme Court file to find out where he's hiding now... I'm sure lots of process servers would like to know where they can find the Grey Haired Ghost who walks...


----------



## No Trust (10 May 2014)

*MFS*

When will McIvor be grilled in court ??? ASIC and the police need to take further action against McIvor...

He's not off he hook yet... and have no fear, this thread will keep *pounding* him until the truth finally comes out...



http://www.couriermail.com.au/busin...untangle-mfs-web/story-fnihsps3-1226910931429


----------



## No Trust (13 May 2014)

*Big Freeze Indeed*

Come Marky Boy remember *all your promises*... Where's the money you *loser*...

Innocent retiree investors in your fund have not got *one cent* back...

http://www.smh.com.au/money/fighting-the-big-freeze-20140510-382cj.html


----------



## Mozzi (19 May 2014)

HOT OFF THE PRESS!!!!!!

Well, well, well,   anyone interested in the offer of 2c per unit?????


----------



## No Trust (19 May 2014)

Wow, where did this amazing offer come from ???




Mozzi said:


> HOT OFF THE PRESS!!!!!!
> 
> Well, well, well,   anyone interested in the offer of 2c per unit?????


----------



## Mozzi (19 May 2014)

No Trust said:


> Wow, where did this amazing offer come from ???




Believe it is being made by firm called Babgenta (Qld) -  Steven Goakes    (any ideas on that)   ????

Check it out!


----------



## megladon (20 May 2014)

another grub wanting to squeeze the last drop of blood out of retirees ,there will be an interim 5c minimum distribution in June…..150% interest on his investment in within 21 days plus any future returns from litigation etc.


----------



## No Trust (21 May 2014)

Grub indeed... 

Any connection to McIvor ??? Direct or indirect ???




megladon said:


> another grub wanting to squeeze the last drop of blood out of retirees ,there will be an interim 5c minimum distribution in June…..150% interest on his investment in within 21 days plus any future returns from litigation etc.


----------



## No Trust (21 May 2014)

Check out the choice of *suit* and *tie*... Seems to say it all...

I wouldn't give him *2 cents *for his clothes...

http://www.capartners.com.au/partners.html


----------



## Bonne Chance (22 May 2014)

megladon said:


> another grub wanting to squeeze the last drop of blood out of retirees ,there will be an interim 5c minimum distribution in June…..150% interest on his investment in within 21 days plus any future returns from litigation etc.




Is that true the investors will be getting a distribution in June?  Where did you see that?


----------



## No Trust (22 May 2014)

Bonne this may help...

http://www.goldcoastbulletin.com.au/business/caution-for-unitholders/story-fnjc2dm2-1226926852472


----------



## Mozzi (22 May 2014)

Mozzi said:


> Believe it is being made by firm called Babgenta (Qld) -  Steven Goakes    (any ideas on that)   ????
> 
> Check it out!






                                                    STICK WITH MR WHYTE - 5c  MID JUNE!!!!!!


----------



## Bonne Chance (22 May 2014)

No Trust said:


> Bonne this may help...
> 
> http://www.goldcoastbulletin.com.au/business/caution-for-unitholders/story-fnjc2dm2-1226926852472




Thanks No Trust, also just got the letter from BDO. 

A grub indeed (although I would use stronger language).  Goakes was forewarned by BDO of their intention to make an interim distribution - what a charmer!  Well Stevie boy - there's the quick and the dead, guess which one you are.  Took you too long to get your offer out.  Can't imagine why anyone would be interested in his pathetic offer anyway but perhaps he would like to sell me is 'elderly parents' holdings at $0.02 per unit.

So we can add him to the list of another one who has no respect for other peoples money.


----------



## Bonne Chance (22 May 2014)

No Trust said:


> Grub indeed...
> 
> Any connection to McIvor ??? Direct or indirect ???




Haven't found any connection there but guess who Goakes is mates with on Linkedin - one David Tucker.

Tucker would have a list of investors.


----------



## Mozzi (23 May 2014)

Mozzi said:


> STICK WITH MR WHYTE - 5c  MID JUNE!!!!!!






           For those of you who haven't received  it yet - Mr Whyte's 19th report online now!


----------



## No Trust (23 May 2014)

So the wily Goat knows Tucker ???  Tucker being Marky Boys best bud and chief protector and now sworn enemy...


----------



## No Trust (31 May 2014)

Hi Ho, Hi Ho off to court we go...

Trial dates set and "Marky Boy" with yet another lawyer...  Now it's James Conomos. McIvor has had more lawyers representing him than you and I have had hot dinners...

What happened to old lawyer Geoff Rapp ? 

In any event I look forward to sitting in the public gallery and watching McIvor squirm in the witness box... 

Maybe Marky Boy's words will be played back to him in court... Technology can be a real bitch nowadays ha... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## Brethren (14 June 2014)

I've commented somewhere above on the inclusion of Equitrust's Auditors in the list of defendants.

I note that ASIC's website lists the side-lining of the Auditor of Banksia Financial Group ( who collapsed down in Victoria during last year ) for five years. 

http://www.asic.gov.au/asic/asic.ns...r Banksia auditor for five years?opendocument

Amongst the reasons listed were the auditor's failure to "display an appropriate level of professional scepticism when auditing the valuation of, and provision for impairment of loans receivable, and adequately document his conclusion about the reasonableness of the provision for impairment
remain alert through the audits that the risk of the potential impairment of loan receivables may cast doubt over Banksia Group's ability to continue as a going concern..."

I think this line of argument may well have relevance in the Equititrust hearings. Expect it be a major line of argument from the prosecutorial side. 

The relevance is not just academic as the Auditors ( more exactly, their PI Insurance ) would be one of the main financial targets to try and get SOMETHING back for investors.


----------



## No Trust (18 June 2014)

McIvor's relationship with the auditors needs to be thoroughly investigated... We all now that he ran an extremely dodgy operation, but how dodgy was it ???

Me thinks VERY...





Brethren said:


> I've commented somewhere above on the inclusion of Equitrust's Auditors in the list of defendants.
> 
> I note that ASIC's website lists the side-lining of the Auditor of Banksia Financial Group ( who collapsed down in Victoria during last year ) for five years.
> 
> ...


----------



## JFJDM (22 June 2014)

At last something in the bank.


----------



## Mozzi (24 June 2014)

JFJDM said:


> At last something in the bank.





*

               Thank you Mr Whyte.   The only one who has come through with anything at all  for us!!!!   *


----------



## No Trust (27 June 2014)

Totally agree great work David Whyte considering the utter disaster McIvor left you with... Yet McIvor wanted David Whyte removed to yet again screw over the innocent elderly investors he mercilessly financially raped to enrich himself...

If Marky Boy thinks that this is the end, well the upcoming court case will expose this shonk... It seems Tucker and a number of key witnesses have some explosive information to make Marky Boy sweat buckets in the witness box...

If Marky Boy thinks that I have finished shedding a spotlight on his nefarious activities then he's an utter imbecile... 

This has just started mate, and everything that is excruciatingly exposed in the court case will be made public as it's in the public's interest to know where the money went. 

ASIC needs to thoroughly examine the affidavit's in the upcoming case and then proceed to a prosecution. 




Mozzi said:


> *
> 
> Thank you Mr Whyte.   The only one who has come through with anything at all  for us!!!!   *


----------



## word75 (2 July 2014)

No Trust said:


> Totally agree great work David Whyte considering the utter disaster McIvor left you with... Yet McIvor wanted David Whyte removed to yet again screw over the innocent elderly investors he mercilessly financially raped to enrich himself...
> 
> If Marky Boy thinks that this is the end, well the upcoming court case will expose this shonk... It seems Tucker and a number of key witnesses have some explosive information to make Marky Boy sweat buckets in the witness box...
> 
> ...




Don't thank anyone too soon, seems Conivor has pocketed the $3.3mil to his super fund and word is the three unencumbered properties with the deeds sittin in his drawer and that miraculously turned up with mortgages on them to his super fund are about to be handed back to him.

Now that's justice for you... not. So in his self managed super fund with his pet rock trustee he sits on over $6.0 mil which he can invest in shares even if it is in some nefarious company he shadow directs and don't forget the small pittance doled out to us by the vigilant Mr Whyte was also doled out to Conivor. 

If that's not enough remember Conivor chose the asset protection afforded him by bankruptcy why else did he cop it all for a $25k debt to Tucker.

Me thinks we are the SUCKERS


----------



## meridian (5 July 2014)

David Whyte's 10th report stated that in February 2011 the McIvor Superannuation Fund advanced $2.46 million to the EIF.
Why was this done, what was the money used for ?
Was it to pay bonuses to directors, car lease payments, another loan to a mate.
And to top it off the loan attracted an interest charge of 15% per annum.
So, the McIvors collect $3.3 million and pocket a nice little earn of $840,000.00 of our money.
The directors and auditors of the fund would have had full knowledge of what was happening. What will they say when the time comes to answer questions in a court of law.
Then we have Hall Chadwick.
Their report on the 28th May 2013 stated that a refund was received on the 14th March 2013 from the A.T.O. for an amount of $2,240,337.00 and that a comprehensive update about this matter will be  provided in due course.
Where is the money now ?
And what is this I hear about A Management Fee being reintroduced.


----------



## Mozzi (15 July 2014)

Report  on line from Hall Chadwick (dated 14th July).

                                             About to read it and try to unravel it now!!


----------



## No Trust (25 July 2014)

Wow, things are heating up... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

Racy Stacey, is now off the hook, did she turn on Marky Boy ??? 

Maybe the old man on the hill was right, in the advice he gave Marky Boy before he got married to "Racy Stacey" 
"Be it 1 year, 5 years or 10 years the marriage will end in disaster" words to remember Marky Boy, words to remember


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## No Trust (26 July 2014)

*Federal police, ASIC raid embattled fund manager Equititrust*

*Federal police, ASIC raid embattled fund manager Equititrust *

Look what former lawyer / friend / confidant / now litigant said about McIvor...

"_McIvor is *not a fit and proper person *to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does *not appreciate his statutory duties *or what is in the best interest of investors. Nor is he committed to a proper and orderly winding up of the funds_."

Now, its interesting that this event occurred almost *3 years ago*... Who called ASIC and essentially plunged the knife into Equititrust and Marky Boy... 

Will this issue be addressed in the coming court case or elsewhere.

Will McIvor ultimately be charged... 

Something is brewing with the authorities and "Marky Boy" wont like it one bit... Ouch

http://www.couriermail.com.au/busin...172406007?nk=f20121c93fafd64b7c1ee042faa0fea8


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## No Trust (26 July 2014)

*McIvors Grubby Greed*

*McIvor's Grubby Greed*

This about sums it up... McIvor's *shell game with legal documents*... He thought he was a master but was in fact a mere apprentice...

Then bankrupt... That *never goes off your record *"Marky Boy"

http://www.investorsactiongroup.com.au/equititrust-income-fund/


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## No Trust (27 July 2014)

*What's on the back of McIvor's mind*

*What's on the back of McIvor's mind*

A lot of grey ghost like hair... 

McIvor may think he has come up trumps in some kind of *deluded* way, however if you read the article below, it may take a while but the litigation funders may have a few more readies to take him on and *get a win*...

Given that court proceedings have started in the *Federal Court*, I would say that McIvor has a long, long, long road ahead of him... 

He still has to face the Supreme Court in a matter of weeks... 


http://www.smh.com.au/business/road...heres-a-crackdown-looming-20140725-3cku3.html


----------



## No Trust (28 July 2014)

http://www.smh.com.au/business/developer-mark-mcivors-poetry-20131118-2xr9e.html


----------



## No Trust (28 July 2014)

*Re: What's on the back of McIvor's mind*

We have our own *Lewski *here in the form of McIvor... maybe we should refer to him as *"Mark Lewski"* the two are cut from the same cloth...

http://www.smh.com.au/business/prim...larke-gave-false-evidence-20140727-3cnkx.html






No Trust said:


> *What's on the back of McIvor's mind*
> 
> A lot of grey ghost like hair...
> 
> ...


----------



## No Trust (28 July 2014)

It took a while to get Lewski , and it may take a while to get McIvor *but he will be brought to justice *for financially raping innocent elderly Australian retirees...

In fact wifey *"Racy Stacey"*may bring him justice before anyone else...   

Made a bad decision there mate...


----------



## No Trust (28 July 2014)

*Federal Court proceedings Against McIvor for Misleading and Deceptive Conduct*

The Federal court case is *hotting up*... What are McIvor's mates at *KPMG* trying to hide by attempting to have the public examinations set aside... They failed but something *really stinks here*...


http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2014/2014fca0692


----------



## No Trust (28 July 2014)

*McIvor up to his eyeballs*

McIvor in addition to the Supreme court case against him now has *3 Federal Court actions against him*...

The latest, and this is *eye wateringly funny*,,, is the one and only *Beryl Jeanes *otherwise known as Bea. 

Bea you see was on the cards to be "Marky Boy's" *future mother in law*... Bea being the Mother to one Thea Jeanes (_now married to one Tony Cochrane_) who "Marky Boy" courted, (_for maybe the wrong reasons_). After the split good "ol" Bea continued to invest many millions with "*Narky Marky*" and alas the rest is history... 

But lets not get too sad for "ol" Bea as she was not that naÃ¯ve it seems as she rented one of her homes in Winchester Street Southport to one Dudley Quinliven or otherwise known as "King Con" whilst his home was being completed nearby ... What a convoluted little world it seems... 

As I said "Marky Boy" the deluded idiot will now be in front of the courts for a long, long time to come...

Enjoy Marky its what you brought upon yourself mate 


https://www.comcourts.gov.au/public...y&action_type_select=any&search_by=party_name


----------



## Mozzi (31 July 2014)

Guess you have all received the 20th report from Mr Whyte dated 28th July.


----------



## No Trust (15 August 2014)

Tick Tock Marky Boy... Court dates await...


----------



## No Trust (20 August 2014)

What's going on Marky Boy you notorious bankrupt you 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12

Looks like the Supreme Court and soon Federal Court will be your new home. Oh how you relished in using the court system for your nefarious deeds in riding roughshod over all and sundry who came between you and their money/assets. Oh how the world turns...  ENJOY you've worked your whole life for this


----------



## Brethren (3 September 2014)

*Mark MCIvor convicted and fined for failing to assist Liquidator*

on ASIC's website:

http://www.asic.gov.au/asic/asic.ns...for failing to assist liquidator?opendocument


----------



## No Trust (4 September 2014)

*Scumbag Convicted and Fined*

"Mark McIvor was found guilty in the Brisbane Magistrates Court on 22 August following six charges laid by ASIC"

http://www.investordaily.com.au/36201-equititrust-founder-convicted-and-fined


----------



## No Trust (4 September 2014)

*Criminal Action*

"Commissioner Greg Tanzer said, 'Mr *McIvor's conviction *was one of *143 criminal actions *taken by ASIC over the past six months against directors of proprietary limited companies who had breached their obligations under the Corporations Act 2001"

"The Commonwealth Director of Public Prosecutions prosecuted the matter".

http://www.asic.gov.au/asic/asic.ns...for failing to assist liquidator?opendocument


----------



## No Trust (4 September 2014)

*Criminal Record*

We always knew *McIvor was a criminal *now its official...

So says the Director of Public prosecutions and the Court System.


----------



## No Trust (4 September 2014)

*Ban Him For Life*

Now its time to *ban McIvor for life *for what he did to innocent elderly investors...


----------



## No Trust (4 September 2014)

*Justice Prevails*

So Marky Boy... How do ya like them onions ??? ...


----------



## word75 (4 September 2014)

*Re: Justice Prevails*



No Trust said:


> So Marky Boy... How do ya like them onions ??? ...




How does any of this affect Conivor? He is a bankrupt so he doesn't even have to dip into his $5mil superfund to pay the fine. Wow.... go ASIC


----------



## No Trust (5 September 2014)

*Mark McIvor Criminal Record*

A criminal record is a criminal record... 

Marky Boy will never in this lifetime get another Financial Services License or take another dollar from the unsuspecting Australian Public...

Any super money he may or may not get will be lost in a very short period of time... McIvor is *cursed* he just hasn't realised it yet... He was warned but he did one dastardly deed too many to someone who ensured he was exposed...

Maybe Marky Boy should have listened to the old man on the hill and not married Racy Stacey... That's around the time his demise began...


----------



## No Trust (5 September 2014)

*Home Town Glory...*

Gold Coast Bulletin reporting on its local pariah... 

Hang your head in shame McIvor... 


http://www.goldcoastbulletin.com.au...-and-fined-10000/story-fnjc2dm2-1227047642719


----------



## seamisty (5 September 2014)

*Re: Equititrust*

Article relating to Michael Featherstone:::'He has also worked for three-time bankrupt property spruiker and so-called “King Con” Dudley Quinlivan, and is a director of several companies connected to Michael King, who is being prosecuted by ASIC for allegedly acting dishonestly over a $150 million loan.'

http://aussiecriminals.com.au/tag/michael-featherstone/


----------



## No Trust (6 September 2014)

*Courier Mail Coverage*

Anthony Marx obviously NOT a fan of McIvor 

http://www.couriermail.com.au/busin...urt-to-pay-10000/story-fnihsps3-1227046909896


----------



## Mysteryman (6 September 2014)

*Re: Courier Mail Coverage*



No Trust said:


> Anthony Marx obviously NOT a fan of McIvor
> 
> http://www.couriermail.com.au/busin...urt-to-pay-10000/story-fnihsps3-1227046909896




Being an investor in LM, I'm interested in the outcome for Equititrust investors, though have not followed your sorry saga in detail. I see McIvor has been fined $10,000 - but is that all? That's peanuts. I know he declared bankruptcy but these blighters never are bankrupt - it is all squirreled away somewhere. Are there no more charges coming up? He should be in gaol!


----------



## No Trust (6 September 2014)

*Re: Courier Mail Coverage*

Mysteryman I believe there are some more charges coming up relating to banning him from the financial services industry. There is also the question of the missing money from Equititrust which the liquidator of Equitutrust identified. This amount was close to a million dollars and seemed to have been applied to the personal interests of McIvor... McIvor in the end may end up in goal as there are a lot more dirty deeds apart from what's been played out now. McIvor's malfeasance knows no bounds and there is one particular thing he did when exposed will make the Equititrust saga look small... 




Mysteryman said:


> Being an investor in LM, I'm interested in the outcome for Equititrust investors, though have not followed your sorry saga in detail. I see McIvor has been fined $10,000 - but is that all? That's peanuts. I know he declared bankruptcy but these blighters never are bankrupt - it is all squirreled away somewhere. Are there no more charges coming up? He should be in gaol!


----------



## No Trust (8 September 2014)

*McIvor Nipped*

Colin Kruger it seems also doesn't like Bankrupt convicted "Marky Boy"  Not many friends in the media Marky 


"The man is best remembered for the *Equititrust failure *- which lost the life savings of many retirees - and being *responsible for losing his mum's home *after McIvor advised her to sign multimillion-dollar mortgages over her home for his business"

"But *nothing will surpass his submission to a Senate inquiry into ASIC*, which finishes with a poem, The Crooked Fiduciary, with lines that are already being mentioned in the same breath as Gina Rinehart's prose" 

http://www.theage.com.au/business/b...-frock-and-awe-at-noni-b-20140903-10brp9.html


----------



## No Trust (8 September 2014)

*Anthony Klan - The Australian*

*Anthony Klan - The Australian *another McIvor Fan...  

*THREE years *after the collapse of the Gold Coast Equititrust investment empire — in which 1600 investors lost more than $200 million — the man behind the scheme has faced action from the corporate regulator: a $10,000 fine.  


ASIC said its investigations into Mr McIvor were *“ongoing”.*

http://www.theaustralian.com.au/bus...nder-fined-10000/story-e6frg8zx-1227046915918


----------



## No Trust (8 September 2014)

*McIvor will have ASIC ringing in his ears*

Me thinks *ASIC* are not done with Marky Boy by a long shot from the comments made to Anthony Klan by ASIC...

A number of *other submissions *have been made directly to ASIC regarding "Marky Boys" other acts of malfeasance whilst flying under the radar on the Gold Coast for many years. Now the *convicted bankrupt *will face some *serious investigation *which will again lead to the involvement of the "Commonwealth Director of Public Prosecutions" in the very near future...

We're not done with you yet Marky... *We're just getting started*...


----------



## No Trust (13 September 2014)

*What's next*

Boy oh boy things are hotting up "Marky Boy"... 

Looks like YOU will be in court for many years to come...


----------



## No Trust (17 September 2014)

Someone else is sniffing around "Marky Boy"  the authorities are closing in...


----------



## No Trust (2 October 2014)

*Not Off the Hook*

More to come...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (2 October 2014)

Tick Tock


----------



## No Trust (2 October 2014)

Will Marky Boy come to court and face the music... A grilling in the witness box may be too much to bear...
It's Tucker v McIvor when you take down the facade... Tucker wants revenge and this court case may be the catalyst for a lot of other dominos falling in terms of further prosecution of the convicted, bankrupt, failed financier McIvor...


----------



## No Trust (2 October 2014)

*More Brewing*

Apart from the above there is more brewing for Marky Boy with various regulators and authorities...


----------



## No Trust (2 October 2014)

*Media Darling*

The Media it seems have also sniffed something else out and are investigating...


----------



## Mozzi (17 October 2014)

*Re: Media Darling*



No Trust said:


> The Media it seems have also sniffed something else out and are investigating...








21st report from BDO available now!  


 Any other news?   Keep hoping!!!


----------



## No Trust (27 November 2014)

*It's Far From Over*

It's far from over for "Marky Boy" the convicted bankrupt loser who financially raped innocent elderly retirees... 

http://m.theaustralian.com.au/business/equititrust-founder-fined-10000/story-e6frg8zx-1227046915918

It looks like ASIC is delving further up Marky Boy's proverbial sources close to the matter have confirmed


----------



## No Trust (14 December 2014)

*The "Reckoning" February 2015*

Looks like February 2015 may the *reckoning* for "Marky Boy"

The investors look forward to seeing your face in court Marky... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=2954/12


----------



## No Trust (14 December 2014)

*3 Federal Court Cases Against Marky Boy*

*Convicted Bankrupt Mark McIvor* has *3* Federal Court Cases against him, which will play out over the course of 2015...

The most humorous one is by Bea Jeans mother of former girlfriend Thea... What's his deal with mothers ??? 

His own mother has *disowned him *and now an almost Mother in Law has done the same except in this case kicked him in the proverbial's by filing a Federal Court Action against him...

Yikes Marky what a mess you have got yourself into... May you live in interesting times... 

https://www.comcourts.gov.au/file/Federal/P/NSD331/2014/actions

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions


----------



## No Trust (14 December 2014)

*Lets Not Forget*








http://www.heraldsun.com.au/news/ja...22m-in-mortgages/story-e6frf7jo-1226519911766


----------



## No Trust (10 January 2015)

*Hall of Shame*

A definite candidate 

http://www.bfcsa.com.au/index.php/entry/bfcsa-more-woe-for-equititrust-investors

It's not over "Marky Boy" still on your crooked little tail, even though it's between your legs 

May you live in interesting times...


----------



## Mozzi (31 January 2015)

*Re: Hall of Shame*



No Trust said:


> A definite candidate
> 
> http://www.bfcsa.com.au/index.php/entry/bfcsa-more-woe-for-equititrust-investors
> 
> ...






Not too many of us left "No trust".    Everyone gone quiet!   BDO report online however!   Is all this going to be over before we all go to God??


----------



## No Trust (4 February 2015)

*Re: Hall of Shame*

Yep, looks like we are the only ones holding McIvor to account... It didn't take many to bring Mcivor down, raided by ASIC, bankrupted and convicted and it won't take many to expose him further... There are more revelations to come and there will be more action by a number of authorities... Racy Stacey or Lady Macbeth still can't wash the proverbial blood of her hands either... Both will be exposed further in the near future...





Mozzi said:


> Not too many of us left "No trust".    Everyone gone quiet!   BDO report online however!   Is all this going to be over before we all go to God??


----------



## No Trust (4 February 2015)

*Federal Court - The New Frontier*

The final chapter which will  expose McIvor 

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions


----------



## No Trust (4 February 2015)

*Federal Court - Frontier 2*

Looks like former almost mother in law good ol gal Bea Jeans is also in on the action chasing McIvor for money... 

Keep an eye on this litigation should make for interesting reading, in fact wouldn't be surprised the media (that McIvor hates so much) got a hold of it and ran with it...

https://www.comcourts.gov.au/file/Federal/P/NSD331/2014/actions


----------



## No Trust (19 February 2015)

*Im laughing So much...*

No longer McIvor its now..... Wait for it...

*Mark Mac aka McMason initial P. 'A Dangerous Antagonist'*

More like Mark *Crap* aka a "Convicted Bankrupt who lost Mummy's home"... Deluded "Loser" of epic proportions... 

http://www.fairgomate.com.au/MadMacsStraightTalk/Whoweare.aspx


----------



## No Trust (27 February 2015)

Marky Boy who for many many years flew under the radar running *scam merchant bank Equititrust *or should it be known *Equiticriminals*, is now for all to see a *convicted bankrupt *who lost not only his own home but that of mummy dearest too..

Now what is the next chapter you may ask ??? Well its *just about to unfold*... Dogs are talking Marky Boy Dogs are talking and it ain't pretty...

You were warned this would happen and you just didn't listen... Gold Coast is a small pond...


----------



## No Trust (27 February 2015)

*Ok lets google Mark McIvor *

Now lets see, is it really an interview when you interview yourself ??? McIvor seems to think so... 


http://www.fairgomate.com.au/Portal...Dare-To-Know-Australia-NEWS-THAT-DISTURBS.pdf

To be fair lets see what comes up when you do Google the white haired ghost who barely walks... 

http://www.brw.com.au/p/sections/fyi/founder_of_equitrust_declared_bankrupt_zY5NVhlw5CVaB2scvm9gSN

http://www.smh.com.au/business/babc...-frock-and-awe-at-noni-b-20140903-10brp9.html

http://www.news.com.au/finance/jani...22m-in-mortgages/story-e6frfm1i-1226519911766

I think the Google searches are quite accurate and fair and to be truthful Marky you had to be exposed... And for that you are most welcome 

There's more to come and that's fair mate...


----------



## No Trust (28 February 2015)

*Where's Olman*

Remember Olman who used to post on this thread... Pushing the Equititrust line, where is he now and how is his alleged investment, was Olman really someone else ??? I think we all know who he was... A tip to the lawyers handling the Federal Court actions against McIvor and Co start asking some questions about the posts to this forum under oath... There was some misleading and deceptive conduct in the information that they were trying to put out... Now we know how much McIvor loves Warren Buffet (feelings are not reciprocal Marky Boy)... Was McIvor the DouchÃ© bag posting under multiple accounts as Buffetman ??? 

 All to coincidental ...


----------



## No Trust (28 April 2015)

*Not Over Yet for McIvor*

It seems that McIvor is being put through the wringer in the Federal Court by the liquidators and ex Mummy in Law to be, *Bea Jeans*...

Any word on where the Grey Ghost is renting, probably in the affidavits filed in the Federal Court... Question is how is he paying for the rent...


----------



## No Trust (28 April 2015)

*500,000*

Good to see the thread views about to hit *500,000 *soon... Your Welcome "Marky Boy" you Convicted Bankrupt Loser...


----------



## Mozzi (4 May 2015)

*Re: 500,000*



No Trust said:


> Good to see the thread views about to hit *500,000 *soon... Your Welcome "Marky Boy" you Convicted Bankrupt Loser...






Good to see at least you still hanging in there but where do you get the info about the Federal Court?   It all seems to be dying an unnatural death and that p..... me off!   He must be thrilled that nothing much is happening!   All these things we were promised - public hearings, court cases ASIC etc. - what happened to them?


----------



## No Trust (5 May 2015)

*Re: 500,000*

Hi Mozzi, its all on the Federal Court Website.. Just search under McIvor and you will find the rogue and the court cases currently underway... He's far from off the hook...






Mozzi said:


> Good to see at least you still hanging in there but where do you get the info about the Federal Court?   It all seems to be dying an unnatural death and that p..... me off!   He must be thrilled that nothing much is happening!   All these things we were promised - public hearings, court cases ASIC etc. - what happened to them?


----------



## Mozzi (7 May 2015)

*Re: 500,000*



No Trust said:


> Hi Mozzi, its all on the Federal Court Website.. Just search under McIvor and you will find the rogue and the court cases currently underway... He's far from off the hook...






Thanks!   Still seem to be a great lot of adjournments!!!   We seem to lurch from one to the next!

About to read the 23rd report from BDO on the Equititrust site!!               Let's think, what will we do with our next 
3c  Bonanza ????


----------



## No Trust (30 May 2015)

*Federal Court Proceedings*

Looks like McIvor and brother / mortal enemy Wino - Wayno are about to get their just deserts in the Federal Court... No more hiding under the radar and crucifying innocent elderly retiree investors... Time to pay up boys  
Loser McIvor's FINALLY EXPOSED...


----------



## No Trust (14 August 2015)

*Federal Court proceedings Against McIvor for Misleading and Deceptive Conduct*

Hey "Marky Boy" how does it feel to be back in the *Federal Court again *??? Remember the place they *bankrupted* you 

Must feel great getting on the highway and head towards Brisbane for *another thrashing *just like the one below...

http://www.goldcoastbulletin.com.au...-and-fined-10000/story-fnjc2dm2-1227047642719

AS the article notes *"Criminal Action"* had to be taken against you...

" ASIC commissioner Greg Tanzer said Mr McIvor’s conviction was one of 143 criminal actions taken by ASIC during the past six months"

There will be *more prosecutions to come *as the evidence is presented in court against you over the coming months...

But wait there's more... The best will be saved *till last *and the media will again be fully informed of your greatest malfeasance to date... 

Its been an enormous pleasure exposing your deeds (_which were kept under the radar for years_) but Karma's a bitch mate or didn't the "old man on the hill" teach you that when he was trying to get you to meditate... Maybe things would have tuned out differently if wifey didn't interfere


----------



## No Trust (21 August 2015)

*Federal Court Legal Action*

The Federal Court Legal Action is really heating up for poor old (and I mean old) have you seen lately... McIvor... 
Starting to look like a grey haired ferret that gave up 6 months ago...  This court action looks like the one that will break the grey haired Ferret's back... Can't wait to see you squirm in the witness box in the near future...


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## No Trust (21 August 2015)

McIvor what do you have to say to old people you financially raped ??? 

The Federal Court Bankrupted you and it will also finish you off for good this time round...


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## No Trust (29 August 2015)

*511,000 Views and Rising*

With *511,000 *Views and Rising, its no surprise that people are interesting in the *final countdown *. Marky Boy's *2 court cases *in the Federal court are the ones that *will expose *both him, feuding brother Wayno - Wino and his failed decrepit scam of a company Equititrust...

The court case is already stirring up a *pot of controversy *with evidence and witnesses that McIvor would rather not be exposed to.. 

Given the coward that he is, he may just have to run off and suck his thumb in the foetal position just like the time a former partner and ex AFL Footballer threatened to punch his head through the back of the besser block wall behind him... Funny but true... McIvor left the office and had to have a "lie down" after that incident... Seems the ones with the biggest mouths are the *biggest cowards*...

Sorry but this time, there will be no more lie downs, no more *not turning up *to the Federal Court (_like your bankruptcy hearing_) its time to face the music McIvor. There will be a lot of people waiting to hear what you have to say in the witness box. 

There will be no more hiding under the *shroud* of being a respected lawyer and banker (_tools used previously_) to screw people over in the courts... Now you will come to court exposed for what you are in addition to a criminal conviction handed down last year... 

Happy Anniversary for officially being declared a criminal... 

http://www.goldcoastbulletin.com.au...-and-fined-10000/story-fnjc2dm2-1227047642719

http://asic.gov.au/about-asic/media...d-convicted-for-failing-to-assist-liquidator/


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## No Trust (10 September 2015)

*No More Marky Boy*

How nice is it to drive around the Gold Coast particularly Thomas Drive, Chevron Island and see *no more signs *of McIvor...

Cronin Island too has been rid of this deplorable bankrupt who *cared more for himself *and accumulation of "dirt" as he referred to it, than the thousands innocent retiree investors who were financially raped by McIvor and his loans to buddy "King Con"...

See you in the Federal Court Witness Box


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## No Trust (2 October 2015)

*Crime Net Listing for Professional Misconduct*

Good to see Marky Boy listed on Crime Net as a warning to everyone for time to come... If the Federal Government had to take action to prosecute him how can any one ever trust this miscreant again...

What will emerge from the proceedings currently on foot in the Federal Court will be a litany of malfeasance which will lead to further prosecution by ASIC. ASIC will have no choice... Some the evidence currently being complied is damning and will lead to more than a $10,000 slap on this wrist... This is what the white haired ghost who walks has feared all his life... BEING EXPOSED 

There's a storm coming McIvor and you can't beaten down the hatches because when it hits you and your coconspiritors are going to wonder how you could live so large and leave so little for the rest of us... 

http://www.crimenet.org/index.php?t...b7e5dc&ipadd=217.165.114.9&q=Mark  McIvor&c=1


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## No Trust (2 October 2015)

*McIvor's Latest Effort in Self Delusion*

Boy oh boy, the ghost who walks is now connected with a company which has the words *I *and *Kon* in the name...

More like *IkonoCRAP*

http://www.ikonoclastinc.com/#ourPeople

Please refer to the for the real story on this bankrupt failed banker who has a criminal conviction...

http://www.crimenet.org/index.php?t...b7e5dc&ipadd=217.165.114.9&q=Mark  McIvor&c=1


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## No Trust (2 October 2015)

*Old Age has set in...*

By the way, what's happened to McIvor's face ???

Old Age has definitely set in... Looks like a white haired ferret that gave up *6* months ago...  

That "rat like fake smile" fools *NO ONE*...

Botox and a facelift for your upcoming Federal Court Trial ? 

Your elderly investors and their families have not forgotten what you did to them McIvor... 

Looking forward to seeing you in court soon Marky Boy

http://www.ikonoclastinc.com/#ourPeople


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## No Trust (14 October 2015)

*Tick Tock*

The clock is ticking and the trial of McIvor and his coconspirators is getting closer... 

Sources close to the matter have said that evidence which will be brought against McIvor is lets say "quite interesting"... What was the grey haired ghost *up to *prior to the collapse of Equititrust...

What evidence will former BFF David Tucker (_who bankrupted McIvor_) offer up ?? Tucker knows where a lot of the skeletons are buried...

What will estranged wifey Racy Stacey offer up ?? 

A lot of *dirty little secrets *seem to be coming to the surface... About time too ...


----------



## No Trust (24 October 2015)

*Federal Court Action*

McIvor and his cohorts in the *crosshairs* of the Federal Court

Second Defendant:	*MARK MCIVOR
*Third Defendant:	*WAYNE MCIVOR *
Fourth Defendant:	THOMAS HANEY 
Fifth Defendant:	        KPMG 
Sixth Defendant:	PAUL STEER 


https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions

Which every way he tries to duck his way out of it Marky Boy *will be exposed *this time round...

There *was a reason *the Federal Police raided McIvor's office and home... What *else is being investigated *at the moment that has ASIC so interested...  

Sitting tight in that witness box in the Federal Court is what McIvor *has been trying to avoid all these years *and its now becoming a *reality* for all his victims and an impending *NIGHTMARE *for McIvor...

See you in court Marky Boy...


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## No Trust (25 October 2015)

*Dirty Deeds and They're Done Dirt Cheap*

"24    On 11 November 2011, Piper Alderman sent a letter of demand to EQL and to certain of its then *current and former directors and officers* in which that firm specified *in considerable detail *the *breaches of duty *which would be alleged in the foreshadowed class action should an appropriate compromise not be reached before suit. In that letter, Piper Alderman alleged that the *named parties had breached their duties *in relation to the management of the EIF, including by:

(a)    Allowing excessive borrowings;

(b)    Paying the interest warranty fee in an amount which was *grossly disproportionate *to the benefit received by unit holders;

(c)    Lending money for construction loans secured against the ongoing improved value of property, rather than against its unimproved value; and

(d)    Issuing financial reports which were *misleading* in that those reports had stated that EQL had undertaken credit assessment of prospective borrowers, obtained independent valuations and maintained loan to value ratios not exceeding 80%, when* none of those statements was true*".



http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2014/2014fca0692


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## No Trust (9 November 2015)

*Federal Court Action*

Looks like *a lot more *going on in the background with Government Agencies...


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## Mozzi (9 November 2015)

*Re: Federal Court Action*



No Trust said:


> Looks like *a lot more *going on in the background with Government Agencies...




Got to admire your tenacity "No Trust".   You are a stayer when others have dropped out.   Hope you are correct and there is more to come!  Sure look forward to whatever it is...........................


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## No Trust (28 November 2015)

Thanks Mozzi, there is a *lot more *to come...


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## Mozzi (3 December 2015)

No Trust said:


> Thanks Mozzi, there is a *lot more *to come...




Yeah!   Permanent ban from Asic as of today's statement online!

Asic are slow but at least they got there eventually.   Hopefully it will save a few more innocents from getting caught!!!

More to come - we hope so!  

 Good on you "No trust" for keeping us on watch!


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## No Trust (4 December 2015)

*Life Ban for Marky Boy*

As predicted last month *Government Agencies *were putting McIvor in the Pubic Stocks that he previously advocated for other fund managers... 

McIvor now has a *LIFE BAN * from *ASIC *to go with his other achievements of *Bankruptcy* and
*Criminal Record*

http://www.goldcoastbulletin.com.au...by-corporate-cop/story-fnj94hf2-1227632988316


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## No Trust (4 December 2015)

*From The Horses Mouth*

Here is the Official Press Release from ASIC on McIvor's *Life Ban *


http://asic.gov.au/about-asic/media...asic-permanently-bans-former-equititrust-ceo/


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## No Trust (4 December 2015)

*I'm Not Done With You yet Mate!!!*

Its taken a while but perseverance has paid off and *ASIC* have finally exposed this *crooked, unethical, financial vampire *that not only took people's life savings but also took their *homes* and *ruined* their lives...

*McIvor the Coward*
What McIvor underestimated was the fact that some people are not cowards who cower in fear like he did when a former partner threatened to smack him through the back of the Besser block wall behind him after one of McIvor's attempts at deceit. Those close to the action reported that he *almost defecated himself *and had to go home and have a lie down... What a tough guy... Yet over the phone or from a distance he was quite the tough guy *spewing profanities and abuse *at all and sundry including his own elderly mother, whose home was taken away from her because of his *deceitful dealings*... That's right not even his mother was spared the ravenous clutches of his financial fangs...

http://www.theaustralian.com.au/new...22m-in-mortgages/story-e6frg6n6-1226519911766

*Don't Say You Weren't WARNED*
Alas "Marky Boy" *you were warned and warned well *what would happen to you and I would say the old man on the hill David Dornan your one time spiritual guru also warned you as well, yet you continued on your path of deceit. 

But one act of *utter treachery *and *evil* really took you to the dark depths and you followed through with it along with your partner in crime and here we are today with yet another accolade to add to your glowing list of malfeasance. 

My sympathies go out to the good people of Labrador who now well and truly have a dog living amongst them but one with none of the redeeming qualities of love and loyalty, this one is a rabid foaming at the mouth wrecker of old peoples lives... One saving grace is the fact that the animal has been neutered and defanged by ASIC... 

I'm not *FINISHED* with you yet mate, did you think all this could last, there's are storm coming Mark and you better batten down the hatches because when it hits your gonna wonder how you ever thought you could live so large and leave so little for the rest of us...


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## No Trust (4 December 2015)

*Dog BIte*

*Dog bite
*
"Mark McIvor, the brains behind Gold Coast investment disaster Equititrust, received a lifetime ban and a severe tongue lashing from the corporate pup on Thursday.

ASIC said he "is banned from providing any financial services on the basis that he had contravened a financial services law and *was not of good fame or character *to provide financial services. His conduct involved breaches of the financial services legislation, which were considered to be very serious, repetitive, prolonged and dishonest." 

His transgressions include signing 28 board meeting minutes, "which falsely recorded a board meeting to approve a loan application had occurred, when no such board meetings had taken place". 

This is on top of the $10,000 fine it hit the bankrupt McIvor with last year, which may offer some sort of solace for the pensioners who were left virtually penniless after taking McIvor's $200 million joy ride at Equititrust.

It was nothing personal. McIvor's mum lost her home after he got her to sign multimillion-dollar mortgages over her home for his business.

McIvor has 28 days to appeal the ban."


Read more: http://www.smh.com.au/business/cbd/...uth-africa-20151202-gle1tz.html#ixzz3tHsRJSJU


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## No Trust (4 December 2015)

*Media Having a Field Day*

The Media are having a *field day *with this...


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## No Trust (4 December 2015)

*The Old Switcheroo and Paper Shuffle a McIvor Favourite*

The Old Switcheroo and Paper Shuffle was a McIvor Favourite as ASIC outlines in its press release documenting *28 *incidences of falsifying board minutes... This is *pure and utter fraud *of the highest order and he should be *criminally prosecuted *again. 

Yet a review of legal documents on the public record and in the *Supreme Court of Queensland *will expose he did this on an *industrial scale *and always popped one out of the bottom of draw be it a board minute or a bare trust document to avoid stamp duty... Remember that old trick Marky Boy... The guys at Hickey Lawyers were left scratching their heads many many times... 

More of this will be slowly filtered out to the relevant authorities as its not only *ASIC* who are now involved, a parallel case is building along side the Federal Court action which will expose McIvor in ways he could never have imagined both in a business sense and more painfully personally...


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## No Trust (4 December 2015)

*More Coverage in The Media*

"Marky Boy" I know you hate the 'media" but the "media" loves you this morning *xxx *from the media...





http://www.propertyobserver.com.au/...to-challenge-asic-financial-services-ban.html


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## No Trust (4 December 2015)

*No Mention that he's a Bankrupt*

McIvor the philosopher i.e. snake oil salesman talking about *impending catastrophes*... The biggest catastrophe is himself... Ask his mother... 

Note :


No Wedding Ring
Fat Gut
Turkey Neck
 

[video]youtube.com/watch?v=Bbfyiw6LXCI[/video]


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## No Trust (4 December 2015)

*ASIC Gives McIvor a Merry Christmas*

ASIC have given McIvor a Merry Merry Christmas, had they listened earlier none of these people would have lost their money...


----------



## No Trust (4 December 2015)

*Gloves are off its on with Bea Jeans*

Good old Beryl, another victim of "Marky Boy" seems to be taking her gloves off in the Federal Court. As a memory jog, she is the mother of his former girlfriend Thea (_nee_) Jeans who is now married to Tony Cochrane...

The Financial Vampire never one to miss a opportunity or victim saw that good ol gal Beryl (_Bea_) had a bit of brass and whipetty snap "Marky Boy" *sunk the fangs in*... Hapless Bea ever the optimist sunk many millions from a prior divorce settlement in 'Marky Boy's" den of iniquity on Chevron Island... The rest as they say is now history...

Now its been said that good ol gal Bea is a *bit of a scrapper *when it comes to money, so watch this space as yet another storm front develops for Marky Boy...

https://www.comcourts.gov.au/file/Federal/P/NSD331/2014/actions


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## No Trust (5 December 2015)

*Supreme Court of Queensland*

*2/09/2015 *an Application for the Renewal Of the Claim was filed in the Registry by the Liquidators of Equititrust. The application was granted and it lists "Marky Boy" and "Wino - Wayno" as both being Bankrupts...

Interesting development... What are the Liquidators chasing now ??? Keep a watch out for a few *new developments *over the course of next few months...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=8730/14

It looks like "Marky Boy" the *criminal bankrupt *with a *life ban from ASIC *has some more dark clouds descending...

Well deserved................ Well deserved................


----------



## No Trust (7 December 2015)

*Stacey McIvor now Turner or maybe another Name*

Now where's ol "Racy Stacey" in all this... Quite the supporting wife when things *were going well *and hubby was financially *raping and pillaging *all and sundry, always there to share the spoils of the kill... 
Lady MacBeth was *quite the accomplice *and then low and behold she apparently left old "Marky Boy" for greener pastures... 

To date I've seen some public falls from grace, but this saga of the McIvor's and "Racey Stacey" really takes the cake... Maybe ol Stace *should have listened to granddad *and his warnings about Marky Boy before she married him and came back to the Gold Coast after their first breakup... 

Last I heard she was wrapping sandwiches at a cafÃ© at Budds Beach lamenting her fall from grace and regaling all who would listen about the inner most details of her marriage to "Marky Boy"... Not a good place to spill the beans hon... 

Both now have the honour of being the pariah's of the Gold Coast... What a dynamic duo... "David Dornan" was *spot on* in his prediction about these two. Macbeth like indeed...


----------



## No Trust (7 December 2015)

*Tears of a Crocodile*

Oh, how the mighty have fallen... Thinking back now Stace, wasn't really a good idea was it... Your role in all this has not been forgotten... 


http://www.propertyobserver.com.au/...raught-to-keep-their-cronin-island-homes.html


----------



## No Trust (7 December 2015)

*Media Spotlight*

Now if "Marky Boy" thinks that the media spotlight was a bit scorching on his thin skin after he was banned for life by ASIC, wait till he has to enter the Federal Court next year to face the music... You see "Marky Boy" the ghost who walks doesn't like the spotlight of the media or a witness box, most financial vampires don't. They do their best work in the darkness and under the radar... This financial vampires flesh must be burning right now... But wait, there's more to come "Marky Boy", the Federal Cout action will not only bring you before the media again entering and leaving the court, but will also bring you face to face with your misdeeds in front of all to see... It ain't gonna be pretty mate let me tell you that...


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## No Trust (8 December 2015)

*Where's the Money "Marky Boy"*

Remember the *$800,000 *that the liquidator said Marky Boy siphoned from Equititrust... Where's the money "Marky Boy" or have the big boys *just given you a dose of the salts*... 

This upcoming Federal Court case is *going to be brilliant*... Public gallery will be packed even if its held in Sydney...

Now to brush up on the finer points of perjury...


----------



## No Trust (15 December 2015)

*My oh my McIvor is in a panic*

"Marky Boy" is in a bit of a panic it seems, have a look at the Federal Court action below where McIvor is trying to stop ASIC publishing the life time ban in the media or Commonwealth Gazette or more importantly the reasons for the ban...


Boy oh boy this bankrupt idiot thought that he was just going to resume his normal modus operandi and start taking old people's money again ???

Good luck with that appeal Marky Boy get your mum, brother, sister, wife David Tucker, investors to give you a character reference...

https://www.comcourts.gov.au/file/Federal/P/QUD1133/2015/actions

https://www.comcourts.gov.au/file/Federal/P/QUD1133/2015/3743575/event/28330579/document/676168

https://www.comcourts.gov.au/file/Federal/P/QUD1133/2015/3743575/event/28330599/document/677020


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## No Trust (15 December 2015)

*McIvor Court Cases up to his eye balls*

Four open cases in the Federal Court...

https://www.comcourts.gov.au/pas/pu...Ivor&page=2&registry=any&search_by=party_name


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## No Trust (15 December 2015)

*Lifetime Ban McIvor*

The life time ban by ASIC will note bode well for Marky Boy in the action taken by Piper Alderman... Establishes false and misleading conduct in a nut shell... 

Marky Boy is grasping at straws trying to appeal the life time ban... HE WILL FAIL as I have predicted previously. 

There are bigger things to come for McIvor in the coming months and this is like trying to plug the leak in the Titanic with a tooth pick...


----------



## No Trust (16 December 2015)

*Justice With No End Date*

Its an interesting phenomenon *justice*, some say the law is an ass which it is, and yet at other times, other kinds of regulatory justice keep on giving and giving. 

Murderers for example, will likely receive life if there are no other mitigating circumstances, normally 15 years and possibly less with parole. "Marky Boy" however received a *Life Sentence * with no parole for his sins by the Regulator ASIC and some rather harsh but well deserved words by the Commissioner John Price himself, which is there for all to see on the ASIC website.. For those who haven't read the media release please have a look below..

http://asic.gov.au/about-asic/media...asic-permanently-bans-former-equititrust-ceo/


"_Mr McIvor, of Labrador, Queensland, is banned from providing any financial services on the basis that he had contravened a financial services law and *was not of good fame or character *to provide financial services.  His conduct involved breaches of the financial services legislation, which were considered to be *very serious, repetitive, prolonged and dishonest*_*."*

"_ASIC Commissioner John Price said "ASIC expects *high standards of honesty *and *integrity* from anyone providing financial services. Anyone who fails to meet those standards *must be excluded *from providing such services_."

What is now comedic is "Marky Boy" is trying to suppress any further publication by ASIC yet its still on their website *for all to see and read *and has been widely reported nationally by the dreaded Media which we all know McIvor hates so much...

http://www.goldcoastbulletin.com.au...by-corporate-cop/story-fnj94hf2-1227632988316

Sorry "Marky Boy" the cats well and truly out of the bag... Your appeal will *FAIL* as you have *massacred the finances and dreams of the investors *who once put their faith in you and the *Australian Government *will *never, never, never *let you near "old people's money ever again"


----------



## No Trust (16 December 2015)

*Diminishing trust*

This is what *ASIC* was trying to stop... The *financial vampire *thought he could raid the blood bank of elderly citizens again... Alas... NO... ASIC well and truly burnt the proverbial cross into his forehead with a life ban... 

http://www.smh.com.au/business/mi-oh-mi--whats-mcivor-up-to-now-20121120-29o12.html

"_McIvor is also not a director of Mi Guardian Fiduciary, possibly because it doesn't appear to exist as a company, or of Mi Citizens Union itself. That company boasts as directors *Father Richard Pascoe*, said to be a Catholic priest, and Brock Turner, said to be McIvor's brother-in-law_."

Ben Butler from the Sydney Morning Herald did a stellar job on that little piece...

Now have a look at the state of McIvor's mind in setting up this new utopic banking phenomenon...

http://www.smh.com.au/business/three-chords-and-a-sheppard-all-star-city-needs-20121121-29q5y.html

"_ASIC has also fallen out with McIvor. It raided Equititrust's offices last December on allegations he improperly *used his position for personal benefit *to the *detriment of investors *and *did not act honestly *with *borrowers*_."

"_However, it appears some previously associated with Mi Guardian have had second thoughts_".

"_CBD understands *Father Richard Pascoe *didn't realise he was a director of the company into which investors' money is to be tipped, Mi Citizens Union, and has resigned_."

When a *Catholic Priest *jumps ship you well and truly know that there is a Financial Vampire involved...


----------



## No Trust (17 December 2015)

*Federal Court of Australia - Order from today's Case Management Hearing*

This whole thing is getting bloody beautiful... McIvor *has something to hide *and *Paul Steer *and *KPMG *want to know what it is... Oh the machinations of it all... 

Whatever it is, it must materially affect *Steer *and *KPMG* and they want their hands on it... Now was Marky Boy being transparent in dealing with his auditors ??? Looks like there might be a, to date, unnamed witness that's going to come forward with some new and *"Very Relevant"* documents that are irrefutable...

What is "Marky Boy" trying to hide... I think I know what it is  As more comes out there will be much more than banning orders from ASIC in the coming months... 

The *FUN *is just about to start folks...


No:  (P)NSD2028/2013
*Federal Court of Australia *
District Registry: New South Wales 
Division: General

IN THE MATTER OF EQUITITRUST LIMITED (ACN 061 383 944) (IN LIQUIDATION) (RECEIVER APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) 

EQUITITRUST LIMITED (ACN 061 383 944) (IN LIQUIDATION) (RECEIVER APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) IN ITS CAPACITY AS RESPONSIBLE ENTITY OF THE EQUITITRUST INCOME FUND 
Plaintiff

EQUITITRUST LIMITED (ACN 061 383 944) (IN LIQUIDATION) (RECEIVER APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) IN ITS OWN CAPACITY and others named in the schedule
First Defendant

ORDER

JUDGE:
	Justice Foster
DATE OF ORDER:
	16 December 2015
WHERE MADE:
	Sydney

THE COURT ORDERS THAT:

Proposed Further Amended Statement of Claim
1.	Leave be granted to the plaintiff to file and serve by 17 December 2015 an Amended Interlocutory Application (Amended Interlocutory Application) in the form of the Amended Interlocutory Application initialed and dated by Foster J this day (16 December 2015).  

2.	Annexures A and B to the Amended Interlocutory Application be placed on the Court file.  

3.	By 22 December 2015, the fifth and sixth defendants serve a schedule upon the plaintiff identifying which paragraphs of the proposed Further Amended Statement of Claim attached to the Amended Interlocutory Application (FASOC) they oppose and the basis of their opposition in each case. 

4.	By 12 February 2016, the plaintiff file and serve any further evidence in support of the Amended Interlocutory Application.

5.	By 4 March 2016, the fifth and sixth defendants file and serve any evidence in opposition to the Amended Interlocutory Application.

6.	By 11 March 2016, the fifth and sixth defendants file and serve any written outlines of argument in relation to the Amended Interlocutory Application. 

7.	By 17 March 2016, the plaintiff file and serve any written outlines of argument in relation to the Amended Interlocutory Application.  

8.	The Amended Interlocutory Application be listed for hearing at 10.15 am on 21 March 2016 before Foster J.  
Privilege Claims by the Second Defendant

9.	The documents the subject of the fifth and sixth defendants’ Notice to Produce issued on 10 December 2015 be *produced to the Court *by the *plaintiff* by *producing the documents in sealed containers *marked *“Subject to a claim for legal professional privilege *by the second defendant. *Not to be opened without an order of the Court or the consent of the second defendant.”
*
10.	By 4.00 pm on 5 February 2016, the second defendant file and serve upon the fifth and sixth defendants:
(a)	A Schedule (Schedule), in the form below, setting out a description of the documents over which a claim of legal professional privilege (privilege) has been made, the basis of the claim of privilege in each case and an explanation of the basis of the claim;

The Claim	Basis of the Claim by the Second Defendant	Fifth and Sixth Defendants’ Response


(b)	Any affidavits or other material in support of the claims of privilege; and
(c)	An outline of submissions in support of the claim of privilege not exceeding 15 pages in length.

11.	By 4.00 pm on 19 February 2016, the fifth and sixth defendants file and serve upon the second defendant:
(a)	A response to the Schedule;
(b)	Any affidavits or other material responding to the second defendant’s claims of privilege; and
(c)	An Outline of Submissions not exceeding 15 pages in length.

12.	By 4.00 pm on 4 March 2016, the second defendant file and serve upon the fifth and sixth defendants any submissions or affidavit material in reply.

13.	In respect of any claims of privilege made by the second defendant which are not accepted by the fifth and sixth defendants, the *claims of privilege shall be referred to a Judge of the Court for determination *on a date to be fixed by that Judge on the basis that, subject to any further or other order of the Court, that Judge will determine the claims of privilege on the papers having regard to:
(a)	The documents, copies of which have been produced to the Court by the plaintiff;
(b)	The materials referred to at pars 10 to 12 above; and
(c)	Without any further written or oral submissions unless requested or allowed by that Judge.

14.	Following the making of a determination by the Court as to the claims of privilege made by the second defendant:
(a)	The fifth and sixth defendants may inspect and take copies of any documents where any claim of privilege has been rejected by the Court and the fifth and sixth defendants must confirm forthwith in writing to the second defendant that they have done so; and
(b)	The second defendant may uplift from the Court any documents where any claim of privilege has been upheld by the Court and the second defendant must confirm forthwith in writing to the fifth and sixth defendants that they have done so.

15.	Costs be reserved.  

*Case Management*

16.	Liberty be granted to all parties to apply on three (3) days’ notice or on such shorter notice as a Judge might allow.

17.	The proceeding be listed for further case management at 9.30 am on 11 March 2016 before Foster J.

Date that entry is stamped:  


Deputy District Registrar
 
Schedule
	No:  (P)NSD2028/2013
Federal Court of Australia
District Registry: New South Wales
Division: General 


Second Defendant:	*MARK MCIVOR*
Third Defendant:	WAYNE MCIVOR
Fourth Defendant:	THOMAS HANEY
Fifth Defendant:	        *KPMG* (A FIRM)
Sixth Defendant:	*PAUL STEER*

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions


----------



## No Trust (18 December 2015)

*Tick Tock*

Now it's clear for all to see that "Marky Boy" is hiding something and is on a mission to try and claim documents are professionally privileged and is also trying to get ASIC to stop publishing the fact that they banned him for life... After they in fact published it on their website where it remains... Quite a mission, some may say Mission Impossible, yet what he's not aware of is that his actions have left a trail of evidence that he doesn't know exists... It's been a while "Marky Boy" but the clock is finally counting down to the final showdown...


----------



## No Trust (18 December 2015)

*City Pacific Judgement*

Does Phil Sullivan's excuses sound familiar ??? Blew other peoples money and then points the finger at everyone else... Typical Gold Coast *White Shoe Brigade *behaviour...

http://www.abc.net.au/news/2015-12-...ds-$65-million-city-pacific-investors/7042504

Luckily *Amanda Banton *of *Piper Alderman *gave notice to the Equititrust insurers prior to the policy expiring... Great Work Amanda Banton... She's been the thorn in the side of McIvor which he just cant get out... 

Marky Boy *won't get off *so easy...

*Tick Tock *


----------



## No Trust (20 December 2015)

*Gloves are off its on with Bea Jeans*

Keep an eye on this in the New Year... 

https://www.comcourts.gov.au/file/Federal/P/NSD331/2014/actions

It's piling up on the *Financial Vampire *McIvor...


----------



## No Trust (20 December 2015)

*Deluded*

This is one of my favourites from McIvor... #Joke #loser #BanMcIvorforlife #financialvampire 

http://www.equititrust.com.au/Pdfs/2011 Year End Investor Message.pdf


----------



## No Trust (20 December 2015)

*Didn't Like the Media*

Marky Boy didn't like the media but they sure liked to report on him in spades... The *Media was right *from the very beginning... And they're still right on the Mark... 

Guys like *Colin Kruger *and *Anthony Klan *are legends for shining then light on this *#financialvampire*


http://www.equititrust.com.au/Pdfs/Investor Communication MEDIA ARTICLES (Feb 2011).pdf


----------



## Mozzi (30 December 2015)

*Re: Didn't Like the Media*



No Trust said:


> Marky Boy didn't like the media but they sure liked to report on him in spades... The *Media was right *from the very beginning... And they're still right on the Mark...
> 
> Guys like *Colin Kruger *and *Anthony Klan *are legends for shining then light on this *#financialvampire*
> 
> ...







FYI    - 25th update from David Whyte online - not much more to come in money terms but looks like the Court cases will keep us interested!   H'mmmm!


----------



## No Trust (31 December 2015)

*Thanks*

Thanks for the update Mozzi and a *Happy* , *Healthy* and *Prosperous* *New Year *in *2016*.




Mozzi said:


> FYI    - 25th update from David Whyte online - not much more to come in money terms but looks like the Court cases will keep us interested!   H'mmmm!


----------



## No Trust (31 December 2015)

Court Cases will be *ones to watch next *year for sure, the squirming in the witness box will be as the MasterCard ad says  "*Priceless*" ...


----------



## Mozzi (4 January 2016)

No Trust said:


> Court Cases will be *ones to watch next *year for sure, the squirming in the witness box will be as the MasterCard ad says  "*Priceless*" ...






Thanks for the New Year wishes "No Trust" and a Happy, Healthy and Prosperous New Year to you too - with 

emphasis on the Prosperous of course!!   After that if you are Happy - mostly Healthy follows!   At least that is the

 plan!   Thanks  for all the updates you give us and look forward to the court cases, hopefully with no more 

adjournments from any of the parties concerned!!  


 Watch this space - hope there are still others watching!


----------



## megladon (8 March 2016)

Can anybody give me an update on the Hall Chadwick action against KPMG. I believe that our fund has amalgamated with the premium fund and we are now a 2nd mortgage fund..are we going to be shafted again
by Kennedy and co.?   Have not had any response from Amanda Banton, is she still on our case?…..


----------



## Just Observer (15 April 2016)

No Trust said:


> Court Cases will be *ones to watch next *year for sure, the squirming in the witness box will be as the MasterCard ad says  "*Priceless*" ...




Hi No Trust. Your last post was few months ago. I still regularly check and read this forum as my main source of information to the Mark McIvor and Equitrust saga.  I am certain there are others. Please continue with your posting and court updates. Like many other investors, we all want to see justice finally served upon those who deserved it.


----------



## Mozzi (16 April 2016)

Just Observer said:


> Hi No Trust. Your last post was few months ago. I still regularly check and read this forum as my main source of information to the Mark McIvor and Equitrust saga.  I am certain there are others. Please continue with your posting and court updates. Like many other investors, we all want to see justice finally served upon those who deserved it.





Hi!   We miss "No Trust" comments too.   Latterly, was the last source of info we had and would be good to hear if there are any updates anywhere.   Still check on a regular basis, but have not heard anything from any other avenue.


----------



## Mozzi (16 April 2016)

megladon said:


> Can anybody give me an update on the Hall Chadwick action against KPMG. I believe that our fund has amalgamated with the premium fund and we are now a 2nd mortgage fund..are we going to be shafted again
> by Kennedy and co.?   Have not had any response from Amanda Banton, is she still on our case?…..






Hi!   Don't have anything more than you have, but Google Amanda Banton and you might find she is no longer with Piper Alderman!


----------



## JFJDM (26 April 2016)

BDA's 26th report now out. Another year to wait. WTF


----------



## meridian (26 April 2016)

megladon said:


> Can anybody give me an update on the Hall Chadwick action against KPMG. I believe that our fund has amalgamated with the premium fund and we are now a 2nd mortgage fund..are we going to be shafted again
> by Kennedy and co.?   Have not had any response from Amanda Banton, is she still on our case?…..




Amanda Banton has taken the Equititrust instructions with her to Squire Patton Boggs a legal firm in Sydney.


----------



## No Trust (28 April 2016)

*ASIC*

Marky Boy having been handed a life sentence by the almighty Regulator, has another front opening up like the proverbial abyss... 

Which "other" authorities are now sniffing around the dirty deeds of the grey haired ghost who walks... 

A plethora of documents and tapes have now changed hands... Oh Marky you were a very stupid boy and misjudged who you were dealing with... 

See you in court soon, May you live in interesting times till then...


----------



## No Trust (7 June 2016)

*Every Dog Has his Day*

The *Bankrupt*, *Banned*, *Convicted Criminal *did not have a good day in Court..

Its over "Marky Boy" you will *never* again be able to pretend to be the custodian of old people's money...

NOW, if you think that I'm done with you, well I think you know by now that I'm not one to let go that easy... 

*Sir Joh Bjelke-Petersen *had a famous saying about talking to the Media "_feeding the chooks_". 

Well "Marky Boy" I have a lot of chooks to feed and I have only started. Fair warning If you've done something particularly evil behind closed doors and hurt innocent people as a result of your deeds, its gonna come out... *Guaranteed*... 

You see, over the many years for me to have told the world what you've actually done would have seemed unbelievable or crazy... 

However given a bit of rope you have well and truly hung yourself, or as you would so colourfully say *"Neck Yourself"* and you have been exposed for the scum you really are. 

How many old people's lives have you ruined ? How many families' have you destroyed ? How many people did you maliciously pursue through the courts for nothing ? Look at you now, your the pariah of the Gold Coast. People wouldn't waste their spit on you, nor will your own family call you one of their own after what you did to your own mother. 

Now the financial vampire has been exposed to the light and a *cross burnt *into his head by both the courts and media, its time for another more horrific story to see the light of day, one that years ago would have seemed beyond belief and beyond the bounds of comprehension. Today however the public, regulators, courts and media will see it as an extension of a consistent pattern of nefarious behaviour.

Adios "Marky Boy" its time to FEED THE CHOOKS...

http://www.goldcoastbulletin.com.au...r/news-story/3e27f869c87e8b698cba81ad22683b94


----------



## No Trust (8 June 2016)

*Tick Tock*

From Rooster to Feather Duster :fan

Its really starting to hit the fan... Wait till the Federal Court puts "Marky Boy" in the box... Maybe his *words* will come back to haunt him... 

http://www.moneymanagement.com.au/news/financial-planning/equititrust-ceo-ban-upheld


----------



## No Trust (13 June 2016)

*ASIC Reporting on McIvor's Failure*

ASIC must love "Marky Boy" wait till they get the *rest *of the story... 


http://asic.gov.au/about-asic/media...rust-chief-executives-stay-application-fails/

Who else is *sniffing around *the White Haired Ghost who walks ?


----------



## No Trust (14 June 2016)

*Citizen McIvor*

Oh the chooks do like a feeding...

http://m.smh.com.au/business/cbd/ros-packer-glenn-stevens-enjoy-birthday-gongs-20160609-gpfia5.html

More to come "Marky Boy" more to come...


----------



## No Trust (17 June 2016)

*Re: Equititrust Deception Caught Out*

Remember good Ol Bullsh##ter Olman,

He dropped off the radar around the same time as Ol "Marky Boy"... Coincidence or alter ego exposed... Tick tock tick tock...  He thought ASIC were not going to touch him, the media would stop their relentless pursuit of him... He thought I would stop pursuing him and BOY was he wrong on all fronts... I'm still here "Marky Boy" and still ravenously ensuring your brought to account.  

PS

Your welcome 



No Trust said:


> Hi Olman,
> 
> Diversion, diversion diversion. What do you say about Equititrust’s multiple accounts and deceit... I guess you can’t say much can you...
> 
> ...


----------



## No Trust (17 June 2016)

*Family Relations*

Oh how the dynamic duo "Marky Boy" and Racy Stacey have fallen... Once they thought they were the intellectual and financial superior to others... Yet like the Macbeth's it was built on the spilt blood of others... Now the two pariahs have been exposed for what they are. Failures in business and in life... Pay back the old people


----------



## No Trust (17 June 2016)

*The old man on the hill*

The old man on the hill was right about these two pariahs. Prior to their nuptials he did say be it 1 year 3 years or 10 years this marriage will end in tears. He also did say that there was no light shining over the heads of these two. That's right "Marky Boy's" spiritual guru saw through the whole charade and didn't like either of them.  Now good Ol Racy Stacey didn't like having to confess to the old man on the hill and stopped Ol "Marky Boy" confessing his sins to the old man on the hill. IT ALL WENT DOWNHILL FROM THERE... 

Lady Macbeth's self interest and materialistic ruthless goals were the undoing of "Marky Boy"...


----------



## No Trust (28 June 2016)

*Financial Vampire Trying hard to Keep the Evidence Seeing the Light of day*

Not a "Good Day" in Court for the Financial Vampire... 

Manages to maintain his record of *losing in court *and now has to pay costs... Sad 

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2016/2016fca0738

Cant wait to see the doc's "Marky Boy"... See how it feels when the shoes on the other foot. *Tick Tock Tick Tock*

The *storm* is coming...


----------



## No Trust (29 June 2016)

*Consideration
*

*The status of the evidence
*

18    The *evidence on which Mr McIvor relies to support his claim for privilege is scant*. As this is an interlocutory application, Mr McIvor is entitled to provide the evidence through his solicitor. However, the evidence amounts to no more than a series of assertions by Mr Conomos of the state of the documents in Schedules 1 and 2, is given at a high level, even when read in conjunction with the further detail in Schedules 1 and 2, and fails to establish the nature of the retainer between Mr McIvor and any of the providers of legal advice. Copies of the retainers have not been provided.

19    *No reason is proffered as to why Mr McIvor could not give the evidence himself*. In Binqld Finances a claim for legal professional privilege was made over a file note of a conference. The affidavit in support of the claim was made by the applicant’s solicitor. Foster J observed at [23] that the solicitor was not present at the relevant conference where the file note was made and his evidence did no more than “record instructions conveyed to him” by the applicant. His Honour concluded that the solicitor’s affidavit should be given little weight particularly where there is “no direct evidence of any relevant individual retainer and no probative evidence which explains the circumstances in which and the purposes for which the conference referred to in the file note was convened”.

20    The affidavit of Mr Conomos sworn 8 February 2016, to the extent it sets out the basis of the claims for privilege by Mr McIvor, should, *in my opinion be given little weight*. It does no more than record instructions given to Mr Conomos by Mr McIvor and *does so in little detail*.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2016/2016fca0738

Justice Markovic saw right through McIvor and B#TCH SLAPPED him with appropriate judicial force... If this was an Interlocutory Application, it does not bode well for "Marky Boy" in the Main Trial.

All the documents *apart from as scant few *_as Justice Markovic _ states will now be available for dissemination by *Paul Steer *and *KPMG*.

McIvor's track record as a *LOSER* continues unabated... *Tick Tock*


----------



## No Trust (26 August 2016)

*Remember This*

Why will this play a critical role at trial ???

http://www.smh.com.au/video/video-b...-fear-their-super-is-gone-20110420-1donf.html

#McIvorfinished


----------



## Mozzi (2 September 2016)

*Re: Remember This*



No Trust said:


> Why will this play a critical role at trial ???
> 
> http://www.smh.com.au/video/video-b...-fear-their-super-is-gone-20110420-1donf.html
> 
> #McIvorfinished






27th Report online - Probably nothing new to report!!!!


----------



## No Trust (10 September 2016)

*Trial of McIvor*

The trial is what McIvor is dreading and causing sleepless nights... 

Tick tock


----------



## No Trust (15 September 2016)

*More Scandal Brewing*

The McIvor's really know how to get themselves into the papers, "for the wrong reasons"... Another scandal is brewing that they would like to keep under wraps... What will be the next scandalous headline ??? One is coming which is eye watering... Who spilt the beans and why is the family feuding ??? Tick tock tick tock... 

Note: Marky Boy didn't the old man on the hill teach you anything... Time to mediate and contemplate karma...


----------



## No Trust (28 September 2016)

*More Information Flooding In*

More Information regarding " Marky Boys" nefarious activities are flooding in... Quite a bully he was over the phone but not so tough in person... Actually quite the coward  

His Modus Operandi seems to have been to applied to immediate family as well... Just *read the articles *about how he spoke to his mother... The information flooding in now though takes this behaviour to *another level *and includes other victims both business and "personal"...


http://www.theaustralian.com.au/new...22m-in-mortgages/story-e6frg6n6-1226519911766


----------



## No Trust (7 October 2016)

*Hot off the Press*

Point *2. * *2nd* Paragraph  ASIC request for a supplementary report...

The Liquidator is currently preparing this report.

Why is ASIC asking for this report ??? mmmmmmm answer may be coming soon...


http://www.equititrust.com.au/Pdfs/...eports - 20161004 - Circular to Investors.pdf


----------



## No Trust (7 October 2016)

*Whats to follow ???*

Some would think this is the end... I would suggest its *not*... 


https://connectonline.asic.gov.au/R...rchRegisters.jspx?_adf.ctrl-state=tvcmomau7_4


----------



## No Trust (7 October 2016)

*Court Proceedings by Liquidator*

The Court proceedings by the Liquidator in regard to the EIF will be telling... McIvor will have to sit in a witness box and be *cross examined*...


----------



## meridian (12 October 2016)

*Re: Fees*



No Trust said:


> What gets me is why "All Barren" *by name and by nature*, lied at the last meeting and said *no fees would come out of the income funds*... Is it because he though he would get the *$2.8M *in Management Fees reversed...
> 
> Well their scam backfired on them and now David Whyte has sent them a bill instead...
> 
> Lets see how he answers that question at the meeting.






Just read the latest report from Hall Chadwick.
NO TRUST was on the ball 4 1/2 years ago.


----------



## No Trust (18 October 2016)

*Re: Fees*

Some insolvency practitioners are bottom feeders who will feed off the carcass until the bones are bare... 



meridian said:


> Just read the latest report from Hall Chadwick.
> NO TRUST was on the ball 4 1/2 years ago.


----------



## Nothingtoadd (19 October 2016)

https://www.leaprate.com/2016/10/former-equititrust-ceo-remains-permanently-banned-from-providing-financial-services/
*
Former Equititrust CEO remains permanently banned from providing financial services*
By: Valentina Kirilova October 19, 2016

Former Equititrust CEO remains permanently banned from providing financial services

Mr Mark McIvor, former chief executive officer and founding director of Equititrust Limited (in liquidation) remains permanently banned from providing financial services after withdrawing an application to the Administrative Appeals Tribunal (AAT) to appeal against ASIC’s original banning decision.

Mr McIvor has been permanently banned from providing financial services on 2 September 2015 following an earlier ASIC investigation into the collapse of Equititrust. At that time, Equititrust held an Australian financial services (AFS) licence and was the responsible entity of two registered schemes; Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund (EPCIF) and was also the trustee of Equititrust Premium Fund (EPF); an unregistered managed investment scheme.

An ASIC delegate has found that whilst he was the director of Equititrust, Mr McIvor contravened a financial services law and was not of good fame or character to provide financial services. His conduct involved breaches of the financial services legislation which were considered to be very serious, repetitive, prolonged and dishonest.

In particular, the ASIC delegate found that Mr McIvor contravened financial services laws by:

    signing 28 board meeting minutes, which falsely recorded a board meeting to approve a loan application had occurred, when no such board meeting had taken place, and in doing so, Equititrust did not meet its obligations under EIFs Compliance Plan; and
    failing to take all the steps that a reasonable person would take, if they were in Mr McIvor’s position, namely to ensure that accurate, true and correct documents were relied upon for compliance checks and not be involved in the production of false documents.

Mr McIvor has subsequently filed applications for a review of ASIC’s decision to permanently ban him from providing financial services and to stay the operation and implementation of the banning order. The stay application has been refused by the AAT (refer 16-181MR) and on 1 September 2016, Mr McIvor withdrew his application for review of ASIC’s decision to permanently ban him from financial services.

ASIC Commissioner John Price said Mr McIvor’s conduct was at the most serious end of the offending range and that it was appropriate he be permanently banned from providing financial services.

    People who provide financial services, especially those in senior management positions, are required to discharge their obligations under financial services laws efficiently, honestly and fairly. ASIC will ensure those who fail in these duties are removed from the industry,’ Mr Price said.


----------



## No Trust (20 October 2016)

*Winter is Coming*

There are some dark dark storm clouds hanging over McIvor's head... Some new evidence has emerged and is now being provided to the "appropriate authorities"... 

Stay tuned for developments...


----------



## No Trust (20 October 2016)

Yeah the stench is not leaving the public spotlight...  ASIC have not finished… 



Nothingtoadd said:


> https://www.leaprate.com/2016/10/former-equititrust-ceo-remains-permanently-banned-from-providing-financial-services/
> *
> Former Equititrust CEO remains permanently banned from providing financial services*
> By: Valentina Kirilova October 19, 2016
> ...


----------



## No Trust (21 October 2016)

*From Rooster to Feather Duster*

http://www.moneymanagement.com.au/n...-upholds-permanent-ban-former-equititrust-ceo


----------



## No Trust (23 October 2016)

*New Expose*

There is a new expose under way by a National Media Organization into "Marky Boy" ...  To put it mildly it ain't pretty... A number of "ex employees" and "Service Providers" have apparently agreed to be interviewed as to the *inner workings *of Equititrust prior to its collapse. The phantom board meetings leading to McIvor's Life Ban by ASIC will also get a mention...


----------



## No Trust (23 October 2016)

*From the Horses Mouth*

http://asic.gov.au/about-asic/media...tly-banned-from-providing-financial-services/


----------



## Mozzi (28 October 2016)

*Re: From the Horses Mouth*



No Trust said:


> http://asic.gov.au/about-asic/media...tly-banned-from-providing-financial-services/






Total silence from the meeting at Watermark Hotel last Friday!   Anyone attend apart from Hall Chadwick and if so 

would anyone care to comment on any outcome from that ?    Remuneration, Committee of Inspection, any other 

business etc. etc. ?


----------



## megladon (31 October 2016)

Mozzi said:


> Total silence from the meeting at Watermark Hotel last Friday!   Anyone attend apart from Hall Chadwick and if so
> 
> would anyone care to comment on any outcome from that ?    Remuneration, Committee of Inspection, any other
> 
> business etc. etc. ?




approx. 13 investors at meeting...H.C. costs were discussed for approval by investors present as court approval would cost an additional $100,000. (not accepted)..   Two additional investors were appointed to the COI ..


----------



## No Trust (2 November 2016)

*No Bills - No Thrills*

*Wow*... Not having the *exorbitant* and *illegal Management Fees *reversed has truly put a cog in the *Fee Wheel* of Hall Chapstick... David Whyte tore these Ass#oles a third one... Excellent work David Excellent...

Lesson to be learnt by Hall Chapstick  sleep with dogs, wake up with fleas.


----------



## No Trust (2 November 2016)

*Para 2.2*

http://www.equititrust.com.au/Pdfs/...rts - 20160831 - 27th Report to Investors.pdf

I have a theory in life... When you act like a b#tch you *get taken down *like a b#itch...

Hall Chapstick contradicted themselves throughout the entire proceedings. I have documented this on the thread in detail... 

Now they want payment and have *no where to go*... Their appointment was nothing more than a scorched earth policy by McIvor in the last dying days of the *decaying corpse of Equititrust*...


----------



## No Trust (2 November 2016)

*Ian Lazar Reports*

http://www.vimeoinfo.com/video/93213014/ian-lazar-reports-on-asic-and-compliance


http://www.abc.net.au/4corners/stories/2014/04/07/3977771.htm

*King Con*, *Ian Lazar *quite a motley crew McIvor lent to at the expense *innocent retiree investors*...

This was one seedy operation, did *Tony Bawden *, *Chris Buist *etc manage to pull their money out in time ? 

Future Mother in Law to be,  poor old *Bea Jeans *seems to have *not heeded the warnings *and took a good ol Kiwi Face Plant financially to the tune of millions...


----------



## Mozzi (2 November 2016)

No Trust said:


> *Para 2.2*
> 
> http://www.equititrust.com.au/Pdfs/...rts - 20160831 - 27th Report to Investors.pdf
> 
> ...






Perhaps Hall Chadwick should actually go along cap in hand to the person who appointed them, maybe he has a few pennies stashed away somewhere he could spare.   Perhaps they will have more luck than the rest of us. 

Yeah right!!!!


----------



## meridian (3 November 2016)

Mozzi said:


> Perhaps Hall Chadwick should actually go along cap in hand to the person who appointed them, maybe he has a few pennies stashed away somewhere he could spare.   Perhaps they will have more luck than the rest of us.
> 
> Yeah right!!!!






Hall Chadwick report to investors 28th May 2013.
Asset Realisations.
A refund was received from the A.T.O.for Company Tax for the amount of $2,240,337.00 on 14th March 2013.
The refund was in relation to company tax and does not concern any of the funds for which the Company is the Responsible Entity.
Further details with respect to the income Tax Refund will be provided in a comprehensive update to all creditors in due course.
Does anyone know what happened to $2,240,337.00 ?


----------



## No Trust (3 November 2016)

Gobble Gobble Gobble  Fees Fees Fees...

Hall Slapstick just out for themselves... Don't give a damn about investors *in any way *or form...




meridian said:


> Hall Chadwick report to investors 28th May 2013.
> Asset Realisations.
> A refund was received from the A.T.O.for Company Tax for the amount of $2,240,337.00 on 14th March 2013.
> The refund was in relation to company tax and does not concern any of the funds for which the Company is the Responsible Entity.
> ...


----------



## No Trust (3 November 2016)

*Hall Stapstick*

Hall Slapstick should *never have been appointed*... Useless as t#ts on a bull...

As least David Whyte has done a good job and has been transparent given the cesspit that McIvor left...

As cowards do McIvor then did a runner to suck on his thumb in the proverbial fetal position in a cupboard in a similar fashion to the time Tony Smith threatened to smack his head through the besser block wall behind him...

McIvor was a tough guy on the phone but weak as piss face to face... As many have witnessed...


----------



## No Trust (4 November 2016)

*Haney Now Off The hook*

Fourth Defendant Haney allowed to walk...

"McIvor" and not so smart older Brother "Wayno" still in the public stocks awaiting punishment...

*Tic Tock Tick Tock*

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions#;javascript:void(0);


----------



## No Trust (4 November 2016)

*McIvor's Worst Nightmare*

The authorities have looked into McIvor's *nefarious dealings *in the past, and it seems they are taking a closer look again... Not many people are in the *banned for life* club run by ASIC...

*Ink* does not lie...


----------



## meridian (4 November 2016)

No Trust said:


> Gobble Gobble Gobble  Fees Fees Fees...
> 
> Hall Slapstick just out for themselves... Don't give a damn about investors *in any way *or form...




   No Trust, are you saying that Hall Chadwick kept the $2,240,337.00 Tax Refund, and claim it as  FEES.
   Did the Courts or ASIC approve this ?


----------



## No Trust (5 November 2016)

meridian said:


> No Trust, are you saying that Hall Chadwick kept the $2,240,337.00 Tax Refund, and claim it as  FEES.
> Did the Courts or ASIC approve this ?




 Very good question where is that money... ?  Is that money mentioned or detailed in any accounts issued by them...

Where is the money ? 

They will consume it in fees, it's the nature of the beast..


----------



## meridian (5 November 2016)

No Trust said:


> Very good question where is that money... ?  Is that money mentioned or detailed in any accounts issued by them...
> 
> Where is the money ?
> 
> They will consume it in fees, it's the nature of the beast..





Perhaps Stuart Norton and the two new members of the Committee Of Inspection could ask Hall Chadwick "WHERE IS THE MONEY".
Then post their answer on either this web site or the Equititrust General Updates site.


----------



## Mozzi (5 November 2016)

meridian said:


> Perhaps Stuart Norton and the two new members of the Committee Of Inspection could ask Hall Chadwick "WHERE IS THE MONEY".
> Then post their answer on either this web site or the Equititrust General Updates site.






Well over 2 million questions for Hall Chadwick and never any answers!   By the way, originally as we understand it, Stuart Norton and Amanda Banton were the C of I.    Are we not to be told who the two new members are?     Not that we have been informed of any meetings attended and matters discussed - or did we miss something?   Again!

Perhaps for all the taxes we pay and have paid over our lives - 

ASIC SHOULD BE ASKING FOR THE ANSWERS TO ALL OUR QUESTIONS !


----------



## No Trust (6 November 2016)

meridian said:


> Perhaps Stuart Norton and the two new members of the Committee Of Inspection could ask Hall Chadwick "WHERE IS THE MONEY".
> Then post their answer on either this web site or the Equititrust General Updates site.




I wouldn't screw around with these vampires, Hall Chadwick need to be transparent... if not, very simple, formal complaint to ASIC... Then name and shame, I'm sure my contacts in the media would love to run a story on elderly Australians being taken advantage of... They can also post here if they like as this forum has become a defacto information site for Equititrust Investors... Approaching 600,000 views speaks for itself...


----------



## No Trust (6 November 2016)

*Criminal Investigation*

It's clear from ASIC banning McIvor for life that serious malfeasance has occurred... McIvor was always pulling documents that suited him out of his back side... They have clearly caught him committing fraud in terms of producing director meeting minutes that never occurred which in turn approved loans which jeopardized innocent people's money... The evidence is clear... why didn't Hall Chadwick refer this information to QLD police ??? 

Hall Chadwick were appointed by McIvor but this does not give them license to not refer a fraud where it's clearly occurred...

Why would Hall Chadwick "not" refer this to QLD police ??? Another question to be asked by both the committee of inspection and the media ??? 

Why no Police investigation Hall Chadwick ???  


Until these jokers do the right thing not a dollar in fees should be approved or paid, then they may take their responsibilities seriously...


----------



## No Trust (19 November 2016)

*Made others live in HELL*

If McIvor, wonders why all this bad sh#t has happened to him, he may just not have been listening quite intently to the old man on the hill David Dornan who was his spiritual guru... Kharma and all it entails is an interesting phenomenon especially when it finds the ilk of McIvor, who took people's homes and bankrupted people at will to even scores...  Now look what happened to McIvor, he lost his home, business and all his properties, was bankrupted and banned for LIFE...  Do to others as you would have done to you... McIvor you got what you deserved, but wait there's more in the pipeline son... More investigative work has uncovered your most nefarious deeds...  STAY TUNED


----------



## No Trust (12 December 2016)

*A lot in common*

Apart from living on the same street in their heyday, these two bankrupt's have quite a lot more in common... As ASIC have discovered "Marky Boy" loved to make up documents... But wait there's more... McIvor did go one step further... This is currently being investigated... STAY TUNED for this one as it's the cherry on top of his nefarious deeds... 


http://finance.nine.com.au/2016/12/12/12/05/trial-of-former-billabong-boss-starts


----------



## No Trust (17 December 2016)

*Raise the WHITE FLAG*

This is just too funny...


http://www.couriermail.com.au/busin...s/news-story/b4be9a8e7796945d1c3742162c6add12


----------



## No Trust (31 December 2016)

Are you living life to the fullest??? 

It was safer to keep your money in that sock... 
#f#ckuMcIvor  #NotoverMcIvor #McIvorfinancialrapist


----------



## Nothingtoadd (22 January 2017)

http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html


"THE COURT ORDERS THAT:

    Pursuant to s 596A of the Corporations Act 2001 (Cth), the following persons be summonsed for examination about the examinable affairs of Equititrust Limited ACN 061 383 944 (In Liquidation) (Receivers and Managers Appointed) (the “Company”):

        (a) Troy Bingham;
        (b) Christopher Richard Cook
        (c) John Alexander Goddard;
        (d) Thomas John Haney;
        (e) David Hickie;
        (f) Ross James Honeyman;
        (g) The Honourable Justice David John Sandford Jackson;
        (h) David John Kennedy;
        (i) Jeffrey Ian McDermid;
        (j) Mark McIvor;
        (k) Wayne McIvor;
        (l) Harvey Parker;
        (m) Michael Richard Peldan;
        (n) Warwick Powell;
        (o) Sidney Super;
        (p) Craig Granville Treasure;
        (q) David Robert Walter Tucker;
        (r) Stacey Blythe Turner (formerly McIvor); and
        (s) Paul James Vincent.


----------



## No Trust (23 January 2017)

*PANDORA'S BOX IS ABOUT TO BE OPENED *

http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html


Having regard to s 596C(2), I propose to be circumspect about the factual matters I recite in these reasons going to the question of whether the applicants have demonstrated that each summons concerns an examination about a corporation’s examinable affairs. 
The Corporation was a money lender operating on the Gold Coast. It was founded by Mr Mark McIvor. It raised funds for that purpose by means of registered managed investment schemes and, relevantly for present purposes, an unregistered trading trust known as the Equititrust Premium Fund (the “EPF”). It has about 50 members including many private superannuation funds. The Corporation was indebted to the Bank of Scotland International Australia Limited (“BOSI”) in a certain significant amount. The indebtedness was secured by a number of security interests over the assets of the EPF. Transactions in relation to the management and administration of the BOSI debt and the securities given in support of it, is a subject matter which the liquidators have been investigating. There are a range of issues in relation to the management, administration and governance of the Corporation’s affairs which concern the BOSI debt and the role of individuals in relation to it. The liquidators contemplate bringing proceedings against particular contemplated parties in relation to aspects of that matter.


----------



## No Trust (23 January 2017)

Good spotting by the way...







Nothingtoadd said:


> http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html
> 
> 
> "THE COURT ORDERS THAT:
> ...


----------



## No Trust (23 January 2017)

NOT A GOOD LOOK 
Wako Jacko will rue the day he got mixed up with McIvor... Information sent to me indicates he was also a one time enforcer for McIvor... 

Overall a huge embarrassment for a Judge to be hauled into this mess... 

http://www.sclqld.org.au/judicial-papers/judicial-profiles/profiles/djjackson


----------



## No Trust (23 January 2017)

Wow good ol "Racy Stacey" will be making an appearance... Former partner in nefarious deeds with Marky Boy... Oh how the mighty have fallen...


----------



## No Trust (23 January 2017)

Jackson knew what McIvor was up to for years... 

http://www.couriermail.com.au/ipad/...n/news-story/9366b3e2549031d6bd2c7f3d7aa64c99


----------



## No Trust (23 January 2017)

Jackson should stand down as a Supreme Court Judge until this whole matter is fully investigated... Innocent retirees lost hundreds of millions of dollars and Jackson was on the board and also providing counsel to McIvor at this time... This is a scandal that a Supreme Court Justice is embroiled in this disaster... When acting for McIvor well prior to the collapse I am informed that he read the affidavits and knew what McIvor was accused of yet continued to act for him and even joined the board... This is a justice of the Supreme Court and is now being summoned via the Federal Court by Liquidators ??? Where was the due diligence before Jackson was appointed to the Supreme Court ??? Thank god he wasn't appointed Chief Justice... Imagine that...


----------



## No Trust (24 January 2017)

The saying goes that "you lay with dogs, you wake up with fleas"... Some on the list including a Justice of the Supreme Court are waking up scratching...

There are some listed below who were well and truly *part of the pack* when it came to decimating the life savings of innocent retirees... Others turned a blind eye and fed off the life savings of others by providing legal services etc. whilst knowing *full well* what McIvor was doing to innocent retiree's and borrowers alike. 

This also includes Stacey Turner (*Formerly McIvor*) who was up to her eyeballs in *"looking the other way"* whilst innocent peoples lives were destroyed... Don't be deceived by those who pulled the parachute Tucker et al, *they knew what McIvor was doing for years*...

These matters need to be *fully investigated* as part of the Public Examinations as many on this list have as much blood of (_innocent Australian Retirees_) as McIvor...



Nothingtoadd said:


> http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html
> 
> 
> "THE COURT ORDERS THAT:
> ...


----------



## No Trust (24 January 2017)

What was this Supreme Court Justice doing on the Board of Equititrust...



Justice David Jackson


----------



## No Trust (24 January 2017)

*SERIOUSLY WHAT WAS JACKSON THINKING ???

http://www.equititrust.com.au/Pdfs/Disclosures/EIF_Custodian_and_Directors_01_Aug_2011.pdf*


----------



## No Trust (24 January 2017)

*Public Examinations 
More to this than meets the eye...*
_The Corporation was indebted to the Bank of Scotland International Australia Limited (“BOSI”) in a certain significant amount. The indebtedness was secured by a number of security interests over the assets of the EPF. Transactions in relation to the management and administration of the BOSI debt and the securities given in support of it, is a subject matter which the *liquidators have been investigating*. There are a *range of issues* in relation to the management, administration and *governance of the Corporation’s affairs* which concern the *BOSI debt* and the *role of individuals* in relation to it. The liquidators *contemplate bringing proceedings* against *particular* contemplated *parties* in relation to aspects of that matter._


----------



## No Trust (24 January 2017)

*PUBLIC PROSECUTION*
Let there be *no doubt* this is a forerunner to a prosecution...


----------



## No Trust (24 January 2017)

Having this Motley Crew in the witness box will be sheer delight...


----------



## No Trust (24 January 2017)

*WHAT WAS IN THE SUBMISSIONS ???*
Something *BAD* and I mean *REALLY BAD* has gone on... Why is the *Bank Of Scotland Debt* so relevant now... You would not want to have your name on the list of people to be summoned...

_"Subject to any matters of fact addressed by the Hon Justice Greenwood in reasons for judgment published arising out of the Court’s consideration of an application by the applicants filed on *22 December 2016*, the *contents of the applicant’s written outline of submissions* dated 18 January 2017 be *treated as confidential*, pursuant to s 37AF of the __Federal Court of Australia Act 1976__ (Cth) (the “FCA Act”) until further order and *not be provided or disclosed to the public* except with *the leave of a Judge of the Court*, having regard to s 37AG(1)(a) of the FCA Act."_


----------



## No Trust (24 January 2017)

I signaled the scenario playing out now back in *2011*... What was Jackson doing getting involved ???
Its undeniable he was and it would be interesting *how much he knew* about McIvor's nefarious deeds in acting for him as counsel.




No Trust said:


> *Financials - How Big are the Losses              Board Loaded with McIvor Stooges*
> 
> What is driving investors *in droves *to *Piper Alderman and the class action* against *McIvor and Equititrust *is a total lack of disclosure...
> 
> ...


----------



## No Trust (26 January 2017)

*Bank of Scotland Debt*
Where was that money spent ? For who's benefit was this massive debt ? I think with a degree of intelligence we can all come to a conclusion fairly quickly.


----------



## No Trust (26 January 2017)

*ISLAND LIFE

http://www.propertyobserver.com.au/...raught-to-keep-their-cronin-island-homes.html

*


----------



## No Trust (26 January 2017)

*Trust me I'm a lawyer*
http://www.justinian.com.au/archive/trust-me-im-a-lawyer.html


----------



## No Trust (27 January 2017)

*Hall of Shame 2008

https://www.choice.com.au/shonky-awards/hall-of-shame/shonkys-2008*

Who will be on another Hall of Shame list *2017 / 2018 *??? Some on the Summons List below of (usual suspects) will definitely have their names put one another list... Kinda rhymes with Public Prosecutor...


*http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html*


----------



## No Trust (27 January 2017)

*Parties Mentioned on the Summons List*
How many on the list knew about *McIvor's Malfeasance* going back many years ??? *David Tucker*, *David Jackson* (now a SUPREME COURT JUDGE), *Wayne McIvor* (less smarter brother), *Stacey McIvor* (loved to look the other way when it came to money coming her way), *Sid Super* (CFO), *John Haney* (Aquinas Buddy and fellow ditherer of old peoples money) all knew what was going on and have the blood of innocent retiree investors on their hands... McIvor's malfeasance knew no bounds... Bare Trusts appearing out of nowhere... State Stamp duty being avoided on property deals, Blake Dawson and Waldron appealing adverse Stamp Duty Assessments...

*Criminality *and down right *deceit* being defended by his legal team over many years whilst McIvor used Public Money to pay the lawyers... Now as they say its time to pay the piper... What when on with that Bank of Scotland Debt ???
Now that the Rogues Gallery have all been called to sit in the witness box... May they all live in Interesting Times...


----------



## No Trust (27 January 2017)

These people *will be publicly exposed*... There is more to come and a *bigger story brewing*...
I can confirm further investigative action is currently underway which will make a number of people on this list squirm...


----------



## No Trust (28 January 2017)

"Marky Boy"  has a lot of questions to answer on the Bank of Scotland Debt... But so do others...
More information coming in which appears damning... Tick Tock...


----------



## No Trust (29 January 2017)

A lot of people are talking about this latest saga and what's behind it... Particular mention being given to the fact that a Supreme Court Judge got involved in this Sh#t ...


----------



## No Trust (29 January 2017)

Witness Box for McIvor will be analogous to an *ELECTRIC CHAIR*... Fun to watch though...


----------



## No Trust (29 January 2017)

I hope the Queensland Taxpayer gets a rebate on the days Jackson will be off the Supreme Court bench for this crap... #NoPayForJackson


----------



## No Trust (29 January 2017)

If Jackson is ever *God Forbid* considered again for Chief Justice of the Queensland Supreme Court, I hope this lapse in his judgment is considered in terms of a background check and exclusion for ever being appointed for further Judicial Duties... #TaxPayersDeserveBetterFromJudges


----------



## No Trust (29 January 2017)

*Conflict of Interest*
How does this affect Jackson sitting in on trials related to Mortgage Lenders... He should step aside, he is compromised in every sense and has a conflict of interest... BFF *Banned for life* by *ASIC*, thousands of retirees *lost life savings* and in the midst of the turmoil *knowing full well who and what McIvor was*, David Jackson accepted a board position at Equititrust ??? Lot of people are shaking their heads at this...


----------



## No Trust (29 January 2017)

Discussions in Southern Capitals about David Jackson's involvement in this is raising eyebrows ???


----------



## No Trust (29 January 2017)

*GET READY FOR IT...*


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## No Trust (31 January 2017)

*Judge called for questioning over $260m failure
ANTHONY KLAN
The Australian*
31 January 2017
http://www.theaustralian.com.au/business/legal-affairs


----------



## No Trust (31 January 2017)

"_*A Queensland Supreme Court judge* is among 19 people *connected* to the *failed $260 million Equititrust finance company* who will face *public examinations in the Federal Court* in Brisbane._

_Former *Equititrust director* and now *justice David Jackson*, along with the disgraced founder of the company *Mark McIvor* and his *ex-wife*, lawyer *Stacey Blythe Turner*, are among those called to give evidence by the company’s liquidators_."
*Judge called for questioning over $260m failure
ANTHONY KLAN
The Australian*
31 January 2017




No Trust said:


> *Judge called for questioning over $260m failure
> ANTHONY KLAN
> The Australian*
> 31 January 2017
> http://www.theaustralian.com.au/business/legal-affairs


----------



## No Trust (31 January 2017)

_"Justice Jackson, then a QC, was a director of Equititrust from July 28, 2011, to October 17, 2011, *three days* before *Australian Federal Police raided* the company’s offices at Chevron Island, taking with them *computers*, *boxes of documents and other records*. The *AFP raided Mr McIvor’s house* at the same time_."
*Judge called for questioning over $260m failure
ANTHONY KLAN
The Australian*
31 January 2017




http://www.theaustralian.com.au/business/legal-affairs


----------



## No Trust (31 January 2017)

Why get involved in Equititrust ??? I'm sure the answer will be "Oh to help out"... Equititrust was a dying dog and most if not all on the board knew what McIvor was up to for years...

I find this section of Anthony Klan's article the most interesting...

_"Justice Jackson, then a QC, was a director of Equititrust from July 28, 2011, to October 17, 2011, _*three days*_ before _*Australian Federal Police raided*_ the company’s offices at Chevron Island, taking with them _*computers*_, _*boxes of documents and other records*_. The _*AFP raided Mr McIvor’s house*_ at the same time_."

*Judge called for questioning over $260m failure
ANTHONY KLAN
The Australian*
31 January 2017

*3 Days* before the Australian Federal Police Raids... Question is are "Jacko" (_as McIvor referred to him_) and "Marky Boy" still mates...

In any event, some previous directors have gone on to *higher echelons*, others have been publicly disgraced but the fact still remains *innocent elderly retirees were financially raped* by Equititrust as were many other people who ever dealt with McIvor and Equititrust.

Its time for these people to answer questions before a judge...


----------



## No Trust (31 January 2017)

Two Contrasting New Stories running on the same day... 

http://www.news.com.au/national/que...d/news-story/241ee4f48908cd5960ed05c4e6d7997b


----------



## No Trust (31 January 2017)

Sorry "Jacko" it is what it is... Just buy every copy of "The Australian" within cooee of the Supreme Court


----------



## No Trust (31 January 2017)

"Hey "Jacko" considering the amount of time I've spent in the Supreme Court, do ya think you could throw a dog a bone and get me a job. Your associate would be great... Cheers Mark


----------



## No Trust (31 January 2017)

Hey "Jacko" need a lift to the Federal Court ?


----------



## No Trust (31 January 2017)

* SICK NOTE*

Dear Justice Andrew Greenwood Federal Court, regarding my impending subpoena for Public Examination regarding the Bank of Scotland Debt; whichever day that falls on I will be sick.
Consider this my sick note.

Kind regards

Marky "boy" McIvor

PS. I didn't do it.


----------



## No Trust (31 January 2017)

Just like my valiant efforts in appealing my ASIC life ban (_not_), the picture below sums up my strategy going forward... All the best Mark


----------



## No Trust (31 January 2017)

OK Strange Animals *19* to be exact, can you all please STFU at the Public Examinations. Would help me a lot. Thanks Mark

PS. Can someone pull that knife out of my back, not a good look in the Federal Court.


----------



## No Trust (31 January 2017)

Hey Stacey, Honey Bunny, remember spousal privilege at the Public Examination... Love you Mark xxx

(_In 2011, the High Court of Australia determined by a majority that there was no recognition of a right of spousal privilege at common law in Australia. In *Australian Crime and Corruption Commission* v *Stoddart*)

"Sh#t"


_


----------



## No Trust (31 January 2017)

*Equititrust Unit Holders take note*
In all seriousness this turn of events apart from the above levity needs to be closely followed by all unitholders as the article in Today's Australian exemplifies:
_
"The new proceedings come more than a year after *Mr McIvor was permanently banned* from *providing any financial services* and over two years after *he received a criminal penalty of $10,000* for failing to co-operate with liquidators of three of his private companies, *suggesting regulators are considering new action*."
_
*Judge called for questioning over $260m failure
ANTHONY KLAN
The Australian*
31 January 2017

This Public Examination may have *material effect* on the current action before the *Federal Court* and its *quantum of recovery* as well as *open another front* where monies may be recovered by the liquidator.

Many have suffered and some have paid the ultimate price, however I intend to keep on fighting for justice and for the *exposure of all parties connected to this disaster*...

Many who were deeply involved in the catastrophic loss of innocent retiree funds are now being called to account and will be put into a witness box in the *Federal Court under a summons* and asked pertinent questions *under oath*.  Far be it for me to preempt what will occur, but what makes this country great is the fact that a sitting Supreme Court Judge will be summoned to appear and be publicly examined *just like anyone else* who was a director / officeholder of Equititrust.


----------



## No Trust (31 January 2017)

*INDEPENDENCE OF DIRECTORS*
Note the retraction and clarification in the below disclosure regarding independence... If not for this forum and the pressure put to bear from the media, Equititrust and McIvor would have gotten away this and much more... "*All parties"* should have been declared as being service providers to both Equititrust and McIvor personally...

Self management of Conflicts of Interest is an "*interesting concept"* that all directors on the board at the time of this announcement should have taken into consideration given that hundreds of millions of dollars of innocent retiree investor's money was at stake.

The liquidators should look at this aspect and in light of the disclosure statement below ask did any of the sitting directors mentioned provide legal services to Equititrust and or McIvor on a personal basis at any time prior to their appointment to the board.

Having a duty to the company and another personal one to the sole shareholder whilst the company is the custodian for innocent retiree investors who have invested hundreds of millions raises some interesting questions which I'm sure will be explored by the legal counsel representing the liquidator.

http://www.equititrust.com.au/Pdfs/Disclosures/EIF_Custodian_and_Directors_01_Aug_2011.pdf


----------



## No Trust (31 January 2017)

The core issue is *what benefit* did the retiree investors / unit holders get from the Bank of Scotland Debt? Further, stacking the board with mates / personal legal service providers raises the question of conflict of interest.

I'm sorry you *just cant wear that many hats*, one day representing McIvor personally, another day Equititrust as a Corporation *then take a seat on the board*... No public company in Australia would allow this... Even the perception of a conflict of interest is not acceptable...

The liquidator needs to delve into this aspect.


----------



## Nothingtoadd (2 February 2017)

examinations scheduled as below.  Those in Sydney should be able to attend

*  Court Events and Orders  *
* 
Date              Time*
15-Mar-2017 10:00 Examination NSW Registrar Court Room Not Assigned    
14-Mar-2017 10:00 Examination NSW Registrar Court Room Not Assigned    
08-Mar-2017 10:00 Examination NSW Registrar Court Room Not Assigned


----------



## No Trust (2 February 2017)

Many have been waiting for this day for a longtime...



Nothingtoadd said:


> examinations scheduled as below.  Those in Sydney should be able to attend
> 
> *  Court Events and Orders  *
> *
> ...


----------



## No Trust (2 February 2017)

Many of the individuals on the "list" will have to *carefully consider* their answers to the court...


----------



## No Trust (3 February 2017)

The legal counsel for the Liquidator's may be throwing a few bombshells at the hearings...


----------



## No Trust (5 February 2017)

*INVESTIGATION*
I have been informed that a collateral investigation of a *serious nature* has begun. This one has come out of left field... Focus on Equititrust disaster and associated protagonists / sycophants...


----------



## No Trust (6 February 2017)

David Whytes's Report worth a read... Investor's wont get any more money until the litigation is over.

http://www.equititrust.com.au/Pdfs/...rts - 20170131 - 28th Report to Investors.pdf


----------



## No Trust (6 February 2017)

WELL WELL WELL ...
http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf

• The subject matter of the claims under investigation is *highly sensitive*. There are also issues of confidentiality and legal professional privilege. The claims are the subject of written opinions from two separate Senior Counsel. Those opinions, and substantial other evidence, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, *been sealed*, by order of Justice Burns made on 1 December 2016.


----------



## No Trust (6 February 2017)

*BOOM BOOM*

2. *Statutory Investigations*
As creditors are aware from my previous report, ASIC has requested that a supplementary Section 533 report be prepared which the Liquidators are in the process of preparing.

http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf





No Trust said:


> *INVESTIGATION*
> I have been informed that a collateral investigation of a *serious nature* has begun. This one has come out of left field... Focus on Equititrust disaster and associated protagonists / sycophants...


----------



## No Trust (6 February 2017)

*6. Federal Court Examinations*
Following the receipt of information from former directors of the Company and certain beneficiaries of the EPF, *provided in confidence*, I commenced investigations in relation to various transactions.

http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170201 - Report to the Creditors.pdf


----------



## No Trust (7 February 2017)

Nefarious Dealing at the expense of *poor innocent retiree investors *... Did anyone give a damn about them ??? These examinations and new investigations by ASIC should provide insight that has not been exposed before... Information I'm receiving is that its "EXPLOSIVE"...


----------



## No Trust (7 February 2017)

Speculation is rife as to who the *Liquidators* and *ASIC* are gunning for... "Dirty deals and they're done dirt cheap"...


----------



## No Trust (7 February 2017)

*6. Federal Court Examinations*
Following the receipt of information from *former directors* of the Company and *certain beneficiaries* of the *EPF*, provided *in confidence*, I commenced investigations in relation to various transactions. A summary of the key events and action taken to date is listed below:
*
http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170201 - Report to the Creditors.pdf



No Trust said:



INVESTIGATION
I have been informed that a collateral investigation of a serious nature has begun. This one has come out of left field... Focus on Equititrust disaster and associated protagonists / sycophants...
		
Click to expand...


*


----------



## No Trust (16 February 2017)

Summons to Appear are being served to relevant parties. Who will avoid service ?


----------



## No Trust (16 February 2017)

There's a whistleblower amongst the ranks. Sometimes you need to beware of those closest to you.


----------



## Nothingtoadd (4 March 2017)

"ORDER
REGISTRAR: DEPUTY DISTRICT REGISTRAR LYNCH
DATE OF ORDER: 22 February 2017
WHERE MADE: Brisbane
THE COURT ORDERS THAT:
1. The summonses for examination addressed to:
(a) Paul James Vincent;
(b) Russell McCart;
(c) Christopher Richard Cook
(d) Michael Richard Peldan;
(e) James Conomos; and
(f) Luke McKenzie
are adjourned to 10.00 am on 5 April 2017."

Looks like at least these will be in Brisbane and open to the public


----------



## Nothingtoadd (11 March 2017)

Looks like a $2m payment is under review....on 8 March:

"THE COURT ORDERS THAT:
1. Pursuant to subsection 597(9) of the Act, Balmain NM Commercial Mortgages Limited CAN 074 619 980 is directed to produce at the examinations of Shane Beecroft, on 14 March 2017, the following books in their possession relating to the Company or its examinable affairs:-
(a) The trust account ledger or statement recording the receipt on or about 11 July, 2012 of the following sums into Commonwealth Bank Accont number 062 000 200012075495, styled “Balmain Trust”:-
(i) $666,667.00; and
(ii) $1,333,333.00;
(b) The trust account ledger or statement recording the name or names of the persons who deposited such sums, their address and the bank accounts from which such sum were deposited and all and any other information identifying the persons who deposited those sums; and
(c) The bank statement for the said bank account recording those deposits;"


----------



## No Trust (13 March 2017)

My oh My, Pandora's Box is slowly opening...


----------



## No Trust (13 March 2017)




----------



## No Trust (15 March 2017)

David Tucker and David Kennedy caring for the Innocent Retiree Investors ??? WTF !!! 

CONFLICT OF INTEREST OF THE HIGHEST ORDER 

These people should be banned for LIFE

Yet here they were both parading around how they wanted to help the innocent retiree investor's... By enriching themselves ??? 

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (15 March 2017)

*Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*

_"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."_

_"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."

"Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d
_


----------



## No Trust (15 March 2017)

Me thinks Messer's Tucker and Kennedy are in sh#t up to their eyeballs... 



No Trust said:


> WELL WELL WELL ...
> http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170201 - Report to the Creditors.pdf
> 
> • The subject matter of the claims under investigation is *highly sensitive*. There are also issues of confidentiality and legal professional privilege. The claims are the subject of written opinions from two separate Senior Counsel. Those opinions, and substantial other evidence, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, *been sealed*, by order of Justice Burns made on 1 December 2016.


----------



## No Trust (15 March 2017)

These two *miscreants* thought they could get away with this ??? 

Not going to be a good year for Tucker and Kennedy...

The Liquidator will reverse these transactions and has the power to do so... As for the dynamic duo this is *career ending stuff*... ASIC and the QLD Legal Services Commission needs to get involved and take appropriate action...



No Trust said:


> *Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*
> 
> _"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."_
> 
> ...


----------



## No Trust (15 March 2017)

This is *not the first time* Tucker has acted like this when taking innocent peoples homes... Looks like the universe has come back with some *Karmic force* to expose Tucker for what he actually is... Many in the Brisbane Legal Fraternity have known for years...

Lets pray that his home is finally taken from him...

*"Do unto others*_ as you would have them _*do unto*_ you_" Matthew 7:12

_"He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”._

_“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said."_

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (16 March 2017)

*HYPOCRITES OF THE HIGHEST ORDER CAUGHT *​
This was a deal in the best interests of *Tucker* and *Kennedy*, yet they feigned such care for the interests of investors in their affidavits reported on by Anthony Marx of the Courier Mail below. These two were directors and knew the true value of the assets... How many hats can Tucker wear ??? Company Lawyer for Equititrust, Director and now secret buyer of the assets at *10 times* below their true value ??? This stinks to *high hell*...
Tucker and his firm act as insolvency lawyers... After this revelation which receiver / liquidator in his right mind would let Tucker or his firm act in any insolvency matter... This is just not right and I commend the Liquidator's in this instance commencing proceedings...
_
"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."_


* +*




Anthony Marx, *Courier Mail
October 20*, *2011*
But Equititrust's woes deepened further yesterday when former board member *David Tucker* filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.

Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments *rather than see the fund's assets sold off so money can be returned to 1760 mostly senior investors*.

"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the detriment of investors," *Mr Tucker wrote in a 44-page affidavit*.

"McIvor is *not a fit and proper person *to conduct, or *in any way be involved* in, let alone be in control of, the winding up of the Equititrust Income Fund ... *He does not appreciate his statutory duties or what is in the best interest of investors*. Nor is he committed to a *proper and orderly winding up of the funds*."

Mr Tucker alleges that the fund should investigate legal action against former directors, including Mr McIvor, over the making and oversight of prior loans which have gone bad. His statement says such a probe, as well as dealing with a potential class action against the fund, will not occur while Mr McIvor is in control.

*Mr Tucker is a Brisbane lawyer who was kicked off the board last week* by Mr McIvor following changes to the company constitution.

Former chief executive *David Kennedy*, who also resigned last week along with most of the board and several key senior employees, *has filed an affidavit backing up Mr Tucker's case*, which will be heard next Thursday.

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6


----------



## No Trust (16 March 2017)

This is what Tucker said about McIvor :

"McIvor is *not a fit and proper person *to conduct, or *in any way be involved* in, let alone be in control of, the winding up of the Equititrust Income Fund ... *He does not appreciate his statutory duties or what is in the best interest of investors*. Nor is he committed to a *proper and orderly winding up of the funds*."

Did Tucker and Kennedy *act in the best interests* of investors ??? Their actions do NOT pas the smell TEST... In fact looks like the Sh#t's hit the fan big time...


----------



## No Trust (16 March 2017)

Looks like *Friar Tucker's* salacious little deal with *Colonel Kennedy* is really garnering some interest... I am reliably informed that *various authorities* are now looking at the deal and why innocent retirees were *not* the beneficiaries of the "*windfall*"...

Fingers are being pointed as to who dobbed the miscreants in and there are a few *notable suspects*. In any event grab your popcorn folks as the back stabbing is about to commence at a *furious pace*... Expect the liquidator to commence proceedings against Tucker and Kennedy in the near future. 

Prosecutors should also have a close examination too...


----------



## No Trust (16 March 2017)

*Its all starting to come together
*
Hall Chadwick Report to Creditors 1 February 2017
*
6. Federal Court Examinations*
Following the *receipt of information from former directors of the Company* and *certain beneficiaries of the EPF*, *provided in confidence*, I commenced investigations in relation to various transactions. A summary of the key events and action taken to date is listed below:
• AET SPV Management Pty Ltd ("AET") was a joint venture vehicle involving, amongst others, Morgan Stanley Australia Ltd and Balmain NB Commercial Mortgages Ltd. AET acquired the Australian loan book of Bank of Scotland International ("BOSI"). BOSI was a banker to the EPF and was owed approximately $7 million ("the BOSI Debt").

• MS Asia Debt Acquisition Limited was incorporated in Hong Kong in June, 2012. In July, 2012, it acquired the BOSI Debt from AET, together with associated securities.

• I have arranged funding to further investigations into the above and to conduct a claim, should I decide to proceed. The litigation funder is Vannin Capital Operations Limited ("Vannin"). On 1 December, 2016, the Supreme Court of Queensland approved the Liquidators' entry into the litigation funding agreement with Vannin and also the retainer of solicitors, Russells, to continue the investigation of these matters and, subject to further review, to institute legal proceedings in relation to these matters, should I decide to proceed.

• The *subject matter of the claims under investigation is highly sensitive*. There are also issues of confidentiality and legal professional privilege. The claims are the subject of written opinions from two separate Senior Counsel. Those opinions, and *substantial other evidence*, were *tendered to the Supreme Court of Queensland *on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, *been sealed*, by order of *Justice Burns* made on 1 December 2016.

• On 19 January, 2017, the Liquidators succeeded in an application to the Federal Court of Australia for orders for the examination of certain persons in relation to these matters. The application was heard by Justice Greenwood. The court's brief reasons are here: http://www.judgments.fedcourt.gov.au/judgments/Judgmentsfica/sinqle/2017/2017fca   0016

• Creditors and investors will note the following from the judgment:
o In relation to the application under s 5968, the application is supported by an affidavit as required by s 596C(1). Section 596C(2) provides that the affidavit in support of that application "is not available for inspection except so far as the court orders". The statute thus contemplates that the factual circumstances in support of the application under that section will not be publicly disclosed except so far as the Court orders. The affidavit of Mr Russell in support of the application for orders under s 5968 addresses factual matters which seek to establish that each summons is directed to "the corporation's examinable affairs".
o Having regard to s 596C(2), I propose to be circumspect about the factual matters I recite in these reasons going to the question of whether the applicants have demonstrated that each summons concerns an examination about a corporation's examinable affairs.

• His Honour therefore made the following order:-

o Subject to any matters of fact addressed by the Hon Justice Greenwood in reasons for judgment published arising out of the Court's consideration of an application by the applicants filed on 22 December 2016, the contents of the applicant's written outline of submissions dated 18 January 2017 be treated as confidential, pursuant to s 37AF of the Federal Court of Australia Act 1976 (Cth) (the "FCA Act') until further order and not be provided or disclosed to the public except with the leave of a Judge of the Court, having regard to s 37AG(1)(a) of the FCA Act.
• Finally, pursuant to Section 596C of the Act, the affidavit filed in the Federal Court for the orders for examination under Section 596B of the Act is not available for public inspection.
• In conformity with the approach of both Courts, the liquidators are, at this stage, unable to provide any more details of the claims which we are considering.
• The examinations will take place both in Brisbane and Sydney. The dates of the Sydney examinations are set for 8, 14 and 15 March 2017. At the time of writing this report only the first return date for the Brisbane examinations has been set to be held on 22 February 2017. I will inform creditors should further dates be set.
• For reasons of efficiency and economy, we propose to confine the first round of the examinations to certain examinees and also to secure certain documents from various companies, banks etc. Once this first round of examinations is concluded, the Liquidators will give further consideration to the claims under investigation. The Liquidators will then consult with Vannin. I may conduct further examinations either of persons already examined or of other persons, including, possibly, former officers of the Company. I may commence proceedings.
I expect that I will be able to provide more information once the first round of examinations has been concluded, since they will be conducted in public. Please accept the above as notice of the examinations as required by Section 596E of the Act.

http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf


----------



## No Trust (16 March 2017)

These two have a lot of explaining to do...


----------



## No Trust (16 March 2017)

ASIC Organisational Search which is a *public record* is interesting reading...

http://www.equititrust.com.au/Pdfs/Notifications/20111119/Affidavit_Ashley_Tiplady_19112011.pdf


----------



## No Trust (16 March 2017)

Wow, Kostag who started this thread really outlined a harbinger of what was to come with Kennedy, little did we know that company lawyer Friar Tuck would go along for the ride...




kostag said:


> I'm an Equititrust investor -  historically, all has been good -  bit I am hearing some disquieting developements -  such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge -  same auditors as MFS used -  same business model -  and even Royal Bank of Scotland loans outstanding/overdue.  There was a press write up about a loan to Al Konstaninidis going bad etc -  and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.


----------



## No Trust (16 March 2017)

It appears Tucker is about to go through what he was dishing out to innocent individuals for years... Tucker deserves everything that's about to hit him, unfortunately for him he doesn't realise the extent of it yet.


----------



## No Trust (16 March 2017)

*McIvor's Judgement*
Given recent events, WTF was McIvor thinking in having anything to do with these two miscreants ?
Oh that's right birds of a feather... But this time it looks like they'll all get fu##ed together...


----------



## No Trust (16 March 2017)

*Tucker* and *Kennedy* in this candid photo working hard to protect "innocent" elderly retiree investors of Equititrust... Thanks for your valiant efforts guys...


----------



## No Trust (17 March 2017)

*Friar Tuck and Colonel Kennedy*
Given Tucker and Kennedy's roles at Equititrust and their Public Declarations of concern for the elderly investors of Equititrust, how on earth could they conceal that assets were being sold at 10 times below true value... TO THEM !!!

The conflicts here are beyond belief. We have the company Lawyer / Director and the CEO entering into a transaction of this nature which on ALL levels is *wrong wrong wrong*...


----------



## No Trust (19 March 2017)

What will be interesting to come to light from the Public Examinations, is *how much* interaction both Tucker and Kennedy had with *Bank of Scotland* during their tenure at Equititrust..

Both one would assume (_in their dealings with Bank of Scotland_) would have been acting in "the best interests" of Equititrust and one would also assume in turn in the best interests of investors..

Given their special relationship with the company and in turn their obligations post Receivership / Liquidation a reasonable person would ask how much disclosure was given to the liquidator by both former office holders..


----------



## No Trust (24 March 2017)

More investigations underway in to the  the Bank of Scotland Debt...


----------



## No Trust (24 March 2017)

Expect some further revelations...


----------



## Done With That (25 March 2017)

I've been waiting to see when the Bulletin or Courier Mail  will print the story of these so-called trusted lawyers ripping off pensioner investors like me ... their readers.

NOTHING!!!

These guys posed as the white knights to save us investors!

I thought McIvor was to blame. Much as I don't like McIvor seems like he was telling the truth about the banks and lawyers manipulating the game and taking all the money including his and leaving us poor bastards with 10 cents on the dollar.

So how will the truth come out if the media won't print the story?


----------



## No Trust (25 March 2017)

Mmmmmmm this sounds a lot like McIvor to me... Pensioner indeed... LOL

McIvor created this disaster, appointed Kennedy and employed Tucker as his henchman ... Where was his judgement ???

Further as for McIvor telling the truth.... Well this speaks for itself...

"_The Australian Securities & Investments Commission said Mr McIvor, of Labrador, had *repeatedly* broken *financial services laws* and was “*not of good fame or character*_”."

http://www.theaustralian.com.au/bus...s/news-story/bf662a156221de2805e864263952d31d

McIvor , Tucker and Kennedy the miscreants that they are all have innocent retiree investor's blood on their hands...




Done With That said:


> I've been waiting to see when the Bulletin or Courier Mail  will print the story of these so-called trusted lawyers ripping off pensioner investors like me ... their readers.
> 
> NOTHING!!!
> 
> ...


----------



## Done With That (26 March 2017)

You're right. They all have blood on their hands.  Sent me to the wall.  Not a lot of money perhaps by  your standards but it kept me out of Centrelink - then.  

People should know about this.  But how come the local papers haven't reported what's being uncovered in the McIvor, Kennedy and Tucker bloodbath?

I tried to put it all behind me and get on with life but now it seems we might get something back or am I reading this wrong?


----------



## No Trust (26 March 2017)

The matter is being reported by the press...



No Trust said:


> *Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*
> 
> _"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."_
> 
> ...


----------



## No Trust (27 March 2017)

The only guys who got something back are Tucker and Kennedy...
Nice little deal for them at everyone else's expense. McIvor solely to blame for involving those two in Equititrust. His lending to the likes of King Con etc and lack of business acumen to blame for the disaster.


----------



## No Trust (2 April 2017)

*600,000 Views*
Its good to see the thread will hit *600,000* views some time this week. Many people and "authorities" are watching...


----------



## No Trust (4 April 2017)

Tick Tock more investigations under way...


----------



## No Trust (5 April 2017)

*Colonel Kennedy* - *You just have sit back and laugh...*
Check out this beauty from the False Prophet (or should that be _*False Profit*_) 



Equititrust Ltd said:


> Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
> 
> If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.
> 
> ...


----------



## No Trust (5 April 2017)

*False "Profit" Strikes Again*



Equititrust Ltd said:


> I refer to the posts of Olman and Kostag.
> 
> Your posts raise some relevant points which, if based on accurate information, would have merit.  Unfortunately they appear to be based on either inaccurate or misunderstood information.
> 
> ...


----------



## No Trust (5 April 2017)

*Oh Colonel Kennedy*

His words should be played back to him at trial... "Working assiduously to protect investor's rights"... shouldn't that carry on after the insolvency practitioners have been appointed...

*Tucker* and *Kennedy* have a lot to answer for... The liquidator if your listening which I know you are, review some of these posts by Kennedy and contrast and compare his worthless words as against his and Tuckers actions in secretly buying the BOSI Debt ...



Equititrust said:


> It is not unusual in our industry to have recalcitrant borrowers attempt to cause damage to Equititrust’s reputation by making untrue or ill-conceived allegations against us.  The common thread of such accusations tends to be that they are only ever made anonymously and when invited to discuss their issues directly with Equititrust the invitation is never taken up yet the accusations continue.  By way of example, “Kostag” has been invited on numerous occasions to contact me yet he has declined to do so.  Instead he continues to make unsubstantiated or erroneous allegations.  I do not intend to further address matters raised by him on this forum.
> 
> In relation to the comments of zencorp (who incidentally has just joined the website and does not state whether or not he is an investor but states he has knowledge of our loan documents which may suggest he is in fact a borrower), I point out the following:
> 
> ...


----------



## No Trust (9 April 2017)

Haven't Tucker and Kennedy got themselves stuck in a sticky web... More is being unearthed as we speak...


----------



## No Trust (9 April 2017)

Great to see the thread has now hit *600,00* views and climbing steadily...
Seems like the authorities, regulator's and journalists cant get enough...


----------



## No Trust (9 April 2017)

*Ironic Twist*
It would be an ironic twist if Tucker and Kennedy were sued by the liquidator, prosecuted and then bankrupted... Just like their nemisis "Marky Boy" who never thought it would happen to him whilst he tore people's lives apart, these two cretins should never say never... "May they both live in interesting times" Kennedy will know what this means...


----------



## No Trust (9 April 2017)

The poor poor elderly retiree investors who got caught up with this pit of dishonest rattlesnakes... First McIvor rapes them financially then Tucker and Kennedy come and financially rape the corpse of Equititrust; to rub salt into the wounds of poor elderly retiree investors... TUCKER /KENNEDY have you *NO* shame ???


----------



## No Trust (9 April 2017)

Let's hope the Liquidator and ASIC have some balls and pursue this injustice until the end...This type of corporate greed/cancer needs to be eliminated once and for all... Given the company was in liquidation surely the former CEO and company lawyer/director needed to disclose any debt purchase at an undervalued rate to the liquidator... Surley ASIC would have a position on this !!! Move ASIC move... Liquidator REPORT REPORT REPORT...


----------



## No Trust (13 April 2017)

Will there be raids on *other parties* by the *authorities*... ??? McIvor never thought he'd be raided by the Fed's and ASIC... Never say never...  Parasites may be *poisoned* by the host body they fed off...


----------



## No Trust (16 April 2017)

*Social media Platforms ??? 
*
"_We are aware of *media articles* and other speculation on various *social media platforms*. Some of these publications are inaccurate. We urge creditors and investors to treat such publications with caution. When we are in a position to do so, we will fully inform creditors and investors of the decision we make in relation to any further action and we will provide details of any such action."_
*
http://www.equititrust.com.au/Pdfs/...eports - 20170403 - Circular to Creditors.pdf
*


----------



## No Trust (16 April 2017)

If this the social media platform being referred to, I would *beg to differ* as this platform has been pretty spot on from *2010*... Maybe if liquidators and others had taken heed long ago this would not have become the disaster it has now become...

We have been on the case longer than any of the "so called" Insolvency practitioners ...


----------



## No Trust (16 April 2017)

*Wonder who this could be ???
*
_"We are also aware that *certain parties* are contacting Investors in the EPF, seeking to criticise the conduct of this investigation and these examinations, including suggestions that they may somehow disadvantage Investors"

http://www.equititrust.com.au/Pdfs/...eports - 20170403 - Circular to Creditors.pdf_


----------



## No Trust (16 April 2017)

_"6.  Federal Court Examinations 
I refer to the comments from my previous report dated 1 February 2017. 
On 22 February 2017, our solicitors, Russells Law, appeared on behalf of the Liquidators in the Federal Court of Australia at Brisbane and secured the production of numerous documents from the following persons: 
• Mr Paul Vincent, former director of the Company; • Mr Russell McCart, a former guarantor of the debts owed to the Company (as trustee of the EPF) by the Meridien Group; • Mr Jim Conomos, a solicitor who represented Mr McCart and his co-guarantors, Messrs Paul Barrett and David Roberts, in litigation brought against them by the Company, and continued by receivers appointed by MS Asia Debt Acquisition Limited (*Messrs Pelden and Cook of Worrells*) represented by *Tucker & Cowen solicitors*; • Messrs Pelden and Cook, the receivers appointed by MS Asia; and • Mr Luke McKenzie, an executive of Balmain NB Commercial Mortgages Limited ("Balmain"). For convenience, Mr McKenzie also produced, in Brisbane, documents which had been required from Balmain itself."_

_Tucker, Peldon , Cook , Worrells ...   Represented by Tucker ??? WTF WTF WTF  Tucker used them to bankrupt McIvor ( _*no tears there for that* _) BUT... This all seems way too cozy and corrupt...

This little arrangement needs to be *thoroughly investigated*, Tucker feeds these guys business and has done so for years... How are they *meant to be independent receivers* ??? 
This needs to go before ethic's Tribunals and people need to be banned as a result of this scam..._

_http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170403 - Circular to Creditors.pdf_


----------



## No Trust (17 April 2017)

*ASIC*
I'm sure ASIC is monitoring the circumstances surrounding Tucker and Kennedy... Given their previous intransience regarding McIvor and Equititrust in the past this matter needs the utmost scrutiny...


----------



## No Trust (18 April 2017)

What *disadvantage *is there to investor's in conducting this investigation ???



No Trust said:


> *Wonder who this could be ???
> *
> _"We are also aware that *certain parties* are contacting Investors in the EPF, seeking to criticise the conduct of this investigation and these examinations, including suggestions that they may somehow disadvantage Investors"
> 
> http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170403 - Circular to Creditors.pdf_


----------



## No Trust (19 April 2017)

*David Tucker's Involvement in Equititrust *
What is really galling in all this is the fact that Tucker was aware of all of McIvors nefarious deeds going back many years and defended him and attempted to suppress the truth surrounding the old McIvor special of "the document switcharoo" which bobbed its head up in regard to "fraudulent documents". Yet he was willing to take a handsome fee to act as McIvor's defender in circumstances where a complaint to police and the regulator ASIC was clearly warranted regardless of being legal counsel or not.  Yet the perennial sychophant hung in there, became a director and then when it suited "his purposes" notified ASIC about McIvor and then subsequently bankrupted McIvor, his major client. 

Let me say than no one feels sorry about McIvor's demise, however given the recent revelations regarding the Bank of Scotland Debt one has to question some of the motives here. Worrell's were appointed to oversee the receivership of the Meridien Debt and co guarantors McCart, Barrett and Roberts that Tucker and Kennedy bought. Just happen chance, the same insolvency practitioner (Worrell's) that Tucker used to bankrupt McIvor... Make your own assumptions about this, but to me something stinks here and it's good to see that at the examinations documents were handed over by Peldon and Cook of of Worrell's... 

We all know how the game works in reality, appoint a friendly receiver and the rest is easy. In this case however given Worrell's entanglement with McIvor's bankruptcy how on earth could Worrell's in all good conscience act as a receiver to assets on debt previously associated with Equititrust where their client MS Asia was connected to the former CEO David Kennedy and former director and more importantly former company lawyer David Tucker... Surely Worrell's had to ask some ethical questions of their appointee, or was it just a nod nod and a wink wink, she'll be right mate scenario...


----------



## No Trust (19 April 2017)

*Black Knight 
*
Those who were unfortunately caught up in this scoundrels web will attest to the fact that not all insolvencies are fair or above board... This miscreant acted like a god and filled his pockets at the expense of others... 

Look where he is now 

Dirty deeds behind dirty deals... 

http://www.couriermail.com.au/busin...s/news-story/4dcff37b543e6dac82776bc78c50d654


----------



## No Trust (19 April 2017)

The purchase of the Bank of Scotland Debt by David Kennedy and David Tucker is a dirty dirty deal... ASIC, professional bodies and all concerned authorities need to investigate...


----------



## No Trust (19 April 2017)

Mark my "*Words"

Words to live by by David Tucker*

_"Brisbane lawyer David Tucker, who is representing several Angas investors, said the figure was “remarkable” and investors would be far better off appointing a receiver._

_“In my experience, a receiver will cost considerably less and make substantial cost savings, including significant staff reductions, audit fees, office costs and insurance fees,” Mr Tucker told The Australian yesterday."_

_“An independent receiver will deliver a much more timely and cost-effective result for investors.”_

Maybe also a nice pay day for me and my mate... 

http://www.theaustralian.com.au/bus...p/news-story/c6c75bbf1c87eabd0ef8fe5149cc205c

*Don't Practice what I Preach
*
http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (19 April 2017)

At what point will the *greed *stop ??? Hopefully the Liquidator will follow through and pursue Tucker and Kennedy to the very end. The involvement of Tuckers go to *grave robbers* Worrell's should also be further pursued. The fact that they were publicly examined and had to hand over documents is a *GOOD* first start. Now *ASIC* and *Professional Bodies* should also investigate the ever so cozy relationship between Tucker and Worrell's...


----------



## No Trust (19 April 2017)

Look back look back as they say and everything starts to make sense...

http://www.couriermail.com.au/busin...28338ec63?sv=bda3a14a13ea2140d40bf0949a2e03b7


----------



## No Trust (19 April 2017)

Look back look back

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6


----------



## No Trust (19 April 2017)

Look back look back

http://www.news.com.au/finance/equi...t/news-story/bd57a7dfaf091821fa715cd5cb2dbc00


----------



## No Trust (19 April 2017)

"Tucker's firm enjoyed legal fees approaching *$2 million Dollars* since his appointment as director"

http://www.pressreader.com/australia/the-gold-coast-bulletin/20111020/282230892459493


----------



## No Trust (19 April 2017)

_"Our solicitors secured access to and copies of all such documents. However, *MS Asia* has made a claim for *legal professional privilege* in respect of some documents *produced by its receivers*. That claim remains to be determined." 
"In order for the Liquidators and our legal advisors to have time to consider these documents, the examination of all examinees was adjourned until *5 April 2017* in Brisbane"

http://www.equititrust.com.au/Pdfs/...eports - 20170403 - Circular to Creditors.pdf_


----------



## No Trust (19 April 2017)

*MS ASIA* i.e. (_Tucker and Kennedy's little squeeze box of inequity_) seek legal professional privilege ??? *WTF*  That's legal speak for those documents that *Worrell's *produced *are incriminating*... Simple as that... Enough of the legal *BS* and trying to maneuver around the facts, this time Tucker and Kennedy have been caught with their pants well and truly down...

Are McIvor and "others" that Tucker has maligned over the years seeking revenge ??? My answer would be a resounding *YES*...  Given the nature of the people Tucker has crossed over the years there may be some more unpleasant facts coming out very soon... It would be fair to say that the people driving this action against Tucker and Kennedy will be  “_looking to wring as much from it as they can_”.

Adios Amigo's time to face the music...

http://www.equititrust.com.au/Pdfs/...eports - 20170403 - Circular to Creditors.pdf


----------



## No Trust (19 April 2017)

*And the Particular Contemplated Parties are...*

Equititrust Premium Fund (the “EPF”). It has about *50 me*mbers including many *private superannuation funds*. The Corporation was indebted to the Bank of Scotland International Australia Limited (“BOSI”) in a certain significant amount. The indebtedness was secured by a *number of security interests over the assets of the EPF*. Transactions in relation to the management and administration of the BOSI debt and the *securities given in support of it*, is a subject matter which the liquidators have been investigating. There are a range of issues in relation to the management, administration and governance of the Corporation’s affairs which concern the BOSI debt and the *role of individuals* in relation to it. The liquidators contemplate *bringing proceedings* against *particular contemplated parties* in relation to aspects of that matter.

http://www.austlii.edu.au/au/cases/cth/FCA/2017/16.html


----------



## No Trust (19 April 2017)

*Claims are the subject of written opinions* from *two separate Senior Counsel...*

"The subject matter of the claims *under investigation is highly sensitive*. There are also issues of confidentiality and legal professional privilege. The *claims are the subject of written opinions* from *two separate Senior Counsel*. Those *opinions*, and *substantial other evidence*, were *tendered to the Supreme Court of Queensland *on the application for *approval of the litigation funding agreement* and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, *been sealed*, by order of *Justice Burns* made on *1 December 2016*."

Those written opinions from *two separate Senior Counsel* must be *phenomenal*... Justice Burns who is a very capable and honourable judge must have been thoroughly convinced to have allowed the approval of the litigation funding deed...  

http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf


----------



## No Trust (20 April 2017)

More *shocking revelations* to be released soon... Loose lips sink ships...


----------



## Mozzi (20 April 2017)

No Trust said:


> More *shocking revelations* to be released soon... Loose lips sink ships...




Keep 'em coming.   Can't wait to check out your posts.   Don't know what we would have done without you updating.   You give us hope!!!!!!!


----------



## No Trust (20 April 2017)

Hope is all we have Mozzi...  

The fact that a light is now being shone on Kennedy and Tucker is leap forward and to this extent the Liquidator needs to be commended.

I have been critical of them in the past however their actions against Tucker and Kennedy have been  exemplary. They have not pussyfooted around have quite literally gone for the collective *jugular *of Kennedy and Tucker...



Mozzi said:


> Keep 'em coming.   Can't wait to check out your posts.   Don't know what we would have done without you updating.   You give us hope!!!!!!!


----------



## No Trust (21 April 2017)

*Loose Lips    Loose Lips    Loose Lips  *


----------



## No Trust (21 April 2017)

More news on *Tucker* and *Kennedy *and deeper investigation coming in from inside sources...


----------



## No Trust (21 April 2017)

What on earth were these guys *thinking* ??? Others may be *drawn into this mire* as well...


----------



## No Trust (21 April 2017)

When one comes to a court of* equity*, one must come with *clean *hands...


----------



## No Trust (21 April 2017)

Tucker,  Kennedy and ......................................................................................................... ?


----------



## No Trust (21 April 2017)

It's amazing how some of the protagonists want the investigation stopped............  In for an unpleasant shock soon..........


----------



## No Trust (21 April 2017)

Look at the miscreants that managed innocent retirees money McIvor, Tucker , Kennedy .... *They had no chance.* Then like a pit of vipers they went to destroy each other... 

Apparently the latest two exposed of nefarious activities involving the black arts are now trying to undermine each other... what a pack of collective scumbags...


----------



## No Trust (22 April 2017)

*“looking to wring as much from it as we can”
HALL OF SHAME 2017 *




http://www.equititrust.com.au/Equititrust_Management_Teams.html

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (22 April 2017)

*CUSTODIANS OF PUBLIC MONEY* *???*


----------



## No Trust (25 April 2017)

This thing is just snowballing...................................................................


----------



## No Trust (25 April 2017)

+



+





 = *Catastrophic Financial Disaster *


----------



## No Trust (25 April 2017)

*THREE "BAD" FINANCIAL HOMBRES  *







As they say birds of a feather *FAIL* together...


----------



## No Trust (25 April 2017)

The Liquidator's next update on the *3 Bad Hombres* should make for interesting reading...


----------



## No Trust (25 April 2017)

PUT YOUR *HAND UP* IF YOU DOBBED TUCKER AND KENNEDY IN...


----------



## No Trust (26 April 2017)

*Tucker...... Kennedy.... and the 3rd "Old" Bad Hombre have woven a wicked little web...



"Old" Bad Financial Hombre *


----------



## Nothingtoadd (27 April 2017)

26 April2017:
"THE COURT ORDERS THAT:
1. Pursuant to subsection 597(9) of the Corporations Act 2001 (Cth) (“the Act”), Michael Richard Peldan and Christopher Richard Cook are directed to produce at the examination of Michael Richard Peldan on 26 May 2017, the following books in their possession relating to Equititrust Limited ACN 061 383 944 (In Liquidation) (Receivers and Managers Appointed) (“the Company”) or its examinable affairs:
(a) The office manual, operations manual or other document setting out the policy of the firm Worrells, as at August 2012, in respect of the following matters:-
(i) credit control or financial management for new receivership appointments;
(ii) financial terms on which the firm would accept appointments to act as receivers either generally or from appointors other than banks;
(iii) when or under what conditions the firm would require security for receivers’ remuneration or expenses or liabilities;
(iv) credit control or financial management of appointments which were referred by Tucker & Cowen;​(b) The memoranda, diary notes, file notes or the like of discussions by Mr Peldan with David Robert Walter Tucker since 20 August 2012 concerning:-
(i) Mr Peldan’s meeting with Mr Tucker on or about 24 August 2012, at which they discussed Mr Tucker’s proposal to appoint Mr Peldan as a receiver of the assets of Equititrust Limited as trustee of the Company;
(ii) The amount of the indebtedness of the Company to Bank of Scotland Australia Limited as at 24 August 2012;
(iii) The amount of the indebtedness of the company to MS Asia Debt Acquisition Limited (“MS Asia”) as at 24 August 2012 and from time to time thereafter;
(iv) The discussions of Mr Peldan with Mr Tucker and/or Mr Daniel Davey of Tucker and Cowen, in or about 10 October 2012, concerning:-
A. the undertaking as to damages to be offered to support an application by the Company in Supreme Court Proceedings BS 8546 of 2011, in respect of the property of Messrs McCart, Roberts and Barrett;
B. the undertaking given by MS Asia to Dalton J in those proceedings on 10 October 2012, to deposit $250,000 in the trust account of Tucker & Cowen;
C. the requirement or request by Mr Peldan of Mr Tucker that Worrells have security or some assurance for the undertaking as to damages which Mr Peldan gave to the court in those proceedings on 10 October 2012;
D. the advice by Mr Peldan to Mr Tucker or Mr Davey (on or about 8 October 2012) in which he informed Mr Tucker or Mr Davey as to the value of the assets of the Equititrust Premium Fund, sums that were regarded as unrecoverable and written off for that purpose – being the conversation referred to in paragraph 26 of Mr Davey’s affidavit sworn in those proceedings on 9 October 2012;​(v) The appointment by MS Asia of David John Kennedy as its attorney and Mr Peldan’s letter dated 18 February 2013 to whom it may concern;​(c) The spreadsheets (printed and in native format) received from time to time from Mr Tucker (or others at Tucker & Cowen), whereby he or they advised the amount of the debt due by the Company to MS Asia;
(d) Covering emails or other correspondence forwarding such spreadsheets to Messrs Peldan and Cook or their staff;
(e) The memoranda, diary notes, file notes or the like of attendances by Messrs Peldan and Cook or their staff at Worrells to check each such spreadsheet for accuracy, or otherwise to ascertain, check or verify the amount of the indebtedness of the Company to MS Asia;
(f) The work-in-progress ledger, fee ledger or the like, recording the tasks undertaken and the time devoted by Messrs Peldan and Cook or their staff in respect of their attendances and those of their staff as:-
(i) receivers of the assets of the company;
(ii) agent of the mortgagee in possession of the assets of MQ Ink Pty Ltd;
(iii) agent of the mortgagee in possession of the assets of Handley Heights Pty Ltd.​(g) All and any court documents in relation to the claim by the Company, as trustee of the Equititrust Premium Fund, in proceedings No QUD 503 of 2013 in the Federal Court of Australia, Brisbane Registry against Calliden Insurance Limited (“the Calliden Proceedings”);
(h) Ledgers or other records of the receipt and payment of funds in respect of the dispute the subject of the Calliden Proceedings.
(i) Terms of any settlement of the Calliden Proceedings.
(j) All and any court documents in relation to the claim by Messrs Peldan and Cook against Mr Whyte in proceedings BS3810 of 2013 in the Supreme Court of Queensland (“the Whyte Proceedings”).
(k) Ledgers or other records of the receipt and payment of funds in respect of the dispute the subject of the Whyte Proceedings.
(l) Terms of any settlement of the Whyte Proceedings.
(m)All and any court documents in relation to the claim by the company against Kcram Pty Ltd, a Mr Cook and Mr Kogler in proceedings BS8109 and BS8110 of 2012 in the Supreme Court of Queensland (“the Kcram Proceedings”).
(n) Ledgers or other records of the receipt and payment of funds in respect of the dispute the subject of the Kcram Proceedings.
(o) Terms of any settlement of the Kcram Proceedings."


----------



## No Trust (27 April 2017)

Good work Nothingtoadd !!!

It's clear as I have alluded to in previous posts that the relationship between Worrell's (Tuckers preferred grave robbers) and Tucker and Cowan is a crooked and as corrupt as they come.... Finally Finally the liquidator and their senior counsel and lawyers have hit the right nerve... 

So Tucker and Kennedy get involved which was a clear conflict of interest. 

Worrell's get involved which is a clearer conflict of interest.

Then let's see,,,,,, Tucker acts as the lawyer for Worrell's ??? WTF... Yet he is a director / shareholder of MS Asia ??? WTF

Did Worrell's have a financial stake in this dirty little deal with Tucker ?? 

Why are Worrell's now being asked to set out the financial terms of their dealings with Tucker. 

WHAT WENT ON BEHIND CLOSED DOORS WITH TUCKER AND WORRELL'S ???

Worrell's have always acted as Tucker's mercenary vultures and have not been what one would call honourable.... 

Now it seems this dirty crooked little relationship is about to be exposed for the world to see...

Worrell's may be on the same road as Knight's and John Schmierer...


----------



## No Trust (27 April 2017)

We have become aware of the fact that ASIC and "other" authorities regularly read this thread... ASIC it's time to investigate Tucker, Kennedy and Worrell's... The legal services commission should also be taking a close look at this dirty transaction and take appropriate action against all involved... 

This kind of rubbish at the expense  of innocent elderly Australians can't go on any longer... 

This is greed at its worst...


----------



## No Trust (27 April 2017)

Why was Tucker so keen to start proceedings against the Meridien guys when he was a director of Equititrust ?  Remember his BS at the time, it was for the elderly investors... Then he goes after the homes and property of Barrett , McCart and Roberts for his own benefit. 

WTF Tucker, what about the old people you were saying you wanted to protect from McIvor... F#ing hypocrite... 

Use Worrell's to bankrupt McIvor (which was deserved) but then use Worrell's as your receiver ??? Why not another independent receiver ??? I think we, the liquidator and its lawyers and senior counsel know why !!! 

No other receiver would have taken this appointment on, knowing the identity of who the real appointors were...  This was dirty dirty stuff that had to be kept on the down low... 

How on earth could Worrell's be a party to this scam ??? Oh hang on MONEY and NO MORALS... 

Now Worrell's are exposed to a public examination and media scrutiny... How does it feel guys ???


----------



## No Trust (27 April 2017)

Worrell's the firm with NO Morals... Should be their tagline...


----------



## No Trust (27 April 2017)

This is interesting stuff... 

"B. the undertaking given by MS Asia to Dalton J in those proceedings on 10 October 2012, to deposit $250,000 in the trust account of Tucker & Cowen;"  Did Dalton J know how everyone was connected ??? Did he know everyone's roles ??? 

This is a JOKE !!! 

Taking the piss out of the judicial system ??? Let's see how that works out for these miscreants...


----------



## No Trust (27 April 2017)

These people call themselves officers of the court ???


----------



## No Trust (27 April 2017)

Worrell's Independent ??? Me thinks *NOT*...

Is *this appropriate* of Worrell's to have on their website ???

http://worrells.net.au/wp-content/uploads/2015/11/37.BRW_founder_of_equitrust_decla_29-11-12.pdf

McIvor is a *miscreant* of the highest order, that's been proven in court by Prosecutor's ASIC etc... BUT is this appropriate for a Bankruptcy Trustee to have posted on their website... Just goes further to prove the oh soooooooo *CUSHY* relationship Tucker and Worrell's (_the firm with no Morals_) had...


----------



## No Trust (27 April 2017)

Worrells starring in *50 Shades of Grey Accounting : *Release Date *26 May 2016*

“While balance sheets can be viewed in black and white, *shades of grey are found and evaluated in every instance.”*

Skeptical voice : " Are they" ???




http://worrells.net.au/staff/profiles/B53539FE-ABC6-42C7-A02A-A0B3D3A7C571.pdf


----------



## No Trust (27 April 2017)

*What's This* *?*
"C. the requirement or request by *Mr Peldan* of *Mr Tucker* that Worrells have security or some assurance for the undertaking as to damages which Mr Peldan gave to the court in those proceedings on 10 October 2012; "


----------



## No Trust (27 April 2017)

*Now why would this be asked ? 
*
(a) The office manual, operations manual or other document setting out the *policy of the firm Worrells*, as at August 2012, in respect of the following matters:-
(i) credit control or financial management for new receivership appointments;
(ii) financial terms on which the firm would accept appointments to act as receivers either generally or from appointors other than banks;
(iii) when or under what conditions the firm *would require security for receivers’ remuneration* or expenses or liabilities;
(iv) *credit control* or *financial management* of appointments which were *referred by Tucker & Cowen*;

All will be revealed on the 26th of May 2017 when the


----------



## No Trust (27 April 2017)

*This should be good...*

(c) The spreadsheets (printed and in native format) *received from time to time from Mr Tucker* (or others at Tucker & Cowen), whereby he or they advised the amount of the debt due by the Company to MS Asia;
(d) Covering emails or other correspondence forwarding such spreadsheets to Messrs Peldan and Cook or their staff;
(e) The memoranda, diary notes, file notes or the like of attendances by Messrs Peldan and Cook or their staff at Worrells to check each such spreadsheet for accuracy, or otherwise to ascertain, check or verify the amount of the indebtedness of the Company to MS Asia;


----------



## No Trust (27 April 2017)

Me thinks the Media might make an appearance at the Premier of *50 Shades of Grey: Accounting* on the 26th of May 2017... Just looks like a flick that's going to be too good to miss...............


----------



## No Trust (28 April 2017)

*Kryptonite* for miscreants who are not so super... 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28909691/document/948861


----------



## No Trust (28 April 2017)

*Tuckerloan* Pty Ltd  WTF

(c) Any other documents (including *emails from Kennedy*, transfer instructions, remittance advices or deposit records) which evidence or *record the source of funds* to *enable Kennedy to pay* from the said account to Balmain Trust the sum of $1,333,333.00 on 11 July 2012.

(e) Any other documents (including *emails from David Tucker*, transfer instructions, remittance advices or deposit record) which evidence or *record the source of funds* to enable *Tuckerloan Pty Ltd* to pay from the *Tuckerloan Account* on 11 July 2012 the sum of $666,667.00 to the Balmain Trust account.

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28864728/document/928762


----------



## No Trust (28 April 2017)

Boom......................................... I guess we know* who that was* now.....


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28864728/document/928762

THE COURT ORDERS THAT:
1. Pursuant to subsection 597(9) of the Act, Balmain NM Commercial Mortgages Limited CAN 074 619 980 is directed to produce at the examinations of Shane Beecroft, on 14 March 2017, the following books in their possession relating to the Company or its examinable affairs:-

(a) The trust account ledger or statement recording the receipt on or about 11 July, 2012 of the following sums into Commonwealth Bank Accont number 062 000 200012075495, styled “Balmain Trust”:- (i) $666,667.00; and (ii) $1,333,333.00;

(b) The trust account ledger or *statement recording* the *name or names* of the persons *who deposited such sums,* *their address and the bank accounts* from which such sum were deposited and all and *any other information identifying the persons* who deposited those sums; and

-------------------------------------------------------------------------------------------------------------------
(c) Any other documents (including *emails from Kennedy*, transfer instructions, remittance advices or deposit records) which evidence or *record the source of funds* to *enable Kennedy to pay* from the said account to Balmain Trust the sum of $1,333,333.00 on 11 July 2012.

(e) Any other documents (including *emails from David Tucker*, transfer instructions, remittance advices or deposit record) which evidence or *record the source of funds* to enable *Tuckerloan Pty Ltd* to pay from the *Tuckerloan Account* on 11 July 2012 the sum of $666,667.00 to the Balmain Trust account.


----------



## No Trust (28 April 2017)

Looks like the two Davo's Tucker and Kennedy *tried their best* to conceal their identities when the payments were made to Balmain... The liquidator had to go to great lengths to subpoena the records of Balmain to identify Tucker and Kennedy...

Hey Tucker, Kennedy *how does it feel* to be in the spotlight ??? Its taken a while but it good to *shine a light* on your activities by way of legitimate legal process... You know that process you used for so many years to wreak misery on others...

Karma's a bitch guys...


----------



## No Trust (28 April 2017)

*"MFI-3" *looks interesting...


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28834028/document/912437

THE COURT DIRECTS THAT:
1. If MS Asia Debt Acquisition Limited, Hong Kong company registration number 1767181 (“MS Asia”) wishes to object to production of the documents produced to the Court on 22 February, 2017 and marked for identification as “MFI-3”:- (a) it shall do so by 4.00 pm on Friday 10 March 2017; (b) it shall make such objection by filing and sending to the applicants’ solicitors, Russells, by email to SRussell@RussellsLaw.com.au and/or by post to GPO Box 1402 Brisbane, Qld, 4001, an Objection Letter and Objection Schedule in accordance with paragraph 7.5 of General Practice Note GPN-SUBP – Subpoenas and Notices to Produce made on 25 October 2016. 2. Provided that the Examinees, MICHAEL RICHARD PELDAN and CHRISTOPHER RICHARD COOK file and serve the affidavit as to compliance referred to in subparagraph 3(b) hereof, then unless, by 4.00 pm on Friday 10 March 2017, MS Asia makes an objection in accordance with subparagraph 1(b) hereof, the applicants’ solicitors may thereafter uplift and take copies of the documents marked *“MFI-3”*, in accordance with paragraph 5 of the order of Greenwood J made on 20 January 2017.
- 2 -
Prepared in the Queensland District Registry, Federal Court of Australia Level 6, Harry Gibbs Commonwealth Law Courts, 119 North Quay, Telephone 07 3248 1100
3. The Examinees, MICHAEL RICHARD PELDAN and CHRISTOPHER RICHARD COOK shall:- (a) by 24 February 2017, give notice in writing to MS Asia that:- (i) they have produced to the Court the documents marked for identification as “MFI-3”, identifying such documents with sufficient particularity to enable MS Asia determine whether it objects to their production on the ground of privilege; and (ii) the Court has made the directions in paragraphs 1 and 2 hereof; (b) by 1 March 2017, file and serve on the applicants an affidavit as to compliance with the direction made in subparagraph 3(a) hereof (without exhibiting the written notice). 4. Any objection made pursuant to paragraph 1 hereof shall be listed for hearing on a date to be fixed by the Court. 
Date that entry is stamped: 22 February 2017


----------



## No Trust (29 April 2017)

*Worrells the firm with no Morals*
It's mind numbing that an insolvency firm is now being *publically examined* in regard to this scandal...

This cozy relationship has gone on for far too long...

“While balance sheets can be viewed in black and white, *shades of grey are found and evaluated in every instance.”
*
Sure they are mate, except when it comes to your fellow pilferer Tucker and Kennedy...
*
http://worrells.net.au/staff/profiles/B53539FE-ABC6-42C7-A02A-A0B3D3A7C571.pdf

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28909691/document/948861*


----------



## No Trust (29 April 2017)

*Tucker* and his go to "grave robbers" *Worrells* have been exposed for what they are...
*IMMORAL* moneygrubbers who favoured their own interests over that of elderly retiree Australian investors...


----------



## No Trust (29 April 2017)

I wouldn't want to be Tuckers or Kennedy's *bankers *given what's unravelling... This looks like being a monumental controversy with *huge financial implications*... Wouldn't be surprised that orders for the preservation of assets via mareva injunctions aren't far away...


----------



## No Trust (29 April 2017)

*Tucker* received millions of dollars in legal fees from Equititrust, *Kennedy* was paid to be CEO, yet this wasn't enough for these two...


----------



## No Trust (29 April 2017)

*Be careful what you wish for*...

ut Equititrust's woes deepened further yesterday when former board member David Tucker filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.

Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments *rather than see the fund's assets sold off so money can be returned to 1760 mostly senior investors.*

"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the detriment of investors," Mr Tucker wrote in a 44-page affidavit.

"McIvor is not a fit and proper person to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does not appreciate his statutory duties or what is in the best interest of investors. Nor is he committed to a proper and orderly winding up of the funds."

*Mr Tucker alleges that the fund should investigate legal action against former directors*, including Mr McIvor, over the making and oversight of prior loans which have gone bad. His statement says such a probe, as well as dealing with a potential class action against the fund, will not occur while Mr McIvor is in control.

Mr Tucker is a Brisbane lawyer who was kicked off the board last week by Mr McIvor following changes to the company constitution.


Former chief executive David Kennedy, who also resigned last week along with most of the board and several key senior employees, *has filed an affidavit backing up Mr Tucker's case*, which will be heard next Thursday.

*Mr Kennedy's sworn statement alleges Mr McIvor will "endeavour to spend monies recovered on trying to develop properties to restore his lost investment".*

Ex directors John Goddard and Craig Treasure have also submitted sworn statements supporting Mr Tucker's case.


http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6


----------



## No Trust (29 April 2017)

What's interesting from the above is that both *Tucker* and *Kennedy* were pointing the finger as to accountability and raising concerns about money being returned to investors... What most didn't realise was the fact that when Tucker and Kennedy were pointing the finger *three fingers were pointing back at them...*

Now Tucker's *wish has come true* and the fund is, investigating legal action against former directors namely himself and Kennedy.... The irony is mind bending...


----------



## No Trust (29 April 2017)

*OF COURSE HE DID*...

Former chief executive David Kennedy, who also resigned last week along with most of the board and several key senior employees, *has filed an affidavit backing up Mr Tucker's case.*


----------



## No Trust (29 April 2017)

What's of interest is how did these to miscreant's end up buying the BOSI debt ? It *didn't *just fall in their laps.


----------



## No Trust (30 April 2017)

With the receiver now asking Mr 50 Shades of Grey Accounting to produce a variety of documents in regard to his interaction with Tucker and Kennedy the key question that the liquidator has asked is what is the source of funds from which Tucker and Kennedy paid into Balmain ???

I'm sure this will be interesting... any chance of coughing up the answer before the public examination guys or will this be too painful and you're putting it off for as long as you can...


----------



## No Trust (30 April 2017)

*Anyone Else involved *

Question I think the liquidator and everyone else wants answered is, was anyone else involved in any way and was all the money paid into Balmain from Tucker and Kennedy theirs and their's alone ???


----------



## No Trust (30 April 2017)

Kennedy, in the good old days when he was CEO of Equititrust used to come on this thread and try and fight the internet exposing his crap and lies. Being McIvor's sychophantic corporate b#tch he failed. This thread exposed them all and predicted the demise of Equititrust. 

Nowadays good old Kennedy and his accomplice Tucker seem to be strangely quiet... 

What's up guy's the liquidator got your tongue ???


----------



## No Trust (30 April 2017)

As many of you may have gathered, there's more to this story than what's been revealed so far... The liquidator's lawyers are slowly applying the proverbial legal vice to messer's Tucker and Kennedy's wedding tackle...  Meanwhile 50 Shades of Grey Accounting proponent Peldan is about to get the "legal" 50 Shades of Grey treatment in the witness box next month...


----------



## No Trust (30 April 2017)

I have just been reliably informed that two other authorities are now investigating this matter...


----------



## No Trust (30 April 2017)

When all is revealed it will be understandable why the court files and advice from two senior counsel acting for the liquidator were sealed by the honourable Justice Greenwood... 

There is explosive stuff there...


----------



## No Trust (30 April 2017)

When  *David Tucker* and *David Kennedy* embarked on this little entrepreneurial endeavor, did they once think about the people that would be deprived of this money ?? The elderly retirees that invested in *Equititrust* ???
The same goes for *Worrells*, they knew what was going on having acted for* Tucker* in bankrupting *McIvor*... Yet they played an interesting, yet to be "fully revealed" role in this disgusting example of greed and lack of morals... Bow your heads in shame all of you...


----------



## No Trust (1 May 2017)

Refer to 2.2 Equititrust Premium Fund in the report below and you start to see the set up...

Of course Worrell's wouldn't comment on the realisations as they were protecting Tucker and Kennedy... Worrell's weren't independent, Tucker and Kennedy were pulling the their puppet's strings... 

How could Worrell's be allowed to get away with this when they knew their appointors were Tucker and Kennedy...

Of interest will be whether Tucker was doing any work for David Whyte  the receiver of Equititrust Income Fund at the time... if so this need investigation and reconpense from Tucker and Cowan as this was a clear conflict of interest... 

http://www.hallchadwick.com.au/Equititrust Ltd - Circular to Creditors - 22.08.2013.pdf


----------



## No Trust (2 May 2017)

Tucker and Kennedy's little back door deal has opened Pandora's box it seems...

A lot of "new" questions are about to asked of the dynamic duo... 

Worrell's the "firm with no morals" is set to go on the chopping block later this month... I've been informed that the Public Examination is not going to  be a pleasant affair, given what they now have to surrender to the court...


----------



## No Trust (2 May 2017)

The Tucker Kennedy examination should be blistering...


----------



## No Trust (3 May 2017)

Who commenced these proceedings ?? 

Who was the lawyer on record ?

http://www.couriermail.com.au/busin...28338ec63?sv=bda3a14a13ea2140d40bf0949a2e03b7


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## No Trust (3 May 2017)

*Tucker and Worrells -* *Delving into the murky mire of lawyers and friendly receivers*

What this whole sorry saga brings to the fore is the relationship between *Tucker and Worrells* and in this particular instance *their dealings surrounding the BOSI debt*..

What the liquidator has rightly asked of* Peldan* and *Cook* from Worrells is their fee arrangements and dealings with Tucker...

This area of insolvency needs reform, the use of *friendly insolvency practitioners* to do another's bidding is *ethically abhorrent*.

*Worrells need to be grilled* to the enth degree at the Public examination on the *26th of May*

Why would Worrells require *"security"* for receivers remuneration ??? What's the deal between Tucker and Worrells and the BOSI debt ???

_*THE COURT ORDERS THAT:* 
1. Pursuant to subsection 597(9) of the Corporations Act 2001 (Cth) (“the Act”), *Michael Richard Peldan* and *Christopher Richard Cook* are directed to produce at the *examination of Michael Richard Peldan* on *26 May 2017*, the following books in their possession relating to Equititrust Limited ACN 061 383 944 (In Liquidation) (Receivers and Managers Appointed) (“the Company”) or its examinable affairs: (a) *The office manual*, *operations manual* or other document setting out the *policy of the firm Worrells*, as at August 2012, in respect of the following matters:- 

(i) credit control or financial management for new receivership appointments; 

(ii) financial terms on which the firm would accept appointments to act as receivers either generally or from appointors other than banks; 

(iii) when or under what conditions the *firm would require security for receivers’ remuneration* or expenses or liabilities; 

(iv) *credit control or financial management* of appointments *which were referred by Tucker & Cowen;*_
*

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28909691/document/948861*


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## No Trust (3 May 2017)

*Sucking off the Teat*

When Tucker was *sucking off the teat of Equititrust* and pocketing legal fees aplenty, his ability to put the blinkers on when it came to McIvor's *malfeasance* with the regulator ASIC, investors and borrowers was of *epic sycophantic proportions*...

Yet, when he saw that the fee's were going to dry up due to his conflict of interest as director all of a sudden *Tucker's blinkers came off* and McIvor was the devil incarnate... McIvor is a scumbag of epic proportions for what he has done to countless innocent victims but Tucker's oh so *malleable stance* on ethical issues knows no bounds.

Take for example his proclaimed welfare for investors of Equititrust back in *2011* filing affidavits against McIvor for going against the interests of investors, then lo and behold *his about face* on his *dirty little deal with Kennedy* on the BOSI Debt. Not so much concern about investors in hiding his and Kennedy's identity in a little *M*oney *S*pinner called *MS Asia*... *Worrells saw all of this* and went along with Tucker and Kennedy and acted as receivers WTF...

Tucker instead of acting "only" as a lawyer *became entrepreneurial* with the lives of innocent elderly Australians who actually worked honestly and ethically to earn that money...

So when you read back and see Tucker pointing at McIvor and his ill deeds one has to question his actions in the deal subject to public examination by the Liquidator at the moment.

Further given where this investigation is heading, there needs to be an investigation by the regulator of the *role Tucker had with Worrells* on other appointments... I'm Sure Messer's McCart, Barrett and Roberts as well as many others subject to the *Tucker Worrells team up* on insolvency matters would agree...

An *example of the manner in which Tucker conducted* himself was reported in the Australian by Anthony Klan on 15 March 2017

_"Fronting examinations in the Federal Court in Sydney yesterday, retired property developer William Hayes said he had borrowed “about $30m” from Equititrust but his businesses soured and he was unable to repay the debt._

_Mr Hayes said he had been *contacted by Mr Kennedy and Mr Tucker*, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said *Mr Tucker, who had flown from Brisbane to Sydney* to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were *“looking to wring as much from it as we can”.*_

_“*It was galling* for me that *he would come down and act like a smart arse* when *he was taking my house from me*,” he said."_

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

So here we have Tucker and Kennedy *directly contacting the borrower* and Tucker flying to Sydney *to harass an old man* ??? WTF

Why wasn't *Worrells doing this work* as the receiver ??? Were they a puppet and not independent. They let Tucker and Kennedy interfere and do what they want, wearing whichever hat they wanted...

The extent of the greed is palpable, wanting to *ensure his golden goose was intact* Tucker personally flew to Sydney... 

In what capacity was he acting, a shareholder of MS Asia ? , A lawyer acting for the receiver Worrells ? A concerned advocate of Equititrust investors ?  Tucker was wearing many hats with a no f#cks given attitude to conflict of interest and Worrells were his accomplice...

If this is an example of how insolvency works then there needs to be another Senate Inquiry as the public will lose all faith in the system...


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## No Trust (5 May 2017)

What kind of human *gains pleasure* and more so *tries to profit* from taking another person's home ?


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## No Trust (5 May 2017)

What will unfold in the coming *weeks* and *months* as the investigations are expedited is secrets long thought dead and buried will rear their ugly head...


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## No Trust (5 May 2017)

Certain Skeletons that many thought would *never leave the closet* will be paraded in a public forum...


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## No Trust (5 May 2017)

Besides Tucker and Kennedy, was there anyone else of note involved ???


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## No Trust (5 May 2017)

Getting Closer, to the ultimate truth...


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## Just Observer (9 May 2017)

No Trust, thank you for your informative and continual updates. I've followed this forum for some years, but still surprised and saddened with the level of deceptions the retirees have to endure. It certainly beats the story of Derek Turner the Aussie conman. It should be made into a movie.


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## No Trust (9 May 2017)

Just Observer, its a pleasure providing these updates and exposing these miscreants... 

The level of *greed* and *dishonesty* inflicted upon innocent elderly retirees is beyond comprehension...

The latest revelations are *absolutely disgusting* given the fact that we now have Tucker, Kennedy and *Worrells* mired in this scandal...  

The liquidator who I have been critical of in the past has "finally" taken the bull by the horns and *aggressively pursued* Tucker, Kennedy and Worrells... Enough is enough FFS.



Just Observer said:


> No Trust, thank you for your informative and continual updates. I've followed this forum for some years, but still surprised and saddened with the level of deceptions the retirees have to endure. It certainly beats the story of Derek Turner the Aussie conman. It should be made into a movie.


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## No Trust (9 May 2017)

In terms of a movie, I think that's a *great idea*... maybe there's a script in the offing.

One problem however is finding actors *ugly enough* and able to *depict complete and utter b#stards*.








Just Observer said:


> No Trust, thank you for your informative and continual updates. I've followed this forum for some years, but still surprised and saddened with the level of deceptions the retirees have to endure. It certainly beats the story of Derek Turner the Aussie conman. It should be made into a movie.


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## No Trust (10 May 2017)

Some time back when "Marky Boy" was on the road to redemption and was trying to cleanse his past sins he was under the guidance of a spiritual advisor named David Dornan or as McIvor called him the old man on the hill... During this time McIvor seemed to try his best to mediitate and resolve many issues. This included meditation on trips to Bali and early morning meditation that at times "was interrupted by barking dogs"... Even though ex wife Racy Stacey disapproved of The Old Man on the Hill and ultimately put a stop to Marky Boy seeing him, the issues and lessons that David Dornan would counsel him on never went away... 

The miscreant's collectively pictured below do not however know what's around the corner, there's a collective lesson in destruction that neither one of this trio of pain and misery will ever expect...


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## No Trust (10 May 2017)

Who would have thought that the offices of Tucker and Cowan and Worrell's have sprung leaks... Looks like some people have morals... Dirty water finds its own level...


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## No Trust (10 May 2017)

Let me get this right... Its perjury to give false testimony under oath ???


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## No Trust (10 May 2017)

There's going to be some sweaty palms and sweaty necks as the noose gets tightened... The upcoming public examinations are going to be sensational especially if the information asked to be produced "omits"communications and emails between Tucker Kennedy and Worrell's. You'd be amazed where this may later appear...


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## No Trust (12 May 2017)

Look at the order of the documents filed...  Notice to Produce, Notice to Produce, Notice to Produce ...


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions


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## No Trust (17 May 2017)

Tucker, Kennedy and Worrells were concerned about their *own enrichment* however zero concern was given to the investors in the premium fund... *Pirates* would have behaved better...


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## No Trust (18 May 2017)

So who will be representing Worrells at the *Public Examinations* ??? Tucker ???


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## No Trust (18 May 2017)

This whole saga between Tucker, Kennedy and Worrells has been a *disgusting display of greed* enveloped in *Conflict of Interest*... Something Tucker's well and truly accustomed to... It was only a matter of time he "offed himself" in this manner exposing his *consistent and protracted* modus operandi... My oh my how the tables have turned...


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## No Trust (18 May 2017)

Seeing David Tucker in the witness box trying to explain *his concern for the welfare* of the innocent elderly investors will be beautiful... Think the national media may be interested in this one...


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## No Trust (20 May 2017)

Looks like more information is leaking from the dens of ill repute... Some staff obviously not loyal to the concept ripping off elderly Australians...


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## Mozzi (23 May 2017)

We also thank you for your comments and updates "No Trust", otherwise we would be treated like the proverbial mushrooms.


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## No Trust (24 May 2017)

Hey Mozzi, no probs at all... Tucker, Kennedy, McIvor all thought they'd fly under the radar. This thread has exposed them...


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## No Trust (24 May 2017)

Team *Worrells* (aka Team *Tucker* / Kennedy) seem to be concerned about Friday's date with destiny...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28909691/document/948861
Drip drip drip then Tucker will hit the stand...

Lets see if Peldan *hands over everything* as is required by the order of the court... Dangerous times if he doesn't...


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## No Trust (24 May 2017)

Worrells are in sh#t up to their *eyeballs*... That's what you get for mixing with nefarious characters...


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## No Trust (25 May 2017)

So hang on... Was Peldan McIvor's bankruptcy trustee ??? 

http://worrells.net.au/wp-content/u...Article-in-Goldcoast-com-au-Bcy-of-McIvor.pdf


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## No Trust (25 May 2017)

I'm laughing now, really laughing...


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## No Trust (25 May 2017)

So Peldan, going before the executioner on Friday was McIvor's trustee in bankruptcy and he didn't see a conflict of interest in acting as receiver for Tucker who bankrupted McIvor was a director of Equititrust, and oh the company lawyer acting with the former CEO to deprive the investors of the premium fund their investment. This is a f#cking disgrace as far as the investors are concerned. As far as McIvor is concerned this is hilarious... He did the same thing in dealing with borrowers / investors...  Peldan is joke as is Worrells for getting involved in this scam.


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## No Trust (25 May 2017)

One more sleep before tomorrows fireworks... Not sure if *Peldan *, *Tucker* and *Kennedy* are getting any sleep...


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## No Trust (26 May 2017)

Note to liquidator's counsel : Was anyone *else* or any other *entity* or *investor* of the *EPF* a party to the Tucker / Kennedy deal ?


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## No Trust (26 May 2017)

Tick Tock


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## No Trust (26 May 2017)

Wakey Wakey Peldan, Tucker Kennedy... Today's the day that changes everything...


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## No Trust (26 May 2017)

Anthony Klan F#cking Legend


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## No Trust (26 May 2017)

This is what *it's all about* today guys...

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


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## No Trust (26 May 2017)

But Equititrust's woes deepened further yesterday when former board member David Tucker filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.

Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments *rather than see the fund's assets sold off so money can be returned to 1760 mostly senior investors*.

"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the *detriment of investors*," Mr Tucker wrote in a 44-page affidavit.

"McIvor is not a fit and proper person to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does *not appreciate his statutory duties or what is in the best interest of investors*. Nor is he committed to a proper and orderly winding up of the funds."

Mr Tucker alleges that the *fund should investigate legal action against former directors*, including Mr McIvor, over the making and oversight of prior loans which have gone bad. His statement says such a probe, as well as dealing with a potential class action against the fund, will not occur while Mr McIvor is in control.

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6


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## No Trust (26 May 2017)

Looks like Tucker's wish was granted... He's being thoroughly investigated... By more parties than he even knows... Silly Silly boy...


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## No Trust (27 May 2017)

Tick Tock, Tick Tock drip drip... Kaboom


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## No Trust (27 May 2017)

When lawyers *try* and become businessmen... Note Tucker / Kennedy...

http://www.theaustralian.com.au/bus...m/news-story/f547d014ed880489cba539cb70508e33


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## No Trust (27 May 2017)

Kennedy must have some really bad *ju ju*... Previously at MFS - that went ass up. 
Then at Equititrust - that went ass up
Teamed up with *Tucker* - Currently going ass up


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## Nothingtoadd (27 May 2017)

Didn't David Anderson surface at Equititrust?

========================================
*MFS directors hit with $615m compensation order, fines, bans *

Michael King, former CEO of MFS Ltd, has been banned from running companies for 20 years and will have to pay hefty fines _Photo: Wolter Peeters_

It is believed to be one of the biggest compensation orders relating to a company collapse in Australian history with legal experts calling the size of the compensation "extraordinary". 

The directors of the former MFS Investment Management business and the officers of its operating entity MFS Ltd have also been banned from being company directors for varying lengths of time, and received financial penalties.

The payments ordered by the courts will be directed to the thousands of retirees who put their life savings into MFS investment vehicle the Premium Income Fund. 

The MFS Group collapsed in 2008 owing $2.5 billion. Ahead of its collapse it was an investment powerhouse that counted former Liberal Party leader Andrew Peacock, who was not a party to the court case. 

The Premium Income Fund, or PIF as it was commonly known, was frozen to redemptions from investors in 2009. At the time, it held $770 million in people's life savings. 

The bannings, fines and ordered payments came after a long-running court case brought by the Australian Securities and Investments Commission. 

On Friday, the Supreme Court of Queensland ordered…Former MFS chief financial officer David Mark Anderson be disqualified from managing corporations for 25 years, pay a pecuniary penalty of $500,000, pay $205,755,601 compensation to PIF and 80 per cent of ASIC's costs; 

http://www.smh.com.au/business/mfs-...nsation-order-fines-bans-20170526-gwds0f.html


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## No Trust (27 May 2017)

He sure *did* along, with Kennedy.. McIvor's wise decision making in play... McIvor then went on to call him obese... Nice chap isn't he...



Nothingtoadd said:


> Didn't David Anderson surface at Equititrust?
> 
> ========================================
> *MFS directors hit with $615m compensation order, fines, bans *
> ...


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## No Trust (27 May 2017)

Somethings up...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28912410/document/968607


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## No Trust (27 May 2017)

Or

Lets cut a deal and keep this outta court...


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## No Trust (27 May 2017)

He sure did... *Scumbags* somehow find each other... McIvor hired him then called him obese...
Nice chap who also swears at his mother...



Nothingtoadd said:


> Didn't David Anderson surface at Equititrust?
> 
> ========================================
> *MFS directors hit with $615m compensation order, fines, bans *
> ...


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## No Trust (28 May 2017)

Word has it, that ASIC are having a close look at the current proceedings as well as the miscreants involved... The liquidator has a duty to report...


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## No Trust (28 May 2017)

The MFS judgement handed down recently and accompanying orders to pay back the MFS Premium Income Fund sets an appropriate precedent. Kennedy just slipped out of the MFS mess into a self induced nightmare with Tucker when they dabbled in the Equititrust Income Fund. The MFS decision could not have come at a worse time... It  seems the courts are done with miscreants playing with investors lives as is ASIC... Let the "further" investigations begin...


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## No Trust (28 May 2017)

A thorough dose of the salts by way of audit by the ATO may also be in order...


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## No Trust (29 May 2017)

Read through *2.2* Again and Again

http://www.hallchadwick.com.au/Equititrust Ltd - Circular to Creditors - 22.08.2013.pdf


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## No Trust (29 May 2017)

Pages *938 - 939   - *Tucker and Cowan

http://u.b5z.net/i/u/10199052/f/Exhibit_10_Affidavit_8_July_2013_Paul_Wood.pdf


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## No Trust (29 May 2017)

*Page 925* - Conflict David Tucker

http://u.b5z.net/i/u/10199052/f/Exhibit_10_Affidavit_8_July_2013_Paul_Wood.pdf


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## No Trust (30 May 2017)

So Tucker and Cowan were unsecured creditors to the tune of 501,553  -  *Page 931*

http://u.b5z.net/i/u/10199052/f/Exhibit_10_Affidavit_8_July_2013_Paul_Wood.pdf

*Tucker Superannuation Fund Tucker SF Pty Ltd ATF The Tucker Super Fund* was also an investor in the funds ???

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_26_10_2011.pdf


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## No Trust (30 May 2017)

The conflict of interest knows no bounds..


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## No Trust (31 May 2017)

Tucker knew McIvor was screwing both investors and borrowers but continued to act. His epithany in 2011 was a load of bullsh#t.. There are files in the Supreme Court to prove that. Taking innocent people's homes and assets was a common practice that McIvor and Tucker relished in... Look how the tables have turned. Given Tucker's actions he deserves to lose everything he has... Even when this happens, WHICH IT WILL, that will never repay the pain and heartache he caused to many... May you live in interesting times David Tucker...


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## No Trust (3 June 2017)

Some explosive revelations to be revealed soon...


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## No Trust (3 June 2017)

Wow, now I know why the affidavits of the liquidator and Counsel's opinions were sealed by the Federal Court...


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## No Trust (3 June 2017)

Would not want to be Tucker or Kennedy...


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## Just Observer (3 June 2017)

No Trust said:


> Some explosive revelations to be revealed soon...



No Trust, what did you find out? Can't wait to read your update what these scumbags have done to the retirees. I knew Marky Boy had fleeced the retirees' investment money with hefty management fees by lending to dodgy developers without any chance of getting the loans back, because his main intention was to put his hand on the retirees' money.


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## No Trust (6 June 2017)

A harbinger of what was to come... David Tucker was a Clayton's friend and McIvor didn't see it... Reason ? There was no light shining over his head either... Remember Marky Boy, remember what the old man on the hill used to tell you... 



No Trust said:


> *Financials - How Big are the Losses              Board Loaded with McIvor Stooges*
> 
> What is driving investors *in droves *to *Piper Alderman and the class action* against *McIvor and Equititrust *is a total lack of disclosure...
> 
> ...


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## No Trust (6 June 2017)

Patience grasshopper... All will be revealed soon... Safe to say Proffessional Ethics bodies taking a closer look... 



Just Observer said:


> No Trust, what did you find out? Can't wait to read your update what these scumbags have done to the retirees. I knew Marky Boy had fleeced the retirees' investment money with hefty management fees by lending to dodgy developers without any chance of getting the loans back, because his main intention was to put his hand on the retirees' money.


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## No Trust (7 June 2017)

A savvy media type, doing some "digging around" has informed me that he has noticed *a peculiarity* in terms of the relationship between David Whyte and David Tucker. Both seem to be Facebook friends...
So what one may say.., but given the involvement of Tucker sucking off the golden teat of Equititrust for so long and given the current revelations regarding Tucker and Kennedy and the EPF, did David Whyte give Tucker legal work in regard to Equititrust ??? If so what did it involve ? The unravelling of the conflict's of interest is just beginning.

The other peculiarity noted on Facebook by the media type was Tucker's penchant for tight lycra shorts... Something he said is hard to unsee...


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## No Trust (10 June 2017)

*Affidavit filed by Hall Chadwick *yesterday afternoon...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


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## No Trust (11 June 2017)

*Tucker's Hypocrisy*
Its amazing how David Tucker's "cake hole" spews out such utter hypocrisy. One moment he's defending McIvor's *criminal deeds* over many years to the next bad mouthing his sponsor in the press and in affidavits then bankrupting him... (_Which McIvor deserved_) But it shows Tucker's duplicitous actions in *acting in his own best interests* when it suits him. He then went on to proclaim McIvor was not acting in the best interests of investors and then concocts a nefarious little scheme with CEO David Kennedy to buy the Bank of Scotland Debt on the sly... Who is this joker kidding...
Tucker like McIvor flew under the radar for many many years, maybe the time has come where Tucker has got caught in a wicked web.

“Oh, what a tangled web we weave...when first we practice to deceive.”     
_Walter Scott 

_


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## No Trust (11 June 2017)

Word has it that *many legal professionals* that Tucker has come into contact with over the years are watching the case against him and Kennedy play out, with no sympathy whatsoever...


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## No Trust (11 June 2017)

Now if Tucker was doing any work for Equititrust receiver David Whyte whilst also having a beneficial interest in the EPF debt, then David Whyte *needs to be transparent* and issue a report addressing the matter on the Equititrust Website.

Conflict of interest is a serious matter and in this case if it occurred needs to be reported to ASIC and relevant professional bodies...

Just because your mates on Facebook, doesn't preclude the proper administration of professional ethics...


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## No Trust (11 June 2017)

My oh my when you read the article below  it's clear what Tucker's intentions were regarding the Premium Fund and the litigation he commenced against the Meridien guys. McIvor impeding him getting his whack of legal fees was a mortal sin in Tuckers eyes... He also wanted to get around to his favourite pass time... Taking people's homes... As reported in the Australian we all know now how much he relishes that... 

https://www.google.com.au/amp/s/amp...n/news-story/9366b3e2549031d6bd2c7f3d7aa64c99

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


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## No Trust (11 June 2017)

Now given my basic understanding of things, the way I read it is, once Tucker and Kennedy secretly bought the Bank of Scotland debt Tucker then pursued the claims against the Meridien Directors via Tucker and Cowen and Worrells (_the firm with no morals_)... How convenient pretend you have no association with MS Asia and throw Worrells in there as a buffer and then pursue the claims through the court whilst hiding your identity... F#uck being an officer of the court or abiding by conflict of interest provisions, those rules don't apply to the "King of ConFlict"............. Or do they..... Given the feedback I am now getting, Tucker is in for a world of pain...


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## No Trust (11 June 2017)

Hi David

Sometimes your own words coming out of your "cake hole" can come back and bite you on the arse...
_

"In a blunt response to McIvor about his plans, Tucker allegedly provided advice that was, as he described it, "without pleasantry or platitude"._

_"You have made some bad loans. Those loans have been mismanaged on your watch. You should walk away from Equititrust - it is, as the board has resolved, *all about collecting the loans for the investors and returning investor money. That is what the investors now expect*," Tucker's email alleges.

https://www.google.com.au/amp/s/amp...n/news-story/9366b3e2549031d6bd2c7f3d7aa64c99_


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## No Trust (11 June 2017)

Oh, "King ConFlict" was just so concerned about the poor investors wasn't he... Just more crap coming out of his "cake hole"...


_"Later, Tucker claims in his affidavit, McIvor proposed releasing the three directors of embattled development firm Meridien from guarantees in relation to a $12 million loan made by the Premium Fund. In a September 9 email, it is alleged, McIvor said he wanted to secure the skills of Meridien director Russell McCart to manage assets in the deeply-troubled Income Fund._

_"But, as Tucker noted, in his affidavit, Equititrust had launched legal proceedings against McCart and two other Meridien directors *just two days earlier* to recover the loan and to *enforce caveats over their family homes*."_

_"I considered it wholly inappropriate that McCart, who owed the EPF (Equititrust Premium Fund) $12 million, be put in charge of assets of either fund," Tucker allegedly wrote.

https://www.google.com.au/amp/s/amp...n/news-story/9366b3e2549031d6bd2c7f3d7aa64c99_


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## No Trust (11 June 2017)

Wow, this was rich. So its seems that Tucker learnt from his Master, McIvor and focused on his own new strategy to secretly buy the Bank of Scotland Debt and *lost interest* to pay money back to investors...
Tucker is an out and out joke... Just look at the hypocrisy outlined in his own words in affidavit form filed in the court...

What will be of note, will be the communication between Tucker and Worrells... The secret little emails and of course Worrells affidavit's to the court.

I believe the liquidator is applying the screws to the proverbial wedding tackle of Worrells especially Peldan...  

"McIvor seemed to lose interest in the board resolutions, namely to recover loans and pay money back to investors, but rather seemed to become more and more focused on his *new strategy* and vision," *Tucker alleges*."

https://www.google.com.au/amp/s/amp...n/news-story/9366b3e2549031d6bd2c7f3d7aa64c99


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## No Trust (11 June 2017)

King ConFlict has some issues to address...

(iv) The *discussions of Mr Peldan with Mr Tucker* and/or Mr Daniel Davey of Tucker and Cowen, in or about *10 October 2012*, concerning:-

A.  the undertaking as to damages to be offered to support an application by the Company in Supreme Court Proceedings BS 8546 of 2011, in respect of the property of *Messrs McCart, Roberts and Barrett*;

B. the *undertaking given by MS Asia* to Dalton J in those proceedings on 10 October 2012, to deposit *$250,000 in the trust account of Tucker & Cowen*;

C. the requirement or *request by Mr Peldan of Mr Tucker that Worrells have security or some assurance for the undertaking as to damages* which Mr Peldan gave to the court in those proceedings on 10 October 2012; D


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## No Trust (11 June 2017)

So the undertaking as to damages in the amount of *250,000* given to the court was basically put into one of the secret owner's of MS Asia's bank account... Was *Dalton J* made aware of this anomaly ? Did Tucker declare his interest in MS Asia to the Court ? Did Worrells declare to *Dalton J* that the lawyer acting for them was in effect *an owner of MS Asia* ???

If not then this was the King of Cons on the Supreme Court of Queensland...

Lets see what comes out of the Public examinations, however if the above was *not disclosed* then the law needs to come down on Worrells and Tucker in a cataclysmic way...


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## Truthsayer (11 June 2017)

I am surprised that Kennedy's ''low touch'' receiver of choice relationship hasn't been under more scrutiny.


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## No Trust (12 June 2017)

I think the dealings of both Kennedy and Tucker, especially prior dealings will come under intense scrutiny "very soon"... 

What these two have done is an utter joke ...



Truthsayer said:


> I am surprised that Kennedy's ''low touch'' receiver of choice relationship hasn't been under more scrutiny.


----------



## No Trust (13 June 2017)

2 more affidavits filed by the liquidator yesterday..


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## No Trust (13 June 2017)

What's going on ??


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## No Trust (13 June 2017)

Tucker needs to be publicly examined... I can give an ironclad guarantee that the media will be present...


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## No Trust (13 June 2017)

A light needs to be shined into these financial vampire's eyes...


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## No Trust (13 June 2017)

A prudent thing for the regulators to do would be to to look at all insolvency matters that Tucker is involved in, especially with Worrells to determine whether there are any other undisclosed interests / conflict of interests...


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## No Trust (13 June 2017)

Side dealing in the shadows should never be condoned, ignored or left unpunished...


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## No Trust (13 June 2017)

I have been highly critical of the liquidator in the past, however in this instance they have my full support... Tucker and Kennedy need to be taken down hard and exposed publicly before the courts...


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## No Trust (13 June 2017)

"Death by stealth has the same end result as death by blitzkrieg"


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## No Trust (13 June 2017)

"Following the receipt of information from former directors of the Company and *certain beneficiaries of the EPF*, provided in confidence, I commenced investigations in relation to various transactions."


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## No Trust (13 June 2017)

The subject matter of the claims under investigation is *highly sensitive*. There are also issues of confidentiality and legal professional privilege. The claims are the subject of written opinions from *two separate Senior Counsel*. Those opinions, and substantial other evidence, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, been *sealed, by order of Justice Burns made on 1 December 2016*.


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## No Trust (13 June 2017)

So *two separate legal opinions* by Senior Counsel coming to the same conclusion. "Certain" beneficiaries of the EPF coming forward giving information to the liquidator.

Get ready folks, the unveil of the century is coming and it aint gonna be pretty...


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## No Trust (13 June 2017)

"Those opinions, and *substantial other evidence*, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement"

How did these two "f#ckwits" hope to keep this a secret... Tucker or otherwise known as "KingConFlict" I guess just couldn't keep his "cakehole" shut...

But, its about to be pried wide open soon...

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


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## No Trust (13 June 2017)

Ok, so look at the highlighted red areas. Where the Liquidator is going with this is, Peldan and Worrells knew the $250,000 placed in Tuckers Trust account was *disingenuous, that it misled the court* and wanted their crooked asses covered. Worrells were complicit in Tucker and Kennedy's scam...

Heads will roll...


(iv) The *discussions of Mr Peldan with Mr Tucker* and/or Mr Daniel Davey of Tucker and Cowen, in or about *10 October 2012*, concerning:-

A. the undertaking as to damages to be offered to support an application by the Company in Supreme Court Proceedings BS 8546 of 2011, in respect of the property of *Messrs McCart, Roberts and Barrett*;

B. the *undertaking given by MS Asia* to Dalton J in those proceedings on 10 October 2012, to deposit *$250,000 in the trust account of Tucker & Cowen*;

C. the requirement or *request by Mr Peldan of Mr Tucker that Worrells have security or some assurance for the undertaking as to damages* which Mr Peldan gave to the court in those proceedings on 10 October 2012; D




No Trust said:


> So the undertaking as to damages in the amount of *250,000* given to the court was basically put into one of the secret owner's of MS Asia's bank account... Was *Dalton J* made aware of this anomaly ? Did Tucker declare his interest in MS Asia to the Court ? Did Worrells declare to *Dalton J* that the lawyer acting for them was in effect *an owner of MS Asia* ???
> 
> If not then this was the King of Cons on the Supreme Court of Queensland...
> 
> Lets see what comes out of the Public examinations, however if the above was *not disclosed* then the law needs to come down on Worrells and Tucker in a cataclysmic way...


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## No Trust (14 June 2017)

It would be prudent for the authorities to conduct an audit of Tucker and Cowan's Trust Account. $250,000 is not an insubstantial sum. Audit will confirm whether it stayed put or went on a few walkabouts...


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## No Trust (14 June 2017)

Did Worrells think *no one would find out* about their request for security from Tucker in regard to the undertaking for $250,000. The question now remains did Tucker and Worrells mislead the Supreme Court of Queensland ?



No Trust said:


> *Now why would this be asked ?
> *
> (a) The office manual, operations manual or other document setting out the *policy of the firm Worrells*, as at August 2012, in respect of the following matters:-
> (i) credit control or financial management for new receivership appointments;
> ...


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## No Trust (15 June 2017)

White Collar Crime needs to be stopped...

https://www.domain.com.au/news/melb...iating-250000-in-trust-money-20170614-gwr2hg/


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## No Trust (15 June 2017)

*Tick Tock*
Tucker or "King ConFlict" has been a very "naughty boy"




(c) The statements or extracts from remittance advices, ledgers or other documents recording the name or names of the persons who deposited the sum of approximately $666,667.00 into the Tuckerloan Account on or about 11 July 2012, their address and the bank accounts from which the sum was deposited and all and *any other information identifying the persons who deposited that sum* (“the Originating Accounts”);

(d) The bank statement for the Originating Accounts for the period from 19 June 2012 to and including 12 July 2012;

(e) Any other documents (including emails from David Tucker, transfer instructions, remittance advices or deposit record) which *evidence or record the source of funds to enable Tuckerloan Pty Ltd* to pay from the Tuckerloan Account on 11 July 2012 the sum of *$666,667.00 to the Balmain Trust account*

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28864728/document/928762


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## No Trust (15 June 2017)

Tucker pretended to be the investor's messiah instead he turned out to be a "very naughty white collared boy" who's about to get into a lot of trouble...


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## No Trust (15 June 2017)

Another savvy media type of the current affairs variety, seems to be sniffing around the Supreme Court files relating to Tucker and Kennedy... To put it politely this media type was not impressed with Tucker and Kennedy's little nefarious foray into entrepreneurship at the expense of innocent investors. The biggest thing this media type told me stood out was "what about CONFLICT OF INTEREST" WTF were these two thinking...


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## No Trust (15 June 2017)

Imagine, just imagine what kind of an *A##hole* does this to an old man: McIvor, thought it was fun and look what happened to him... McIvor was warned his world would collapse around him, did he listen. No ...

Tucker thought he could double down and take his master McIvor down and have even more fun, now look what's happening to him.

*Disclosure Time*
"Davey Boy" its your time to shine in the spotlight son... Pull out your files and *pull down your pants* along side your *coconspirator's Worrells* and let the Federal Court and the world see what you guys were actually up to.

A merciless bludgeoning via (_Public Examination_) before the court is what's called for, when lawyers, and "so called" independent insolvency professionals think and act as though they are above the law... 

"Fronting examinations in the Federal Court in Sydney yesterday, retired property developer William Hayes said he had borrowed “about $30m” from Equititrust but his businesses soured and he was unable to repay the debt.

Mr Hayes said he had been *contacted by Mr Kennedy and Mr Tucker*, who were enforcing outstanding debts, and *made to leave his $2m home on Sydney’s northern beaches*. He said Mr *Tucker*, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were *“looking to wring as much from it as we can”*.
“It was *galling for me* that he would come down and act like a *smart arse* when *he was taking my house from me,”* he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


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## No Trust (15 June 2017)

This was an *inside job*... I've just been informed that Tucker and Peldan and their wives are all buddies...
Where *on earth* is the independence in this system any more ??? Its become a joke...
Its no wonder Worrells *were amiable* to *morals and ethics* being bent in favor of a "mate"... Be careful, remember McIvor was once Tucker's mate and look what happened there.

The investor's in all of this greed driven orgy of financial depravity were thrown into the pit...


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## No Trust (15 June 2017)

*WW4 has been declared...*

The "*Day of Reckoning"* has begun...



"Champagne Lifestyles" for some... Let the investor's eat cake...

(_Now the court wants to see Jennifer Tucker's bank Statements_) see below :


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446

THE COURT ORDERS THAT:
Pursuant to subsection 597(9) of the Act, that the following persons and entities are directed to produce at the examination of *DAVID ROBERT WALTER TUCKER*, at *10.00 am* on *11 July 2017*, the following books in his possession relating to the Company or its examinable affairs:

1. In the case of DAVID ROBERT WALTER TUCKER, the following documents:

(a) In respect of the file maintained by Tucker & Cowen for the Company “Equititrust re Directorship”, matter no DRT/1008556:-
(i) Any written retainer agreement for that file;
(ii) All correspondence on that file;
(iii) All file notes, diary notes and the like recoding attendances by Mr Tucker or any other solicitor at Tucker & Cowen;
(iv) All other documents filed on or saved to that file;
(v) The work in progress ledger;
(vi) Bills rendered on that file;
(vii) Receipts for fees paid on that file;
(viii)The trust account ledger;

(b) Agendas, board papers (and notes made thereon) for all and any meetings of directors of the Company which Mr Tucker attended at any
time from 1 July, 2009 including but not limited to meetings on 14 September, 2011, 12 October, 2011 and 17 October, 2011; (c) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence prepared by, or sent or received by, Mr Tucker, concerning meetings with officers of the BOSI on or after *1 July, 2009*, including but not limited to a meeting on or about *7 October 2011*;

(d) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence prepared by, or sent or received by, Mr Tucker, concerning meetings with officers of ASIC, on or after *1 July, 2009*, at which the affairs of the Company were discussed, including but not limited to a meeting on or about 10 October 2011;

(e) Written summaries or outlines of submissions prepared by Mr Tucker, or otherwise relied on by him or the party for whom he appeared, in the following proceedings:- (i) proceedings No BS 8546 of 2011 in the Supreme Court of Queensland; (ii) proceedings No BS 9534 of 2011 in the Supreme Court of Queensland; (iii) proceedings No BS 10478 of 2011 in the Supreme Court of Queensland;

(f) Any *trust deed or other instrument in respect of the shares in MS Asia*;

(g) Any trust deed or other instrument in respect of the property of MS Asia;

(h) Any shareholders agreement in respect of MS Asia;

(i) Any partnership agreement in respect of the business of MS Asia;

(j) Any joint venture agreement in respect of the business of MS Asia;

(k) Any document recording or discussing or negotiating any agreement, arrangement or understanding as to:- (i) the *beneficial ownership of the shares in MS Asia*;

(ii) the beneficial ownership of the property of MS Asia; (iii) the *sharing of the income or profits of MS Asia;*

(l) Any memoranda, diary notes, files notes, records or minutes of meetings, letters, facsimiles, emails or any other correspondence passing between *Mr Tucker and any of*:- (i) Mr Kennedy; (ii) Thomas Brian Croagh; (iii) Ian John Pearson in relation to;
(iv) the *incorporation or registration of MS Asia*; and/or

(v) the respective roles of Mr Croagh and Mr Pearson;

(vi) the *remuneration* or *other reward* of Mr Croagh and Mr Pearson;

(m) Any memoranda, diary notes, files notes, records or minutes of meetings, letters, facsimiles, emails or any other correspondence passing between Mr Tucker and Mr Kennedy (or Oceania Mortgage Services Pty Ltd) recording or discussing or negotiating:-

(i) the acquisition by MS Asia (or of an *entity controlled or to be controlled by Mr Tucker and/or Mr Kennedy*) of the *BOSI Debt*;

(ii) the assignment by AET SPV Management Pty Ltd as trustee of the Lawson Trust to MS Asia of the Company’s indebtedness to BOSI;

(iii) *the identity of the beneficial owner or owners of MS Asia*;

(n) Any memoranda, diary notes, files notes, records or minutes of meetings, letters, facsimiles, emails or any other correspondence sent or received by *Mr Tucker* in respect of the negotiation, settlement and his *acting for MS Asia* as to its acquisition of the *BOSI Debt*;

(o) Any memoranda, diary notes, files notes, records or minutes of meetings, letters, facsimiles, emails or any other correspondence prepared, sent or received by *Mr Tucker* in respect of the appointment by MS Asia of Michael Richard Peldan and Christopher Richard Cook as receivers; (p) All bank statements of MS Asia in respect of funds received from or on account of the Company as trustee of the EPF; (q) All and any financial statements of MS Asia; (r) All and any income tax returns of MS Asia; (s) General ledger of MS Asia; (t) General ledger of any trust of which MS Asia is trustee and of which Mr Tucker or Mr Kennedy is named as a beneficiary;
(u) All and any letters, emails, memoranda, notes, correspondence or other documents passing between Mr Tucker and Mr Kennedy recording:- (i) withdrawals from any bank account of MS Asia; (ii) distribution of funds of MS Asia. (v) Tucker and Cowen trust ledger maintained for MS Asia, no DRT:1204172; (w) All and any trust account authorities for transactions on trust account DRT:1204172; (x) Tucker and Cowen trust ledger maintained for Worrells Solvency and Forensic Accountants, no DRT:1303281; (y) All and any trust account authorities for transactions on trust account DRT:1303281; (z) Loan account ledger maintained by or for MS Asia, recording the indebtedness of the Company as trustee of the EPF; (aa) All documents recording the source of all funds credited to such account; (bb) All documents recording the payees of all funds debited to or withdrawn from such account; (cc) All and any documents recording or evidencing any default by the Company under its loan facility with BOSI between 1 December 2010 and 28 February, 2011 (referred to in a spreadsheet entitled “EPF Debt Balance to MS Asia” as “PAYMENT DEFAULT OCCURS”); (dd) All and any documents entitling BOSI or MS Asia to charge the Company a “risk fee” on such loan facility; (ee) All and any documents recording the source of the payment of the sum of $2,000,000 credited to such loan account on or about 15 August, 2012, including, without limiting the generality of the foregoing:- (i) Any agreement by the Company, MS Asia, Mr Tucker and/or Tucker & Cowen with the person who paid such sum; (ii) Correspondence passing between any of the Company, MS Asia, Mr Tucker and/or Tucker & Cowen and the person who paid such sum, in the period from 1 July 2011 and 15 August 2012;

(ff) Any written retainer agreement between Tucker & Cowen and MS Asia; (gg) Any written retainer agreement between Tucker & Cowen and either of:- (i) Messrs Peldan and Cook; or (ii) Worrells, concerning MS Asia or the affairs of the Company. (hh) Income tax returns of Mr Tucker for the years ended:- (i) 30 June, 2013; (ii) 30 June, 2014; (iii) 30 June, 2015; and (iv) 30 June, 2016; (ii) Any statement of the assets and liabilities or statement of financial position of the following persons in any period from 1 July, 2013 for any of: (i) Mr Tucker; (ii) Mr Tucker and his wife Jennifer Tucker jointly; (iii) Any superannuation fund in which Mr Tucker has an interest, (jj) Financial statements and income tax returns of the following persons for the years ended 30 June, 2015 and 2016:- (i) TCS Solicitors Pty Ltd; (ii) Tucker & Cowen solicitors; (iii) Tucker SF Pty Ltd; (iv) Tucker SF Pty Ltd as trustee of the Tucker Superannuation Fund; (v) Tuckerloan Pty Ltd; (vi) Tucker Finance Pty Ltd; (vii) Tucker Finance Pty Ltd as trustee of the Tucker Finance Trust; (viii)Tucker Property Pty Ltd; (ix)Tucker Property Pty Ltd as trustee of the Tucker Property Trust; (x) Vikwood Pty Ltd; (xi) Vikwood Pty Ltd as trustee of the Vikwood Trust; (xii) David’s Corporate Beneficiary Pty Ltd; (xiii) Tucker SFPT Pty Ltd; (xiv) Camp Seabee Properties Pty Ltd; (xv) 35 Chasely Street Auchenflower Pty Ltd;

(kk) The most recently received bank statements for:- (i) Mr Tucker; (ii) *Mr Tucker and his wife Jennifer Tucker jointly*; (iii) TCS Solicitors Pty Ltd; (iv) Tucker & Cowen solicitors; (v) Tucker SF Pty Ltd; (vi) Tucker SF Pty Ltd as trustee of the Tucker Superannuation Fund; (vii) Tuckerloan Pty Ltd; (viii) Tucker Finance Pty Ltd; (ix) Tucker Finance Pty Ltd as trustee of the Tucker Finance Trust; (x) Tucker Property Pty Ltd; (xi) Tucker Property Pty Ltd as trustee of the Tucker Property Trust; (xii) Vikwood Pty Ltd; (xiii) Vikwood Pty Ltd as trustee of the Vikwood Trust; (xiv)David’s Corporate Beneficiary Pty Ltd; (xv) Tucker SFPT Pty Ltd; (xvi) Camp Seabee Properties Pty Ltd; (xvii) 35 Chasely Street Auchenflower Pty Ltd;  (ll) *Undertakings as to damages or financial undertakings of any kind given by Mr Tucker in favour of any of the following persons in respect of court proceedings in which the Company was plaintiff since 30 June, 2010*:- (i) Messrs *Peldan* and Cook; (ii) *Worrells*; (iii) the Company;  (iv) MS Asia; (v) *Any court*; or (vi) Any defendant in any such proceedings; (mm) The document(s) by which MS Asia appointed Mr Kennedy as its attorney; (nn) The spreadsheets (printed and in native format) sent from time to time from Mr Tucker (or others at Tucker & Cowen) to Mr Peldan (or others at Worrells), whereby he or they advised the amount of the debt due by the company to MS Asia;

(oo) Covering emails or other correspondence forwarding such spreadsheets to Mr Peldan or his staff; (pp) The memoranda, diary notes, file notes or the like of attendances by, or emails from, Mr Tucker to the author identified in Tucker & Cowen as “DZH” of a spreadsheet entitled “EPF Debt Balance to MS Asia” created on 26 July, 2012; (qq) All and any emails, facsimiles or other correspondence with any of the following persons discussing, drafting or commenting on the *terms or proposed terms of a letter to the investors in the EPF, dated 1 September 2014* *purportedly* sent by the “MS Asia Group” and *signed by Mr Croagh*:- (i) Mr Kennedy; (ii) Mr Thomas Croagh; (iii) Mr Ian Pearson; (rr) all invoices charged by Tucker & Cowen and TCS Solicitors Pty Ltd to any of the following persons on and after12 July 2102:- (i) MS Asia; (ii) Messrs Peldan and Cook; (iii) the Company as trustee of the EPF; (ss) All and any trust account ledgers maintained by Tucker & Cowen or TCS Solicitors Pty Ltd in respect of all and any claims by or for the benefit of the Company as trustee of the EPF on and after 30 June, 2009. (tt) In respect of the company, MS Asia (CPH) Pty Ltd:- (i) all and any documents recording or referring to the business or proposed business of the company; (ii) all and any documents recording or referring to or the purposes for incorporating the company; (iii) agreements to which the company was party; (iv) all and any documents recording or referring to the assets or liabilities of the income or expenses of the company.
     2. In the case of TCS SOLICITORS PTY LTD ACN 610 321 509 the following documents:

(a) *Financial statements and income tax returns of TCS Solicitors Pty Ltd* for the years ended 30 June, 2015 and 2016; and (b) The most recently received bank statements of TCS Solicitors Pty Ltd.   (c)  Tucker and Cowen trust ledger maintained for MS Asia, no DRT:1204172;  (d) All and any trust account authorities for transactions on trust account DRT:1204172;  (e) *Tucker and Cowen trust ledger maintained for Worrells Solvency and Forensic Accountants*, no DRT:1303281;  (f) All and any trust account authorities for transactions on trust account DRT:1303281;  (g) All and any trust account ledgers maintained by Tucker & Cowen or TCS Solicitors Pty Ltd in respect of all and any claims by or for the benefit of the Company as trustee of the EPF on and after 30 June, 2009.
3. In the case of TUCKER SF PTY LTD ACN 149 756 954 IN ITS OWN RIGHT AND AS TRUSTEE OF THE TUCKER SUPERANNUATION FUND the following documents:-  (a) *Financial statements and income tax returns of Tucker SF Pty Ltd for the years ended 30 June, 2015 and 2016*; and (b)  The most *recently received bank statements* of Tucker SF Pty Ltd.
4. In the case of TUCKERLOAN PTY LTD ACN 101 109 157 the following documents:-  (a) Financial statements and income tax returns of Tuckerloan Pty Ltd for the years ended 30 June, 2015 and 2016; and (b)  The most recently received bank statements of Tuckerloan Pty Ltd.
5. In the case of TUCKER FINANCE PTY LTD ACN 158 379 867 IN ITS OWN RIGHT AND AS TRUSTEE OF THE TUCKER FINANCE TRUST the following documents:-  (a) Financial statements and income tax returns of Tucker Finance Pty Ltd for the years ended 30 June, 2015 and 2016; and

(b)  The most recently received bank statements of Tucker Finance Pty Ltd.
6. In the case of TUCKER PROPERTY PTY LTD ACN 606 800 953 IN ITS OWN RIGHT AND AS TRUSTEE OF THE TUCKER PROPERTY TRUST the following documents:-  (a) Financial statements and income tax returns of Tucker Property Pty Ltd for the years ended 30 June, 2015 and 2016; and (b)  The most recently received bank statements of Tucker Property Pty Ltd.
7. In the case of VIKWOOD PTY LTD ACN 082 955 799 IN ITS OWN RIGHT AND AS TRUSTEE OF THE VIKWOOD TRUST the following documents:-  (a) Financial statements and income tax returns of Vikwood Pty Ltd for the years ended 30 June, 2015 and 2016; and  (b) The most recently received bank statements of Vikwood Pty Ltd. 
8. In the case of DAVID’S CORPORATE BENEFICIARY PTY LTD ACN 097 290 769 the following documents:-  (a) Financial statements and income tax returns of David’s Corporate Beneficiary Pty Ltd for the years ended 30 June, 2015 and 2016; and  (b) The most recently received bank statements of David’s Corporate Beneficiary Pty Ltd. 
9. In the case of TUCKER SFPT PTY LTD ACN 150 746 606 the following documents:-  (a) *Financial statements and income tax returns of Tucker SFPT Pty Ltd* for the years ended 30 June, 2015 and 2016; and  (b) The most recently received bank statements of Tucker SFPT Pty Ltd. 
10. In the case of CAMP SEABEE PROPERTIES PTY LTD ACN 121 190 636 the following documents:-  (a) Financial statements and income tax returns of Camp Seabee Properties Pty Ltd for the years ended 30 June, 2015 and 2016; and

 (b) The most recently received bank statements of Camp Seabee Properties Pty Ltd. 
11. In the case of 35 CHASELY STREET AUCHENFLOWER PTY LTD ACN 165 830 204 the following documents:-  (a) Financial statements and income tax returns of 35 Chasely Street Auchenflower Pty Ltd for the years ended 30 June, 2015 and 2016; and (b) The most recently received bank statements of 35 Chasely Street Auchenflower Pty Ltd.

Date that entry is stamped: 14 June 2017
Subsection 35A (5) of the Federal Court of Australia Act 1976 (the Act) provides that a party to proceedings in which a Registrar has exercised any of the powers of the Court under subsection 35A (1) of the Act may, within the time prescribed by the Rules of Court, or within any further time allowed in accordance with the Rules of Court, apply to the Court to review that exercise of power. Rule 3.11 provides that a party may apply to the Court under subsection 35A (5) of the Act for review of the exercise of a power of the Court by a Registrar and that any application must be made within 21 days after the day on which the power was exercised. A party seeking a review can apply to the Court to dispense with any requirement of the Rules (Rule1.34). 
- 11 -
Prepared in the Queensland District Registry, Federal Court of Australia Level 6, Harry Gibbs Commonwealth Law Courts, 119 North Quay, Telephone 07 3248 1100


----------



## No Trust (15 June 2017)

(ii) Any statement of the *assets and liabilities or statement of financial position* of the following persons in any period from *1 July, 2013* for any of:
(i) *Mr Tucker*;
(ii) *Mr Tucker* and* his wife Jennifer Tucker* jointly;
(iii) Any *superannuation fund *in which Mr Tucker has an interest

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (15 June 2017)

When I asked for *"*_*A merciless bludgeoning via (Public Examination) before the court is what's called for*_*" *earlier this evening, I didn't expect this... This is *MUCH* more appropriate...
Hall Chadwick needs to be commended as do their lawyers for such a thorough and exemplary job in bringing this to the public spotlight...

(kk) The most recently received bank statements for:-
(i) *Mr Tucker*;
(ii) *Mr Tucker and his wife Jennifer Tucker jointly*;
(iii) TCS Solicitors Pty Ltd;
(iv) Tucker & Cowen solicitors;
(v) Tucker SF Pty Ltd;
(vi) Tucker SF Pty Ltd as trustee of the Tucker Superannuation Fund;
(vii) Tuckerloan Pty Ltd;
(viii) Tucker Finance Pty Ltd;
(ix) Tucker Finance Pty Ltd as trustee of the Tucker Finance Trust;
(x) Tucker Property Pty Ltd;
(xi) Tucker Property Pty Ltd as trustee of the Tucker Property Trust;
(xii) Vikwood Pty Ltd;
(xiii) Vikwood Pty Ltd as trustee of the Vikwood Trust;
(xiv)David’s Corporate Beneficiary Pty Ltd;
(xv) Tucker SFPT Pty Ltd;
(xvi) Camp Seabee Properties Pty Ltd;
(xvii) 35 Chasely Street Auchenflower Pty Ltd; 



No Trust said:


> Imagine, just imagine what kind of an *A##hole* does this to an old man: McIvor, thought it was fun and look what happened to him... McIvor was warned his world would collapse around him, did he listen. No ...
> 
> Tucker thought he could double down and take his master McIvor down and have even more fun, now look what's happening to him.
> 
> ...


----------



## No Trust (15 June 2017)

(*t*) General ledger of any trust of which *MS Asia is trustee* and of which *Mr Tucker or Mr Kennedy* is named as a beneficiary;

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


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## No Trust (15 June 2017)

*Matters for Contemplation*

http://www.qls.com.au/files/cf785cfd-de50-4be7-b2eb-a44301006390/140311_Misleading_statements.pdf


----------



## No Trust (15 June 2017)

In the framework of the Australian Solicitors’ Conduct Rules (ASCR), the issues arising are *fairly black and white*. *Misleading the court*, whether by way of a *perjured sworn statement or a submission from the bar table is a clear violation of the fundamental duty outlined* by *rule 4.1.2*, to be *“honest and courteous in all dealings in the course of legal practice*”.
*Rule 19.1*, *“A solicitor must not deceive or knowingly or recklessly mislead the Court”,* is obviously relevant as well.
The point needs to be reinforced, however, that the more amorphous “fundamental duties” at the commencement of the ASCR are not just introductory window dressing. It is quite possible to engage in conduct serious enough to justify removal from the profession without breaking one express conduct rule.

http://www.qls.com.au/files/cf785cfd-de50-4be7-b2eb-a44301006390/140311_Misleading_statements.pdf


----------



## No Trust (15 June 2017)

So Worrells were a party to this *disgusting behaviour*... The people involved in this scam need to be taken out of the industry and prosecuted...


----------



## No Trust (16 June 2017)

Just look at this scam. So MS Asia appoints a receiver, i.e. Worrells, who then appoints Tucker and Cowan as solicitor's to act on the matter... What a f#cking joke... What about an independent firm of lawyers as would normally be required. There was nothing arms length about this.  Then the group of    miscreants lodge a $250,000 undertaking made to the Supreme Court into Tucker's Trust account who was also an undisclosed beneficial owner of MS ASIA... They might as well have put the money in Tucker's back pocket...


----------



## No Trust (16 June 2017)

So "*Croagh" *another Lycra Panted cycling f#ck from Hong Kong plays the front man for MS ASIA to make it all seem legit and writes letters to the investor's of the EQUITITRUST PREMIUM FUND sheilding Tucker and Kennedy... This is a Sh#t Storm of epic proportions...


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## No Trust (16 June 2017)

*Fuse Lit*
The moment this information came forward tonight and a date was set for Tucker's Public Humiliation, a fuse was lit and the Media have been closely examining the order of the court. People are shaking their heads in disbelief that something like this could go on and be concealed by so called officers of the court, and so called insolvency professionals.

Hang your collective heads in shame, can't you make an honest buck, not at the expense of someone who has actually worked hard all their lives for it ?


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## No Trust (16 June 2017)

This *"Champagne Swigging"* *"Black Tie"* couple have some bank statements to collate for the *Federal Court* on the *11th of July 2017*...



_Oh look at "Davy Boy's" little "pinky winky" tucked under his Champagne flute... How elegant...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446_


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## No Trust (16 June 2017)

(qq) All and any *emails*, *facsimiles* or *other correspondence* with any of the following persons discussing, drafting or commenting on the terms or proposed terms of a letter to the investors in the EPF, dated 1 September 2014 purportedly sent by the “MS Asia Group” and signed by
*Mr Croagh*:-
(i) Mr Kennedy;
(ii) Mr Thomas Croagh;
(iii) *Mr Ian Pearson*;

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (16 June 2017)

*Oh the Skullduggery*

(c) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence prepared by, or sent or received by, Mr Tucker, *concerning meetings with officers of the BOSI* on or after 1 July, 2009, including but not limited to a meeting on or about *7 October 2011*;

(d) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence prepared by, or sent or received by, Mr Tucker, concerning *meetings with officers of ASIC*, on or after 1 July, 2009, at which the affairs of the Company were discussed, including but not limited to a meeting on or about *10 October 2011*;
*
7 October 2011       Tucker meets with BOSI

10 October 2011      Tucker meets with ASIC

12 October 2011       Tucker ousted as director

19 October 2011       ASIC and Federal Police raid Equititrust

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6
*
"By this point, the relationship between the two men had become "strained" and McIvor ousted Tucker on October 12*.*"
*
http://www.couriermail.com.au/ipad/...d7aa64c99?sv=1cefd2ea9b6101ac0a852ae21c562c96



*


----------



## No Trust (16 June 2017)

*Now this all looks very interesting*

(*ee*) All and any documents recording the source of the payment of the sum of $2,000,000 credited to such loan account on or about 15 August, 2012, including, without limiting the generality of the foregoing:- (i) Any agreement by the Company, MS Asia, Mr Tucker and/or Tucker & Cowen *with the person who paid such sum;* (ii) Correspondence passing between any of the Company, MS Asia, Mr Tucker and/or Tucker & Cowen and the person who paid such sum, in the period from *1 July 2011* and *15 August 2012*;


----------



## No Trust (16 June 2017)

Meanwhile this "old miscreant" has slowly started to make his way up the highway for the Public Humiliation of David Tucker on 11 July 2017...



''Concatenation and turpitude''


----------



## No Trust (16 June 2017)

As *serious* as this is, I was talking to a journalist earlier this evening and he said "you couldn't write a fictional novel or characters like Tucker / McIvor etc "and have it be believable.

Yet real life is stranger than fiction...   In the Tucker / McIvor saga you don't know who is the *f#ckee* or who is the *F#ckor *but ones things for certain they're both *f#ucked* now...


----------



## No Trust (16 June 2017)

Who actually paid the* 2,000,000* ???  The plot thickens...



No Trust said:


> *Now this all looks very interesting*
> 
> (*ee*) All and any documents recording the source of the payment of the sum of $2,000,000 credited to such loan account on or about 15 August, 2012, including, without limiting the generality of the foregoing:- (i) Any agreement by the Company, MS Asia, Mr Tucker and/or Tucker & Cowen *with the person who paid such sum;* (ii) Correspondence passing between any of the Company, MS Asia, Mr Tucker and/or Tucker & Cowen and the person who paid such sum, in the period from *1 July 2011* and *15 August 2012*;


----------



## No Trust (16 June 2017)

Heard of Russian Roulette ? Well in that unfortunate game the barrel only has *one bullet*.
So there's some chance of getting away with your life if the barrel spins your way. Up until now its been spinning Tucker's way.
The Public Examination / Humiliation of Tucker on the *11th of July 2017* is a game of *Russian Roulette* for *David Robert Walter Tucker*, however the Liquidator and their "very competent" lawyers Russell's have loaded every single barrel.

Now if Tucker *does not produce* to the court *all he has been directed to* the honourable court will pull a trigger much much worse than a game of Russian Roulette...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (16 June 2017)

How much "*homework"* did the liquidator give Tucker... Tucker has a hell of an assignment to hand in on the 11th of July 2017...


----------



## No Trust (17 June 2017)

Tucker is definitely living in interesting times...



No Trust said:


> *Scumbags at War*
> 
> My oh my, this is getting *quite dirty*...
> 
> ...


----------



## No Trust (17 June 2017)

Conflict was clear to all but not to good ol "*King ConFlict*"...

https://www.pressreader.com/australia/the-gold-coast-bulletin/20111020/282230892459493


----------



## No Trust (17 June 2017)

There's a place for *malevolent behaviour* in Queensland, its called the solicitor's boneyard...

https://applications.lsc.qld.gov.au/Disciplineregister/EntireDisciplineRegister.asp


----------



## No Trust (17 June 2017)

I think the Meridian Boys are having a *bit of a laugh* at the moment... The *poncey*, *arrogant* manner that Tucker conducted himself in was *stomach churning* to any decent person that came into contact with him.
So many on the bench in the Supreme Court encountered this miscreant as counsel and witnessed his antics in storming out of mediations and basically acting and being a c#ck.

Now that the day of Tucker's Public Humiliation has come *11 July 2017* many are not surprised...

You've made *a lot of enemies* "Davey Boy" and now they are bringing you to account legitimately through your preferred portal... *The courts*...

PS. Your welcome Chum


----------



## No Trust (17 June 2017)

Remind you of anyone ???


----------



## No Trust (18 June 2017)

I can confirm that this *sorry little tale of deception* has now garnered *substantial media interest*...
There will definitely be a media presence at the Federal Court on the *11th of July 2017*...

Make sure you bring all your homework "Davey Boy" as this will be your *"audit"* of the century...

Show us the money Tucker ...   xxoo


----------



## No Trust (18 June 2017)

I *made a promise* on this forum years back to expose all of you pr#ck's collectively involved in this *despicable* scam on poor elderly Australian investors. McIvor, Tucker , Kennedy ...

Myself and others notably {*Kostag*_ who started this thread_} have been in the trenches for over *7 years*.
We have been attacked by the likes of weasel Kennedy and McIvor under *various non de plumes* as well as many fake accounts which were exposed by the media.

We were *proven correct* in each instance.

Now dumb and dumber aka, Tucker and Kennedy have been *exposed for the miscreants that they are* and have thrown themselves into the flaming cauldron of the Federal Court as well as the cross hairs of this forum.

Wasn't it enough that they received fees for being CEO and legal fees for being the company lawyer...

No this pathetic greedy duo decided to conceal themselves and go in for another gorge of the carcass at the expense of legitimate innocent investors.

The massive conflict of interest didn't worry these two... They just decided to hide their involvement.

A question for the court on the *11th of July 2017* should be, "If all was legitimate, why hide your beneficial interest from the *liquidator / receiver* and the *Supreme Court of Queensland* ? "

The answer is, *"IT WAS BLATENTLEY ILLEGAL"* ...

http://www.couriermail.com.au/busin...5613d774f?sv=4cebcfcc3927e827f5b5017ed955cd9f


----------



## No Trust (18 June 2017)

"Davey Boy" was warned he would be brought down and exposed a while back whilst he was flying high and presumed he was immune from the law"

This thread is a testament to the fact that we have kept our promise to Tucker and McIvor...

See you on the 11th of July 2017 its been a long time coming son...


----------



## No Trust (18 June 2017)

If the Supreme Court *was misled* in regard to the undertaking as to damages for *$250,000* then what right do people, who deceive the court, have to appear before it in the future ? If the court was purposely misled all those involved should be removed from the legal and insolvency profession.


----------



## No Trust (18 June 2017)

Won't be surprised if there's a raid on files documents at any moment...


----------



## No Trust (18 June 2017)

Dumb and Dumber may get a visit from the liquidator's friend *Anton Piller*...
He's the kind of friend that pays a visit, the kind of visit you don't really want...

*Anton Piller KG v Manufacturing Processes Ltd [1976] Ch 55.*


----------



## No Trust (18 June 2017)

Brrrrrrrrrr ,Brrrrrrrrrr ,Brrrrrrrrrrrrr Shredders they are a work'n overtime....


----------



## No Trust (18 June 2017)

David

https://www.bleachbit.org/

*Not*




Thank Hilary...


----------



## No Trust (18 June 2017)

Imagine the phone calls between *Tucker / Kennedy and Worrells* now...
Imagine if they were recorded... Yikes


----------



## No Trust (18 June 2017)

Someone in the holy trinity of miscreants, has "rolled over" and has been recording the others... Apparently hours of damning evidence of phone calls and meetings... Smartphones and their apps are f#cking amazeballs...


----------



## No Trust (18 June 2017)

Regulators are *empathetic beasts* and seem to lesson the penalties on the contrite...


----------



## No Trust (18 June 2017)

The Supreme Court,,,,,, *not so much*... You mislead it, it *wants your nuts* on a chopping block... Deservedly so...


----------



## No Trust (18 June 2017)

Tick Tock, Tick Tock


----------



## No Trust (18 June 2017)

Now here's a fact to contemplate, Russell's lawyers who are acting for the Liquidator against Tucker and Kennedy have one Ashley Tiplady listed as a partner. 

The same Ashley Tiplady that represented Equititrust / McIvor prior to both going belly up... That time he was working for Nyst Lawyers on the Gold Coast. 

Coincidence ?  Absolutely not...

http://www.russellslaw.com.au/experts/ashley-tiplady/


----------



## No Trust (18 June 2017)

ASIC, finally acted against McIvor banning him for life. The same needs to occur against anyone who preferred *their own interests* against those of the* investors of Equititrust*, especially those who had continuing fiduciary duties...

_"ASIC also said McIvor’s conduct involved breaches of the financial services legislation it dubbed “very serious, *repetitive*, *prolonged* and *dishonest*”._

http://www.goldcoastbulletin.com.au...r/news-story/3e27f869c87e8b698cba81ad22683b94


----------



## No Trust (18 June 2017)

6.4 *ASIC v Vizard* Mr Vizard was a director of Telstra and obtained confidential information by reason of his position as a director. *Vizard made improper use of that information* by basing his decision to purchase or sell shares on the information, in order to obtain an advantage for himself, a company he established, *and a trustee company in which he and his family beneficially held shares*.
It was held that Vizard had contravened section *183*, ie, the *duty of a director to refrain from using confidential information obtained during the course of a directorship for an improper purpose.* The court ordered pecuniary penalties and a disqualification order against Vizard.

ASIC v Stephen William Vizard [2005] FCA 1037

http://etraining.communitydoor.org.au/pluginfile.php/608/course/section/95/GuideDirectors_Apr08.pdf


----------



## No Trust (18 June 2017)

Stephen Vizard was a funny guy, but what he did wasn't funny...


----------



## No Trust (18 June 2017)

*Directors’ Duties in Focus – Duty not to make improper use of information* 

"Directors have *a duty not to make improper use of information.* This duty exists under both the general law and s 183 of the Act. This duty overlaps with the duty not to make improper use of position, duty to avoid conflicts of interest. Fiduciary duties to act in the best interests of the company and not to make a secret profit are also related."

*Statutory Duty*
*S 183(1)* of the Act provides that a person who obtains information because they are, *or have been*, a director or other officer or employee of a corporation must not improperly use the information to:


gain an advantage for themselves;
gain an advantage for someone else or;
cause detriment to the corporation.
It does not matter if the director actually made a profit from the improper use of information. The duty applies to ‘other officers’ or ‘employees’ of a corporation, *as well as the directors*. The *duty continues even after the person stops being an officer or employee of the corporation*.

http://youlegal.com.au/directors-duties-focus-improper-use-information/


----------



## No Trust (18 June 2017)

*Penalties for Breach of Duty*
Similar to the other directors’ duties we have discussed, penalties for *breaching the duty not to improperly use information are s*erious:


Civil penalty of up to *$200,000*;
Declaration of a contravention s 1317E;
*Criminal liability if dishonesty can be shown*;
*Compensation for any loss suffered*; and
*Disqualification from being a director*
*
http://youlegal.com.au/directors-duties-focus-improper-use-information/*


----------



## No Trust (18 June 2017)

The order of the Federal Court on the *14th of June 2017* as to the Public Examination of Tucker is an *exhaustive list* to produce evidence before the court on the *11th of July 2017*. Its clear on the face of the order sought and obtained by the Liquidator in which direction this investigation is going...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (18 June 2017)

*Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’


*
The Australian  12:00AM March 15, 2017

It is alleged the pair bought the troubled loan book from Morgan Stanley and private equity group Blackstone — *via a company they had created called MS Asia* — *without conducting any due diligence*, which was *“very unusual”*."

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (18 June 2017)

*Civil penalty and disqualification orders: An overview of the Vizard case*

A director is denied the ability to use confidential information for his or her own purposes, and it does not matter whether the director's action causes no harm to the company or does not rob it of an opportunity which it might have exercised for its own advantage; _*Regal (Hastings) Limited v Gulliver*_* [1967] 2 AC 134.

http://www.findlaw.com.au/articles/1970/civil-penalty-and-disqualification-orders-an-overv.aspx*


----------



## No Trust (18 June 2017)

Someone *very wise* made a very pertinent observation :

_"Never underestimate those with deep pockets. The legal system is their playground and they use it to grind up ordinary people and spit them out the other end, broke and defeated."_

Its seems ironic that McIvor using "Public Money" used this very tactic for many years. Unfortunately for McIvor the playground bit back and spat him out the other side broke and defeated...

The same playground seems to now be attacking those who used and abused it in the past...


----------



## No Trust (19 June 2017)

*Duty not to abuse a corporate opportunity*

Similar to the duty to disclose material personal interests, a director has a duty not to take advantage of a corporate opportunity for personal gain and at the expense of the company.

Only where such an opportunity is properly considered and rejected by the company can a director pursue the opportunity personally, pending the necessary disclosure requirements.

http://hallandwilcox.com.au/legal-obligations-of-directors-of-australian-companies/


----------



## No Trust (19 June 2017)

When acting as a *director or former director / office holder* disclosure is everything...


----------



## No Trust (19 June 2017)

The *lack of disclosure* or *purposeful concealment* of a *beneficial interest* in a corporate environment will raise not only eyebrows but the intervention of the regulator


----------



## No Trust (19 June 2017)

ASIC has been a toothless tiger in recent times, however *public pressure* to stamp out corporate greed and deceit has gained momentum where they have been forced to act.


----------



## No Trust (19 June 2017)

If elderly Australian's life savings are attacked *not once*, *but twice* in front of *ASIC's nose* then the penalties need to set an example for others wishing to follow in the same footsteps...


----------



## No Trust (19 June 2017)

If the *regulator*, *professional bodies* and the *public prosecutor* allow attacks on innocent retiree investors by people who should know better, then the system has collapsed...


----------



## No Trust (19 June 2017)

*Decisive* and *definitive intervention* by authorities is called for when innocent retiree investors are attacked, anything less is a travesty of justice.


----------



## No Trust (19 June 2017)

*ASIC moves on Equititrust
Anthony Marx, Courier  Mail
October 26, 2011 *

Mr Tucker alleges in court documents filed in support of his application that the *intervention is needed* because Mark McIvor - Equititrust's founder and sole shareholder - wants to restructure and revitalise the fund rather than follow the previous board's decision to wind it up to *return money* to more than *1700 investors*.

Court documents filed by *ASIC say it has intervened in Mr Tucker's case* and wants both matters to be heard together.

But the documents also claim *ASIC litigation counsel Hugh Copley* said in a letter to Mr Tucker this week that he would oppose the appointment of Mr Clout and ask the court *to bring in an alternative*.

The court documents allege Mr Clout has previously been appointed as a receiver over Equititrust-related entities and Mr Copley said the appointee *"should be seen to be independent of all interested parties".

http://www.couriermail.com.au/ipad/...t/news-story/72f7a71be39b47cf128946ffd0276adf*


----------



## No Trust (20 June 2017)

Who *pray tell* was the lawyer acting in these proceedings ??? 

http://www.adelaidenow.com.au/busin...fb4832771?sv=a5f2c795a41b4c862de1a3194b0bb24a


----------



## No Trust (22 June 2017)

*More information coming...*


----------



## No Trust (24 June 2017)

Collaborative Forensic and Media effort underway scrutinizing the facts...


----------



## No Trust (24 June 2017)

The media *never shied away* from publishing the facts on the Equititrust saga, they won't now either...


----------



## No Trust (25 June 2017)

Some apples have a worm coring away on the inside, so do some companies...


----------



## No Trust (25 June 2017)

Revelations *from the inside* are always the most revealing...


----------



## No Trust (25 June 2017)

When someone *flips, cooperates, shares information *and does the right thing, that's good right ??? Possibly good for some, possibly really bad for others... Relative to which end your on I guess...


----------



## No Trust (25 June 2017)

When confronted with the facts, *cold hard facts*, not fake facts or *alternative facts*, but the undeniable "_*written documented truth*_", is mitigation and cooperation not the best option ???


----------



## No Trust (25 June 2017)

*¯\_(ツ)_/¯

[66]* In the application brought by *Tucker SF Pty Ltd* there *were many allegations of misconduct by Mr McIvor.* Mr McIvor's affidavit sworn 26 October 2011 stated that *in respect of Mr Tucker's numerous allegations against him:*
"I am deliberately not responding to those allegations as I do not consider them relevant to the present application. *My response to those matters will occur in the fullness of time.* By not responding to them in this affidavit I should not be taken as accepting the correctness of what Mr Tucker has said."
I am not in a position to resolve the allegations made by Mr Tucker against Mr McIvor.

http://www.equititrust.com.au/Pdfs/...- Application for Notice to EIF Investors.pdf


----------



## No Trust (25 June 2017)

*¯\_(ツ)_/¯*

"The sole objective of the current investigation and examinations *is to clarify certain transactions* *which have affected the EPF*. There is no reason to think that doing so could have any detrimental effect on the interests of investors."

http://www.equititrust.com.au/Pdfs/...eports - 20170403 - Circular to Creditors.pdf


----------



## No Trust (25 June 2017)

*¯\_(ツ)_/¯*

6.  Federal Court Examinations

I refer to the comments from my previous report dated *1 February 2017*.
On 22 February 2017, our solicitors, Russells Law, appeared on behalf of the Liquidators in the Federal Court of Australia at Brisbane and secured the production of numerous documents from the following persons:
• Mr Paul Vincent, former director of the Company; • Mr Russell McCart, a former guarantor of the debts owed to the Company (as trustee of the EPF) by the Meridien Group; • Mr Jim Conomos, a solicitor who represented Mr McCart and his co-guarantors, Messrs Paul Barrett and David Roberts, in litigation brought against them by the Company, and continued by receivers appointed by MS Asia Debt Acquisition Limited (Messrs Pelden and Cook of Worrells) represented by Tucker & Cowen solicitors; • Messrs Pelden and Cook, the receivers appointed by MS Asia; and • Mr Luke McKenzie, an executive of Balmain NB Commercial Mortgages Limited ("Balmain"). For convenience, Mr McKenzie also produced, in Brisbane, documents which had been required from Balmain itself.

*¯\_(ツ)_/¯*
*Our solicitors secured access to and copies of all such documents.* However, *MS Asia has made a claim for legal professional privilege* in respect of *some documents produced by its receivers*. That claim remains to be determined*.¯\_(ツ)_/¯*


----------



## No Trust (26 June 2017)

There's an old saying that says "when you point the *finger* of guilt at someone, *three* fingers are pointing back at you" ...



No Trust said:


> *¯\_(ツ)_/¯
> 
> [66]* In the application brought by *Tucker SF Pty Ltd* there *were many allegations of misconduct by Mr McIvor.* Mr McIvor's affidavit sworn 26 October 2011 stated that *in respect of Mr Tucker's numerous allegations against him:*
> "I am deliberately not responding to those allegations as I do not consider them relevant to the present application. *My response to those matters will occur in the fullness of time.* By not responding to them in this affidavit I should not be taken as accepting the correctness of what Mr Tucker has said."
> ...


----------



## No Trust (26 June 2017)

Misconduct can be viewed in a number of ways... Misconduct in its true sense aka " Marky Boy" McIvor's misdeeds inflicted on all and sundry including family. Then there is Miss Conduct, *malevolent conduct* which was *missed* while fingers were pointing at the proverbial murderer, the witnesses / accusers were taking the Rolex, wallet and jewelry off the deceased...


----------



## No Trust (26 June 2017)

In the above analogy, who's worse ??? In my opinion both have committed an unforgivable crime...


----------



## No Trust (26 June 2017)

"_A court of equity will not assist a person in extricating himself or herself from the circumstances that he or she has created_"


----------



## No Trust (26 June 2017)

When you don't come to the court with clean hands, but rather *blood stained ones*, the court will not give a bar of soap to wash the sins away, especially if the court is a victim.


----------



## No Trust (26 June 2017)

Liquidators have an obligation to report misfeasance to the regulator and relevant authorities.


----------



## No Trust (26 June 2017)

History has a way of repeating itself and those who previously saved their own skin at the expense of others will do so again... Consider it a guarantee...


----------



## No Trust (26 June 2017)

Teaching your dog to roll over is a great trick. Some dogs however have an innate ability to roll over in times of self preservation... Good doggy, ASIC has a bone for you...


----------



## No Trust (26 June 2017)

Is a Public Examination a modern day corporate version of the Public Stocks ? 

It's an interesting proposition...


----------



## No Trust (26 June 2017)

Lawyers occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened.

- Winston Churchill


----------



## No Trust (27 June 2017)

*Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’
*
Former Equititrust CEO *David Kennedy* and Brisbane lawyer *David Tucker* of *Tucker & Cowen Solicitors* allegedly bought the outstanding “loan book” of Equititrust for *$2m*, later allegedly claiming they expected to make a “*$26m return*” on the deal.


http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (27 June 2017)

Its nice to stumble over the *truth*...


----------



## No Trust (27 June 2017)

Public Examinations / Humiliations serve their purpose too ...


----------



## No Trust (27 June 2017)

Not too many sleeps to go...


----------



## No Trust (27 June 2017)

Some may not be so sleepy though...


----------



## No Trust (28 June 2017)

Sometimes its difficult to hand in your homework ... Not sure how much mercy will be given... 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## No Trust (28 June 2017)

People should always and "I mean always" cooperate with a liquidator... ) Smoke and mirrors are for the ghost train... 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## No Trust (28 June 2017)

An EPF MEMBER is now talking to the press... Not happy...


----------



## No Trust (28 June 2017)

The thing about Public Examinations, in the end even the Commonwealth Bank was at the mercy of the court and had to hand over documents unlocking the truth that had been hidden in the shadows for way to long. 

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (28 June 2017)

One can try and outmanoeuvre the process of a Public Examination but in the end the more resistance to the Examination indicates the ever pressing need for it to occur... Nothing to hide, no problems right ???


----------



## No Trust (28 June 2017)

In a hypothetical scenario where for example someone has put others through an ordeal, let's say a torturer. The torturer having the same torture threatened against him may be reticent to submit voluntarily...


----------



## No Trust (28 June 2017)

They say the best way to experience someone else pain is to experience the same pain yourself...


----------



## No Trust (28 June 2017)

“He who represents himself has a fool for a client.”  *Abraham Lincoln*


----------



## No Trust (28 June 2017)

He who puts his lawyer on the board of his company is the world's biggest F#cking Idiot. Not a quote: (_That was actually Mark McIvor_)  champion effort son, look where that got you... )


----------



## No Trust (30 June 2017)

The big one is about to drop...


----------



## No Trust (1 July 2017)

Not INDEPENDENT  ??? You don't say...

The only announcements from Equititrust have been concerned with shoring up its corporate governance. Last week it appointed an external custodian for the first time to hold the EIF assets and appointed David Jackson, QC, as a director. ''Equititrust Limited will continue to act as responsible entity of EIF and … to make all decisions as to the assets of the fund and have all communication with unitholders as to their investment,'' the company said in a prepared statement.

The company was forced to back down on the claimed independence of another director, David Tucker, admitting ''it may be suggested that Mr Tucker is not an independent director'' as the law firm where he is a partner, Tucker & Cowen Solicitors, is a ''substantial provider'' of legal services to Equititrust.

http://www.smh.com.au/business/class-action-expected-within-weeks-20110807-1ihhc.html


----------



## No Trust (1 July 2017)

MS Asia......... OK, I get it Mark and Stacey... Nice


----------



## No Trust (1 July 2017)

This thing is unravelling like the Da vinci Code


----------



## No Trust (1 July 2017)

Uh oh 

Someone else's has been called for Examination...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## No Trust (1 July 2017)

Judicial light is being cast on those working in the darkness...


----------



## No Trust (1 July 2017)

What's required on the day 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (1 July 2017)

Nothing less should suffice...


----------



## No Trust (2 July 2017)

What else has been concealed ???


----------



## No Trust (2 July 2017)

Its time for ASIC to now join the investigation...


----------



## No Trust (2 July 2017)

If there's nothing to hide, the innocent are an open book...


----------



## No Trust (2 July 2017)

The great thing about examining multiple people is the fact that not all stories line up... 

The truth via summons to produce documents is purity of justice...


----------



## No Trust (2 July 2017)

Next week expect lots of action


----------



## No Trust (3 July 2017)

What has Tony Bawden have to say now ???

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf


----------



## No Trust (3 July 2017)

*05-Jul-2017* 10:15 Interlocutory Hearing *Justice Reeves* Court No. *5*, Level *7*


----------



## No Trust (3 July 2017)

Someone doesn't want to hand in their *homework* ?


----------



## No Trust (3 July 2017)

Public Examination needs to proceed on the 11th of July... its essential...


----------



## No Trust (4 July 2017)

Interlocutory Application tomorrow, should be interesting times at the Federal Court...


----------



## No Trust (4 July 2017)

Today was a busy day in the *Federal Court*, Affidavit's filed by Tucker and the Liquidator's prior to tomorrow's action...


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## No Trust (4 July 2017)

No one is above the law and those summoned by the court should be put in the hot seat and examined thoroughly...


----------



## No Trust (4 July 2017)

Being in a position of *Trust* and or *Fiduciary* is something "all" officers of the court should not take lightly... There are no excuses if lines are crossed which should not be crossed.


----------



## No Trust (4 July 2017)

*MS* Asia or (_*Mark & Stacey*_) Asia must have had an interesting business model. Will be good to hear about that on the 11th of July 2017 at the Federal Court.

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (5 July 2017)

*"Dag"*
Originally a word meaning the dried faeces left dangling from the wool on a sheep's rear end.

Some may say that there were a few *"Dag's"* left hanging on to the rear end of Equititrust...

Some "Dags" just never let go...


----------



## No Trust (5 July 2017)

Note to the Liquidator's, there is an *inextricable web* that has yet to be untangled.

(ee) All and any documents recording the *source of the payment* of the sum of $2,000,000 credited to such loan account on or about 15 August, 2012, including, without limiting the generality of the foregoing:- (i) Any agreement by the Company, MS Asia, Mr Tucker and/or Tucker & Cowen with *the person who paid such sum*; (ii) Correspondence passing between any of the Company, MS Asia, Mr Tucker and/or Tucker & Cowen and *the person who paid such sum*, in the period from 1 July 2011 and 15 August 2012;

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (5 July 2017)

Birds of a feather fail together... Citizen Tucker has a date with destiny on the 11th of July 2017.

*Citizen McIvor *
The career of former Gold Coast high flyer, Mark McIvor, is not yet officially over despite bankruptcy and a lifetime ban from the financial services industry over the collapse of Equititrust.

This week, ASIC said the Administrative Appeals Tribunal has rejected McIvor's application for a "stay" on the life ban while he appeals against the decision. 

It seems his application to the AAT had a few deficiencies – which is not a surprise for the man who ran Equititrust into the ground leaving a $200 million hole, and many retirees without a nest egg. 

The AAT said McIvor had not made an affidavit "as to the matters in controversy".

The AAT also found that McIvor had evaded the serving of ASIC's banning order despite his legal team being informed that he was required to do so.

Announcing his original ban last year, ASIC said he "is banned from providing any financial services on the basis that he had contravened a financial services law and was not of good fame or character to provide financial services. His conduct involved breaches of the financial services legislation, which were considered to be very serious, repetitive, prolonged and dishonest."

His transgressions include signing 28 board meeting minutes, from meetings that never were.

CBD can also report he was not nice to his mother. 

She was forced to sell her home by receivers despite a Brisbane Supreme Court finding that her son had coerced her into signing massive mortgages over the home to benefit his business. 

She might be a little alarmed to discover her son is now a "citizens advocate", according to a Linkedin profile in his name. The profile also referred to his current vocation as "Entrepreneur @ The Mutual Australian".

CBD found a reference to The Mutual Australian (TMA) at the web site for Mi Citizens Union which describes TMA thus: "Deep consideration of a strategy to respond to the emergence of the major bank cartel post GFC has resulted in the company believing that there is a need for community investment banking capacity co-owned by the regional communities they serve.

"Foundational to this concept is the establishment of a not for profit trust called The Mutual Australian. The trust's purpose will be to draw attention to the problem, and strategically guide implementation of a solution and manage the share of profit to the community."

CBD is sure ASIC is giving the enterprise an appropriate amount of attention.


http://www.smh.com.au/business/cbd/...ens-enjoy-birthday-gongs-20160609-gpfia5.html


----------



## No Trust (5 July 2017)

So these genius's didn't see this right under their very noses... Come on the CEO and long time lawyer "all of a sudden" saw the proverbial light...

Their subsequent actions all go to show they graduated from the school of McIvor...

His conduct involved breaches of the financial services legislation, which were considered to be *very serious*, *repetitive*, *prolonged* and *dishonest*."

http://www.smh.com.au/business/cbd/...ens-enjoy-birthday-gongs-20160609-gpfia5.html


----------



## No Trust (5 July 2017)

Note the *interested persons*...

Interesting persons indeed...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29000739/document/992235


----------



## No Trust (5 July 2017)

These* "interesting individuals"* all have something in common... Something, they might not want everyone to see...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29000739/document/992235


----------



## No Trust (5 July 2017)

I can *guarantee*, all will be *coming out into the open* one way or the other... Too many have lost too much to let this one go...


----------



## No Trust (5 July 2017)

The manner in which some *"so called"* professionals have acted in recent times, in terms of their convenient interpretation and disdain of the law, is analogous to the manner in which ISIS used religion to justify their deeds. Financial terrorism of the elderly is an unforgivable sin and needs to be punished.


----------



## No Trust (5 July 2017)

Self enrichment by nefarious means using opportunistic inside information is outlawed and ASIC needs to intervene. They can't sit on the fence like they did before with McIvor and Equititrust and then "finally" take action when it was about to collapse in *2011*.

ASIC have been *well and truly put on notice* about the current unfolding scandal.

For those *investor's / aggrieved individual's* or just *plainly disgusted* observers wishing to express their views on the matter and bring this matter to the further attention of ASIC.     

Contact *Hugh Copley* or *Kaan Finney* at *ASIC
*
Hugh.Copley@asic.gov.au

kaan.finney@asic.gov.au

ASIC *can't say that they were unaware of what's occurred*, the public interest is at stake here. Can officers of the court and insolvency professionals do what they like ?

ASIC needs to commence a parallel investigation, otherwise the whole system is undermined.


----------



## No Trust (5 July 2017)

*Collusion*
secret or illegal cooperation or conspiracy in order to deceive others


----------



## No Trust (5 July 2017)

Some may say collusion amongst the legal and insolvency profession has existed for years, but its been hard to prove on the basis of evidence.

Then one fine sunny day...


----------



## No Trust (5 July 2017)

Oppressors *never like being oppressed* and when they're stripped down for all to see they are *abject cowards* who in most cases have hidden behind the veil of the law and used it to demean and attempt to destroy innocent people.

When tables are turned their true nature is revealed...


----------



## No Trust (5 July 2017)

Total transparency as to what happened with the EPF, is essential now. Anything less is a cover up.


----------



## No Trust (5 July 2017)




----------



## No Trust (5 July 2017)

If you have nothing to hide, you have nothing to fear... Actions in court today speak louder than words...


----------



## No Trust (5 July 2017)

Winter is coming...


----------



## No Trust (6 July 2017)

Answers as to transactions relating to the EPF will need to be given to more than the Federal Court...


----------



## No Trust (6 July 2017)

Worrell's have some *serious questions* to answer.

Does *conflict of interest* mean anything to this firm ???


----------



## No Trust (6 July 2017)

Judgement of Justice Reeves *11 July 2017* at *10.15am* Federal Court Brisbane regarding the Interlocutory Hearing.

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


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## No Trust (6 July 2017)

Will be interesting to see how things progress on the 11th


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## No Trust (6 July 2017)

Ok, your wish is my command...

"Mr Tucker alleges that the fund should investigate *legal action against former directors*"

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6


----------



## No Trust (6 July 2017)

Fiduciary Duties of Directors ??? Mean anything???

Or does it not apply to certain members of the legal and insolvency profession ???


----------



## No Trust (7 July 2017)

The heat and pressure is on, the truth will come out, it's inevitable that in the next few weeks Pandora's box will be opened...


----------



## No Trust (7 July 2017)

Given the "*offshore nature*" and "*hidden identities*" of the latest scandal, wouldn't it be a good idea that the *Australian Taxation Office* give all concerned a thorough dose of salts via audits...

It legal and adds to transparency regarding whether all necessary commonwealth taxes were paid...

Your wish is my command...


----------



## No Trust (8 July 2017)

Isn't the Public Interest served by having *total transparency* regarding the EPF...
Why should "*so called*" lawyers and insolvency practitioners get given a pass by the courts ???


----------



## No Trust (8 July 2017)

These words can come back to *haunt*... Others may apply the same *modus operandi*...

“looking to wring as much from it as we can”.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (8 July 2017)

"It is alleged the pair bought the troubled loan book from Morgan Stanley and private equity group Blackstone — via a company they had created called MS Asia — without conducting any due diligence, which was “very unusual”."

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (8 July 2017)

Equititrust’s liquidator Hall Chadwick called for public examinations with the view to “bringing proceedings against particular contemplated parties”, suggesting it had *come across new information*.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (8 July 2017)

Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a *“$26m return” on the deal*.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


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## No Trust (9 July 2017)

The toll of having your house taken away from you.

Unjustly targeting someone's home for which they have worked hard for all their lives is abhorrent...  

Unjustly targeting someone's home for self enrichment is a mortal sin... 

https://www.blackdoginstitute.org.au/clinical-resources/suicide-self-harm/warning-signs


----------



## No Trust (9 July 2017)

Karma had a sneaky way of biting McIvor on the ass and stripping him of everything he took unjustly from others over the years. 

It seems karma's work is far from done...


----------



## No Trust (9 July 2017)

C U next Tuesday the 11th guys...


----------



## No Trust (11 July 2017)

Federal Court today. Some may have sweaty palms, pits and never regions prior to today's judgement.


----------



## No Trust (11 July 2017)

It's clear that matters relating to the EPF were kept in the dark dark shadows. The Federal Court needs to allow the Liquidator to do its job and publicly examine Tucker, Kennedy and Worrells.

Officers of the court and insolvency practitioners need to be held to a higher standard. They ought to know better...


----------



## No Trust (11 July 2017)

If any investors were disadvantaged, hurt or if any laws were purposefully broken, then the public needs to know... 

This is a matter of public interest...


----------



## No Trust (12 July 2017)

Tick Tock...


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## No Trust (13 July 2017)

The word *"testify"* is based on the Ancient Roman practice of making men swear on their testicles when making a statement in court.


----------



## No Trust (13 July 2017)

22 September 2011
*
Resignation of CEO*
We announce that *Mr David Kennedy* has resigned as Chief Executive Officer of Equititrust, to be effective in December 2011.
Mr Kennedy originally joined Equititrust as Chief Operating Officer in late 2009 at the request of Equititrust founder, Mr Mark McIvor, *to principally assist with the resolution of various banking issues facing Equititrust*, *EPF *and EIF as a result of the global financial crisis.

Whilst his tenure resulted in him performing a range of other tasks (and in the process assuming the role of CEO) it was *resolution of the bank position* that was the original purpose of his engagement.

It is anticipated that full repayment of the EIF debt to the National Australia Bank will occur in October 2011.  This repayment will eliminate all EIF bank debt (from a peak of $125m in 2008).

As a result of this, coupled with the substantial reduction in the *EPF debt to BOSI* (*from a peak of $30m in 2010*) to an anticipated balance at the end of October 2011 of less than *$6m*, *Mr Kennedy has expressed his desire to resign and pursue other business interests. *

Mr Kennedy has confirmed that he will do whatever he can to provide as smooth a transition as possible for any incoming CEO who may replace him, and will continue to make himself available to attend to any other matters as reasonably needed in the future including assisting where necessary in any ongoing litigation matters.

The Board wishes to *express its gratitude to Mr Kennedy* for the role he has performed, and will now seek to find a suitable replacement for Mr Kennedy whose skills will be commensurate with the role now required as a result of the restructured banking position.

John Goddard Chairman



http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_09_2011.pdf


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## No Trust (13 July 2017)

Surprise surprise  

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29012483/document/995846


----------



## No Trust (13 July 2017)

What is so privleged Davo ??? 

Good luck with that, it's all gonna come out eventually...


----------



## No Trust (13 July 2017)

Such a predictable move to delay  it's a waste of time and money.


----------



## Mozzi (13 July 2017)

No Trust said:


> Such a predictable move to delay  it's a waste of time and money.





WASTE OF WHOSE MONEY?????


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## No Trust (13 July 2017)

Mozzi, its a waste of money spent on legal fees by the liquidator. The Liquidator has entered into a funding agreement with a litigation funder. Tucker on the other hand is doing everything within his means to avoid handing over personal documents and those of the companies mentioned in the list. Only his firms resources are being used.

Each time there is an interlocutory application, the liquidator's lawyers need to appear and in most instances counsel has to be briefed.


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## No Trust (13 July 2017)

The liquidator *will challenge* any documents Tucker claims to be privileged.

1. In the event that the *examinee David Robert Walter Tucker* and the companies listed in Schedule A *wish to make a claim of privilege* (or object to the production of documents on the ground of a claim of privilege by another person) then they shall, by *4.30pm on 4 August 2017*, serve on the liquidators:
a. an objection schedule in accordance with General Practice Note, Subpoenas and Notices to Produce, dated 25 October 2016;

b. any affidavits in support of such a claim.

2. The liquidators’ application for production of any such documents is set down for hearing by a Registrar on *8 August 2017*.


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29012483/document/995846


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## No Trust (14 July 2017)

What's inevitable, is the fact that there will be a civil trial... Those that need to be brought to account, will !!!


----------



## No Trust (14 July 2017)

Given the Public Interest and Public Money involved this trial will be run in the spotlight of the media...


----------



## No Trust (14 July 2017)

If there was any wrongdoing as regards the EPF, it will come out.


----------



## No Trust (14 July 2017)

The Liquidator's resolve is exemplified by their actions to date. The litigation has been *aggressive* and *thorough*... Russell's and their counsel seem to be on the ball... Tucker on the other hand seems to have been hit by *shock* and *awe *on being on the other side of aggressive litigation which is nigh impossible to defend...


----------



## No Trust (14 July 2017)

In the middle of this is the complicit insolvency practitioner Worrells... How can a so called firm of professionals get themselves into such a mess... SAD


----------



## No Trust (14 July 2017)

The court can be fooled, well not by a fool... 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29006214/document/996523


----------



## Mozzi (14 July 2017)

Mozzi said:


> WASTE OF WHOSE MONEY?????




We were being somewhat sarcastic No Trust.  

We know that wherever our money is being spent, and by whom, it is OUR MONEY that we will never see again!


----------



## No Trust (14 July 2017)

Mozzi, very true... Apart from the fact that Tucker and Kennedy deserve everything they get, the receivership with Whyte and the liquidation with Pleash et al, are being run along factional lines. Tucker on one hand and McIvor on the other. 

Tucker is friendly with Whyte and McIvor is friendly with both the liquidator and the firm Russell's who have employed McIvor's lawyer Ashley Tiplady from Nyst Lawyers on the Gokd Coast. (A firm McIvor didn't pay in the end).

Insolvency firms / practitioners do what's in their interest first and make as much money as they can, all sanctioned by the court. Only in extreme cases are they ever brought to account. 

In this instance Tucker has lost his so called moral ground by doing excavtly what he accused McIvor of doing. 

What's worse was the concealment from the investors and the Supreme Court of Queensland. 

Worrells were complicit and morally reprehensible for taking part in such a scam. 

All will be exposed when formal proceedings are commenced. 

Other agencies / authorities will also commence proceedings in the not too distant future I am reliably informed.



Mozzi said:


> We were being somewhat sarcastic No Trust.
> 
> We know that wherever our money is being spent, and by whom, it is OUR MONEY that we will never see again!


----------



## No Trust (14 July 2017)

Tucker Finance Pty Ltd  was incorporated on *16/05/2012* as a Proprietary other at Registrar of Companies.


----------



## No Trust (14 July 2017)

So no longer a Partner eh... Consultant ????????????????????????????????????????????
http://www.tuckercowen.com.au/our-team/


----------



## No Trust (15 July 2017)

What's behind Tucker no longer being listed as a Partner of Tucker and Cowan ???

http://www.tuckercowen.com.au/our-team/


----------



## No Trust (15 July 2017)

*Klan is the Man*

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (15 July 2017)

Anthony Klan's article was a bombshell that continues to reverberate...

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (15 July 2017)

“It was galling for me that he would come down and *act like a smart arse* when *he was taking my house from me*,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (15 July 2017)

So the whole Law Firm has been drawn into this abyss...

(jj) Financial statements and income tax returns of the following persons for the years ended 30 June, *2015 and 2016*:-

(i) *TCS Solicitors* Pty Ltd;

(ii) *Tucker & Cowen solicitors

*
https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/28977661/document/979446


----------



## No Trust (15 July 2017)

What on earth were the rest of the partners in the firm thinking ??? Did they think this was a good idea ??? Did they think this would pass the smell test ???


----------



## No Trust (15 July 2017)

Now *Worrells*..........................................................

Listed as a partner here :

http://worrells.net.au/staff/profiles/B53539FE-ABC6-42C7-A02A-A0B3D3A7C571.pdf

Now a "consultant" here :

http://worrells.net.au/our-team/


----------



## SpatialG (15 July 2017)

No Trust said:


> Mozzi, very true... Apart from the fact that Tucker and Kennedy deserve everything they get, the receivership with Whyte and the liquidation with Pleash et al, are being run along factional lines. Tucker on one hand and McIvor on the other.
> 
> Tucker is friendly with Whyte and McIvor is friendly with both the liquidator and the firm Russell's who have employed McIvor's lawyer Ashley Tiplady from Nyst Lawyers on the Gokd Coast. (A firm McIvor didn't pay in the end).
> 
> ...



Quick question "No Trust" regarding factional lines, I recall a post at #4129 where you suggested MS Asia as possibly meaning Mark & Stacey Asia. Was this inferring a closeness of relationship between Tucker and McIvor?


----------



## SpatialG (15 July 2017)

The faction between Tucker and Whyte is fairly strong. Do a search on "Tucker" in the affidavit of David Whyte dated 19 September 2012 and see how many times the two communicated. See http://equititrust.com.au/Pdfs/Rece...lication for Remuneration (Volume 2 of 3).pdf


----------



## No Trust (16 July 2017)

Hi SpatialG 
Welcome to the Thread. 
I was suggesting that the parties who formed the company i.e. Tucker and Kennedy chose interesting letters as the name of their company... Coincidence ? Me thinks not...  Maybe a subtle poke on their behalf... 



SpatialG said:


> Quick question "No Trust" regarding factional lines, I recall a post at #4129 where you suggested MS Asia as possibly meaning Mark & Stacey Asia. Was this inferring a closeness of relationship between Tucker and McIvor?


----------



## No Trust (16 July 2017)

Nice little fee earner that... Telephone ping pong is a way insolvency practitioners and lawyers pay for nice little ski trips to Japan ... 




SpatialG said:


> The faction between Tucker and Whyte is fairly strong. Do a search on "Tucker" in the affidavit of David Whyte dated 19 September 2012 and see how many times the two communicated. See http://equititrust.com.au/Pdfs/Receiver/Remuneration/Affidavit of David Whyte sworn 19 September 2012 - Application for Remuneration (Volume 2 of 3).pdf


----------



## No Trust (16 July 2017)

It's time the "examinee" "Tucker" is put into the witness box... Something I'm sure he's dreading...


----------



## Breach of Trust (16 July 2017)

Just read this judgement  interesting .

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## SpatialG (16 July 2017)

Breach of Trust said:


> Just read this judgement  interesting .
> 
> http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758



"Breach of Trust" - that is an insightful read. I note with interest the following statements from one of "Tucker's" affidavits; 
44.    If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, I would not seek to have recourse to the assets of the trusts or superannuation fund described above, but rather I would file for bankruptcy.

45.    Nor could I seek to have recourse to the assets of my superannuation fund as the preservation age is 60, and I am currently aged 49, so I cannot draw funds from it for about 11 years.

One can only begin to imagine where "Tucker's" mind is right now - particularly when these statements are combined with entry #4184 above regarding him no longer being a partner of Tucker & Cowen. 

A question that must now be asked is whether he EVER had the best interests of 1620 investor's at heart even when he was on the board?


----------



## No Trust (17 July 2017)

Welcome to the Thread "Breach of Trust"

The Judgment you have posted is beyond *"explosive"* and provides an insight into what we have all *suspected* for a long time...



Breach of Trust said:


> Just read this judgement  interesting .
> 
> http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (17 July 2017)

You make a good point SpatialG as to (_*where Tucker's mind is right now*_)...

*Professional Indemnity Insurance*
There could be *"serious ramifications"* concerning Tucker and Cowan's Professional Indemnity Insurance as a firm and Tucker's personal indemnity insurance as a director of Equititrust, given the current proceedings on foot and foreshadowed proceedings likely to be commenced in the near future.

*Tucker and Cowan*
Has Tucker been benched as a partner of Tucker and Cowan for a reason ?

Is there *disharmony* amongst the partners of the firm ?

Did the other partners of the firm *benefit financially* from the Bank of Scotland "transaction"?

If they did shouldn't they *be examined* as well ?

If they didn't shouldn't they be *distancing themselves* from this scandal and its protagonists ?

The public spotlight on this scandal is going to become *searing *over the next few months whilst Tucker *is examined* and when the *trial commences*.

http://www.qls.com.au/For_the_profe...mes_services/Professional_Indemnity_Insurance

"Every law practice in Queensland *must hold *professional indemnity insurance."

http://www.qls.com.au/Becoming_a_me...ional_benefits/Limitation_of_Liability_Scheme

*Exclusions*
There are a few exclusions to which the Scheme does not apply, being:

ILP’s as corporate entities
Personal injury claims
Fraud, dishonesty, *breach of trust*
Part 9, division 2, subdivision C of the _Land Title Act 1994_ (claims under the Queensland State Government Fidelity Fund for title fraud)

In Para *44* Tucker himself refers to the issue of insurance:

44.    If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and *it is not covered by insurance*, I would *not seek to have recourse to the assets of the trusts* or superannuation fund described above, but rather *I would file for bankruptcy*.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758

As I mentioned in this thread many years ago (_when Equititrust started to implode and a *class action* was mooted by Piper Alderman, *McIvor's Financial Position* became precarious_), banks and financiers start to circle *like proverbial sharks* when they *smell blood* in the water.




SpatialG said:


> "Breach of Trust" - that is an insightful read. I note with interest the following statements from one of "Tucker's" affidavits;
> 44.    If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, I would not seek to have recourse to the assets of the trusts or superannuation fund described above, but rather I would file for bankruptcy.
> 
> 45.    Nor could I seek to have recourse to the assets of my superannuation fund as the preservation age is 60, and I am currently aged 49, so I cannot draw funds from it for about 11 years.
> ...


----------



## No Trust (17 July 2017)

*Take Steps to Frustrate the Collection of Money*
Justice Reeves could not have summed it better below.

To have an officer of the court state *in an affidavit* that they would *declare bankruptcy* in the event of a judgment and frustrate the collection of money *as a reason not to examine him* is mind boggling...

How on earth can the Legal Services Commission tolerate such recalcitrant behaviour ???

Justice Reeves to his credit put him in his place. There is no special law for Tucker FFS...
_
44.    If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, I would not seek to have recourse to the assets of the trusts or superannuation fund described above, but rather *I would file for bankruptcy*._

_45.    Nor could I seek to have recourse to the assets of my superannuation fund as the preservation age is 60, and I am currently aged 49, so I cannot draw funds from it for about 11 years._

*Justice Reeves*
37    Whether or not Mr Tucker is correct in these claims and asserted intentions are matters that the *Liquidators will undoubtedly investigate during his examination* and, *depending on the answers he gives*, will weigh up in deciding whether to pursue any proceeding against him.

However, *I do not consider these statements can be used to prevent the Liquidators examining him* with respect to his ability to meet a judgment in the contemplated proceeding. To do so would be to *accede to the startling proposition* that an examinee under Part 5.9 could foreclose on this area of examination under that Part by making claims in an application of this kind that the Liquidators will gain nothing by pursuing that area or, *if they do succeed to a judgment, that he or she will take steps to frustrate the collection of any monies under that judgment*. If that were the position, the examination power under Part 5.9 *would be significantly hindered*, if not *rendered totally nugatory*.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (17 July 2017)

*Gobsmacking just Gobsmacking*

So Tucker tried to claim this letter from Russell's was an improper reason to Publicly Examine him... I couldn't *think of a better reason* to examine him ???  


In that letter, Mr Russell described *why the Liquidators were seeking to examine him* about the affairs of Equititrust, in the following terms:

_To put the matter in context, the liquidators are seeking to examine you about your role and that of* Mr David Kennedy* in gaining what appears to be a very substantial profit, *derived from an apparently serious breach of your and his fiduciary and statutory duties*. The gross receipts of your scheme are, as you know, at least *$17 million*. With interest, the claim under investigation exceeds *$20 million*. _*The beneficiaries of this claim are the unit holders in the Equititrust Premium Fund*_._

…

The evidence gathered to date shows that *you procured Tuckerloan Pty Ltd to pay one third* of the purchase price of *$2 million* and that *Mr Kennedy paid the balance*. You and Mr Kennedy set up *MS Asia as a nominee Hong Kong company* apparently *to conceal your and his involvement*.



http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (17 July 2017)

I can only laugh at *Tucker's comment* in his affidavit (c) about "(the unnecessarily aggressive nature of their solicitor’s correspondence to me)" boo f#ucking hoo...

Seems right out of Tucker's *own playbook*. Why is he whining like a little b#tch now ??? Oh hang on the shoes on the other foot isn't it...

Cowardly bullies never like it when they're *given their comeuppance*...

*
"17  *  Thirdly, in the penultimate paragraph of his affidavit referred to above, Mr Tucker summarised a number of other concerns he had about the *purposes for which the examination was being pursued* as follows (at paragraph 108):

I am concerned that:

(a)    Russells are promoting this inquiry, and subsequent litigation, on behalf of the McIvor interests, possibly funded in whole or part by the McIvor interests;

(b)    Mr. Russell and Mr. Tiplady may have an undisclosed economic interest in the outcome of the litigation, via EPF Recoveries Pty Ltd;

(c)    That the liquidators have already determined to issue proceedings against me (given the existence of a draft pleading, the failure to make any sensible enquiries of me and *the unnecessarily aggressive nature of their solicitor’s correspondence to me*), such that this examination seems to me to just a cross examination dress rehearsal or an attempt to gain an unfair forensic advantage."


----------



## No Trust (17 July 2017)

*32* 
"Insofar as Mr Tucker is concerned, the examination is particularly directed to his involvement in the transaction that occurred with respect to the debt owed by Equititrust to BOSI.

If it *emerges that Mr Tucker’s conduct*, or that of any other persons in that transaction, *caused Equititrust to breach its duty as trustee*, then it is *plainly in the interests of Equititrust* that *Mr Tucker, *and/or those other persons, *be required to account to Equititrust for their conduct*. "

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (17 July 2017)

Oh boy... Tucker and Kennedy go after *McCart, Roberts and Barrett*, reveal their identities and then think that there wont be any blowback... Mind boggling clowns of the highest order...

This is the Legal and Financial equivalent of Dumb and Dumber...


46    As to the concern expressed in subparagraph (b) of Mr Tucker’s affidavit, Mr Russell explained the role of EPF Recoveries Pty Ltd and his interests in pursuing the examination in the following terms:

3.    My enquiries into the matters before the court began in mid 2014, when I was telephoned by a former director of Equititrust, *Mr Paul Vincent*, a chartered accountant. He said to me that *something was bothering him* and asked if I would come to his office to discuss it. Mr Vincent is an old friend. I went to his office.

4.     Mr Vincent described to me his work for clients, *Messrs McCart, Roberts and Barrett* in their dealings with *Mr Tucker* and *Mr Kennedy*, in relation to their guarantee of a debt owed to Equititrust. Mr Vincent said words to the effect that he had *learnt of the existence of a Hong Kong company*, MS Asia Debt Acquisition Limited, which had acquired securities over the assets held by the Company in a trust known as the Equititrust Premium Fund. *He asked me to look into the matter*. I agreed.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

*Kaboom  Kaboom*

In any event, having received a detailed explanation from Mr Cooper, *on behalf of the Liquidators*, about the nature and effect of the inaccuracies concerned, I accept his submission that, even taking them into account, there is no real dispute on the critical question that *Mr Tucker controls the entities set out in that diagram.*

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

*There could be no other conclusion... *
Common sense, justice and decency has prevailed...

55    For these reasons, I do not consider Mr Tucker has made out an arguable case that either the orders made by Greenwood J, or the orders made by Deputy Registrar Lynch, were obtained for an improper purpose and were therefore an abuse of process. Accordingly, his further amended application must be dismissed.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

Tucker needs to go into the *witness box*, produce *all the documentation* and face his Public Examination / Humiliation...


----------



## No Trust (17 July 2017)

So Tucker *protects his own Superannuation Fund* as set out in *his affidavit *excerpt below 44. and would instead, *rather declare bankruptcy*. But couldn't give a damn about the "many private superannuation funds" who were investors in the EPF...

Tucker's affidavit is an insight into his warped thinking and sense of entitlement... This is an utter disgrace...
_

"In his reasons for judgment, Greenwood J briefly described the circumstances in which that debt was incurred, as follows ([2017] FCA 16 at [19]):_

_[Equititrust] was a money lender operating on the Gold Coast. It was founded by Mr Mark McIvor. It raised funds for that purpose by means of registered managed investment schemes and, relevantly for present purposes, an unregistered trading trust known as the Equititrust Premium Fund (the “EPF”). It has about _*50 members*_ including _*many private superannuation funds*_. [Equititrust] was indebted to [BOSI] in a certain significant amount. The indebtedness was secured by a number of security interests over the assets of the EPF."

*David Tucker's affidavit* in support of application to set aside orders for examination under s 596A and production of documents under s 597(9) of the Corporations Act 2001 (Cth) – 

44. If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, *I would not seek to have recourse to the assets of the trusts or superannuation fund described above*, but rather _*I would file for bankruptcy*_._



http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

I note there was *no denial* by Tucker about the scheme referred to in Russell's letter to him below...




No Trust said:


> *Gobsmacking just Gobsmacking*
> 
> So Tucker tried to claim this letter from Russell's was an improper reason to Publicly Examine him... I couldn't *think of a better reason* to examine him ???
> 
> ...


----------



## No Trust (17 July 2017)

What's important here as well are the *circumstances surrounding David Whyte* from *BDO* the *receiver of the Equititrust Income Fund* and what if any work he gave Tucker, whilst the MS Asia Scheme was hatched and executed... If legal work was being given to Tucker I see this as a gross conflict of interest.

Given the facts that have currently been unearthed, examination needs to be made as to whether *any other beneficial interests* were obtained as a result of any work undertaken for Whyte...

Did David Whyte know anything about *MS ASIA* ?

Did Tucker disclose anything to David Whyte regarding the purchase of the Bank of Scotland Debt ?


----------



## No Trust (17 July 2017)

*David Tucker's Bankruptcy Threat*
Tuckers threatened little poison pill to commit Financial Hari Kari, didn't cut it in the Federal Court. Justice Reeves saw right through it. The gall to make a statement like this was also not lost on Justice Reeves...




*David Tucker's affidavit*_ in support of application to set aside orders for examination under s 596A and production of documents under s 597(9) of the Corporations Act 2001 (Cth) – 

44. If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, _*I would not seek to have recourse to the assets of the trusts or superannuation fund described above*_, but rather _*I would file for bankruptcy*_._
*

Justice Reeves*
However, *I do not consider these statements can be used to prevent the Liquidators examining him* with respect to his ability to meet a judgment in the contemplated proceeding. To do so would be to *accede to the startling proposition* that an examinee under Part 5.9 could foreclose on this area of examination under that Part by making claims in an application of this kind that the Liquidators will gain nothing by pursuing that area or, *if they do succeed to a judgment, that he or she will take steps to frustrate the collection of any monies under that judgment*. If that were the position, the examination power under Part 5.9 *would be significantly hindered*, if not *rendered totally nugatory*.


http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

Sipping *Champagne* One Day Threatening, *Bankruptcy* the Next...




_44. If the liquidators sue me, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, _*I would not seek to have recourse to the assets of the trusts or superannuation fund described above*_, but rather _*I would file for bankruptcy*_.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758_


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## No Trust (17 July 2017)

According to Tucker the *EPF Unitholders* have "*no rights"* as creditors and to pursue a claim for the benefit of unitholders by publicly examining him would result in an *abuse of process*...

Justice Reeves did not agree with Tucker...

In his written submissions on this issue, *Mr Tucker* contended:

30.    The liquidators assert that they are taking the action on behalf of the unitholders in the EPF. The constitution of the EPF provided for the redemption of units upon request by the unitholders (clauses 6.1 and 6.2) and for *suspension of the right to withdraw* (by clauses 6.7 - 6.9).

31.    *Redemptions from the fund were suspended in about 2008-2009*. They have *no right - present or contingent - to prove in the insolvency of the company*. The unitholders *are not creditors *within the meaning of Chapter 5 of the _Corporations Act_.

32.    Because the liquidators’ purpose - to pursue *a claim for the benefit of the unitholders* in the EPF - cannot be characterised as one for the benefit of contributories or creditors, it must be regarded as a purpose foreign to the power to examine. It follows that the *examination of Mr Tucker* is an *abuse *of *process*.

*Justice Reeves*
32    In this matter, Equititrust was the trustee of the unregistered trading trust EPF. The examination being pursued by the Liquidators concerns, in part, the discharge of Equititrust’s role as trustee of that trust.

Insofar as *Mr Tucker is concerned*, the examination is particularly directed to his involvement in the transaction that occurred with *respect to the debt owed by Equititrust to BOSI*.

If it emerges that *Mr Tucker’s conduct*, or that of any other persons *in that transaction*, *caused Equititrust to breach its duty as trustee*, then it is *plainly in the interests of Equititrust that Mr Tucker,* and/or those other persons, *be required to account to Equititrust for their conduct*. That being so, the_* fact that the unit holders in the EPF may coincidentally benefit from any proceeding*_ taken by Equititrust to achieve that accounting *does not*, in my view, mean that the Liquidators are conducting the examination for an improper purpose.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


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## No Trust (17 July 2017)

Shouldn't Tucker be representing himself or appointing an *Independent Law Firm* rather than having *Tucker and Cowan* represent him. They are listed in the Federal Court proceedings as the lawyers on record for him...
I would think the equity partners of Tucker and Cowan would want to distance themselves from this matter involving their former partner and now "Consultant"...


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## No Trust (17 July 2017)

Worrells participation in this "scheme" as Russell's describe it, will get thoroughly investigated by the relevant Regulatory Authorities... How can the National Partners of Worrells accept their participation in this scandal...

Being *so called* Insolvency Professionals they understand their Statutory Obligations and to knowingly participate in this scandalous transaction is *abhorrent*, especially considering the pain the investors of Equititrust have suffered...


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## No Trust (17 July 2017)

If you look at the Tucker and Cowan *Website*, there is now a new category under "*OUR TEAM*" for *Consultants*...

What's behind the precipitancy of the establishment of this "new category".

What's going on ???

Maybe Tucker and Cowan should issue a statement as to why one of the founding members of the firm has *suddenly* become a "Consultant"...


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## No Trust (17 July 2017)

*Interesting Stuff !!! *Bloody good to know...

David Tucker

Consultant

*Professional experience*
David has practiced in commercial law, commercial litigation and insolvency law for more than 20 years. He established the firm in 1998.

David has a high level of experience in all aspects of commercial litigation and corporate transactions. He is well versed in the areas of company law, partnership disputes, insolvency and banking and finance litigation. David’s extensive experience across a range of industries sees that he is well placed to advise on the legal and commercial issues *affecting his clients’ businesses*.

David advises business owners, directors, shareholders, insolvency practitioners and creditors on all aspects of the *Corporations Act* relating to *directors’ duties and liabilities*, management disputes, shareholders disputes, *corporate governance*, solvency issues and asset protection and structuring matters.

http://www.tuckercowen.com.au/our-team/consultant/


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## SpatialG (17 July 2017)

So "Tucker" feels that unitholders are technically not creditors...

31. *Redemptions from the fund were suspended in about 2008-2009*. They have *no right - present or contingent - to prove in the insolvency of the company*. The unitholders *are not creditors *within the meaning of Chapter 5 of the _Corporations Act_.

32. Because the liquidators’ purpose - to pursue *a claim for the benefit of the unitholders* in the EPF - cannot be characterised as one for the benefit of contributories or creditors, it must be regarded as a purpose foreign to the power to examine. It follows that the *examination of Mr Tucker* is an *abuse *of *process*.

I wonder if he was thinking that when he


No Trust said:


> Now if Tucker was doing any work for Equititrust receiver David Whyte whilst also having a beneficial interest in the EPF debt, then David Whyte *needs to be transparent* and issue a report addressing the matter on the Equititrust Website.
> 
> Conflict of interest is a serious matter and in this case if it occurred needs to be reported to ASIC and relevant professional bodies...
> 
> Just because your mates on Facebook, doesn't preclude the proper administration of professional ethics...





"No Trust" I've been reading "David Whyte's" affidavits to the courts seeking endorsement of payment for services and the number of meetings, emails, phone calls, legal proceedings, land transactions etc conducted between Whyte (BDO), Tucker and Kennedy or their associates and employees is remarkable.
See
http://equititrust.com.au/Pdfs/Rece...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
http://equititrust.com.au/Pdfs/Rece...lication for Remuneration (Volume 2 of 3).pdf


No Trust said:


> What's important here as well are the *circumstances surrounding David Whyte* from *BDO* the *receiver of the Equititrust Income Fund* and what if any work he gave Tucker, whilst the MS Asia Scheme was hatched and executed... If legal work was being given to Tucker I see this as a gross conflict of interest.
> 
> Given the facts that have currently been unearthed, examination needs to be made as to whether *any other beneficial interests* were obtained as a result of any work undertaken for Whyte...
> 
> ...





The following is quoted from financial acquittal contained within David Whyte's sworn affidavit 19 September 2012 

The transaction is dated 07/06/2012 "Reviewed/executed agreement with Tucker & Cowen regarding ongoing provision of legal services"


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## SpatialG (17 July 2017)

I was just reading another David Whyte Affidavit for a claim for payment dated 2/11/2015 and David Whyte has included the following claim for payment dated 11/08/2015; 

*"Reviewed correspondence from our solicitors and the costs assessor regarding Tucker SF costs and current status of assessment"* 

This raises a few questions; *Firstly,* were payments going to Tuckers superannuation fund? *Secondly*, if this was the case and David Whyte had to review it, why is that a cost that should be borne by creditors of Equititrust? *Thirdly,* is this indicative of a falling out between Whyte and Tucker?


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## No Trust (17 July 2017)

SpatialG its *finally good* to have some teamwork on this thread... Great analysis of the affidavits of David Whyte...

David Whyte *needs to come clean* as to his involvement with *Tucker and Kennedy*... If both were providing services to *Whyte and BDO* while they were hatching their little scheme regarding the Bank of Scotland Debt then this was a *gross Conflict of Interest*...

Tucker *should not have been employed* to provide legal services and *Whyte knew that*, yet he flicked work to a *former director* and *lawyer of the company* who was already under a cloud of *Conflict of Interest...*

Tucker and Kennedy's possible involvement with the Income Funds Assets under Whyte's control needs to be *Investigated*...

Whyte needs to *immediately explain* to the investor's of the *Equititrust Income Fund* what Tucker and Kennedy's involvement was, given what's been unearthed regarding the EPF.

If they have provided legal services, consultancy or *in any way dealt with fund assets*, the outcomes need to *immediately be provided to the investors* by way of a statement on the Equititrust Website.

Whyte needs to tell investors *whether he knew about Tucker and Kennedy's involvement in MS ASIA* and the *Bank of Scotland Debt*...

If he doesn't, then maybe the *Liquidator* and *Russell's* have another front to investigate... 



SpatialG said:


> So "Tucker" feels that unitholders are technically not creditors...
> 
> 31. *Redemptions from the fund were suspended in about 2008-2009*. They have *no right - present or contingent - to prove in the insolvency of the company*. The unitholders *are not creditors *within the meaning of Chapter 5 of the _Corporations Act_.
> 
> ...


----------



## No Trust (17 July 2017)

All very good questions SpatialG... again *great* forensic work...

Seriously *WTF* is Whyte dealing with Tucker's Superfund??? This sets off alarm bells !!! 

Tucker's superfund was an investor in the EIF. Other *investors lost their money*, yet Tucker was *given legal work* and *obviously paid*. Other investors didn't get a chance to work for the receiver and earn an income... Some investors *couldn't even get a pension* for gods sake...

The fact that Tucker's superfund was an investor *should have precluded Tucker from any involvement* with the receivership and Whyte...

Please don't tell me that his superfund some how received some form of preferential payment that other investor's didn't...

This *transaction needs explaining* and Whyte needs to *outline how much he paid Tucker in legal fees* and *how much* if anything was paid to Kennedy...



SpatialG said:


> I was just reading another David Whyte Affidavit for a claim for payment dated 2/11/2015 and David Whyte has included the following claim for payment dated 11/08/2015;
> 
> *"Reviewed correspondence from our solicitors and the costs assessor regarding Tucker SF costs and current status of assessment"*
> 
> This raises a few questions; *Firstly,* were payments going to Tuckers superannuation fund? *Secondly*, if this was the case and David Whyte had to review it, why is that a cost that should be borne by creditors of Equititrust? *Thirdly,* is this indicative of a falling out between Whyte and Tucker?


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## SpatialG (17 July 2017)

No Trust said:


> SpatialG its *finally good* to have some teamwork on this thread... Great analysis of the affidavits of David Whyte...
> 
> David Whyte *needs to come clean* as to his involvement with *Tucker and Kennedy*... If both were providing services to *Whyte and BDO* while they were hatching their little scheme regarding the Bank of Scotland Debt then this was a *gross Conflict of Interest*...
> 
> ...





Your welcome "No Trust" - By the way, did you happen to see the similarities between EquitiTrust and the CEC Group on 60-minutes last night? Same tactics used by CBA in both cases - i.e., extend credit for expansion purposes, then demand repayment within unconscionable time frames. In EquitiTrusts case the demand of CBA for repayment of $90m in May 2008 precipitated the freezing of the EIF in October 2008. Cate Carnell, the Small Business Ombudsman spoke very well on the program last night about unethical, immoral and wrong behaviour by CBA. In the case of CEC Group the results were devastating to the Cairns region in much the same way that the collapse of EquitiTrust was to the Gold Coast.


----------



## No Trust (17 July 2017)

*Affidavit of David Whyte  19 September 2012.

5/06/2012*
Want,
Andrew

Print out invoices and supporting documentation. *begin processing payments to Tucker & Cowen
---------------------------------------------------------------------------------------------------------------

07/06/2012*
Somerville,
John

Email to Arthur Taylor *re analysis of Tucker & Cowen invoices*

http://www.equititrust.com.au/Pdfs/...lication for Remuneration (Volume 2 of 3).pdf


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## No Trust (17 July 2017)

No didn't see it, but will make sure I watch it.

In Equititrust's case however, CBA made a call based on a number of factors. The *quality of the loan book* was one of the factors.

Having a *$50M Plus* exposure to "*King Con*" I'm sure didn't endear the risk assessors, nor did having McIvor at the helm of the company whilst he was *speculating in property personally* and remaining the *sole shareholder*. The intermingling of McIvor's personal and business interests also raised serious concerns amongst lenders... 



SpatialG said:


> Your welcome "No Trust" - By the way, did you happen to see the similarities between EquitiTrust and the CEC Group on 60-minutes last night? Same tactics used by CBA in both cases - i.e., extend credit for expansion purposes, then demand repayment within unconscionable time frames. In EquitiTrusts case the demand of CBA for repayment of $90m in May 2008 precipitated the freezing of the EIF in October 2008. Cate Carnell, the Small Business Ombudsman spoke very well on the program last night about unethical, immoral and wrong behaviour by CBA. In the case of CEC Group the results were devastating to the Cairns region in much the same way that the collapse of EquitiTrust was to the Gold Coast.


----------



## No Trust (17 July 2017)

Worth having another *read*...



No Trust said:


> So Tucker and Cowan were unsecured creditors to the tune of *501,553*  -  *Page 931*
> 
> http://u.b5z.net/i/u/10199052/f/Exhibit_10_Affidavit_8_July_2013_Paul_Wood.pdf
> 
> ...


----------



## No Trust (17 July 2017)

Further as an unsecured creditor Tucker and Cowan *should not* have been let near the EIF.

As an investor in the funds *via Tucker SF*, Tucker *should have been precluded* for acting in any way for Whyte.

The fact that he was a *director* and the *Company l*awyer, should have been the *nail in the coffin*.

How many *layers of conflict of interest* was Whyte willing to endure ???

Meanwhile ulterior motives were being executed against the EPF...

Does the analogy "*Giving "Dracula*" the keys to the blood bank" ring any bells ? 

*THIS WAS A JOKE*


----------



## SpatialG (17 July 2017)

No Trust said:


> *Affidavit of David Whyte  19 September 2012.
> 
> 5/06/2012*
> Want,
> ...





"No Trust" Ive taken the privilege of doing a search on the word "Tucker" in this single Affidavit of David Whyte and his name David Tucker's name or a representation via "Tucker & Cowen" returns 166 hits.


No Trust said:


> Further as an unsecured creditor Tucker and Cowan *should not* have been let near the EIF.
> 
> As an investor in the funds *via Tucker SF*, Tucker *should have been precluded* for acting in any way for Whyte.
> 
> ...





A Quick summary to gain an approximate $ value of fees charged by David Whyte and his staff at BDO is as follows;

Remuneration 22 Nov 2011 to 31 August 2012 is $841,000.60
Remuneration 21 Nov 2011 to 31 August 2012 is $837,103.85
Remuneration 01 Sept 2012 to 30 April 2013 is $842,843.10
Remuneration 1 May 2013 to 31 October 2013 is $667,795.70
Remuneration 1 Nov 2013 to 30 April 2014 is $503,435.35
Remuneration 1 May 2014 to 31 January 2015 is $573,226.50
Remuneration 1 Feb to 30 September 2015 is $356,952.20
Remuneration 1 Oct 2015 to 31 October 2016 is $329,503.35
Grand Total = $4,110,860.05

It would be nice to see how much Tucker & Cowen were paid for legal and other services.


----------



## No Trust (17 July 2017)

SpatialG, your work is impressive...

I think Whyte has an *obligation to let the investors of the EIF know* how much was paid to Tucker and his bosom buddy David Kennedy and what their "full" involvement in the EIF was...

Given their involvement in the EPF and current proceedings on foot, Whyte needs to stop being *Tucker's Facebook Buddy* and start being *a friend of the EPF investors* and be transparent about Tucker's total involvement and fees paid to him.

The *Tucker SF* fees also need to be explained by Whyte...

From what I understand *no other investor* who lost money in the EPF was offered work by David Whyte and BDO... Why was Tucker ???




SpatialG said:


> "No Trust" Ive taken the privilege of doing a search on the word "Tucker" in this single Affidavit of David Whyte and his name David Tucker's name or a representation via "Tucker & Cowen" returns 166 hits.
> 
> 
> 
> ...


----------



## SpatialG (17 July 2017)

This sworn Affidavit of David Whyte 31 May 2013  provides some intriguing insights.

On 06/12/2012 *$672* was charged by David Whyte for reimbursement out of EIF. *"Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."*  We now have David Kennedy's name appearing.

On the same day John Somerville charged *$552.50* and David Whyte a further *$896* for *"Meeting with David Tucker regarding outstanding litigation matters against borrowers etc. meeting with Tucker a Cowen regarding Spottiswood proceedings/status of Walsh matter Leading to trial/status of claims against valuer"*

I'm going to have to do some cross referencing now to other critical events on the timeline.


----------



## SpatialG (17 July 2017)

While continuing to look at the sworn Affidavit of David Whyte 31 May 2013, some questions may need to be asked of John Somerville as well; and the plot thickens with regards David Kennedy and David Tucker.

17.10.12 he charged $85 for *"Preparation for meeting with David Tucker and David Kennedy regarding Handley Heights and Resort Corp securities."
*
17.10.12 Somerville further charged $1020- for *"Meeting with David Tucker, David Kennedy and David Whyte regarding various loans and securities including Handley Heights, Resort Corp, Newton, Hardy and Hayes.*"

17.10.12 David Whyte charged $1624- presumably for attending the same meeting noted as *"meeting with Tucker & Cowen and David Kennedy regarding several loan matters/priority positions/realisation of assets."*

13.11.12 David Whyte charged $56-  to; *"reviewed correspondence from David Kennedy in respect of National Resorts loan statements/email Arthur Taylor in respect of same."*

15.11.12 David Whyte charged $56- to; *"reviewed correspondence from Arthur Taylor in respect of National Resorts loan and information to be provided to David Kennedy."* 

15.11.12 David Whyte charged a further $112- to; *"reviewed correspondence from Arthur Taylor regarding National Resorts loan/sent reply in relation to drafting response to David Kennedy and further information to be provided."*

29.11.12 David Whyte charged $168- to; *"reviewed correspondence from David Kennedy and comments from Arthur Taylor in respect of National Resorts loan and priorities/fwd to Gadens in respect of cross collateralisation deed."*

29.11.12 Interestingly, John Somerville charged $170- for; *"Meeting with Dudley Quinlivin regarding guarantee."*

06.12.12 David Whyte charged $672- for; *"reviewed correspondence and documentation in relation to National Resorts and Handley Heights Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."*

19.12.12 David Whyte charged $56- for; *"telecon with Arthur Taylor regarding draft letter prepared by Gadens to David Kennedy in respect of National Resorts loan."
*
19.12.12 David Whyte charged a further $112- for;* "reviewed draft letter prepared by Gadens to David Kennedy in respect of National Resorts loans and priority issues." 
*
11.01.13 David Whyte charged $336- for; *"Drafted email to David Kennedy in relation to offer for Bowen property/valuation/sent to Gadens for review."*

14.01.13 David Whyte charged $56- for; *"reviewed email from Gadens in respect of draft email to David Kennedy in respect of sale of Bowen property/valuation of same/amended and sent email to David Kennedy."*

14.01.13 David Whyte charged a further $56- for; *"reviewed email from David Kennedy regarding offer for Bowen property/fwd to Gadens."*

15.01.13 David Whyte charged $112- for; *"reviewed correspondence from David Kennedy in relation to sale of Bowen property and priority position/sent response/fwd email to Gadens."*

I think the point is very clear about relationship and transactions. There are a further 11 quotes where David Kennedy's name appears but for brevity won't quote them all.
*
Although, this is an interesting one*; 11.04.13 David Whyte "reviewed email from *David Kennedy acting on behalf of the EPF*/sent response in relation to *priority position* of National Resorts and Western Lands loans"

I'm uncertain as to how David Kennedy could be acting on behalf of EPF?

Now the plot thickens; 

15.04.13 David Whyte charges $168- because he "reviewed *note* from *David Kennedy* in relation to *dealings with Geoff Booth*/contradictions to *Mclvor's* and *Booth's* affidavits."

Almost seems like David Whyte has taken sides?


----------



## No Trust (17 July 2017)

So the EPF is now making an appearance in the BDO billing and Affidavit of David Whyte.... 

The Liquidator and their lawyers Russell's need to ask David Whyte whether Tucker and Kennedy declared their interest in the EPF... 

Tucker was earning money hand over fist at all angles... This was a win, win, win, win, win for for him and Kennedy... 


https://news.vice.com/story/donald-trump-says-billions






SpatialG said:


> This sworn Affidavit of David Whyte 31 May 2013  provides some intriguing insights.
> 
> On 06/12/2012 *$672* was charged by David Whyte for reimbursement out of EIF. *"Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."*  We now have David Kennedy's name appearing.
> 
> ...


----------



## No Trust (17 July 2017)

Brilliant work again SpatialG, where have you been all these years 

You may have provided us the answer as to whether David Whyte knew about MS Asia...

This may be the smoking gun...The  Liquidator and Russell's need to look at this...

"*Although, this is an interesting one*; 11.04.13 David Whyte "reviewed email from *David Kennedy acting on behalf of the EPF*/sent response in relation to *priority position* of National Resorts and Western Lands loans""

How on earth could Kennedy be representing the EPF, without disclosure as to a beneficial interest to Whyte as the 
Receiver of the EPF. 

Yet here they are discussing / negotiating a priority position that would affect the investors of the EIF... 


David Whyte has a lot of explaining to do... 

Something stinks here... 



SpatialG said:


> While continuing to look at the sworn Affidavit of David Whyte 31 May 2013, some questions may need to be asked of John Somerville as well; and the plot thickens with regards David Kennedy and David Tucker.
> 
> 17.10.12 he charged $85 for *"Preparation for meeting with David Tucker and David Kennedy regarding Handley Heights and Resort Corp securities."
> *
> ...


----------



## No Trust (17 July 2017)

McIvor and Booth are buddies, both deserve what they got. 

There does however seem to be partisan divides where retribution and patronage was dished out according to who maintained power at that time. 

There seems to have been a diametric shift in that power now and retribution is deservedly flowing the other way...


----------



## No Trust (17 July 2017)

What is certain to me now is that whoever has had a grudge against McIvor or Tucker  does not need to do anything, except sit on the sidelines and watch them destroy each other... 

What will happen though is that others will be drawn into this vortex... Beware who you do business with... 

Get your popcorn everyone, this is going to be a wild ride over the coming months...


----------



## No Trust (17 July 2017)

If Tucker does make good on his threat and does declare bankruptcy, he better be stopped from trying to appoint Worrells and or David Whyte from BDO...


----------



## SpatialG (17 July 2017)

No Trust said:


> Note to liquidator's counsel : Was anyone *else* or any other *entity* or *investor* of the *EPF* a party to the Tucker / Kennedy deal ?




I think we know the answer to this "No Trust"? David Whyte perhaps?


----------



## No Trust (17 July 2017)

It's now clear to all, even the blind, that ASIC needs to intervene and investigate the administration of the EPF as well as the David Whyte administered EIF.

Wherever you look Tucker and Kennedy's fingerprints are everywhere... Why ??? 

They have been treated like ethereal beings with privilege over all Equititrust Investors...

Fiduciary and Statutory Duties didn't apply to Tucker and Kennedy it seems and Worrells and BDO were complicit... 

In the dying days of Equititrust Tucker even made an application to the court via his superfund to have a receiver appointed. One that Tucker chose of course not one that the court would appoint...

ASIC intervened and petitioned the court for someone independent. Given this background and the cloud of conflict of interest hanging over his head the two so called insolvency practitioners BDO and Worrells let him and Kennedy run rampant in what's emerged to be a vociferous feeding frenzy of unbridled greed on the carcass of Equititrust and what remained of investors life savings and dreams,whilst the appointed custodians just stood by and watched...

Some custodians ha...


----------



## SpatialG (17 July 2017)

Does anyone know if this is the one and same Mr. David Tucker appointed to the Administrative Appeals Tribunal on the 28th of June 2017 by the Attorney General George Brandis? 

https://www.attorneygeneral.gov.au/...s-to-the-Administrative-Appeals-Tribunal.aspx

If this were proven to be the case, one would have to question to value of the Attorney General's advisor's........ It's in Australia's best interests that there are two Mr. David Tucker's......associated with the legal profession.


----------



## No Trust (17 July 2017)

David Whyte needs to explain a lot to the EIF investors.

He needs to disclose whether he knew Tucker and Kennedy had a beneficial interest in MS ASIA whilst giving them work on behalf of the EIF. 

If he did, the rest will unravel itself. Russell's, I think given their current performance to date will link this to their Public Examination. 

I would be surprised if they didn't question Tucker about this at his Public Examination / Humiliation... which will go ahead. 

Simple question. Did you advise David Whyte or BDO of your beneficial interest in MS ASIA ? If so, on which date ? 

Did David Whyte or BDO identify and outline a conflict of interest to you ? 

Maybe the Liquidator's write to David Whyte for clarification on this topic... 

David Whyte should be "formally" called to give evidence as well, as it's clear now the two matters are intrinsically interlinked with the same protagonists... 



SpatialG said:


> I think we know the answer to this "No Trust"? David Whyte perhaps?


----------



## SpatialG (17 July 2017)

No Trust said:


> It's now clear to all, even the blind, that ASIC needs to intervene and investigate the administration of the EPF as well as the David Whyte administered EIF.
> 
> Wherever you look Tucker and Kennedy's fingerprints are everywhere... Why ???
> 
> ...




"No Trust" the name David Clout is mentioned several times in Affidavit's of David Whyte that I was going through earlier today.  I would need to revisit those documents to determine context, but it is appearing that there are well established relationships at play here. Wasn't David Clout the preferred receiver David Tucker was attempting to have appointed?


----------



## No Trust (17 July 2017)

No need to fear it was a NSW Appointee, of the same name 

http://www.aat.gov.au/AAT/media/AAT/StatutoryAppointments.pdf



SpatialG said:


> Does anyone know if this is the one and same Mr. David Tucker appointed to the Administrative Appeals Tribunal on the 28th of June 2017 by the Attorney General George Brandis?
> 
> https://www.attorneygeneral.gov.au/...s-to-the-Administrative-Appeals-Tribunal.aspx
> 
> If this were proven to be the case, one would have to question to value of the Attorney General's advisor's........ It's in Australia's best interests that there are two Mr. David Tucker's......associated with the legal profession.


----------



## No Trust (17 July 2017)

You are absolutely correct... 

Serious feeding frenzy...



SpatialG said:


> "No Trust" the name David Clout is mentioned several times in Affidavit's of David Whyte that I was going through earlier today.  I would need to revisit those documents to determine context, but it is appearing that there are well established relationships at play here. Wasn't David Clout the preferred receiver David Tucker was attempting to have appointed?


----------



## SpatialG (17 July 2017)

No Trust said:


> No need to fear it was a NSW Appointee, of the same name
> 
> http://www.aat.gov.au/AAT/media/AAT/StatutoryAppointments.pdf



Thanks "No Trust"....... Faith restored somewhat......


----------



## No Trust (18 July 2017)

*Has the principle below been pissed up against the wall as far as Equititrust investors are concerned ?

This "SCANDAL" will precipitate charges being laid and legislative change in regard to the manner in which insolvency practitioners avoid conflict of interests and conduct insolvency appointments. 
*
There is currently a team of investigative journalists working to bring this story to national prominence.  Every move, every hearing is being meticulously documented and filed affidavits, exhibits extrapolated. 

*The Forgotten Principle 
"Fiduciary*. An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an *obligation* to act for another's benefit."


----------



## No Trust (18 July 2017)




----------



## No Trust (18 July 2017)




----------



## No Trust (18 July 2017)

*Dissipation of Assets*
Given the fact that MS Asia is a Hong Kong based company, how much of the loot has been transferred offshore ???

I'm sure the liquidator will explore that avenue of investigation...

"Fiduciary" does mean you have to give it back...


----------



## No Trust (18 July 2017)

From the feedback I have received today from various sources in both the *media* and *business *communities, its para's *44.* and *45.* below which have blown people away.

The *temerity* to make such a statement in a sworn affidavit *blew people away* as it did Justice reeves below...

36    Given the breadth of the general ambit of an examination under Part 5.9, I *see no reason why* these observations *do not apply equally to Mr Tucker’s examination* to allow his examination to extend to include the identification of his ability to satisfy any judgment that may be obtained against him. Indeed, in his submissions on this issue, Mr Tucker seemed to accept this was so because he claimed that, in any event, he did not have any financial interest in any of the companies or trusts listed in the orders of Deputy Registrar Lynch. Furthermore, in one of his affidavits filed in support of his application, he stated:

44.    *If the liquidators sue me*, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and it is not covered by insurance, I *would not seek to have recourse to the assets of the trusts or superannuation fund* described above, but *rather I would file for bankruptcy.*

45.    Nor could I seek to have recourse to the assets of my superannuation fund as the preservation age is 60, and I am currently aged 49, so I cannot draw funds from it for about 11 years.

37    Whether or not Mr Tucker is correct in these claims and asserted intentions are matters that the Liquidators will undoubtedly investigate during his examination and, depending on the answers he gives, will weigh up in deciding whether to pursue any proceeding against him. However, *I do not consider these statements can be used to prevent the Liquidators examining him* with respect to his ability to meet a judgment in the contemplated proceeding. To do so would be to accede to the *startling proposition* that an examinee under Part 5.9 could foreclose on this area of examination under that Part by making claims in an application of this kind that the *Liquidators will gain nothing by pursuing that area or*, if *they do succeed to a judgment*, that *he or she will take steps to frustrate the collection of any monies under that judgment*. If that were the position, the examination power under Part 5.9 would be* significantly hindered*, if *not rendered totally nugatory*.


http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (18 July 2017)

ASIC, its time to get involved...


----------



## No Trust (18 July 2017)

David Whyte

Please answer this question on behalf on the EIF Investor's.

Did any transaction with either *David Tucker* or *David Kennedy*, be it by way of *priority position* *ceded* to the EPF or *otherwise *result in a diminished return to the EIF investors ? 



No Trust said:


> Brilliant work again SpatialG, where have you been all these years
> 
> You may have provided us the answer as to whether David Whyte knew about MS Asia...
> 
> ...


----------



## SpatialG (18 July 2017)

No Trust said:


> ASIC, its time to get involved...



What are your thoughts "No Trust" as to why ASIC should get involved? Are you thinking administrative, civil or criminal?


----------



## No Trust (18 July 2017)

David Whyte

Did you know *Tucker and Kennedy had a beneficial interest* in *MS ASIA* whilst giving them work on behalf of the EIF ?

ASIC needs to *commence an investigation*, as I'm sure all concerned will now go underground whilst the lawyers are hovering and knocking on the door.

Given the liquidator's gathered information to date, maybe they can *guide ASIC* and force Whyte and BDO to *give an honest answer* to the investor's of the EPF.




No Trust said:


> David Whyte needs to explain a lot to the EIF investors.
> 
> He needs to disclose whether he knew Tucker and Kennedy had a beneficial interest in MS ASIA whilst giving them work on behalf of the EIF.
> 
> ...


----------



## SpatialG (18 July 2017)

No Trust said:


> David Whyte
> 
> Did you know *Tucker and Kennedy had a beneficial interest* in *MS ASIA* whilst giving them work on behalf of the EIF ?
> 
> ...




"No Trust" I would suggest ASIC are watching closely.  However, they may have formed a "wait and see" approach to assess how much more evidence is likely to come out through the examinable affairs. What are your thoughts?


----------



## No Trust (18 July 2017)

This may shed some light on the matter...

Its up to ASIC to *enforce the law as its sits*, however it could be a combination of all three...

https://www.lsc.qld.gov.au/__data/a...conflicts-of-interest-symposium-15-mar-07.pdf



SpatialG said:


> What are your thoughts "No Trust" as to why ASIC should get involved? Are you thinking administrative, civil or criminal?


----------



## No Trust (18 July 2017)

I agree totally...

I will say though, *ASIC are definitely involved* now...

I think all the protagonists are aware of that and *are now in panic mode*. They will have to reveal all sooner or later.

If the interests of the investor's in the *EPF* and the *EIF *were compromised and the insolvency practitioners / firms were complicit / negligent, I suggest that *new litigation fronts will open up soon, if they haven't already...*
The indemnity insurance will be attacked in a similar manner that Amanda Banton attacked Equititrust's insurance.

Tucker even alludes to it himself in his affidavit:

44. *If the liquidators sue me*, and I suffer a judgment against me in the sums alleged by the liquidators’ solicitors, or indeed a fraction of those amounts, and *it is not covered by insurance*, I *would not seek to have recourse to the assets of the trusts or superannuation fund* described above, but *rather I would file for bankruptcy.*




SpatialG said:


> "No Trust" I would suggest ASIC are watching closely.  However, they may have formed a "wait and see" approach to assess how much more evidence is likely to come out through the examinable affairs. What are your thoughts?


----------



## No Trust (18 July 2017)

Practical Guidance So far the “practical guidance” arising from these cases is somewhat limited, however, the cases give us more guidance than that. It is clear that *a practitioner who starts a deliberate path of deception can get off the escalator at any point*.

The longer you leave it, *the higher the fall*.
QLD LAW SOCIETY - ETHICS CENTRE



SpatialG said:


> What are your thoughts "No Trust" as to why ASIC should get involved? Are you thinking administrative, civil or criminal?


----------



## No Trust (18 July 2017)

Given Worrells involvement and Public Examination of Michael Peldan by the Liquidator, I am certain the strategy will be to join *Peldan and Worrells in any claim against Tucker and Kennedy*. The indemnity insurance of the firm will at stake, given the quantum of the claim...


----------



## No Trust (18 July 2017)

*Background*

Equititrust was incorporated on 18 August 1993 and was placed into voluntary administration on 15 February 2012.  The creditors of Equititrust resolved that the company should be placed into liquidation on 20 April 2012.

Equititrust held an Australian Financial Services Licence (*AFSL*) and was the responsible entity of two registered schemes, the Equititrust Income Fund (*EIF*) and the Equititrust Priority Class Income Fund (*EPCIF*).  It was also trustee of an unregistered managed investment scheme, called the Equititrust Premium Fund (*EPF*). 

The voluntary administrators of Equititrust reported that as at the date of their appointment:


EIF had about 1620 unitholders who were owed approximately $203.6 mil.
*EPF had about 38 unitholders who were owed approximately* *$56.7 mil*; and
EPCIF had 5 unitholders and held no tangible assets.
Mr McIvor was made bankrupt on 28 November 2012.

http://asic.gov.au/about-asic/media...asic-permanently-bans-former-equititrust-ceo/


----------



## No Trust (18 July 2017)

McIvor is in the *ASIC Hall of Fame*... Others will soon follow...


----------



## SpatialG (18 July 2017)

No Trust said:


> This may shed some light on the matter...
> 
> Its up to ASIC to *enforce the law as its sits*, however it could be a combination of all three...
> 
> https://www.lsc.qld.gov.au/__data/a...conflicts-of-interest-symposium-15-mar-07.pdf




Interesting article "No Trust." Noting that Tucker provided legal services to EquitiTrust for nearly a decade, surely he must have have known the "lie of the ground" as to the alleged culture and behaviours within the company, particularly McIvor.  

With that in mind and noting the paper you have posted is it possible that he became conflicted with personal interest when investing some of his Superannuation.  

It follows does it not, that he would have had deep knowledge of the assets of the company and could now be accused of successive conflict by securing benefit out of distressed assets of which he contributed to distressing. Perhaps a long bow, but I'm wondering why he was so hell-bent on calling in the receiver's for the alleged purpose of protecting the investor's assets, when in reality we know how much the investors have received compared to what the myriad insolvency practitioners have made while feeding on the carcass.


----------



## No Trust (18 July 2017)

Tucker was *conflicted from the very outset*, when he became a director and was then described as an *Independent Director*, which was then clarified on the Equititrust website when the premise was challenged by me on this thread.

Look what that *conflicted director* has done with the *CEO* using their confidential knowledge since then ...

In terms of wanting to appoint a receiver, *its all about control*. Someone was going to appoint so its *better to have someone you can control* and or owes you favours.

None of these appointments *are above board* because all these guys know each other and feed off the carcass that emerges in the corporate jungle...

Whyte was *appointed by the court* and yet Tucker and Kennedy found their way into his graces...

Tucker *definitely earned fees* despite his conflict of interest and also was an investor via his Super Fund.

The court appointment failed dismally *as far as independence* was concerned.

As far as BDO and Whyte are concerned, *they wont get paid for any more work* as I believe the Liquidator and or *someone representing the EIF investors will challenge any further payments* until *full disclosure is given to the court* about Whyte's interactions and payment of fees to Tucker and Kennedy.

I wouldn't be surprised if there was a claim to have fees returned to the investors by both Tucker and BDO given the *blatant conflict of interest* which Whyte seems to have known about in dealing with Kennedy in regard to Priority Deeds concerning the EPF.

Did Whyte not ask Kennedy, *what are you doing representing the EPF ?* What's your relationship?  Is this ethical to be dealing with the former CEO who now pops up representing the EPF ?

Come on for FFS, *this is so unethical* and *the behaviour so abhorrent* towards investors of both the *EPF* and *EIF* that it defies belief.

The fact that someone is appointed receiver does not mean *that they can do what they want*, and *do deals with buddies* and *look the other way* when ethical issues are slapping them in the face.

http://www.equititrust.com.au/Pdfs/Disclosures/ChangeofDirectors_14_06_11.pdf

_"Mr David Tucker is a Partner in Messrs Tucker & Cowen.  In our announcement of 14 June 2011, Mr Tucker was described as an independent director. We wish to clarify that statement: Mr. Tucker is a non-executive director of Equititrust Limited and Tucker & Cowen Solicitors are *a substantial provider of services to EIF, and as a consequence of that continuing business relationship, it may be suggested that Mr. Tucker is not an independent director.*

The Board is cognisant of this. There are considerable advantages to having Mr Tucker as a Director of Equititrust Limited and both he and the other Directors *will ensure that any possible conflicts*, if they arise, *are appropriately managed* and dealt with."

http://www.equititrust.com.au/Pdfs/Disclosures/EIF_Custodian_and_Directors_01_Aug_2011.pdf_





SpatialG said:


> Interesting article "No Trust." Noting that Tucker provided legal services to EquitiTrust for nearly a decade, surely he must have have known the "lie of the ground" as to the alleged culture and behaviours within the company, particularly McIvor.
> 
> With that in mind and noting the paper you have posted is it possible that he became conflicted with personal interest when investing some of his Superannuation.
> 
> It follows does it not, that he would have had deep knowledge of the assets of the company and could now be accused of successive conflict by securing benefit out of distressed assets of which he contributed to distressing. Perhaps a long bow, but I'm wondering why he was so hell-bent on calling in the receiver's for the alleged purpose of protecting the investor's assets, when in reality we know how much the investors have received compared to what the myriad insolvency practitioners have made while feeding on the carcass.


----------



## No Trust (18 July 2017)

Tucker and his counsel tries to use this argument to get out of being examined. It didn't work...

Of note here is the fact that Tucker needed only to be examined on the basis that the had a clear Fiduciary and Statutory Conflict of Interest as outlined by Russell's in their letter to him on the *28th of June 2017* which ol "Davey Boy" found aggressive... Poor BABY...  

_Russells Letter
"the liquidators are seeking to examine you *about your role and that of Mr David Kennedy* in gaining what appears to be a very substantial profit, derived from an apparently *serious breach of your and his fiduciary and statutory duties*."_
*
Is it an improper purpose to pursue Mr Tucker’s examination to advance the interests of the EPF unit holders?
*
23    As is already recorded above (at [14] and [15]), this issue is raised by the statements in Mr Russell’s letter of 28 June 2017 and the Liquidators’ Reports to Creditors that the beneficiaries of the Liquidators’ contemplated proceedings are the unit holders of the EPF. In his written submissions on this issue, Mr Tucker contended:

30.    The liquidators assert that they are taking the action on behalf of the unitholders in the EPF. The constitution of the EPF provided for the redemption of units upon request by the unitholders (clauses 6.1 and 6.2) and for suspension of the right to withdraw (by clauses 6.7 - 6.9).

31.    Redemptions from the fund were suspended in about 2008-2009. They have no right - present or contingent - to prove in the insolvency of the company. The unitholders are not creditors within the meaning of Chapter 5 of the _Corporations Act_.

32.    Because the liquidators’ purpose - to pursue a claim for the benefit of the unitholders in the EPF - cannot be characterised as one for the benefit of contributories or creditors, it must be regarded as a purpose foreign to the power to examine. It follows that the examination of Mr Tucker is an abuse of process.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (19 July 2017)

*Controversy* seems to follow *Kenned*y... looks like *he's used to examinations*... Look at his post on this thread on *31 January 2011 *below...

He also worked on the *Bank of Scotland Debt*, no wonder he and Tucker didn't do any due diligence...

_"It is alleged the pair bought the troubled loan book from Morgan Stanley and private equity group Blackstone — via a company they had created called MS Asia — without conducting any due diligence, which was *“very unusual”.*_

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d




Equititrust said:


> It is not unusual in our industry to have recalcitrant borrowers attempt to cause damage to Equititrust’s reputation by making untrue or ill-conceived allegations against us.  The common thread of such accusations tends to be that they are only ever made anonymously and when invited to discuss their issues directly with Equititrust the invitation is never taken up yet the accusations continue.  By way of example, “Kostag” has been invited on numerous occasions to contact me yet he has declined to do so.  Instead he continues to make unsubstantiated or erroneous allegations.  I do not intend to further address matters raised by him on this forum.
> 
> In relation to the comments of zencorp (who incidentally has just joined the website and does not state whether or not he is an investor but states he has knowledge of our loan documents which may suggest he is in fact a borrower), I point out the following:
> 
> ...


----------



## No Trust (19 July 2017)

I guess this means nothing in QLD anymore...

http://www.qls.com.au/Knowledge_cen...onflict_concerning_a_solicitors_own_interests


----------



## No Trust (19 July 2017)

Did *Tucker* and *Tucker & Cowan* get approval from Equititrust's liquidator to act for MS Asia ???

Both *Worrells* and *Tucker* knew *they never would have received approval* if it was disclosed that Tucker and Kennedy were the beneficial owners...

*Conflicts concerning former clients*
*10. Conflicts concerning former clients*

10.1 *A solicitor and law practice must avoid conflicts between the duties owed to current and former clients*, except as permitted by *Rule 10.2*.

10.2 A *solicitor* or *law practice* who or *which is in possession of confidential information* of a former client where that *information might reasonably be concluded to be material to the matter of another client* and *detrimental to the interests of the former client if disclosed*, *must not act* *for the current client* in that matter UNLESS:

10.2.1 *the former client has given informed written consent* to *the solicitor or law practice* so acting; or

10.2.2 an effective information barrier has been established.

http://www.qls.com.au/Knowledge_centre/Ethics/Resources/Conflicts_concerning_former_clients


----------



## No Trust (19 July 2017)

To add insult to injury *Tucker and Cowan* were also acting for *David Whyte* the receiver of the *Equititrust Income Fund,* whilst *knowingly acting for MS ASIA* which owned security interests in the *Equititrust Premium Income Fund* who's beneficial owners were, Equititrust's former CEO *David Kennedy* and former director *David Tucker *who also just happened to be an equity partner of *Tucker and Cowan*... Can it get more incestuous ???

Rule 10.2.1 and 10.2.2 states

*UNLESS:*

10.2.1 *the former client has given informed written consent* to *the solicitor or law practice* so acting; or

10.2.2 an *effective information barrier* has been established.

In this case an ineffective *dis*information barrier was established where the parties were concealed from the Liquidator of Equititrust as well as the Supreme Court of Queensland...

We haven't forgotten the *undertaking as to damages given to the Supreme Court *given by *Worrells *and *MS Asia* ... This will be a hot topic in the coming months, I have been advised by reliable sources.


----------



## SpatialG (19 July 2017)

No Trust said:


> To add insult to injury *Tucker and Cowan* were also acting for *David Whyte* the receiver of the *Equititrust Income Fund,* whilst *knowingly acting for MS ASIA* which owned security interests in the *Equititrust Premium Income Fund* who's beneficial owners were, Equititrust's former CEO *David Kennedy* and former director *David Tucker *who also just happened to be an equity partner of *Tucker and Cowan*... Can it get more incestuous ???
> 
> Rule 10.2.1 and 10.2.2 states
> 
> ...




Comprehensive coverage "No Trust" - Based on his formidable inside knowledge of the company, it does make me wonder if Tucker pre-meditated his actions to destabilise the board and "create a crisis"? Knowing full well the outcome of a board crisis can lead to an insolvency arrangement being invoked. Could he be this much of a schemer? I'm starting to think so.


----------



## No Trust (19 July 2017)

He's not that smart...

Equititrust was finished, McIvor had seen to that... Tucker was as useless as t#t's on a bull as a director...

Tucker and Kennedy were opportunists who *saw a quick buck* and that's about it. The only thing they schemed about *was hiding their identity* and dumb and dumber couldn't even do that... 



SpatialG said:


> Comprehensive coverage "No Trust" - Based on his formidable inside knowledge of the company, it does make me wonder if Tucker pre-meditated his actions to destabilise the board and "create a crisis"? Knowing full well the outcome of a board crisis can lead to an insolvency arrangement being invoked. Could he be this much of a schemer? I'm starting to think so.


----------



## No Trust (19 July 2017)

If this deal was disclosed *it would never have been given approval*...

As bad a McIvor is, if he or someone else had done the same Tucker and Kennedy would be knocking on ASIC's door and screaming bloody murder from the roof tops... Not because they care about the investors, because they didn't make any money out of it...


----------



## No Trust (19 July 2017)

All the money that Tucker and Kennedy made *will now be lost*... They know it too


----------



## No Trust (19 July 2017)

Question now is will Tucker and Cowan also be drawn into this mire ???


----------



## No Trust (19 July 2017)

There may be a problem with the :
*
Limitation of Liability Scheme*

The Limitation of Liability Scheme (Scheme) is a statutory scheme, enforced by the courts, that caps the amount of damages that can be awarded against your practice. Professional Indemnity Insurance pays the claim while the Scheme caps the amount of damages that can be awarded.

To participate in the Scheme you must be a full member of QLS, hold a current Australian practising certificate, and have the benefit of the applicable insurance. Further, to gain the full benefit of the cap, all solicitors within a firm would have to be members of both the QLS and the Scheme.

*Liability Caps*
The Scheme provides a liability cap which is exclusive of defence costs, but aims to cap damages as follows:


$1.5 million - for participating members are in a law practice consisting of up to and including 20 principals where the law practice generates an income for the financial year of up to and including $10 million
$10 million - for
participating members who are in a law practice consisting of greater than 20 principals; or
participating members are in a law practice where the law practice generates an income for the financial year greater than $10 million

higher cap - subject to approval from QLS for
all cases; or
in any specified class or case

Members of the Scheme are strongly encouraged to consider their need for top up insurance to ensure that defence costs are met.

*Exclusions*
*There are a few exclusions to which the Scheme does not apply*, being:


ILP’s as corporate entities
Personal injury claims
Fraud, dishonesty, breach of trust
Part 9, division 2, subdivision C of the _Land Title Act 1994_ (claims under the Queensland State Government Fidelity Fund for title fraud)
http://www.qls.com.au/Becoming_a_me...ional_benefits/Limitation_of_Liability_Scheme


----------



## No Trust (19 July 2017)

Yowza... *3 Days* of Public Examination / *Humiliation* for David Tucker

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=false


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## No Trust (19 July 2017)

These days have been a long time coming...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=false


----------



## No Trust (19 July 2017)

Your *under oath* remember ...


----------



## No Trust (19 July 2017)

Grab your popcorn for this one folks...


----------



## No Trust (19 July 2017)

Game of Thrones was *nothing compared to this*... Tucker will now sit in the "Iron Witness Box"


----------



## No Trust (19 July 2017)

We owe a lot to Kostag, the* legend* who started this thread *7 *years ago... How prophetic he was !!!
Wherever you are mate, thanks...


kostag said:


> I'm an Equititrust investor -  historically, all has been good -  bit I am hearing some disquieting developements -  such as *ex MFS execs David Kennedy* and *David Anderson* *(OMG!)* now in charge -  *same auditors* as MFS used -  same business model -  and even *Royal Bank of Scotland* loans outstanding/overdue.  There was a press write up about a loan to Al Konstaninidis going bad etc -  and a legal fight which involved Equititrust and *David Kennedy*. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director *Wayne McIvor has resigned* from Equititrust as well.... often a sign that things are not good.


----------



## No Trust (19 July 2017)

Wouldn't it be prudent for the regulators to review all insolvencies that both Tucker and Kennedy have been involved in. Same goes for Tucker and Cowan and Worrells. If they've hidden this little "scheme" as Russell's describe it, common sense would suggest a broad net needs to be cast over other appointments and interconnected activities between this unholy quartet.


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## SpatialG (20 July 2017)

No Trust said:


> All the money that Tucker and Kennedy made *will now be lost*... They know it too




"No Trust" while a very wide net has been thrown; the assumption is that it has been thrown wide enough to capture all interests of Tucker, Kennedy, Peldan, Cook, Whyte, and, and, and....... It is worth noting the corporate/commercialenvironment is different today compared to post GFC and they have had plenty of time to scheme and squirrell away, have they not?


----------



## SpatialG (20 July 2017)

No Trust said:


> Wouldn't it be prudent for the regulators to review all insolvencies that both Tucker and Kennedy have been involved in. Same goes for Tucker and Cowan and Worrells. If they've hidden this little "scheme" as Russell's describe it, common sense would suggest a broad net needs to be cast over other appointments and interconnected activities between this unholy quartet.



Absolutely "No Trust" - I was looking through the LM Investments liquidation a couple of nights ago and the usual suspects of Whyte and Tucker have prominence. In fact regarding Whyte, it looks as though there could be generational change occurring because there is a junior with the same surname claiming an exhorbitant hourly rate for administrative work that in any other business would not attract anywhere near that type of income. Insolvency at all levels is a rort against creditors and owners under the current legislative framework.


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## SpatialG (20 July 2017)

No Trust said:


> He's not that smart...
> 
> Equititrust was finished, McIvor had seen to that... Tucker was as useless as t#t's on a bull as a director...
> 
> Tucker and Kennedy were opportunists who *saw a quick buck* and that's about it. The only thing they schemed about *was hiding their identity* and dumb and dumber couldn't even do that...




You may be right "No Trust" - But consider this..... my line of thinking came about from the court order referred to below where there is the possibility that meetings between *Tucker*  and *Director's of EquitiTrust*, *BOSI* and *ASIC* were potentially occurring *since 1 July 2009*. That is well before Tucker was appointed as a Director. If there wasn't the possibility that Tucker was scheming this far back, then why the order to produce documents to a date that far back?

REGISTRAR: DEPUTY DISTRICT REGISTRAR LYNCH 
DATE OF ORDER: 14 June 2017 
WHERE MADE: Brisbane 
THE COURT ORDERS THAT: 
Pursuant to subsection 597(9) of the Act, that the following persons and entities are directed to produce at the examination of DAVID ROBERT WALTER TUCKER, at 10.00 am on 11 July 2017, the following books in his possession relating to the Company or its examinable affairs: 

1. In the case of DAVID ROBERT WALTER TUCKER, the following documents:

(b) Agendas, board papers (and notes made thereon) for all and any *meetings of directors* of the Company which Mr Tucker attended at any time *from 1 July, 2009* including but not limited to meetings on 14 September, 2011, 12 October, 2011 and 17 October, 2011; 

(c) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence* prepared by*, or *sent* or *received by, Mr Tucker*, concerning meetings with *officers of the BOSI* *on or after 1 July, 2009,* including but not limited to a meeting on or about 7 October 2011; 

(d) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence *prepared by*, or *sent* or *received by, Mr Tucker,* concerning meetings with *officers of ASIC,* on or after 1 July, 2009, at which the affairs of the Company were discussed, including but not limited to a meeting on or about 10 October 2011;


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## No Trust (20 July 2017)

I think some squirrel's are smart others *blow their whole loads*...






SpatialG said:


> "No Trust" while a very wide net has been thrown; the assumption is that it has been thrown wide enough to capture all interests of Tucker, Kennedy, Peldan, Cook, Whyte, and, and, and....... It is worth noting the corporate/commercialenvironment is different today compared to post GFC and they have had plenty of time to scheme and squirrell away, have they not?


----------



## No Trust (20 July 2017)

Look anything's possible, but is goes to show what a f#cking *imbecile* McIvor was for employing him as a solicitor and putting him on the board.

McIvor *was warned* about Tucker *long before that* and he *didn't listen*, instead McIvor listened to Tucker rather than *people who were loyal to him* and made him money. 

Look where McIvor is now and it all *stems back to* McIvor making a decision to listen to Tucker... You know the old saying, you can bring a horse to water...



SpatialG said:


> You may be right "No Trust" - But consider this..... my line of thinking came about from the court order referred to below where there is the possibility that meetings between *Tucker*  and *Director's of EquitiTrust*, *BOSI* and *ASIC* were potentially occurring *since 1 July 2009*. That is well before Tucker was appointed as a Director. If there wasn't the possibility that Tucker was scheming this far back, then why the order to produce documents to a date that far back?
> 
> REGISTRAR: DEPUTY DISTRICT REGISTRAR LYNCH
> DATE OF ORDER: 14 June 2017
> ...


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## No Trust (20 July 2017)

Its all a scam, and the courts allow it... McIvor used the same *modus operandi* against innocent people and look *where it got him*...   On the rough end of the pineapple himself.




SpatialG said:


> Absolutely "No Trust" - I was looking through the LM Investments liquidation a couple of nights ago and the usual suspects of Whyte and Tucker have prominence. In fact regarding Whyte, it looks as though there could be generational change occurring because there is a junior with the same surname claiming an exhorbitant hourly rate for administrative work that in any other business would not attract anywhere near that type of income. Insolvency at all levels is a rort against creditors and owners under the current legislative framework.


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## No Trust (20 July 2017)

The Public Examination / Humiliation next month will be under oath... The truth must finally come out...


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## No Trust (20 July 2017)

*Useful*...

http://www.legalaid.qld.gov.au/Find-legal-information/Criminal-justice/Offences/Perjury


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## SpatialG (21 July 2017)

No Trust said:


> Look anything's possible, but is goes to show what a f#cking *imbecile* McIvor was for employing him as a solicitor and putting him on the board.
> 
> McIvor *was warned* about Tucker *long before that* and he *didn't listen*, instead McIvor listened to Tucker rather than *people who were loyal to him* and made him money.
> 
> Look where McIvor is now and it all *stems back to* McIvor making a decision to listen to Tucker... You know the old saying, you can bring a horse to water...





Fair enough "No Trust" - and sometimes those horses won't eat the salt tablet either...... 

There were obvious behaviour traits and practices employed by McIvor that offsided parties at various levels of the board, industry and also the regulator (ASIC). So where does that leave us now? Tucker made all kinds of allegations against McIvor to achieve the outcome of having EquitiTrust placed into administration, and if rumours are true, he even attempted to withdraw his superannuation before this course of action.  Contrast this to McIvor who reserved making judgement against those allegations in the supreme court, suggesting all will be revealed in the fullness of time. Perhaps, that is close to the truth, given what we are finding out through discovery proceedings of examinable affairs.

Notwithstanding both men's approach to business, it will be interesting to see if the evidence that washes up ultimately facilitates litigation opportunities in the interests of the unitholders. Should this ever come to fruition, it would be intriguing to know where the move would come from in much the same way as the surprise evidence Russell's managed to come up with to force the current examinations.


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## SpatialG (21 July 2017)

No Trust said:


> *Useful*...
> 
> http://www.legalaid.qld.gov.au/Find-legal-information/Criminal-justice/Offences/Perjury




"No Trust" you've mentioned the term "Dumb and Dumber" at times - You could change this to "Dumb, Dumber and Dumbest" if he were to go down the road of perjury.

The strategy of getting the examinations set aside didn't work. Sometimes to choose a path of concealment causes so much more grief than just being a good officer of the court and being honourable.... then again, perhaps it doesn't pay as well, which is obviously a huge temptation for some personality types. Interestingly, these types seem to migrate towards insolvency as their preferred MO for making an income.


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## No Trust (21 July 2017)

I'm sorry, but the term truth and McIvor just don't belong together. 

McIvor put all these miscreants in their positions. He's to blame...

I'm sure McIvor will also push through the same info through his mate Vincent and the Meridien boys as he did in this instance...

Not that I'm complaining at all, it's just fun watching them destroy each other...

Watching train wreck's from a distance can be quite cathartic... 



SpatialG said:


> Fair enough "No Trust" - and sometimes those horses won't eat the salt tablet either......
> 
> There were obvious behaviour traits and practices employed by McIvor that offsided parties at various levels of the board, industry and also the regulator (ASIC). So where does that leave us now? Tucker made all kinds of allegations against McIvor to achieve the outcome of having EquitiTrust placed into administration, and if rumours are true, he even attempted to withdraw his superannuation before this course of action.  Contrast this to McIvor who reserved making judgement against those allegations in the supreme court, suggesting all will be revealed in the fullness of time. Perhaps, that is close to the truth, given what we are finding out through discovery proceedings of examinable affairs.
> 
> Notwithstanding both men's approach to business, it will be interesting to see if the evidence that washes up ultimately facilitates litigation opportunities in the interests of the unitholders. Should this ever come to fruition, it would be intriguing to know where the move would come from in much the same way as the surprise evidence Russell's managed to come up with to force the current examinations.


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## No Trust (21 July 2017)

Sure, I'm happy to use the term Dumb, Dumber and the Dumbest, McIvor was the dumbest of all... 

You don't put Tucker and Kennedy into your organisation then complain when they f#ck you over... 





SpatialG said:


> "No Trust" you've mentioned the term "Dumb and Dumber" at times - You could change this to "Dumb, Dumber and Dumbest" if he were to go down the road of perjury.
> 
> The strategy of getting the examinations set aside didn't work. Sometimes to choose a path of concealment causes so much more grief than just being a good officer of the court and being honourable.... then again, perhaps it doesn't pay as well, which is obviously a huge temptation for some personality types. Interestingly, these types seem to migrate towards insolvency as their preferred MO for making an income.


----------



## SpatialG (21 July 2017)

No Trust said:


> I'm sorry, but the term truth and McIvor just don't belong together.
> 
> McIvor put all these miscreants in their positions. He's to blame...
> 
> ...




You make a valid point "No Trust" - I suppose no one will ever understand why McIvor went down the road of appointing people against better advice. Perhaps a little smoke impaired from one of his sessions with the old man on the hill??? Perhaps it was greed? Or perhaps there remains a plot from left field that is still to surprise everybody?  Time will tell..... I certainly would'nt be putting any of my money on the outcomes of any actions going forward, including the current matters involving Tucker.


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## No Trust (21 July 2017)

"SpatialG" I don't think "McIvor" understands himself... That's why he started going to the old man on the hill in the first place... Right ? Lot of pain, past lives etc etc etc...

I'm told he was a far better man when seeing the "old man" on the hill and was on the road to redemption, until someone from his past entered his life again and he then got married.

All downhill from there I'm told... Yet the "old man" on the hill told McIvor that this would end in tears be it one year two years or 10 years... Did he listen ??? *NO*


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## No Trust (21 July 2017)

As far as plots from left field, lets see... Talk is cheap, *actions speak louder than words*.

The actions against Tucker, Kennedy and Worrells are *shear entertainment*, anything else that comes of it is a bonus...

Watching Tucker try and* stop the examinations* in the Federal Court and failing made a lot of people laugh. Particularly those in the Brisbane Legal Fraternity...

It's akin to being put in the modern day *Public Stocks* and in stead of rotten fruit and vegetables being thrown at you, a lot of *rotten questions* he doesn't want to answer will be thrown by the Liquidators Counsel, who I'm assured have a *basket full* of those rotten questions to throw. 




SpatialG said:


> You make a valid point "No Trust" - I suppose no one will ever understand why McIvor went down the road of appointing people against better advice. Perhaps a little smoke impaired from one of his sessions with the old man on the hill??? Perhaps it was greed? Or perhaps there remains a plot from left field that is still to surprise everybody?  Time will tell..... I certainly would'nt be putting any of my money on the outcomes of any actions going forward, including the current matters involving Tucker.


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## No Trust (21 July 2017)

If Tucker tried to *withdraw* his Superannuation prior to the administration, I'm sure this will be addressed during the public examination / humiliation next month...





SpatialG said:


> Fair enough "No Trust" - and sometimes those horses won't eat the salt tablet either......
> 
> There were obvious behaviour traits and practices employed by McIvor that offsided parties at various levels of the board, industry and also the regulator (ASIC). So where does that leave us now? Tucker made all kinds of allegations against McIvor to achieve the outcome of having EquitiTrust placed into administration, and if rumours are true, he even attempted to withdraw his superannuation before this course of action.  Contrast this to McIvor who reserved making judgement against those allegations in the supreme court, suggesting all will be revealed in the fullness of time. Perhaps, that is close to the truth, given what we are finding out through discovery proceedings of examinable affairs.
> 
> Notwithstanding both men's approach to business, it will be interesting to see if the evidence that washes up ultimately facilitates litigation opportunities in the interests of the unitholders. Should this ever come to fruition, it would be intriguing to know where the move would come from in much the same way as the surprise evidence Russell's managed to come up with to force the current examinations.


----------



## SpatialG (21 July 2017)

No Trust said:


> As far as plots from left field, lets see... Talk is cheap, *actions speak louder than words*.
> 
> The actions against Tucker, Kennedy and Worrells are *shear entertainment*, anything else that comes of it is a bonus...
> 
> ...




Your'e a funny man "No Trust" - I respect the amount of research you have done over the years on this matter.  I'm sure just as litigation funding became available to open up the examination process, more will become available based on new evidence - but perhaps I'm just hopeful.....


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## No Trust (21 July 2017)

All those involved are now in *shear panic mode*... Trying to stop examinations etc, but to no avail...

I have an inkling that *more evidence*, will drop *just before the examination*... Coincidence of course... wink wink nudge nugde...



SpatialG said:


> Your'e a funny man "No Trust" - I respect the amount of research you have done over the years on this matter.  I'm sure just as litigation funding became available to open up the examination process, more will become available based on new evidence - but perhaps I'm just hopeful.....


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## No Trust (21 July 2017)

Next tactic ?  

http://www.alrc.gov.au/publications...-respect-self-incrimination-other-proceedings


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## No Trust (21 July 2017)

Other trick, stress... Pull an extended sickie... All means could be deployed to avoid a public Examination / Humiliation...


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## No Trust (21 July 2017)

Will be interesting to see what moral backbone the national partnership of Worrells have in how they deal with Peldan and Cook... 

To be involved in this scheme is reprehensible... 

They also need to answer to the Supreme Court of Queensland...


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## No Trust (22 July 2017)

Always good to *go back* a few steps sometimes...
*
6.  Federal Court Examinations*
I refer to the comments from my previous report dated 1 February 2017.
On 22 February 2017, our solicitors, Russells Law, appeared on behalf of the Liquidators in the Federal Court of Australia at Brisbane and secured the production of numerous documents from the following persons:
• Mr Paul Vincent, former director of the Company; • Mr Russell McCart, a former guarantor of the debts owed to the Company (as trustee of the EPF) by the Meridien Group; • Mr Jim Conomos, a solicitor who represented Mr McCart and his co-guarantors, Messrs Paul Barrett and David Roberts, in litigation brought against them by the Company, and continued by receivers appointed by MS Asia Debt Acquisition Limited (Messrs Pelden and Cook of Worrells) represented by Tucker & Cowen solicitors; • Messrs Pelden and Cook, the receivers appointed by MS Asia; and • Mr Luke McKenzie, an executive of Balmain NB Commercial Mortgages Limited ("Balmain"). For convenience, Mr McKenzie also produced, in Brisbane, documents which had been required from Balmain itself.

Our solicitors secured access to and copies of all such documents. *However, MS Asia has made a claim for legal professional privilege* in respect of *some documents produced by its receivers*.
That claim remains to be determined.

In order for the Liquidators and our legal advisors to have time to consider these documents, the examination of all examinees was adjourned until 5 April 2017 in Brisbane.
Our solicitors appeared in the Federal Court of Australia at Sydney on 8 March 2017 and secured production of documents from the following persons:
• Commonwealth Bank of Australia ("CBA"); • AET SPV Management Pty Ltd as trustee of the Lawson Trust (the entity which sold the EPF loan portfolio to MS Asia); • Balmain (further documents having come to light since its production of documents in Brisbane); and • Morgan Stanley Australia Limited and Mr Shane Beecroft.

http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170403 - Circular to Creditors.pdf


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## No Trust (23 July 2017)

*2.3 Sophisticated Fund
*
"however a meeting was held on the *5th of June 2013* (*without my knowledge*) between the representatives of the *Court Appointed Receiver*, The *Receivers and Managers of the EPF* and the borrower."

So translating this, the _*liquidator was kept out of the loop*_ whilst Tucker and Kennedy stooges Worrells dealt directly with Whyte and the borrower...

Well no wonder the meeting occurred without the Liquidator's knowledge...

This little gem needs to see the light at the Public Examination.


http://www.hallchadwick.com.au/Equititrust Ltd - Circular to Creditors - 22.08.2013.pdf


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## No Trust (23 July 2017)

Now, did Worrells advise *Whyte* that Tucker, a lawyer who was doing work for the EIF *was a beneficial owner of MS Asia ???*

So Tucker was doing legal work for Whyte on the EIF and in turn had a beneficial interest in the EPF assets where priority deeds and subsequently eventual returns to the EIF were being negotiated.

If this isn't the biggest conflict of interest I have ever seen in my life, then I don't know what is...

What has David Whyte have to say about this...


*(ii) Rosea 
(Wongawallan, QLD)*
As advised in previous reports, the *Rosea loan* is subject to a *deed of setttement*, which was scheduted to settte on 17 June 201 3. As the debtor was unabte to settte, a proposal was received whereby the debtor is undertaking a sate campaign with respect to the property in Wongawallan, QLD with expressions of interest ctosing on 3 October 2013 with further payments proposed over a 12 month period.

*(iii) 
Gold Coast, QLD*
As advised in previous reports, this property is subject to possession proceedings and where mediation took ptace on *11 September 2013*. An agreement was reached to obtain possession of the property, however, *this is subject to the Equititrust Premium Fund* (*Receivers and Managers Appointed*) (*'EPF'*) also agreeing to *provide a release of its claims*.

A* response is currently awaited from the EPF* in this regard. Shoutd the EPF not agree, the matter will proceed to trial.

http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20130919 - 14th Report to Investors.pdf


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## No Trust (23 July 2017)

To add further insult to injury Tucker's superfund was an investor. This in itself created an untenable conflict of interest. Tucker had a bet each way, if he influenced decisions as to priority via Worrells in favour of the EPF or as a lawyer for the EIF in favour of the EIF he received a benefit on top of being paid legal fees by Whyte.  Am I wrong ? Me thinks not and neither does the liquidator. 

This is was a F#CKING aberration on any ethical duty owed to both the investors of EIF and the EPF...


----------



## No Trust (23 July 2017)

How can people connected to this scam be allowed to practice and maintain their licenses...


----------



## No Trust (23 July 2017)

The multiple breaches of both fiduciary and statutory duties by those involved is jaw dropping. 

Once this litigation commences and most likely before, heads will roll. 

Given the post GFC spotlight on greed and malfeasance in the financial sector, it's seems nothing was learnt and the pigs put their heads back into the trough at the expense of innocent retiree investors. 

If ASIC does not make examples of those involved here, then ASIC and the system has failed. 

ASIC is aware of what's occurred, now let's see how they respond...


----------



## No Trust (23 July 2017)

How on earth did Dumb and Dumber think that this would not be exposed. 

How did firms like Worrells and BDO let this happen ?


----------



## No Trust (23 July 2017)

As bad as McIvor is and he is a miscreant as proven by the civil and criminal courts. It appears that Tucker and Kennedy were hellbent on destroying him personally to get to the loot. 

Having given Kennedy a job and Tucker millions in legal fees Tucker and Cowan personally bankrupted him for a personal debt of approx 20 odd thousand. 

Talk about kicking a mate when he's down... 

As I said I'm no fan of McIvor and never will be but as an observer one has to highlight the obvious. 

In the past I have been highly critical of the Liquidator and I stand by most of my criticisms, however I can now see another side to the partisan way that BDO were conducting the EIF receivership in partnership with both Tucker and Kennedy to the extent that the liquidator was excluded from meetings as mentioned in my post above. 

The manner in which the liquidator and law firm Russell's has undertaken the current proceedings deserves high commendation and the investors of the EPF and EIF should support their actions. 

Given what may be unearthed the EIF investors may be owed a clawback on fees and possible a claim on the professional negligence insurance of BDO as the insolvency may not have been undertaken on an arms length basis. 

BDO's payments need to be blocked until forthright answers are given regarding the relationships with Tucker, Kennedy, Worrells, Cook and Peldan....


----------



## No Trust (23 July 2017)

In times of war... 

"Hostis hostis noster"


----------



## No Trust (23 July 2017)

*Not so Cryptic*
*
Highlights lead to a bigger picture*

*Equititrust house of cards tumbles down*
Anthony Marx, Courier Mail
*October 23*, *2011*


THE email landed like a hand grenade in a living room.
"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were stunned by the threat. It prompted McIvor's long-time friend, David Jackson QC, to resign as a director and then-chief executive David Kennedy to respond by email that day.

According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. McIvor's recent stress-induced behaviour was "irrational, ill-conceived, self destructive and dangerous", the email said.

McIvor, who launched the company in 1993 and remains the sole shareholder, had stepped down three months earlier from the board.

He still wanted to find new strategic partners and real estate opportunities to resurrect and restructure the firm's moribund $159 million Income Fund, which has been frozen since October 2008 and stopped paying distributions in April, according to the documents. McIvor even talked about launching new investment vehicles.

But, the documents state that with the fund suffering massive losses because of bad loans, the board remained focused on winding it down, selling assets and returning money to mostly elderly investors who had made it clear they wanted to get their cash back. *A $66 million Premium Fund is also shutting down.*

The emails are included in a Supreme Court application filed last week by former board member* David Tucker, who wants an outside expert - insolvency practitioner David Clout - to preside over the funds' orderly dismantling.*

Tucker alleges McIvor is *desperate to recover personal losses* in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups.

The court documents, including Tucker's 44-page affidavit provides a rare glimpse inside an apparently dysfunctional company at war with itself. It chronicles in painful detail the unraveling of the working relationship between McIvor and his chief executive and board as the corporate climate grows increasingly poisonous.

"McIvor seemed to lose interest in the board resolutions, namely to *recover loans and pay money back to investors*, but rather seemed to become more and more focused on his new strategy and vision," Tucker alleges.

The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, *according to Tucker's affidavit*.

*"Similarly, McIvor is substantially indebted to the NAB for approximately $11 million. I know this because NAB is the financier to EIF (Equititrust Income Fund) and McIvor's personal debt had been openly discussed in meetings with NAB which I have attended," the affidavit says.*

McIvor also promoted the repayment of $2.6 million to his superannuation fund ahead of the company's NAB debt, it is alleged.

Later,* Tucker claims in his affidavit, McIvor proposed releasing the three directors of embattled development firm Meridien from guarantees in relation to a $12 million loan made by the Premium Fund. In a September 9 email, it is alleged, McIvor said he wanted to secure the skills of Meridien director Russell McCart to manage assets in the deeply-troubled Income Fund.*

But, as Tucker noted, in his affidavit, *Equititrust had launched legal proceedings against McCart and two other Meridien directors just two days earlier to recover the loan and to enforce caveats over their family homes.  (Beneficiary of this legal work was a Tucker who was also a director of the company. He had a vested interest in the legal proceedings remaining on foot) (Then as a beneficial owner of the EPF Assets he had a vested interest in the sale of these peoples homes)*

*"I considered it wholly inappropriate that McCart, who owed the EPF (Equititrust Premium Fund) $12 million, be put in charge of assets of either fund," Tucker allegedly wrote.
(Note : Tucker and Kennedy then put themselves in charge of the assets of the EPF via their hidden ownership of MS Asia...)*
"McIvor also said that the board agreed that he resigned to lead the new property manager with Russell McCart - this was just false. The board resolved no such thing, nor would it ever."

Undeterred, McIvor briefly started working in the office again last month but "that did not go well, as McIvor immediately ignored Kennedy's instructions, as Kennedy later reported to the board", the affidavit says. It is claimed McIvor then notified the board that he was working on a potential refinance deal, wanted to launch an "angel fund" to accelerate the departure of NAB and planned to sell his shares in Equititrust.



"By now, it was apparent to me from prior dealings and communications, that McIvor was not capable of exercising good judgment as to what was in the best interests of investors, that he lacked, or misunderstood, good corporate governance, and that he was more interested in seeking to restore his own lost subordinated investments, and prefer his own interests," Tucker alleges.

In a blunt response to McIvor about his plans, Tucker allegedly provided advice that was, as he described it, "without pleasantry or platitude".

"You have made some bad loans. Those loans have been mismanaged on your watch. You should walk away from Equititrust - it is, as the board has resolved, all about collecting the loans for the investors and returning investor money. That is what the investors now expect," Tucker's email alleges.

By this point, the relationship between the two men had become "strained" and McIvor ousted Tucker on October 12.

McIvor did not return calls seeking comment last week.

Originally published as Equititrust house of cards tumbles down


http://www.couriermail.com.au/ipad/...d7aa64c99?sv=1cefd2ea9b6101ac0a852ae21c562c96


----------



## No Trust (23 July 2017)

In that letter, Mr Russell described *why the Liquidators were seeking to examine him* about the affairs of Equititrust, in the following terms:

_To put the matter in context, the liquidators are seeking to examine you about your role and that of* Mr David Kennedy* in gaining what appears to be a very substantial profit, *derived from an apparently serious breach of your and his fiduciary and statutory duties*. The gross receipts of your scheme are, as you know, at least *$17 million*. With interest, the claim under investigation exceeds *$20 million*. _*The beneficiaries of this claim are the unit holders in the Equititrust Premium Fund*_._

…

The evidence gathered to date shows that *you procured Tuckerloan Pty Ltd to pay one third* of the purchase price of *$2 million* and that *Mr Kennedy paid the balance*. You and Mr Kennedy set up *MS Asia as a nominee Hong Kong company* apparently *to conceal your and his involvement*.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (24 July 2017)

What this case will highlight when exposed nationally by the media, is that lawyers and insolvency practitioners cannot use insolvencies as their own personal slush funds...

Once approved or appointed by a court, there is no real oversight...  The Equititrust saga involving *BDO*, *Whyte, Worrells, Peldan and Cook* as well as *Tucker and Kennedy *shows what happens when you give financial vampires the keys to the proverbial blood bank...


----------



## No Trust (24 July 2017)

Some surprises on the cards in the next few weeks I'm reliably informed...


----------



## No Trust (24 July 2017)

Trenches once dug are not impermeable...


----------



## No Trust (24 July 2017)

Ongoing proceedings tend to* increase* Professional Indemnity Insurance exponentially...


----------



## No Trust (24 July 2017)

Camera's, still and video outside Federal Courts tend to capture the moment for posterity...
Smile...


----------



## No Trust (24 July 2017)

And the award for Public Examination / Humiliation of the year goes to...........................................


----------



## No Trust (24 July 2017)

Should the investors of the *EPF *get a vote on the *performance* of Tucker / Kennedy / Worrells / Peldan / Cook ???


----------



## No Trust (24 July 2017)

*E *Equity
*P *Professionally
*F *F#cked Over


----------



## SpatialG (24 July 2017)

No Trust said:


> *Not so Cryptic*
> *
> Highlights lead to a bigger picture*
> 
> ...




Sometimes in life it pays not to point the finger........for there are three (3) pointing back at you. A simple glance at the number of times "Tucker" alleged certain information as though it were fact leaves one to think that his advice was without reproach and worthy of higher weighting.

For example, "*Tucker* *alleges* McIvor is *desperate to recover personal losses* in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups.

This is not "FACT" - this is a perception. A perception clouded with malintent and dishonesty as it appears to be turning out. But nonetheless, it is a perception that "Tucker" used to persuade many people, i.e., the courts, the receiver David Whyte (BDO), Worrell's, David Clout, David Kennedy, et al as to it's legitimacy. 

An even more intriguing angle is the question of whether or not "Tucker" has influenced ASIC. Note that he met with ASIC on 10/10/11 - 2-days prior to being terminated as a Director of EquitiTrust (Refer court order 14 June 2017) and with the possibility of other meetings *dating back to 1 July 2009*.

I note in your recent writings "No Trust" #4306 refers *"If ASIC does not make examples of those involved here, then ASIC and the system has failed. 

ASIC is aware of what's occurred, now let's see how they respond..."*

You are touching on some potentially sensitive material here and it could be partly the reason why ASIC is remaining so tight-lipped. 

I was reading some material relating to the collapse of LM Investments when I became intrigued with the way the insolvency business transacts it's affairs.  What took my attention in particular was an honourable insolvency "Officer of the Courts" a gentleman by the name of "Niall Coburn" (an ex senior employee of ASIC) making contact with Greg Medcraft (ASIC Chairman - the regulator) in Hong Kong raising concerns about LM Investments - https://www.google.com.au/url?sa=t&...836361&usg=AFQjCNHRD3gefaBsGtwC27-PetiH07PRRA

Now, generally speaking, this could be passed over as a couple of people having worked together in a past life just catching up; however when considered in context to what is going on in the current examinations relating to EquitiTrust, and the consistency with which certain names appear, I was compelled to look a little deeper.

Names arising in the LM Investments reports and affidavits include, Tucker & Cowen, David Clout, David Whyte, Amanda Banton, Asley Tiplady, Russell's, Piper Alderman, Justice Jackson, John Peden etal. With the same orchestra, but different theatre, I did a little research to find out a little more about "Niall Coburn." 

It transpires that after leaving ASIC and FTI Consulting he represented "Ian Lazar" of EquitiTrust fame in 2014 - refer sydneyinsolvencynews.blogspot.com/2014/11/exclusive-ex-asic-investigator-and.html

Not that any of this amounts to any accusation or allegation, just worthy of noting that often "Birds of a feather, flock together."  And, given that "Coburn" was working at ASIC during Tucker's dismissal and has an evident relationship of sorts with Medcraft (hence the meeting in Hong Kong), it will be interesting to see how much comes out of all the examinable evidence in the current proceedings. 

The TRUTH seems to be unravelling a theme that has become all too apparent in the wake of the GFC. A theme that unfortunately raises serious questions as to the prevailing "culture" and "relationships" that exist between the "Insolvency industry," "Financial Services" and, and......


----------



## SpatialG (24 July 2017)

So the Insolvency field in narrowing......

http://www.fticonsulting.com/about/...mpletes-acquisition-of-kordamentha-qld-assets

Interesting development.


----------



## No Trust (24 July 2017)

Maybe they're hiring, I hear some people may be looking for jobs... 



SpatialG said:


> So the Insolvency field in narrowing......
> 
> http://www.fticonsulting.com/about/...mpletes-acquisition-of-kordamentha-qld-assets
> 
> Interesting development.


----------



## No Trust (24 July 2017)

It all comes back to McIvor... He hired these idiots.

He also wanted his superannuation paid out in preference to investors...

None of this would have occurred if McIvor also hadn't made disaster loans to the likes of "King Con", Spottiswood,
Booth etc...



SpatialG said:


> Sometimes in life it pays not to point the finger........for there are three (3) pointing back at you. A simple glance at the number of times "Tucker" alleged certain information as though it were fact leaves one to think that his advice was without reproach and worthy of higher weighting.
> 
> For example, "*Tucker* *alleges* McIvor is *desperate to recover personal losses* in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups.
> 
> ...


----------



## SpatialG (24 July 2017)

No Trust said:


> It all comes back to McIvor... He hired these idiots.
> 
> He also wanted his superannuation paid out in preference to investors...
> 
> ...




Agreed "No Trust" - it would appear vulnerabilities were exploited once pressure was applied. But, for the vulnerabilities to be there in the first place suggests systems and processes may have been inadequate, or too much dependency placed on one person's shoulders, or insufficient devolution and empowerment occuring?  What are your thoughts?


----------



## No Trust (24 July 2017)

McIvor was the *master of his own destruction*...

He was the shareholder and *Chief Control Freak*... If the public knew the *lack of independence* and *cycloptic vision* in making loans etc, no *right minded person* would have invested a single dollar...

Even wifey was relegated to the *shack next door* in the initial stages rather than being housed in *Fraud Central Headquarters *next door... After much protest she was rehoused *FCH* in a small office towards the back I'm told...




SpatialG said:


> Agreed "No Trust" - it would appear vulnerabilities were exploited once pressure was applied. But, for the vulnerabilities to be there in the first place suggests systems and processes may have been inadequate, or too much dependency placed on one person's shoulders, or insufficient devolution and empowerment occuring?  What are your thoughts?


----------



## No Trust (24 July 2017)

This will be fun...

Lets see what's objected to 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29012483/document/995846


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## No Trust (24 July 2017)

The clock is *ticking* to the final countdown...  The Public Examination / Humiliation will be a bombshell...


----------



## No Trust (24 July 2017)

Some are making bets as to whether Tucker *will actually show up*... Now the shoe's on the other foot he knows how merciless the Liquidator's Counsel will be...


----------



## No Trust (25 July 2017)

This still makes me and "*many" others laugh* out loud... Sounds like a Whiny Little B#tch...
*
39  *  This issue is raised by subparagraph (c) of the final paragraph of *Mr Tucker’s affidavit* (see at [17] above) where he alleges that:

That the liquidators have already determined to issue proceedings against me (given the existence of a draft pleading, the failure to make any sensible enquiries of me and *the unnecessarily aggressive nature of their solicitor’s correspondence to me*), such that this examination seems to me to just a cross examination dress rehearsal or an attempt to gain an unfair forensic advantage.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (25 July 2017)

Oh "Davey Boy" did you not ever issue an *unnecessarily aggressive* letter to anyone...

Coward...


----------



## SpatialG (25 July 2017)

No Trust said:


> McIvor was the *master of his own destruction*...
> 
> He was the shareholder and *Chief Control Freak*... If the public knew the *lack of independence* and *cycloptic vision* in making loans etc, no *right minded person* would have invested a single dollar...
> 
> Even wifey was relegated to the *shack next door* in the initial stages rather than being housed in *Fraud Central Headquarters *next door... After much protest she was rehoused *FCH* in a small office towards the back I'm told...




"No Trust" for people of certain professions, there is a saying "follow the money trail." For the life of me, I'm trying to work out how McIvor was ever going to gain advantage out of collapsing a going concern that he had grown from infancy? If I follow the money trail, I'm led to the insolvency profession and all it's hanger on's, not the skeleton of a bankrupt McIvor nor the carcases of innocent investors.

With concentration of players now beginning to occur in the insolvency profession, the evidence of corruption and malpractice will get buried deeper and be harder to uncover going forward. Add to this the plight of ASIC as described by "Niall Coburn" in his submission to a senate inquiry http://pn.i-uv.com/wp-content/uploads/2014/02/282.pdf and it becomes difficult to see where investors are ever afforded a fair go.


----------



## No Trust (25 July 2017)

A Fair go Mate ?  



SpatialG said:


> "No Trust" for people of certain professions, there is a saying "follow the money trail." For the life of me, I'm trying to work out how McIvor was ever going to gain advantage out of collapsing a going concern that he had grown from infancy? If I follow the money trail, I'm led to the insolvency profession and all it's hanger on's, not the skeleton of a bankrupt McIvor nor the carcases of innocent investors.
> 
> With concentration of players now beginning to occur in the insolvency profession, the evidence of corruption and malpractice will get buried deeper and be harder to uncover going forward. Add to this the plight of ASIC as described by "Niall Coburn" in his submission to a senate inquiry http://pn.i-uv.com/wp-content/uploads/2014/02/282.pdf and it becomes difficult to see where investors are ever afforded a fair go.


----------



## No Trust (25 July 2017)

Here's another Senate Submission SpatialG, familiar with it by any chance ? 

http://www.aph.gov.au/DocumentStore.ashx?id=e57a1099-fa67-48e3-9e0a-bb3c5090342f&subId=31273


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## SpatialG (25 July 2017)

No Trust said:


> Here's another Senate Submission SpatialG, familiar with it by any chance ?
> 
> http://www.aph.gov.au/DocumentStore.ashx?id=e57a1099-fa67-48e3-9e0a-bb3c5090342f&subId=31273




http://www.aph.gov.au/DocumentStore.ashx?id=e57a1099-fa67-48e3-9e0a-bb3c5090342f&subId=31273

Nice one "No Trust"...... I can see where you thought McIvor's submission might be familiar to me with use of the "very Australian" term "fair go." In fact, I hadn't seen that submission before, so thanks for sharing it.  That said, while there are parts of it that make him sound maniacal, there are other aspects that appear logical and reasonable.

Oh, and I've just read another bit that you might have been wondering about, i.e., where in an earlier thread I raised the prospect of "Tucker" influencing ASIC at the meeting 2-days before he was terminated as a Director.  I now see that McIvor has made this claim in his submission p5 *"~ Director* (read Tucker) *uses influence to facilitate ASIC raid (28 officers including armed Federal police) to enable director/lawyer and insolvency practitioners to cripple operator and graft over assets for fees."*

Now that's interesting, because my prior comments questioning Tucker's motive's were on the basis of "Follow the money trail." I tend to use a bit of a formula to determine motive when assessing a person's actions. In essence, I look firstly for a purpose and secondly for intent. I must admit, and perhaps you can help me; but I cannot reconcile the intent nor the purpose in a person wilfully decimating his *"family’s entire net worth of $125m (and reputation)" p1*.

On the other hand, and as you have frequently expressed, *the track record of Tucker and Kennedy in particular; with prior's to their credit,* could see that EquitiTrust was ripe for insolvency picking. And, once they were on the inside it would have been a fairly simple matter to identify the "assets of value" for later cherry picking, sound the distressed alarms, send in the cavalry, procure asset destroying valuations, back up the bank trucks to redeem first preference holdings and then hand over to liquidation and insolvency buddies to oversee honourable distribution of mega millions between themselves through various mazes of legal instruments. And only after the gorging is completed (a bit like a marabou on a carcass), is a few cents in the dollar returned to the long sufferring investor.

It's appears to me "No Trust" that for all of McIvor's faults (and there are plenty of them apparently) he wasn't that smart.  He lacked the skill, knowledge and experience that could be alleged against these industry hardened insolvency experts in dismantling a going concern.  There is no doubt from my research that EquitiTrust was on life support coming out of the GFC, but it needs to be recognised that significant weighting was given to "Disharmony on the board, in particular between Tucker & Kennedy on the one hand, and McIvor on the other" as being an impediment to continuance.

Unsurprisingly, the disharmony is referred to at 19c of the following Affidavit http://equititrust.com.au/Pdfs/Notifications/20111118/Affidavit_Paul_Vincent_sworn_18112011.pdf and is mentioned as being relevant over the preceding 12-months. Interestingly Kennedy had been on the board only 16-months and Tucker 13-months.

In the same Affidavit, clauses 23-26 show Paul Vincent strongly preferring controlled wind up of the entities in preference to appointment of multiple insolvency practitioners who could diminish funds by between $30 & $40million. How prophetic this has turned out to be.


----------



## SpatialG (25 July 2017)

No Trust said:


> It all comes back to McIvor... He hired these idiots.
> 
> He also wanted his superannuation paid out in preference to investors...
> 
> ...




"No Trust" - a lot has been said about the disastrous loans McIvor wrote and I don't disagree - to me it demonstrates a lack of systems preventing transaction of deals carrying unacceptable risk.  That said, obviously McIvor got by for 13 - 17 years depending on who you believe by picking more winning deals than losing ones. It's similar to someone choosing to play the stock market on the basis of winning 40% of the time, but the wins are allowed to run to much higher profits, where losing trades are minimised through Stop Losses.

I suppose that's the reality of business. No two people run things the same way, but in the middle of GFC I'm not sure anyone picked the Australian Government as being spooked enough to introduce the Bank Deposit Guarantee legislation which guaranteed and favoured deposit taking institutions and completely overlooked the mortgage fund industry. Again, using the principle of "Follow the money trail" - where did the money go? Clearly the money was withdrawn from those institutions not covered by the legislation and deposited  into those that were covered.

This offered the banks a massive free kick which they utilised to the max. Placing demands on fund managers for millions of dollars at short notice and then defaulting them for non payment. I'm certain EquitiTrust was not the only fund manager caught out by the unconscionable conduct of the banks who were effectively underwritten by all Australian Tax Payers thanks to the Australian Government Deposit Guarantee Legislation.


----------



## No Trust (25 July 2017)

Look it's clear to all with functioning frontal lobes that SpatialG is none other than "Marky Boy" McIvor... 

Welcome to the thread "Marky Boy" 



SpatialG said:


> http://www.aph.gov.au/DocumentStore.ashx?id=e57a1099-fa67-48e3-9e0a-bb3c5090342f&subId=31273
> 
> Nice one "No Trust"...... I can see where you thought McIvor's submission might be familiar to me with use of the "very Australian" term "fair go." In fact, I hadn't seen that submission before, so thanks for sharing it.  That said, while there are parts of it that make him sound maniacal, there are other aspects that appear logical and reasonable.
> 
> ...


----------



## No Trust (26 July 2017)

Lest we forget... 


http://www.theaustralian.com.au/bus...s/news-story/bf662a156221de2805e864263952d31d


----------



## SpatialG (26 July 2017)

No Trust said:


> Look it's clear to all with functioning frontal lobes that SpatialG is none other than "Marky Boy" McIvor...
> 
> Welcome to the thread "Marky Boy"




Hmmmmm, how do you want me to respond to this "No Trust"?

Should I be "Proud" to be called "Marky Boy" or should I be "Offended"?

Should I be saying - Wow, Awesome, Amazing, Incredible - someone has put two and two together and found me out? 

Or, should I be saying - This "No Trust" bloke is a lunatic, how could he possibly come up with this assertion?

Or, should I be saying - perhaps "No Trust" has become so engrossed in this matter that he has lost all sense of reasoned analysis or, he lacks the ability to see things from another angle (A cardinal sin in the investigative world)? 

So here's the rub..... and I will let you work it out for yourself. I'm not going to confirm or deny your assertion. I'll even give you a tip; show a little patience in the use of your frontal lobe - don't go jumping to conclusions, because about now you're potentially sitting back thinking you have done a marvelous job problem solving this, and with investigative prowess nailed your conclusion that I am "Marky Boy."

Consider the following questions when arriving at your conclusion;

Have you eliminated all other possibilities for who SpatialG could be?
If you were prosecuting me, what evidence would you use to have me found guilty as being "Marky Boy"?
What are the characteristics that SpatialG possesses that concludes he is "Marky Boy"? i.e., age, marital status, location of birth etc.
Does the writing style of SpatialG align with that of "Marky Boy"?
Does SpatialG even live on the Gold Coast - a place "Marky Boy" has called home for forty plus years.
Has SpatialG ever claimed a legal and financial services background in any of his writings?
Is it possible that SpatialG is actually aligned with "No Trust" in wanting the truth to come out in relation to the whole EquitiTrust matter, but is just coming from different angles and with a different life experience?
Would Stacey Turner or David Tucker agree with your conclusions were they ever to meet SpatialG?
As I said in a previous post - I respect the research and effort you have put in to this matter over a long period of time "No Trust", but it could be counter productive to jump to conclusions just as the *TRUTH* is beginning to unfold.

Over to you Champ........I've got a bit more research to do.

SpatialG

Today's "To Do" list;

Check the land holding's in *Bowen* that Kennedy was trying to get hold of. Date: 11.01.13
Check liquidation documents of *CityPacific*, *MFS* and *Centro* to see if the names Tucker, Kennedy, Clout, Whyte, Peldan, Cook, Russell's, Pleash, Albarran, etc appear. Date: From 1 August 2009
Check details of *ASIC* allegations against McIvor - were they adminisrative, civil or criminal in nature? Date: Around October 2011
Check BDO/Tucker & Cowen matter relating to "Valencia Grove" offer. Date: 03.09.12
Check BDO/Tucker & Cowen matter relating to "National Resorts Loans" and priority to *EIF*. Date: 06.09.12

Check BDO/Tucker & Cowen matter relating to "Handley Heights," "National Resorts," "Newton" and *EPF* Date:10.09.12 

Check David Whyte meeting with Tucker & Cowen and David Kennedy regarding several loan matters/priority positions/realisation of assets. Date: 17.10.12

Check details of AET SPV Management P/L ACN 088261349


----------



## No Trust (26 July 2017)

Very long winded response, but no simple denial... Oh "Marky Boy" no one else in the world would ever defend you, EXCEPT YOU !!! 



SpatialG said:


> Hmmmmm, how do you want me to respond to this "No Trust"?
> 
> Should I be "Proud" to be called "Marky Boy" or should I be "Offended"?
> 
> ...


----------



## SpatialG (26 July 2017)

No Trust said:


> Very long winded response, but no simple denial... Oh "Marky Boy" no one else in the world would ever defend you, EXCEPT YOU !!!




SpatialG is NOT "Marky Boy." Happy to swear that under oath. Is that a simple enough denial "No Trust?"


----------



## No Trust (27 July 2017)

Please do swear that "*under oath*" and provide evidence... Your offer "Marky Boy" not mine...



SpatialG said:


> SpatialG is NOT "Marky Boy." Happy to swear that under oath. Is that a simple enough denial "No Trust?"


----------



## No Trust (27 July 2017)

The connections to *David Whyte*, *Tucker and Kennedy* continue to grow, and I am reliably informed that they will be a part of the questioning during the Public Examination of Tucker next month...


----------



## No Trust (28 July 2017)

Information bombshell about to drop prior to Public Examination / Humiliation


----------



## No Trust (28 July 2017)

Still waiting for that sworn evidence, "Marky Boy"...  don't make promises you can't keep, oh hang on that's a personality trait of yours... 



No Trust said:


> Please do swear that "*under oath*" and provide evidence... Your offer "Marky Boy" not mine...


----------



## Done With That (29 July 2017)

Frankly I don’t care if you are Mark McIvor, No Trust or if Spatial G is Mark McIvor.   I detest Mark McIvor because he lost my money and I’m sick of being broke because  of him.

What I do like is that you are both very skilled at unearthing documents and research that shows us former investors how skulduggery works in big business and some of the tactics that lost my money.  My hope as I read this forum is that prosecutors read your posts and take action.

No Trust  I’ve read every post you’ve made and applaud your tenacity.  My father was a police investigator and Spatial G’s writing style and the way he lays things out looks exactly like Federal Police training to me.   So I suspect he is one of the police officers who saw what was going on when they raided McIvor’s office and took a mass of documents.

As I said, I don’t care who either of you is.  I do care that I’m living on the smell of an oily rag because some bastard thought he needed my money more than me.

Please don’t either of you stop digging.  Go get ‘em fellas!! (I assume you are both men).


----------



## No Trust (30 July 2017)

Thanks for your kind words "Done With That"

McIvor, Kennedy etc have tried to infiltrate this thread *under assumed names* in the past...

Each time *they've failed* and been caught out...

http://www.couriermail.com.au/busin...5613d774f?sv=4cebcfcc3927e827f5b5017ed955cd9f




Done With That said:


> Frankly I don’t care if you are Mark McIvor, No Trust or if Spatial G is Mark McIvor.   I detest Mark McIvor because he lost my money and I’m sick of being broke because  of him.
> 
> What I do like is that you are both very skilled at unearthing documents and research that shows us former investors how skulduggery works in big business and some of the tactics that lost my money.  My hope as I read this forum is that prosecutors read your posts and take action.
> 
> ...


----------



## Done With That (30 July 2017)

I’m sure they do No Trust.  But that shouldn’t affect finding the truth.

I remember that when I first posted here, you called me Marky Boy.  I was taken aback but understood you’ve taken probably greater losses from the collapse of Equititrust than I have and your hatred makes you a bit paranoid. 

Personally I’m through with hatred.  It made me sick.  It blinds us and we don’t see clearly.  I’ve been there and it’s not a good place to be.  I now live by the words of Francis of Assisi “Lord, make me an instrument of thy peace.  Where there is hatred, let me sow love.”

Now I just want truth and justice to come from this.  I want facts so lawyers or investigators (whoever is reading your posts) can get to the bottom of how and why McIvor, Tucker, Kennedy and all did what they did and get some money back for me.  That’s why I applaud the research and digging that you and Spatial G have done.  What he’s posted shows he’s a clever investigator.  I’m happy to have both No Trust and Spatial G fighting for my rights.

Anyway, enough of my old lady ramblings.  I’m not your mother.  I don’t live on the Gold Coast any more but if I did I’d love sit across the table and work together to get justice for you and me and comeuppance for these miscreants.  Keep up the good work.


----------



## No Trust (30 July 2017)

Wise words "Done With That"... I'm not driven by hate, I'm driven by pure and utter delivery of justice... 

I've learnt to "detach" useless emotions in favour of more productive ones... 

The takedowns over the past seven or so years speak for themselves... 

Tucker and Kennedy won't survive this nefarious little scheme... They are finished... 

The Public Examination / Humiliation will put paid to that...

More damning information will drop soon... 





Done With That said:


> I’m sure they do No Trust.  But that shouldn’t affect finding the truth.
> 
> I remember that when I first posted here, you called me Marky Boy.  I was taken aback but understood you’ve taken probably greater losses from the collapse of Equititrust than I have and your hatred makes you a bit paranoid.
> 
> ...


----------



## Breach of Trust (30 July 2017)

Just came across this http://equititrust.com.au/Updates.html
There not holding back!


----------



## No Trust (30 July 2017)

Kaboom...




Breach of Trust said:


> Just came across this http://equititrust.com.au/Updates.html
> There not holding back!


----------



## No Trust (30 July 2017)

Don't be surprised if *BDO* are joined to any proceedings...


----------



## No Trust (30 July 2017)

Notice, how Whyte and BDO are as quiet as a mouse when it concerns their knowledge of Tucker and Kennedy's beneficial interest in MS Asia. Whyte and BDO need to be joined to any future proceedings concerning the EPF. Any further fees he or BDO claims should be denied... This is a disgrace...


----------



## No Trust (30 July 2017)

This litigation is going to be of *EPIC *proportions... No wonder Tucker is already signaling bankruptcy...



Breach of Trust said:


> Just came across this http://equititrust.com.au/Updates.html
> There not holding back!


----------



## No Trust (31 July 2017)

This "consultant" needs to answer some questions in the Federal Court pronto...

http://www.tuckercowen.com.au/our-team/consultant/


----------



## No Trust (31 July 2017)

This is just gobsmacking now it's officially been confirmed by the Liquidator...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

So now there will also be public Examinations in Hong Kong and in the UK...

But Tucker's 3 days of Public Humiliation next month as confirmed by the Liquidator  will be the beyond belief... That's if the gutless wonder who plundered people's retirement funds has the balls to appear...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

Looks like *Worrells* are giving all the required information to the court...

Don't think *Sucker *and *Coward *will be using them any longer... Someone has rolled to save their asses... Also note the Liquidator is *not going after* Worrells and Michael Peldan who has been publicly examined for a second time...

_*"In May 2017, the receivers appointed to the EPF by MS Asia produced further documents to the Federal Court"*_

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

It seems *Worrells have rolled* as the Liquidator mentions no efforts by them in blocking the provision of documents and being publicly examined... Unlike the "Conslutant" Tucker who has tried to throw every spanner in the works...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

"None of Mr Tucker's contentions had *any substance*" ha ha ha ha ha ha ha  the world and the courts have finally woken up...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

Given what's in the liquidator's report below, who on earth would ever give Tucker let alone the firm Tucker and Cowan any insolvency work again... Is this what you call Officer's of the Court ???

They will have fun *renewing their insurance* in the coming year... I believe they will have to report *impending legal action* against the firm... 

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (31 July 2017)

Tucker is now saying *its oppressive* for him to provide the documents to the court that he was ordered to provide...

Really, come on, *this is too funny*... Did you not ever do the same "Davey Boy" ???

The world has really *come full circle* "Davey Boy" now your the b#tch of the system...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

Tucker, Kennedy, and Tucker and Cowan the Law Firm, are in a world of trouble, given what the liquidator has outlined... What a wicked little web they did weave...

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

Think they *missed listing* one of their Specialties...

http://www.tuckercowen.com.au/our-specialties/


----------



## No Trust (1 August 2017)

Public Examination / Humiliation Dress Code - *NOT BLACK TIE*

Change of underwear - Advisable


----------



## No Trust (1 August 2017)

Word on the street is that there are *many CV's* hitting other *Brisbane Law Firms* and *Recruiters* from current Tucker and Cowan Employee's. What's going on in the bunker ??? Do employee's want to get out before litigation commences and things get worse ???
Interesting times...


----------



## No Trust (1 August 2017)

I don't think the *comments* from the *firm's namesake* below are endearing to current staff as to their future prospects.

David Tucker *threatening bankruptcy* in his affidavit in open court cannot be motivating to current employees, nor the prospect that the firms insurance *may not cover the claim against him*... 






No Trust said:


> So Tucker *protects his own Superannuation Fund* as set out in *his affidavit *excerpt below 44. and would instead, *rather declare bankruptcy*. But couldn't give a damn about the "many private superannuation funds" who were investors in the EPF...
> 
> Tucker's affidavit is an insight into his warped thinking and sense of entitlement... This is an utter disgrace...
> _
> ...


----------



## No Trust (1 August 2017)

I can't see how this sends a positive message to *existing and prospective clients*...



No Trust said:


> I don't think the *comments* from the *firm's namesake* below are endearing to current staff as to their future prospects.
> 
> David Tucker *threatening bankruptcy* in his affidavit in open court cannot be motivating to current employees, nor the prospect that the firms insurance *may not cover the claim against him*...


----------



## No Trust (1 August 2017)

It's been a long time "Davey Boy"... 


"The arc of the moral universe is long, but it bends towards justice"--Rev. Dr. Martin Luther King.


----------



## No Trust (1 August 2017)

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

The deception was breathtaking...





http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

I'm sure the liquidator and Russells are looking into the issue of *dissipation of assets*. Kennedy already in *Hong Kong* and Tucker already *signaling bankruptcy* here in the event of a judgement against him...


----------



## No Trust (1 August 2017)

The key issue here is the misuse of information by former directors and office holders of Equititrust...



No Trust said:


> View attachment 72102
> 
> 
> http://equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (1 August 2017)

There are three fiduciary rules that apply:


Company directors must *not* have a personal interest or engagement with a third party except with the full consent of the company (_*conflict rule*_)




Company directors must *not* abuse their position for their own or a third party's advantage unless the company gives its full consent. Thus they must account to the company for any gain they so happen to make in connection with their fiduciary office (_*profit rule*_)




Company directors must *not* mistake company property as their own or appropriate that property to a third party's benefit (_*misappropriation rule*_).



http://www.mondaq.com/australia/x/54462/Directors+Officers/The+Corporate+Opportunity+Principle


----------



## No Trust (1 August 2017)

Directors have been held accountable even when they have acted in the interests of the company, for example, when directors have *taken up an opportunity* personally which the *company itself did not have the funds to take up alone*. In this situation *directors cannot retain any benefit* from such an opportunity and *must hold it on behalf of the company*.

http://www.mondaq.com/australia/x/54462/Directors+Officers/The+Corporate+Opportunity+Principle


----------



## Done With That (1 August 2017)

That's amazing.  I'd imagine the news media, the bar association and the Crime & Misconduct Commisssion would be all over this.

I find myself wondering what McIvor got out of all this.  As I've said, I personally don't like the man and it was his choice to bring the vultures in.  But he walked away with nothing.  Lost millions and was bankrupted.  Was he the villain that Tucker et al told us he was or was he just too arrogant to see them coming?

Creepy mongrels the lot of them.  In the end bankruptcy, shame and loss of face for all players in a nasty game that ripped off hundreds of retirees.



No Trust said:


> There are three fiduciary rules that apply:
> 
> Company directors must *not* have a personal interest or engagement with a third party except with the full consent of the company (_*conflict rule*_)
> Company directors must *not* abuse their position for their own or a third party's advantage unless the company gives its full consent. Thus they must account to the company for any gain they so happen to make in connection with their fiduciary office (_*profit rule*_)
> ...


----------



## Nothingtoadd (1 August 2017)

No Trust said:


> Notice, how Whyte and BDO are as quiet as a mouse when it concerns their knowledge of Tucker and Kennedy's beneficial interest in MS Asia. Whyte and BDO need to be joined to any future proceedings concerning the EPF. Any further fees he or BDO claims should be denied... This is a disgrace...




I think you need to remember that David Whyte was receiver of the Income fund only, and there was a separate receiver appointed by BOSI over the Premium fund only.  Hall Chadwick are the only ones appointed over "everything" ie Equititrust Ltd.  Whyte may have known that Tucker & Kennedy were involved in the entity that bought the debts but he would not have been involved in negotiating the sale, and would not have known the price.

I think you are unfair to him if you place him in the same bucket as Pleash, Tucker, Kennedy or McIvor


----------



## Nothingtoadd (1 August 2017)

Done With That said:


> Was he the villain that Tucker et al told us he was or was he just too arrogant to see them coming?




or, (c) all of the above?


----------



## No Trust (1 August 2017)

I don't think I am being unfair to Whyte at all.

My gripe with him is the fact that he knew that Tucker and Kennedy had a beneficial interest in the EPF yet dolled out legal work to Tucker to act for the EIF. Tucker was also an investor in the funds. The conflict of interest was clear as day.

How on earth could Tucker be a solicitor for Whyte and then throw on another hat and be a beneficial owner of the EPF and negotiate priority deeds with Whyte.

As a former lawyer for the company as well as a director he should not have been used by Whyte under "any" circumstances.

I still note how quiet he is on this issue. He can make a statement on the Equititrust website on the updates page and say that he didn't give legal work to Tucker and Tucker and Cowan who are now embroiled in massive litigation regarding a breach of fiduciary duties...

Whyte can also emphatically deny he knew Tucker and Kennedy had a beneficial interest in the EPF and that he was dealing with them directly in regard to priorities...

Doubt that will ever happen... Fees to Whyte and BDO need to be challenged and not paid until there is an investigation into the relationship between Whyte and Tucker / Kennedy...








Nothingtoadd said:


> I think you need to remember that David Whyte was receiver of the Income fund only, and there was a separate receiver appointed by BOSI over the Premium fund only.  Hall Chadwick are the only ones appointed over "everything" ie Equititrust Ltd.  Whyte may have known that Tucker & Kennedy were involved in the entity that bought the debts but he would not have been involved in negotiating the sale, and would not have known the price.
> 
> I think you are unfair to him if you place him in the same bucket as Pleash, Tucker, Kennedy or McIvor


----------



## SpatialG (2 August 2017)

Done With That said:


> Frankly I don’t care if you are Mark McIvor, No Trust or if Spatial G is Mark McIvor.   I detest Mark McIvor because he lost my money and I’m sick of being broke because  of him.
> 
> What I do like is that you are both very skilled at unearthing documents and research that shows us former investors how skulduggery works in big business and some of the tactics that lost my money.  My hope as I read this forum is that prosecutors read your posts and take action.
> 
> ...






Done With That said:


> I’m sure they do No Trust.  But that shouldn’t affect finding the truth.
> 
> I remember that when I first posted here, you called me Marky Boy.  I was taken aback but understood you’ve taken probably greater losses from the collapse of Equititrust than I have and your hatred makes you a bit paranoid.
> 
> ...




Good evening "Done with that" and "No Trust." Your'e right.....your'e not our mother, but you make some damn fine points.  Well I've just got back from a trip up north over the weekend. Achieved a lot really; one wedding, one funeral and visited my Mum who is resident in a local nursing home and spent some valuable time with Dad. I love the tropical lifestyle, but after a lifetime up north, I'm glad I've made the break and settled a new lifestyle on the Coast.

My heart goes out to you "Done with that" and particularly the way you describe a meagre existence arising from the collapse of EquitiTrust. Whether one could afford to lose money or not resulting from investment in EquitiTrust, has no bearing on the fact that many people lost their life savings and couldn't even procure a sympathetic determination from Centrelink based on technicalities of "Capital return" versus "Dividends/distributions." Pathetic really from an Australian Government Agency.

Nonetheless, the battle must go on and as we have seen from "No Trust's" reliable posts, the stage is set for an almighty fall. From my perspective I just want the truth to come out, and I will continue to agitate where I can with the information I have and the research I do. 

I note with interest the perceived silence of the receiver of the EIF and BDO. This is not missed by most observors of this post, but strangely seems to have been missed in the last report to investors by Hall Chadwick. At the same time the silence of the regulator is also worthy of note. I'm still intrigued "No Trust" with why the regulator conducted the raid days after meeting with Tucker and then witnessing his dismissal as a Director.  I would love to know who Tucker spoke with from the regulator and what evidence was used to obtain the warrant necessitating involvement of AFP.

From what I understand and have researched, McIvor was not restrained in any way, nor interviewed at the time of the raid, nor arrested following discovery of so-called damning evidence sufficient to have him banned for life from financial services.  Now, if he is guilty, he deserves more than a lifetime ban for his behaviour given the testimony of people like "Done with that."  But, I can't help but think that McIvor's penalty was nothing more than a slap on the wrist if in fact the allegations against him that warranted bringing in armed federal police were actually true.

This is where it gets interesting for me because prima facie evidence is required to be submitted to obtain approval for a warrant.  Somewhere along the lines the regulator has had to provide evidence that will stack up under legal scrutiny in order to engage AFP and obtain approval for the warrant to raid McIvor's family home and the office on Chevron Island.

I've got to tell you "No Trust" that if I had federal police raid my family home and office and the best they could do "having not arrested me," were to cover their tracks by attacking my reputation claiming me as an unfit person to hold an AFSL, they would definately have more than this post on Aussie Stock Forums to deal with.......

Notwithstanding any of the above, I wish for the truth in this matter to reveal the motives and actions associated with the perpetrator's of this unnecessary destruction of retiree's investments and nest eggs. I would also love to see restorative justice occur, but I don't give too much thought to what is an appropriate penalty for those wilfully involved in this debacle.

I will continue to research from available material as I have time.


----------



## SpatialG (2 August 2017)

Nothingtoadd said:


> or, (c) all of the above?




"Nothingtoadd" - perhaps he lived under the addage that "He who owns the gold rules," not realising that it attracted those with meglomaniac tendencies........He obviously didn't see the ambush headed his way......


----------



## SpatialG (2 August 2017)

No Trust said:


> I don't think I am being unfair to Whyte at all.
> 
> My gripe with him is the fact that he knew that Tucker and Kennedy had a beneficial interest in the EPF yet dolled out legal work to Tucker to act for the EIF. Tucker was also an investor in the funds. The conflict of interest was clear as day.
> 
> ...




I'm with you on this one "No Trust" - Too many intermingled meetings and contractual obligations between (Whyte, BDO and staff) and (Tucker & Cowen and staff) to warrant dismissal without further investigation.


----------



## No Trust (2 August 2017)

Look SpatialG that's a nice back story about being up north etc. But you said you would provide sworn evidence that you were not McIvor... You promised this not me... Where is it ?

As far as I'm concerned you are McIvor.

Prove me wrong and I will give you my unreserved apology for even inferring you were the aforesaid miscreant.


You know what we all think of you, that's no secret. This thread is free and open to everyone. Contribute anything you want.

But you promised to prove that you are in fact not the one and only "Marky Boy"



http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html




SpatialG said:


> Good evening "Done with that" and "No Trust." Your'e right.....your'e not our mother, but you make some damn fine points.  Well I've just got back from a trip up north over the weekend. Achieved a lot really; one wedding, one funeral and visited my Mum who is resident in a local nursing home and spent some valuable time with Dad. I love the tropical lifestyle, but after a lifetime up north, I'm glad I've made the break and settled a new lifestyle on the Coast.
> 
> My heart goes out to you "Done with that" and particularly the way you describe a meagre existence arising from the collapse of EquitiTrust. Whether one could afford to lose money or not resulting from investment in EquitiTrust, has no bearing on the fact that many people lost their life savings and couldn't even procure a sympathetic determination from Centrelink based on technicalities of "Capital return" versus "Dividends/distributions." Pathetic really from an Australian Government Agency.
> 
> ...


----------



## No Trust (2 August 2017)

A bigger bomb is about to drop that hasn't been investigated yet involving both McIvor and Tucker.  

Let's say the timing needed to be just right... 

I've alluded to this before, but given the deception perpetuated by both Tucker and McIvor as to their integrity, no one in their right mind would have believed what the dynamic duo did.... Up until now.........

All the evidence is there and it will hit like a proverbial baseball bat to the head...

It's taken some time but it's like tenderising meat, the timing had to be right before it was thrown on the fire.

Looking back 7 or so years who would have thought that McIvor would have become a convicted criminal bankrupt ??? 

Also a failure at marriage too...

Who would have thought that Tucker would be openly declaring the prospect of personal bankruptcy in an open Federal Court hearing ? 

Well the facade of integrity has well and truly been removed and look at the filth of character and moral depravity on display for the world to see.

These two miscreants had a history of trying to do people over. 

That will now come to the fore in the National Media Spotlight just at the right time... 

Further if McIvor is innocent as you allege why did he give up on his appeal regarding his life ban ??? 

McIvor was a document fiddler going back many years and he was finally caught. 

There is more to come as there is no statute of limitations on criminal offences...


----------



## Done With That (2 August 2017)

No Trust you've got to stop this paranoia that anyone who comes on the forum and gives an opinion different to yours, especially about the miscreant that caused this debacle, is Marky Boy.

Here's a thought ... meet and have coffee, exchange notes, sniff each other's butts.  Exchange emails but get over it.  What I want here is research and truth.  I already have opinions about certain people who engaged in the loss of my money.  Now I want to see how widespread the net went.  How many pockets were lined.

My father used to say "follow the money" ... who gained, how and why.

If this is how their industry works, how many retirees have been creamed by these types of businesses?  We work all our lives, scrape and save for our retirement and some mongrel who's already rich takes our lives away in one fell swoop.  

It has to stop.  I thought we were living in a country that prided itself on the fair go principle.  Doesn't seem like anyone is really looking after people like me apart from you guys here doing your reveal of documents and frankly good investigation.

Where's the media and ASIC in all this?



No Trust said:


> Look SpatialG that's a nice back story about being up north etc. But you said you would provide sworn evidence that you were not McIvor... You promised this not me... Where is it ?
> 
> As far as I'm concerned you are McIvor.
> 
> ...


----------



## No Trust (2 August 2017)

SpatialG has made an offer *to prove he's not*, lets see it...

Been though the saga of false accounts...   Happy to meet, anytime... 



Done With That said:


> No Trust you've got to stop this paranoia that anyone who comes on the forum and gives an opinion different to yours, especially about the miscreant that caused this debacle, is Marky Boy.
> 
> Here's a thought ... meet and have coffee, exchange notes, sniff each other's butts.  Exchange emails but get over it.  What I want here is research and truth.  I already have opinions about certain people who engaged in the loss of my money.  Now I want to see how widespread the net went.  How many pockets were lined.
> 
> ...


----------



## No Trust (2 August 2017)

Oh, oh the parallel's...   

http://ampitup.info/?p=27

A raid of 28 ASIC officers, including armed Federal Police, of prominent Gold Coast fund manager Equititrust Ltd in 2011, has emerged as a machiavellian misuse of Federal Government force for fraudulent profit making. Brisbane based lawyer and insolvency specialist, David Tucker, facilitated the raid in a titanic struggle to overwhelm the owner of the mortgage fund and largest investor, Mark McIvor. New information emerging from Federal Court hearings by the company liquidator are set to lift the lid on ASIC misfeasance and profound fiduciary fraud. *The raid, also executed on McIvor’s home, propelled the destruction of $300 million of valuable property assets by a suite of insolvency practitioners. Equititrust’s ex-CEO, David Kennedy, a lawyer and insolvency practitioner, has also been implicated in the scam.*

Mr Tucker, the son of the ex-President of the Qld Liberal Party, Robert Tucker, obviously wields substantial political and legal influence. Only a short twelve months prior to the raid, he’d joined the board of Equititrust Ltd, 




SpatialG said:


> Good evening "Done with that" and "No Trust." Your'e right.....your'e not our mother, but you make some damn fine points.  Well I've just got back from a trip up north over the weekend. Achieved a lot really; one wedding, one funeral and visited my Mum who is resident in a local nursing home and spent some valuable time with Dad. I love the tropical lifestyle, but after a lifetime up north, I'm glad I've made the break and settled a new lifestyle on the Coast.
> 
> My heart goes out to you "Done with that" and particularly the way you describe a meagre existence arising from the collapse of EquitiTrust. Whether one could afford to lose money or not resulting from investment in EquitiTrust, has no bearing on the fact that many people lost their life savings and couldn't even procure a sympathetic determination from Centrelink based on technicalities of "Capital return" versus "Dividends/distributions." Pathetic really from an Australian Government Agency.
> 
> ...


----------



## No Trust (2 August 2017)

"Marky Boy" is at it again... Under a different name of course...

http://ampitup.info/?p=27


----------



## No Trust (2 August 2017)

The idiot does not mention loans to the likes of *"King Con"* does he... Deluded fool...

http://ampitup.info/?p=27


----------



## Done With That (2 August 2017)

Yes, it looks like that article was written by McIvor.  But I don't see that implicates Spatial G as Marky Boy.  Just because he alluded to the same events?

You're starting to worry me No Trust.  Seems like you're on a witch hunt for McIvor.  In some ways I don't blame you.  But what I want is the truth to come out.  Who did what, when and how did they gain.  I don't think any of us know the truth yet.  All we know is our bank accounts are empty and someonelse's is full.

I'm looking forward to the next drop of evidence that  you mentioned that implicates McIvor and Tucker.  Let's get to the bottom of this in a reasoned way.  



No Trust said:


> Oh, oh the parallel's...
> 
> http://ampitup.info/?p=27
> 
> ...


----------



## No Trust (2 August 2017)

Hi "Marky Boy"...

The mouse has a *tail*...
*

What is the connection between Medcraft, Westpac criminality and ASIC’s relentless attack on Equititrust Ltd which destroyed the life savings of 1400 investors?* Mr Medcraft’s work colleague at Soc Gen for 10 years, Mr David Hickie, was a highly experienced financier and ex-fund manager of the year. Over his career he became known as a ‘White Knight’, assisting beleaguered investors and standing up for the downtrodden in the financial services industry. Post his departure from Soc Gen, he chose to render assistance to the 30 elderly citizens criminally defrauded by Westpac. Hickie exhorted the assistance of his prior work colleague, Mr Medcraft, the new Chairman of ASIC at that time. Via five emails, sent during 2011, Hickie endeavoured to gain Medcraft’s attention, without success. Ironically, he subsequently attracted ASIC’s attention for significant other reasons.

*In 2012, Hickie accepted an appointment on the Board of beleaguered fund manager, Equititrust Ltd. The purpose of his appointment was two fold;*


To assist Equititrust to restructure, post the illegal ASIC raid of October 2011. McIvor, Equititrust’s major investor and capital provider, had sought to introduce an external custodial role to protect investors and implement effective asset management.
To transition investors, and substantial property assets, from the existing mortgage fund to the NSX (National Stock Exchange) company, Venture Axess Group Ltd in an orderly wind up mortgage fund industry. The corporate restructure of Equititrust and its assets had been carefully planned and agreed in a detailed document called _PUHF ‘Put the Unitholders First’_.
Not only was he unsuccessful in those attempts, he was viciously attacked by ASIC in circumstances that are inexplicable. The wide ranging ASIC abuse rendered nugatory the NSX listed company, inflicting mortal damage to efforts to protect investors and valuable assets from insolvency misconduct.


http://ampitup.info/?p=29


----------



## No Trust (2 August 2017)

Lets say, I can *multitask*...





Done With That said:


> Yes, it looks like that article was written by McIvor.  But I don't see that implicates Spatial G as Marky Boy.  Just because he alluded to the same events?
> 
> You're starting to worry me No Trust.  Seems like you're on a witch hunt for McIvor.  In some ways I don't blame you.  But what I want is the truth to come out.  Who did what, when and how did they gain.  I don't think any of us know the truth yet.  All we know is our bank accounts are empty and someonelse's is full.
> 
> I'm looking forward to the next drop of evidence that  you mentioned that implicates McIvor and Tucker.  Let's get to the bottom of this in a reasoned way.


----------



## No Trust (2 August 2017)

Public Examination and documents subpoenaed will be a bombshell, I'm reliably informed...
The who did what will all be revealed...

Worrells* rolled*, I'm told so will Whyte and BDO...  Watch this space, *serious legal machinations* going on in the background at the moment...



Done With That said:


> Yes, it looks like that article was written by McIvor.  But I don't see that implicates Spatial G as Marky Boy.  Just because he alluded to the same events?
> 
> You're starting to worry me No Trust.  Seems like you're on a witch hunt for McIvor.  In some ways I don't blame you.  But what I want is the truth to come out.  Who did what, when and how did they gain.  I don't think any of us know the truth yet.  All we know is our bank accounts are empty and someonelse's is full.
> 
> I'm looking forward to the next drop of evidence that  you mentioned that implicates McIvor and Tucker.  Let's get to the bottom of this in a reasoned way.


----------



## No Trust (2 August 2017)

Lets say, Tucker and Kennedy and Nominee Directors shareholders *being thrown under the bus*...


----------



## No Trust (2 August 2017)

ASIC, *is involved now* as are a number of "other" *regulatory bodies*, due to *extreme pressure* being applied in the last few weeks by some unnamed individual...


----------



## No Trust (2 August 2017)

As for the media, lets say, there is a time to release the sling shot... This is brewing into a *big story* and big big part of it will be the *3 days* of Tuckers Public Examination / *Humiliation*...


----------



## SpatialG (2 August 2017)

No Trust said:


> Very long winded response, but no simple denial... Oh "Marky Boy" no one else in the world would ever defend you, EXCEPT YOU !!!




Good afternoon "No Trust" - I note you're still backing your position that I'm "Marky Boy." A bit sad really that the day's of trust are well gone - hence your title "No Trust."

Have you given *any consideration* to the possibility that my comment *"Happy to swear that under oath"* was based on my confidence that I will never be in the dock faced with the prospect of having to "Swear under oath?"  I'm not sure "Marky Boy" could make that comment with the same degree of certainty.

By the way, have you answered these questions yet?

Have you eliminated all other possibilities for *who* SpatialG could be?
If you were prosecuting me, *what evidence* would you use to have me found guilty as being "Marky Boy"?
What are the characteristics that SpatialG possesses that concludes he is "Marky Boy"? i.e., *age*, *marital status*, location of birth etc.
Does the writing style of SpatialG align with that of "Marky Boy"?
Does SpatialG even live on the Gold Coast - a place "Marky Boy" has called home for forty plus years.
Has SpatialG ever claimed a *legal and financial services* background in any of his writings?
Is it possible that SpatialG is actually aligned with "No Trust" in wanting the truth to come out in relation to the whole EquitiTrust matter, but is just coming from different angles and with a different life experience?
Would Stacey Turner or David Tucker agree with your conclusions were they ever to meet SpatialG?
Further, I will give you some hints;

left click on the word SpatialG and check my age - does this align with the age of "Marky Boy?"
What is "Marky Boy's" marital status? I am a happily married man, 29 years in fact.
I have two adult sons - I think you will find "Marky Boy" only has daughters.
I have never been involved in legal and financial services.
This is the last post I will make on this matter - there's more serious issues to be discussed.


----------



## SpatialG (2 August 2017)

No Trust said:


> A bigger bomb is about to drop that hasn't been investigated yet involving both McIvor and Tucker.
> 
> Let's say the timing needed to be just right...
> 
> ...




"No Trust" - can you please point me to a statement where I have alleged McIvor is innocent? If you can, I will withdraw it because it is inconsistent with my desire to see the *truth* come out. 

In my opinion the truth can only come out under legal scrutiny and to date given the absence of legal proceedings taken against "Marky Boy" there is little to no evidence capable of pronouncing innocence or guilt.

Unless you can point me to court judgments suggesting otherwise, I am under the impression ASIC took actions based on their own investigations and internal assessments, but that none of these have yet been tested in a court of law.

Happy to be guided if I'm misinformed.


----------



## SpatialG (2 August 2017)

No Trust said:


> Oh, oh the parallel's...
> 
> http://ampitup.info/?p=27
> 
> ...




It might be a foreign concept to well established thought patterns, BUT - what if this proposition turns out to be closer to the truth "No Trust?"


----------



## SpatialG (2 August 2017)

No Trust said:


> Public Examination and documents subpoenaed will be a bombshell, I'm reliably informed...
> The who did what will all be revealed...
> 
> Worrells* rolled*, I'm told so will Whyte and BDO...  Watch this space, *serious legal machinations* going on in the background at the moment...




Sad state of affairs - all about arse covering and maintaining reputations and lifestyles - Bugger the 1620 investors who have lost their life savings while hyena's and marabou's of the insolvency profession ply their trade........


----------



## Done With That (2 August 2017)

SpatialG said:


> It might be a foreign concept to well established thought patterns, BUT - what if this proposition turns out to be closer to the truth "No Trust?"



I hear what you are saying Spatial G.  I think most of us just want the truth.

I want to know why my husband and I received our Equititrust cheques for 11 years without problems and then suddendly hundreds of millions of dollars goes down the crapper and we went with it.

Mind you I still wouldn't be inviting McIvor over to dinner even if he wasn't party to all this.

Just give me the truth.  That's all I'm asking of the system.


----------



## No Trust (2 August 2017)

Come on, please you *already knew this*...

http://asic.gov.au/about-asic/media...d-convicted-for-failing-to-assist-liquidator/


http://www.couriermail.com.au/busin...e/news-story/5f217d12ea1509795f6a88f1f6866eb7




SpatialG said:


> "No Trust" - can you please point me to a statement where I have alleged McIvor is innocent? If you can, I will withdraw it because it is inconsistent with my desire to see the *truth* come out.
> 
> In my opinion the truth can only come out under legal scrutiny and to date given the absence of legal proceedings taken against "Marky Boy" there is little to no evidence capable of pronouncing innocence or guilt.
> 
> ...


----------



## No Trust (2 August 2017)

Truth is McIvor f#cked it all up with disaster loans and disaster directors like Tucker and Kennedy..




Done With That said:


> I hear what you are saying Spatial G.  I think most of us just want the truth.
> 
> I want to know why my husband and I received our Equititrust cheques for 11 years without problems and then suddendly hundreds of millions of dollars goes down the crapper and we went with it.
> 
> ...


----------



## No Trust (2 August 2017)

You should always *declare a conflict of interest*, even if writing on another thread...



SpatialG said:


> It might be a foreign concept to well established thought patterns, BUT - what if this proposition turns out to be closer to the truth "No Trust?"


----------



## No Trust (2 August 2017)

Mmmmmmmmmm "SpatialG" just like the "Hyena" below.... ???  You keep giving yourself away...








SpatialG said:


> Sad state of affairs - all about arse covering and maintaining reputations and lifestyles - Bugger the 1620 investors who have lost their life savings while hyena's and marabou's of the insolvency profession ply their trade........


----------



## No Trust (2 August 2017)

Anyone can write anything on the internet... Even pretend to be or a man or a woman... its interesting to note though that your first post on this thread was on *July 15th* around the same date your story about Tucker and Kennedy "*The Crooked Fiduciary*" appeared on your bogus website Ampitup...

Come on...........................................    We have been catfished by McIvor.......

And its *for a reason* which will appear in the next post.....................................................


_US informal
lure (someone) into a relationship by *adopting a fictional online persona*.
"he was being catfished by a cruel prankster"_




SpatialG said:


> Good afternoon "No Trust" - I note you're still backing your position that I'm "Marky Boy." A bit sad really that the day's of trust are well gone - hence your title "No Trust."
> 
> Have you given *any consideration* to the possibility that my comment *"Happy to swear that under oath"* was based on my confidence that I will never be in the dock faced with the prospect of having to "Swear under oath?"  I'm not sure "Marky Boy" could make that comment with the same degree of certainty.
> 
> ...


----------



## No Trust (2 August 2017)

This is why.....................................................................................................................

http://ampitup.info/?p=142


----------



## No Trust (2 August 2017)

This was *all a ruse* to get McIvor's video's out there via this thread........................ Blind Freddy could see that....

Look I'm happy to refer to it, as the stuff that McIvor says about *Tucker and Kennedy* is in fact eye *wateringly funny*....  The rest is *sanctimonious self pity and delusion*...

"Marky Boy" you could have just posted a link your videos and website on this thread....... No need to go through such surreptitious means as "creating a fake username" again here.....


----------



## Done With That (2 August 2017)

Aint that the truth ... look forward to  it all coming out in the wash.


No Trust said:


> Truth is McIvor f#cked it all up with disaster loans and disaster directors like Tucker and Kennedy..


----------



## No Trust (2 August 2017)

Look at McIvor *try and sanitize* what actually happened.... 

http://ampitup.info/?p=146

Watch the video then read this

http://www.couriermail.com.au/business/janice-mcivor-tells-court-of-shock-at-how-much-she-owed-
after-son-mark-got-her-to-sign-22m-in-mortgages/news-story/de0a113b8e6c35550bd4f50aa6980a3d

"He just lost it (and) said he'd never speak to me again," Mrs McIvor said. "*His language was unspeakable* and as he went to leave I said I just want Woodgee St back unencumbered and he said *'you'll be effing lucky' and slammed the door."*

http://www.couriermail.com.au/news/...6a5d08ffa?sv=779ae90219e6958f8e839b86b9ac975a

Mr McIvor, who owns several multi-million dollar waterfront properties, recently filed a District Court claim demanding just over $465,000 he says he loaned his siblings over the course of about a decade.

The loan amounts range from *$271.47* up to $100,000, the claim states. Through his company MM Holdings, Mr McIvor, 55, is seeking $259,429 from Wayne, 54, and $205,790 from Janeen, 58.

In its claim, MM Holdings states it entered into oral and written loan agreements with Ms Pelly and Wayne McIvor on the basis they would pay interest and repay the money "on demand".

The company states that on May 30 this year, it demanded repayment of the loans within seven days.


----------



## Done With That (2 August 2017)

Be fair to Spatial G, No Trust.  You posted McIvor's website and videos, not Spatial G.

You're not being logical, my friend.

Can we get off this bitchy stuff and get back to solid facts, research and documents that will help us as investors have clarity on what's happening around this case?

QUOTE="No Trust, post: 954895, member: 39246"]This was *all a ruse* to get McIvor's video's out there via this thread........................ Blind Freddy could see that....

Look I'm happy to refer to it, as the stuff that McIvor says about *Tucker and Kennedy* is in fact eye *wateringly funny*....  The rest is *sanctimonious self pity and delusion*...

"Marky Boy" you could have just posted a link your videos and website on this thread....... No need to go through such surreptitious means as "creating a fake username" again here.....[/QUOTE]


----------



## No Trust (2 August 2017)

How do you know he isn't McIvor ?



Done With That said:


> Be fair to Spatial G, No Trust.  You posted McIvor's website and videos, not Spatial G.
> 
> You're not being logical, my friend.
> 
> ...


----------



## No Trust (2 August 2017)

McIvor talks about bank bastardry on his website, yet when he was in business he was the biggest bank bastard of them all...

His own family, will attest to that as will many other victims... Now the shoes on the other foot he wants to offer a sanitized version of events.

Would be good to get his ex wife on video to give her own harrowing account of life under McIvor"s control freak aggressiveness that his own mother alluded to in the article below...

http://www.couriermail.com.au/business/janice-mcivor-tells-court-of-shock-at-how-much-she-owed-


----------



## No Trust (2 August 2017)

McIvor is playing a *dangerous game* here with these video's and his rewrite of history... He asking for some *shocking revelations* to be published which actually sets the record straight...

Its *good that he's done this though* as it seems he thought he was safe from retribution for his past deeds, *the record will be set straight* and boy will *heads explode* when people see the inner behind the scenes *aggressive McIvor* that he hid from the "old people" he duped into investing in the sham he called Equititrust...


----------



## No Trust (2 August 2017)

*2.55* in the video *McIvor accuses Tucker and Kennedy* of stashing *$25 Million* Dollars in a secret offshore bank account...

http://ampitup.info/?p=142


----------



## No Trust (2 August 2017)

By the way "Marky Boy" you have aged, and *not like a fine wine*, more like a whiney b#tch...


----------



## No Trust (2 August 2017)

This whole website, the "*Crooked Fiduciary Article*" and the just released video's is all targeted at Tuckers Public Examination / Humiliation.... There is no coincidence in the timing...

Its funny how McIvor is now out to destroy *Tucker and Kennedy* and in the process he will destroy himself again... *Death by a thousand cuts* Marky Boy...

You need to ring Tony again and do some kickboxing to get that agro out of your system...


----------



## No Trust (2 August 2017)

The most corrupt of all was you "Marky Boy" no one is fooled by your bulls#t video's...

The *dodgy document switcheroo's* and dishonesty that ASIC banned you for life, were are part of your grain...

You *maliciously and fraudulently took from others *that which was not yours and the universe returned the favour... Now your old mate *Tucker* is about to succumb to the same fate...

http://ampitup.info/?p=146


----------



## No Trust (2 August 2017)

*1.01* My ex wife lost substantial money...

Not the money from a previous divorce ???

http://ampitup.info/?p=146


----------



## No Trust (2 August 2017)

This has all the hallmark's of *Macbeth*...  Both "Marky Boy" and "Racy Stacey" *have blood on their hands* which was *not washed off by their divorce*... As the old man on the hill said " These two do not have lights shining over their heads"...


----------



## No Trust (2 August 2017)

So "Marky Boy" is back on the thread... Its *so blatant that others can see it too*, from the private messages and *emails I'm receiving*... He has fooled no one...


----------



## Nothingtoadd (2 August 2017)

Watched the videos.  Wow.  I think the answers are:

(1) Scoundrel
(2) Foolish Failures
(3) Villains

I don't think there was an question in Ep 4 or Ep5?


----------



## No Trust (2 August 2017)

Totally agree with you...

*McIvor Tucker Kennedy* - mutual destruction is guaranteed... 

This is going to be epic...




Nothingtoadd said:


> Watched the videos.  Wow.  I think the answers are:
> 
> (1) Scoundrel
> (2) Foolish Failures
> ...


----------



## No Trust (2 August 2017)

McIvor, tried to *conceal many things*... Fortunately there is a *record of the misdeeds* both business and personal...


----------



## No Trust (2 August 2017)

Another clue that gave McIvor away was the "squirrel" analogy below...

One of "Marky Boy's' favourite sayings was " I don't like to sell *dirt* / *properties*, I like to *squirrel them away*" ...

I immediately recognized this, but played along......... for a while.....   



SpatialG said:


> "No Trust" while a very wide net has been thrown; the assumption is that it has been thrown wide enough to capture all interests of Tucker, Kennedy, Peldan, Cook, Whyte, and, and, and....... It is worth noting the corporate/commercialenvironment is different today compared to post GFC and they have had plenty of time to scheme and squirrell away, have they not?


----------



## Done With That (2 August 2017)

I don't any more than I know you aren't Mark McIvor toying with us with reverse psychology.  But  I can see from the way Spayial G writes that he's a Fed Cop.  I'd bet on it.  I said this before and I'll stand by it.  

_"No Trust I’ve read every post you’ve made and applaud your tenacity. My father was a police investigator and Spatial G’s writing style and the way he lays things out looks exactly like Federal Police training to me. So I suspect he is one of the police officers who saw what was going on when they raided McIvor’s office and took a mass of documents."

"As I said, I don’t care who either of you is. I do care that I’m living on the smell of an oily rag because some bastard thought he needed my money more than me."_

I don't like McIvor.  I lost money believing in him.  I'm not a fan.  But I hoped this forum was about finding the truth.  Lately all I'm thinking that it's just a vehicle for bitchy queens who hate McIvor and have a miopic bullying approach to life.  Sounds  like Marky Boy to me..



No Trust said:


> How do you know he isn't McIvor ?


----------



## No Trust (2 August 2017)

SpatialG is no Fed Cop its McIvor...

Watch this space and you will see that I am correct... A mouse that *leaves droppings* also has a tail connected to a computer...




Done With That said:


> I don't any more than I know you aren't Mark McIvor toying with us with reverse psychology.  But  I can see from the way Spayial G writes that he's a Fed Cop.  I'd bet on it.  I said this before and I'll stand by it.
> 
> _"No Trust I’ve read every post you’ve made and applaud your tenacity. My father was a police investigator and Spatial G’s writing style and the way he lays things out looks exactly like Federal Police training to me. So I suspect he is one of the police officers who saw what was going on when they raided McIvor’s office and took a mass of documents."
> 
> ...


----------



## SpatialG (2 August 2017)

No Trust said:


> SpatialG is no Fed Cop its McIvor...
> 
> Watch this space and you will see that I am correct... A mouse that *leaves droppings* also has a tail connected to a computer...




"Done with that" - I'm not a federal cop.

"No Trust" - I'm not McIvor.

As for bitchiness, I know I'm playing with a straight bat, but apparently there's only one person in the whole world who uses the terms "Hyena" and "Squirrell away," therefore I must be "Marky Boy."

I can guarantee you one thing "No Trust" - you will be watching this space for a very long time and regardless of how much you watch it, it won't change the truth - I won't be turning into McIvor anytime soon.


----------



## No Trust (2 August 2017)

You *don't have to*... You are McIvor



SpatialG said:


> "Done with that" - I'm not a federal cop.
> 
> "No Trust" - I'm not McIvor.
> 
> ...


----------



## SpatialG (2 August 2017)

No Trust said:


> Another clue that gave McIvor away was the "squirrel" analogy below...
> 
> One of "Marky Boy's' favourite sayings was " I don't like to sell *dirt* / *properties*, I like to *squirrel them away*" ...
> 
> I immediately recognized this, but played along......... for a while.....




Not real clever commentary "No Trust" - I just googled the word *"Squirrell"* and returned 107,000,000 hits in .77 seconds. You're clearly onto some evidence there - NOT.......


----------



## No Trust (2 August 2017)

This is nonsensical, so what if you googled Squirrel... I'm *referring to the language* used by McIvor... 



SpatialG said:


> Not real clever commentary "No Trust" - I just googled the word *"Squirrell"* and returned 107,000,000 hits in .77 seconds. You're clearly onto some evidence there - NOT.......


----------



## No Trust (2 August 2017)

Nice try at diversion though.... 



No Trust said:


> This is nonsensical, so what if you googled Squirrel... I'm *referring to the language* used by McIvor...


----------



## SpatialG (2 August 2017)

No Trust said:


> McIvor, tried to *conceal many things*... Fortunately there is a *record of the misdeeds* both business and personal...




If your allegations are correct "No Trust" - A chain of evidence will form and McIvor will be charged. Pretty clear cut really and he will have to answer to some pretty rigorous questioning and cross examinations one would imagine? 

Whether he is innocent or guilty is not our call - ultimately the legal system will determine that.


----------



## No Trust (2 August 2017)

McIvor's guilty, he's already been *convicted once*... there is more to come...


----------



## No Trust (2 August 2017)

Mark McIvor, *the bankrupt* Gold Coast founder and former director of *failed merchant bank* Equititrust, has been convicted and fined *$10,000*.

http://www.goldcoastbulletin.com.au...0/news-story/bf7e24f0db8cac2cc12f4608822f95a7


----------



## SpatialG (2 August 2017)

No Trust said:


> This is nonsensical, so what if you googled Squirrel... I'm *referring to the language* used by McIvor...




Nonsensical - REALLY??? clearly with 107,000,000 hits, it demonstrates other people use the word "Squirrell" in their vocabulary and written expression.


----------



## SpatialG (2 August 2017)

No Trust said:


> McIvor's guilty, he's already been *convicted once*... there is more to come...




So does this law apply?

What is double jeopardy in Australia?
*Double jeopardy*. *Double jeopardy* is a procedural defence that prevents an accused person from being tried again on the same (or similar) charges and on the same facts, following a valid acquittal or conviction.


----------



## No Trust (2 August 2017)

McIvor laments what the banking and insolvency industry *did to him*, yet he *used the same people*, *Tucker Worrells etc*. to bastardise innocent people... Marriage breakdowns and people suffering ill health due to sheer and utter greed to take peoples assets unfairly...

Then the *same individuals he used to these deeds*, did exactly the same to him...

The banks are one thing, they don't pretend not to be bastards, McIvor on the other hand is worse as he's a f#cking *hypocrite*, who got what was coming to him.

The disloyalty he showed to others who were loyal to him was in kind repaid by the* most disloyal of all Tucker and Kennedy*. What a dumb b#astard to have forsaken loyal friends and family for these two insidious grubs...


----------



## No Trust (2 August 2017)

Nope does not apply, to *a totally new set of facts leading to a different crime*...



SpatialG said:


> So does this law apply?
> 
> What is double jeopardy in Australia?
> *Double jeopardy*. *Double jeopardy* is a procedural defence that prevents an accused person from being tried again on the same (or similar) charges and on the same facts, following a valid acquittal or conviction.


----------



## No Trust (2 August 2017)

Nice try... But its a fake premise used to deflect the fact of who you really are...

There is more, you just don't know you've revealed yourself...



SpatialG said:


> Nonsensical - REALLY??? clearly with 107,000,000 hits, it demonstrates other people use the word "Squirrell" in their vocabulary and written expression.


----------



## SpatialG (2 August 2017)

No Trust said:


> Nope does not apply, to *a totally new set of facts leading to a different crime*...




Glad we cleared that up. So, he was guilty of not providing a report and not providing assistance to the liquidator. I would hope that there is a *LOT* more evidence to come demonstrating criminality. Surely something has to come out relating to his criminal intent, intent to deceive, intent to destroy evidence, threatening behaviour, flight risk, intent to defraud investor's etc etc to validate ASIC and AFP's behaviour. Banning a person for life from financial services and conducting raids with armed federal police are actions normally only undertaken for higher order criminal activity where an enforceable undertaking would not achieve an effective outcome. 

As such, I look forward to seeing the substantial evidence ASIC and AFP captured pre, during and post the raids demonstrating serious criminality.  It would also materially back-up Tucker's affidavit's which appear to have precipitated the moves by ASIC against EquitiTrust and McIvor.

Upon receipt of that evidence in the courts and the findings thereof, it will be interesting to see if and what charges arise against McIvor and whether or not the actions taken by the regulator and their enforcers were commensurate with the crime or deemed excessive and unconscionable in the circumstances.

We can't unwind the clock so it is as much a scrutiny of the regulator and federal police as it is of McIvor.

If McIvor is charged with serious offences and found guilty, then it is highly appropriate severe penalties follow.  Who know's, if it falls as you predict "No Trust" "Tucker & McIvor" might be singing "Kumbaya" together in adjacent cells.......


----------



## No Trust (3 August 2017)

What a spirited defence of "Marky Boy" bravooooooo... Should we call you AmpItup ??? 

The matter I am referring to has nothing to do with the FEDERAL POLICE RAIDS that you still seem so perturbed by...

It will come out at the right time, just like Tucker's malfeasance came out of the shadows... 

We have better use for you at the moment  attacking Tucker and Kennedy... 

Tools need to be used at the appropriate time... 




SpatialG said:


> Glad we cleared that up. So, he was guilty of not providing a report and not providing assistance to the liquidator. I would hope that there is a *LOT* more evidence to come demonstrating criminality. Surely something has to come out relating to his criminal intent, intent to deceive, intent to destroy evidence, threatening behaviour, flight risk, intent to defraud investor's etc etc to validate ASIC and AFP's behaviour. Banning a person for life from financial services and conducting raids with armed federal police are actions normally only undertaken for higher order criminal activity where an enforceable undertaking would not achieve an effective outcome.
> 
> As such, I look forward to seeing the substantial evidence ASIC and AFP captured pre, during and post the raids demonstrating serious criminality.  It would also materially back-up Tucker's affidavit's which appear to have precipitated the moves by ASIC against EquitiTrust and McIvor.
> 
> ...


----------



## No Trust (3 August 2017)

The timing of the "Crooked Fiduciary" story on the deluded McIvor website ampitup and the targeted activity on this thread is "no coincidence"...  

Even the dates of the launch of the Equititrust Videos on YouTube are no coincidence. This is McIvor and no one else setting up an online attack on Tucker before his Pubic Examination... 

It's great to see them destroying each other but to come onto this thread and think your going to fool everyone, well all I can say is GOOD LUCK WITH THAT...




No Trust said:


> Anyone can write anything on the internet... Even pretend to be or a man or a woman... its interesting to note though that your first post on this thread was on *July 15th* around the same date your story about Tucker and Kennedy "*The Crooked Fiduciary*" appeared on your bogus website Ampitup...
> 
> Come on...........................................    We have been catfished by McIvor.......
> 
> ...


----------



## No Trust (3 August 2017)

Funny "Marky Boy" doesn't mention this thread... What a complete and utter goose ... 

http://ampitup.info/?p=142


----------



## No Trust (3 August 2017)

He doesn't mention loans to the likes of "King Con" either... Blames everyone  except himself... Yet it was McIvor who appointed Kennedy CEO and had Tucker as his lawyer, then appointed him to the board...  Basically a trifecta of idiots with their own self interest at heart. 

Now mutual destruction of all 3 is assured...

McIvor now posting YouTube videos trying to rewrite history and garner sympathy is never gonna work. Too many people remember what this pr#ck did to them...
I'm not just talking about investors either, he lost family and friends due to his aggressive and abusive character... Ask his ex wife, who was very vocal as to why their marriage was a failure from the very beginning...


----------



## No Trust (3 August 2017)

Another instalment of delusion  


http://ampitup.info/?p=158


----------



## No Trust (3 August 2017)

Look at this deluded attempt also 

http://www.smh.com.au/business/mi-oh-mi--whats-mcivor-up-to-now-20121120-29o12.html


----------



## No Trust (3 August 2017)

This is the real McIvor, he's all talk but then gives up and raises the white flag...


http://www.couriermail.com.au/busin...s/news-story/b4be9a8e7796945d1c3742162c6add12


----------



## No Trust (3 August 2017)

This is just too f#cking funny...


http://www.miguardianfiduciary.com/directors


----------



## No Trust (3 August 2017)

Ok idiots.... But what the F#ck do you actually do ???

Also what's your office number 

http://www.miguardianfiduciary.com/about


----------



## No Trust (3 August 2017)

McIvor's Mi Guardian Fiduciary is nothing more than another version of "Prestige Worldwide"... But worse...






No Trust said:


> Ok idiots.... But what the F#ck do you actually do ???
> 
> Also what's your office number
> 
> http://www.miguardianfiduciary.com/about


----------



## No Trust (4 August 2017)

Fake News...

_There is an *unfounded *reference to a “recent tangle with the corporate watchdog” and an *allegation* that the Australian Securities and Investments Commission *“forced Equititrust to withdraw a product disclosure statement.”*_

_This allegation is both *damaging and misleading*. At no stage have we “tangled” with ASIC. We have had discussions with them, whereby they have expressed their views and we have expressed ours, in relation to a potential conflict of interest position for the newly established Equititrust Priority Class Income Fund.

Yours sincerely,
Mark McIvor
Managing Director
Equititrust Limited

http://www.equititrust.com.au/Pdfs/Investor Communication MEDIA ARTICLES (Feb 2011).pdf_

Now McIvor detailing what actually really happened...

Go to 1.41 in the video below and get it from the grey haired ghost himself...

http://ampitup.info/?p=158

This is just a small insight into the manner in which McIvor lies and is now trying to rewrite history yet his own false statements to investors still remain on the company's website ...

McIvor is the Donald Trump of Funds Management... Alternative facts from a deluded mind...

LIAR


----------



## No Trust (4 August 2017)

So "Marky Boy" given what you've said in the video below, the moral to the story is, anyone that's been associated with you has *lost*... Investor's, Mother, Father, Sister, Brother, Brother in law, Mother and Father in law....


http://ampitup.info/?p=146


----------



## No Trust (4 August 2017)

He talks a *LOT *but gives up easy...


----------



## No Trust (4 August 2017)

Raise your hand if your banned for *LIFE* from the Financial Services Industry


----------



## No Trust (4 August 2017)

So much Winning.... So many *Tears*....

_"After the two-storey riverfront home designed by Sydney-based architect Alex Popov was passed in the auction attendees noted McIvor's wife Stacey was in tears."
_
These were crocodile tears, *she was complicit* in stealing other peoples property and homes right along with McIvor...
_
http://www.propertyobserver.com.au/...raught-to-keep-their-cronin-island-homes.html

_


----------



## No Trust (4 August 2017)

Maybe "Racey Stacey" should have *listened to her grandfather*... Apparently he wasn't a fan of McIvor prior to their impending nuptials...


----------



## No Trust (5 August 2017)

The go to argument for Equititrust and its *executives,* as highlighted in their post on this forum below, was that everyone who disagreed with them on this site was a disgruntled borrower, I beg to differ, the collateral damage of the manner in which the funds were managed *went far and wide* and created a *domino effect* of pain and misery... 

The *legacy of some of those executives* is now being played out in open court. Please refer below

http://www.equititrust.com.au/Pdfs/... Reports - 20170728 - Notice to Investors.pdf

Others have been *banned for life* from the financial services industry...

http://asic.gov.au/about-asic/media...asic-permanently-bans-former-equititrust-ceo/

The facts are undeniable...




Equititrust Ltd said:


> Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
> 
> If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.
> 
> ...


----------



## No Trust (5 August 2017)

Ongoing litigation against *former executives of Equititrust* in the Federal Court of Australia for *Misleading or Deceptive Conduct*.

_Please refer to the link below:_

https://www.comcourts.gov.au/file/Federal/P/NSD2028/2013/actions

Hopefully the investors will be able to *recover some money* from the company's insurance...

Meanwhile the Federal Court action against those *Equititrust Executives* continues and is not something that is being made up. Its a fact not an alternative fact...
_

_


----------



## No Trust (5 August 2017)

*EPF*
The Liquidator say's that the total amount that Tucker and Kennedy realised from the EPF assets was *$16.5 Million*, (refer to report blow)

http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf

McIvor on the other hand asserts that Tucker and Kennedy have *$25 Million* in a secret offshore account...

What's the truth here ?  McIvor makes the claim, yet *provides no evidence*... As far as the investor's are concerned that's a *big difference*. Maybe McIvor could elaborate or provide some guidance as to his claim of *$25 Million*...



No Trust said:


> *2.55* in the video *McIvor accuses Tucker and Kennedy* of stashing *$25 Million* Dollars in a secret offshore bank account...
> 
> http://ampitup.info/?p=142


----------



## Done With That (5 August 2017)

That would be music to my ears.


No Trust said:


> Hopefully the investors will be able to *recover some money* from the company's insurance...
> 
> 
> _
> _


----------



## No Trust (5 August 2017)

Liquidator's *intentions are clear* about also targeting Tucker and Cowan.

This would be a claim against their insurance also.

Maybe some hope yet...

See below:





http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (5 August 2017)

The Public Examinations of David Tucker in a few weeks time will reveal more than has been revealed to date... This will be a watershed moment for Equititrust Investors...





http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (5 August 2017)

Its always good to outline *two* sides to every story

Story *1.*
http://ampitup.info/?p=29

Story *2.*
http://www.propertyobserver.com.au/...avid-hickie-banned-by-asic-for-two-years.html


----------



## No Trust (6 August 2017)

McIvor states that the Equititrust Investors have a *legitimate claim against the Government* and the government will have to pay...

Open invitation to McIvor to let us know *how this will happen* and who will instigate this claim against the government... Will it be him ? Will it be *Mi Guardian Fiduciary* ?? Who will fund this claim ?

Its easy to make a YouTube video, how about some details for your *long suffering* investors...

An answer on this thread would be really welcome... 

3.25
http://ampitup.info/?p=158


----------



## No Trust (6 August 2017)

Ok, when pointing the finger of blame, *three fingers point back*...

_"_*ASIC*_" Quite purposefully decimated the asset base"_

2.00
http://ampitup.info/?p=139
_
Equititrust acknowledged in a statement yesterday that *statutory accounts and compliance audits* for the *last financial year were in arrears*, while the *absence of an adequate database of property assets *"may have impacted on decision making".


http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6_

When a company your the head of *does not compile nor file statutory accounts and compliance audits*, what choice does ASIC have but to move in... To simply blame ASIC for doing its job is a simplification for *gross mismanagement from the very top*...

At the time I was asking where the financials were on this thread to no avail...   

Waking up one day and making a few YouTube videos *does not change the historical facts*... Equititrust was *driven into the ground* by bad loans to the like of "King Con" and these were all made by McIvor *personally*...


----------



## No Trust (6 August 2017)

Its very important not to get *peoples hopes up* by making *unsubstantiated* statements...

The ongoing Legal action in the Federal Court against McIvor and other directors which claim on the company's *PI Insurance* is *one* hope, the *next* is the impending legal action by the Liquidator against *Tucker */ *Kennedy* and *Tucker and Cowan* by the liquidator. The current proceedings are funded by a *litigation funder* and have approval of the Supreme court of Queensland. These are real proceedings with real hope.

Fanciful claims against the government are *just that* and unless there is *substantive proof* of how these *claims will be executed* on behalf of the Equititrust investors, they need to be regarded as *mere puff* from a failed, bankrupted and banned for life "Custodian" of Australian Retiree's money...

It may be cathartic for some to make these videos, but they *do not in any way serve* the interests of the long suffering Equititrust investors.


----------



## No Trust (6 August 2017)

My advice to investor's would be to *liaise with the Liquidator* as they are doing an exemplary job in pursuing the current claims against *Tucker, Kennedy and Tucker and Cowan*...

http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (6 August 2017)

Given the Liquidator's have now put everything into the open concerning the Tucker , Kennedy and Tucker & Cowan impending litigation, maybe they should also give the investors an update on the litigation against McIvor et al in the Federal Court. 

It's an ongoing case which will affect the return to investors. 

McIvor is pointing the finger at Tucker and Kennedy's legal woes yet he doesn't mention his ongoing case in the Federal Court. 

All these former Equititrust executives who care so much about their "Standing" have active Federal Court Cases underway or about to commence against them...

They all belong in the same basket and still have a lot to answer and account for...


----------



## Mozzi (6 August 2017)

No Trust said:


> Given the Liquidator's have now put everything into the open concerning the Tucker , Kennedy and Tucker & Cowan impending litigation, maybe they should also give the investors an update on the litigation against McIvor et al in the Federal Court.
> 
> It's an ongoing case which will affect the return to investors.
> 
> ...






Thanks again  "No Trust".   All this information, and you also ask the questions we certainly (and we think all the other investors) are still asking. An update on these court cases would be useful - particularly as ultimately one way or another we're paying for them!   Of course, every time they are adjourned we all get closer to death.....is that what these people are hoping for?      We don't want any one of them to get off the hook!   For whatever reason!


----------



## No Trust (6 August 2017)

It's a pleasure Mozzi, it's sad but many of those involved in this saga are reliant on the matter dragging on as more fees get charged...

We have the former founder of Equititrust lambasting the insolvency profession in recently released videos, yet he was charging exorbitant fees while the fund was frozen after many years... That had an impact on investors and is now part of the action in the Federal Court against the office holders in Equititrust for False and Misleading Conduct.

No one is getting off the hook, to the contrary it looks like the hook is being torn into the gullets of those responsible.

I have vehemently criticised the liquidator in the past and I still stand by some of those criticisms, however their actions in pursuing Tucker, Kennedy and Tucker & Cowan is exemplary, as is in the interests of the investors.

This action has real prospects of recovering money for the investors and leading to prosecution of those responsible for this diversion of investor's money.

Anything else such as spurious claims that the government will pay investors is just that from someone who has proven to be a false prophet and interested in his own "survival mode" rather than that of his investors who couldn't even obtain Centrelink assistance... where's the Equiti in that ???









Mozzi said:


> Thanks again  "No Trust".   All this information, and you also ask the questions we certainly (and we think all the other investors) are still asking. An update on these court cases would be useful - particularly as ultimately one way or another we're paying for them!   Of course, every time they are adjourned we all get closer to death.....is that what these people are hoping for?      We don't want any one of them to get off the hook!   For whatever reason!


----------



## No Trust (7 August 2017)

Look if its hard for McIvor to "_know *how they reacted personally*, look at the end of the day I was in survival stance, *eeerm*, they would have even known where I was_."

*2.45*
http://ampitup.info/?p=144

Well, lets do this, why doesn't McIvor *reach out to his investors* now, so they can let him know. Lets have a *frank discussion*.

There are no apologies whatsoever, diversion, blame shifting, *yes*, while elderly Australians who worked hard all their lives are left to rot and as "Mozzi" says above "get closer to death"...


----------



## No Trust (7 August 2017)

Hopefully passed before the Equititrust legal action is over...


https://au.news.yahoo.com/a/36625889/jail-reckless-bank-bosses-xenophon/#page1


----------



## No Trust (7 August 2017)

Given the recent reemergence of McIvor via way of YouTube and his take on *why Equititrust imploded* it would be remiss of me not to refer to *The Sydney morning Herald's Michael West's* take on the matter...

_"McIvor would think MacGyver a chump for relying on so many props. McIvor blew up EquitiTrust and the savings of a* thousand pensioners* with nary a pair of tweezers and a roll of duct tape".

"In vivid prose McIvor debunks the vile claims of his assailants that EquitiTrust's leverage and reckless lending to the *likes of the twice-bankrupt Gold Coast ex-plumber known as King Con* were to blame for the demise of his fund".

"It was in fact *corrupt bankers*, *venal journalists*, and a cast of *corporate skullduggerers* conspiring against him. They veritably wrecked his plans to raise new equity and float the thing on the sharemarket".
_

http://www.smh.com.au/business/nice-money--but-they-have-to-earn-it-20121116-29hv7.html


----------



## No Trust (7 August 2017)

Investor's are interested in *getting more of their money back*, they're not interested in hearing untruths about the cause of the collapse of Equititrust... *ASIC, and the courts* have made their *judgments*... Now its time to *claw back money* for the people who have suffered the most...


----------



## No Trust (8 August 2017)

Production of documents today in the Federal Court.

Tucker has a mass of documents to deliver to the court. Let's see if he makes another move to try and prevent this... 

https://www.comcourts.gov.au/file/FEDERAL/P/QUD944/2016/order_list


----------



## No Trust (8 August 2017)

Ouch... Order just issued against Tucker, Cowan and the firm earlier this afternoon...

This file is not something I think they readily want to hand over... YIKES

The liquidator is going for the jugular of Tucker and Cowan and rightly so...

Not a good look for solicitors and a law firm to be hauled before the federal Court like this... 


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29018485/document/1012000


----------



## No Trust (8 August 2017)

This Public Examination next month should be EPIC...


----------



## No Trust (8 August 2017)

What's in this file ??? That makes it SO IMPORTANT to the Liquidator's case ???


----------



## No Trust (9 August 2017)

Something to consider... 

https://www.claytonutz.com/knowledge/2014/august/forbearance-as-part-of-a-lender-s-toolkit-part-2


----------



## No Trust (9 August 2017)

Seriously, how does a *law firm* get involved in this scandal ???

Do they not have Partners Meetings ?? Or is *collusion* just par for the course ???




No Trust said:


> Ouch... Order just issued against Tucker, Cowan and the firm earlier this afternoon...
> 
> This file is not something I think they readily want to hand over... YIKES
> 
> ...


----------



## No Trust (9 August 2017)

Given the fact that the Federal Court has ordered "officers of the court" to produce a file at a Public Examination, the onerous nature of ensuring the whole file and nothing but the whole file is produced is not lost on anyone watching this unfold...


----------



## No Trust (10 August 2017)

_Brisbane lawyer David Tucker, who is representing several Angas investors, said the figure was “remarkable” and investors would be far better off appointing a receiver.

“In my experience, a receiver will cost considerably less and make substantial cost savings, including significant staff reductions, audit fees, office costs and insurance fees,” Mr Tucker told The Australian yesterday._


_“An independent receiver will deliver a much more timely and cost-effective result for investors.”_


http://www.theaustralian.com.au/bus...p/news-story/c6c75bbf1c87eabd0ef8fe5149cc205c


----------



## No Trust (10 August 2017)

Does the same also apply to the Equititrust Premium Income Fund ??? 
Just asking...


----------



## No Trust (10 August 2017)

The Public Examination of David Tucker next month will be the culmination of an enormous amount of work. The unravelling of the *financial details* in open court is what's most important to the long suffering Equititrust Investors...


----------



## No Trust (10 August 2017)

The next step will be the *claw back* of those funds from the *"false fiduciaries"* involved in these legal proceedings...


----------



## No Trust (11 August 2017)

Latest order of the Federal Court...

Tucker is still going to be examined... parts of the Examination will be in private, others still in Public...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29049189/document/1013243


----------



## No Trust (11 August 2017)

The Liquidator's grip on Tucker and his old firm Tucker and Cowan is tightening...

The recent orders are testament to that. 

The fact that Vannin Capital, the litigation funder will be in the private examination of Tucker concerning his personal financial affairs is telling as to which direction this investigation is going...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29049189/document/1013243


----------



## No Trust (11 August 2017)

2. The operation of the order of Justice Greenwood made on 20 January 2017 is varied so that, subject to further order:-
(a) pursuant to subsection 597(4) of the Corporations Act 2001, that part of the *examination of Mr Tucker concerning his means and the means of any of the companies and trust estates* referred to in paragraphs (ee) to (hh) of the Schedule shall be conducted in private;
(b) pursuant to paragraph 596F(1)(c) of the Corporations Act 2001, the following persons may attend that part of the examination conducted in private:-
(i) the Applicant liquidators, and their employee Jovan Singh;
(ii) the liquidators’ legal representatives, namely *Michael Stewart QC*, Sean Cooper, *Stephen Russell*, Yuzo Araki and Timothy Russell;
(iii) two representatives of *Vannin Capital Operations Limited* nominated in writing to Mr.  Tucker prior to the examination; and 
(iv) any other person authorised by Mr Tucker;
(c) pursuant to paragraphs 596F(1)(b) and (c) of the Corporations Act 2001, the Applicant liquidators shall provide a copy of this order to the persons named in subparagraph 2(b) hereof prior to their attendance at that part of the examination which is *conducted in private*;
(d) pursuant to paragraph 596F(1)(b) of the Corporations Act 2001, there shall be a *separate transcript of that part of Mr Tucker’s examination conducted in private*;
(e) pursuant to paragraph 596F(1)(e) of the Corporations Act 2001, that *separate transcript* and the documents referred to in paragraphs (ee) to (hh)inclusive of the schedule *shall not be available for inspection by any person*.



Prepared in the Queensland District Registry, Federal Court of Australia Level 6, Harry Gibbs Commonwealth Law Courts, 119 North Quay, Telephone 07 3248 1100

3. The costs of the making of this order are reserved.

Date that entry is stamped: 10 August 2017   


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29049189/document/1013243


----------



## No Trust (11 August 2017)

Regardless of whether part of the Public Examination will be in private, the crucial details regarding the EPF will be in Public and will garner extensive media coverage similar to what has been published to date...


http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (11 August 2017)

Maybe Equititrust investors *should be the judge*...

Attacks on the head of *ASIC* maybe cathartic to some, but don't put *any money back* in the pockets of Equititrust investors...

I'm sure Greg Medcraft *will sleep easy at night* despite McIvor's accusations and distortion of Greg Medcraft's head in a picture on McIvor's website... A bit childish....




http://ampitup.info/?p=225

http://asic.gov.au/about-asic/media...rust-chief-executives-stay-application-fails/


----------



## No Trust (11 August 2017)

No mention of doing *anything for the Equititrust investors *below... Come on this is not AMPITUP this is more like *ARMPIT*... Because this is what the Equititrust Investor's are being shown by McIvor as he *forgets them* in pursuit of another venture which I'm sure *ASIC* is watching closely...

I though McIvor was banned for life from financial services...

What is this *member based, profit for community purpose corporation ???*

Does it have a *ACN* and *ABN* ?


C.c. ASIC Greg Medcraft 



AMPITUP is a collective group of concerned citizens shining the light on political and bureaucratic corruption, *corporate criminality* and advisory profession misconduct. We seek partnership with writers, journalists, *musicians*, *entertainers* and *creatives* who are willing to dedicate their time to promote commercial unity in community through revolutionary intellectual property, empowering financial independence from corporate globalisation.

The *Age of Enlightenment* was spearheaded by the motto, _Sapere Aude_, a Latin word meaning, ‘Dare to Know’. If you dare to know that 1% of the world’s population control 50% of the wealth, you will realise that Australia’s corporate and banking system controls our daily life, yet is subject to global manipulation. Laissez-faire is simply unfair and corporate media and bipartisan politics do not adequately advocate on behalf of citizens interests.

We believe our communities must return to *commercial tribalism*, based on co-operative and mutual principles to free Australian communities, generationally, from the grip of corporate globalization. We are *owned by a member based, profit for community purpose corporation*. Put simply, we believe Australians should own their own banking system, not be owned by it.

Join with us, as a member and *commercial partner*, in a brave new world of mutual commerce as we launch a revolution against a financial services system inequitably controlling our nation’s wealth building capacity.

‘Those who have much to hope and nothing to lose will always be dangerous’.
_Edmund Burke Irish Philosopher & Statesman

http://ampitup.info/_


----------



## Done With That (12 August 2017)

I can't login to the Australian.  It's subscribers only.  When is the next hearing?  I'd like to buy it to get reports of the hearing.


No Trust said:


> Regardless of whether part of the Public Examination will be in private, the crucial details regarding the EPF will be in Public and will garner extensive media coverage similar to what has been published to date...
> 
> 
> http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d


----------



## No Trust (12 August 2017)

Will update you on any media articles on the thread as they are published...

Stay tuned, some interesting info coming shortly...



Done With That said:


> I can't login to the Australian.  It's subscribers only.  When is the next hearing?  I'd like to buy it to get reports of the hearing.


----------



## No Trust (13 August 2017)

I'm sure the *Big 4 banks* are sleeping easy at night...  McIvor's plan, for a new regional banking model sounds more like a travelling minstrel's show...  

GOOD LUCK WITH THAT MATE  

_"We seek partnership with writers, journalists, _*musicians*_, _*entertainers*_ and _*creatives*_ who are willing to dedicate their time to promote commercial unity in community through revolutionary intellectual property, empowering financial independence from corporate globalization."_





No Trust said:


> No mention of doing *anything for the Equititrust investors *below... Come on this is not AMPITUP this is more like *ARMPIT*... Because this is what the Equititrust Investor's are being shown by McIvor as he *forgets them* in pursuit of another venture which I'm sure *ASIC* is watching closely...
> 
> I though McIvor was banned for life from financial services...
> 
> ...


----------



## No Trust (8 September 2017)

Judgement today to be read at 2.15pm in the Federal Court Brisbane.

https://www.comcourts.gov.au/pas/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=false

Tucker's day of reckoning...


----------



## No Trust (8 September 2017)

This judgement relates to Tucker's application to the court arguing that producing these documents would be oppressive to him and his companies... 

Refer to page 2 of the liquidator's report below... 

Will be interesting... 


http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (8 September 2017)

Noteable figures from interstate are said to be making their way to the Federal Court in Brisbane for Tucker's Examination  later this month...


----------



## No Trust (8 September 2017)

Remember this statement by Justice Reeves in July... 

Today's judgement will follow along the same lines... 

37    Whether or not Mr Tucker is correct in these claims and asserted intentions are matters that the Liquidators will undoubtedly investigate during his examination and, depending on the answers he gives, will weigh up in deciding whether to pursue any proceeding against him. However, I do not consider these statements can be used to prevent the Liquidators examining him with respect to his ability to meet a judgment in the contemplated proceeding. To do so would be to accede to the startling proposition that an examinee under Part 5.9 couldforeclose on this area of examination under that Part by making claims in an application of this kind that the Liquidators will gain nothing by pursuing that area or, if they do succeed to a judgment, that he or she will take steps to frustrate the collection of any monies under that judgment. If that were the position, the examination power under Part 5.9 would be significantly hindered, if not rendered totally nugatory.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## Nothingtoadd (9 September 2017)

Three days worth of examinations:

    21-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6    
    20-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6    
    19-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6


----------



## Nothingtoadd (9 September 2017)

"*ASIC’s power to ban senior officials in the financial sector*
24 days left to have your say 6 September 2017 - 4 October 2017ASICenforcementreview@treasury.gov.auConsultation Paper
*Key documents*

Position Paper - DOCX 222KB
Position Paper - PDF 393KB

ASIC has the power to ban individuals from providing financial services in certain circumstances, for example, where the individual has breached a financial services law, has been convicted of fraud, is not of ‘good fame or character’, or is not adequately trained or competent to provide financial services.

The Taskforce positions on reform seek to enhance ASIC’s banning power by ensuring that it may take appropriate action to ban senior managers from managing financial services businesses. The need to enhance ASIC’s banning power in the financial services and credit sectors was flagged in the final report of the Financial System Inquiry (FSI). The FSI considered that enhanced banning powers would improve accountability of managers and corporate culture.

https://treasury.gov.au/consultation/c2017-t210621/


----------



## Done With That (11 September 2017)

Is anyone from here able to report on what happens in these hearings?  I'm out of the country and can't attend.  Hard to get decent reports in the press.  They seem to be ignoring the enormity of this story.


Nothingtoadd said:


> Three days worth of examinations:
> 
> 21-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6
> 20-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6
> 19-Sep-2017 10:00 Examination Registrar Lynch Court No. 7, Level 6


----------



## Nothingtoadd (15 September 2017)

The hearings are open to the public.  Anyone in Brisbane could attend, take notes and report back


----------



## No Trust (15 September 2017)

I'm reliably told many who have crossed paths with Tucker over the years are closely watching the Public Humiliation next week. 

What is certain though is that the National Media is going to be in attendance. 

Photographers at the entrance of the Federal Court will capture Mr. Tucker coming in and out. 

Freedom of the Press is a great thing.


----------



## No Trust (18 September 2017)

One more sleep before David Walter Tucker takes the walk of shame to the Federal Court in Brisbane. Most of the investors in the Premium Fund / Equititrust were private super funds which held the life savings, blood sweat and tears of many hard working "honest" Australians. 

These savings or part thereof should have been in the hands of these people by now if it were not for the greed and deception by Tucker and Kennedy...

Tomorrow is a milestone, marking the efforts of many people. The Liquidator who I have vehemently criticised in the past, has in this instance done an exemplary job in exposing Tucker and Kennedy for what they really are.

Let the Public Humiliation begin...


----------



## No Trust (19 September 2017)

David Walter Tucker will be publically examined in the Federal Court for the next 3 days...


----------



## No Trust (20 September 2017)

Wait for it......................................


----------



## No Trust (21 September 2017)

Today's Courier Mail is just epic...


----------



## No Trust (21 September 2017)

Not a good day for Tucker


----------



## No Trust (21 September 2017)

CITY BEAT with ANTHONY MARX
21 September 2017
PAGE 28 
COURIERMAIL.COM.AU 

Truly a day to remember...


----------



## No Trust (21 September 2017)

"Neither Tucker nor his business partner Richard Cowan returned calls"

What an awesome advertisement for this law firm. I'm sure their professional indemnity insurers will be reading with interest this morning.


----------



## No Trust (21 September 2017)

"Notably Tucker is not the only one feeling the heat. Pleash is working his way through a list of 19 individuals who are linked to Equititrust including Queensland Supreme Court Justice David Jackson a QC who formally served as a director of the company for a brief time. He did not respond to a request for comment yesterday." 

Anthony Marx didn't miss Jacko here either. Of course he doesn't want to comment to the press on his time defending and being a close associate of McIvor. Sitting on a high perch in the judiciary does not exempt you from proper inquiry of past actions and positions held.


----------



## No Trust (21 September 2017)

As for the Cartoon by Tony Bela from the Courier Mail, all I can say is Tony your a "bloody genius". The cauldron of hot oil and Tucker sweating like a pig in a bacon factory had people spitting their morning coffee from laughter....


----------



## Mozzi (21 September 2017)

No Trust said:


> View attachment 72700
> 
> As for the Cartoon by Tony Bela from the Courier Mail, all I can say is Tony your a "bloody genius". The cauldron of hot oil and Tucker sweating like a pig in a bacon factory had people spitting their morning coffee from laughter....
> 
> View attachment 72701



Was busy trying to work out a way to get the Courier Mail, when, of course, you did it for us!   Thank you friend for making our day - don't know what we would do without you keeping us up to date - keep up the good work!!!   Wish everything could progress quicker though as we know ploughing through the next lot will take even more time.   We all need an end to  this but still want McIver and gang to be held totally accountable!


----------



## No Trust (21 September 2017)

Hi Mozzi

It's an absolute pleasure... Thankyou for your support over the years...

Tucker's Courier Mail mugshot in the cauldron of hot oil has been a long time coming... But will never be forgotten... 

Eyes still watering at the brilliance of Courier Mail Cartoonist Tony Bela...



Mozzi said:


> Was busy trying to work out a way to get the Courier Mail, when, of course, you did it for us!   Thank you friend for making our day - don't know what we would do without you keeping us up to date - keep up the good work!!!   Wish everything could progress quicker though as we know ploughing through the next lot will take even more time.   We all need an end to  this but still want McIver and gang to be held totally accountable!


----------



## No Trust (23 September 2017)

So the plot thickens, Michael Peldan former Partner from Worrells is listed on the company website as a consultant yet appears to have coincidently left the firm "6 months" ago. When queried no one at Worrells knew where he was. 

Having his photo on the company website as a consultant it seems is just a face saving exercise by a firm which has clearly proven it is not independent and was willing to be a participant in Tucker and Kennedy's scheme. How can this firm ever be trusted when it conducted itself in this manner. 

If the firm knowingly and willing misled the Supreme of Queensland in regard to the $250,000 security costs order then the firm should cease to exist. 

I note Peldan was appointed by Tucker to be McIvor's trustee in bankruptcy. We all know what I think of McIvor, however this was all "too" coincidental. 

I also note that Tucker is also now listed as a consultant on the Tucker and Cowan website. Is this also a farce as is the Peldan profile on Worrells website ??? 

Tucker and Cowan needs to come clean as to what Tucker's role is at the firm. 

All I know is that there is a world of pain coming in the form of aggressive, protracted litigation which will also likely target the protagonists indemnity cover...


----------



## No Trust (23 September 2017)

The whole sleazy world of insolvency and friendly relationships between lawyers and insolvency practitioners looks like it's about to be unraveled. 

I am reliably informed that ASIC are investigating as are other regulatory authorities. 

For this to have happened in this day and age is making mugs out of all of us...

Hall Chadwick have done an exemplary job in pursuing Tucker and Co in this regard and I duly note the stunned silence from David Whyte in "not" addressing the issue of giving his mate Tucker work related to Equititrust. How many f#cking conflicts of interest can Whyte tolerate ??

This was a mate's feeding frenzy and fee guzzling exercise. 

Also BDO answer this, Did you know Tucker and Kennedy bought the Bank of Scotland Debt ???????????????????????


----------



## No Trust (23 September 2017)

It seems "some" want the opportunity to rewrite history... 

Even though Tucker got the hiding of his life in the Federal Court and Media the other day McIvor was the master of this disaster. 

McIvor abused the media and said he wasn't given a fair go, but the media was just reporting on what he did. 

McIvor can plead and beg to be given another chance, but the Australian press are not there to propogate lies on his behalf... 

McIvor was warned about Tucker in explicit terms many many years ago, yet he persisted with bringing him into the fold and Karma did the rest...


----------



## No Trust (23 September 2017)

They say a picture speaks a thousand words


----------



## No Trust (24 September 2017)

Let's never forget the wisdom of father Richard Pascoe...

http://www.smh.com.au/business/three-chords-and-a-sheppard-all-star-city-needs-20121121-29q5y.html


----------



## No Trust (24 September 2017)

Wow just wow, this coming from someone who's employee's despised him. Common occurrence was making secretaries break down crying... 

#SAD

http://ampitup.info/do-your-employees-trust-you/


----------



## No Trust (24 September 2017)

Equititrust gangsters..... ???

Failure on all fronts...

Proven by courts and regulatory authorities...

http://ampitup.info/13-traits-of-integrity/


----------



## No Trust (25 September 2017)

Another Public Examination on the 26th of September 2017.... Who will it be ???

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## Mozzi (27 September 2017)

No Trust said:


> Another Public Examination on the 26th of September 2017.... Who will it be ???
> 
> https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true




Any clue on what is going on "No Trust"?   Did anyone go to the Court to observe.
Not much that we saw in the papers!   Disappointing!   More to come?


----------



## No Trust (27 September 2017)

Hi Mozzi

Much more to come... 

Something big is up... Waiting for sources to be confirmed... 

Multiple Media outlets now following and gathering information.

It's getting ugly for some... Karma can be a real bitch... 




Mozzi said:


> Any clue on what is going on "No Trust"?   Did anyone go to the Court to observe.
> Not much that we saw in the papers!   Disappointing!   More to come?


----------



## No Trust (27 September 2017)

This little piggy went to the FEDERAL COURT...





Two other piggy's are in a lot of trouble too...


----------



## No Trust (27 September 2017)

At what point are PASSPORTS going to confiscated ???


----------



## No Trust (29 September 2017)

My oh my the plot thickens... Public Examinations truly are a good tool...


----------



## No Trust (29 September 2017)

Wealth hazard ha, many Equititrust Investors would say your the "WEALTH HAZARD" Marky Boy...



P.S. The banks wouldn't go near you with a barge pole... 

#DELUSION #REALITYHURTS


----------



## Nothingtoadd (30 September 2017)

No Trust said:


> Equititrust gangsters..... ???
> 
> Failure on all fronts...
> 
> ...




First sentence in the post on that website: "Integrity, for those who are not familiar, is quite important."

My irony-meter just broke.


----------



## Mozzi (30 September 2017)

Nothingtoadd said:


> First sentence in the post on that website: "Integrity, for those who are not familiar, is quite important."
> 
> My irony-meter just broke.





When we read it -  the bull**** meter went into extreme overload.....


----------



## No Trust (1 October 2017)

Mary Boy must think the internet doesn't exist and people can't google his name...

His reputation is littered across the internet... 

The word integrity is not part of his vocabulary...


----------



## No Trust (1 October 2017)

David Tucker is also building up quite a portfolio of shameful news stories...


----------



## No Trust (1 October 2017)

Oh how the dynamic duo have fallen... but wait.... There's more to come...


----------



## No Trust (3 October 2017)

I call for David Whyte to be Publicly Examined... He has remained silent on any knowledge of Tucker and Kennedy's ownership of MS Asia whilst doling out lucrative work out to Tucker on Equititrust matters... 

Answers would be appreciated by the investors David Whyte. 

Silence on these matters is not transparency...

The Liquidator's Hall Chadwick need to thump out an answer from David Whyte via legal means and pronto...

This whole sleazy saga is a national disgrace... 

Mates looked after over investors is abhorrent...


----------



## Mozzi (3 October 2017)

No Trust said:


> I call for David Whyte to be Publicly Examined... He has remained silent on any knowledge of Tucker and Kennedy's ownership of MS Asia whilst doling out lucrative work out to Tucker on Equititrust matters...
> 
> Answers would be appreciated by the investors David Whyte.
> 
> ...





David Whyte's last report indicated that October would be the next report.
Maybe there will be more answers in that, including some more detail as to
what has actually been going on with all these other side issues.     So -
 assume we can expect that any day now !?


----------



## No Trust (4 October 2017)

BDO will be protecting its ass massively now and won't put anything in writing... 

That's why a Public Examination of Whyte is essential to uncover "what actually happened" and who knew what and when!

Don't expect this to be addressed in the next report...


----------



## No Trust (4 October 2017)

Another matter that remains outstanding is whether Tucker is still connected to Tucker and Cowan... He's listed as a consultant, but in what capacity ? Consultant on buying Equititrust Assets ?
Consultant on how "not to" conceal your ownership of assets" ? The scenarios are endless...

Peldan is listed as a consultant at Worrells but has left the firm.

Tucker and Cowan need to come clean on "what's actually going on"


----------



## No Trust (9 October 2017)

More and more action in the Federal Court...

The liquidator is gaining ground and Tucker will have to produce a good portion of the documents requested...

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca1074


----------



## No Trust (14 October 2017)

So the now infamous man in the pot of boiling oil who was the master of his own demise is blaming the Meridian directors Russell McCart, Paul Barrett and David Roberts for the sticky situation he is in before the Federal Court.

Hey “Davey Boy” when you try and take someone’s home from them and then trouser the money for yourself people take it f#cking personally...  Really f#cking personally...


----------



## No Trust (20 October 2017)

Another Gold Coast character makes the news...

http://www.dailytelegraph.com.au/ne...e/news-story/4acca95b8230837cd0f385633716a0b1


----------



## No Trust (22 October 2017)

Wow, David Whyte sooooo quiet on the Tucker front... Let me repeat, David did you know Tucker and Kennedy bought the EPF debt ? 

Did you give Tucker legal work in regard to Equititrust ?

Simple questions yet seem difficult to answer...


----------



## Mozzi (23 October 2017)

No Trust said:


> Another Gold Coast character makes the news...
> 
> http://www.dailytelegraph.com.au/ne...e/news-story/4acca95b8230837cd0f385633716a0b1




Unfortunately, we do not have access to this.   Who?


----------



## Mozzi (23 October 2017)

No Trust said:


> Wow, David Whyte sooooo quiet on the Tucker front... Let me repeat, David did you know Tucker and Kennedy bought the EPF debt ?
> 
> Did you give Tucker legal work in regard to Equititrust ?
> 
> Simple questions yet seem difficult to answer...





He did state in the last report that the next one would be October - only a week left!   Waiting!   Waiting!


----------



## No Trust (27 October 2017)

This is just too funny for words...

http://ampitup.info/mcivor-says-turnbull-is-a-plutocrat-afp-an-unwitting-tool/

David Tucker, recently spent six days in the Federal Court in Brisbane being grilled over allegations of fraudulent misuse of Equititrust investor assets, previously managed by McIvor. It’s been established that Tucker, and former Equititrust CEO, David Kennedy, stashed millions of dollars offshore, in various companies in the British Virgin Islands and Hong Kong. http://ampitup.info/lawyer-david-tucker-grilled-in-federal-court/

McIvor pretending to be the Golden Boy... Yet the dynamic duo worked together in the past to take people’s homes, property and assets...

If McIvor claims to be soooo smart, how then did he let such a snake in the grass like Tucker into the fold...

Both Tucker and McIvor are as bad as each other, no one can determine who is the f#ckee and who is the F#ckor...


----------



## No Trust (27 October 2017)

David Whyte looks like he won’t release a report in October. 

Question again David, when did YOU know Tucker and Kennedy bought the Bank of Scotland Debt ???? 

Did you give Tucker work on any Equititrust matters knowing he had bought the EPF Debt ???


----------



## No Trust (27 October 2017)

David Whyte BDO may have themselves in a legal bind... 

These are simple questions the investors want answered...


----------



## Mozzi (1 November 2017)

No Trust said:


> David Whyte BDO may have themselves in a legal bind...
> 
> These are simple questions the investors want answered...





Guess we just add the name to everyone else who has let the investors down after holding out
high hopes - McIvor, Equititrust, Asic, lawyers with class actions, , Hall Chadwick, Supreme Courts etc. etc. - Delay, Delay and we'll all be dead and gone - and then nothing matters!!   No money left probably, but guess who all got their share of the money?


----------



## No Trust (1 November 2017)

Tucker and Kennedy got the biggest share of all... Funny that, the former CEO and Company Lawyer walk away with the jackpot from “inside information” ...

There will be hell to pay... 



Mozzi said:


> Guess we just add the name to everyone else who has let the investors down after holding out
> high hopes - McIvor, Equititrust, Asic, lawyers with class actions, , Hall Chadwick, Supreme Courts etc. etc. - Delay, Delay and we'll all be dead and gone - and then nothing matters!!   No money left probably, but guess who all got their share of the money?


----------



## No Trust (1 November 2017)

Blah blah blah,,, oh and here’s my invoice... Whyte is turning black...

No answers as to whether he knew Tucker and Kennedy bought the EPF Assets...

Whyte should not be paid a cent until we know what transpired...

http://www.equititrust.com.au/Pdfs/...rts - 20171031 - 30th Report to Investors.pdf


----------



## Mozzi (1 November 2017)

No Trust said:


> Blah blah blah,,, oh and here’s my invoice... Whyte is turning black...
> 
> No answers as to whether he knew Tucker and Kennedy bought the EPF Assets...
> 
> ...




Somewhat repetitive!
Perhaps they are not reading this forum!   Who should be asking questions more directly - ASIC?
Anyone else?


----------



## No Trust (1 November 2017)

Oh Mozzi
They are reading this forum alright... They just don’t like the questions..

The Liquidator’s in Sydney should object to Whyte’s application for payment of fees...

If BDO knowingly handed out work to Tucker as a beneficial owner of the EPF which in turn impacted on the return to “any” investor, then they should be taken to account. 





Mozzi said:


> Somewhat repetitive!
> Perhaps they are not reading this forum!   Who should be asking questions more directly - ASIC?
> Anyone else?


----------



## No Trust (6 November 2017)

Given the sensational revelations regarding Tucker and Kennedy’s involvement in the EPF it seems that “authorities” are taking notice and asking questions... 

It seems recent headlines have raised the eyebrow of some Federal Types who seem to frown upon offshore arrangements regarding ones tax obligations... 

NAUGHTY NAUGHTY BOYS...


----------



## No Trust (19 November 2017)

Hey Tucker, has it sunk in yet... Can you feel it now ???


----------



## No Trust (19 November 2017)

Your *Annus horribilis *is about to get a whole lot worse...


----------



## No Trust (21 November 2017)

Keep this in mind...

http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20170726 - Report to Creditors.pdf

The liquidator’s next report is going to be explosive...

Tucker and Kennedy won’t be having a restful Christmas...

Funny that... , given the heartache they have given to so many... The universe is a marvellous thing...

The two David’s aka dumb and dumber have been hit with shock and awe...

Commendations to the Liquidator and lawyers Russell’s... Coudn’t have done it better myself...


----------



## No Trust (30 November 2017)

Expect a Christmas surprise...


----------



## Mozzi (1 December 2017)

No Trust said:


> Expect a Christmas surprise...






Should we be excited?   Is it a pleasant surprise - like for example a cheque???    They are the only surprises we like these days - and not too many of them!


----------



## No Trust (6 December 2017)

Unfortunately no cheques Mozzi... Thanks to McIvor, Tucker, Kennedy... 

However, those responsible may soon be getting a visit from bad Santa... 



Mozzi said:


> Should we be excited?   Is it a pleasant surprise - like for example a cheque???    They are the only surprises we like these days - and not too many of them!


----------



## Mozzi (6 December 2017)

No Trust said:


> Unfortunately no cheques Mozzi... Thanks to McIvor, Tucker, Kennedy...
> 
> However, those responsible may soon be getting a visit from bad Santa...




Can't wait!   We still believe in Santa Claus.   Thanks for continuing to keep our spirits up when we start to think everyone has forgotten us.


----------



## No Trust (9 December 2017)

Tucker has threatened bankruptcy in his affidavits, let’s see if he follows through... Or will his hand be forced soon to account to the investors of Equititrust... 

Santa may have a very very unpleasant present on its way... 

Tick Tock 



Mozzi said:


> Can't wait!   We still believe in Santa Claus.   Thanks for continuing to keep our spirits up when we start to think everyone has forgotten us.


----------



## No Trust (11 December 2017)

And the sharks have started to circle for some... Many moves afoot behind the scenes... Santa is well and truly on his way... This one has teeth and claws... 
Conflict of Interest can bite back...


----------



## No Trust (15 December 2017)

Well we have a new twist on things... lol 

https://staceyturner.com.au/ 

What I find amusing is the statement about owning and operating small businesses... ??? 

A peek into her directorship and involvement in Equititrust as well as a search of the Queensland Supreme Court Files will offer an alternate insight... 

As to being an expert on divorce as a result of her “own divorces” some on the other side in Sydney may hold alternate views... 

It’s great to try and tech wash the past but inevitably it comes back to bite you...


----------



## No Trust (15 December 2017)

Equititrust investors have not forgotten... 


http://www.bankvictims.com.au/natio...ker-mark-mcivor-fights-to-keep-art-collection


----------



## No Trust (21 December 2017)

Order as varied by the Federal Court yesterday... 

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29218304/document/1093243


----------



## No Trust (21 December 2017)

The fish is definitely still on the hook...


----------



## No Trust (21 December 2017)

Well it seems Tucker and his wife Jennifer will have to produce bank statements and detail their personal financial position after all.

Despite fighting vehemently to prevent this, the Federal Court has confirmed that the proverbial pants must come down, pockets to be emptied and reveal warts and all...

The significance to investors will become become evident in the new year.

This pre Christmas gift to Tucker will be one he unfortunately can’t return.

The scale of what occurred will unravel in 2018. Given the concurrent investigations underway expect to see this matter featured prominently in the National Press.


----------



## No Trust (23 December 2017)

The Liquidator has lobbed affidavits into the Federal Court yesterday... David Tucker and David Kennedy “may you both live in interesting times” ...

https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


----------



## No Trust (24 December 2017)

*For some, 2017 was the best of times and … you guessed it … for others, it was the worst*

Anthony Marx, The Courier-Mail
December 22, 2017 8:27pm

*LOSERS*
Speaking of legal action, the *tables were turned* on Brisbane lawyer David Tucker, who *squirmed* in the hot seat for three days as he was grilled during a public examination in Federal Court. Tucker, a founder of law firm Tucker & Cowen, is a former director of failed Gold Coast funds manager Equititrust.

The Equititrust liquidator alleged in Federal Court in September that Tucker and former CEO David Kennedy may have improperly created a scheme in Hong Kong to enrich themselves with a $12 million-plus windfall *at the expense of 1600 dudded investors*, who lost more than $260 million in the crash. *Look for Tucker to return for further questioning* in court in the New Year.

http://www.couriermail.com.au/busin...t/news-story/b9ec302ff94d554d238a1e082105c182


----------



## No Trust (24 December 2017)

Imagine, just imagine the “EGO” deflation of being publicly placed on the *Losers* list of *2017*... Those who know the protagonists know what impact this professional slap down from the Queensland’s best selling newspaper will have... 

Continuing and impending major litigation of this nature in the glare of the Public Spotlight surely can’t be good for business from a personal and corporate perspective.

Swearing an affidavit where Tucker threatens to declare bankruptcy in the advent of an adverse judgement against him may also indicate what kind of stress induced state of mind is making decisions.
The berated slap down by a Federal Court Judge of Tucker in regard to this threat is something law students at QUT will be reading about for years to come. 

BANKS
I said this before about Equititrust and McIvor on this thread at a similar infection point. Any financier of existing debt must now be seriously considering their positions given the tsunami of litigation underway and about to commence.


----------



## No Trust (24 December 2017)

Thanks must go out to Anthony Marx of the Courier Mail for pursuing this story like a dog with a bone... 

All the Truth will come out...


----------



## No Trust (24 December 2017)

Let’s not forget the creator of this disaster either as he and he only inflicted both Tucker and Kennedy on the innocent retiree investors... 

http://justinian.com.au/archive/trust-me-im-a-lawyer.html


----------



## No Trust (26 December 2017)

Note (ff)
        (gg)

Of the order issued by the Federal Court on the *20th of December 2017*.

So Tucker’s wife Jennifer in her joint capacity must provide a statement of financial position and joint bank statements... 





https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29218304/document/1093243


----------



## No Trust (26 December 2017)

http://www.sydneyinsolvencynews.com/replacement-probes-worrells-pair/


----------



## No Trust (26 December 2017)

Matters do get interesting considering Michael Peldan’s Public examinations by the Equititrust Liquidator in recent months, regarding his involvement with the MS Asia scandal.

Peldan who Tucker and Kennedy appointed to be the “arms length” receiver   for their secret little corporate vehicle MS Asia was also the trustee in bankruptcy for the one and only Mark McIvor...

https://worrells.net.au/wp-content/...Article-in-Goldcoast-com-au-Bcy-of-McIvor.pdf

It seems that the Tucker’s have a “very friendly” relationship with the Peldan’s going back many years... 






“SPECIAL FRIENDS” indeed...


----------



## No Trust (27 December 2017)

Christmases at the “Palmie” Beach House for the Tucker’s in recent years...


----------



## No Trust (27 December 2017)

It’s quite interesting that McIvor had a Beach house in Palm Beach for years... 

https://www.google.com.au/amp/s/amp...y/news-story/93048d036babdd23c571be2fb4832771

This was of course sold off by the banks, but it “does seem” that someone else in recent times has wanted to mimic his lifestyle... .

Following in McIvor’s footsteps is a road to disaster...


----------



## No Trust (27 December 2017)

Some people just can’t resist flaunting properties, lavish overseas holidays, fashion purchases etc whilst others “especially” innocent Equititrust Investors suffer in silence... 

Not for much longer, the New Year will bring further Public Examinations, litigation and prosecutions.

Equititrust investors need to know *WHERE THEIR MONEY WENT* and to who !!!


----------



## No Trust (27 December 2017)

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (27 December 2017)

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (27 December 2017)

So the Tucker’s and Peldan’s are “SPECIAL FRIENDS” according to Jennifer Tucker...  

Peldan appointed by Tucker and Kennedy as receiver of secret squirrel corporate vehicle MS Asia... Nothing to see here folks... Move along...


----------



## No Trust (27 December 2017)

Michael Peldan pictured below has been publicly examined twice by the Liquidator of Equititrust. 

http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf

Seems partial to a drop of Champers...


----------



## No Trust (27 December 2017)

http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (27 December 2017)

Expect 2018 to be the year of revelation...


----------



## No Trust (27 December 2017)

It seems the story pushed by some individuals that a group of Hong Kong investors bought the Bank of Scotland debt will soon be tested... Let’s see who really owns the shares of MS Asia


----------



## No Trust (27 December 2017)

http://www.equititrust.com.au/Pdfs/... Reports - 20170726 - Report to Creditors.pdf


----------



## No Trust (27 December 2017)

How much money did the investors of the Equititrust Premium Income Fund recoup after all the assets were sold ???  A big fat ZERO it seems...


----------



## No Trust (27 December 2017)

Officers of the court who are directors of a company should know, unless of course they didn’t want to know basics. 


https://hallandwilcox.com.au/legal-obligations-of-directors-of-australian-companies/


----------



## No Trust (27 December 2017)

Food for thought... 

https://www.google.com.au/amp/s/amp...m/news-story/52b121a8e98e6df5baa84c902676b787


----------



## No Trust (28 December 2017)




----------



## No Trust (28 December 2017)

Public Examinations have a curious way of snowballing and enveloping others in their wake... 

The cunning and ruthless have a way of using others to conceal their nefarious deeds... Unfortunately they’re not immune to the law...




No Trust said:


> *Take Steps to Frustrate the Collection of Money*
> Justice Reeves could not have summed it better below.
> 
> To have an officer of the court state *in an affidavit* that they would *declare bankruptcy* in the event of a judgment and frustrate the collection of money *as a reason not to examine him* is mind boggling...
> ...


----------



## No Trust (28 December 2017)

How can the Australian Public maintain trust in lawyers, the financial system and the insolvency profession if ASIC does not take action in circumstances such as this...

Expect a Publicity Campaign to shame ASIC into action on this matter...

Also how much tax was paid on this unholy scheme  ???


----------



## No Trust (28 December 2017)

Follow Anthony Marx on Twitter... He’s reporting on the unfolding scandal...


----------



## No Trust (28 December 2017)

The hypocrisy is palpable... 

http://www.couriermail.com.au/ipad/...d7aa64c99?sv=1cefd2ea9b6101ac0a852ae21c562c96


----------



## No Trust (28 December 2017)

Keep an “eye” on this list... *Substantail sums invested by some*...


----------



## No Trust (28 December 2017)

Secondly, and in any event, I do not consider an examinee such as Mr Tucker can foreclose on the production of documents for the purposes of an examination under Part 5.9 by making assertions of this kind. As I observed about similar statements that Mr Tucker relied upon in the previous stage of this application: "If that were the position, the examination power under [that Part] would be significantly hindered, if not rendered totally nugatory" (see [2017] FCA 758 at [37]). *For these reasons, I reject Mr Tucker's objections* to the production of the documents described in this category.* I will therefore order that Mr Tucker produce the documents *described in items 1(kk), 1(ll) and 1(pp)above.

http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca1074


----------



## No Trust (28 December 2017)

_“The subject matter of the claims under investigation is highly sensitive. There are also issues of confidentiality and legal professional privilege. *The claims are the subject of written opinions from two separate Senior Counsel*. Those opinions, and substantial other evidence, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, been sealed, by order of Justice Burns made on 1 December 2016.”_
_

http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf



_


----------



## No Trust (29 December 2017)

Sounds like the start of a Justice-filled *2018*!! Ahhhh


----------



## No Trust (29 December 2017)

Anyone with good conscience would never have been involved with this snake oil operation, that is of course unless it was for personal enrichment... 

https://www.choice.com.au/shonky-awards/hall-of-shame/shonkys-2008/equititrust-capital-warranty


----------



## No Trust (30 December 2017)

With another year about to come to a close, we are now edging closer to partial justice for some of the Equititrust Investors. The revelations and extent of the wrongdoing uncovered in 2017 has been truly gobsmacking... 

Some are living the high life whilst innocent retiree investors suffer immeasurably. 

There is a special place in hell for those who think it’s ok to live off the misery of old people who have worked hard all their lives... 

To have their hard earned money taken away from them in sophisticated offshore scams which hide the identity of the culprits and funnelled to those with ongoing “fiduciary duties” is beyond reprehensible... It’s downright EVIL... 

All involved will pay a heavy, heavy price...

A big thank you should go out to the media particularly *Anthony Klan* from the* Australian *and *Anthony Marx* from the *Courier Mail* for keeping this scandal well and truly alive throughout 2017. Their reporting has been brilliant. 

As I have stated previously, I have been very critical of the Liquidator’s in the past and will continue to call them out where I feel it’s is warranted, however their pursuit of former directors has been exemplary. 

Russels Lawyers have also excelled in the manner in which they have conducted the litigation. They have literally not missed a beat and investors should be grateful to have such a competent firm of lawyers on the case...


Expect extensive Media coverage throughout *2018*...


----------



## Mozzi (30 December 2017)

No Trust said:


> With another year about to come to a close, we are now edging closer to partial justice for some of the Equititrust Investors. The revelations and extent of the wrongdoing uncovered in 2017 has been truly gobsmacking...
> 
> Some are living the high life whilst innocent retiree investors suffer immeasurably.
> 
> ...





No Trust said:


> With another year about to come to a close, we are now edging closer to partial justice for some of the Equititrust Investors. The revelations and extent of the wrongdoing uncovered in 2017 has been truly gobsmacking...
> 
> Some are living the high life whilst innocent retiree investors suffer immeasurably.
> 
> ...





We would thank everyone who has been pretty persistent, most especially your good self keeping us up to scratch with info, and reminding everyone about karma -


In the meantime we wish all the investors  (who have sadly had their circumstances change for the worse) a Happier New Year, and a wish to stay healthy, so we survive to see all the "baddies" get their just desserts in the year 2018!     It really has been a long haul!     Too long!


----------



## No Trust (31 December 2017)

Interesting line up... 

http://www.equititrust.com.au/Equititrust_Management_Teams.html


----------



## No Trust (31 December 2017)

"It hasn't been an easy two years but I went in there to try to help and I think I got pretty close. I'm looking forward to *other things*," Mr Kennedy said yesterday.

http://www.couriermail.com.au/busin...d378a86b1?sv=da5aceb75b3c75beda7bfa2ccdb17e0a


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## No Trust (2 January 2018)

Pandora’s Box is about to open in the Federal Court in the near future...


----------



## No Trust (3 January 2018)

Expect the Liquidator’s to commence substantive litigation in regard to the EPF in the near future...


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## No Trust (3 January 2018)

_"Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d_


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## No Trust (3 January 2018)

Look who couldn’t keep his cake* hole shut... *

“L_ooking to wring as much from it as we can” 





_


----------



## No Trust (3 January 2018)

_“It was galling for me that he would come down and _*act like a smart arse*_ when he was taking my house from me,” he said._


Yet when *Tucker* is pursued by Russells (the lawyers for the Liquidator), he doesn’t like it and calls their correspondence aggressive... One has to laugh at the hypocrisy at who is now feigning to be the victim, given the track record...





http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2017/2017fca0758


----------



## No Trust (3 January 2018)

The guy who couldn’t keep his cake hole shut now seems to be very very tight lipped... 

Looks like the proverbial cat has got their collective tongues...









http://www.couriermail.com.au/busin...t/news-story/0fbd4a2b4fab7559b69382539b77377f


----------



## No Trust (3 January 2018)

Is there more to uncover ? The ultimate shareholders / beneficiaries of MS ASIA will be quite an unveiling... 

There’s more to this than meets the eye...


----------



## No Trust (4 January 2018)

How on earth was the vampire allowed into the blood bank ?    HOW







Check the dates and the subjects discussed... The EPF seriously ffs... I’m sure the Liquidator’s are aware of this...

Did Tucker disclose his interest in the EPF to David Whyte ???


----------



## No Trust (4 January 2018)

How was this ever allowed to fly...


----------



## No Trust (4 January 2018)

The billing is littered with interactions with Tucker and Cowan and Tucker personally...





Here David Kennedy makes an appearance...


----------



## No Trust (4 January 2018)

Conflict of interest ? Was any declared or was it just a free for all... 

How did BDO as a firm allow this to occur ?

Independent lawyers should have been used from the outset and no work should have gone to Tucker and Cowan under any circumstances...


----------



## No Trust (4 January 2018)

It’s worth reviewing the billing by BDO and for Equititrust investors to see what was going on...

http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2013/Affidavit of David Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (4 January 2018)

So we have Tucker and Kennedy interacting with the receiver, discussing EPF matters ??? Meanwhile we have Tucker acting for MS Asia without disclosing to the court his beneficial interest? 

When MS Asia were ordered to pay security for costs by the Supreme Court, the money was deposited in Tucker and Cowan’s trust account without disclosing to the court the related party interests of the founding partner... 

The temerity to do this is gobsmacking...


----------



## No Trust (7 January 2018)

Story just in from the Courier Mail... Obviously gobbsmacked by Tucker’s explanations... 

http://www.couriermail.com.au/busin...y/news-story/e1db72a2e15c33e2d22782ab902b0155


----------



## No Trust (7 January 2018)




----------



## No Trust (7 January 2018)




----------



## No Trust (7 January 2018)




----------



## No Trust (7 January 2018)




----------



## No Trust (7 January 2018)




----------



## No Trust (7 January 2018)

Well well well, it seems the Courier Mail and “others” are digging deeper and deeper into the scandal... Watch it unfold in 2018...

Why doesn’t Tucker donate the money to the rightful owners Equititrust Investors, who, do think, $3.8 M will relieve them of some misery...

Tucker admits being motivated by revenge  but in no way feels anything for the investors who were dudded...

PATHETIC


----------



## No Trust (8 January 2018)

Here’s our man, splashed across the front page of the Business Section of the Courier Mail... 

Some might say, it makes them feel good to see this, get back in the game, run the action and RETURN THE FAVOUR...


----------



## No Trust (8 January 2018)

So Tucker admits to profiting $3.8 Million under oath in the Federal Court but has no idea where it went... Does he seriously take us all including the court for fools... 

Let’s see how that answer flies in an audit with the Australian Taxation Office... Who are “most likely” already on the case...

Does anyone in their right mind think that the Australian Taxation Office would accept this answer...

What it does say though, is that Tucker under oath, has nailed his collar to the mast.. 

If as he claims has “forgotten”about the money and “doesn’t know where it is”, he or entities controlled by him have may have paid no tax on the windfall profit either...

Using the I don’t remember defence, doesn’t cut it in any ones books...


----------



## No Trust (9 January 2018)

“Proceeds had initially been sent to a Hong Kong-based company set up to do the initial acquisition, but Mr Tucker said he did not “know where it went”. He could not recall trying to find the money and offered no explanation for not chasing the funds.”

Mmmmmmm I’m pretty sure the Australian Taxation Office would like to know where it went... 

Given his age Tucker may need to get a check up, as this is certainly not a good sign. I don’t think any clients would feel safe with a solicitor who had no idea where $3.8 million went... 

Given his practicing certificate running out mid year, I’m sure insurers and the Legal Services Commission are going to take a look at the transcript of proceeding that the Courier Mail used for this story... 

An officer of the court should surely not behave in this manner... Will ASIC standby and allow a director to tell a Court he doesn’t know where $3.8 Million Dollars went which is owed to a company he is a director of.

He’s not acting in the best interests of Tucker Loan is he... 

ASIC and the Taxation Office should appoint receivers to the entity that is owed the money, to ensure its clawed back to Australia...

Maybe that will refresh some memories...


----------



## No Trust (9 January 2018)

Why would two Australian Citizens require a Hong Kong entity to acquire an Australian Debt ??? Tucker and Kennedy both lawyers (*officers of the court*), Accountants and Australian residents at the time...

Why would they require two nominee directors in Hong Kong... ??? 

Moving funds offshore from the proceeds of asset sales ? Pretending to forget where the money is ? This maybe the only pathetic excuse that Tucker wants to throw at the Liquidator, however this will never fly with any Federal Investigative Authority...


----------



## No Trust (9 January 2018)

In a feat that even “Harry Potter” would be envious of, Tucker manages to make $3.8 Million disappear with the use of an “offshore” magic wand... 

Not to be outdone he then makes his memory disappear... 

That’s serious magic...


----------



## No Trust (9 January 2018)

*OH THE MEMORIES *

It wasn’t so long ago, October 2011 in fact that Tucker had a pretty good memory. A memory so good that it enabled him to file a *44 page Affidavit* in support of his application to have a “preferred” Liquidator appointed to the fund.

The deterioration of his memory when it comes to the whereabouts of *$3.8 Million *of Equititrust Investors money is truly remarkable...

A memory jolt is definitely on it way... 





“But Equititrust's woes deepened further yesterday when former board member *David Tucker filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.*

Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments rather than see the fund's assets sold off *so money can be returned to 1760 mostly senior investors.*

"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the detriment of investors," *Mr Tucker wrote in a 44-page affidavit.


http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6



*


----------



## No Trust (10 January 2018)

It’s an insight into someone’s soul, to understand what makes them feel good...

Given the fact that Tucker was the company lawyer via Tucker and Cowan and also acted separately in the capacity as a director. He felt aggrieved when removed from the board for issues of conflict of interest... Not one to stay away and say look I’ve had a fair lick of fees etc over the years, he returns the favour by trying to appoint a Liquidator to the fund that fed him for so many years and then bankrupts his own client / “friend”... 

No one should feel sorry for McIvor he deserved this and was also forwarned well in advance about Tucker.

This has played out like a bad Hollywood movie plot. 

Tucker’s follow up scheme with the EPF debt and self admission of returning the favour is a telling insight given that Tucker publicly proclaimed that McIvor was not going to return money to elderly investors. 



No Trust said:


> View attachment 85544


----------



## No Trust (10 January 2018)

Tucker and Kennedy as financial sponsors of the scheme need to demonstrate to the Australian Taxation Office, who the ultimate shareholders of MS Asia are and how much tax was paid in Australia before the money was repatriated to Hong Kong...

I don’t think answers like the ones given by Tucker to the Federal Court will fly with the Australian Taxation Office...


----------



## No Trust (11 January 2018)

Should read:
*“Lawyer Slaps Himself Down”*

The Courier Mail has exposed the holes in Tucker’s defence of himself... He *selectively* remembers that he discussed the deal with receivers yet can’t remember where the money went... 

Saying that he didn’t use information he obtained as a director doesn’t cut it either.  He had and still does have fiduciary duties to the company as a director and was obliged to disclose the deal to the company, in this case the liquidators in control of the company. Any competent lawyer knows that. 

The scenario I’d like to proffer is, what if the shoe was on the other foot. Would Tucker buy the bullsh#t he peddled as an excuse..

Bottom line is he has admitted to being involved and for all intents and purposes concealed that involvement via an offshore entity with nominee directors and shareholders in Hong Kong. Yet can’t explain to the court where the money is and why he hasn’t chased it down. 

Also his involvement with another director of Equititrust who was also the CEO makes this whole thing stink to high hell.

No one is buying it Davey Boy...


----------



## No Trust (11 January 2018)

This part really made us all laugh and cry... Poor old “Davey Boy” didn’t realise that the *transcript* would ever be made public... 

Acusing others of extortion, calling people insane, abusing developers and banks, all bodes well for his future...

Like a chained animal lashing out in the Federal Court Witness Box, the stress and EXPOSURE may be getting to some...


----------



## No Trust (11 January 2018)

Tucker makes accusations against all and sundry yet was McIvor’s lawyer when the “dodgy” deals were made... How does that pass the smell test... 

When some of those “dodgy” deals had to go to court, who was there defending McIvor ??? You guest it.. Super Sychophant “Davey Boy” Tucker... 

The Courier Mail is exposing the duplicity... There is much more to come...


----------



## No Trust (11 January 2018)

The transcript from the Public Examination in he Federal Court is Solid Gold... Tucker can’t deny what he said under oath...

He also can’t deny what he’s ever said if he’s been recorded saying it...


----------



## No Trust (11 January 2018)

Smart Phone technology and the ability to record conversations on them has come a long way...


----------



## No Trust (11 January 2018)

To put Tucker’s ludicrous,incredulous testimony into context one only has to look at the submissions given to the court in a Stamp Duty case regarding Tucker Loan...

Keywords :

Loans money to companies.

Protected by mortgage


Yet we are told by Tucker he advanced $666,000 to MS Asia without even a scintilla of security. 

Then when the transaction was finalised he had no idea where the money went ???

Seriously !!! 




http://www7.austlii.edu.au/cgi-bin/...l property sales ;mask_path=au/cases/qld/QCAT


----------



## No Trust (12 January 2018)

Wait, listen and watch and everyone will reveal themselves...


----------



## No Trust (12 January 2018)

Tucker accuses Jim Raptis of being a habitual insolvent, yet the last time I checked he never trousered elderly retiree investors money and stashed it overseas, then pretended to not know where it is...

Tucker on the other hand went to great lengths to conceal the unholy deal he was involved with. 

If there was nothing to hide why not declare the interest and keep everything transparent ? ? ? 




No Trust said:


> This part really made us all laugh and cry... Poor old “Davey Boy” didn’t realise that the *transcript* would ever be made public...
> 
> Acusing others of extortion, calling people insane, abusing developers and banks, all bodes well for his future...
> 
> ...


----------



## No Trust (13 January 2018)

Did Tucker other wise known as “King ConFlict” feel any sense of professional obligation to the company as his client. 
It’s clear his fiduciary obligations as the company lawyer and director overlapped. 

His duty to disclose the proposed purchase of the Bank of Scotland Debt to the liquidater applied to him as both a director and a supposed lawyer... 


“At this point, the duties of solicitors who are also directors substantially overlap. The control they exert over their client’s assets – if exploited – will excite statutory liability in both their corporate and professional capacities. If they are found to have acted dishonestly, no grant of relief will be available.“

http://www.austlii.edu.au/au/journals/UTSLRS/2016/19.html


----------



## No Trust (13 January 2018)

Given the current reporting by the Courier Mail and recent revelations many have drawn the conlusion that Tucker was just a wannabe McIvor copying his lifestyle choices and also wanting to be a money lender...

Given his harsh words about McIvor in the Federal Court some might come to the conclusion that Tucker may have a few too many Roo’s in the top paddock for ever entertaining the MS Asia deal, which many agree looks dodgy as hell... Hang on wait Tucker has turned into McIvor...

Even the hair colour is morphing...

Following in McIvor’s footsteps is a one way trip to the financial bone yard... #Karma ...


----------



## No Trust (15 January 2018)

What if Bob Tucker was an investor in the EPF, how would he feel ???

https://aip.asn.au/about/directors/bob-tucker/


----------



## No Trust (15 January 2018)

This scandal is going to morph into a political issue... Are these “Liberal Party” values ???


----------



## No Trust (15 January 2018)

It’s very simple RETURN THE MONEY...


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## No Trust (16 January 2018)

Given the Tucker’s lifelong association with the Liberal Party, maybe pressure needs to be applied at both a state and Federal level outlining how Equititrust investors were dudded...

The political climate is right for this matter to be put under the noses of politicians to go on the record and denounce deals which enrich lawyers and former directors of funds where elderly Australians were financially raped... 

Retiree’s lose the lot while the lawyers do secret deals... This will not go unpunished... 

Tucker and Kennedy put themselves into the spotlight...


----------



## No Trust (19 January 2018)

Many moves afoot in the background relating to the recovery of EPF funds... Further explosive revelations to surface soon...


----------



## No Trust (20 January 2018)

Tucker said that he was advised by “the receiver” that the return on the EPF assets  would be upwards of $2M... Which receiver was he referring to ?  

Tucker as usual has been opening his cake hole around town to his own detriment...


----------



## No Trust (22 January 2018)

The banking Royal Commission Terms of Reference are not really good news for the likes of Tucker and Kennedy... I’m sure someone with a name similar to MacGyver  will make a thorough submission to the Royal Commission about his two old mates...   https://financialservices.royalcomm...atent-Financial-Services-Royal-Commission.pdf


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## No Trust (22 January 2018)

I think anyone else aggrieved by the actions of Tucker and Kennedy should submit an online submission and let the Royal Commission determine whether Tucker’s answers about not knowing where $3.8 M of Equititrust investors money went is acceptable.
This is truly a national disgrace...


https://financialservices.royalcommission.gov.au/Pages/default.aspx


----------



## No Trust (22 January 2018)




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## No Trust (26 January 2018)

It seems the Liquidators are going to wring as much out of Tucker as they can... 

A new storm front is developing for Tucker and Kennedy, one which does not involve the Liquidator directly but does involve their input on any alleged improprieties... 
What a Wicked web we weave when we set out to deceive.


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## No Trust (2 February 2018)

The depths that Tucker is willing to go, know no bounds... 

Having concocted a secret scheme to enrich himself to the tune of millions of dollars, off the back of Equititrust investors, with Kennedy, another director and former CEO, he then has the temerity to go to the “company’s” insurance policy to cover the cost of being sued due to his own malfeasance... 

Tucker sucked the golden teat of Equititrust for over a decade then f#cked the vulnerable investors over to only go back and ask to be covered by Equititrust’s directors and officers policy...

The gall to actually attempt to do this is gobsmacking...

Even his own law firms insurers rejected him... That’s saying something... 

It’s no wonder he’s threatening to declare bankruptcy in the event of a judgement against him...


----------



## No Trust (4 February 2018)

Given the above mentioned revelations regarding Tucker’s insurance woes, his exit from Tucker and Cowan to become a “so called” consultant at the firm, starts to make sense.

The insurers of the firm didn’t exactly like his current predicament of being the subject of aggressive litigation by a Liquidator...the insurers must have thought... WTF is going on... Why is he bending the knee and coming grovelling to us... SOMETHINGS WRONG HERE.

They rightly said f#ck off Tucker, you created this abyss for yourself, you go and pay your own costs... 

Putting Tucker on the bench may have been the logical option for Tucker and Cowan as I’m sure their insurance costs would have gone through the roof by having Tucker remain as a partner. 

However is doesn’t end here. The coming weeks and months will make for interesting reading... 

Get your popcorn...


----------



## No Trust (6 February 2018)

If Tucker’s insurers are abandoning him, who’s next ???


----------



## Just Observer (6 February 2018)

it appeared the liquidator investigation is centered on Tucker and Kennedy at the moment. What happened to the squandered millions of investors/retirees fund that ended up in McIvor's pocket and his super? Considering the liquidator was appointed by McIvor, hopefully the current sage is not just smoke screen to divert attention.


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## No Trust (7 February 2018)

It’s good to see the Courier Mail Digital Edition detailed Tucker’s threat to declare bankruptcy... Following in McIvor’s footsteps yet again...


----------



## No Trust (7 February 2018)

It’s still before the Federal Court.. 

McIvor hasn’t been let off the hook yet, at least not by me... 




Just Observer said:


> it appeared the liquidator investigation is centered on Tucker and Kennedy at the moment. What happened to the squandered millions of investors/retirees fund that ended up in McIvor's pocket and his super? Considering the liquidator was appointed by McIvor, hopefully the current sage is not just smoke screen to divert attention.


----------



## No Trust (7 February 2018)

Tucker it seems is very weak in the underbelly at the moment as he never in his wildest dreams thought the Courier Mail would ever get a hold of the Federal Court Transcript of his Public Humiliation...

His threat to declare bankruptcy in an affidavit may be the stupidest thing he’s ever done. As insurers, banks etc look upon this as a fait accompli. 

Stress induced behaviour can be detrimental to ones finances and hair pigmentation it seems...


----------



## No Trust (7 February 2018)

Follicle behaviour can give it all away...


----------



## Just Observer (7 February 2018)

No Trust said:


> It’s still before the Federal Court..
> 
> McIvor hasn’t been let off the hook yet, at least not by me...



Pity the system does not allow for the investors representatives to be appointed to oversee the Court proceeding (as with Jury system). Currently, with the liquidator appointed by McIvor and the Court appointed BDO as the administrator, it seemed both are busy with their own agendas and primarily motivated by greed and fees. No one really represents the investors/retirees at heart to best recoup the money. At the end, when and if the liquidator successful to recover the money from Tucker, most of it will be taken out by the liquidator's fees.


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## No Trust (8 February 2018)

I totally agree.. 

The investors get shafted whichever way you look at it.

The one thing to take on board which may not be much solace is the fact that Tucker may have concocted this scheme with Kennedy but they didn’t get away with it. 

The Public Examination / Humiliation that he was subjected to was the most painful thing he’s ever had to experience. 

He fought like a drowning rat not to be dragged before the Federal Court yet he still had to face the music.

The media exposure and his rejection by every insurer he went to on bended knee does not bode well for future cover...

Other regulatory authorities are also on the case and are actively investigating.

Investors were done over by McIvor and his dynamic team of miscreants who in the end took down McIvor himself.  

McIvor was not a clever boy... 




Just Observer said:


> Pity the system does not allow for the investors representatives to be appointed to oversee the Court proceeding (as with Jury system). Currently, with the liquidator appointed by McIvor and the Court appointed BDO as the administrator, it seemed both are busy with their own agendas and primarily motivated by greed and fees. No one really represents the investors/retirees at heart to best recoup the money. At the end, when and if the liquidator successful to recover the money from Tucker, most of it will be taken out by the liquidator's fees.


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## No Trust (12 February 2018)

The events over the course of recent years have been eye opening... Yet it will seem like nothing when you see what’s coming next... #yikes


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## Hombre777 (20 February 2018)

What’s coming next ?


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## meridian (21 February 2018)

Hombre777 said:


> What’s coming next ?



Hopefully.
David Whyte announces the case against the valuer has concluded, and BDO no longer charge fees.
Hopefully.
Hall Chadwick finish with Tucker and Kennedy and EPF investors see some return.
Hopefully.
As Hall Chadwick stated on 4th October 2016 proceedings against KPMG, Paul Steer and Co commence and EIF investors see a return.
Hopefully.
I live that long.


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## Mozzi (1 March 2018)

meridian said:


> Hopefully.
> David Whyte announces the case against the valuer has concluded, and BDO no longer charge fees.
> Hopefully.
> Hall Chadwick finish with Tucker and Kennedy and EPF investors see some return.
> ...







Well, guess you will be able to read all about those matters in the 31st report from Mr Whyte online now.   Probably answers everyone's questions, hopes and prayers......    NOT!


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## Hombre777 (14 March 2018)

Mozzi said:


> Well, guess you will be able to read all about those matters in the 31st report from Mr Whyte online now.   Probably answers everyone's questions, hopes and prayers......    NOT!



Any update for Equititrust investors


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## Hombre777 (14 March 2018)

Hombre777 said:


> Any update for Equititrust investors



Haven’t heard from “no trust’ for ages !!


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## Mozzi (15 March 2018)

Hombre777 said:


> Haven’t heard from “no trust’ for ages !!



We check every day to see what is going on, and miss "No Trust's" pithy comments when not online but am sure when something to report "he'll/she'll be back".    Has been a while, but you can read BDO's report while you are waiting!   Isn't that supposed to be an update!


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## Just Observer (26 March 2018)

Agree. We all miss “no trust”. It has been six weeks since his last posting. I hope he is ok.


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## Just Observer (15 April 2018)

I am afraid something has happened to "No Trust". We have not seen his updates for more than 2 months. This forum will soon cease to exist without any further postings from "No Trust".


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## Hombre777 (15 April 2018)

Just Observer said:


> I am afraid something has happened to "No Trust". We have not seen his updates for more than 2 months. This forum will soon cease to exist without any further postings from "No Trust".



Unless anyone has an update as to where the Tucker / Kennedy impropriety case is at ??


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## Mozzi (16 April 2018)

[


Just Observer said:


> I am afraid something has happened to "No Trust". We have not seen his updates for more than 2 months. This forum will soon cease to exist without any further postings from "No Trust".




Don't even go down that road!   We would be devastated if no more posts from "No Trust".     We visualise perhaps a world cruise or a well earned sabbatical of some sort.    Still think "No Trust"  will be back - we need someone to be on our side - and no one else has the intestinal fortitude (or the sources) to post the info that has continuously been provided and been the thorn in the side of so many!!.


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## meridian (18 April 2018)

Mozzi said:


> [
> 
> 
> Don't even go down that road!   We would be devastated if no more posts from "No Trust".     We visualise perhaps a world cruise or a well earned sabbatical of some sort.    Still think "No Trust"  will be back - we need someone to be on our side - and no one else has the intestinal fortitude (or the sources) to post the info that has continuously been provided and been the thorn in the side of so many!!.



My hope is that No Trust has knocked off for a smoko and he'll be back later on.
In a report from from Hall Chadwick dated 1st February 2017 it was said that 2 more persons had been appointed to the Committee of Inspection "to allow the COI to achieve its purpose."
Does anyone know what the purpose of the COI is ?


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## Mozzi (18 April 2018)

meridian said:


> My hope is that No Trust has knocked off for a smoko and he'll be back later on.
> In a report from from Hall Chadwick dated 1st February 2017 it was said that 2 more persons had been appointed to the Committee of Inspection "to allow the COI to achieve its purpose."
> Does anyone know what the purpose of the COI is ?





In a word -           a wank!!!   

 Never heard of before or since!    These people were who?   and they did what?   and they are now where?   and their report or follow up is ???????


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## Just Observer (22 April 2018)

meridian said:


> My hope is that No Trust has knocked off for a smoko and he'll be back later on.
> In a report from from Hall Chadwick dated 1st February 2017 it was said that 2 more persons had been appointed to the Committee of Inspection "to allow the COI to achieve its purpose."
> Does anyone know what the purpose of the COI is ?



Maybe No Trust has been appointed as COI hence unable to post further update. 

Whatever the reason, we miss him dearly.


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## Hombre777 (2 May 2018)

Has anyone more information on how the Tucker / Kennedy case is progressing by way of a link ??


----------



## Mozzi (2 May 2018)

Hombre777 said:


> Has anyone more information on how the Tucker / Kennedy case is progressing by way of a link ??





On page 231 "No Trust" gave a link to the Federal Court Qld and from there I guess you have to  "follow the yellow brick road".   Other than that perhaps Mr Pleash would fill you in with a phone call..... Remember to relay anything you find out........     At the moment, in the absence (temporary we hope) of our good friend, we are totally in the dark.


----------



## Enough is enough (5 May 2018)

Took me a couple of days to read through all the posts... 

Does anyone know:

Did a liquidator or receiver etc authorise/approve/allow the MS Asia/Tucker/Kennedy etc purchase of the loan book?

if so, who did?
What was the buying process?


----------



## No Trust (12 May 2018)

*WINTER IS COMING... *


----------



## Mozzi (12 May 2018)

No Trust said:


> *WINTER IS COMING... *




Welcome back.   Hope you enjoyed your break from the forum!   Guess you would have got the message that we all miss you when you are not posting - look forward to what you have in store................


----------



## Nothingtoadd (12 May 2018)

Enough is enough said:


> Took me a couple of days to read through all the posts...
> 
> Does anyone know:
> 
> ...




From para 19 of the judgement in post #4581

"19   ...the Liquidators described the broad details of the transaction whereby MS Asia (the entity mentioned in Mr Russell’s letter of 28 June 2017 above) acquired the BOSI debt, as follows (at paragraph 2):

In July 2102, MS Asia acquired a debt owed by Equititrust to BOSI. The debt was about $6.5 million; MS Asia paid $2 million. [Mr Tucker’s] company, Tuckerloan contributed one third of the price ($666,667); a co-director, Mr Kennedy, contributed the balance ($1,333,333)."

That debt was secured by a mortgage over the the EPF loan book, and that went to MS Asia with the BOSI debt.  Technically MS Asia bought the security over the loan book, not the loan book itself, but it probably means the same in terms of where the money goes....


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## Just Observer (13 May 2018)

No Trust said:


> *WINTER IS COMING... *



No Trust, so glad to know you are ok. We missed dearly your updates, but more so of your well being. 

I lost counts how many times I’ve logged in to this forum to see if you are back.


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## Enough is enough (13 May 2018)

Nothingtoadd said:


> From para 19 of the judgement in post #4581
> 
> "19   ...the Liquidators described the broad details of the transaction whereby MS Asia (the entity mentioned in Mr Russell’s letter of 28 June 2017 above) acquired the BOSI debt, as follows (at paragraph 2): ........




Thank you for your response....

I still don't get it.

Was the security of the loan book offered to anyone else?
Why did they want to sell it?
Who knew BOS wanted to sell it?
Was there a formal tendering process?
Was the purchase during the time of the liquidation?
If so, what liquidator or receiver allowed this purchase?
Was this done then without any permission?
Did the liquidators and/or receivers know about the purchase at the time?
If they found out about it afterwards, how did they find out about it?

Thank you so much, it's a bit of a steep learning curve.


----------



## Mozzi (14 May 2018)

Enough is enough said:


> Thank you for your response....
> 
> I still don't get it.
> 
> ...





You seem to be struggling, as we all are, to understand all this.  

Here's a thought - why not ask the liquidators or receivers direct to
get answers - we are all waiting with bated breath!


----------



## Nothingtoadd (15 May 2018)

Enough is enough said:


> Thank you for your response....
> 
> I still don't get it.
> 
> ...




These are made up figures but this is what I think happened:

EPF borrowed $6.5m from Bank of Scotland 

BoS has a right to be repaid $6.5m, plus interest as it accrues, by the EPF, and has a mortgage over the EPF loan portfolio to secure that loan
MSA bought BoS' right to be repaid $6.5m, for $2m (30ish c in the dollar) from BoS, and the security.

That is a private transaction between MSA and BoS so it does not need the consent of the borrower (which by that time was in liquidation).
It looks now like the loan book is worth more than $2m.  MSA get to keep that extra, up to the $6.5m.  So if they get say $6m out of a loan book they paid $2.5m for then they made a profit of $3.5m and (with hindsight) BoS sold too cheap.
BoS would do that just to wrap things up quickly.  At the time they were trying to shut down their Australian business and probably knew that they were "discounting" to get a quick sale.  They didn't have to advertise or put to tender etc etc because if they sell too cheap it is their loss. My guess is that MSA made a direct approach.
David Whyte is receiver of the Income Fund only not the EPF so it is not his business.  The liquidators are the liquidators of the whole thing but it doesn't require their agreement because it is a private deal between BoS and MSA.
I imagine the liquidators found out out by MSA telling them
These are my guesses based on seeing similar things elsewhere.  Someone who knows may correct me but this will be fairly close.


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## Mozzi (16 May 2018)

Mozzi said:


> You seem to be struggling, as we all are, to understand all this.
> 
> Here's a thought - why not ask the liquidators or receivers direct to
> get answers - we are all waiting with bated breath!





 Our prayers have been answered - just what we needed - we understand that there are
 approx.  77 pages to read from Hall Chadwick!    Should explain everything!


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## meridian (17 May 2018)

Mozzi said:


> Our prayers have been answered - just what we needed - we understand that there are
> approx.  77 pages to read from Hall Chadwick!    Should explain everything!



Page 7 of latest report - the "COMMITTEE OF INSPECTION" or the creditors may fix the remuneration to be paid to the liquidators (alarm bells are ringing).
My recollection at one of our first meetings was that Richard Albarran said Hall Chadwick would not seek fees from properties sold. Their fees would be taken from litigation taken against directors and auditors.
My understanding was that the over seas group who are funding the action against McIvor, Steer, KPMG and Co were paying Hall Chadwick on a regular basis, if this is correct how much has been paid already ?
Remember Hall Chadwicks report on the 28th May 2013, they stated they had received a Company Tax refund for $2,240,337.00 where did this money end up ?
I'm sure David Whyte will be at the meeting on the 28th.


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## Mozzi (17 May 2018)

meridian said:


> Page 7 of latest report - the "COMMITTEE OF INSPECTION" or the creditors may fix the remuneration to be paid to the liquidators (alarm bells are ringing).
> My recollection at one of our first meetings was that Richard Albarran said Hall Chadwick would not seek fees from properties sold. Their fees would be taken from litigation taken against directors and auditors.
> My understanding was that the over seas group who are funding the action against McIvor, Steer, KPMG and Co were paying Hall Chadwick on a regular basis, if this is correct how much has been paid already ?
> Remember Hall Chadwicks report on the 28th May 2013, they stated they had received a Company Tax refund for $2,240,337.00 where did this money end up ?
> I'm sure David Whyte will be at the meeting on the 28th.




We think your recollection is correct.   We sure hope that someone will be at the meeting looking out for our interests, as we think we are losing the will to live with all this!   Money still going out by the thousands,  but not any to us.   OUR MONEY!
Why is the Committee of Inspection such a secret, aren't they supposed to represent the investors, not rubber stamp at will.     We recall that at that meeting of which you speak Amanda Banton and, we think an investor, put up their hands, but it changed later when she opted out.   Anyone know - or have you still got your heads down reading the 77 pages!?


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## Just Observer (18 May 2018)

Mozzi said:


> Our prayers have been answered - just what we needed - we understand that there are
> approx.  77 pages to read from Hall Chadwick!    Should explain everything!



Ok, 77 pages of details report from Hall Chadwick and the updated report about MS Asia case. But the report mostly contained the attachment listed the liquidator claimed expenses. What about the millions missing from the investors fund that ended up in McIvor superannuation fund? Nothing said about this.


----------



## Enough is enough (22 May 2018)

There is a new article in the Courier Mail today... 

"*Pressure starting to intensify on Brisbane legal eagle David Tucker"*
*
*


----------



## No Trust (22 May 2018)

Hi David,

You’re welcome...


----------



## Mozzi (23 May 2018)

No Trust said:


> Hi David,
> 
> You’re welcome...
> 
> View attachment 87458






Don't just like it - love it!    Keep 'em coming!


----------



## No Trust (23 May 2018)

Tucker can’t hide behind offshore companies registered in the British Virgin Islands any longer... 

Exposing his transactions and who he “cared” for the most, is not only a pleasure it’s an absolute NECESSITY... 

He gave ZERO F#cks about innocent retiree investors and innocent borrowers while he mercilessly pursued them.




Mozzi said:


> Don't just like it - love it!    Keep 'em coming!


----------



## No Trust (23 May 2018)

Many interesting developments behind the scenes... 

Numerous authorities now on the case due to Media Exposure... Thanks  Anthony Marx - Courier Mail... Your a true Champion... 



No Trust said:


> Hi David,
> 
> You’re welcome...
> 
> View attachment 87458


----------



## No Trust (27 May 2018)

Sooooooo, David Tucker thought he’d get away with it................. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha... BUT WAIT..... *THERE’S MORE*... You know what I’m talking about, don’t you “Davy Boy”...


----------



## No Trust (27 May 2018)

More shoes are about to drop...


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## No Trust (29 May 2018)

*Oh David... Let’s hope your memory gets better, you’re gonna need it... Let’s pray it’s not a manufactured cognitive crisis...*

*Once the liquidators gain access to the books and records, hopefully after the federal court appeal, I would expect them to apply for an asset freeze of Tucker’s Assets as well as his wife’s. Travel restrictions may also be another tool the liquidators may use to help preserve assets...*

*The liquidators are attacking on one front, however there is another line of attack on another flank which involves various regulatory and revenue authorities...

Solution:- Memory Pills Maybe...*


----------



## No Trust (29 May 2018)

Tucker engaged in protracted *Lawfare *against innocent parties to make a buck off McIvor. He knew exactly what McIvor was up to, he turned a blind eye to McIvors malfeasance then settled scores on his behalf through the courts using deep pocket tactics. The money used was innocent retiree investor’s money, it was never McIvor’s money. Tucker then went in for another feed after bankrupting McIvor however this may have been his last financial feast...


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## No Trust (29 May 2018)

Today’s events...


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## meridian (30 May 2018)

Finally some answers.
The $2.4 million Equititrust Income Tax Refund received in 2013 was taken by Hall Chadwick and used to fund part of the litigation proceedings.
International Litigation Partners No 1 and Vannin Capital have contributed over $8.5 million to the litigation proceedings.
Litigation payments to Piper Alderman of $3.789 million and Sqiure Patton Boggs of $4.681 have been made.
Hopefully, rumors that "Creditors to be paid before Investors" could include Mark McIvor and MM Holdings are not true.
Richard Albarran states that there will be at least a further TWO YEARS before things are wound up.
The entire Tucker Kennedy MS Asia BOSI fiasco is involved in legal argument that goes on forever.
Fees sought by Hall Chadwick were not approved.
Investors will need to receive a final payout of many, many, many million of dollars, firstly to pay the Funders plus interest plus bonuses, other legals plus plus plus, Creditors plus plus .


----------



## No Trust (30 May 2018)

Ironically Tucker’s, “windfall” gain will  be eaten away by Legal Fees in defending the current action against him as well as the others about to commence...


----------



## No Trust (15 June 2018)

Tucker has some serious litigation coming his way, and not from the likely suspects...


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## Mozzi (22 June 2018)

No Trust said:


> Tucker has some serious litigation coming his way, and not from the likely suspects...





Hi again.     If nothing on TV tonight  BDO has 32nd report available    What a decision, to watch boring tv or read a boring report.   Same.   Same.

Rather wait for the next exciting news from you - keep us posted ...............


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## No Trust (24 June 2018)

The behaviour exhibited by McIvor and Tucker during this disaster was clearly narcissistic. The sense of entitlement and lack of empathy towards others is utterly gobsmacking.

Narcissists can only go for so long before they come undone. 

Tucker’s recent statements regarding “others” involved in the Equititrust saga are worthy of behavioural analysis...


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## No Trust (25 June 2018)

Tucker, in a recent affidavit threatened bankruptcy if the Liquidator of Equititrust was to obtain a judgement against him... Meanwhile here he is in London yesterday enjoying a slap up Sunday Roast... Equititrust investors on the other hand are left to starve...


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## Mozzi (26 June 2018)

No Trust said:


> Tucker, in a recent affidavit threatened bankruptcy if the Liquidator of Equititrust was to obtain a judgement against him... Meanwhile here he is in London yesterday enjoying a slap up Sunday Roast... Equititrust investors on the other hand are left to starve...
> View attachment 87956





Guess it occurred to everyone that someone else might be paying for it?   - Oh, hang on a minute - that would be US !


----------



## No Trust (2 July 2018)

After every holiday there is a reality check when one comes home... Tucker will have a *number *of legal matters to attend to...


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## No Trust (2 July 2018)

Now for some *delusion* from Strongman Financier...

http://strongmanfinancier.com/team/

Do Strong Men hit Financial Women ??? Just a rhetorical question...


----------



## No Trust (4 July 2018)

There will be more accusations and mud slinging from Tucker in line with his last episode of vitriol in the *Federal Court* once the next round of litigious testicle tightening by the liquidator occurs... This time the analogous "nether regions" will have another clamp competing for space as a "serious" regulatory authority has start tightening the screws...


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## klua (11 July 2018)

There appears to be an article on Mcivor today (Wed 11th) in the online versions of the Gold Coast Bulletin/ Courier Mail. The article  doesnt seem to be in the printed versions of the papers.
As I am not a subscriber to the online version I cant see the full text.
Has anyone any info on this?


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## No Trust (14 July 2018)

Rent issues apparently... As in behind in the rent... Can’t wait till McIvor transforms Australian banking...  FFS
#f*cking joker...


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## No Trust (17 July 2018)

The man who says he’s going to transform Australian Banking...


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## No Trust (18 July 2018)

Meanwhile, McIvor’s nemesis Tucker hob knobs it in London while he can... Surprises await...
McIvor was warned about Tucker but he didn’t listen. McIvor essentially is a very stupid unintelligent man with a criminal conviction...

https://asic.gov.au/about-asic/medi...d-convicted-for-failing-to-assist-liquidator/


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## greggles (24 July 2018)

A claim was filed in Queensland's Supreme Court on 10 July.

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## greggles (24 July 2018)

Nine defendants in total, five from Tucker and Cowen Solicitors.

https://www.tuckercowen.com.au/our-team/


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## No Trust (24 July 2018)

Hi David Tucker and Co Conspirators here is your welcome back  Surprise...     

Good luck getting Professional Indemnity Insurance...

Good luck getting bank Finance ever again...

This litigation is going to be a thing of beauty...




No Trust said:


> Meanwhile, McIvor’s nemesis Tucker hob knobs it in London while he can... Surprises await...
> McIvor was warned about Tucker but he didn’t listen. McIvor essentially is a very stupid unintelligent man with a criminal conviction...
> 
> https://asic.gov.au/about-asic/medi...d-convicted-for-failing-to-assist-liquidator/


----------



## No Trust (24 July 2018)

You were all COLLECTIVELY warned many moons ago...

It’s time to hand over the SH#T Sandwich... Do you guys want mustard on that ? 






No Trust said:


> Some time back when "Marky Boy" was on the road to redemption and was trying to cleanse his past sins he was under the guidance of a spiritual advisor named David Dornan or as McIvor called him the old man on the hill... During this time McIvor seemed to try his best to mediitate and resolve many issues. This included meditation on trips to Bali and early morning meditation that at times "was interrupted by barking dogs"... Even though ex wife Racy Stacey disapproved of The Old Man on the Hill and ultimately put a stop to Marky Boy seeing him, the issues and lessons that David Dornan would counsel him on never went away...
> 
> The miscreant's collectively pictured below do not however know what's around the corner, there's a collective lesson in destruction that neither one of this trio of pain and misery will ever expect...
> 
> ...


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## No Trust (24 July 2018)

Here’s a tip to the 5 defendants from Tucker and Cowan...


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## No Trust (24 July 2018)

Tucker and Cowan Law Firm - Not only do we sue., we get our asses SUED off !!!


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## No Trust (24 July 2018)

With proceedings against Tucker et al firmly on foot, the discovery processs will be intense. Documents and ownership details will now have to be surrendered to the court. 

Of note will be the $250,000 undertaking given to the Supreme Court which was paid into Tucker and Cowan’s Trust Account...

Tucker and Kennedy’s ownership of MS Asia was hidden...

Worrell’s got worried and asked for for security or an undertaking for the damages...

This deceit will be revisited not only by the court but by regulators too...

Did the whole firm know ??? 

This sh#t sandwich will have to be swallowed by all 5 defendants from Tucker and Cowan...


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## No Trust (24 July 2018)

Memories of my old mate Kostag who started this thread... These lyrics apply equally to Tucker and Cowan and the miscreants who dwell within than corrupt cesspit...




kostag said:


> *Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinatra*
> 
> And now the end is near
> And so I face the final curtain
> ...


----------



## Hombre777 (25 July 2018)

Interesting to see whether Tucker will be genuinely filleted ! I can’t believe as a legal eagle he did not have his tracks covered !!


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## Mozzi (25 July 2018)

Hombre777 said:


> Interesting to see whether Tucker will be genuinely filleted ! I can’t believe as a legal eagle he did not have his tracks covered !!






Remembering who got away with a measly $10,000 fine.    Peanuts!  
 They all have their collective backsides covered!


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## No Trust (25 July 2018)

I would normally agree that they have their asses covered, however the deceit of beneficial ownership by Tucker and Kennedy was effectively exposed which opens up Pandora’s Box not only for Tucker and Kennedy but also for the remainder of the partners of Tucker and Cowan who were effectively engaged in the cover up.. 

The reputational hurt as well as financial destruction that is about to ensue will be of apocalyptic proportions.... 

The media coverage of the proceedings alone will stifle any future aspirations of grandiosity.

Question now will be, will Tucker declare bankruptcy as he promised in his affidavit ???


----------



## Hombre777 (25 July 2018)

Whether he declares bankruptcy or not there is clear criminality which needs to be pursued ?


----------



## No Trust (25 July 2018)

Investigations are underway, as complaints to relevant authorities have been made... 



Hombre777 said:


> Whether he declares bankruptcy or not there is clear criminality which needs to be pursued ?


----------



## No Trust (25 July 2018)

It’s astonishing that 5 members of one law firm are now being sued... This is not practicing law, this is something else...


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## No Trust (25 July 2018)

I have a “distinct” feeling that the media will soon be reporting on Tucker’s *Annus Horribilis...  Tick Tock Tick Tock... *


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## No Trust (25 July 2018)

Hi boys...


----------



## No Trust (26 July 2018)

*CITY BEAT  
Anthony Marx
Courier Mail
26 July 2018

BIG LEGAL CLAIM *a team of Brisbane legal eagles have been hit with an extraordinary lawsuit seeking more than *$17.5 million* allegedly owing to dudded investors.

The liquidator of failed Gold Coast funds manager Equititrust lodged the claim in Brisbane Supreme Court this month against David Tucker and Richard Cowen (both illustrated), along with three other partners in their law firm Tucker & Cowen.

Former Equititrust CEO David Kennedy, Cowen’s firm TCS Solicitors, Tucker’s company Tuckerloan and related entity MS Asia Debt Acquisition are also named as respondents in the action brought by liquidator Blair Pleash from Hall Chadwick.

Pleash maintains the money right-fully belongs to the unitholders of a collapsed fund once controlled by Equititrust, which fell over in 2012 owing more than $260 million to about 1600 mostly senior investors.

The lawsuit alleges Tucker, Kennedy and a third individual, Neil Howard, used deceptive means and inside knowledge to wrongly acquire the outstanding loan book of the Equititrust Premium Fund for the rock bottom price of just $2 million.

Tucker, *a former Equititrust director*, along with Kennedy and Howard, set up MS Asia in Hong Kong to buy the loan book and allegedly stood to reap a *$14.4 million* windfall profit.

The claim says $11.94 million was eventually split among the three gents. Pleash, who has secured funding to pursue the litigation, is *also seeking unspecified additional compensation and damages* for *multiple alleged breaches of fiduciary duty* by all the parties.

In addition, court orders have been sought against other figures in the drama, including former *Worrells Insolvency* executive *Michael Peldan* and current *Worrells *operative *Chris Cook*.

PLANNING TO FIGHT only one of the respondents contacted by City Beat yesterday responded to our request for a statement.

“No claim has been served. In the circumstances it is not appropriate for us to comment,’’ Cowen said.

Kennedy, who is based in Hong Kong, and Peldan could not be reached. Obviously no defence has been lodged yet in the case but Tucker, who just returned from a few weeks of holiday in the UK, has previously denied any wrongdoing.

Indeed, if his comments are anything to go by, he and the others will be fighting it pretty vigorously.

“This matter has not raised it (sic) status beyond nuisance value and I maintain that the liquidators enquiries are misguided, and a waste of time and money,’’ Tucker told City Beat recently.

“The real story here is how much the liquidators are claiming for their fees and how little they have done….They have already claimed $900,000 plus GST but they have actually done very little except recover a tax refund of $2 million-plus.

“They had their hands out for another $1,432,000 but do not actually say what they really did or propose to do. This is just an exercise in fee generation – for lawyers and accountants.’’ Well, *it’s pretty clear now what Pleash proposes to do*, especially since he’s armed with a mountain of testimony gleaned from public examinations in the Federal Court in Brisbane last year.

Tucker *spent five days* in the hot seat and acknowledged that his share of profits from MS Asia so far amounted to *$3.8 million*.

But, in comments that *raised more than a few eyebrows*, he told the court that he had* not received the money* and *didn’t know where it was being held*.

Adding to the intrigue is the fact that solicitor Stephen Russell is representing Pleash and Equititrust in the matter.It’s understood that there’s *not a whole lot of love lost* between Russell and Tucker, who is now listed as *just a consultant* at the firm he co-founded in 1998.


----------



## No Trust (26 July 2018)

Tucker is following in McIvor's path... He just doesn't see it yet... "Davey Boy" may you live in interesting times...


----------



## No Trust (26 July 2018)

Tucker's face in that Cartoon is priceless... Hands clasped... Looking Pathetic...


----------



## No Trust (27 July 2018)

Clients of Tucker & Cowan (_Sucker & Coward_) must be shaking their heads at the latest revelations in the Courier Mail...


----------



## No Trust (28 July 2018)

More surprises to come in the near future... How is Worrells entangled in this ??? The plot thickens...


----------



## Hombre777 (2 August 2018)

No Trust said:


> More surprises to come in the near future... How is Worrells entangled in this ??? The plot thickens...



Hope the “near future” is not too faraway!


----------



## No Trust (3 August 2018)

We are in the future...



Hombre777 said:


> Hope the “near future” is not too faraway!


----------



## No Trust (4 August 2018)

These are not the kind of stories your bankers and financiers outside the law firm want to see... 

As McIvor discovered after his media exposure was initiated (_your welcome by the way_) the money boys sharpened their knives and went for the jugular... This is a serious monetary claim and serious allegations of impropriety have been made by the Liquidator against partners of a law firm... I can tell you one thing, Russells Lawyers and the Liquidators will be getting indemnity insurance in the coming year, Tucker and Cowan AKA Sucker and Coward maybe not. More importantly there is more to come in the near future which will pour petrol on Tuckers Dumster Fire of a year... 



No Trust said:


> Tucker's face in that Cartoon is priceless... Hands clasped... Looking Pathetic...
> 
> 
> View attachment 88572


----------



## No Trust (4 August 2018)

The irony of Tuckers “LEGAL” predicament is not lost on anyone, especially his former legal peers... Note I use the word former... Consultants don’t practice law do they ??? 

As a lack of insurance was the final nail in the coffin of Equititrust, it may also claim some other legal scalps in the not too distant future... As Tucker alluded to previously there comes a point where one becomes uninsurable...


----------



## No Trust (4 August 2018)




----------



## No Trust (4 August 2018)




----------



## No Trust (4 August 2018)




----------



## No Trust (4 August 2018)

The fact that Amanda Blanton of Piper and Alderman signaled that they may start class action litigation was enough to tip the insurers over the edge and refuse cover to the skeletal remains of what was once EquitiRust... In Tucker and Cowans case we now have actual litigation on foot and partners of the firm being sued in their personal capacity... How any insurance company looking to provide cover views this, will, lets say be interesting to say the least...

My advice to the boys at Tucker & Cowan  ‘Whoever exalts himself will be humbled, and whoever humbles himself will be exalted.”


----------



## No Trust (9 August 2018)

It seems the Liquidator’s have filed an affidavit in the Federal Court yesterday. Moving along it seems with the litigation against Tucker...


https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/actions?open_coa=3777218&open_doc=true


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## No Trust (9 August 2018)

Tucker and Cowan’s business plan for the “next year” must include a detailed section on *HEADING TO DESTINATION F#CKED*


----------



## No Trust (9 August 2018)

Let’s not forget Tucker’s threat to declare bankruptcy in the event of a judgement against him...


----------



## No Trust (9 August 2018)

My prediction and please take note of this, is that the Liquidator’s via their very capable lawyers Russell’s will seek preservation of assets orders against multiple parties in the litigation...


----------



## No Trust (9 August 2018)

Some interesting activity occurring in the background that Tucker and his compatriots in litigation won’t find particularly pleasant...


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## No Trust (10 August 2018)

Tucker and Cowan and especially Tucker himself must embrace the possibility that their defense must eventually need to move on from the theoretical possibility of an adverse judgement (as forshadowed by Tucker in the Federal Court Proceedings i.e. Declaring Bankruptcy) to a practical response to such an eventuality.

Risk mitigation by insurers has already reared it’s ugly head it seems...


----------



## No Trust (10 September 2018)




----------



## No Trust (10 September 2018)

The full story of McIvor and Tucker needs to be told... If you think it’s all come out, it hasn’t... 

Tick Tock


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## No Trust (13 September 2018)

McIvor signing off emails as the “Chief Evangelist Officer” is a telling sign indeed... 

How many lives did this miscreant ruin ??? The universe has a way to balance things out and McIvor is feeling the full effects.

Many people lost their homes as a result of McIvor’s voracious greed and his attempts to “squirrel” away as much property as he could.

Double dealing borrowers, business partners, making up documents (refer to ASIC), changing documents it goes on and on...

Yet it gets worse and the full story is yet to be told...


----------



## No Trust (13 September 2018)

If a lawyer knows his client is committing a fraudulent act and continues to defend that client in an attempt to cover up the fraud, isn’t that in itself aiding and abetting fraud ?


----------



## No Trust (13 October 2018)

With the Federal Court Proceedings set down for trial next year, expect a media spotlight on the actions of McIvor that led to his life ban by ASIC...


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## No Trust (20 October 2018)

Tucker has costs awarded against him...


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## No Trust (1 November 2018)

There’s another “deal” Tucker was involved in coming under the Spotlight... Actually considering who is involved the appropriate description should be High Intensity Laser Beam... Oh David you truly were and (I mean in past) CONflicted in every sense of the word...


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## No Trust (10 November 2018)

The relevancy of Tucker threatening bankruptcy, becoming a “consultant” at Tucker and Cowan and court proceedings commenced against him, and the partners of Tucker and Cowan by the Liquidator may have a wider impact. 

Holders of current debt and those looking to lend to a prospective borrower in the future take into account various risk factors prior to sending the matter to a credit committee.

McIvor felt the full ramifications of this prior to the collapse of Equititrust as all banks retreated... 

I guess, you make your bed you have to lie in it... 






No Trust said:


> View attachment 88726


----------



## No Trust (13 November 2018)

Looks like someone knows where the money is... Someone has broken the Da Vinci Code...

Note the numerical sequence of numbers for the purchase of the EPF debt 666 666

If that wasn’t a warning sign of the hell to come, thrn nothing was...


----------



## No Trust (15 November 2018)

This Article will have some relevance to events in the near future...


“No one has lost their home because of swap rate rigging, yet ASIC has repeatedly failed to act in the face of egregious conduct that has destroyed lives – think of, say, Storm Financial. It pains me to criticise the regulator for taking on a tough case, but for ASIC to choose to fight on this particular battleground when it has shirked conflict in so many other cases strikes me as madness. ASIC’s litigation is a kabuki dance: the regulator gets to make a show of being tough on banks, yet the outcome – even in the unlikely event ASIC has a comprehensive win – will do little to protect ordinary investors or to restrain predatory financial behaviour. 

The strongest argument for a royal commission into financial services is that the Australian people deserve to hear the truth about how our financial system is regulated. We are entitled to that information, and nothing short of a royal commission will deliver it. I know that if a royal commission were held, more horror stories of corruption and incompetence would emerge.

But, more than anything, heads need to roll at ASIC.

Medcraft is supported by four commissioners, three of whom first joined ASIC in the previous millennium: Peter Kell joined ASIC in 1998, Greg Tanzer in 1992, and John Price in 1999. Medcraft, Tanzer, Kell and Price have collectively governed during decades of debacles, scandals and incompetence. They are not up to the job and need to be put out to pasture.

Jeff Morris, who blew the whistle on unethical conduct at CBA financial planning yet was ignored for years by ASIC, has done more than anyone to expose ASIC’s failures as a regulator. I will let him have the final word on Morrison’s tough cop:

“The current crew at ASIC have presided over a raft of scandals absolutely breathtaking in scale. Their self-congratulatory rhetoric suggests a high degree of self-delusion, and their relationship with the banks is downright incestuous. ASIC is simply a pawn and does what it is told. To throw more money at this dysfunctional organisation in the vague hope that it will somehow improve transcends the bizarre.”

https://www.thesaturdaypaper.com.au...-roll-corporate-regulator-asic/14619384003187


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## No Trust (15 November 2018)

ASIC appears to be more interested in the extra curricular activity of former directors of Equititrust... Seems the Royal Commission has whet their appetite... 

Serious moves behind the scenes underway by various government authorities and regulators...

Watch this space...


----------



## No Trust (16 November 2018)

It appears McIvor’s online presence has evaporated, just like his reputation... 

The false prophet of mortgage funds, it seems, has no funds to pay web hosting fees...


----------



## No Trust (16 November 2018)

Legal Fraternity in Brisbane - HOT TOPIC 

Why are all the partners of Tucker and Cowan being sued for $17 Million Dollars...

What impact will this have on the firms survival ?

Why would lawyers get caught up in their former clients financial affairs ?

Was good judgement involved ???


----------



## No Trust (19 November 2018)

Looks like some tenacious journalists are digging deeper into other transactions involving McIvor and Tucker...

Dealing with “friendly” receivers does not always make a holy matrimony...


----------



## No Trust (20 November 2018)

Given the recent revelations at the Banking Royal Commission, expect formal charges after next years Federal Court Case against the directors of Equititrust. The claim against the directors is in the tens of millions of dollars. Regulatory authorities are monitoring the court case...


----------



## No Trust (21 November 2018)

The recent Public Examinations of David Tucker will ‘ultimately’ reveal more to this sordid saga than one could possibly ever imagine... 

Tucker stated on oath that he didn’t know where the money went....

Well sometimes money has a way of finding you... Life can bring many surprises...


----------



## No Trust (21 November 2018)

The Equititrust saga has brought us a veritable Rogues Gallery of miscreants who are now being sued in both the Federal and Supreme Courts... 

2019 will be a watermark year of eye popping revelations that should keep the national media well fed...


----------



## No Trust (23 November 2018)

Here’s a term some of the Equititrust miscreants need to familiarize themselves with next year...

denude
/dɪˈnjuːd/
_verb_
past tense: *denuded*; past participle: *denuded*

strip (something) of its covering, possessions, or assets.


----------



## No Trust (28 November 2018)

A foreboding of 2019 for some...

A revelatory ray of justice for others... 


https://www.theaustralian.com.au/ne...s/news-story/5775cdd23d0874c3c88b4322d94b2a43

https://www.9news.com.au/2018/11/28...on-case-alleged-bail-breach-contacted-witness


----------



## No Trust (29 November 2018)

McIvor has been proven to have “made up Documents” namely Board Minutes... ASIC banned him for life for this and other malfeasance...

What is interesting is the fact that there is a treasure trove of information that was seized from McIvor’s former home and from the offices of Equititrust... It seems that some of the emails, communications, financial files etc, don’t seem to correspond to what was sworn in affidavits presented to the Supreme of Queensland on multiple matters.... 

Related Party “dirty” deals with mates can come back to haunt... 

Marky Boy was a very silly boy indeed...


----------



## No Trust (29 November 2018)

Keep an eye on what ASIC said in its statement for future reference... 


https://www.goldcoastbulletin.com.a...p/news-story/45bb9aef663485d1fe60f9fad76ef0e6


----------



## No Trust (30 November 2018)

Did McIvor sell developers properties to related parties and then take a stake in the deals himself ? Not officially on the books of course ?


----------



## No Trust (30 November 2018)

McIvor being the pentulimate narcissist, thinking his misdeeds would never be discovered, had a number of flying monkeys doing his bidding... Fortunately all including McIvor have well and truly crashed and burned...


----------



## Skate (30 November 2018)

No Trust said:


> McIvor being the pentulimate narcissist, thinking his misdeeds would never be discovered, had a number of flying monkeys doing his bidding... Fortunately all including McIvor have well and truly crashed and burned...




I read your post with great interest but your use of the word penultimate confuses me..

Penultimate means 2nd last in a series (almost last)

*Did you mean* - McIvor being the ultimate narcissist (NPD)

McIvor displays traits of someone with narcissistic personality disorder (NPD) its a personality disorder displaying a long-term pattern of abnormal behaviour with exaggerated feelings of self-importance & grandiose having an excessive need for constant admiration, with a severe lack of empathy - just look how he has treated his mother for his own personal greed...

McIvor also displays traits of a psychopath:
1. Pathological lying
2. Superficial charm
3. Grandiose sense of self & self importance
4. Constant need for stimulation
5. Very cunning and very manipulative
6. Serve lack of remorse or guilt
7. Callousness and lack of empathy

*Better description*
McIvor displays the traits of a psychopath, the ultimate narcissist..

Skate.


----------



## No Trust (2 December 2018)

Yes, spell check is my enema 

Did you mean *severe ?  

In any event your conclusion may well have merits... 



Skate said:


> I read your post with great interest but your use of the word penultimate confuses me..
> 
> Penultimate means 2nd last in a series (almost last)
> 
> ...


----------



## Skate (2 December 2018)

No Trust said:


> Did you mean *severe ?




Sure did - I don't even proof read..

As Sweet Brown famously said "ain't nobody got time for that"



Better version remix


Skate.


----------



## No Trust (3 December 2018)

Media awaiting a deluge of evidence at the trial of McIvor, brother Wayne and Aquinas College School buddy Paul Steer (former partner at KPMG Gold Coast)... 

It appears the investors of Equititrust were given a bum steer by KPMG...


----------



## No Trust (3 December 2018)

The Federal Court in Brisbane will be an interesting place for a month next year as McIvor has to face his past deeds...

The evidence will be compelling...


----------



## No Trust (3 December 2018)

McIvor will be standing in the proverbial stocks at midday, once the Federal Court trial commences next year... 

Investors and the Media will be in the public gallery watching the cross examinations. McIvor will bring his thesaurus to dazzle all and sundry with words such as “ concatenation”  etc etc


----------



## No Trust (18 December 2018)

The end game is nigh for the Equititrust miscreants... 

Watch this space...


----------



## Skate (21 December 2018)

No Trust said:


> The end game is nigh for the Equititrust miscreants...
> 
> *Watch this space...*




I'll be watching this space with interest..

Skate.


----------



## No Trust (22 December 2018)

The Federal Court case against McIvor and brother Wayne aka dumb and dumber is set down for 5 weeks next year. The litigation a few years in the planning will expose what these two miscreants were hiding for years... Add KPMG the former auditors and we have a circus in the making...


----------



## No Trust (26 December 2018)

Tucker is in for a world of pain in 2019 as the legal action against him accelerates... RUSSELL’S lawyers are going for Tucker’s jugular vein...


----------



## No Trust (26 December 2018)

Claims have now been served and the legal action has officially commenced....

The amount of the claim will definitely affect Tucker and Cowan’s professional indemnity insurance in the coming year... 

What were the partners of the firm thinking getting involved in Tucker’s Sh#t fight with McIvor...

Karma has a way of catching up and exposing all, as Tucker discovered during his Public Examination last year...

The litigation that Stephen Russell is spearheading I am reliably told will expose much much more...


----------



## No Trust (26 December 2018)

Watch how this plays out in the next 6 months...

A solicitor “also” acting as a director.... Give me a break...


----------



## No Trust (26 December 2018)

These are Tucker’s own words “under oath” to the Federal Court...

Watch how relevant this becomes in the next 12 months...


----------



## No Trust (28 December 2018)

A FOREBODING OF THINGS TO COME...


----------



## No Trust (29 December 2018)

If Tucker thought his deal was above board, why did he and Kennedy go to such lengths to conceal it via a company in Hong Kong and then by hiding behind “friendly” receiver Worrells ???


----------



## No Trust (29 December 2018)

Thread heading to 753,000 views to end an eventful year...


----------



## Just Observer (29 December 2018)

Looking forward to further updates in 2019.


----------



## Mozzi (30 December 2018)

No Trust said:


> Thread heading to 753,000 views to end an eventful year...




As we think we have previously commented we are truly grateful for No Trust's input to this thread as we would have been basically treated like mushrooms - kept in the dark, and fed bull****!    Without his/her tenacity, we would have nothing.  Although even to get to this stage has taken a ridiculously long time, we look forward to further developments next year,  and possibly an end to this entire saga!   Are we showing too much optimism?      In any case, we thank you.   Happy New Year!


----------



## No Trust (30 December 2018)

Thanks Mozzi, much appreciated..

2019 is going to be a turning point... Having McIvor face his demons in the Federal Court for 5 weeks and David Tucker face justice at the hands of the liquidators in the Supreme Court is unprecedented in terms of similar collapses.

Imagine a company director let alone lawyer for Equititrust along with a complicit CEO in the form of David Kennedy landing themselves in this very public sh#t fight...

It’s going to get ugly, really ugly for McIvor, Tucker and Kennedy and although it’s been a long slog it’s been worth it, to finally see this trio come to justice. 

ASIC, have put an end to McIvor’s future ambitions and I am reliably told they are monitoring the Tucker Kennedy litigation...

Oh by the way, a personal note to the three miscreants, THERE WILL BE PLENTY OF MEDIA COVERAGE by the national press. I can assure you of that... 

Happy New Year to all who have been affected by this saga and a big thank you to the supporters of this thread, including Aussie Stock Forums who have provided this forum. 






Mozzi said:


> As we think we have previously commented we are truly grateful for No Trust's input to this thread as we would have been basically treated like mushrooms - kept in the dark, and fed bull****!    Without his/her tenacity, we would have nothing.  Although even to get to this stage has taken a ridiculously long time, we look forward to further developments next year,  and possibly an end to this entire saga!   Are we showing too much optimism?      In any case, we thank you.   Happy New Year!


----------



## No Trust (30 December 2018)

As a side note I’m laughing, when I think of the mess McIvor and Tucker have gotten themselves into... Its absolutely comical and yet Karmic... Enjoy your downfall idiots...


----------



## No Trust (4 January 2019)

HAPPY NEW YEAR everyone...

Let’s kick it off with someone’s self admission... This will play a pivotal part as things start to unfold in the Tucker litigation...

Was Tucker stressed when he said this or was it an attempt at throwing a poison ☠️ pill into the proceedings to deter being sued...

The upshot is that many words uttered by Tucker in his 5 days of public humiliation are about to be fired back at him by Stephen Russell a very capable lawyer acting for the liquidators Hall Chadwick...

Sometimes someone’s “cake hole” is their worst enemy...


----------



## No Trust (4 January 2019)

Given that Stephen Russell has declared World War III and fired the first shots on Tucker and his partners, I’d say Tucker may regret those harsh words in the witness box... Stephen Russell will have the last laugh at Tucker’s expense... He has the financial backing and evidence to do so...

Having put Tucker in the hot seat during his public examination / humiliation, Tucker spewed bile and vitriol at all and sundry. In effect he showed his true self.

How did the media get a hold of the transcripts.... Well lets say a “reliable source” tipped them off and told them how to access them.  You’re welcome Davey Boy...


----------



## No Trust (4 January 2019)

Remember when McIvor sued his brother and sister back in 2011. Obviously stress induced madness on his part.  Well the lawyer acting for McIvor was none other than David Tucker from Tucker and Cowan... My oh my how the world turns and Karma comes a biting...


----------



## No Trust (4 January 2019)

When MM Holdings Pty Ltd ran out of cash, look who bolted and ran... Good old Davey Boy abandoned ship and withdrew as solicitor... The point is, he should never have been part of this grubby action, yet he put his name to it and filed proceedings on behalf of McIvor...

http://apps.courts.qld.gov.au/esear...x?Location=STHP&Court=DISTR&Filenumber=303/11


----------



## No Trust (10 January 2019)

Tucker’s New Year hasn’t started off well... Week 1 and he’s up to his eyeballs in litigation with the liquidators of Equititrust looking to claw back PIF investors money...

Karma’s a b#tch that keeps on giving Davo... 

Now let’s see if you keep your promise and declare bankruptcy...


----------



## No Trust (10 January 2019)

Holy F#CK

http://www.equititrust.com.au/Pdfs/... Reports - 20181220 - Report to Creditors.pdf

TUCKER AND COWARD under full blown attacking in the Supreme Court of QLD...


----------



## No Trust (10 January 2019)

Holy SH#T

Partners of TUCKER AND COWARD having second thoughts about their commercial choice in the firm they got involved in... YIKES this is unprecedented... 
How on earth will this firm get professional indemnity insurance this year ???


----------



## No Trust (10 January 2019)

As the old saying goes “you lay with dogs, you wake up with fleas’... 

In this case it seems the fleas are very very litigious....


----------



## No Trust (10 January 2019)

This is what happens when lawyers stick their d#cks into their client’s business... This was a dirty grubby  business under McIvor in the first place, it just got filthier when Tucker and Cowan Lawyers went in for a financial rape and pillage of investors of the EPF...

Now look where they are... A Hong Kong shelter couldn’t hide the deal they made with the devil...
Tucker’s openly flowing cake hole and wifey’s boasting on social media didn’t help either...


----------



## No Trust (10 January 2019)

Remember when Tucker opened his cake hole a bit too much to a Mr Hayes, who he treated like Sh#t whilst taking his home...

Well it seems “Davey Boy” the liquidators and Stephen Russell are about to wring as much as they can out of you now... But legally and transparently before the courts for the world to see... 



No Trust said:


> *Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*
> 
> _"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."_
> 
> ...


----------



## No Trust (10 January 2019)

It appears that the boys at Tucker and Cowan contracted a serious *FTD* Financially Transmitted Disease... The Liquidators seem to have a cure, very painful and embarrassing but a cure nonetheless... 




No Trust said:


> This is what happens when lawyers stick their d#cks into their client’s business... This was a dirty grubby  business under McIvor in the first place, it just got filthier when Tucker and Cowan Lawyers went in for a financial rape and pillage of investors of the EPF...
> 
> Now look where they are... A Hong Kong shelter couldn’t hide the deal they made with the devil...
> Tucker’s openly flowing cake hole and wifey’s boasting on social media didn’t help either...


----------



## No Trust (10 January 2019)

What I find amusing about the Tucker and Cowan train wreck is that the lawyers are now spending more time in court defending themselves against allegations of malfeasance than representing clients... What an utterly disgraceful debacle and one the Queensland Legal Services Commission needs to take a closer look at...


----------



## No Trust (10 January 2019)

Tucker may being seeking security for costs, which the liquidator will meet, but my bet is that the Liquidators will be seeking Mareva injunctions against Tuckers Assets and the assets of the other defendants. Given Tuckers penchant for overseas trips as splashed on his wife’s Instagram Account me thinks his wings may soon be clipped...


----------



## No Trust (11 January 2019)

Given the public examinations, it may seem difficult for Mr Davey to extricate himself from the abyss of the Liquidators litigation, as for the other two, time will tell. If they had no involvement all I can say is what a poor choice of law firm to hang ones shingle...



No Trust said:


> Holy SH#T
> 
> Partners of TUCKER AND COWARD having second thoughts about their commercial choice in the firm they got involved in... YIKES this is unprecedented...
> How on earth will this firm get professional indemnity insurance this year ???
> View attachment 91263


----------



## No Trust (11 January 2019)

The fact that the partners of the firm are being sued in their personal capacity is very relevant. Of course they may have asset protection in place via trusts and personal homes in wive’s names etc. But as David Tucker has foreshadowed, declaring bankruptcy in the event of an adverse judgement may have other ramifications, especially in terms of practicing law... 

http://www.qls.com.au/For_the_profe.../Professional_responsibility/Show_cause_event


----------



## No Trust (11 January 2019)

Given what’s transpired, its gbbsmacking that David Whyte from BDO gave Tucker legal work in relation to Equititrust... WTF ??? How could this have happened ???


----------



## No Trust (11 January 2019)

Meanwhile in Hong Kong David Kennedy avoids service... Me thinks the liquidator will serve him soon... How the rats are running for cover...


----------



## No Trust (11 January 2019)

Tucker has employed DLA PIPER to defend him in the litigation instigated by the liquidator Hall Chadwick.

I predict, that they will eventually walk away from the action...


----------



## No Trust (11 January 2019)

Question now remains will Kennedy come back to Australia to face the music...


----------



## No Trust (11 January 2019)

WANTED BY THE LIQUIDATOR OF           EQUITITRUST - POSSIBLY IN HONG KONG OR DAVID TUCKERS BACKYARD SHED...


----------



## No Trust (11 January 2019)

https://www.google.com.au/amp/s/amp...t/news-story/b9ec302ff94d554d238a1e082105c182


----------



## No Trust (12 January 2019)

Put the champers down and face the Supreme Court... 

There’s a good vintage waiting for you called “Dom EPF”


----------



## No Trust (12 January 2019)

In life they say it’s all about balance...


----------



## No Trust (14 January 2019)

The Supreme Court is about to be flooded with a flurry of affidavits over the next few weeks... Tucker is about to feel the full onslaught of the Liquidators litigation as it starts to unravel his life piece by piece... 

It’s what lies beneath the surface that will give Tucker and Cowan partners sleepless nights...

Is there a secret witness who has provided an information dump similar to Mossack Fonseca... ???

Tucker and Partners will have a few unpleasant surprises coming their way in the Supreme Court over the next month...

Boys be careful swearing affidavits...


----------



## No Trust (14 January 2019)

In terms of work, it seems Tucker and Cowan are going to be flat out defending themselves before the Supreme Court. This must look pretty bad to their clients, thinking WTF is happening here...


----------



## No Trust (14 January 2019)

It’s times like these that McIvor realised that banks don’t like litigation / class actions etc and start to get edgy... The media coverage makes banks nervous and they tend to pull the chord and start to ask for their money back. Given the current climate, those involved in this mess will soon if they haven’t already start to get interesting communications from their respective lenders asking for repayment of loans and or extra security. 

If the security is at risk due to the litigation, then a whole different level of dynamics start to apply. Throw in the chief protaganist’s threat to declare bankruptcy before a court and we then have a perfect storm ⛈...


----------



## No Trust (14 January 2019)

All of this seemed like a bad dream to the Tucker and Cowan boys. Until the liquidator actually started proceedings to recover approximately $20M with interest... It’s now a reality and the liquidator has thrown a cat amongst the pigeons. Word has it that some of the partners are beyond pissed off that they have been caught up in this web of deceit and now have to try and extricate themselves from the mire of litigation.


----------



## No Trust (14 January 2019)

In terms of Tucker saying that he doesn’t know where the money went, believe me, his memory is about to get an enormous jolt within the next few months...


----------



## No Trust (14 January 2019)

In terms of the strategy to date to corner Tucker, Kennedy, Peldan, Worrells and Tucker and Cowan lawyers,  the liquidator Hall Chadwick and Stephen Russell of Russell’s Lawyers have been nothing short of brilliant.

Worrells were shown what it means to be a “friendly” receiver doing the dirty work for Tucker and Kennedy.

Now they all have to pay a price...


----------



## No Trust (14 January 2019)

Just had this sent to me....

As Tucker who seems to like following in the footsteps of McIvor will soon find out, greed and nastiness can come back and bite you on the ass really hard...


----------



## No Trust (14 January 2019)

Remember Tucker’s receiver of choice for MS Asia’s activities, Michael Peldan of Worrells the firm with no morals...

Well he’s also apparently part of the litigation instituted by Hall Chadwick...

Let’s see how many of them hold onto their professional registration after the litigation...

https://insolvencynewsonline.com.au/director-claims-identity-theft/


----------



## No Trust (15 January 2019)

Tucker takes holidays whilst his partners at Tucker and Cowan have to dig their way out of the sh#t in the Supreme Court...


----------



## No Trust (25 January 2019)

Look out for the 14th of February in the Supre Court of Queensland...


----------



## No Trust (26 January 2019)

A wise man once said, "The arc of the moral universe is long, but it bends towards justice" #DavidTucker


----------



## No Trust (30 January 2019)

This chap just lodged an affidavit in support of Tucker’s application for security for costs...




Interesting choice...

Given Tucker and Cowan’s payment of security of costs into its own trust account for MS Asia, I’m sure the liquidator’s lawyers will be reminding the Supreme Court of how Tucker and Cowan played the game in the past. 

The liquidators will meet the appropriate costs orders and will pay them “into the court” as they have done in the litigation against McIvor and KPMG in the Federal Court.

All this is, is an exercise to delay and try to frustrate the liquidators...

Tucker has DECLARED he will file for bankruptcy if a fractional judgement is declared against him, so we know where the chips lie...

The litigation funder has way deeper pockets than Tucker and Cowan and there are other matters that need to be exposed regarding the MS Asia deal including the actions of “friendly” receiver Worrells...  

I am certain that the liquidator is fulfilling his obligations and reporting and breaches of the corporations law to the regulator.


----------



## No Trust (31 January 2019)

Wait for the liquidator’s next strategic move against Tucker and Cowan... It’s going to be brutal. If Tucker thought Stephen Russell was aggressive in his past correspondence, this next move will remind Tucker and Cowan who is walking the dog. This time the dog walk will be all the way to the Supreme Court and “beyond”...


----------



## No Trust (31 January 2019)

The legal fraternity in Brisbane is watching the Tucker and Cowan litigation for many reasons. One being how this whole disaster will affect their insurance for the coming year... 

One senior partner of a major national firm commented recently, “this is not what you want your firm plastered across the Courier Mail for” others have said given the fast and loose nature of the firm meddling in their clients business, they crossed over from being lawyers to being financial vultures. Plenty of discussion on how existing clients will react to their lawyers being sued for such a major sum,  by their own “clients”... 

As for Worrell’s friendly receiver involvement professionals are shaking their heads on how an Insolvency firm could possibly partake in the MS Asia deal given the conflicts of interest. Highly unethical behaviour by both Tucker and Cowan lawyers and Worrells.


----------



## No Trust (3 February 2019)

What must not be forgotten is the fact that Tucker and Cowan are being sued for 17.5 Million Dollars + interest by their own *CLIENTS*...

Worse still David Kennedy the former CEO teamed up with Tucker and Cowan to undertake the “dark” MS Asia transaction.


----------



## No Trust (3 February 2019)

What I find funny about this sideline is that Justice Jackson or “Jacko” as McIvor referred to him, said in his judgement recusing himself on the basis of bias, that Clive Palmer was trying to embarrass him about his friendship with McIvor... Sorry Jacko you embarrassed yourself by 

1.Being his friend and defending him when you knew he was a crook. 

2. No one forced you to become a director of Equititrust where thousands of retirees lost their life savings. 

Jacko used to come to McIvor’s house for dinner parties and literally say “you’re f#cking mad” in response to some of McIvor’s views, according to McIvor’s ex wife Racy Stacy McIvor...

What Jacko has to remember is that when you lay with dogs you wake up with fleas...







https://www.brisbanetimes.com.au/po...nd-judge-out-of-qn-trial-20181026-p50cab.html

In the end Jacko recused himself on the basis of another case in which he made assertions on Palmers character. This in itself should have been the basis of Jackson not take the case, instead Palmer representing himself had to teach him a lesson and embarrass him about his “lengthy” involvement with McIvor.

I’m not saying I’m a fan of Palmer, I don’t know the man to make a judgement, however in terms of McIvor, he’s absolutely spot on. 

McIvor when he had some money / power undertook character assasinations in line with the malignant narcissist he is. 





http://www.couriermail.com.au/news/...s/news-story/2952891bbf3161a9bc7ffe965b52d224


----------



## No Trust (3 February 2019)

Jackson cannot undo his association with McIvor and in years to come there will be a few more recusals mark my words...





https://www.theaustralian.com.au/bu...e/news-story/9ab72e2ad97b2680f718a020cb1ca232


----------



## No Trust (3 February 2019)

This is all just too funny ... How Jackson got rolled by Palmer is hilarious and obviously where he is weak in the underbelly...


----------



## No Trust (5 February 2019)

Valentines Day can be an interesting day for some... Tucker and Cowan have a date with a Supreme Court Judge on the 14th of February. I might suggest that they buy each other flowers and chocolates as it’s the only joy that they will experience on the day... #sad #justiceiscoming #conflictofinterest #basta


----------



## No Trust (5 February 2019)

If Tucker says he doesn’t know where the money went, well someone knows and will that someone now be summoned to appear before the court ? 

Speculation is rife that an insider has given up electronic documents which show the trail where the money bounced to... Hopefully this will jogg Tucker’s oh so frail......... Memory...

We know he’s getting on in years but selective memory loss isn’t a medical condition, it’s a choice which a court will not accept.... Tick Tock


----------



## Mozzi (16 February 2019)

No Trust said:


> Valentines Day can be an interesting day for some... Tucker and Cowan have a date with a Supreme Court Judge on the 14th of February. I might suggest that they buy each other flowers and chocolates as it’s the only joy that they will experience on the day... #sad #justiceiscoming #conflictofinterest #basta





No Trust said:


> If Tucker says he doesn’t know where the money went, well someone knows and will that someone now be summoned to appear before the court ?
> 
> Speculation is rife that an insider has given up electronic documents which show the trail where the money bounced to... Hopefully this will jogg Tucker’s oh so frail......... Memory...
> 
> We know he’s getting on in years but selective memory loss isn’t a medical condition, it’s a choice which a court will not accept.... Tick Tock






What happened (if anything) on the 14th?    Bunch of roses or just a bunch of pricks as usual?


----------



## AlphaFX (18 February 2019)

Would seem to moi, this blog has gone soft **** since Tucker **** Valentines Day, Date....
I know more, much more re Tucker ****er....


----------



## No Trust (19 February 2019)

Hi AlphaFX, Please feel free to contribute to the “thread”...  If you need a little blue pill to get the information up on the thread no ones gonna judge... 




AlphaFX said:


> Would seem to moi, this blog has gone soft **** since Tucker **** Valentines Day, Date....
> I know more, much more re Tucker ****er....


----------



## Just Observer (19 February 2019)

No Trust said:


> Hi AlphaFX, Please feel free to contribute to the “thread”...  If you need a little blue pill to get the information up on the thread no ones gonna judge...



No Trust, only those affected will be offended by your postings.


----------



## No Trust (19 February 2019)

Just Observer said:


> No Trust, only those affected will be offended by your postings.



No doubt..


----------



## meridian (24 February 2019)

No Trust said:


> No doubt..



Just a couple of questions from an EIF investor.
First, are the proceedings set down for the 18th March 2019 concerning the McIvors, Steer and KPMG still going to take place ?
Second, do we know the amount in dollar terms that Hall Chadwick plan to claim against this bunch ?


----------



## Mozzi (24 February 2019)

meridian said:


> Just a couple of questions from an EIF investor.
> First, are the proceedings set down for the 18th March 2019 concerning the McIvors, Steer and KPMG still going to take place ?
> Second, do we know the amount in dollar terms that Hall Chadwick plan to claim against this bunch ?




Is that what you are saying - another postponement to 18th March?   Why? What is going on this time?      They really are hoping we are all going to be dead before anything comes of all this.   We really are being treated constantly like mushrooms!


----------



## No Trust (24 February 2019)

Last update, unless there has been a settlement...


----------



## No Trust (24 February 2019)

I believe the claim is for the full amount of the insurance policy $100 Million


----------



## meridian (25 February 2019)

No Trust said:


> I believe the claim is for the full amount of the insurance policy $100 Million



Who's insurance are you talking about, KPMG or...?


----------



## No Trust (25 February 2019)

The claim is on Equititrust’s insurance which was made by Amanda Banton just prior to Equititrust collapsing whilst she was still with Piper Alderman. 



meridian said:


> Who's insurance are you talking about, KPMG or...?


----------



## No Trust (25 February 2019)

In terms of KPMG, I’m not certain whether a claim has been made on their insurance, however I’m sure Steer who has since departed KPMG would have claimed on any insurance he could.

The claims against McIvor’s and Steer are serious...


----------



## meridian (25 February 2019)

No Trust said:


> In terms of KPMG, I’m not certain whether a claim has been made on their insurance, however I’m sure Steer who has since departed KPMG would have claimed on any insurance he could.
> 
> The claims against McIvor’s and Steer are serious...



Just my opinion.
What has happened to Equititrust investors is criminal.
Any insurance policy held may become void because of criminal conduct.
We all know what insurance companies are like.
Amanda Banton may have made a claim before all of this became clear.
If all Iam saying is true, and Im not a lawyer so I could be wrong.
The only claim may be against KPMG, not their insurance.
Im keen to hear your opinion.


----------



## No Trust (25 February 2019)

Hi Meridian

The claims are solid as the policy covers directors / office holders misconduct. 

In addition the liquidators are funded by a litigation funder which has already lodged upwards of $500,000 to $700,000 approx into court as security for costs per defendant.

In addition serious amounts have been spent on bringing the action to this stage. This would not have been done if there was not solid evidence of success in the matter as well as QC level advice given to the funder. Usually they get up to 3 seperate QC opinions.

In terms of criminality, I agree with you and I believe that charges will be laid against McIvor and others following the court case. 









meridian said:


> Just my opinion.
> What has happened to Equititrust investors is criminal.
> Any insurance policy held may become void because of criminal conduct.
> We all know what insurance companies are like.
> ...


----------



## meridian (26 February 2019)

No Trust said:


> Hi Meridian
> 
> The claims are solid as the policy covers directors / office holders misconduct.
> 
> ...



Thanks No Trust.


----------



## No Trust (26 February 2019)

Pleasure.. 


meridian said:


> Thanks No Trust.


----------



## No Trust (28 February 2019)

This may shed some light on things.

My guess is that a settlement is being negotiated to avoid a 4 week trial.

This is why the dates for trial have been vacated from the file.

https://www.comcourts.gov.au/file/Federal/P/NSD2025/2013/3712428/event/29680480/document/1311117


https://www.comcourts.gov.au/file/FEDERAL/P/NSD2025/2013/order_list


----------



## No Trust (4 March 2019)

Well, this statement may not age well at all..


----------



## No Trust (4 March 2019)

I still see AlphaFX has posted nothing on this thread...

Maybe Premature Conjecture... 




AlphaFX said:


> Would seem to moi, this blog has gone soft **** since Tucker **** Valentines Day, Date....
> I know more, much more re Tucker ****er....


----------



## AlphaFX (4 March 2019)

Hello "No Trust"...

You are clearly a champion, human being,,,

I will transmit my knowledge of Tucker's destructive behaviour for 30+ years, through another comms medium...

Take Care All...

Best...


----------



## No Trust (4 March 2019)

Thanks for that... 

Breaks ups can be hard, I’m sure...

You be strong now... 





AlphaFX said:


> Hello "No Trust"...
> 
> You are clearly a champion, human being,,,
> 
> ...


----------



## No Trust (7 March 2019)

Issues detailed in this article as well as certain players could pop their head up in the near future..

http://justinian.com.au/archive/trust-me-im-a-lawyer.html


----------



## No Trust (9 March 2019)

This hasn’t aged well has it...  Independent was a term thrown around like an abused spouse.

Now before the Federal Court in a $100M piece of litigation...  Yet of interest KPMG does audit and consultancy work for ASIC... Hold the laughter...


----------



## No Trust (10 March 2019)

A lot of unlawful conduct mentioned above between McIvor, Steer and KPMG. Misleading the public and investors. The collusion in deceit was palpable. 

Yet more deceit regarding McIvor is being unearthed to this day. McIvor employed of a few flying monkeys to do his dirty work, yet his finger prints are all over the fraud. Luckily there isn’t a Statute of Limitations on crime..


----------



## AlphaFX (11 March 2019)

Thank You "No Trust".

This Blog is invaluable, and You, "No Trust" and other contributors are performing an invaluable service to the wider community, investors, and past victims of these criminals.

White collar Crime, Kills people, families and children, in the real sense, same as violent crime.

McIvor attempted his first Fraud against me, in 1994.  

Tucker et al, in 1995.  Their ways are their life long criminally parasitic methods.

I can, and will, all in Good time, once I see if we have a Justice system operating, demonstrate via Legal Evidence since 1995, Tucker et al, Clouts, Worrells, and some known, and unknown other parties, have been raping and pillaging, for decades, including Criminal Tax Fraud against ATO (No statute of limitations).

Through the Appropriate Legal channels, when those Channels are devoid of the Swamp, as you have correctly identified, I will act, to tear these criminals apart.

Give you a hint.  They have been cycling around the world with Tucker, since 1995.

They are in all their Social media Bragging photos, live at Chelmer, Brisbane, Qld, Aus,, and have a 34+ Ft Motor Cater Marine, on their jetty, opposite, Indooroopilly, Golf Club, Hargreaves Ave. Qld.

I have the Street Number (+), if anyone real, wishes to know. 

They all have enjoyed Criminally stolen assets and funds, for 2-3+ decades. 

Another criminal lawyer now, is hiding on Norfolk Island, ....ex Adelaide Street, Brisbane, Qld, ex office address.

This will be my last post here.

I am on your side of TRUTH, and I will assist you All.


----------



## AlphaFX (11 March 2019)

Wayne Myers.....
just the beginning..........


----------



## No Trust (11 March 2019)

Have found this Wayne Myers, is this who your referring to ? 

https://www.brisbanetimes.com.au/na...businessmen-sent-to-jail-20190215-p50xzr.html


----------



## AlphaFX (12 March 2019)

Yes...


----------



## No Trust (12 March 2019)

Interesting, police fraud squad were called regarding Equititrust and others regarding an “elderly” issue in Ipswich in the early 2000’s. 

Some dodgy deal apparently which ruined people’s lives.



AlphaFX said:


> Yes...


----------



## No Trust (12 March 2019)

Also Dud by name Dud by nature Dudley Quinlivan also had his fingers burnt on a subdivision in Ipswich where McIvor gambled innocent retiree investors money.

https://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


----------



## No Trust (13 March 2019)

Valentines Day litigation judgement delivered on the 12th of March, back to court for directions on the 18th.

Tucker’s nightmare marches on.

Is David Kennedy still in Hong Kong or out the back in Tucker’s chicken coop...

Seems to have an aversion to being served with the plaint by the receivers...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (18 March 2019)

So back to court for Tucker today.. 

DLA Piper Solicitors Brisbane representing both Tucker and Cowan must be loving the irony of getting paid to appear for both cretins.

It’s analagous to vultures feeding off the carcass of vultures... 

“Bon appetit ”, let the legal feast commence.


----------



## No Trust (18 March 2019)

It’s Tucker’s worst nightmare that his meddling in his client’s affairs has cost him being sued in such a public manner.

The media attention has been epic and a shout out needs to go out to Anthony Marx of the Courier Mail and Anthony Klan of the Australian.


----------



## No Trust (18 March 2019)

The Tucker and Cowan boys should have watched Review with Myles Barlow when he reviews risk.

Instead of riding off into the sunset on a JetSki these hapless risk takers utilising MS Asia Hong Kong have instead ended up in the Supreme Court, the same institution that they manipulated to financially torture others over many years...

Welcome to Dante’s fourth circle of hell guys... BTW it’s a one way ticket...


----------



## No Trust (20 March 2019)

Getting your ass sued off you can be hell...


----------



## No Trust (20 March 2019)

Tucker being the pentultimate sycophant that he is, used to love using the court process to pursue innocent people caught up in McIvor’s wicked web of deceit. What he didn’t realise is that in the process of causing others misery he cursed himself into thinking he could get away with what his master had taught him. 

McIvor’s apprentice Tucker has now started his journey into the abyss of litigation. With it comes many more twists and turns that unfortunately Tucker has not ever imagined... 

The legal takedown has just begun...


----------



## No Trust (20 March 2019)

Bankers / financiers don’t like their corporate customers :

1. Being sued vociferously by a Liquidator and publicly examined in the Federal Court 

2. Splashed across national  newspapers with sorid details of allegations of malfeasance 

3. Threatening to declare bankruptcy in court proceedings 

4. Being denied insurance coverage

Bankers are bastards we all know that, what will be interesting is how long will they wait on the sidelines before calling in loans associated with Tucker interests.

This is the point at which McIvor’s world started to implode.

At that time I ensured that every relevant media organisation in Australia was aware of the facts, the litigation and insurance issues.

The facts got out and were widely published by an array of excellent journalists such as Anthony Klan Anthony Marx, Colin Kruger and many others. 

In terms of the latest saga involving Tucker, Kennedy, Tucker & Cowan and the impact on Equititrust investors, we’re just rolling our sleeves up. The knockout blows will come from the media just as they did with McIvor. 

This is a fight which will be fought until the all those involved in the Equititrust fraud are brought to justice. 

The court of public opinion / exposure can be a mighty cruel b#tch... 
















http://www.couriermail.com.au/busin...d/news-story/e2bd31e925e7456447b07cff430b29cf


----------



## AlphaFX (20 March 2019)

https://www.lawyerly.com.au/judge-wont-toss-17-5m-equititrust-lawsuit-against-tucker-cowen/

https://www.level27chambers.com.au/cases/equititrust-limited-v-tucker-others-2019-qc-51/

https://www.queenslandjudgments.com.au/case/id/321500


----------



## No Trust (20 March 2019)

Great work AlphaFX ... Tucker is now enmeshed in monumental litigation which he can’t escape.

The allegations by the liquidators are eye watering especially as they relate to Solicitors Trust Account breaches.

It’s clear that the liquidators are going after the professional indemnity insurance of Tucker and Cowan as well as each of them personally.

As a firm of lawyers Tucker & Cowan’s reputation is taking a battering which is well deserved. 




AlphaFX said:


> https://www.lawyerly.com.au/judge-wont-toss-17-5m-equititrust-lawsuit-against-tucker-cowen/
> 
> https://www.level27chambers.com.au/cases/equititrust-limited-v-tucker-others-2019-qc-51/
> 
> https://www.queenslandjudgments.com.au/case/id/321500


----------



## No Trust (20 March 2019)




----------



## No Trust (20 March 2019)

Stephen Russell is having fun with Tucker. His default position was always to have the security costs paid into his trust account.

It’s what Tucker did in proceedings issued by his “friendly” receiver Worrells the firm with no morals in proceedings against the Meridian Directors.

What Tucker didn’t tell the court at that time was that he was an owner of Ms Asia as well as the solicitor for Worrells so ultimately also the plaintiff. It’s unheard of that a plaintiff would be allowed to keep security of costs which he must provide to the court in his own bank account.

That’s why Worrells were asking Tucker for some form of security for that undertaking as they knew this was a deception on the court. Stephen Russell brought this up in Tucker’s Public Examination and that of Michael Peldan formerly of Worrells.

Worrells were exposed and knew the security costs undertaking was bogus and a deception on the court.

That’s why Stephen Russell writing to Tucker offering to pay the security of costs into Russells Trust Account is so humorous.

Russells are acting for the plaintiff, they are not the plaintiff as Tucker was and under the rules can hold the money as security for costs in their trust account.


Touchè Stephen Russell this is the slap in the face Tucker deserved...


----------



## No Trust (20 March 2019)

So Tucker is representing himself as a solicitor while Richard Cowan has appointed DLA PIPER to represent him and the firm, obviously seeing the gravity of the situation.

The alleged breaches are highlighted below.


----------



## No Trust (21 March 2019)

The fact that a law firm and named partners are accused of breaching s 249 of the Legal Proffession Act 2007 (Qld) for allegedly unlawfully paying $17.5 million to a third party which had a concealed beneficial ownership by one of its partners David Tucker via an “offshore” British Virgin Island holding company is utterly gobbsmacking and quite frankly disgusting.


It’s no wonder that Lawyerly is reporting on it. Which self respecting law firm in Australia would allow itself to get into a grubby mess like this ? Oh hang on Tucker and Cowan did... 
Now their misdeeds are being litigated for all to see. 

Great work Tucker ands Cowan


----------



## No Trust (22 March 2019)

Courier Mail Journalist Anthony Marx’s latest article regarding the Tucker and Cowan litigation.











http://www.couriermail.com.au/busin...n/news-story/99da257956812a338618c68f2716cdf4


----------



## No Trust (22 March 2019)

It appears that Richard Cowan decided to keep his cake hole shut given the gravity of the situation. I wouldn’t be surprised if there was a partnership dispute in the near future.


----------



## No Trust (22 March 2019)

There are multiple pleadings by the liquidators under the Corporations Law for misuse of information as a director, breach of fiduciary duties and breach of trust which are the foundation of the litigation. Tucker is kidding himself if he thinks the claim is in tatters as its well and truly on foot.

The LPA pleadings by the Liquidator in my opinion are a sideline which were pleaded to have Tucker and Cowan address the issue of their firms involvement in the MS Asia deal as the funds flowed through the financial veins of the firm. If they flowed through its trust account then that’s an issue which needs probity by the appropriate authorities to determine if everything was above board.

Whichever way you look at it Stephen Russell representing the Liquidators has put the LPA issue into the public domain via the pleadings and whether its litigated as a sideline in the current proceedings nothing can prevent a regulator administering the LPA conducting a parallel audit or investigation to determine the facts. 

Whether or not a breach of the LPA confers a right to sue, a contravention is a contravention and it can be investigated separately.


----------



## No Trust (22 March 2019)

Here is what Justice Bowskill says about fiduciary duties owed by Tucker and finds that no more is required in terms of pleading the existence of the duty itself. 

Lawyers actually do have duties to their clients. You can’t play both sides  and be a financial beneficiary as well. If all is above board, why conceal your ownership through a Hong Kong Company layered by another level of concealment through an offshore company in the Tax Haven - The British Virgin Islands.

Remember Tucker said he had no idea where the money went after it went on a holiday to Hong Kong  

Maybe David Kennedy can illuminate the court after he is served with the Plaint. 


Justice Bowskill

[77]
There is a broader objection taken by the applicants to the pleading of fiduciary duties owed by Mr Tucker, and breached by him, on the basis that the scope of the fiduciary duty(ies) owed by him will dependupon analysis of the contractual retainers, in terms of what the solicitor has undertaken, or is deemed to have undertaken, to do. It is said the material facts in support of, inter alia, the existence of the alleged duties have not been pleaded. The (remaining) fiduciary duties pleaded in [49] are a duty of confidence, relevantly, not to take private advantage for the solicitor or others of information acquired in the course of the solicitor’s retainer by the client; a duty to avoid a conflict between the solicitor’s personal interests and those of his client; and (or perhaps reflecting the other two) a duty of loyalty. Each of these are fundamental aspects of the fiduciary duty owed by a solicitor in any retainer of them by a client.[15] The subject matter over which these fiduciary obligations extend will depend upon the particular retainer(s); as will the determination of whether there has been a failure to discharge those obligations;[16] but the very nature of the solicitor-client relationship is what gives rise to the obligations the subject of the pleaded duties. Whilst it is accepted that the allegations of breach of the pleaded duties requires further attention, I do not accept that more is required in terms of the pleading of the existence of the duty itself.


----------



## No Trust (22 March 2019)

* Anthony Marx 
Courier Mail






Fighting allegations of breaching Trust Laws is something you never want associated with your law firm... 

Cartoon of Tucker and Cowan priceless... 
*


----------



## No Trust (22 March 2019)

Tucker is trying to fight the pleadings on legal technicalities which lawyers always do.

It’s clear to all that he meddled in his client’s business. On his own admission under oath he stated that he wanted to get back in the game and return the favour. I assume that was directed at McIvor for removing him as a director. 

Tucker can spin it as much as he wants, however he can’t deny being involved in MS Asia. 

If everything was above board and in compliance with the Legal Profession Act 2007 why the secrecy, why the concealment,  why was his ownership buried in an offshore company  domiciled in a tax haven. 

The optics to any independent observer including investigative journalists do not look good. Hence the public interest and inquiry.


----------



## No Trust (22 March 2019)

Forgotten in all this drama are the innocent investors of the EPF who worked hard all their life and invested their money in Equititrust to have the funds fail to then get another drubbing as a result of the current claims before the Supreme Court. 

Tucker doesn’t mention the money owed to these people anywhere.

Anthony Marx needs to be commended for shining a spotlight on the matter. He is ensuring the dudded investors are not forgotten. 

They may not get all their money back but he is holding those alleged to have breached their duties to account by reporting on the case as it unfolds.


----------



## No Trust (22 March 2019)

Publications like Lawyerly know what’s going on...


----------



## No Trust (22 March 2019)

To me that appears to be a win for the liquidators... The bid for summary dismissal of the lawsuit was lost by Tucker and Cowan.


----------



## No Trust (24 March 2019)

I’m ever more curious as to why Tucker was made a consultant of Tucker and Cowan. 

Are there partnership rumblings ?

I’m still bewildered as to why a law firm who was directly involved with Equititrust as its lawyers would then get involved in something like this leading to major litigation against them. 

Not having the matter summarily dismissed is definitely a “stumbling block” for all concerned on the back of the initial reversal of fortune in having the Liquidator commence litigation last year. 

Both Tucker and Cowan’s primary objective was to have the lawsuit summarily struck out in its entirety. They lost their bid to do this.

Now, if you fail in your primary objective, that can hardly be classified as a win, can it. Lawyerly seems to agree.


----------



## No Trust (24 March 2019)

If I was a partner in a law firm and a fellow partner said this on the record during a public examination I’d be concerned. If the firm then became mired in major litigation well I’d be questioning the purpose of the partnership.






http://www.couriermail.com.au/busin...d/news-story/e2bd31e925e7456447b07cff430b29cf


----------



## No Trust (24 March 2019)

Where’s David Kennedy in all this drama ? Come David there’s a plaint with your name on it. a far cry from Colonel Kennedy’s ranting on this thread back in 2010. My we have come a long way in exposing the truth,


----------



## No Trust (24 March 2019)

The biggest fool in this whole saga is McIvor who was warned emphatically about his go to law firm Tucker & Cowan. Did he listen ? Of course not.
End result the guys he was doling work out to ended up bankrupting him. 

It seems that in the end all of them are now getting the justice they well and truly deserve.


----------



## No Trust (25 March 2019)

The basics are the basics... Fundamentals never change...

If there are serious allegations regarding breaches of the Legal Profession Act 2007 then the liquidators need to make a formal complaint to the Legal Services Commission (if they haven’t already) regarding the role that Tucker & Cowan and people connected to the MS Asia transaction played.

This also includes firms like Worrells who are also entangled in the scandal. If they acted as a friendly “puppet” receiver whilst knowing Tucker was a beneficial owner of MS Asia and also acting as a so called “independent” lawyer for MS Asia, Worrells, David Kennedy and Equititrust at some point then regulators have to get involved and remove people from the insolvency profession if they breached the law in the most egregious way.

Equititrust investors have been “shafted”, it’s time to put a blow torch to the heels of the regulators to take action if there has been an identifiable breach of the law.

If a breach of the law is proved, then practicing certificates need to be cancelled and people removed from the profession for life, just as McIvor was. No exceptions.


----------



## No Trust (25 March 2019)

So Tucker is now a Sole Practitioner... 

Was he pushed or did he jump ?

The mystery deepens...


----------



## No Trust (25 March 2019)

It appears that Tucker has hung his shingle at his home in the Gap... 

Makes sense, as he’s representing himself before the Supreme Court. 

Remember when McIvor resigned as a director of Equititrust, the firm he founded.


----------



## No Trust (25 March 2019)

The liquidators initial line of inquiry is  starting to make sense now. 

The intermingling of MS Asia with Tucker and Cowan, it’s partner David Tucker and friendly receiver Worrells is a web of intrigue. What’s the saying, a wicked web we weave when we set out to ..............




https://www.comcourts.gov.au/file/Federal/P/QUD944/2016/3777218/event/29218304/document/1093243


----------



## No Trust (25 March 2019)

Given the current proceedings this will become very relevant.

Now it’s time to bring back David Kennedy to Australia and put him in the witness box. Maybe he will be able to enlighten the court as to the whereabouts of Tucker’s share of the profits. 

Was tax paid in Australia ? Or did everyone forget ? 

Memories will be jogged under oath.


----------



## No Trust (26 March 2019)

It appears that others are bitching and moaning about the MS Asia deal and I’m certain sooner or later someone will pay pay for it..

As the litigation rolls on so will the media attention. Never before has an Australian law firm been embroiled in a mess like this.


----------



## No Trust (26 March 2019)

Tucker in his response to the Courier Mail feebly attempts to spin a story in his favour, however his and Cowan’s  primary objective as outlined in the judgment by Bowskill J. was for the matter to be summarily dismissed. 

This did not occur and remains very much a live ticking time bomb for the defendants.

The liquidators have hit Tucker & Cowan, Kennedy, MS Asia and Tuckerloan Pty Ltd on multiple fronts.

This section of the judgement is an ominous peek into the future of the proceedings because as much as Tucker objected to the pleading, Justice Bowskill would not strike the matter out. For all intents and purposes, Tucker is and was the controlling mind of Tuckerloan.

Justice Bowskill addresses the alleged breach s 249 of the Legal Profession Act below.

Tucker is still on the hook and has a lot of explaining to do under oath through the course of the litigation.





https://www.queenslandjudgments.com.au/case-download/id/321500


----------



## No Trust (26 March 2019)

What is Cowan doing here ? Saying that Tucker was not authorised to do the acts he did within the context of their former partnership ? 

•Tucker & Cowen’s liability for the wrongful conduct on the part of Mr Tucker under s 13 of the Partnership Act 1891

Justice Bowskill’s did accept the “Cowan” applicants submission that these paragraphs should be struck out. The Tucker and Cowan liability regarding the actions of Tucker is still a matter which will be litigated.


----------



## No Trust (26 March 2019)

Above post should read :

Justice Bowskill’s did *NOT* accept the “Cowan” applicants submission that these paragraphs should be struck out. The Tucker and Cowan liability regarding the actions of Tucker is still a matter which will be litigated.


----------



## No Trust (26 March 2019)

If the issue of s. 249 of The Legal Profession Act is being litigated before the Supreme Court of Queensland where on earth are the Queensland Law Society which administers Solicitors Trusts Accounts and where are the Legal Services Commission.  The allegations pleaded by the liquidators are extremely serious. Faith in the Legal Profession in Queensland is at stake as is faith in the Trust Account system. 

All the Legal manoeuvring before the Supreme Court in terms of the minutiae of the pleadings is no substitute for the Queensland Law Society investigating in conjunction with an “own motion” investigation by the Legal Services Commission which they are capable of initiating to protect the Queensland public. 

Any determination by the legal regulators is completely seperate to the civil proceedings on foot. Get independent auditors and investigations in to determine if the allegations made in the Supreme Court proceedings are true. 

Trust Accounts are sacrosanct and should never have any cloud of doubt hanging over them. 

The issues of conflict of interest are also matters which need investigation  by the regulators. If this is allowed to hang in the air like a stench, then a mockery is being made of the Legal Profession in Queensland. 





https://www.queenslandjudgments.com.au/case-download/id/321500


----------



## No Trust (26 March 2019)

Justice Bowskill refused to strike out the Liquidators claim for for exemplary damages. 





https://archive.sclqld.org.au/qjudgment/2019/QSC19-051.pdf


----------



## No Trust (26 March 2019)

Has there been a partnership split / dispute at Tucker and Cowan ???

Tucker representing himself, Cowan using DLA Piper to defend him in the Supreme Court proceedings. 

Tucker now trading as a sole practitioner from his house in the Gap.

The litigation now being reported on by specialist LEGAL Publications such as Lawyerly.

???


----------



## No Trust (27 March 2019)

Once litigation starts it can drag on for years... 

McIvor and co conspirators back to the Federal Court tomorrow for a case management hearing...

https://www.comcourts.gov.au/file/Federal/P/NSD2025/2013/3712428/event/29680480/document/1311117


----------



## No Trust (27 March 2019)

The liquidators action against Tucker and others could also drag on expensively for years to come.


----------



## No Trust (27 March 2019)

It’s better to watch your words in a public examination, because organisations like the Courier Mail can order a copy of the transcript from the Federal Court as can any other member of the public.

From the Queensland Law Society records it seems Cowan should be referred to by Tucker as his ex business partner. Correct me if I’m wrong.

Tucker accusing Stephen Russell of extortion is on another level.

Stephen Russell’s firm has never had allegations levied against it of breaching s 249 of the Legal Profession Act. 

Tucker accusing others of extortion as reported in the Courier Mail is an interesting study in projection.





http://www.couriermail.com.au/busin...h/news-story/a37a779c6cca626917c5a4b06a12cac5


----------



## No Trust (28 March 2019)

The liquidators report from 2013 details the sculduggery and deceit of friendly receiver “Worrells” saying they don’t know whether there will be surplus funds from the MS Asia debt. They also conveniently state they can’t provide details of any recoveries. Of course not, Tucker and Kennedy certainly didn’t want the liquidators to know anything.

If the Legal Services Commission doesn’t investigate this and Tucker & Cowans involvement as a legal firm channeling money through its trust account, there will be a public outcry.

It seems media coverage is the only way to get action on this...


----------



## No Trust (28 March 2019)

Yet Tucker clearly says that he was told by the receiver for Bank of Scotland that the debt amount would be satisfied prior to buying the debt from MS Asia. 

When Worrells gave the advices detailed above to the liquidators, they would have had to get instructions from their appointor Ms Asia as well as the lawyer for MS Asia, no other than David Tucker who was also a hidden beneficial owner of MS Asia. The conflict of interest is beyond words... 

Did he ever have any empathy for the shafted investors ???


----------



## No Trust (28 March 2019)

Surely the regulators, need to step up to the plate and start investigating alleged breaches of the law...

The amounts involved are eye watering and involve innocent investor’s funds.

The alleged breaches involve use of Solicitors Trusts Accounts to divert money to third parties in breach of the Legal Profession Act.

Where is the QLD Law Society and Legal Services Commission and need I say ASIC when it comes to investigating these allegations.

ASIC and the Federal Police raided Equititrust and McIvor in search of evidence. Is that what’s warranted here ? Raids to get to the bottom of where money has been diverted via trusts and offshore accounts.


----------



## No Trust (28 March 2019)

Relevant question by Commissioner Hayne... 

http://www.smh.com.au/video/video-b...s-question-of-criminality-20180808-572g2.html


----------



## No Trust (28 March 2019)

Given what’s transpired, the hypocrisy is palpable... 

What’s in the best interests of investors Tucker ? I’d say that a lawyer who was also a director of Equititrust his “client” not to ever get involved in dealing with investor funds let alone conceal the fact.





https://www.couriermail.com.au/busi...172406007?sv=81420135f64919e9522784c49cbd3ed6


----------



## No Trust (29 March 2019)

Why is Kennedy avoiding service ? 

When will Kennedy return to face the music ?

Kennedy is the key to these proceedings. Once he’s in the witness box the gig is up.


----------



## No Trust (29 March 2019)

If McIvor did dodgy deals and had extra kangaroos in the top paddock.

How would an independent third party classify Tucker’s MS Asia deal ?

Pure as the driven snow ?

The MS Asia deal is right out of McIvor’s playbook and the foolish apprentice has followed in his footsteps...





http://www.couriermail.com.au/busin...h/news-story/a37a779c6cca626917c5a4b06a12cac5


----------



## No Trust (31 March 2019)

Brett Lethbridge encapsulates the moment...


----------



## No Trust (31 March 2019)

Let’s not forget the Courier Mail’s Tony Bela September 2017, enshrining the moment Tucker had to appear before the Federal Court of Australia for 5 Days of intense Public Examination regarding his role in the MS Asia deal.


----------



## No Trust (31 March 2019)

When partners of law firms become regular caricatures in the press due to litigation launched against them, their actions need to be looked at closely. I am reliably informed that they’re not too happy with the media attention. Well I can unequivocally confirm that investors aren’t happy about where their money went. 

The media exposure is more than warranted as it is entirely in the public interest to know what went on. Millions of dollars of investor money disappeared and we have lawyers intrinsically connected to the transactions and the company now being sued by Liquidators alleging breaches of the Legal Profession Act. 

The utter ridiculousness and insanity of a law firm getting involved in a scheme with the former CEO of this nature is beyond words and comprehension.

I’m sorry gents the media will continue to shine a spotlight on every aspect of the matter and each parties involvement until all come to justice...


----------



## No Trust (31 March 2019)

Tucker’s director profile for Equititrust is an interesting read. Especially his areas of “alleged” specialisation... 



All aspects of the Corporations Act  relating to directors duties and liabilities. 

The bit about corporate governance not even a comedian could write that line... 

In the end someone’s gonna have to “pony” up...


----------



## No Trust (31 March 2019)

As the litigation progresses, Worrell’s involvement will come under the spotlight.

The Worrells boys were publicly examined in the Federal Court alongside Tucker.

As this sorid saga unfolds and people are put into the witness box for cross examination there will be some spectacular revelations which to date have not been made public.

Mark my words, David Kennedy will be worth listening to when cross examined at trial.


----------



## No Trust (31 March 2019)

The bombshell evidence as to where the money went will jog some memories.

Tucker says he doesn’t know and never chased it up ???

How much tax has been paid in Australia and Hong Kong, or has it become an accounting excerise which the Australian Taxation Office May not agree with ?


----------



## No Trust (1 April 2019)

Tucker and Kennedy have announced that they are returning $17.5 Million to Equititrust investors with interest *IMMEDIATELY*... 

It’s April Fools Day and as pleasant as the above scenario would be to all investors, these two fools will have to be dragged through the courts and media before the money is finally returned to its rightful owners.


----------



## No Trust (2 April 2019)

There’s a bit more to the Tucker & Cowan litigation emerging in the background, and it ain’t pretty...

Chatter amongst the legal fraternity is that there is likely to be a claim made on the Qld Law Society Fidelity Fund in due course if allegations of breaches of s. 249 of The Legal Profession Act are proven.

The Legal Services Commissioner is now apparently aware of the allegations.


----------



## Triple_Witching (2 April 2019)

Tucker is returning $ he never received, nor collected................. what an ATO Laugh


----------



## Triple_Witching (2 April 2019)

Now Add to Tucker, and McIvor....... 

1. (John) Kenny & Co ( https://www.entrelaw.com/ ) , who now hides on Norfolk Island....
2. ...to this Picture with the Owner/s of the Sika Munzi, who BOTH hide at Hargreaves Ave, Chelmer QLD 4068.................
3. Mowbray  House Childcare Centre, the founders in 1992....
4. 30+ Years, Criminal Tax Evasion + Criminal Corporate Financial Fraud.........
5. 25 Years of no legal retribution  (yet) upon these garbage thieves............
6. ASIC and ATO received letters about these criminal fraudulent thieves in 1996, and ignored ALL correspondence.............

My Friend, will assist Liquidators, all in good time......... if requested.


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## Triple_Witching (2 April 2019)

QLS ignored similar written S.249 complaints in 1995 - 1996..........


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## No Trust (2 April 2019)

Yes the Qld Law Society has been protecting the crooks for a long time.

Now we have the Legal Services Commission and they appear not to like media attention about investors allegedly being shafted via Solicitors Trust Accounts. They will only act if forced to.

The recent media attention regarding alleged breaches of s. 249 of The Legal Profession Act seems to have forced them to “at the least” have a look at the matter to see what’s transpired.

It’s their role to investigate matters of this nature and force the Queensland Law Society to look into Solicitors Trust Accounts.

They also have the power to commence an Own Motion Investigation. 

My sources tell me the Legal Services Commissioner has received an extensive dossier related to the matter. 

Remember Liquidators have a duty to report breaches of the law to both ASIC and other regulators. 




Triple_Witching said:


> QLS ignored similar written S.249 complaints in 1995 - 1996..........


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## No Trust (2 April 2019)

So Tucker & Cowan have to now file their defenses to the litigation launched by the liquidators. 

Cowan’s pointing the finger at Tucker and says he wasn’t involved etc etc..

Yet defences will have to be filed by all.. Question is how do you try and defend the indefensible ? 

As the saying goes it’s hard to polish a turd.


----------



## No Trust (2 April 2019)

There’s something to Tucker’s testimony at the Public Examination where he asserts that he doesn’t know where his profit on the deal went and that he had not received any of the multimillion dollar bounty.

If he said he had received the benefit or part there of, would he have incriminated himself under any Australian Law ? 
By saying the money is somehow floating in the atmosphere like ether. (It’s there but you just can’t see it) may be a devious way of trying to deny a linkage of benefit from the transaction.

No intelligent third party observer will buy this bullsh#t, it’s akin to saying the money is sitting in some kind of financial purgatory. Heaven if Tucker got to it anonymously downright hell if he’s publicly seen to have received it... 

Somethings going on here and I think the liquidators are on to it...

Where’s the money Kennedy ?


----------



## No Trust (3 April 2019)

The Tucker & Cowan litigation could have been a script for a B Grade soap opera if it weren’t actually true. 

Tucker now having to fight the litigation with Cowan whilst Kennedy is ensconced in Hong Kong with the money is telling.

Tucker doesn’t realise it yet but he soon will, he was the Manchurian Candidate as was Cowan’s law firm.

May you all live in interesting times.


----------



## No Trust (3 April 2019)

This why offshore companies are used.. 





https://www.vice.com/amp/en_us/article/ppm4qz/evil-llc-0000524-v21n12


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## No Trust (3 April 2019)

Why on earth did Tucker and Kennedy need an offshore British Virgin Islands shelf company to conceal their ownership of MS Asia.

This was a dirty, illegal enterprise on many levels and the promoters knew it. 

If you’ve got nothing to hide, why all the hiding.


----------



## No Trust (3 April 2019)

https://www.vice.com/amp/en_us/article/ppm4qz/evil-llc-0000524-v21n12


----------



## No Trust (3 April 2019)

It’s good to see the Tucker & Cowan boys mired in litigation. Just where they need to be for the next bombshell about to be dropped...


----------



## No Trust (3 April 2019)

Insiders confirm that the Tucker & Cowan boys and now Sole Practitioner (aka special counsel for hanging out the washing) in the Gap Brisbane, David Tucker were non too pleased with the recent media reporting of the litigation commenced by the liquidators.

The Courier Mail and Murdoch Press are not at all concerned by the faux outrage ... 

Here’s a tip guys, don’t get involved in dodgy deals which involve your client’s. Lawyers should stick to being lawyers and not as Tucker says “getting back in the game” and “returning the favour” . Remember he said this about his former client who fed him and his firm untold amounts of legal work...


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## No Trust (3 April 2019)

It’s good to see that at least one of the partners of Tucker and Cowan agrees to the use of the Legal System to settle disputes. The liquidators of Equititrust are doing just that.


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## No Trust (3 April 2019)

Tucker & Cowan “have a range of contacts around the world” is mentioned in the video. Does that include Hong Kong and The British Virgin Islands ? Asking for a friend..


----------



## No Trust (4 April 2019)

Note to Tucker & Cowan, Kennedy and Worrells the firm with no morals...


----------



## No Trust (5 April 2019)

And just when Tucker & Cowan thought it couldn’t get any worse, another major scandal is brewing involving a matter where they acted as solicitors.


----------



## No Trust (5 April 2019)

If Worrells were up for being the friendly receiver for MS Asia and Tucker, how many other receivers have played the stooge for money in other cases where Tucker & Cowan Solicitors have been involved ?

It appears that more sh#t is floating to the surface as each day passes. The great thing about media exposure of scandals such as those involving Tucker, Kennedy and Tucker & Cowan is that people start coming out of the woodwork and start telling their stories and producing documents.

It’s an understatement to say that some solicitors are not model litigants and abuse the Queensland Legal System. Officers of the court (allegedly) cannot under any circumstances mislead the court.


----------



## No Trust (5 April 2019)

Remember, this is what a solicitor of the Supreme Court of Queensland said under “oath” in the Federal Court of Australia when being publicly examined by the liquidators of Equititrust. Tucker was booted off the board due to his conflicts of interest. The penny must have finally dropped for imbecile McIvor.




Is this the kind of language you’d expect from an officer of the court speaking about his client who he had ongoing duties to as a solicitor and as a director ?

The sheer arrogance and disrespect to investors is gobsmacking. The investors were not some kind of tools in a game of revenge that Tucker wanted to take out on McIvor. The investors were innocent people who had worked hard all their lives and invested their retirement funds and Self Managed Superannuation Funds into Equititrust to then be made part of some depraved Machiavellian game of making Tucker “Feel Good”... Seriously, other peoples misery makes this guy feel good ???

I note zero empathy from Tucker towards any of the investors. I guess investors are just pawns in his little game. 

As more emerges in the media over the coming weeks and months, Tucker will find that “others” who he thought were disempowered will be returning the favour not out of revenge, but through the delivery of justice.


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## No Trust (5 April 2019)

Given Tucker & Cowan’s obvious conflicts of interest especially that of Tucker himself, David Whyte thought it was ethical to give Tucker & Cowan Equititrust Legal work... What the F#CK... 

Yes this is the swamp that most people don’t see...


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## No Trust (6 April 2019)

The media attention surrounding Tucker, Kennedy and Tucker & Cowan in “their hometown” Brisbane is an indicator of the public interest now garnered by this scandal. 

When your hometown turns on you, you’re not doing something right.

The right thing to do would be to return the money to investors..


----------



## No Trust (6 April 2019)

The receivers report, confirms my suspicions that a confidential settlement has been reached in the litigation against McIvor brother Wayno and KPMG.

The liquidators instigated this Federal Court action with the litigation funders in 2013 and paid substantial security costs into court and won the action. 

The insurers didn’t want a 5 week show trial and I’m sure neither did estranged brothers Marky and Wayno... Crossing paths in the witness box would have been awkward to say the least.

Incurring legal costs over a 5 week trial your gonna lose can be sobering for the insurer paying the bills and up went the white flag...






McIvor’s been raising the white flag so much lately that he’s officially applied for French Citizenship. 

The point is the liquidators and the litigation funders had the temerity to see the litigation through and the end result is a return to investors which they never would have received if it were not for the great work of Amanda Banton in lodging the claim against the insurers just before Equititrust collapsed. 
Her threat of a class action whilst at Piper Alderman was also the last nail in the coffin of Equititrust as no insurer would touch Equititrust due to impending litigation. Starting to sense a theme here ??? Who else has had insurance troubles of late. 

If Tucker, Cowan and Kennedy think  they’ll wrangle their way out of the litigation in some way, they’re DEAD WRONG... KPMG tried every trick in the book and failed.

The liquidators have the runs on the board and and are clearly battle hardened when it comes to Equititrust.

This will be painful and prolonged litigation against Tucker, Kennedy and Tucker & Cowan as will the unrelenting National  Media Attention..



No Trust said:


> Useless receiver David Whyte who doled out work to Tucker and Cowan has presented his April Fools Day Report to investors.
> 
> http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20190401 - 34th Update to Investors.pdf


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## No Trust (7 April 2019)

Another week ahead and more twist’s  and turns in the MS Asia saga..


----------



## No Trust (7 April 2019)

Tuckers conflicts of interest are catching up on him on a number of fronts...

This miserable miscreant should never have been allowed anywhere near the board of Equititrust as he acted for McIvor personally and his private companies as well... WTF... Where do the conflicts end...

McIvor was warned Tucker would come back and bite him many years back and guess what McIvor did... Nothing... 

Whilst Tucker was giving McIvor’s ex wife Racy Stacey travel tips over the phone, he was plotting against her husband... 

McIvor was so messed up that he cheated the people who made him money and then had Tucker sue them... 

And.......... now in *2019* Tucker is before the Supreme Court of Queensland facing a $17.5 Million Dollar law suit with allegations of breaches of of the Legal Profession Act.


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## No Trust (8 April 2019)

The liquidator and a number of “others” are on a war footing given the revelations related to the “dirty deal” that Tucker and Kennedy and Tucker and Cowan are enmeshed in..

Expect major announcements soon.

Oh Kennedy, I know your an avid reader and former contributor to this thread... 

We’re happy to chip in for your airfare back to Australia. There’ll be a happy reception party waiting for you at the airport.

P.S. Bring the Equititrust Investors money with you... Cash is fine...


----------



## No Trust (8 April 2019)

Just a question for BDO, receivers for Equititrust Income Fund, why is Equititrust being charged for instructing BDO “PRIVATE CLIENTS” regarding BAS lodgements.


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## No Trust (8 April 2019)

If David Tucker was a director of Equititrust and its former lawyer, as well as the lawyer for McIvor privately and his private companies and then went on the bankrupt McIvor, why was he still doing work on Equititrust matters ?

When Tucker tried to have a receiver appointed to Equititrust, ASIC had to intervene due to the conflict of interest and appointed their own receiver.

Tucker also claimed he was owed $500,000 in legal fees as well as having his superannuation invested in Equititrust.

He was also thrown off the board of Equititrust.

Given these GLARING conflicts Why was Tucker drafting letters and doing legal work for BDO ?


----------



## No Trust (8 April 2019)

So here are the facts as detailed in a sworn affidavit, BDO were consulting Tucker and Cowan regarding loan / priority issues between the Equititrust Income Fund and the Equititrust Premium Income Fund of which Tucker was, by now, a *beneficial owner* of the debt owed by the EPF??? 

Let’s look at the dates here from indisputable sources:




https://www.queenslandjudgments.com.au/case/id/321500

David Whytes affidavit covers this period of time. 




http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf

Here is the notation from Whytes affidavit.




The topic of discussion, the EPF and its priority position in relation to the fund that BDO were (*administering  on behalf of Equititrust investors the EIF)*, was of *direct relevance* to MS Asia and Tucker as owners of the debt owed to the EIF. 

To put it into further context *Tucker & Cowan were also acting for MS Asia.* 

This is made indisputably clear by Justice Helen Bowskill in her judgement.




https://www.queenslandjudgments.com.au/case/id/321500

Given yet another fatally “disqualifying” Conflict of Interest Tucker & Cowan were being given work by BDO and were being paid for it.

The notation from the affidavit is indisputable, “additional payments to Tucker & Cowan” 





Questions that Whyte needs to answer is :

1. Did Tucker & Cowan declare that David Tucker had a beneficial interest in MS Asia.

2. Did Tucker & Cowan declare that they were also acting for MS Asia.

Here are the standards that are very clear cut.







https://www.qls.com.au/Knowledge_ce...Conflict_of_duties_concerning_current_clients

I’m sure Equititrust investors would like to know if BDO were aware of the fact that Tucker & Cowan were acting for MS Asia and whether they knew Tucker had a beneficial ownership of MS Asia.

Given the controversial relationship that Tucker & Cowan and Tucker himself had with the company prior to its collapse, including the fact that they (bankrupted it’s founder McIvor), if BDO state they didn’t know about this critical conflict of interest, then they have a *statutory duty to report the matter* to the Qld Law Society and Qld Legal Services Commission. 

Given the current litigation on foot by the Liquidators against Tucker & Cowan, Equititrust investors need to know what BDO knew about the conflict and when they became aware of it.


----------



## No Trust (8 April 2019)

It’s all well and good for BDO to point the finger at Liquidator’s Hall Chadwick in report after report, but Hall Chadwick have won their claims against McIvor and other directors in the Federal Court. 

They have also launched a $17.5 dollar claim against Tucker & Cowan, Tucker, Kennedy and MS Asia and are pursuing it vigorously as they should. 

BDO need to front up and be totally transparent with Equititrust Investors  regarding the conflict of interest of Tucker and Cowan and BDO’s dealings with them.

I have challenged BDO to address it in their reports to investors and they have refused to go near it.

Let’s address it once and for all BDO.

Hall Chadwick should also write directly to BDO and confront them about the issue. 

Equititrust investors aren’t mushrooms and given the seriousness of the matter before the courts answers must be given...


----------



## No Trust (9 April 2019)

This needs explanation...




SpatialG said:


> This sworn Affidavit of David Whyte 31 May 2013  provides some intriguing insights.
> 
> On 06/12/2012 *$672* was charged by David Whyte for reimbursement out of EIF. *"Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."*  We now have David Kennedy's name appearing.
> 
> ...





http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2013/Affidavit of David Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (9 April 2019)

This Post outlines a lot of interaction by BDO with Tucker and Kennedy in 2013. 

Why was Kennedy acting for the EPF by the way ?

Kennedy resigned as CEO of Equititrust and by that time was a concealed beneficial owner of MS Asia... Tucker attests to the fact that Kennedy was the actual mastermind of the MS Asia deal. Kennedy had a clear conflict of interest.



SpatialG said:


> While continuing to look at the sworn Affidavit of David Whyte 31 May 2013, some questions may need to be asked of John Somerville as well; and the plot thickens with regards David Kennedy and David Tucker.
> 
> 17.10.12 he charged $85 for *"Preparation for meeting with David Tucker and David Kennedy regarding Handley Heights and Resort Corp securities."
> *
> ...





Here is the sworn affidavit of Whyte provided to the Supreme Court of Queensland detailing these interactions... 


http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


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## No Trust (9 April 2019)

Ive witnessed the legal and insolvency profession’s standard response when they are criticised. 

The standard byline is “baseless and accusatory”...

Let me be very unequivocal here, when you swear multiple affidavits and file them in the Supreme Court of Queensland and they detail the very facts you claim to be baseless and accusatory, well no amount of gaslighting will change what you have sworn to.

If those affidavits come into question at some point in the future, whose problem is that ?


Investors would also appreciate a credit from BDO for this line item.


----------



## No Trust (10 April 2019)

This was reported in the Australian by Anthony Klan on *15 March 2017*

_"Fronting examinations in the Federal Court in Sydney yesterday, retired property developer William Hayes said he had borrowed “about $30m” from Equititrust but his businesses soured and he was unable to repay the debt._

_Mr Hayes said he had been *contacted by Mr Kennedy and Mr Tucker*, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said *Mr Tucker, who had flown from Brisbane to Sydney* to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were *“looking to wring as much from it as we can”.*_

_“*It was galling* for me that *he would come down and act like a smart arse* when *he was taking my house from me*,” he said."_

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

Keep an eye on this, the liquidators didn’t call Hayes to be publicly examined for nothing...


----------



## No Trust (11 April 2019)

So many interactions between BDO and Tucker and Cowan ???







http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (11 April 2019)

So many interactions between BDO and Tucker and Cowan ???

View attachment 93683


View attachment 93682


http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2013/Affidavit of David Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


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## No Trust (11 April 2019)

Why is BDO again charging the Equititrust receivership with BDO Private client matters ?

Can someone explain these recurrent charges ???









http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


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## No Trust (11 April 2019)

I’m confused how BDO Private Clients have anything to do with the Equititrust receivership... 

Does all the billing from BDO including time sheets need to be audited by someone independent ?

http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (11 April 2019)

What’s this about ? 








http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (11 April 2019)

At the outset of the receivership Tucker & Cowan, given their previous controversial relationship with Equititrust and its founder, *should have been asked to return all ongoing litigation files and independent solicitors appointed to undertake the work.* In essence a clean break to ensure transparency and independence.

David Whyte was appointed by the court on ASIC’s insistence on the basis of independence.

Now we have line entry after line entry of both Tucker & Cowan and the ex CEO David Kennedy working with BDO. Was Kennedy a paid consultant ?  

Why was he acting for the EPF. I highly doubt the liquidators Hall Chadwick signed off on this.




http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


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## No Trust (11 April 2019)

The Hall Chadwick report 2013 details their response from Worrells who were acting for MS Asia. MS Asia was of course owned by these individuals :




https://www.queenslandjudgments.com.au/case/id/321500


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## No Trust (11 April 2019)

How convoluted can this whole scandal get. Instead of immediately intervening at the beginning of the court appointed receivership and erring on the side of caution by appointing totally independent solicitors, its evident across the affidavits sworn and lodged in the Supreme Court that BDO was working with Tucker & Cowan Solicitors and David Kennedy.

I repeat that if BDO weren’t aware of the MS Asia beneficial ownership in 2012 when did they find out ?

BDO are definitely aware of the scandal now, but what Equititrust investors want to know is when did they actually find out and what measures were taken to address the issue of *monumental conflict* and maintain confidential information on priority and recoveries that could have impacted the return to Equititrust investors. 

These are fair question that BDO needs to answer to the people it serves.









http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (13 April 2019)

Why was BDO giving Tucker & Cowan this amount of work when BDO *knew they were conflicted to a level beyond belief from the outset of the receivership...*

The fact that *Tucker held his SMSF money with Equititrust *and Tucker and Cowan claimed they were owed *$500,000 in legal fees* at the *outset of the receivership* *would have been disqualifying factors for any other insolvency firm.*

Yet BDO went against all prescribed principles of avoiding a conflict of interest through the use of a controversial law firm which attempted to put Equititrust into receivership via an application to the Supreme Court of Queensland. BDO were appointed by the Supreme Court of Queensland at ASIC’s insistence to ensure that Tucker and Cowan didn’t appoint their own receiver. As pathetic as ASIC is, even they knew when enough was enough and stepped into the proceedings through prescribed intervention to ensure there was not a conflict of interest.

To then add insult to injury, to long suffering Equititrust investors, the later discovery of the MS Asia Deal involving Tucker, Kennedy and Tucker & Cowan makes this so much worse... Tucker & Cowan wearing yet another hat were acting for MS Asia which was partly owned through concealed shareholding by none other than David Tucker and former CEO David Kennedy... The rest as they say is history...

The liquidator is now suing Tucker, Kennedy and Tucker and Cowan.










*How on earth can this be allowed to happen ?*















http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2014-05/Affidavit of David Whyte sworn 14 May 2014 (volume 2 of 2) (compressed).pdf


----------



## No Trust (13 April 2019)

http://www.equititrust.com.au/Pdfs/... 14 May 2014 (volume 2 of 2) (compressed).pdf


----------



## No Trust (13 April 2019)

What does this mean ???

“Reviewed Tucker & Cowan Invoices in relation to Walsh matter / reviewed breakdown of funds paid by EPF and EIF” ???

So there was a review of fees that BDO was paying Tucker & Cowan.

Was the EIF administered by BDO paying part of the fees to Tucker & Cowan and the EPF paying the other proportion of fees ?

It’s a relevant question. Who on the part of the EPF was paying their share of the legal fees owing to Tucker and Cowan ? Worrells ?

Equititrust investors should get clarification...






http://www.equititrust.com.au/Pdfs/... 14 May 2014 (volume 2 of 2) (compressed).pdf


----------



## No Trust (14 April 2019)

The MS Asia deal is now *so toxic* that no one wants to be within a $17.5M / km radius of it... 

When money shafted from investors  becomes radioactive, that memories start to lapse as to its whereabouts and a faux nonchalant indifference develops as to finding in which sunny tax haven it lies... Then you know that people don’t want their fingerprints on it or any possibility that it has in some way made its way back home to its country of domicile.


----------



## No Trust (15 April 2019)

When BDO were faced with complex problems of competing interests at the outset of the receivership of Equititrust the use of Occam’s Razor to select a “totally independent firm” of solicitors was the only solution.


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## No Trust (15 April 2019)

A Lawyer, a Former CEO and a Friendly Receiver walk into the Supreme Court....  Not a joke, but because someone couldn’t keep their cakehole shut, they’re gonna have to “pony” up with the cash...


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## No Trust (16 April 2019)

This is the ARITA Code of Conduct which “allegedly” governs the insolvency profession.

*6.1.2* Relates to conflicts. How on earth could BDO given this provision have allowed Tucker & Cowan to act as solicitors for the receivership of the EIF Fund which they administered. 

The fact that they did allow this and the fact that the MS Asia deal was being cooked up by Tucker and Kennedy at the same time is so obscene it’s beyond words.

Where is ARITA now ?

The liquidators need to refer this monumental conflict to the regulators as it’s clear Tucker & Cowan solicitors were acting on both sides of the ledger for BDO and for MS Asia. 

This scandalous situation was at the expense of Equititrust investors whilst everyone on either side were trousering massive fees...

BDO in allowing solicitors to act for them who were conflicted from the very start, who then went on to act for, and be involved in MS Asia, where the liquidators are now suing those involved for $17.5M should be known as a :

*B*ad
*D*umb
*O*rganisation


----------



## No Trust (16 April 2019)

Just look at the date when Tucker sought to appoint David Clout as liquidator to the fund.

There was a clear and undisputed animosity between Tucker and McIvor, Tucker having been thrown off the board as well as other allegations of threats towards Tucker which he outlined in his public examinations before the Federal Court. 

Given that all these acrimonious events preceded the appointment of BDO, then add the claims by Tucker & Cowan of being owed in excess of $500,000 in legal fees, Tucker having his own Super invested in Equititrust, then add the fact that Tucker & Cowan bankrupted McIvor for unpaid personal legal fees of $25,000 how on gods good earth could BDO have assessed this and thought.... Um no, there is no potential for conflict here...

Just writing about the preceding collection of events related to Tucker & Cowan and Kennedy makes me feel as if we are operating in some kind reverso parallel universe where ethics and conflict of interest didn’t apply to Tucker & Cowan and Kennedy in BDO’s eyes...

Well let me tell you, THEY BLOODY WELL DO. Equititrust investors and the public in general are utterly disgusted that this was allowed to occur. 

BDO need to have the receivership of the EIF taken away from them and fees reimbursed to the fund where an overlap and conflict of interest occurred. 

The other fees that I have outlined earlier related to BDO private clients  being added to the EIF Accounts need to refunded ASAP.


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## Mozzi (16 April 2019)

No Trust said:


> Just look at the date when Tucker sought to appoint David Clout as liquidator to the fund.
> 
> There was a clear and undisputed animosity between Tucker and McIvor, Tucker having been thrown off the board as well as other allegations of threats towards Tucker which he outlined in his public examinations before the Federal Court.
> 
> ...







Mozzi still hanging in here -       Comment -

OH WHAT A TANGLED WEB WE WEAVE WHEN FIRST WE PRACTICE TO DECEIVE!


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## No Trust (16 April 2019)

Hi Mozzi 

Good to hear from you...

You just keep hanging on...

The friends we thought we had in BDO, if we were to foolishly believe they had Equititrust Investors best interests at heart, were in fact working with the enemy. By work I mean they actually had Tucker & Cowan and Kennedy doing work for them while they did work for and had interests in MS Asia. 

BDO by not using common sense and all known professional standards regarding Conflict of Interest at the outset of the receivership and taking away all work from Tucker & Cowan and giving it to totally independent solicitors, have put themselves in the situation they are now in.

Hall Chadwick who I initially thought were not on the right side of things should be commended for taking legal action against McIvor, KPMG and now Tucker, Cowan, Tucker & Cowan and MS Asia.

Given the plethora of information the liquidators now have after the public humiliation of David Tucker before the Federal Court, including crucial documents, dates and legal work done on behalf of MS Asia, a simple forensic analysis of dates against BDO’s fee statements will reveal all.

BDO have not acted independently in giving work to Tucker & Cowan and Kennedy nor have they adhered to ARITA Codes of Conduct.

BDO does NOT deserve to represent the interests of Equititrust Investors in the EIF any longer.




Mozzi said:


> Mozzi still hanging in here -       Comment -
> 
> OH WHAT A TANGLED WEB WE WEAVE WHEN FIRST WE PRACTICE TO DECEIVE!


----------



## No Trust (17 April 2019)

What an interesting story and good to see this rogues partner in the legal practice alerted the authorities. Trust Accounts are just that, a place where money can be held in “Trust”.

*Partners in law firms have a duty to report Trust Fraud.*

The judges comments at the end about living expenses “reasonable to their station in life” is ridiculous. This guys station in life is that of a thief and he shouldn’t have been allowed access to any of the bank accounts which are “still under investigation”

The point to the story is Trust Accounts of lawyers must remain sacrosanct...


----------



## No Trust (17 April 2019)

However Tucker & Cowan wanted to spin it, the claim by the Liquidators was not struck out.
The money should have been held in trust for Equititrust Investors. Even the deed says this, yet under Worrells and Tucker & Cowan’s cosy little relationship this did not happen and the money went on a “holiday” overseas...




https://www.queenslandjudgments.com.au/case/id/321500


----------



## No Trust (17 April 2019)

This needs some explaining, why is Tucker and Cowan suing Bob Morrison and Lifestyle resorts personally and also having Tucker & Cowan represent them ????

What went on here ???




https://www.dailyexaminer.com.au/news/apn-residents-angered-by-lifestyle/134266/



http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=DISTR&Filenumber=2077/12


----------



## No Trust (21 April 2019)

BDO reports to investors never mention the fact that Tucker and Cowan were doing legal work for BDO. 

Why ?


----------



## No Trust (25 April 2019)

BDO’s extensive involvement with Tucker & Cowan solicitors as well as David Kennedy during the receivership of the EIF is coming under greater scrutiny... 
Investor’s are asking how could Tucker & Cowan be considered a firm at arms length and be independent... 

The liquidators Hall Chadwick have at least taken legal action against Tucker & Cowan to recoup investors funds... BDO on the other hand doled out legal work to a firm with  disqualifiable conflicts of interest... 

BDO has failed the investors in doing this. BDO should resign the receivership or be removed by the court... Enough is enough... 

#conflictofinterest


----------



## No Trust (27 April 2019)

McIvor has been keeping the bench warm “permanently”, there will be others joining him in due course... 

Litigation can be a b#tch in revealing evidence that some just don’t want our there...


----------



## No Trust (27 April 2019)

And back to court again, the liquidators Hall Chadwick and Russell’s lawyers are keeping the pressure on Tucker and his cohorts...




http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (28 April 2019)

Radio Silence from BDO regarding giving work to Tucker & Cowan a firm that had blaringly obvious conflicts of interest from the outset. Made so much worse since the discovery of the MS Asia deal and subsequent litigation. 

Why won’t BDO respond to investors concerns and address the actual dollar value of the work given to Tucker & Cowan as well as any work given to David Kennedy as a consultant. BDO should have done everything to protect the investors, not work with the enemy.


----------



## No Trust (29 April 2019)

What was this gent doing for the receivers  BDO ??  David Kennedy also known as the sad sack was also David Tucker’s business partner in MS Asia. 


What work was he doing ? 

How much money was he paid ?

How was this not a conflict of interest?

BDO feel free to answer this question on this forum if you like. David Kennedy in the early days of this thread dared to enter fray. 

The silence from BDO is deafening...


----------



## No Trust (30 April 2019)




----------



## No Trust (30 April 2019)

Lot of meetings with David Kennedy by BDO.. Why ??? 

Was he paid for these meetings by investors ? 

Asking for a friend...


----------



## No Trust (30 April 2019)

Some of the meetings between BDO with both Tucker and Kennedy... Why the meetings with the dynamic duo behind MS Asia ? 

Were Tucker and Kennedy paid for these meetings by BDO using investors funds?


----------



## No Trust (30 April 2019)

Didn’t Tucker and Kennedy both have disqualifiable conflicts of interest ?

Seriously, how did BDO think this was going to pass the pub test. Or do receivers and lawyers live in some reverso parallel universe which conflict of interest is acceptable ?


----------



## No Trust (30 April 2019)

Why Why Why ???





http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf


----------



## No Trust (30 April 2019)

So we have 3 David’s in the same room ?

David Whyte
David Tucker
David Kennedy

The last time I encountered this was in Florence...

Instead of the Philistine Goliath being slayed, in this instance the only thing being slayed was fees  which Equititrust Investors have to stump up for.

It’s clear from the Hall Chadwick litigation against both Tucker and Kennedy for $17.5M that there were disqualifiable conflicts of interests.

The question everyone has of BDO, is when did they FIND out about Tucker and Kennedy’s MS ASIA Deal ? 

When they found out, what did they DO about it ?

Did they report it to the Liquidators Hall Chadwick ? Which would seem logical and ethical...

Did they report the deal to the regulator ASIC ?

Did they report it to the Legal Services Commission ?

Did they report it to the QLD Law Society ?

Or did BDO do nothing ?


----------



## No Trust (30 April 2019)

http://www.equititrust.com.au/Pdfs/... 14 May 2014 (volume 2 of 2) (compressed).pdf


----------



## No Trust (30 April 2019)

*2014*


----------



## No Trust (30 April 2019)

*2015*

Description changes to “Our Solicitors” ??? Which solicitors ??? Gadens ? Tucker & Cowan ?

Where has the detail gone ?






http://www.equititrust.com.au/Pdfs/... David Whyte sworn 02.11.15 (part 2 of 2).pdf


----------



## No Trust (30 April 2019)

*2018 *

*QUESTION for BDO - Is Tucker & Cowan doing further legal work for BDO on any matter ?




http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2018-11/Affidavit of David Whyte (Vol 2 of 2) - sealed 30.11.18.pdf*


----------



## No Trust (1 May 2019)

*IS TUCKER AND COWAN STILL UNDERTAKING LEGAL WORK FOR BDO ??? *

The descriptions in the time sheets have mysteriously gone from specifying which law firm was doing work to just “our solicitors” why ? 

As a court appointed receivership shouldn’t there be transparency ?

Why won’t BDO explain to investors in the next report or preferably earlier what amount of money was paid to Tucker & Cowan in legal fees and given the MS Asia revelations and litigation are Tucker & Cowan still doing work for the receiver.

Why are BDO so silent on this issue ?


----------



## No Trust (1 May 2019)

*TABLES HAVE TURNED...


*


----------



## No Trust (1 May 2019)

Cat appears to have caught the tongue of many... 

Speechless, silent, deers in the headlights maybe ?


----------



## No Trust (1 May 2019)

So many that sucked on the poisonous golden teat of Equititrust are now finding their complicity hard to explain... 

Fingerprints in the form of digital DNA can be ruinous to those who sold their souls for a quick buck...


----------



## Wet a line (3 May 2019)

Hi all
I have read this forum since the beginning and would like to thank all who have contributed, especially NO TRUST. The people that I thought were there to help us have been helping themselves evidently. ASIC put BDO as receivers in LM s wind up, and Equititrust, lots of the same faces in both entities. Interesting to see who's representing the respondant and the applicants in this case.
Regards all

allhttp://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/qld/QSC//2017/230.html


No Trust said:


> *2018 *
> 
> *QUESTION for BDO - Is Tucker & Cowan doing further legal work for BDO on any matter ?
> 
> ...


----------



## No Trust (3 May 2019)

Thanks “Wet a Line” you are on to something here..

BDO are using Tucker & Cowan as late as October 2017.

Of course they were doling out work to Tucker in the Equititrust receivership, it’s all through the Accounts. Question for David Whyte, are you using Tucker & Cowan currently for any matters related to Equititrust ? 









Wet a line said:


> Hi all
> I have read this forum since the beginning and would like to thank all who have contributed, especially NO TRUST. The people that I thought were there to help us have been helping themselves evidently. ASIC put BDO as receivers in LM s wind up, and Equititrust, lots of the same faces in both entities. Interesting to see who's representing the respondant and the applicants in this case.
> Regards all
> 
> allhttp://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/qld/QSC//2017/230.html


----------



## No Trust (3 May 2019)

BDO who was meant to be helping Equititrust investors were working with the enemy... FFS the disqualifiable conflicts of interest that Tucker & Cowan were no impediment for BDO doling out work to mates... 

Then when caught out BDO says the accusations are baseless and accusatory... 

This is a joke


----------



## No Trust (3 May 2019)

This is not the first time that this thread has been attacked for revealing the truth, those exposed didn’t like it all... Few years down the track look where they are now.


----------



## No Trust (3 May 2019)

Equititrust’s Accounts on this website were taken down by the Administrators... 

Founder and CEO banned for life, former CEO and company lawyer being sued for $17.5 blah blah we all know the rest...


----------



## No Trust (3 May 2019)

What is *striking though* is the fact that a partner of BDO Brisbane would formally write to the administrators of this website, thinking that this wouldn’t become public knowledge  and make complaint that the allegations of BDO giving Tucker & Cowan Legal work throughout the Equititrust receivership were baseless and accusatory... I kid you not, here is the screenshot received from the administrators.




Ok, fair and square the Administrators of this website cannot keep up with the minutiae of all the goings on...

It’s not always Black and Whyte... (_can you see what I’ve done there_)

So, I had meaningful conversations with the Administrators, who I must say are very fair and balanced in the their approach.

This was part of my response and communication with the Administrators of this website, the comedic elements relating to the hypocrisy of BDO making such a complaint have been omitted but you’ll get the gist  :






The fact that BDO used Tucker & Cowan throughout the receivership  is in their own sworn affidavits. 

What we need to know now, is *WHEN* did BDO find out about Tucker and Kennedy’s MS ASIA deal related to the Equititrust Premium Income Fund?

This question has been asked of BDO on many occasions and *the silence from BDO is deafening... *Just hearing crickets chirping... 



The next application to the Supreme Court by BDO for remuneration will be *strongly objected to* on a number of provisions within the Corporations Law. 

I would suggest that the Liquidators Hall Chadwick join in this objection to the payment of fees and in fact ask for a review of all fees and refund of fees paid to both BDO and Tucker & Cowan where there were indisputable conflicts of interest. 
eg. Meetings between BDO, Tucker and Kennedy regarding priority issues between the EIF and EPF...  

Seriously *WHAT THE F#CK*. Are we all meant to be be fools and accept fees being charged for this on both ends by BDO and Tucker & Cowan. Did Kennedy throw an invoice in as well ? 

Long story short, once I provided evidence of the sworn affidavits to the Administrators that BDO filed in the Supreme Court of Queensland, showing the extent of work given to both Tucker & Cowan and interactions of “some nature” with David Kennedy the former CEO; I have been posting the evidence from BDO’s  sworn affidavits including their time sheets which detail the work doled out to various parties. 

So in life when you pin your collar to the mast via sworn affidavits to the Supreme Court don’t winge and complain fretfully about what you attested to.

The dots join themselves.................


----------



## No Trust (4 May 2019)

If BDO think they can gaslight investors as to the *FACT* that they doled out work to Tucker & Cowan, they have another thing coming. Issues of Conflict of Interest need to be answered. No receiver / insolvency firm is immune from *this basic tenet of transparency...*

They may want to ask David Kennedy how things worked out for him when he came onto this thread and started his sycophantic rants in favour of McIvor and Equititrust. 

Colonel Kennedy was lambasted and his assertions ripped apart by people who are well informed and not willing to be fed utter garbage...

Kennedy entered the fray and tried to take on the internet and free speech which he and McIvor couldn’t control. 

Ok, to be fair given Grumpy Grandpa McIvor and Kennedy’s age and it being 2010, maybe he thought he could take on the World Wide Web. The revolution had started and as many dictators discovered in recent years even shutting the internet down in a country doesn’t work in hiding the truth.

The rest is history... We are still here,  McIvor isn’t and now we have this....


----------



## No Trust (4 May 2019)

As foolhardy as Kennedy was he did make an appearance on the site and had a crack at propaganda. 

BDO on the other hand didn’t have the balls to come and face the issues of conflict of interest head on and provide a statement to investors they represent and who actually feed them financially. Instead all we have, rightly or wrongly, is the propagation of the perception of “Whinging Poms”...

Covert complaints to Administrators of this website saying that the truth is baseless and accusatory just doesn’t cut here in Australia and I don’t think it cuts it in Ol Blighty either... 

BDO you have a lot to answer for as receivers especially your interaction with Tucker & Cowan and *when as receivers you became aware of Tucker and Kennedy’s MS Asia deal. 
*


----------



## No Trust (4 May 2019)

I just love this valiant effort by Colonel Kennedy... 

He obviously hadn’t figured out the difference between there and “their” ...





In terms of putting money where their mouth’s are, well I think we can all agree Millions of Dollars of investor’s money was eventually put into the wrong mouth’s... 

But hey good try David... When are you back in the country ? I believe a process server has some documents with your name on them...




https://www.queenslandjudgments.com.au/case/id/321500




Equititrust said:


> It is not unusual in our industry to have recalcitrant borrowers attempt to cause damage to Equititrust’s reputation by making untrue or ill-conceived allegations against us.  The common thread of such accusations tends to be that they are only ever made anonymously and when invited to discuss their issues directly with Equititrust the invitation is never taken up yet the accusations continue.  By way of example, “Kostag” has been invited on numerous occasions to contact me yet he has declined to do so.  Instead he continues to make unsubstantiated or erroneous allegations.  I do not intend to further address matters raised by him on this forum.
> 
> In relation to the comments of zencorp (who incidentally has just joined the website and does not state whether or not he is an investor but states he has knowledge of our loan documents which may suggest he is in fact a borrower), I point out the following:
> 
> ...


----------



## No Trust (4 May 2019)

Here’s another cracker from Kennedy... Just a thought, in a future career incarnation has Kennedy  thought about stand up comedy ?? Seriously these jokes would bring a house down or an Investment Fund, same same...








I think most investors would prefer Fairfax / Nine shares given a choice to go back in time...





Equititrust said:


> Equititrust is unable to reply in detail to the numerous inaccurate rants posted on this website.  This is not the forum to be disclosing matters about Equititrust.
> 
> Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.  The correct forums for this disclosure are in our letters to investors and our regular updates on our website.  I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made.  As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies.  They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.
> 
> ...


----------



## No Trust (4 May 2019)

My oh my, how the world has turned...  Yet the best twists and turned are ahead...

Expect more gobsmacking revelations in the weeks to come...


----------



## No Trust (4 May 2019)

Kostag, the person who started this thread was dead right... It was a Cowboy Outfit indeed... 




kostag said:


> *Re: Equititrust: they emerge: David Tweed: where are you?*
> 
> Typical Kolonel Klink Kennedy -  this website is not the place to answer factual matters, so we will answer what it suits us to answer now and leave the real facts in the closet. More of the same non-disclosure.
> 
> ...


----------



## Wet a line (4 May 2019)

No Trust said:


> Kostag, the person who started this thread was dead right... It was a Cowboy Outfit indeed...



Just read Mr. Whyte,s Linkedin's profile, guess where he worked before he immigrated to Australia, connect the dots.


----------



## Wet a line (4 May 2019)

Wet a line said:


> Just read Mr. Whyte,s Linkedin's profile, guess where he worked before he immigrated to Australia, connect the dots.



apologises for the grammar, I had a few beers


----------



## No Trust (4 May 2019)

25 Years in a major UK bank is interesting experience...


----------



## Wet a line (5 May 2019)

No Trust said:


> 25 Years in a major UK bank is interesting experience...



The last 10yrs at Royal Bank of Scotland


----------



## Wet a line (5 May 2019)

HEAD OF SPECIALIZED LENDING 
No less
More dots
I've  heard lures catch more fishermen than fish and the big fish hide under shelves and structures.


----------



## No Trust (5 May 2019)

Oh, how intriguing it all gets...


----------



## Wet a line (5 May 2019)

If a third share in 17.5 is 3.8 where is the other 6 and change......


----------



## No Trust (5 May 2019)

Amended Statement of Claim lodged by the Liquidators of Equititrust against Tucker, Cowan and Kennedy... 

The litigation onslaught continues unabated... 


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (5 May 2019)

Many “beneficiaries” can be hidden via trusts in places like the British Virgin Islands similarly to what has happened in the watergate via the Cayman Islands...


----------



## No Trust (5 May 2019)

So how did MS Asia get to know that Morgan Stanley were buying all the Australian “Bank of Scotland” Debt  ???

Who tipped off Kennedy ??? A Bank of Scotland insider ? 

He got that information from someone, it’s outlined in the judgment... But who pray tell was this man / woman ??? 






https://www.queenslandjudgments.com.au/case/id/321500


----------



## No Trust (5 May 2019)

Hey Morgan Stanley, let us take this off your hands, in the scheme of things it’ll just become an annoying pimple on your ass...  In fact we’ll be doing you a favour... 

Thanks anonymous person who let us know that BANK OF SCOTLAND was selling this portion of annoying debt to Morgan Stanley...


----------



## No Trust (5 May 2019)

It’s always good to know that if I’m ever in need of an accountancy firm in the British Virgin Islands I’ll have someone to fall back on... Phew...  




https://www.bdo.vg/en-gb/about


----------



## No Trust (5 May 2019)

Remember folks, when setting up your offshore bolt hole, it’s always advisable to work with a seasoned tax professional before setting up an offshore account or business... 

Wise advice indeed... 

Thanks Investopedia... You’re a life saver...


----------



## No Trust (5 May 2019)

https://www.queenslandjudgments.com.au/case/id/321500


----------



## No Trust (5 May 2019)

The very pertinent question now is, who set up the British Virgin Islands Companies for Tucker and Kennedy and acted as the company agent.

Given the amount of work BDO has given Tucker & Cowan on the winding up of the LM First Mortgage Income Fund and the Equititrust Receivership, *did* Tucker and Kennedy return the favour and retain BDO Virgin Islands to do any work in relation to the companies they set up to hold their beneficial interests in MS Asia Hong Kong ?? 

Asking for a friend, may need a referral, selling some water rights for a shockingly high price on the public purse and needs a tax friendly shady bolt hole to stash the cash and his identity...


----------



## No Trust (5 May 2019)

What we’ve learnt as a result of the public examinations of Tucker by the Liquidators Hall Chadwick is that Tucker “alleges not to know where the money is” ???

But he does make it crystal clear how he inveigled himself into future work with clients... 



No Trust said:


> View attachment 85543


----------



## No Trust (5 May 2019)




----------



## Wet a line (6 May 2019)

https://www.contactout.com/David-Whyte-17317614
FYI


----------



## No Trust (6 May 2019)

Interesting....


----------



## No Trust (6 May 2019)

It’s great to have friends...


----------



## No Trust (6 May 2019)




----------



## No Trust (6 May 2019)

The same probity needs to be applied to Insolvency and Law Firms as politicians, to ensure transparency and that “any” Conflict of Interest  even the perception of a Conflict of Interest is declared to both the court which appointed them and the investors they represent...


----------



## No Trust (7 May 2019)

New week and I repeat the question to BDO again, when did BDO find out about Tucker and Kennedy’s MS Asia deal ? When they did find out, did they still dole out legal work to Tucker & Cowan ?


----------



## No Trust (7 May 2019)

Others have asked Tucker & Cowan for fee reductions.... Has BDO asked for discounted fees or have the investors been charged full whack by both BDO and Tucker & Cowan...


----------



## No Trust (7 May 2019)

Let me repeat the question to BDO. When did BDO find out about Tucker and Kennedy’s MS Asia deal and when did they know that Tucker & Cowan were acting for MS Asia and in effect Tucker and Kenned personally ?

BDO it appears wants to avoid these questions like the plague, however there will come a time when they will have to apply for their next round of fee approvals and *questions will *have to be answered...


----------



## No Trust (8 May 2019)

New Day same question BDO, when did you find out about Tucker and Kennedy’s MS ASIA deal ?

Were there any conflicts of interests as receivers that you had to declare to both the court and the regulator ?


----------



## Wet a line (9 May 2019)

Indeed, No Trust it is good to have friends.


----------



## No Trust (9 May 2019)

Wow, winner winner chicken dinner... But what ever happened to complaints against Tucker & Cowan and Tucker himself ? Were they informally discussed as the letter states with the LSC ?
Or did Tucker and Cowan act for themselves ? 

So the Qld Law Society paid Tucker & Cowan for the first 3 hours ??? 

This is a joke... The Legal Profession is a joke....


----------



## No Trust (9 May 2019)

This is starting to make sense now, Tucker is acting for himself in the Equititrust litigation instigated by the Liquidators and Cowan has enlisted DLA Piper to represent him.

Complaints will definitely be made to the Queensland Legal Services Commission by the liquidators if they haven’t already...  Giddy Up Cowboy its gonna be a long painful ride...


----------



## No Trust (9 May 2019)

If I was a betting man, I’d wager that a complaint will be made against BDO in terms of their engagement of Tucker & Cowan, who under any normal circumstances would have been disqualified by any other impartial insolvency firm for clear conflicts of interest from the outset of the receivership. This is another joke on the investors of Equititrust.


----------



## No Trust (9 May 2019)

Another Day and another question BDO, when did you find out about Tucker and Kennedy’s MS Asia deal ? When you were made aware of the deal, was Tucker and Cowan engaged to do further legal work for BDO ? Did David Kennedy do any consulting work in relation to Equititrust for BDO at any time ?


----------



## Wet a line (9 May 2019)

Note the date of the document.2 weeks after MS ASIA "ACQUIRED " THE BOSI ASSETS"
I CAN'NE BELIVE IT.


----------



## Wet a line (9 May 2019)

A missing shareholder also was a Senior Manager in KPMG 1988-1996. That bit didn't appear on his Equititrust resume surprisingly.


----------



## Wet a line (9 May 2019)

And still no bytes


----------



## Wet a line (9 May 2019)

It is good to have friends. Found newer doc. 2 of the original firms still providing services and 7 new ones. Sadly 1 missing. New terms too now, 6 free hours and if that's not enough up to another 10k in funding. NICE, It would be great if we could get some free funding.
https://www.qls.com.au/For_the_profession/Practice_support/Direct_support/Free_Legal_Advice_Panel


----------



## No Trust (9 May 2019)

Why pray tell is Tucker & Cowan missing from the panel ? May it have something to do with the fact that Tucker is now a “sole practitioner” ???


----------



## No Trust (9 May 2019)




----------



## No Trust (9 May 2019)

From what’s gone on in this ongoing saga leads me to believe that the insolvency and legal professions are a back slapping boys club out to get as much as they can, and if that means ignoring conflicts of interest and ethics guidelines, who the f#ck cares, ASIC isn’t going to do anything about it. 

One thing these cretins haven’t taken into account is the tenacity of certain people and the media’s exposure of them.

Expect some more headlines soon...


----------



## No Trust (10 May 2019)

Hi BDO, 
when did you find out about Tucker and Kennedy’s MS Asia deal ? When you were made aware of the deal, was Tucker and Cowan engaged to do further legal work for BDO ? Did David Kennedy do any consulting work in relation to Equititrust for BDO at any time ?

Were any conflicts of interests reported to the court ?


----------



## No Trust (11 May 2019)

A snapshot of the Insolvency and Legal Profession’s views on life...


----------



## No Trust (11 May 2019)

A snap shot of MS Asia Debt Acquisition directors meeting.


----------



## No Trust (11 May 2019)

Corporate view on life in the British Virgin Islands...


----------



## No Trust (12 May 2019)

New week almost upon us and BDO still hiding in their cave about not answering questions about when they discovered that Tucker and Kennedy were behind the MS Asia Deal. Legal work flowed to Tucker and Cowan from BDO from the commencement of the receivership... WHY ?


----------



## No Trust (12 May 2019)

If BDO have nothing to hide, why do they hold the investors of Equititrust in contempt and refuse to answer questions as they relate to work given to Tucker & Cowan and what if any work Kennedy was doing for BDO and at what rate...


----------



## No Trust (12 May 2019)

Why doesn’t BDO get guidance from the Supreme Court in regard to using Tucker and Cowan as solicitors related to the receivership. The investors sure want to know what the hell went on. As a court appointed receiver the conflict issues need to be declared to the court, in conjunction with the exact date that BDO was made aware of the MS Asia deal, that involved Tucker, Kennedy and Tucker & Cowan, as a firm acting for both Kennedy and MS Asia. Just writing this boggles the mind as to the convoluted interconnection of the parties... 

Investors are shaking their heads asking WTF went on here, hopefully a Supreme Court Judge will help clear things up...


----------



## No Trust (13 May 2019)

Wakey wakey BDO, its time to answer those pesky questions that wont go away about the use of Tucker and Cowan as your solicitors in what was a clear conflict of interest... Why weren’t Equititrust Investors asked about what they thought about that idea at the outset ?


----------



## No Trust (13 May 2019)

So many friends with benefits amongst the bankers / financiers...


https://www.9news.com.au/national/v...0k-fraud/927936b3-0479-4dc2-976d-f9d85974591e


----------



## No Trust (14 May 2019)

Let’s make one thing clear that no one can deny, Tucker was doing legal work for BDO when he was also the owner of the Equititrust Premium Fund debt. That’s indisputable, the question is when did BDO become aware of this. Kennedy also seemed to be involved in some way, which BDO has failed to explain. Was Kennedy a consultant or just a benevolent helper ?


----------



## Mozzi (16 May 2019)

No Trust said:


> So many friends with benefits amongst the bankers / financiers...
> 
> 
> https://www.9news.com.au/national/v...0k-fraud/927936b3-0479-4dc2-976d-f9d85974591e




Guess you know what "friends with benefits"  means NO TRUST?

Some people are getting SCREWED!


----------



## No Trust (16 May 2019)

That’s right Mozzi, they only care about themselves not the people being hurt by their actions..



Mozzi said:


> Guess you know what "friends with benefits"  means NO TRUST?
> 
> Some people are getting SCREWED!


----------



## No Trust (21 May 2019)

Tucker’s up to his old tricks again, filing useless, nuisance applications again...

Stephen Russell fighting right back and HARD...

Richard Cowan, seems to have gone quiet after his protestations about news coverage was hit on the head... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## No Trust (29 May 2019)

As suspected a settlement has been reached with KPMG’s insurer... The question now is, what happened with the claim against Equititrust’s insurer ?

Great work Hall Chadwick... Successful result without using Tucker & Cowan as a lawyers unlike the Receiver BDO...  Oh hang on, the Liquidators Hall Chadwick, are suing David Tucker and Richard Cowan in the Supreme Court... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18






https://www.lawyerly.com.au/equititrust-liquidators-reach-settlement-with-kpmg/


----------



## No Trust (29 May 2019)

The above result for investors by Hall Chadwick, juxtaposed to this excuse by BDO for using Tucker & Cowan as its lawyers in the receivership, is a bad joke on every investor in the fund...

According to David Whyte he continued to work with Tucker & Cowan “in investors best interests”
If that comment doesn’t define irony, then nothing does...

Eyebrows were raised indeed...

Courier Mail 
City Beat  
*Anthony Marx*
15 May 2019


----------



## No Trust (1 June 2019)

It’s amazing how Hall Chadwick managed to get to this point in proceedings with no legal assistance from Tucker & Cowan unlike BDO who doled out work to its mates... For the record when a BDO partner and his wife are friends on Facebook, that’s kinda the modern day definition of friends. 

BDO giving work to Tucker & Cowan was not in the best interests of investors as it was clearly a conflict of interest.. 

http://www.equititrust.com.au/Pdfs/Liquidator/190531 Notice to Creditors and Unitholders.pdf


----------



## No Trust (4 June 2019)

The modern definition of friendship is sending a friend request and accepting... 

Do these interactions by BDO and Tucker & Cowan pass the pub test ? A definite no to that...



No Trust said:


> A savvy media type, doing some "digging around" has informed me that he has noticed *a peculiarity* in terms of the relationship between David Whyte and David Tucker. Both seem to be Facebook friends...
> So what one may say.., but given the involvement of Tucker sucking off the golden teat of Equititrust for so long and given the current revelations regarding Tucker and Kennedy and the EPF, did David Whyte give Tucker legal work in regard to Equititrust ??? If so what did it involve ? The unravelling of the conflict's of interest is just beginning.
> 
> The other peculiarity noted on Facebook by the media type was Tucker's penchant for tight lycra shorts... Something he said is hard to unsee...
> ...


----------



## LisyLoo (6 June 2019)

We are the children of an Investor who, like many, lost our inheritances.....we keep getting letters from Hall and Chadwick but so full of legalese I hate to admit I have no idea whats going on?

It seems to me, simplistically, that David Whyte bills and awful lot and gets very little results. Is this a huge lawyers and administrators move just to eat everything up?

What is this latest action designed to do?

Is there any light of any further return?

So sorry to ask.


----------



## No Trust (6 June 2019)

Hi “LisyLoo”, welcome to the thread..

It appears that Hall Chadwick are doing are far better job in terms of pursuing money for investors than BDO. The results are on the board in terms of their willingness to litigate the former directors and auditors.

Their current litigation against former lawyer and director David Tucker, his partner Richard Cowan and former CEO David Kennedy for $17.5M is further evidence they don’t shy away from pursuing those alleged of wrongdoing.

Subject to court approval of the settlement with professional indemnity insurers of KPMG and Equititrust, there will be a further return at some point. How much is yet to be determined, as the settlement agreement is confidential at this stage and suppression of the documents has been requested as part of the court approval of the agreement.

After all the costs and further wrangling with BDO, I wouldn’t hold out much hope of a substantial further return.

In terms of transparency and managing conflicts of interests to date Hall Chadwick have run rings around BDO. I didn’t think so at first, primarily because they were initially appointed as administrators by Mark McIvor, but Hall Chadwick have proven to be on the right side of history in this saga. BDO have on the other hand have been a utter disappointment. Initially I thought they were on the side of investors, however when I discovered they were using Tucker & Cowan I was appalled.

BDO’s use of Tucker & Cowan and then saying it was in the investor’s best interests is a disgrace and slap in the face of every investor.

Facebook showed that both David Whyte and his wife were “Facebook” friends with David Tucker.

There were even meetings where David Tuckers Super fund, which was invested in Equititrust was discussed with BDO and then put into the monthly billing by BDO. How on earth is this acceptable. The billing needs to be independently audited and all inappropriate amounts which were conflicted need to be returned to investors by BDO.

Hope this helps.






LisyLoo said:


> We are the children of an Investor who, like many, lost our inheritances.....we keep getting letters from Hall and Chadwick but so full of legalese I hate to admit I have no idea whats going on?
> 
> It seems to me, simplistically, that David Whyte bills and awful lot and gets very little results. Is this a huge lawyers and administrators move just to eat everything up?
> 
> ...


----------



## No Trust (6 June 2019)

Remember this guy ? McIvor’s stellar new addition to his team...


----------



## No Trust (6 June 2019)




----------



## LisyLoo (6 June 2019)

No Trust said:


> Hi “LisyLoo”, welcome to the thread..
> 
> It appears that Hall Chadwick are doing are far better job in terms of pursuing money for investors than BDO. The results are on the board in terms of their willingness to litigate the former directors and auditors.
> 
> ...






Thanks so much 'No Trust". 
You obviously have your head around it much better than we did.
The jargon is very confusing for us.
Our poor Dad must be devastated in heaven and rue the day he ever trusted that scumbag Mark McIvor. I used to say to him - those Christmas hampers are costing a fortune - I wouldn't trust him. We see McIvor and his missus in posh places and know its our money that they are spending. Karma is our only hope.
As for David Whyte and Tucker - even though we didn't understand his letters - it seemed as though he was taking much more he was achieving.
We appreciate all your input and will do our best to remain in the loop so to speak.


----------



## No Trust (6 June 2019)

It appears that Anderson and David Kennedy went from one host and then attached themselves to another...


----------



## No Trust (6 June 2019)

You’re very welcome..



LisyLoo said:


> Thanks so much 'No Trust".
> You obviously have your head around it much better than we did.
> The jargon is very confusing for us.
> Our poor Dad must be devastated in heaven and rue the day he ever trusted that scumbag Mark McIvor. I used to say to him - those Christmas hampers are costing a fortune - I wouldn't trust him. We see McIvor and his missus in posh places and know its our money that they are spending. Karma is our only hope.
> ...


----------



## No Trust (6 June 2019)




----------



## No Trust (6 June 2019)

The hits just keep on a coming... The Courier Mail Cartoonist Brett Lethbridge never fails to deliver...  I’m crying here...


----------



## No Trust (6 June 2019)

Meanwhile the steam train of justice keeps rolling on... Question is who’s next ?

Today’s *Courier Mail *


----------



## No Trust (6 June 2019)

It’s just mind bogglingly gobsmacking that both David Anderson and David Kennedy detached themselves from host body MFS / Octaviar and then reattached themselves on to the financial veins of Equititrust, whose life blood was mainly innocent, hard working retiree investors.

Then this happens ??? Seriously WTF... You couldn’t write a movie script... No one would believe it, yet it happened to innocent Equititrust investors...


----------



## No Trust (7 June 2019)

Kostag, the person responsible for this thread, first post was prophetic...  



kostag said:


> I'm an Equititrust investor -  historically, all has been good -  bit I am hearing some disquieting developements -  such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge -  same auditors as MFS used -  same business model -  and even Royal Bank of Scotland loans outstanding/overdue.  There was a press write up about a loan to Al Konstaninidis going bad etc -  and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.


----------



## No Trust (9 June 2019)

This really aged well didn’t it... The flying monkeys willing to do anything for a buck never ceases to amaze me...

This included sychophantic employees, who didn’t blink when it came to breaking the law... 

McIvor’s monkeys, are now paying a heavy price


----------



## No Trust (18 June 2019)

Some interesting developments today...




http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (18 June 2019)

The 3rd and 4th Defendants are 

David Kennedy and MS Asia


----------



## No Trust (18 June 2019)

So the liquidators have let David Kennedy and MS Asia off the hook.

Has Kennedy turned on Tucker ?

Anything’s possible in this all mighty sh#t fight... 

Regardless Tucker and Cowan are still well and truly enmeshed in what appears to be very protracted and nasty litigation...


----------



## No Trust (19 June 2019)

Here’s the wash up...

http://www.equititrust.com.au/Pdfs/Liquidator/Amended Origination Process.pdf


----------



## Mozzi (19 June 2019)

No Trust said:


> Here’s the wash up...
> 
> http://www.equititrust.com.au/Pdfs/Liquidator/Amended Origination Process.pdf






Mozzi has a confession to make - no idea what on earth that all means!


----------



## No Trust (20 June 2019)

Hi Mozzi, the liquidators are seeking the approval of the Court for entering into the settlement deed and apportionment of funds subject to litigation funding that was won in suing KPMG.

Long and the short of it, the Liquidators are following due process and getting the approval of the court to ensure their actions are transparent and in the best interests of investors. 




Mozzi said:


> Mozzi has a confession to make - no idea what on earth that all means!


----------



## No Trust (24 June 2019)

This is not a good result for investors...


----------



## No Trust (24 June 2019)

http://www.equititrust.com.au/Pdfs/...e to Creditors and Unitholders 21.06.2019.pdf


----------



## No Trust (24 June 2019)

Investors and creditors get ZERO, Litigation Funder and Liquidator get the lot...

I predict there will be many questions and objections as to why this litigation was commenced in the first place if there is no benefit to the investors and only the lawyers and liquidator profit from it.


----------



## No Trust (24 June 2019)

This appears to be a bum deal for the investors, why not proceed to full trial if the other side are willing to settle after 6 years of litigation ?


----------



## No Trust (24 June 2019)

Prior to spending any more time and money on any other litigation, I think the liquidators need to think long and hard before wasting any more of the investors money on legal forays if the end game is zero net gain for the investors. 

The Liquidators should avoid the courts like the plague after this dismal result. 6 years p#ssed down the drain for NOTHING.


----------



## Mozzi (24 June 2019)

No Trust said:


> Prior to spending any more time and money on any other litigation, I think the liquidators need to think long and hard before wasting any more of the investors money on legal forays if the end game is zero net gain for the investors.
> 
> The Liquidators should avoid the courts like the plague after this dismal result. 6 years p#ssed down the drain for NOTHING.





Why?   Why?   Why?   Why were all these people let off the hook -  from McIver to the people involved in the latest case, right through this whole debacle?    Incompetence, secrecy re settlement and like always nothing in the end, zilch for the investors.   We always knew the lawyers would get their cut - they always do, but this latest is too ridiculous for words. 

and they all laughed all the way to the Bank................


----------



## No Trust (25 June 2019)

The fact that the litigation funders were paying the liquidators for 6 years and then they both take all the spoils in the end and the investors get nothing is beyond words...


----------



## strongman (25 June 2019)

Hi No Trust, How are you? Strongman is delighted your taking an interest in restorative justice for 1620 Equititrust investors. Our focus is the same. We have not been idle. We've been collecting forensic information that will unequivocally prove that;

i. Messrs Tucker and Kennedy engaged in a securities fraud, unparalleled in Queensland legal history.
ii. Each of the insolvency practitioners i.e. Albarran and Whyte, have been knowingly, or unwittingly, complicit with the Tucker/Kennedy fraud.
iii. ASIC has engaged in misfeasance, and perversion of the course of justice, in respect to two whistleblowers, seeking to bring to light the criminal conduct of Westpac, in particular the activities of David St Pierre, a Pacific Fair bank manager, jailed in 2017 for offences related to systemic predatory lending.
iv. This ASIC misconduct impacted Equititrust as David Hickie, a 'white knight' appointed to the Equititrust board in 2012, was one of the whistleblowers, seeking to restore justice, regarding Westpac criminality. Hickie was well known to Greg Medcraft, having worked with him for ten years, during the ASIC Chairman's prior 27 year sojourn at Societie Generale. Medcraft was an unusual choice as ASIC Chairman, given his prior role at Soc Gen was to push billions of dollars of capital to Westpac. Post the GFC, Medcraft facilitated $5billion of capital to Westpac, purportedly to stimulate the economy. This capital fostered the predatory lending that has been callously covered up by the Federal Govt. Hickie was brutally attacked by ASIC, at the same time, ASIC relentlessly pushed the Equititrust assets into the hands of the insolvency industry, directed by Tucker. ASIC have consistently refused a FOI that will confirm that Tucker contacted ASIC, post his dismissal, and facilitated the highly illegal, and fateful raid, that subsequently decimated $400 million of asset and business value.

On closer examination of forensic evidence, the following will emerge;

1. David Tucker facilitated the illegal raid of 28 officers, including armed Federal Police on the home and and office, of Equititrust's founder, Mark McIvor within eight days of his dismissal for misconduct. (Tucker's dismissal was an essential step, post advice from Brett Walker SC, to endeavour to protect investors from his planned securities fraud, in which he was aided and abetted by David Kennedy.)
2. The 'elephant in the room' of course is why would ASIC illegally raid a federally constituted trustee, which, as at the commencement of 2011, had $76million in retained earnings, and $17m loaned to it by third party creditors. The assets were sound, and the board had purposed to transition to the stock exchange, to protect the assets, and re-position them for comprehensive development.
3. The winding up of the Equititrust Income and Premium Fund did not oblige a garage sale of assets. The company had navigated three years of GFC, with zero interest and principle loss. In fact, $30 m had been written off the income, to ensure the assets were pristine.
4. Misfeasance is when the Government is liable to citizens for its wrongdoing. Misfeasance is constituted by two heads, being i. Reckless Indifference or ii. Targeted Malice. ASIC engaged in reckless indifference at the start of 2011, when the Qld head of ASIC, Jenny Gentles, compelled Equititrust Ltd to withdraw a valid PDS for the purpose of raising capital, to repay NAB the remaining $25m. NAB had compelled Equititrust to subordinate $40m to a first loss position, then purposefully oppressed the business model, by relegating Equititrust to 'bad bank' in March 2010. In August 2010, NAB obliged a 217 page valuation report which confirmed the asset valuation at $280,000,000. Given the assets comprise 2,000 residential allotments and relatively simple developable assets, the crimes committed by the various insolvency participants likely set a record, within legal circles. All insolvency practitioners, including Tucker and Kennedy, are 'Officers of the Court'. As such, they have a very high duty of care to investors, shareholders, and third party creditors. 

You obviously have a noble intention, given the extent of your input in this matter. Private criminal prosecutions of Tucker and Kennedy are the shortest route to penetrating to the truth of this matter. If you have contact details of investors, and wish to assist in the formation of a lobby group, on their behalf, we would be pleased to discuss these matters with you. Await hearing.
Strongman


----------



## No Trust (25 June 2019)

Thanks but no thanks McIvor....

Your rant about ASIC raids etc have all been regurgitated by you on your defunct AMPITUP website before. Why don’t you just be upfront and tell the thread it’s you ? Are you afraid of what the investors will tell you ?

https://strongmanfinancier.co/team.php

As the Chief Evangelical Officer of god knows what now, shouldn’t you be more concerned about paying your rent and not getting evicted by the police.

How can you help investors ???

You’re banned for life from the financial services industry and deservedly so.

You thought the sun shone out of Tucker and Kennedy’s asses and yet Tucker bankrupted you... SMFH...
Don’t say you weren’t warned what would happen to you.

How can such an abject failure in business with such impossibly bad judgement be of any help to any investor ? It’s all hot air - would’ve -could’ve - should’ve...

You and you alone are responsible for the loss of innocent elderly retiree investors life savings on idiotic lending to the likes of  Dudley Quinlivan aka “King Con”...

If your own mother won’t have anything to do with you, why would any investor want to go near you after you destroyed their lives ?

Face reality Marky Boy, the glory days are over, you have been financially neutered, have zero power and negative credibility...



No Trust said:


> View attachment 89260
> View attachment 89261
> View attachment 89262
> View attachment 89263
> View attachment 89264

















strongman said:


> Hi No Trust, How are you? Strongman is delighted your taking an interest in restorative justice for 1620 Equititrust investors. Our focus is the same. We have not been idle. We've been collecting forensic information that will unequivocally prove that;
> 
> i. Messrs Tucker and Kennedy engaged in a securities fraud, unparalleled in Queensland legal history.
> ii. Each of the insolvency practitioners i.e. Albarran and Whyte, have been knowingly, or unwittingly, complicit with the Tucker/Kennedy fraud.
> ...


----------



## strongman (26 June 2019)

No Trust said:


> Thanks but no thanks McIvor....
> 
> Your rant about ASIC raids etc have all been regurgitated by you on your defunct AMPITUP website before. Why don’t you just be upfront and tell the thread it’s you ? Are you afraid of what the investors will tell you ?
> 
> ...





Your diatribe over the last decade demonstrates you have an axe to grind. We know who you are. You need to move on from the fact that you were a non performing borrower who Equititrust was obliged to deal with. You're better than that, given there is an equal and opposite positive in every negative. I counsel caution, given you've been engaging in criminal defamation for some years. If you were genuinely interested in 1620 aged investors relegated to penury you would demonstrate a willingness to more skilfully understand the facts. ASIC presides over a two trillion dollar funds management industry, based in Sydney and Melbourne. That centralised control of capital keeps a corrupt bipartisan power base, controlling regional Australia. David Tucker's father ran Qld politics for 13 years, as Chairman of the Liberal Party. Little wonder David has been a protected species for seven years, and now has an $80m net worth. His private prosecution will yield vastly more for investors than Hall Chadwick's six years of nonsensical action. The litigation funder that Albarran wasted $35m on was tied up in knots in a legal case that was fundamentally flawed. Paul Lindholm simply plays better poker than KPMG. The fact that $35 million was spent on lawyers, to recover zero for investors, demonstrates the farcical nature of centrally controlled and outmoded financial services system, that will be decimated by blockchain. The future is bright for those with agile minds, and an ability to adapt. If you will good, good will happen. The reverse is also the case.               Strongman


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## No Trust (26 June 2019)

Marky Boy are you ok ?

More delusional rants and accusations... You’ve got it wrong each time...  SMFH. The game is over mate, zero chance of ever coming back...

You have no idea or remorse for what you’ve done to investors... Just blame everyone else. Nothing’s changed except that you’ve been given a life sentence by ASIC which you can’t ever overturn...

As far as Equititrust investors are concerned, you can shove your delusional blockchain where the sun don’t shine because it’s not going to bring their money back.


Check out the directors of Strongman Financier as compared to the Article by Greg Stolz and Jeremy Pierce of the Courier Mail below, this sums up the state of affairs of Strongman.

https://strongmanfinancier.co/team.php







https://www.couriermail.com.au/news...t/news-story/3bcec420a9380d0bf9a6abf764148750


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## Mozzi (15 July 2019)

No Trust said:


> Hi Mozzi, the liquidators are seeking the approval of the Court for entering into the settlement deed and apportionment of funds subject to litigation funding that was won in suing KPMG.
> 
> Long and the short of it, the Liquidators are following due process and getting the approval of the court to ensure their actions are transparent and in the best interests of investors.




Thanks "No Trust"    BUT -  What is said and what actually happens are two different things, as we know!   We love it that the courts "ensure that their actions are transparent and in the best interests of investors."    What a load of bull****!!!


----------



## No Trust (16 July 2019)

This is true... 



Mozzi said:


> Thanks "No Trust"    BUT -  What is said and what actually happens are two different things, as we know!   We love it that the courts "ensure that their actions are transparent and in the best interests of investors."    What a load of bull****!!!


----------



## No Trust (8 August 2019)

https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/


----------



## No Trust (8 August 2019)

Justice Jagot is right in saying this outcome is distasteful for creditors of Equititrust.. 

I can’t see how the Liquidators can proceed with in any further litigation given the comments by Justice Jagot.
How are investors served if a single dollar is wasted on unnecessary litigation.


----------



## No Trust (9 August 2019)

Given Justice Jagot’s comments regarding the Liquidators litigation, the creditors need to have a vote on any further legal proceedings the Liquidators want to involve themselves in... A single further dollar wasted which could be returned to creditors needs to be fully explained and put to a vote of the creditors... Enough is enough, the creditors are not winning from the Liquidators adventures into speculative litigation...


----------



## Mozzi (10 August 2019)

No Trust said:


> Given Justice Jagot’s comments regarding the Liquidators litigation, the creditors need to have a vote on any further legal proceedings the Liquidators want to involve themselves in... A single further dollar wasted which could be returned to creditors needs to be fully explained and put to a vote of the creditors... Enough is enough, the creditors are not winning from the Liquidators adventures into speculative litigation...





Would be interesting to count up the total amount of money paid to lawyers, receivers, liquidators etc. against the amount actually paid to poor old investors...... anyone know an independent auditor?


----------



## No Trust (11 August 2019)

The most concerning aspect of all of this is the fact that the Liquidation Funder was paying the Liquidators Fees for approximately 7 years.

How is this not a Conflict ?


----------



## No Trust (11 August 2019)

The Creditors should call for a meeting and have the Liquidators explain why the litigation funder was paying them ? Was this previously disclosed to the creditors ?


----------



## No Trust (11 August 2019)

It’s VERY VERY simple... No more LITIGATION that wastes another dollar of creditors money...


----------



## No Trust (16 August 2019)

Why has there been a consistent aversion to providing financial financial statements to Liquidators and the regulator ???  

If there was nothing to hide why the aversion front up with the figures ???

McIvor and his flying monkeys appear to have some homework to finalise.

Karma has everyone’s address...


----------



## RedQuill (19 August 2019)

Attached is a link from ABC news;

https://mobile.abc.net.au/news/2019...xtension-in-inquiry/11416286?section=business

If anyone is motivated, put a submission in regarding KPMG and co.
Perhaps Transparency International should be made aware of KPMG Au and their failures. The ICJ, International Consortium of Journalists might also be interested since KPMG is a multinational dirtying to water far from home with repercussions being felt for years.


----------



## No Trust (19 August 2019)

Go for it loser... I mean that literally, lost mothers home and lost innocent elderly retiree investors money... 





https://www.smh.com.au/business/bab...-frock-and-awe-at-noni-b-20140903-10brp9.html


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## No Trust (19 August 2019)

I think you know where you can shove that Red Quill... KPMG and Equititrust were in cahoots going way back... Narcissists always need a scapegoat...







https://www.couriermail.com.au/busi...519891702?sv=d6cac732b628bcb270486f7fdb9dd58c


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## RedQuill (19 August 2019)

Kostag...your fly is undone. You always get over excited thinking about McIvor. I wonder why? It is getting a bit obvious...why don’t you just send him some flowers...
You are drawn to him like a bee to honey.❤️❤️


----------



## No Trust (20 August 2019)

McIvor you are stuck to this thread like sh#t to a blanket... Repeatedly joining the thread and posting as a new user that joined that day... Why don’t you just join the thread as yourself... As for Kostag, you got it wrong again 

The flowers, well they were sent to the funeral of Equititrust... 






RedQuill said:


> Kostag...your fly is undone. You always get over excited thinking about McIvor. I wonder why? It is getting a bit obvious...why don’t you just send him some flowers...
> You are drawn to him like a bee to honey.❤️❤️


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## No Trust (22 August 2019)

The Equititrust Servers which are intact and preserve a plethora of historical information will prove to be career poison for some sycophantic individuals who did McIvor’s bidding...

Regulatory Shirt Fronting - well and truly underway... Karma has everyone’s address...

When you try and bury someone, make sure they don’t come back and haunt you from the grave...

Bye bye boys...


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## No Trust (22 August 2019)

Something McIvor’s flying monkeys are just discovering...


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## No Trust (22 August 2019)

It appears as usual the Liquidators are churning up enormous legal fees in the litigation against Tucker & Cowan... Question is, will it end up just like the action against McIvor with the lawyers and litigation funder taking the lot ? 

Not that anyone doesn’t want to see the blow torch applied to Tucker & Cowan, but if it’s just a fee generation exercise, what’s the f#cking point and benefit to investors.

Pleash explained that during the litigation against McIvor and KPMG the litigation funder was paying Hall Chadwick’s fees... This surely is not arms length... 

Pleash needs to fess up to creditors and investors alike as to whether the same deal was struck with the litigation funder as to their Liquidators fees ?

What’s the bet nothing ends up in the pockets of investors again ??? 


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## No Trust (23 August 2019)

The Liquidators having to change senior counsel in the proceedings against Tucker & Cowan, having to drop suing Kennedy (who was never served), having cost orders against them in the hundreds of thousands of dollars seem to be completely mismanaging the litigation to date.

Imagine after all the costs and Interlocutory proceedings Tucker & Cowan have not even filed defences yet because the statement of claim has not been finalised... SMFH what a disaster...

The liquidators embarked on suing everyone and have had to withdraw proceedings against multiple defendants and now say in their report they wanted to simplify  proceedings and then appointed a new senior counsel... For f#cks sake why wasn’t this properly thought out before they commenced proceedings...

Meanwhile they get paid no matter how may f#ck ups they make along the way. Given that no money was returned to creditors in the other proceedings against McIvor and KPMG... WHATS THE POINT ???

The Liquidators seem to be pursing these actions simply to remain on the fee drip with absolutely no empathy or concern for the creditors and investors of Equititrust. This is just one big legal adventure for them with absolutely no recourse against them.

After the upcoming September hearing and judgment they are now saying they want the matter put on the Commercial List which expedites actions through to trial with the appointment of a judge to the matter. I am certain Tucker & Cowan will object to this and drag the matter out as long as they can.

Just look at the amounts paid out to the litigation funder and lawyers to date such as Russell’s who are running the Tucker & Cowan litigation...




http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20190820 - Report to Creditors.pdf


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## No Trust (23 August 2019)

Is this what this litigation is really all about ???

The lawyers and liquidators get ALL the money and the creditors and investors get NOTHING...

It’s all in black and white folks... Can’t be confused for anything else...

Now if you think that creditors will get one red cent from the current legal foray against Tucker & Cowan, you don’t know the nature of lawyers and liquidators... It will all be balanced to the last cent to land in their pockets... No wonder the Federal Court judge was disgusted with what panned out in the previous proceedings...

Can you imagine that not even $1,000 was spare to distribute to creditors and investors from the settlement, every single dollar and cent was gobbled up by the lawyers and liquidators...

There has to be a stop to these liquidators funding lawyers new Range Rovers and holiday houses... NO MORE LITIGATION...


----------



## No Trust (24 August 2019)

https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/


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## No Trust (24 August 2019)

The Liquidators and Lawyers ride high on the pigs back and the creditors get zilch...


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## No Trust (24 August 2019)

Really Hall Chadwick - This is what’s being funded and not one single dollar was available for the creditors ? You have to be f#cking kidding...




https://www.domain.com.au/news/lawy...s-steven-burchers-mystery-23-5m-buyer-812429/


----------



## Mozzi (24 August 2019)

No Trust said:


> Really Hall Chadwick - This is what’s being funded and not one single dollar was available for the creditors ? You have to be f#cking kidding...
> 
> View attachment 97031
> 
> ...





It literally makes Mozzi want to throw up reading all the foregoing.

If they had any conscience whatsoever they would ALL have the grace to be embarrassed!

Wonder if they are as they laugh all the way to the Bank (as we have said previously!)


----------



## No Trust (24 August 2019)

Having “so called” insolvency professionals getting involved in a matter like Equititrust is analogous to a parasite feeding off a host body until everything is sucked out of it.

That one dollar was not available for distribution after 6 years of litigation  is scandalous... The litigation should have been seen through to the end. However as the Federal Court judge alluded to, other interests were prioritised and in play such as the liquidators fees in the event that the case was lost, they would have got zilch. Of course that influenced their decision to choke at the last minute and settle.

A litigation funder should never have been paying the liquidators fees for 6 years...

This was a business deal speculative in nature from the outset with no independent voice of creditors in any of the decision making. The investors and creditors were used so that lawyers and liquidators could make a buck.

The Tucker & Cowan litigation is a disaster to date.. The liquidators are better off discontinuing the action and cutting their losses before it ends in tears...


----------



## No Trust (24 August 2019)

The Liquidators are under pressure, hence the lengthy report by Pleash trying to explain what’s happening with the Tucker & Cowan litigation.

This litigation will end in tears and the creditors and investors will get a big fat zero... 

It’s time for the Liquidators to F#CK OFF and stop kidding themselves about recovery of anything from Tucker & Cowan...



Mozzi said:


> It literally makes Mozzi want to throw up reading all the foregoing.
> 
> If they had any conscience whatsoever they would ALL have the grace to be embarrassed!
> 
> Wonder if they are as they laugh all the way to the Bank (as we have said previously!)


----------



## No Trust (27 August 2019)

The two Hall Chadwick operatives with dubious fashion choices in shirts and suits didn’t deliver a single dollar to creditors and investors of Equititrust after 6 long years of litigation. They did however get paid, along with the lawyers and litigation funder... 



https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/


----------



## No Trust (27 August 2019)

Another milestone with the thread hitting over 800,000 views today...

Many thanks to Kostag for starting the thread and exposing everyone associated with the filth that was Equititrust...


----------



## No Trust (28 August 2019)

This judgement speaks volumes... 



https://www.caselaw.nsw.gov.au/decision/54a63ff83004de94513dc749


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## No Trust (28 August 2019)

Did anyone review the legal fees in any of the previous litigation against McIvor and KPMG ? 

The current litigation against Tucker also needs some form of independent review into the quantum of legal expense to date, given the fact that despite years of litigation the creditors and investors have not benefited by “one” single dollar...


----------



## No Trust (30 August 2019)

Are the liquidators justifying their existence through litigation ???


----------



## No Trust (30 August 2019)

If not for the litigation undertaken by the liquidators what else did they have to do ???


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## No Trust (30 August 2019)

So the lawyers are mates with the litigation funders and the litigation funders are paying the liquidators... Does anyone see a conflict here ?


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## No Trust (1 September 2019)

Huge amount of legal fees being churned up prior to the next hearing on the 10th and 11th of September 2019 as evidenced by the filings a few days ago.

The preparation and finalisation of each of the affidavits consumes many billable hours..

Now remember, the lawyers and the liquidators are billing at either end of this equation... No wonder there is nothing left for the creditors and investors at the end. It will be “perfectly” balanced in favour of the lawyers and Hall Chadwick and there will be nothing left at the conclusion of this round of speculative litigation...

Isn’t it time to provided an accounting on the progressive legal fees paid to date as well as the amount of costs the liquidators now have to pay to Tucker & Cowan as a result of the multiple cost orders against them...





http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (1 September 2019)

Given the multiple costs orders against the liquidators in the Federal and Supreme Courts regarding the Tucker & Cowan litigation - in having to discontinue proceedings against MS Asia and David Kennedy in Hong Kong, having to change senior counsel to replead the proceedings incurring further expense and adverse cost orders, it’s clear the litigation against Tucker & Cowan has well and truly come off the rails and is heading for a cliff... This has turned into a monumental DISASTER...


----------



## No Trust (1 September 2019)

The money the liquidators are burning through must also be on the minds of the litigation funder and it’s clear now that their money is at serious risk in this litigation... Nothing is 100% and the chances of the liquidators winning this action are dwindling by the day and cost orders awarded against them... #DISASTER


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## Triple_Witching (2 September 2019)

Hello No Trust

VERY Important PLEASE.

Contact me on >

nooneatnorthpole     AT        gmai   l.com

Thanks


----------



## No Trust (2 September 2019)

Please feel free to contact me via private message on this website... 



Triple_Witching said:


> Hello No Trust
> 
> VERY Important PLEASE.
> 
> ...


----------



## No Trust (3 September 2019)

So many matters rising from the depths of the swamp that was Equititrust and McIvor... 

In the process of the shadowy dealings many tracks were not not covered and time it appears has revealed a direct path back to Equititrust / McIvor and his flying monkeys...

Karma has everyone’s address boys...


----------



## No Trust (5 September 2019)

A former Equititrust operative and one of McIvor’s former “flying monkeys” appears to have had the electric shock cables applied to his wedding tackle by the regulator ASIC in investigations currently underway regarding historical misconduct...

Sorry - NOT sorry


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## No Trust (5 September 2019)

How are some of McIvor’s flying monkeys still working in the Financial Services industry given their historical misconduct  ??? 

Events currently unfolding may soon put an end to that...

McIvor’s been keeping the bench warm for you guys... 

Sorry - NOT sorry


----------



## basilio (5 September 2019)

Came across a fascinating piece of research on Mark McIvor and Equiitrust. Worth a read to expand ones knowledge of how to make money.

* Trust me, I'm a lawyer *
 Barry Lane • Monday, August 6, 2012
*Collapsed Equititrust boss returning to the law ... Money lending - Gold Coast style ... Negligence and breach of duties by Indians, not the Chiefs ... Lawyers know best ... Barry Lane reports *
http://justinian.com.au/archive/trust-me-im-a-lawyer.html


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## No Trust (5 September 2019)

Yes, it’s a good article Basilio... Being banned for life by ASIC clipped McIvor’s wings forever... 

It’s not over yet, ASIC have been drawn back into serious historical FRAUD committed by Equititrust which was concealed by his sychophantic underlings...


----------



## No Trust (9 September 2019)

This lucky fellow has a two day court date in the Supreme Court tomorrow...




Operatives close to the action say the Oil in the Litigation Pot will be beyond  boiling this time..

Stephen Russell appears to be bringing the herbs and spices for the almighty legal feast...

Bon Appétit...


----------



## No Trust (10 September 2019)

For those wishing to engage in a touch of schadenfreude I will save a seat for you in the public gallery...


----------



## No Trust (10 September 2019)

The lawyers getting their asses sued off them for getting involved in a clients business is ironic... The client wasn’t a former client either. Tucker & Cowan were milking the golden teate well after the collapse of Equititrust in 2011. Whilst acting for the receiver of the EIF  David Whyte of BDO with a “Conflict of Interest”, the MS Asia deal was hatched... WTF... This cannot be denied as it was finally acknowledged by David Whyte in the Courier Mail below ...


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## No Trust (19 September 2019)

There is obviously a serious ongoing  conflict of interest in Worrells role in the MS Asia transactions knowing that both Tucker and Kennedy were the actual beneficial owners.

Tucker’s assertions in the Courier Mail Article that the Liquidators had very little to do may soon change, due to his actions some time ago.

The MS Asia transactions are not the only transactions that are currently unraveling and subject to close scrutiny...





No Trust said:


> *CITY BEAT
> Anthony Marx
> Courier Mail
> 26 July 2018
> ...


----------



## No Trust (19 September 2019)

Worrells were used by Tucker & Cowan to bankrupt McIvor and then used as the front for MS Asia as receivers of the EPF... 

Friendly receiver appointments have a way of backfiring on the actual appointors leaving a trail of shrapnel in the asses of those who think playing d#ck games with peoples hard earned retirement savings will never be discovered.


----------



## Triple_Witching (27 September 2019)

https://www.businessnewsaus.com.au/articles/tucker---cowen-partners-scoop-awards-pool.html

*TUCKER & COWEN PARTNERS SCOOP AWARDS POOL*
Written on the 28 April 2015



TUCKER & Cowen has blitzed the latest Doyle's Guide rankings, with three partners being singled out.

Richard Cowen, David Tucker (pictured left) and David Schwarz have bolstered the Adelaide Street firm's *Tier 1 ranking for Insolvency.*

Founding partner Tucker says the appraisal reaffirms his team is on the right track, and adds to other recommendation the firm has earned for its Litigation practice.

"We are all honoured to receive these awards which reaffirm the respected reputation we have built as the preeminent boutique firm for litigation and insolvency in Queensland," says Tucker.

"When Justin Marschke joined us his success had already been recognised by repeated rankings as 'an outstanding litigation lawyer' in the Asia Pacific Legal 500, AFR Best Lawyers and Doyle's Guide.

"Justin has again been ranked as one of Australia's Best Lawyers for litigation by Best Lawyers® International 2016 as published in the Australian Financial Review on 10 April 2015 as he has been since 2012."

"Working together we have achieved even more success in big ticket litigation and high profile insolvencies recognised throughout the world by clients and peers alike."

Tucker & Cowen's clients include Linfox, Sandvik, Vale, Armaguard, Press Metal Aluminium, Vita Group Limited, a number of other public companies and some of the country's top insolvency practitioners.

*The practice's insolvency matters that have contributed to this recognition include LM Investment Management, Equititrust *and Robins Kitchens, as well as some of the largest commercial litigation currently before the Courts in Australia concerning everything from coal seam gas assets, petroleum tenements, coal mining royalties and the 2011 Queensland floods to international conflicts of laws defences.

Tucker & Cowen is currently acting for Management Investments Limited & ORS on an ongoing case against the Australian Securities and Investments Commission (ASIC). The firm anticipates the judgement, expected this year, will have far-reaching implications concerning unsettled law about what conditions are relevant in the situation of Responsible Entity.


----------



## No Trust (27 September 2019)

Yes, that was 2015... How times have changed.... I don’t think David Whyte from BDO will go anywhere near Tucker & Cowan Solicitors in regard to any matter concerning Equititrust even though David Whyte and David Tucker are besties on Facebook...


----------



## No Trust (27 September 2019)

Why was Tucker & Cowan allowed to continue representing Equititrust receiver David Whyte given the clear conflict of interest which was compounded by the fact that the EPF debt was being surreptitiously bought by Tucker and Kennedy?

At the same time Tucker & Cowan were representing the receiver David Whyte, Tucker and Cowan were representing MS Asia and Worrells who were the fronts for Tucker and Kennedy’s beneficial interest in MS Asia which bought the EPF debt. What parallel universe are we living in where this type of conflict is allowed and further legal is work pushed towards Tucker and Cowan. The fact that Tucker & Cowan claimed to have been owed hundreds of thousands of dollars in legal fees by Equititrust should have disqualified them immediately...


----------



## No Trust (27 September 2019)

Yet off we trot down the path of allegedly impartial court appointed receivers giving work to solicitors intertwined in the whole saga. 

To make matters worse Tucker & Cowan solicitors tried to appoint their own receivers to Equititrust before ASIC stepped in and identified that Tucker may have a conflict of interest and the court appointed receivers. Tucker & Cowan then went on to Bankrupt McIvor and appointed “Worrells” the firm with no morals as the bankruptcy trustee. The “court appointed” receiver then thought it passed the pub test to give Tucker & Cowan extensive and confidential legal work related to Equititrust and even had discussions with them in relation to the MS Asia / EPF Debt in Tucker & Cowans “role” representing them and the EPF Receiver “Worrells” .... 

If this whole saga didn’t have the stench of a “nutty turd” then I don’t know what did... How on earth has this been allowed to play out at the expense of investors and legitimate creditors of Equititrust and its funds ???


----------



## Mozzi (29 September 2019)

No Trust said:


> Yet off we trot down the path of allegedly impartial court appointed receivers giving work to solicitors intertwined in the whole saga.
> 
> To make matters worse Tucker & Cowan solicitors tried to appoint their own receivers to Equititrust before ASIC stepped in and identified that Tucker may have a conflict of interest and the court appointed receivers. Tucker & Cowan then went on to Bankrupt McIvor and appointed “Worrells” the firm with no morals as the bankruptcy trustee. The “court appointed” receiver then thought it passed the pub test to give Tucker & Cowan extensive and confidential legal work related to Equititrust and even had discussions with them in relation to the MS Asia / EPF Debt in Tucker & Cowans “role” representing them and the EPF Receiver “Worrells” ....
> 
> If this whole saga didn’t have the stench of a “nutty turd” then I don’t know what did... How on earth has this been allowed to play out at the expense of investors and legitimate creditors of Equititrust and its funds ???





No Trust said:


> Yet off we trot down the path of allegedly impartial court appointed receivers giving work to solicitors intertwined in the whole saga.
> 
> To make matters worse Tucker & Cowan solicitors tried to appoint their own receivers to Equititrust before ASIC stepped in and identified that Tucker may have a conflict of interest and the court appointed receivers. Tucker & Cowan then went on to Bankrupt McIvor and appointed “Worrells” the firm with no morals as the bankruptcy trustee. The “court appointed” receiver then thought it passed the pub test to give Tucker & Cowan extensive and confidential legal work related to Equititrust and even had discussions with them in relation to the MS Asia / EPF Debt in Tucker & Cowans “role” representing them and the EPF Receiver “Worrells” ....
> 
> If this whole saga didn’t have the stench of a “nutty turd” then I don’t know what did... How on earth has this been allowed to play out at the expense of investors and legitimate creditors of Equititrust and its funds ???





No Trust said:


> Yet off we trot down the path of allegedly impartial court appointed receivers giving work to solicitors intertwined in the whole saga.
> 
> To make matters worse Tucker & Cowan solicitors tried to appoint their own receivers to Equititrust before ASIC stepped in and identified that Tucker may have a conflict of interest and the court appointed receivers. Tucker & Cowan then went on to Bankrupt McIvor and appointed “Worrells” the firm with no morals as the bankruptcy trustee. The “court appointed” receiver then thought it passed the pub test to give Tucker & Cowan extensive and confidential legal work related to Equititrust and even had discussions with them in relation to the MS Asia / EPF Debt in Tucker & Cowans “role” representing them and the EPF Receiver “Worrells” ....
> 
> If this whole saga didn’t have the stench of a “nutty turd” then I don’t know what did... How on earth has this been allowed to play out at the expense of investors and legitimate creditors of Equititrust and its funds ???




Mozzi having trouble posting this past few days.   - Has anyone read The Age Melb.  Fri 27th Sept front page re Banksia fees row?    No Trust mentions above "court appointed" receiver and it talks about, among other things a "court appointed "contradictor" !  Would like to know what this position is, and what teeth they have to follow anything through.  This person it is stated investigated fees and issues which should be approved .........etc.     Banksia case appears to have so many similarities to Equititrust.   Any thoughts on this?


----------



## No Trust (30 September 2019)

https://www.theage.com.au/national/...ddle-of-banksia-fees-row-20190926-p52v9y.html


----------



## No Trust (30 September 2019)

Hi Mozzi, great spotting and very pertinent to the Equititrust saga on a number of fronts.

In terms of Tucker & Cowan undertaking work for the court appointed receiver despite the multiple issues of conflict raises many questions.
The fact that David Whyte and his wife are Facebook friends with the Tucker’s does not really give a great impression does it.

In terms of transparency the quantum of legal fees charged by Tucker & Cowan in acting in a clear position of conflict representing the court appointed receivers is concerning and clearly needs review.

I cannot recall David Whyte getting a court sanction to have Tucker & Cowan act as solicitors given the previous conflicts outlined to the court by ASIC solicitors. Given that the court appointed  BDO, this highly contentious appointment of solicitors should have had court approval too.

Maybe the Liquidators Hall Chadwick should appoint a court ordered “Contradictor” in relation to the legal fees charged by Tucker & Cowan in respect to the EIF...

It’s in all the investors interests to do so, especially given the revelations about the purchase of the BANK OF SCOTLAND debt by Tucker and Kennedy through secret squirrel corporate entity MS Asia, who Tucker & Cowan “also acted for” 

I suggest a motion be put forward by investors at the next creditors meeting that both the receivers BDO and Tucker & Cowan’s fees be formally investigated by a court appointed “Contradictor”...


----------



## No Trust (30 September 2019)

https://murrayslegal.com.au/blog/2018/04/13/contradictors-in-mossgreen/


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## No Trust (30 September 2019)

BDO should not be paid another cent in renumeration until a court appointed “Contradictor” represents the interests of the investors and creditors of the EIF.

The Contradictor needs to investigate the quantum of legal fees paid to Tucker & Cowan by BDO as well as the overlap of fees in the “discussions” relating to the EPF debt priority etc.

It is no excuse that Tucker & Cowan had started the proceedings... They had a CONFLICT OF INTEREST plain and simple and competitive quotes from at least 3 other law firms should have been obtained by BDO.

The fact that Tucker & Cowan claimed to have been owed over $500,000 by Equititrust should have disqualified them immediately in terms of preconceived bias against the company and additionally against McIvor... Yet in their wisdom BDO just ploughed the legal work Tucker & Cowan’s way... How can this be considered to be in the investors best interests.

ITS TIME FOR AN INVESTIGATION... NO MORE FEES FOR BDO...


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## No Trust (5 October 2019)

Here’s one for McIvor... Lawyers on boards with a conflict of interest are NOT a good idea... McIvor at one deluded point thought Tucker was a good idea... That panned out well


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## Mozzi (5 October 2019)

No Trust said:


> Here’s one for McIvor... Lawyers on boards with a conflict of interest are NOT a good idea... McIvor at one deluded point thought Tucker was a good idea... That panned out well
> 
> 
> 
> ...





Turns out that lawyers are not crash hot on boards with or without conflict of interest, or in fact running their own companies either.
They mostly seem to be excellent at self interest.   Oh my goodness, is that too cynical?


----------



## No Trust (6 October 2019)

My oh my, just reading this judgement on a flight and I’m totally gobsmacked... Tucker & Cowan were eviscerated by Justice Bowskill in his judgment. 

Tucker & Cowan’s usual tactic of incurring expenses on the other side through multiple interlocutory hearings just blew up in their faces...





https://www.sclqld.org.au/caselaw/QSC/2019/248


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## No Trust (6 October 2019)

More updates on this breaking judgement tomorrow when I land, but it’s safe to say that this judgement is a total disaster for Tucker & Cowan going forward to trial...


----------



## No Trust (6 October 2019)

This excerpt from the judgment of Bowskill J *is jaw dropping* as it delves into the business practices of Tucker & Cowan...






https://archive.sclqld.org.au/qjudgment/2019/QSC19-248.pdf


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## No Trust (6 October 2019)

Now lets *juxtapose the extracts *from Justice Bowskill’s Judgement...

Here we have Tucker and Kennedy “attending meetings” with Bank of Scotland (BOSI) negotiating that *no “Risk Fee” and Overdue Rate interest be charged.*




*And then this is alleged by the Liquidators :-

*




https://archive.sclqld.org.au/qjudgment/2019/QSC19-248.pdf


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## No Trust (6 October 2019)

If the veracity of the allegations are proven at trial, what chance did the investors of the Equititrust Premium Income Fund have ???


----------



## No Trust (6 October 2019)

Justice Bowskill has produced an excellent judgment which lays bare the obfuscation of Tucker & Cowan solicitors in delaying the matter with inane interlocutory applications, incurring huge cost on the liquidators without filing any defence.

The audacity of Tucker & Cowan to try and have the matters struck out and summary judgement awarded to them without a defence or Notice of Intention to Defend being filed in over a year since the matter was filed is outrageous.

The judgement by Bowskill J has shone a spotlight on the usual modus operandi of Tucker & Cowan solicitors in using Interlocutory applications to consume time and place huge expense on the other side hoping they will fold...

Finally the justice system in Queensland has exposed and penalised them, with a cost order awarded against them in relation to the striking out and summary judgement applications which will be substantial given the 2 day trial.


----------



## No Trust (6 October 2019)

Meanwhile, whilst MS Asia was financially raping and pillaging the Equititrust Premium Fund with wanton abandon, the Liquidators alleging in court filings that BOSI bank statements were being altered after the fact increasing the debt - The receivers of the Equititrust Income Fund, BDO were ploughing litigation and recovery work Tucker & Cowan’s way.

This was a monumental *CONFLICT OF INTEREST *and BDO knew the contentious and controversial prior roles of Tucker and Kennedy at Equititrust. ASIC intervened in court proceedings where Tucker was trying to appoint his own receivers to Equititrust and applied to have an “independent court appointed receiver”...

Friday’s judgement by Bowskill J should *OUTRAGE* investors of the Equititrust Income Fund.    

A court appointed “Contradictor” representing the “unrepresented interests” of EIF investors and creditors needs to be appointed by the court to investigate the conflict of interest in BDO giving swathes of legal work to Tucker & Cowan and to look into any consultancy payments made to David Kennedy as a result of meetings with him as listed in the billing sheets of BDO.

The “Court Appointed Contradictor” needs to :

1) Independently examine the billing of BDO as it relates to meetings with Tucker & Cowan representing MS Asia.

2) Have Independent experts review the quantum of billing by Tucker & Cowan in relation to the work given to them by BDO relating to the EIF which was clearly a conflict of interest.

3) Apply to have independent forensic experts review the BDO and Tucker & Cowan billing and seek directions from the court for compensation for any billing amounts which are found to be not in accordance with the law.

It’s clear from the judgement of Justice Bowskill that there are serious allegations of self interests being served and multiple allegations of self dealing.

For BDO to have the temerity to tell the Courier Mail that giving work to Tucker & Cowan Solicitors was in the best interests of investors, is the antithesis of what was in the best interests of investors as is played out in the factual matrix of  allegations outlined by Bowskill J in pushing the matter to a full trial.


----------



## No Trust (6 October 2019)

Why is it alleged that Worrells’ the “firm with no morals” aka MS Asia’s friendly receiver had $500,000 transferred to its general trust account from the Tucker & Cowan general trust account ???

Refer to page 16 para 32





Further at para 34 it is alleged by the Liquidators that both Tucker and Cowan are personally liable to restore to Equititrust $16,621,064 and the new incorporated firm TCSS $58,658.00 as a result of monies paid out to parties who the Liquidators allege were not the rightful beneficiaries of the funds.

The EPF investors who have passed away in the interim must be turning in their graves as a result of the revelations detailed in Justice Bowskill’s judgement.


----------



## No Trust (6 October 2019)

Given the allegations detailed in the judgment, the future of professional indemnity insurance for Tucker & Cowan surely must be a serious matter...


----------



## No Trust (6 October 2019)

_


No Trust said:



*Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*

"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."

"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."

"Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

Click to expand...


Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was *galling for me that he would come down and act like a smart arse when he was taking my house from me,*” he said._


----------



## No Trust (6 October 2019)

Given my belief in Karma and that justice is meted out by the universe, this is not going to end well for Tucker & Cowan...

Now that Justice Bowskill has had enough of the b#llshit and is pushing the case to trial, this will only snowball from here as the public and media get a grasp of the facts and what is alleged to have been undertaken by officers of the court...


----------



## No Trust (7 October 2019)

Independent legal news source LAWYERLY earlier this afternoon reports on the failure of two name partners of Tucker & Cowan to dodge $17M Equititrust case.


----------



## No Trust (7 October 2019)

As this matter proceeds to what will be a monumental trial, public and media scrutiny will snowball...

The investors of the EPF have been financially raped by MS Asia... As Hong Kong burns so to will MS Asia...


----------



## Mozzi (7 October 2019)

No Trust said:


> Given my belief in Karma and that justice is meted out by the universe, this is not going to end well for Tucker & Cowan...
> 
> Now that Justice Bowskill has had enough of the b#llshit and is pushing the case to trial, this will only snowball from here as the public and media get a grasp of the facts and what is alleged to have been undertaken by officers of the court...





*We always knew it wasn't going to end well for the investors, but agree with "No Trust"   that what goes around comes around.   KARMA!*

*Do we have an actual name of the genius who signed off and allowed all this to happen?* 

*Who actually authorised this sale and at what point or is all that still to come out?* *Did Mozzi* *miss something*?


----------



## No Trust (7 October 2019)

Hi Mozzi

No names yet on who actually signed off on the sale of the debt to MS Asia (I assume that’s what you’re referring to).

We do know from last weeks judgment that the liquidators are alleging that confidential information of Equititrust was used by former directors and the company’s lawyer to obtain a benefit for themselves in contravention of provisions of the Corporations Act.

Much more to come out over the coming months...

Suffice to say that investors didn’t have a hope given the schemes that were being played out under the radar.



Mozzi said:


> *We always knew it wasn't going to end well for the investors, but agree with "No Trust"   that what goes around comes around.   KARMA!*
> 
> *Do we have an actual name of the genius who signed off and allowed all this to happen?*
> 
> *Who actually authorised this sale and at what point or is all that still to come out?* *Did Mozzi* *miss something*?


----------



## No Trust (8 October 2019)

*TODAYS COURIER MAIL *​*


*
https://www.couriermail.com.au/busi...n/news-story/abe1972f2923d9311fba05547db9472b


----------



## No Trust (8 October 2019)

https://www.couriermail.com.au/busi...n/news-story/abe1972f2923d9311fba05547db9472b


----------



## No Trust (8 October 2019)




----------



## No Trust (8 October 2019)

What’s clear from today’s reporting in the media and last weeks judgment by Justice Helen Bowskill, is that despite innocent retiree investors doing everything by the book in terms of investing their hard earned life savings with Equititrust, there were nefarious schemes afoot, even after Equititrust was placed into liquidation, to dispossess these people of their money and their last ounce of financial dignity was p#ssed on with wanton abandon without any concern for their welfare in the last years of their life.


----------



## No Trust (8 October 2019)

The judgment of Justice Helen Bowskill was issued last Friday which allowed the Liquidators to amend the claim against Tucker & Cowan by way of leave.

Solicitors Russell’s have moved at lightening speed considering that yesterday was a public holiday in Queensland and have already lodged documents in the Supreme Court today.

The liquidators it appears have taken the gloves off and are proceeding with a full frontal attack after the support garnered from the Supreme Court judgment last Friday... 

This is going to get ugly real quick... 



http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## No Trust (8 October 2019)

*ETHICS LESSON 8 OCTOBER 2019


*


----------



## Triple_Witching (9 October 2019)

Perhaps Jennifer Tucker is willing to *offer FREE Grief Counselling* to all those that her *"successful handsome wonderful man who has a successful law practise and is an amazing husband".....* 
ripped off, and destroyed thousands of lives.

Tuckers Wife must have known there were going to be many, trusting Souls needing *Grief Counselling, with A Sprinkle of Gratitude.*

Domain Name:* brisbanegriefcounsellor.com
Creation Date: 2018-12-26*     T01:59:52Z
---

http://www.jennifertucker.me/about-me/

A Sprinkle of Gratitude
About me
Who am I ?
I am a stay at home Mum who has spent the last 21 years loving, raising and caring for my family.

*I am a wife to David- a successful handsome wonderful man who has a successful law practise and is an amazing husband, Dad, friend and avid cyclist.*
---

https://www.brisbanegriefcounsellor.com/

Jennifer Tucker
Brisbane Grief Counsellor

quote:
"I am passionate about helping you during those times in your life when you are dealing with grief. We all have times in our lives when we experience grief. Please contact me to discuss your grief and loss."

Domain Name: *brisbanegriefcounsellor.com
Creation Date: 2018-12-26*  T01:59:52Z
----

*Loss & Grief Support Services & Counselling
Tucker, Jennifer Jennifer Tucker Brisbane Grief Counsellor*

Providence House, 341 Gregory Terrace, Spring Hill QLD 4000

*About Us
I am a counsellor dedicated to helping individuals who are experiencing loss and grief, at any stage in life.*

https://www.mycommunitydirectory.co...fer_Jennifer_Tucker_Brisbane_Grief_Counsellor

---

brisbanegriefcounsellor.com
Domain Name: brisbanegriefcounsellor.com
Registry Domain ID: 2346799826_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.networksolutions.com
Registrar URL: http://www.networksolutions.com/en_US/
Updated Date: 2018-12-26T01:59:54Z
Creation Date: 2018-12-26T01:59:52Z
Registrar Registration Expiration Date: 2019-12-26T01:59:52Z
Registrar: NETWORK SOLUTIONS, LLC.
Registrar IANA ID: 2
Reseller: 
Domain Status: clientTransferProhibited http://icann.org/epp#clientTransferProhibited
Registry Registrant ID: 
Registrant Name: PERFECT PRIVACY, LLC
Registrant Organization: 
Registrant Street: 5335 Gate Parkway
Registrant City: Jacksonville
Registrant State/Province: FL
Registrant Postal Code: 32256
Registrant Country: US
Registrant Phone: +1.9027492701
Registrant Phone Ext.: 
Registrant Fax: 
Registrant Fax Ext.: 
Registrant Email: 3eimr630dkiqea76c30j7vghse@domaindiscreet.com
Registry Admin ID: 
Admin Name: PERFECT PRIVACY, LLC
Admin Organization: 
Admin Street: 5335 Gate Parkway
Admin City: Jacksonville
Admin State/Province: FL
Admin Postal Code: 32256
Admin Country: US
Admin Phone: +1.9027492701
Admin Phone Ext.: 
Admin Fax: 
Admin Fax Ext.: 
Admin Email: 3eimr630dkiqea76c30j7vghse@domaindiscreet.com
Registry Tech ID: 
Tech Name: PERFECT PRIVACY, LLC
Tech Organization: 
Tech Street: 5335 Gate Parkway
Tech City: Jacksonville
Tech State/Province: FL
Tech Postal Code: 32256
Tech Country: US
Tech Phone: +1.9027492701
Tech Phone Ext.: 
Tech Fax: 
Tech Fax Ext.: 
Tech Email: 3eimr630dkiqea76c30j7vghse@domaindiscreet.com
Name Server: ns2.wixdns.net
Name Server: ns3.wixdns.net
DNSSEC: Unsigned
Registrar Abuse Contact Email: abuse@web.com
Registrar Abuse Contact Phone: +1.8003337680
URL of the ICANN WHOIS Data Problem Reporting System: http://wdprs.internic.net/
>>> Last update of WHOIS database: 2019-10-08T22:35:20Z 

---
jennifertucker.me

Domain Name: JENNIFERTUCKER.ME
Registry Domain ID: D108500000004527858-AGRS
Registrar WHOIS Server: whois.tucows.com
Registrar URL: http://www.tucows.com
Updated Date: 2019-05-28T11:33:47Z
Creation Date: 2012-06-12T08:11:40Z
Registry Expiry Date: 2020-06-12T08:11:40Z
Registrar Registration Expiration Date:
Registrar: Tucows Domains Inc.
Registrar IANA ID: 69
Registrar Abuse Contact Email:
Registrar Abuse Contact Phone:
Reseller:
Domain Status: clientTransferProhibited https://icann.org/epp#clientTransferProhibited
Domain Status: clientUpdateProhibited https://icann.org/epp#clientUpdateProhibited
Registrant Organization: Contact Privacy Inc. Customer 0131492129
Registrant State/Province: ON
Registrant Country: CA
Name Server: NS1.FATCOW.COM
Name Server: NS2.FATCOW.COM
DNSSEC: unsigned
URL of the ICANN Whois Inaccuracy Complaint Form  https://www.icann.org/wicf/)
>>> Last update of WHOIS database: 2019-10-08T22:38:14Z 

---


----------



## No Trust (9 October 2019)

*CHAMPAGNE WISHES AND CAVIAR DREAMS*




*JUDICIAL REBUFFS AND LITIGATION NIGHTMARES*


----------



## No Trust (10 October 2019)

What’s going on with the Brisbane legal fraternity ?

The magistrate should not feel sorry for the lawyer, she should feel sorry for victims of drug dealers. To have the temerity to bring drugs into his workplace as an officer of the court is unforgivable and he should be Disbarred...

The same applies to officers of the court who mislead it...


----------



## No Trust (13 October 2019)

It looks like the liquidators were keeping their cards close to their chests during the Public Examinations in 2007, given what’s come out in the pleadings and the judgments from Justice Helen Bowskill...

When this article from early 2018 is compared to what’s transpired since it appears that the liquidators already knew the answers to their questions in advance.







‘Crazy stretch’: Lawyer rejects insider queries
https://www.couriermail.com.au/busi...h/news-story/a37a779c6cca626917c5a4b06a12cac5


----------



## No Trust (13 October 2019)

Liquidators probe lawyer over missing $3.8m
https://www.couriermail.com.au/busi...y/news-story/e1db72a2e15c33e2d22782ab902b0155


----------



## No Trust (13 October 2019)

The above article says a lot doesn’t it... 

If you testify to “B#tching” and “Moaning” what does that make you ???


----------



## No Trust (14 October 2019)

It’s time for “all” the Equititrust protagonists to watch :

https://www.imdb.com/title/tt2891174/


----------



## No Trust (14 October 2019)

Their collective joy in taking innocent peoples homes is now paying the karmic dividend they all deserve...


----------



## Mozzi (15 October 2019)

No Trust said:


> It’s time for “all” the Equititrust protagonists to watch :
> 
> https://www.imdb.com/title/tt2891174/





No Trust said:


> Their collective joy in taking innocent peoples homes is now paying the karmic dividend they all deserve...





No Trust said:


> Their collective joy in taking innocent peoples homes is now paying the karmic dividend they all deserve...





The line    "GREED IS THE ONLY GAME IN TOWN"   says it all!


----------



## No Trust (16 October 2019)

Critical part of the plot involves the back dating of documents and fraudulently filing them in court... 



Mozzi said:


> The line    "GREED IS THE ONLY GAME IN TOWN"   says it all!


----------



## Triple_Witching (16 October 2019)

No Trust said:


> Critical part of the plot involves the back dating of documents and fraudulently filing them in court...




20+ years ago.... in another matter, Tucker advised his Client.
Tuckers Client, submitted many Fraudulent documents to Supreme Court (Qld), ATO and ASIC.

I lost my Home, Properties, Companies, all assets... and my Life has never recovered.  Further, Tuckers Client has continued with a smear campaign against me, for 20+ years.

However, their time is coming.... The ATO never forgets anything....


----------



## No Trust (16 October 2019)

The best advice I can give you is to go public and take it to the media...

There is a huge spotlight on all the Equititrust protagonists at the moment. 

STRIKE WHILE THE IRON IS HOT 

As you can see the media have been fanning the flames of the FURNACE...









Triple_Witching said:


> 20+ years ago.... in another matter, Tucker advised his Client.
> Tuckers Client, submitted many Fraudulent documents to Supreme Court (Qld), ATO and ASIC.
> 
> I lost my Home, Properties, Companies, all assets... and my Life has never recovered.  Further, Tuckers Client has continued with a smear campaign against me, for 20+ years.
> ...


----------



## No Trust (16 October 2019)

Nowhere near as hard as life for innocent people who have lost their homes and life savings....


----------



## No Trust (17 October 2019)

The Liquidators and Justice Bowskill ploughing ahead with the litigation against Tucker & Cowan... 

Latest order issued in favour of the Liquidators below 






http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## Triple_Witching (17 October 2019)

Quoted from 'No Trust' Post :
Apr 3, 2019 #4935 -  Page 247 

Quote:  No Trust
"It’s good to see that at least one of the partners of Tucker and Cowan agrees to the use of the Legal System to settle disputes. The liquidators of Equititrust are doing just that.

*Tucker & Cowan “have a range of contacts around the world” is mentioned in the video. *Does that include Hong Kong and The British Virgin Islands ? Asking for a friend.."

Richard Cowen on using the Queensland legal system to best effect in disputes


----------



## No Trust (17 October 2019)

The conduct of Tucker & Cowan Solicitors in running multiple interlocutory proceedings in the litigation launched against them by the Liquidators was a classic case of
“litigating the matter to death” prior to even filing defences.

The expense involved is substantial and many opposing parties buckle due to the amount of money involved and time consumed litigating the matter. The result is, the facts get buried and the truth never sees the light of day.

In this instance the tactic has well and truly backfired in the faces of Tucker & Cowan Solicitors as detailed in Justice Bowskill’s judgement. Her judgment clearly outlined the trialable issues at play... Given the defendants are solicitors and officers of the court, the allegations made against them by the liquidators cannot be more serious.

Public faith in the legal profession in Queensland is also at stake, as is the sanctity and security of solicitors Trust Accounts...


----------



## No Trust (19 October 2019)

Stealing peoples retirement funds does deserve a *12 year jail* sentence...









$6m rip-off: ‘Who knows when we’ll retire now?’
https://www.couriermail.com.au/busi...s/news-story/cb9250f4f0ea2e0015776304e2acdcfc


----------



## No Trust (19 October 2019)

McIvor, Tucker & Cowan and the host of other boneyard subcontractors like Worrells, deployed by them to mercilessly crucify innocent people, “never felt what it was like to be the other guy” whilst taking their homes and life savings... Some of the innocent victims keeled over from the stress and gave up and some just “died”...

Others like the rise of the Phoenix have arisen from the ashes and are now making them collectively “feel like the other guy”...

BTW it’s only going to get much worse...

Over the course of the coming months leading to the trial of Tucker & Cowan Solicitors the barrage of “new information” to be aired publicly through affidavits and other document releases to the media will be jaw dropping...


----------



## No Trust (20 October 2019)

This post by “Brethren” is worth noting... 
Paul Steer (and man in need of a nose hair trimmer pictured below)






Brethren said:


> The Hall Chadwick notice of early October makes for interesting reading. Noteworthy that both KPMG ( the Auditors ) and Paul Steer of KPMG are included in the list against whom the Class Action is proceeding.
> 
> While not well-versed in the Who's Who of the Gold Coast, some months ago ( April, 2013 I think ) I had a lengthy talk with someone who certainly is. While it is hearsay, they raised the following points of interest.
> 
> ...


----------



## No Trust (20 October 2019)

Curiously who else connected to Equititrust was Paul Steer friends with ?


----------



## No Trust (21 October 2019)

It’s not only the government that tries to suppress the truth...




The catch 22 is that in the attempt to “suppress the truth” much more can and will be exposed...

#Freedomofthepress


----------



## No Trust (21 October 2019)

If you want an insight into the motivation of the Equititrust protagonists and why they all ended up in the sewerage pit, watch this movie... 




https://www.imdb.com/title/tt1232207/
https://www.imdb.com/title/tt1232207/


----------



## No Trust (22 October 2019)

“I believe that banking institutions are more dangerous to our liberties than standing armies,”  Thomas Jefferson 

I would also add lawyers to that list...


----------



## No Trust (25 October 2019)

Where does rod for your own back come from?

I believe the phrase comes from the good old Victorians. In those years deportment was very important and a straight back fundamental. So a rod or board would be strapped to the back to *encourage the miscreant suffer for his own doings.* 26:3: A whip for the horse, a bridle for the ass, and a rod for the fool's back.


----------



## No Trust (25 October 2019)

It appears the modern Day equivalent to a “rod” is the Supreme Court of Queensland, a tenacious liquidator and law firm in Brisbane called Russells.

Happy Friday Folks - Justice “IS” Coming...


----------



## No Trust (25 October 2019)

The litigation by the Liquidators  marches forward at furious pace in the Supreme Court of Queensland... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


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## Mozzi (26 October 2019)

No Trust said:


> The litigation by the Liquidators  marches forward at furious pace in the Supreme Court of Queensland...
> 
> http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18





Mozzi loves that something is "moving forward at a furious pace" , but isn't it next year we can hold the 10 (TEN) year Anniversary Party of the whole sorry saga of McIver and sidekicks?   (Oh sorry, we can't afford a party!)

How is it even conceivable that competent people can take all this time to do something with supposedly the expertise,  assistance and willingness of teams of  professionals,  lawyers, courts, not to mention ASIC  (Yes, lets not mention ASIC)  and still no end in sight.   Certainly they could all have stopped years ago and the financial result to the investors would have been much the same, and not even the satisfaction of seeing anyone get more than a slap on the wrist.   

We have kept a lot of highly paid professionals in work for no result!  

 Are we disillusioned? - you bet we are!


----------



## No Trust (26 October 2019)

Spot on Mozzi... There’s something else cooking on the pot at the moment... The revelations will be mind boggling...

 JUSTICE IS COMING


----------



## No Trust (3 November 2019)

It’s gratifying to see McIvor’s coterie of immoral miscreants getting their just deserts through public exposure just like McIvor - prior to his demise...

Part II is about to unfold on the “usual suspects” at a really inopportune time in their karmic cycle...

PS. You’re welcome...


----------



## No Trust (6 November 2019)

Liquidators Report dated 29 October 2019 - regarding the litigation against Tucker & Cowan...

http://www.equititrust.com.au/Pdfs/...uititrust Premium Fund - October 29, 2019.pdf


----------



## Knobby22 (6 November 2019)

Your getting scary with your new picture No Trust.


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## No Trust (6 November 2019)

No more f#cking about.... File your best defense and then a boot up the backside to face a judge... Enough of the legal games stalling the proceedings.... The Liquidators have had a big win against Tucker & Cowan... The costs orders against Tucker & Cowan must be eye watering....


----------



## No Trust (6 November 2019)

Scary only to those who relish ripping off innocent people of their hard earned money... There are a number of Equititrust miscreants who should be scared - What’s around the corner is not going to be pretty. But I guess that’s what the courts and media are there for....  



Knobby22 said:


> Your getting scary with your new picture No Trust.


----------



## No Trust (6 November 2019)

The liquidators are now playing with Tucker & Cowan in a similar manner to that of a cat playing with an exhausted mouse... The Tucker & Cowan boys never wanted to get to the stage where they had to nail their collars to the mast by lodging defenses... Striking the pleadings out would have been much more to their liking... Sorry boys, the liquidators will be frog marching you to court in the new year after the matter is placed on the commercial list, expediting proceedings.... 

Expect extensive national media coverage of the proceeding in print, digital and on television... A number of networks are now showing interest in covering the story on behalf of Equititrust investors who to date have not had much television coverage. The human interest element will show the devastation wreaked upon them by McIvor and his miscreants...


----------



## No Trust (15 November 2019)

It appears that McIvor’s miscreant flying monkeys who did a lot of the dirty work against innocent people are now circling the drain... It was a pleasure to have pulled the plug...


----------



## No Trust (15 November 2019)

What Tucker & Cowan Solicitors didn’t account for was the fact that they were the last “sin cake” eater for McIvor and Equititrust... Regurgitating that f#ckload of cake with a liquidators fingers down their throats was always going to be an unpleasant task...


----------



## No Trust (22 November 2019)

Hi ho, hi ho, it’s back to court we go... 

Tucker & Cowan are not going to have a Merry Christmas... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (23 November 2019)

Anyone notice any similarities to the case the liquidators are currently running in the Supreme Court ?


----------



## No Trust (23 November 2019)

When you hold money on trust for your clients, shouldn’t that money be retained in trust for your clients ??? 

Questions Tucker & Cowan solicitors will no doubt have to answer in the Supreme Court in the new year...


----------



## Triple_Witching (27 November 2019)

Australian Law: 
Reality:
Law abiding persons, then, illegally, Criminally Bankrupted Persons, have NO Legal Rights. Federal and State Authorities do not care.  Lawyers, do NOT Care. Law Societies do not care. Bar associations, do not care.  ASIC does not care. Insolvancy Trustees do not care.

This is same as:
Only Virgins can Make a Legal Criminal Rape Allegations or provide Evidence

Tucker, and his colleagues, associates and CLIENTS, use ILLEGAL Bankruptcies to prevent exposure, from their Victims. of their Asset Stripping.

State Police Fraud Squads, Lawyers, ASIC... do not care.

Tucker and all, have been doing this for 30+ years.

Hence Worrells, Clouts, etc are their Instruments to destroy their Victims.

I have the evidence.


----------



## No Trust (27 November 2019)

Yet some, just like the Count of Monte Christo come back from the dead to destroy them all... 

The media exposure which they all despise is only Stage 1. All the legal threats in the world won’t stop what’s going to unfold at trial. It’s going to be ugly, real ugly and it will be reported in the press extensively. 

What this band of miscreants don’t realise is that they have been the masters of their own demise... 

JUSTICE IS COMING... 







Triple_Witching said:


> Australian Law:
> Reality:
> Law abiding persons, then, illegally, Criminally Bankrupted Persons, have NO Legal Rights. Federal and State Authorities do not care.  Lawyers, do NOT Care. Law Societies do not care. Bar associations, do not care.  ASIC does not care. Insolvancy Trustees do not care.
> 
> ...


----------



## No Trust (2 December 2019)

Tic Tock... Tucker & Cowan have a week to file their defenses in the Supreme Court action against them by the Liquidators Hall Chadwick...

This should be interesting reading... Remember lads the media will have full access the defenses filed.


----------



## No Trust (4 December 2019)

Oh, it appears there are consequences for falsification of documents... 

Courier Mail City Beat 
4 December 2019


----------



## No Trust (4 December 2019)

Which other website will be edited in the near future ? Tick Tock...


----------



## No Trust (7 December 2019)

What’s about to BLOW UP just prior to Christmas ???


----------



## No Trust (9 December 2019)

In terms of the Supreme Court proceedings the liquidators have essentially jumped on Tucker & Cowan’s backs and are using their arms like an elliptical...

Time to file the defences...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


----------



## No Trust (9 December 2019)

Hey boys where are your defences ??? D Day is TODAY...


----------



## Mozzi (9 December 2019)

No Trust said:


> What’s about to BLOW UP just prior to Christmas ???





No Trust said:


> What’s about to BLOW UP just prior to Christmas ???





We'll have a guess!   We're going to get our 1 cent to buy a balloon!  YIPPEE!     Yeah right!


----------



## No Trust (10 December 2019)

No money unfortunately Mozzi, but the sins of the past of McIvor and his miscreants will be on full display in open court in the near future...

Let’s see if anyone wants to defend the indefensible and spend a copious amount of investors and creditors funds on legal fees doing so... 
Creditors and investors want this crap to be over ASAP, not bogged down in the courts for the next few years... 



Mozzi said:


> We'll have a guess!   We're going to get our 1 cent to buy a balloon!  YIPPEE!     Yeah right!


----------



## No Trust (11 December 2019)

Investors get shafted again... 
https://9now.nine.com.au/a-current-...-meeting/65479053-758a-4cae-9a79-9205b58c1ffc


----------



## No Trust (15 December 2019)

The “Frauds” of past are set to haunt the Equititrust miscreants yet again..


----------



## No Trust (17 December 2019)

The impact of the vulture like insolvency profession on innocent peoples lives...  

https://www.news.com.au/finance/mon...0/news-story/30a89fabd7739910cb2e9c74b8fc6cd0


----------



## Triple_Witching (20 December 2019)

Merry Christmas, No Trust, Faramir and Skate, and a Blessed New Year and New Beginnings.
Best to You All..... !!!

Thank You All           !!!


----------



## No Trust (21 December 2019)

Merry Christmas Guys...

2020 is a new decade and one which Tucker will experience all the pain he has caused others...

Let’s see if Tucker & Cowan Solicitors makes it too... 

New development exposing more malfeasance hitting the presses in early 2020...

I predict another life ban by regulatory authorities...

Thanks for the support throughout the year... It appears that others are reading too with the thread hitting 817,000 views to round off the year.

Thanks to Kostag for starting the thread a decade ago...

MERRY CHRISTMAS TO THE EQUITITRUST INVESTORS WE’RE STILL FIGHTING AND WONT STOP TILL THE LAST CROOKS ARE TAKEN DOWN...






Triple_Witching said:


> Merry Christmas, No Trust, Faramir and Skate, and a Blessed New Year and New Beginnings.
> Best to You All..... !!!
> 
> Thank You All           !!!


----------



## No Trust (21 December 2019)

Couple of years into the litigation and the miscreants at the last minute have lodged their defences. Due by court order a few weeks ago, what pray tell caused such delay ???

Whatever creative writing techniques were employed the simple fact is they are well and truly f#cked...

After multiple attempts to have the matter struck out so that all the dirty laundry would not be aired in open court Tucker & Cowan failed and the matter will now go to trial...
Imagine the temerity to try and have proceedings struck out where there have been serious allegations of fraud.

As Justice Bowskill rightly stated there are “serious trialable” issues to be determined. No judge will allow proceedings or an application for that matter to be quashed and not have the issues of fraud argued at a hearing... Something to keep in mind for all parties concerned...

If there are issues of fraud the judiciary are compelled to hear the facts.

If there is 00000.1% chance fraud was involved courts have to hear the facts... 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18


https://www.lawyerly.com.au/tucker-cowen-loses-second-bid-to-dodge-17-5m-equititrust-case


----------



## No Trust (21 December 2019)

Now the defences have been filed, the matter will be placed on either the supervised case list or the commercial list in the Supreme Court in Brisbane speeding things up.

I am reliably informed that the media attention this case has garnered has really got under the skin of some of the protagonists. Well boo f#cking hoo... I can recall media attention being brought to certain parties that Tucker & Cowan solicitors gave a once over to... Using Tucker’s own words, some may define the media attention as “returning the favour” or “getting back in the game”
Either way, now that the matter will definitely go to trial the media attention is only going to intensify...

The allegations of document falsification will get special attention at trial I’m sure.

Happy, Happy days ahead as all the facts get exposed in open court.

Who will survive who won’t - who gives a f#ck as long at the filth is exposed once and for all...


https://www.couriermail.com.au/busi...n/news-story/abe1972f2923d9311fba05547db9472b


----------



## No Trust (22 December 2019)

The great thing about being in a different time zone at this time of year is the fact that while Australia sleeps you get to catch tomorrow’s news early...

The official Courier Mail Winners and Losers list was just posted on line.... And...... Wait for it............. The losers are........ Tucker & Cowan Solicitors







What a way for these two to round off the year... If they can’t wait for 2019 to end, believe me the next decade will be far worse as the media gets all the tasty morsels during the trial of this matter...

2019 and this thread could not have ended on a better note... GOAL ACCOMPLISHED...

P.S Your welcome guys


----------



## No Trust (22 December 2019)

Just had the print version sent to me and it’s far better than the digital version...


----------



## No Trust (23 December 2019)

I’ve been reliably informed that Tucker has fired the solicitor representing him to date. (himself that is) and hired someone with more experience in the allegations made against him by the Liquidator... 

Check out what the firm specialises in SMFH...




Apparently the gravity of the proceedings and the steadfastness of Justice Bowskill in not allowing Tucker & Cowan to strike out the claim, has led to Tucker stop representing himself and passing the matter on to his mate Cohen who he knew from the law society days in offering 6 hours of free legal advice to Solicitors with claims made against them. Tucker and Cowan were also listed as one of the go to firms for the free 6 hours of legal advice...

The issues at play here are Solicitors Trust Accounts and Directors Duties...

Appointing 100 law firms won’t change the facts and the vice grip of litigation which will now proceed to trial in 2020...


----------



## No Trust (24 December 2019)

Up until the Courier Mail reporting on the allegations of falsification of documents on 8 October 2019, which were encapsulated in Justice Helen Bowskill’s judgment, Tucker was self represented in the litigation. Since that reporting in the Courier Mail, Tucker appointed lawyers to represent him specializing in:




Coincidence ? I don’t think so. The matter will now be determined at trial with all the evidence coming out in open court. Regulatory authorities including ironically, ASIC will be monitoring the proceedings. The Legal Services Commissioner will also have no choice but to monitor the matter and take action if required by “own motion” given the amounts and seriousness of what is alleged.










Explosive allegations in fight over fund manager liquidation
https://www.couriermail.com.au/busi...n/news-story/abe1972f2923d9311fba05547db9472b


----------



## No Trust (27 December 2019)

Where one finds evidence of diddling Trust Accounts one will find more examples of malfeasance as the case below exemplifies... The more you dig the more you find... The current saga facing Equititrust investors via the litigation by the Liquidators is a good example... The liquidators haven’t done the forensic digging into  other matters, but “others” have... 2020 will be year that further fraud attributable to the usual suspects of Equititrust will be fully exposed...


----------



## No Trust (27 December 2019)

It’s always good to investigate what assets the immediate relatives have in their name or entities connected to them...


----------



## No Trust (31 December 2019)

Kostag started this thread at the beginning of this decade on 23 June 2010... Anyone who wishes to have a meander down memory lane. may want to go back to the start of this thread and review the opposition to participants exercising their right to “freedom of speech”...

We had McIvor chiming in using various guises which were exposed by the Courier Mail...






Equititrust in web war of words
https://www.couriermail.com.au/busi...013111852?sv=4cebcfcc3927e827f5b5017ed955cd9f

We had David Kennedy and now Hong Kong exile attacking the thread and saying all was fine while Equititrust burned from the inside. It was quite a decade, yet despite the attacks and threats, what we predicted became a reality... The fraud the Criminality, the sham that Equititrust was and is, was laid bare for all to see.

Fast Forward to the end of 2019 and we have Tucker & Cowan the more than willing acolytes in McIvor’s malfeasance. being sued for $20M by the Liquidators.... Who would have thought this would be the final chapter of 2019 back in 2010...

2020 will see the Tucker & Cowan litigation progress to a full trial. This will be a show stopper. as not only will Tucker and Cowan face cross examination, other witnesses will be cross examined as well. No doubt a certain Mr Hamilton will make an appearance as will others. 
Worrells, friendly receiver relationship with MS Asia / Tucker will also get a close examination as all participants are finally called to account... 

Other litigation, years in preparation, intertwining the whole sorry bunch, will also commence in 2020, detailing evidence of eye watering historic fraud which it seems could have only been conjured up with all the usual suspects active participation in the fraud. No surprises there...

Happy New Year to all those affected by Equititrust - 2020 will herald the end of those whose aided and abetted Equititrust and McIvor.

JUSTICE IS COMING...


----------



## Triple_Witching (31 December 2019)

McIvor... Out there Fighting for the Good over Evil..... LOL....

https://www.linkedin.com/in/mark-mcivor-77769b6b/?originalSubdomain=au

Mark McIvor
Mark has a account
*Director at Mi Guardian Fiduciary*

Brisbane, Australia 

284 connections 

Contact info




	

		
			
		

		
	
Mi Guardian Fiduciary



*About*
Mark is the former CEO of Equititrust Ltd, the largest privately owned property financier in Australia.His trustee company was decimated in 2011-12 by ASIC misfeasance, major bank equitable fraud and insolvency industry misconduct. Mark's entire net worth of $125 million was lost in a vain attempt to thwart an improper sale of mortgage fund assets.

He now devotes his energy to a not for profit activist seeking to inspire change to Australia's banking system He has also designed an effective litigation funding model for clients aggrieved in a similar manner. 


*Experience*




*Director*
Company Name

Mi Guardian Fiduciary

*Dates Employed2011 – Present*
*Employment Duration8 yrs*
*LocationGold Coast*
*Skills & Endorsements*

Strategic Planning

See 16 endorsements for Strategic Planning16



Endorsed by Antoine Alcide, who is highly skilled at this


Entrepreneurship

See 14 endorsements for Entrepreneurship14
Steve E. and 13 connections have given endorsements for this skill


Management

See 13 endorsements for Management13



Endorsed by Antoine Alcide, who is highly skilled at this




*Interests*




*Regenerative Business*


381 members




*Fair Go Mate*


----------



## Triple_Witching (31 December 2019)

*So it seems, between Tucker, Kennedy and Howard.... The more $$$ you lose or steal from Investors etc... the better you go...*
*
Between MFS / Equititrust / MS ASIA and others... these Public Company Directors and Lawyers have been involved in the loss of AUD $ 2-3 Billion that I know of....

I also know of other similar Criminal Frauds, involving Tucker and his Clients & Friends over the span of decades.

Happy NYE 2019 !!!*

*See Below :

www.ibi.com.hk*
*IBI Group Holdings Limited*
*
https://www.marketscreener.com/news...nd-Composition-of-Board-Committees--28836246/*

*IBI : Change of Independent Non-executive Director and Composition of Board Committees*

*07/01/2019 | 07:03am EST*
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
*
IBI Group Holdings Limited - (Hong Kong)
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 1547)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND
COMPOSITION OF BOARD COMMITTEES
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR
*
The board (the ''Board'') of directors (the ''Directors'') of IBI Group Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') hereby announces that Mr. Lap Shek Eddie Wong (''Mr. Wong'') has resigned .......

Taking this opportunity, the Board would like to express its appreciation and gratitude to Mr. Wong for his contributions and services to the Company during his terms of services.
*
APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board further announces that Mr. David John Kennedy (''Mr. Kennedy'') has been appointed as an independent non-executive Director, the Chairman of the Audit Committee, a Member of the Remuneration Committee and a Member of the Nomination Committee with effect from 30 June 2019.

- 1 -

Mr. Kennedy, aged 50, has been the chief financial officer and the chief operating officer of M.S. Asia Group since 2012. 

He was the chief operating officer and the chief executive officer of Equititrust Limited (''ETL'') between 2009 and 2011

The chief operating officer of Octaviar Limited (formerly known as MFS Limited) between 2007 and 2008, 

......a senior manager, a partner and the chief operating officer of RSM Hong Kong between 1997 and 2005, and a part-time lecturer in bankruptcy of Griffith University in Australia between 1995 and 1996. He also worked for KPMG between 1988 and 1996 with his last position being a manager.

Creditors voluntary liquidators were appointed to ETL, a company incorporated in Australia, on 20 April 2012 at a meeting of creditors. ETL was principally engaged in Funds Management and specifically the provision of development loans to developers. The directors of ETL commenced the liquidation process with a view to restructuring the funds which were being negatively impacted by the global financial crisis. The total external liabilities (excluding guarantee and related party debts) of ETL totaled approximately HK$150,000. Assets realised by the liquidators totaled in excess of HK$18 million. ETL has not been dissolved as of the date of this announcement.

Mr. Kennedy obtained a degree of Master of Laws, a Bachelor's Degree in Laws and a Bachelor's Degree in Business Accounting from Queensland University of Technology in 2009, 2003 and 1989, respectively. He has been admitted as a solicitor in Hong Kong since 2018, a solicitor in Queensland, Australia since 2006 and a member of the Institute of Chartered Accountants in Australia (currently known as Chartered Accountants Australia and New Zealand) since 1994.

Mr. Kennedy has not previously entered into any service agreement with the Company. He will enter into a service agreement with the Company and will be subject to retirement by rotation and re-election at general meeting in accordance with the Articles of Association of the Company. Mr. Kennedy will be entitled to directors' remuneration of HK$240,000 per annum which has been determined by the Board upon recommendation from the Remuneration Committee with reference to his duties and experience and the prevailing marketing conditions.

As at the date of this announcement, Mr. Kennedy has family interest in 7,960,000 shares of the Company, representing approximately 0.995% of the total issued share capital of the Company.

Save as disclosed above, as at the date of this announcement, Mr. Kennedy did not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), and Mr. Kennedy had no relationships with any Directors, senior management or substantial or controlling shareholders (as defined under the Rules Governing the Listing of Securities on the Stock Exchange (the ''Listing Rules'')) of the Company.

- 2 -

Save as disclosed above, Mr. Kennedy did not hold any other position in the Company or any other member of the Group, nor any directorship in any listed public companies in the last three years, and there is no information that is required to be disclosed in accordance with Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, nor any other matters that need to be brought to the attention of the Shareholders in relation to his appointment as an independent non-executive Director.

The Board would like to take this opportunity to welcome Mr. Kennedy to the Board.

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The Board announces that the composition of the committees of the Board have been changed with effect from 30 June 2019 as follows:

Audit Committee


Mr. Wong has resigned as the chairman and member of the Audit Committee; and
Mr. Kennedy has been appointed as the chairman and member of the Audit Committee.
Nomination Committee


Mr. Wong has resigned as a member of the Nomination Committee; and
Mr. Kennedy has been appointed as a member of the Nomination Committee.
Remuneration Committee


Mr. Wong has resigned as a member of the Remuneration Committee; and
Mr. Kennedy has been appointed as a member of the Remuneration Committee.
By order of the Board
IBI Group Holdings Limited

Neil David Howard
Chairman
Hong Kong, 30 June 2019

As at the date of this announcement, the executive Directors are Mr. Neil David Howard and Mr. Steven Paul Smithers; and the independent non-executive Directors are Mr. Richard Gareth Williams, Mr. Robert Peter Andrews and Mr. David John Kennedy.

- 3 -

Attachments


Original document
Permalink
Disclaimer

Ibi Group Holdings Ltd. published this content on 01 July 2019 and is solely responsible for the information contained therein. 
Distributed by Public, unedited and unaltered, on 01 July 2019 11:02:09 UTC
*


----------



## Triple_Witching (7 January 2020)

...*Save as disclosed above, as at the date of this announcement, Mr. Kennedy did not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), and ***Mr. Kennedy had no relationships with any Directors, senior management or substantial or controlling shareholders (as defined under the Rules Governing the Listing of Securities on the Stock Exchange (the ''Listing Rules'')) of the Company.*
...
*By order of the Board
IBI Group Holdings Limited

Neil David Howard
Chairman


*** ( NOTE:     EXCEPT MS ASIA (HK) AND OTHER BVI COMPANY/S ETC......... )*


----------



## No Trust (14 January 2020)

What a great start to the new year...


----------



## Mozzi (14 January 2020)

*Welcome to 2020 "No Trust" and a Happy New Year to you.

Keep 'em coming........................*


----------



## No Trust (14 January 2020)

Thanks Mozzi *HAPPY NEW YEAR AND THE DECADE OF JUSTICE*...

This is just the beginning.... This will be the decade of DOOM for these miscreants...



Mozzi said:


> *Welcome to 2020 "No Trust" and a Happy New Year to you.
> 
> Keep 'em coming........................*


----------



## No Trust (19 January 2020)

The catch phrase of 2020 as it concerns Equititrust will be *“Historical Equititrust Fraud Exposed”*...
To the parties wanting to conceal and or defend the fraud good f#ucking luck... The media exposure over the next few months will put paid to that and any professional reputation that wants to defend the indefensible...

The Banking Royal Commission’s findings regarding financiers and banks not acting as model litigants pale in comparison to what will be exposed in terms of Equititrust’s historical fraudulent behaviour before the judicial system...


----------



## No Trust (23 January 2020)

The shoe being on the other foot is the greatest of levellers... To those of who have aided and abetted the concealment of Equititrust’s fraud, now is your time to shine in the spotlight... The stage has been set for you and the curtain is about to be lifted... 

The practice of these “Dark Arts” will be brought to end... 

CHECKMATE...


----------



## Triple_Witching (25 January 2020)

I believe You.... You're VERY Convincing...........


----------



## No Trust (26 January 2020)

Yeah, refer clients to an accountant called David Kennedy in Hong Kong... 

Equititrust was a client of Tucker’s and he looked after them like a drunken stepfather... 

Being sued for $20M in the Supreme Court of Queensland essentially by a client ain’t nothing to be proud of... 

Bye bye F#cker & Coward... 



Triple_Witching said:


> I believe You.... You're VERY Convincing...........


----------



## No Trust (28 January 2020)

Great to see a major television network’s current affairs platform officially come on board today to expose gobsmacking historic Equititrust fraud... The question is why would a national insolvency practice still be providing cover to the perpetrators ??? 
Dig deep enough and the answers emerge... Some professional types have some deadly serious questions to answer...


----------



## No Trust (28 January 2020)

Some say ASIC are a bunch of tools, which is a deserved analogy, but sometimes used in the correct way they can be the most lethal tool in the shed...


----------



## No Trust (29 January 2020)

Damning evidence dropping daily... Good to see a former Equititrust employee on board now willing to testify against former office holders premeditated fraud and asset theft...


----------



## No Trust (29 January 2020)

The good old side deal with the “mates” of Equititrust according to the whistle blower was a common occurrence to f#ck over selected parties... The pirates spoils were then shared in various ways including offsets on their loan accounts. Placing the stolen assets into personal names as principal place of residence to avoid tax and then holding the asset for one year was another mechanism deployed with the willing sychophants... Problem is the pirate ‍☠️ ship has sunk but some of the disgruntled crew kept crucial paperwork to document the fraud that others are “so” desperately trying to suppress... I’ve got an idea let’s give all the evidence to an independent party and let the chips fall where they may... Some professional reputations are never going to come back from this when all is said and done...


----------



## No Trust (30 January 2020)

Great to finally see ASIC coming on board today... The Corporations Act was either breached or not. The best party to determine that is ASIC who enforce these laws... Lame excuses of who is responsible for what won’t fly this time...

#checkmate


----------



## No Trust (31 January 2020)

Worrells the firm with no morals at it again... In this case ASIC stepped in as they will do in other cases where fraud is covered up. These insolvency types have thought they are untouchable. When the right nerve is pinched ASIC will have no other choice but to take action... 

The Gold Coast is truly a place of filth when it comes to fraudulent behaviour... 

[URL]https://amp.couriermail.com.au/news/national/asic-asks-federal-court-to-inquire-into-conduct-of-members-alliance-liquidator/news-story/394bb27facc82813c2106a2c45e36346[/URL]


https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-306mr-asic-asks-federal-court-to-inquire-into-conduct-of-gold-coast-liquidator/

https://www.businessnewsaus.com.au/...eral-court-inquiry-into-worrells-partner.html


----------



## No Trust (3 February 2020)

Appear weak when you are strong, and strong when you are weak.” ...

The Art of War by Sun Tzu


----------



## No Trust (3 February 2020)

All warfare is based on deception. Hence, when we are able to attack, we must seem unable; when using our forces, we must appear inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.


----------



## No Trust (3 February 2020)

If you don’t look at the files, you don’t know occurred... It’s as basic as that... Some people who clearly know what happened like to play dumb and try the standard head f#ck...  That doesn’t cut it in front of a judge... Some fights just don’t go away so easily...


----------



## Triple_Witching (4 February 2020)

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18

162 21/01/2020 Defence FILED PURSUANT TO ORDER BOWSKILL J 9/10/19 - 5TH & 6TH DEF Defendant
163 30/01/2020 Application 31/01/2020 Plaintiff
164 30/01/2020 Affidavit S. C. RUSSELL - EXH SCR-14 Plaintiff


----------



## No Trust (4 February 2020)

Filing a defence was being avoided like the plague... 

Given the allegations of document falsification this should be highly entertaining reading... 



Triple_Witching said:


> http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18
> 
> 162 21/01/2020 Defence FILED PURSUANT TO ORDER BOWSKILL J 9/10/19 - 5TH & 6TH DEF Defendant
> 163 30/01/2020 Application 31/01/2020 Plaintiff
> 164 30/01/2020 Affidavit S. C. RUSSELL - EXH SCR-14 Plaintiff


----------



## Triple_Witching (5 February 2020)

Sorry, for perhaps Dumb Question here.....
Does anyone know, what date,   is F#@ucker, next, in Qld Supreme Court  ?
Thanks in Advance !


----------



## Triple_Witching (5 February 2020)

Next Dumb Question from me....
Can anyone give me instructions, how to privately message here... please.
Once again...., Thanks in Advance !


----------



## No Trust (5 February 2020)

At the top of the page press the envelope button. Press start conversation. Then with the other parties name in the box. Write your message and then press start conversation at the bottom of the page. Hope this helps


----------



## No Trust (5 February 2020)

24 March 2020 

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18



Triple_Witching said:


> Sorry, for perhaps Dumb Question here.....
> Does anyone know, what date,   is F#@ucker, next, in Qld Supreme Court  ?
> Thanks in Advance !


----------



## Triple_Witching (6 February 2020)

Thanks VERY Much, No Trust !!!


----------



## No Trust (6 February 2020)

Pleasure... 



Triple_Witching said:


> Thanks VERY Much, No Trust !!!


----------



## No Trust (6 February 2020)

WHY ARE SOME INSOLVENCY PRACTITIONERS ATTEMPTING TO SWEEP EQUITITRUST FRAUD UNDER THE CARPET ???


----------



## No Trust (6 February 2020)

WHAT IS THE HIDDEN AGENDA AND WHO ARE THEY TRYING TO PROTECT ???


----------



## Triple_Witching (7 February 2020)

Tucker and his dirty fraudulent clients, also used David Clout - Managing Partner - David Clout & Associates, as well as as Worrells, as you know. They would fight tooth and nail, to move a fraudulent bankruptcy insolvancy administration from a neutral insolvancy practice,  towards one of these parasites.  Then, all their own criminal fraud, would simply disappear... As far back as early 1990's, at least.

Perhaps Bob, Tucker is pulling some strings for his dirty thieving garbage trash son.  Tucker and his clients have been living off the stolen fraudulent proceeds of asset stripped victims for decades. I have a future chapter planed for these grubs, when this Equititrust MS Asia matter, is hopfully in the hands of the ATO and the Crown Prosecutor.  

Every touch leaves its trace.........


----------



## Triple_Witching (7 February 2020)

I am still very confused about this connection below........


----------



## Triple_Witching (7 February 2020)

You just can't make this sh#te up.....

https://www.brisbanegriefcounsellor.com/

https://www.facebook.com/Jennifer-Tucker-Brisbane-Grief-Counsellor-738926849834356/

The F@#kcer and his dirty clients have either deleted their Facebook pages... or stop posting.... I stand to be corrected here... but MOST of their Facebooks Accounts have disappeared recently.... perhaps they do  not wish to now brag about their overseas jaunts as an excuse to evade ATO tracking.... ?

Comment from one of F@#kcer's distgusting criminal clients Facebook....

*"In the footsteps of Christopher and Pixie ,Mallorca here we come 
	

		
			
		

		
	



	

		
			
		

		
	
"*


----------



## No Trust (10 February 2020)

Worrells the firm with no morals has a long feted history with Tucker & Cowan solicitors... 

The revelations in the Federal Court (when various partners of the firm were publicly examined) were enlightening...

Now keep an eye on this case regarding their Gold Coast operative....

https://www.accountantsdaily.com.au...-court-called-to-investigate-worrells-partner


----------



## No Trust (10 February 2020)

“On 7 November 2019, as part of the *Commonwealth’s Serious Financial Crime Taskforce’s* efforts, ASIC filed an application with the Federal Court seeking an inquiry into the conduct of *Mr Jason Bettles*, a registered liquidator and Partner at *Worrells Solvency and Accounting*, Gold Coast.”

https://asic.gov.au/about-asic/news...nquire-into-conduct-of-gold-coast-liquidator/


----------



## No Trust (10 February 2020)

It would appear that Worrells are grossly insolvent when it comes to morals... As the old saying goes “if you lay with dogs you wake up with fleas”


----------



## No Trust (11 February 2020)

ASIC being as apathetic as they are, seem to believe there are valid reasons to expend substantial funds and pursue this in the Federal Court. The irony is that insolvency firms like Worrells use the same court to mercilessly pursue innocent people at the hands of banks and financiers... Having the shoe on the other foot and squarely jammed up their ass isn’t pleasant for them... They don’t like the public spotlight...

You’d think a firm like Worells would want to run away from scandal like this. After putting the corporate spin doctors on the matter and issuing a press release its clear that the firm’s reputation is at risk. Their involvement with Tucker & Cowan solicitors, MS Asia and the Equititrust Premium Income Fund is not a good look... But as the famous Demtell advertisement once said..... Wait....... There’s..... MORE !!!

The cat will well and truly be thrown amongst the proverbial pigeons soon...


----------



## Triple_Witching (11 February 2020)

I do not mean to distract from your focus on Worrells....
This may be helpful or not.  Something I just noticed....  Please correct me if I am incorrect here...

1. As I understand it, Tucker was a long time legal Advisor and Rep' of McIvor.  Does anyone know, how long that dates back too... ???   If anyone knows, it would be very helpful, please.  Any chance this relationship dates back to 1994 / 1995 ???

2. Also, I understand, Tucker became a Director of Equititrust, and was the one, who placed Equititrust into Receivership on 15 Feb 2012. (?)

3. But, 08-Oct-2012, Tucker was Defending Equititrust Limited ACN 061 383 944 (Receiver & Manager Appointed) (In Liquidation), in Fed Court - see below

How does this all work, taking into account, *Conflict of Interest*.

Tucker is a Legal Advisor, and Defence Counsel, and Director for Equititrust, that he places into Administration, and 8 months after Adminstrator appointed, Tucker is a Legal Advisor, and Defence Counsel for Equititrust, as well as Principal for MS Asia.

Later, he shows up as Facebook Friends Whith David Whyte BDO, family member,

How does that work... ???

FED COURT FILE:
https://www.comcourts.gov.au/file/Federal/P/SYG2204/2012/actions

Court:    Federal Magistrates Court - Federal Law, Sydney Registry
Number:    SYG2204/2012
Title:    Phillip Maurice Franks v Equititrust Limited ACN 061 383 944 (Receiver & Manager Appointed) (In Liquidation)
Filing Date:    08-Oct-2012
Finalised Date:    19-Nov-2012


----------



## No Trust (11 February 2020)

The relationship between Tucker and McIvor dates back to the early 2000’s. Tucker tried to put Equititrust into receivership and appoint Clout as receiver. This failed when ASIC became involved as an intervenor in the court proceedings.
The court then appointed David Whyte, who in turn started using Tucker as his solicitor which is beyond a conflict of interest... Tucker also has money from his super fund invested in Equititrust as well as claiming in excess of $500k in legal fees at the time of the receivership ... How on earth was it appropriate for Whyte to use Tucker under those circumstances ??? Ethically this just should not have happened...
At the same time Tucker and Kennedy concealed their ownership of MS Asia which bought the debt of the Equititrust Premium Income Fund.
The conflicts of interest are so obscene that it defies logic...

Whyte and BDO should not be paid another cent and an investigation needs to be commenced into the use of Tucker as his lawyer...

The investors of the Equititrust Income Fund were dudded...


----------



## No Trust (11 February 2020)

Worrells were appointed by MS Asia aka Tucker and Kennedy as the friendly receivers. Tucker & Cowan then went on to represent Worrells...
Whilst in reality a former director “Tucker” was the beneficial owner with two others of MS Asia via a secret shareholding in Hong Kong and the British Virgin Islands...


----------



## No Trust (11 February 2020)

Tucker wanted to represent everyone. Worrells were complicit...


----------



## Triple_Witching (12 February 2020)

Thanks very much, "No Trust" !



No Trust said:


> The relationship between Tucker and McIvor dates back to the early 2000’s. Tucker tried to put Equititrust into receivership and appoint Clout as receiver. This failed when ASIC became involved as an intervenor in the court proceedings.
> The court then appointed David Whyte, who in turn started using Tucker as his solicitor which is beyond a conflict of interest... Tucker also has money from his super fund invested in Equititrust as well as claiming in excess of $500k in legal fees at the time of the receivership ... How on earth was it appropriate for Whyte to use Tucker under those circumstances ??? Ethically this just should not have happened...
> At the same time Tucker and Kennedy concealed their ownership of MS Asia which bought the debt of the Equititrust Premium Income Fund.
> The conflicts of interest are so obscene that it defies logic...
> ...


----------



## No Trust (13 February 2020)




----------



## No Trust (13 February 2020)

Given some of the mug shots of the Equititrust protagonists, I’m shocked that some of the ill gotten gains were not used in the same manner... A nip and tuck could come in useful for life in a foreign jurisdiction...


----------



## No Trust (13 February 2020)

Like the tawdry story in the Bulletin, Equititrust and those involved in its demise - asset stripping, are the epitome of the worst type of greed and narcissism... Boy has it come back to haunt them like a curse...


----------



## No Trust (13 February 2020)

Lawyers and those aligned to Political Parties seem to feature prominently in secret squirrel shareholder arrangements... Many similarities to the pilfering of Equititrust assets...
A grim harbinger of things to come for those entrapped in the Equititrust legal proceedings against them...


----------



## Skate (15 February 2020)

No Trust said:


> Lawyers and those aligned to Political Parties seem to feature prominently in secret squirrel shareholder arrangements... Many similarities to the pilfering of Equititrust assets...
> A grim harbinger of things to come for those entrapped in the Equititrust legal proceedings against them...
> 
> View attachment 100303
> ...




Please re-post the graphics as they didn't upload correctly, Joe had a few issues changing servers

Skate.


----------



## No Trust (16 February 2020)

Tried to upload - Still problems..

Outside the country, not sure if that’s the cause...


----------



## Triple_Witching (16 February 2020)

Slow Internet and large Mb / Kb images where it is being uploaded from ?


----------



## No Trust (16 February 2020)

Why are insolvency professionals concealing historic evidence of Equititrust fraud ???  What reason would they have to protect McIvor and his cohorts...


----------



## No Trust (16 February 2020)

Is it not the case that Insolvency practitioners have a legal duty to report fraud by office holders ???


----------



## No Trust (18 February 2020)

Interesting Stuff...

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103190


----------



## No Trust (18 February 2020)

Things are starting to heat up on the litigation front...


----------



## No Trust (18 February 2020)

Was this the “OFFER” previously alluded to in the litigation, which was allegedly made to Cowan by Tucker, to participate in deals similar to the MS Asia deal ??? 

Why was Tucker participating in an Equititrust deal where the beneficial ownership was concealed... Why didn’t Worrells report what was going on to the Liquidators of Equititrust ? 

There is a long history of the “Equititrust Gang” getting involved in “deals” where they were on both sides of the ledger hiding beneficial ownerships ... When burying bodies in the back paddock the culprits need to be deadly sure that the victim doesn’t have a pulse... Can come back to haunt them...


----------



## No Trust (18 February 2020)

Paragraph 110 is telling...


----------



## No Trust (18 February 2020)

It seems a “lot of facts” will be determined at trial...


----------



## No Trust (18 February 2020)

Wow so much going on here... Was the seed for this pattern of side deals germinated at Equititrust under the tutelage of a certain Mr McIvor ???  The greatest form of flattery is imitation...


----------



## No Trust (18 February 2020)

If its allegedly been done once, has it allegedly been done before ??? You will only know if you  bother to take a look, RIGHT!!!


----------



## No Trust (18 February 2020)

This is not the first time allegations of document falsification and concealment of beneficial ownership has come up in regard to Equititrust ??? Ripe Profits on Premium Property can be quite a temptation to commit asset theft...


----------



## No Trust (18 February 2020)

Great to see insolvency professionals fighting FRAUD... Oh hang on.... F#CK ME... This was the Chairman and Managing Partner to boot... Great way to set an example and motivate the firm...
How much revenue did the bean counters lose as a result of this scandal.... Reputational loss in the professional services industry can be lethal as some in the legal profession are discovering... Quantifying reputational risk after the event can be a painful exercise in client and revenue loss... Simple, do the right thing and scandals wont come near you... Best to put out fires before they engulf the whole firm.


----------



## No Trust (18 February 2020)




----------



## No Trust (19 February 2020)

Here is an extract of the Statement of Claim against Tucker & Cowan relating to the Equititrust Premium Income Fund...

Let’s explore this further...


----------



## No Trust (19 February 2020)

Not in McIvor’s pocket ??? Well that’s an interesting take on thing...




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103382


----------



## No Trust (19 February 2020)

Amateur “Don Correleoni” impersonator David Kennedy doesn’t seem to want to open his “pie hole” any more...


----------



## No Trust (19 February 2020)

You really need to be careful lodging those 6 Monthly Accounts with ASIC... They need to be an accurate account of things don’t they... I guess when there’s alleged fraud involved the other option would be to advise your clients to not loge at all ??? Nailing your collar to the mast with documents which have to be filed with ASIC can come back to literally kill you in court....
Do we see a pattern evolving here ???


----------



## No Trust (20 February 2020)

After reading the 112 page Statement of Claim against Tucker & Cowan, I can see why they are trying to rack up as much legal fees on the liquidators and litigation funder Vannin as possible... They don’t want this to go to trial...

The evidence against Tucker & Cowan solicitors is beyond compelling...

When you throw in wannabe triad member David Kennedy threatening borrowers with murderous Chinese criminals - we know we have passed into to the realms of the absurd...
For two lawyers who are also accountants they are pretty sh#t at covering their tracks and keeping their “pie holes” shut...


----------



## No Trust (20 February 2020)

This letter from Stephen Russell who has to be commended as being a fantastic lawyer is a ball tearer... 

He doesn’t miss either Tucker or Cowan in his fiery rebuke in what he describes as shadowy defences and phantom costs agreements...

Stephen Russell has them fenced in and now they have to stump up the material which as at 14 January 2019  has not been provided...


----------



## Skate (20 February 2020)

No Trust said:


> After reading the 112 page Statement of Claim against Tucker & Cowan, I can see why they are trying to rack up as much legal fees on the liquidators and litigation funder Vannin as possible... They don’t want this to go to trial...The evidence against Tucker & Cowan solicitors is beyond compelling...When you throw in wannabe triad member David Kennedy threatening borrowers with murderous Chinese criminals - we know we have passed into to the realms of the absurd...
> For two lawyers who are also accountants they are pretty sh#t at covering their tracks and keeping their “pie holes” shut...




You couldn't make this **** up - this thread reads like a novel - the sad part is it's not fiction.

Skate.


----------



## No Trust (20 February 2020)

Your absolutely right Skate... Yet it’s all played out in excruciating detail in documents and detailed pleadings lodged in the Supreme Court of Queensland.

When I showed serious minded, ”international business people” overseas, what had occurred they said the same thing.... This could be a movie script...

The question is who would play an uncharismatic, humourless, speech impeded, hairliped accountant, pretending to be a triad enforcer for a murderous Chinese criminal in Honkers with an usual hankering for buying distressed debt assets in Australia  ???

Then we have the other casting dilemma as to who would play the lawyerly Count without the “o” who attempts to defy  the laws of legal physics and “in conflict” act for f#cking  everyone...

One things for sure, after Stephen Russell’s legal manoeuvres and ball tearing letters - Tucker’s tighty tight bike shorts will never fit the same again...

BTW... KUDOS to Stephen Russell... Should be named lawyer of the year...







Skate said:


> You couldn't make this **** up - this thread reads like a novel - the sad part is it's not fiction.
> 
> Skate.


----------



## No Trust (20 February 2020)

Where are the Trust Account authorities ??? Stephen the “Russell Terrier” has been tenaciously digging and digging for the missing bone of the Equititrust Premium Fund skeleton, buried somewhere in a Sassafras Street “The Gap” backyard ...  

If there’s nothing to hide, why not produce the Trust Account Authorities ??? 

Hang on, will those disbursements line up with the statutory accounts that Worrells filed every 6 months with ASIC ??? Remember Worrells had approximately $500,000 directly lodged into their Trust Account... 

With the court documents now released the scale and audacity of the scheme is out there for the public to make up their own minds as to what happened to the elderly  investor funds... 




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103275


----------



## Triple_Witching (20 February 2020)

https://www.theguardian.com/austral...ators-target-offshore-accountants-and-lawyers


----------



## No Trust (20 February 2020)

MS Asia and its self confessed “Chinese, triad linked, murderous criminal  owners”; who slaughtered the retirement savings of elderly Australians, would be a great starting point... 



Triple_Witching said:


> https://www.theguardian.com/austral...ators-target-offshore-accountants-and-lawyers


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## No Trust (20 February 2020)

*BREAKING NEWS*


----------



## No Trust (20 February 2020)




----------



## Triple_Witching (20 February 2020)

*Below :*
Tucker the Thieving Fraudster (Copied from above)



*Below :
LEFT - Tucker* the Thieving Fraudster who advises Criminal Thieving Fraudsters.
MIDDLE - Innocent bystander.
*RIGHT - Tucker's Best Mate & Client* - Criminal Thieving Corporate & ATO Fraudster.

Do you want to know more, simply ask me ....
HINT :  *"In the footsteps of Christopher and Pixie, Mallorca here we come 
	

		
			
		

		
	



	

		
			
		

		
	
"*


----------



## No Trust (21 February 2020)

Tucker’s “new” protector, Ben Cohen’s attempt at spin saying that the pleadings have been amended a number of times, as if its been a set back for the liquidators, is full of crap... The pleadings were all allowed to be amended by judges at each stage, which is a normal process, and another pleading was allowed to be amended on application by the liquidators as it was out of the statutory time period. Justice Bowskill allowed the amendment...

As far proceedings being discontinued against five defendants, this is again a normal occurrence. Any capable law student will tell you that in litigation a wide net is always cast to capture anyone with potential involvement.  DAVID HEINER SCHWARZ, JUSTIN OTTO MARSCHKE AND DANIEL GREGORY ARTHUR DAVEY all work for Tucker and Cowan and some had the title Partner listed bedside their name, some time back. It was for them to prove whether they were equity partners and shared in any profits and or side deals. Their affidavits extricating themselves filed in court speak for themselves in distancing themselves from any profit sharing arrangements of any kind, with some saying that they were partners at the time in name only. So nothing unusual here in the discontinuance against these three...

In terms of the discontinuance against David “Triad” Kennedy and MS ASIA, it appeared that service of both was proving impossible, so to not waste time and hold up the proceedings, incurring further expense, the proceedings were discontinued against both and the proceedings against the main players were expedited by placement on the commercial list.

It’s all explained here :






http://www.equititrust.com.au/Pdfs/Liquidator/Liquidators Reports - 20190820 - Report to Creditors.pdf

Good try “Benny Boy”, but I’d stick to stumping up with the Trust Account authorisations and Phantom Costs Agreements...


----------



## No Trust (21 February 2020)

So investors money is misappropriated, shifted offshore, Tucker in the Federal Court, under examination, says he doesn’t know where the money has gone, has never chased it up, then says if you sue me for it, and have the temerity to win, I’ll declare BANKRUPTCY...

I don’t think its gonna be that simple... As useless as ASIC is, they may have a say...
As useless as the Queensland Law Society is - taking into account Tucker’s and Ben Cohen’s prior involvement there, they may have a say... As useless as the  Queensland Legal Services Commission is, they may have a say... As useless as the Office of the Director of Public Prosecutions Queensland is, they may have something to say... As useless as the Office of the Commonwealth Director of Public Prosecutions is, they may have something to say...

The media, both state and “national” in terms of this story and associated historic Equititrust fraud, are going to be like a peg, hammered into frozen ground. Immovable - UNTIL JUSTICE IS DONE.

This is just a taste of what’s to come in the coming months. Ramping up to “national exposure” on a major television network. If your curious, here’s a hint, take a look at the St Kevin’s Melbourne expose of historic abuse. The aftermath of heads rolling at the school, after the story aired, was played across every television network in Australia.

The same will happen in regard to Equititrust, if fraud is concealed by those who should be at the forefront of preventing it, then their “national exposure” will be of their own doing...

The Take Down has officially begun...


----------



## Triple_Witching (21 February 2020)




----------



## No Trust (21 February 2020)

*EVEN BETTER IN PRINT*​


----------



## No Trust (21 February 2020)

Even judges are not immune to being held accountable for a delay of over *6 years* in doing what they are required to do... Other judges stepped in and justice was served...

Given this recent Queensland case, I’m certain that the judiciary in any future court proceedings are going to be asking serious questions of parties who have *purposely delayed fulfilling their statutory duties for a period double the above time frame of 6 years, and then some ???*

The judges said the delay brought the administration of justice into disrepute.

The same could be said of *“any professional service provider” *with statutory duties, who did not fulfil their obligations for a period significantly longer than 6 years. A delay of this magnitude is more than *extraordinary and deplorable*...


----------



## No Trust (21 February 2020)

Do tell... More revelations are emerging daily... 



Triple_Witching said:


> *Below :*
> Tucker the Thieving Fraudster (Copied from above)
> View attachment 100589
> 
> ...


----------



## No Trust (22 February 2020)

Stephen Russell has Tucker & Cowan cornered... Unless the written and signed authorities are produced its game over...


----------



## No Trust (23 February 2020)

Tucker & Cowan’s efforts to run up costs and have the other side give up the claim have exploded in their faces... One look at the court file and the extent of documents and applications filed before defences were lodged by Tucker & Cowan shows the extent that they went to, to have the claims against them struck out and the patently obvious effort to run up costs.. 
Justice Helen Bowskill could see right through them, and in her extraordinary judgment last year, detailed reasons why the matter should go to trial. One of her criticisms related to the Tucker and Cowan defendants overly voluminous affidavit material.

We are now at the business end of things and judges are ordering Tucker and Cowan to front up with documents that they have refused to hand over in excess of a year... 

The question now is, how long can Tucker & Cowan endure.


----------



## No Trust (23 February 2020)

The matter having now been placed on the commercial list will mean things will really speed up, as it’s a process of the court to have commercial cases expedited and have  recalcitrant defendants held to strict timeframes.





http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103432


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## No Trust (23 February 2020)

Tucker stopped representing himself for a reason late last year... The gravity of a judgement against him, with all the potential flow on effects, apart from just declaring himself bankrupt obviously dawned on him.
I’m sure, whatever the outcome there will be appeals but the matter will end one day just as it did for McIvor. 
For years ASIC being the lazy, useless, pathetic public servants that they are, did nothing about McIvor. But then came a point where they had no choice and had to do something. Hence McIvor being banned for life.

The same day of reckoning will come in this case too, with ASIC and the Queensland Legal Services Commission closely watching a play by play of the current proceedings. 

If there is any doubt about the fact that that are watching, let me emphatically confirm that they have received formal notification of the proceedings and I’m sure are reading the media updates along with this forum...


----------



## No Trust (23 February 2020)

*Liquidity*
In our assessment of the current situation, it appears that defendants in this action are becoming increasingly in need of hard cash (In Australia). The attempts to have approx $86,000 in costs paid, whilst the Liquidators costs against them are still being assessed, wreaks of the smell of death, in terms of liquidity.

*Brisbane Legal Circles*
It’s no secret in Brisbane Legal circles, that Cowan has been bitching and moaning, that the onslaught of media reporting is causing him embarrassment and affecting his ability to attract and maintain clients... Well boo f##king hoo... I’m sure all the people who Cowan mercilessly pursued over the years will all be lining up to donate to a fund to help him stave off the “mean and merciless” Mr Stephen Russell... *NOT*

For Tucker to call in some of the money he stashed overseas, firstly he would have to regain his memory as to where it is, and claw it back into the jurisdiction to pay for huge upcoming legal costs...
Problem with that is, the money will be tracked, as will the mechanism used to bring it back to the land of OZ... You can only shove so much into your tighty tight bike shorts from your overseas sojourns...

Like the dying days of Equititrust, when the pressure piled on, the banks started to exit and not renew loans. Distancing themselves from the controversy. This element and the fact that liquidity pressures will only get worse, will predictably lead to the sale of property and assets linked to the defendants. The preparation for this may already be in the works. Tick Tock


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## No Trust (23 February 2020)

Russell McCart’s recollection of a meeting in Hong Kong with David “Triad” Kennedy, will be interesting reading in the coming days...


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## No Trust (23 February 2020)

*THE WICKED WEB WE WEAVE WHEN WE SET OUT TO DECEIVE 


*


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## No Trust (23 February 2020)

The bank circled in RED below can become a fair weather friend as McIvor painfully found out...
The bank was the first of many to pull back loans of approximately $90M from Equititrust creating a domino effect of banks pulling the plug... History has a habit of repeating itself...


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## No Trust (23 February 2020)

So there is no doubt that Tucker’s threats to declare bankruptcy were made, here is his sworn affidavit filed and stamped by the Federal Court of Australia for everyone’s reference.


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## No Trust (23 February 2020)

The affidavit is essentially a middle finger to the EPF investors, The Federal Court and the Liquidators pursuing him... This will come back to haunt him in the Supreme Court proceedings...


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## Triple_Witching (23 February 2020)

These disgusting Criminal, Fraudulent and Parasitic Grubs, hiding behind their professional titles and privileges destroyed many innocent victims, over the past decades, back to at least mid 1990's.  They have NEVER been prosecuted for anything whatsoever !!!

Their victims lost their life long work efforts, companies, assets, employees, FRIENDS, FAMILIES, homes, dignity, respect, hope, and for many, health and lives.  ASIC and other Enforcement Agencies were not interested, because the Victims were now Bankrupted.  Their illigal Bankrupties were due to the Criminal Frauds and REAL Criminal Conspiracies by these gutless Tucker and Co... F#%ks.

*"This Court Case"* needs to be, *ONLY the START*.... the ASIC Criminal Breaches of the Corporations Act need to be pursued vigorously along with the ATO Tax Evasion/s Schemes.

These Grubs should be life banned Directors, Disbarred Lawyers, Bankrupted for their Losses and Damages upon others, and locked up for their Criminal Tax Evasion Schemes.  Their Family Trusts, being used to protect their ill gained wealth, should be dismembered, as they have been funded by the profit proceeds, from decades of Criminal Behaviour.

The Green Germ and his Cockaroach Co Director, above, will join F@%cker.


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## No Trust (23 February 2020)

Well said... The sentiments of many victims and Equititrust investors are reflected in your comments.. 



Triple_Witching said:


> These disgusting Criminal, Fraudulent and Parasitic Grubs, hiding behind their professional titles and privileges destroyed many innocent victims, over the past decades, back to at least mid 1990's.  They have NEVER been prosecuted for anything whatsoever !!!
> 
> Their victims lost their life long work efforts, companies, assets, employees, FRIENDS, FAMILIES, homes, dignity, respect, hope, and for many, health and lives.  ASIC and other Enforcement Agencies were not interested, because the Victims were now Bankrupted.  Their illigal Bankrupties were due to the Criminal Frauds and REAL Criminal Conspiracies by these gutless Tucker and Co... F#%ks.
> 
> ...


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## No Trust (23 February 2020)

Stephen Russell’s punches are connecting...


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## No Trust (25 February 2020)

Tucker Public Examination / Humiliation - Federal Court of Australia 20/9/2017

Queens Counsel: Green

Tucker: Yellow

All I can say is THANKS for reading the THREAD...


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## No Trust (25 February 2020)

No disrespect to the real godfather...


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## No Trust (25 February 2020)

Those damn concealed profits and juicy legal fees will do it to you every time...


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## No Trust (26 February 2020)

Funny that, when you set out to take peoples homes - they have the temerity to fight back...
Some of these lads go back to the “Underground Days in Brisbane” and know how to fight back...
Tucker picked on the wrong guys...


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## No Trust (26 February 2020)

Ok... People all over town are talking... Who’s fault is that ? That’s what you get for being spiteful and vengeful... All the Meridian guys did was turn the other “ass” cheek and give Tucker a solid legal hiding...


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## No Trust (26 February 2020)

This explains soooo much... Tucker appoints friend who lacks independence and takes sides with Tucker... What a f#cking stitch up... THIS IS DISGRACFUL...


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## No Trust (26 February 2020)

THIS IS BEYOND APPALLING...


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## Triple_Witching (26 February 2020)

Facebook - 9 September 2013
Tuckers Client - the Green Germ and his Cockaroach Co-Director.


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## No Trust (26 February 2020)

HOLIDAY CAPERS !!!

Many moons ago, Tucker referred to McIvor as “Mr McIvor” in meetings... The public examination / humiliation of Tucker in the Federal Court exposed his true feelings... Of course Tucker was aways nice to McIvor’s face until he had the legal work taken away from him.

The biggest upshot though is the fact that throughout the public examination, there is a constant theme of spite and vengefulness on the part of Tucker. Added to to that is getting back lost fees, gaining legal work, making money out of it etc. But no where is there a mention about a single investor getting their money back. 

This was a game of spite between Tucker and McIvor. Both cretins didn’t give two f#cks about the investors who put the money into the fund in the first place.


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## Triple_Witching (26 February 2020)

No Trust...
You are focused on the truth about these Grubs... I THANK YOU, and your colleagues !!!

As you may Guess... I will add to this Blog, later, all in good time....  I have MUCH MORE Planned for these Germs, all in good time, in sequential Order.

In Fact, I am awaiting BS Legal **** from the garbage, now, based from this blog.

Media expoosure for years will deliver the fu78cks to truth.

The profile for these Criminal Fucks can be found in any online search > "narcissistic personality disorder symptoms"

I do not come from a position of Envy etc...  Quite the opposite.  Anyone who studied deep Criminals, observed, do you wish to add to your late life, as these fuckwits will enjoy. ?

F43cker and his Mate, the Green Grub B#m Mate, and his Whore Co Director, from Page 266, enjoyed many overseas 6 Star Holidays, in their Gay F$%cker  Following of Tour De France, Italy, Spain, Japan... etc...

I am simply, disappointed, the paid Government Authorities, have done and do nothing !

These events in early 2020, are simply the beginning.... For F456cker and his Faggots.....

Stay tuned... the movie, only starts in March 2020.  It will be like Star Wars... many new episodes ahead.... Going all the way till the C$%nts are finished.....  The C$%nts will be exposed, all in good time.

This is just the beginning... Another 10 - 20+ years, I will fund for 20 Years+..

I THANK YOU ALL.

Simple.


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## Triple_Witching (26 February 2020)

Life Is Not A Practice Run
https://lifeworx.co.za/blog/post/336/life-is-not-a-practice-run/

A few weeks ago I was handed a copy of Paulo Coelho’s, The Alchemist. I’ve heard this book finds you when you need it the most and so I set about reading it with intention. There were many lessons and thought-provoking ideas scattered throughout the text, but perhaps one of the most striking to me was this: “To realize one’s destiny is a person’s only obligation.”

Here’s the thing: your life isn’t a practice run. You only get one go at it and it’s your responsibility to make the most of it, to live it fully and make it count. So few people ever give much more than a fleeting thought to their destiny or purpose and even fewer people take a deliberate path to find theirs and live it. I’m not an expert in purpose but here’s what I’ve observed: when you meet someone who is authentically living their purpose, they’re magnetic. They live their life on fire. 

So why is it that we waste so much time living default setting lives that are not aligned with our destinies? Again, I’m no expert, but I think it’s because in the madness of daily living so many of us have stopped listening to our inner voice. We’ve collectively buried our hopes and dreams under responsibilities and fears and one by one when we emerge from under the weight of these things, we don’t even know where to start looking for our purpose. There is no key on Earth that will unlock the door to instant happiness and purpose, but there are three key things you could do right now to start taking the first steps on a journey to realizing your destiny.

Stop looking for purpose and start living on purpose. Desperately overthinking your purpose turns your focus inwards. Living on purpose turns this on its head because it moves us from overanalyzing every detail of our lives to being an active participant in our lives. Nothing ever happens to us, but everything happens for us. When we develop an attitude independent of circumstance and when we cultivate gratitude in our lives daily, we will find that our capacity increases and our focus changes 

Ask where you are needed. Purpose is focused outwards and meaning is found in serving others. Just look around you and I’m sure it won’t take you long to identify a need that your talents and skills could help solve. What we often take for granted in ourselves can be an enormous blessing to other people if we are open to sharing our own knowledge, skills and talents without expectation or desire for any return action. 

Move, damn it! Actions speak louder than words every day of the week and no amount of reading and researching is going to move you any closer to your destiny. If you’re afraid, you don’t need to make big moves. Small consistent steps repeated over time produce profound results, but you’ve got to get started. Craft a plan, get a coach or mentor and set a goal. Without structured support and a clear plan of action, it’s easy to give up when the first tough day comes, but when we’re focused on the end goal it’s incredible how much more we can endure than when we focus on right now.

Perhaps the great Roman Emperor Marcus Aurelius summed up the brevity of life in this quote: “When you arise in the morning, think of what a precious privilege it is to be alive – to breathe, to think, to enjoy, to love.”  My question to you is this – are you making the most of this one life that you’ve been given to live and are you chasing your destiny with all your heart or are you living your life on autopilot, waiting for the next thing to happen to you? Whether you realize it or not, you’re in control. This isn’t a rehearsal so get busy living.


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## qldfrog (26 February 2020)

Gentlemen,
I do not know the details: these guys are obviously scums, and I myself tend to be very revengeful, but just make sure you do not hurt yourself more than you hurt them, in no way should you let that go, but Coelho is a great read, try to get as much as you can out of his multiple books, and do not forget your life, family, friends in your search for justice


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## No Trust (27 February 2020)

Words of wisdom indeed.. 
Unfortunately, some parasites take longer to eradicate / bring to justice than others...

A sense of detachment coupled with tenacity and mindfulness has got us to where we are today, with the scum bags well and truly up against the ropes... 
Had we left it, Tucker and Coconspirators would have gotten  away with the stash...

This has been a collective effort and the media has had a crucial role to play... As the trial gets closer I can assure you the media spotlight will intensify.

Until then namaste  




qldfrog said:


> Gentlemen,
> I do not know the details: these guys are obviously scums, and I myself tend to be very revengeful, but just make sure you do not hurt yourself more than you hurt them, in no way should you let that go, but Coelho is a great read, try to get as much as you can out of his multiple books, and do not forget your life, family, friends in your search for justice


----------



## No Trust (27 February 2020)

Here is Tucker’s bestie in the news again.. The same guy Tucker appointed as receiver for MS Asia...
The epitome of a “friendly” receiver, which was effectively a pre organised front to cover the beneficial ownership of the EPF by Tucker and Kennedy. 




https://insolvencynewsonline.com.au/director-claims-identity-theft/


----------



## No Trust (27 February 2020)

Lot of Public Examinations of Worrells Partners related to PHOENIX activities... Anyone noticing a theme developing ?





https://insolvencynewsonline.com.au/failure-referrer-worrells/


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## No Trust (27 February 2020)

Worrells need to clean up their act... I’m sure there are more bombshell’s  just under the surface about to explode in their faces...




https://www.businessnewsaus.com.au/...eral-court-inquiry-into-worrells-partner.html


----------



## No Trust (27 February 2020)

Where else was the friend / mate / wink wink / you know what to do for me - arrangement utilised by Tucker & Cowan...


----------



## No Trust (27 February 2020)

Equititrust, provides an insight into the incestuous and convoluted nature of the relationships between lawyers and receivers... 
Deals are done to assist appointing solicitors to make bucks in secret transactions, information withheld, wink, wink, nudge, nudge arrangements undertaken at the behest of appointing parties to target individuals on the sole basis of spite and vindictiveness... it goes on and on... What a grubby profession it appears to be...


----------



## No Trust (28 February 2020)

Well worth reading...







http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103247


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## No Trust (28 February 2020)

So Tucker, exclusively provided instructions to his best mate Peldan, what a cushy and oh so cosy arrangement... I’m sure the two of them had a good laugh over a few wines at Peldan’s house... How many hats was Tucker wearing ?? Beneficial owner of MS Asia, Solicitor for MS Asia, concurrently solicitor for Equititrust and David Whyte - EPF, Solicitor to David Kennedy and Solicitor for the receivers Worrells (Mate Peldan) which he personally appointed. 

My oh my, it has unravelled in a spectacular way...

The transcripts from the Federal Court Public Examinations / Humiliations of Tucker and Peldan have proven crucial in bringing this farce of independence to public attention...

BRING ON THE TRIAL...





http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103247


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## No Trust (29 February 2020)

A bad omen for the Equititrust miscreants who will get the same tap on the shoulder by ASIC and other authorities... Every step of the current proceedings is being watched...

https://www.abc.net.au/news/2020-02-28/clive-palmer-charged-with-more-offences-by-asic/12012936


----------



## No Trust (1 March 2020)

Given how much money was lost by innocent retiree investors at the hands of Equititrust and its “Directors”, to add insult to injury and have the company’s former directors and solicitors stitch up a deal to f#ck over investors even further and gain a benefit for themselves, is DEPLORABLE...

ASIC, the Legal Services Commissioner and even the “Queensland Law Society” are watching the MS Asia / Tucker & Cowan case like Hawkes.. In my recollection a firm of lawyers / directors has never attempted such an audacious endeavour, at least not in Queensland history. 
The flow on effects from judgement for the parties concerned will be monumental....


----------



## No Trust (1 March 2020)

Next thing we’ll hear is Tucker calling for a Royal Commission into Blair Pleash, Richard Albarran and Stephen Russell for having the gall to sue him for his little scheme with Kennedy.

Daddy, daddy, call John Howard and get me out of this Sh#t... Oh hang on its 2020 and the game and the players have changed... Welcome to destination F#cked...


----------



## Skate (1 March 2020)

*Penalties are increasing *
The days of directors & solicitors using fancy footwork to fu¢k over investors to gain a financial benefit is coming to an end. In context it's worth remembering that a person or persons found guilty of financial fraud may be sentenced to a maximum of 5 years imprisonment "but" this can be increased to 12 years imprisonment in certain cases. The penalty can be automatically increase where a person commits fraud using property or funds they obtained subject to a trust that's held for a particular purpose paid to a specified person or persons, meaning - systematic fraud increases the penalty.

*The perfect test case*
These fu¢kers thought they were smart but their day in court is approaching & more unknown facts will certainly be uncovered. I'm just hoping the penalty fits the crime setting a precedence for future financial crime relating to the misuse of trust funds or superannuation funds under management.

Skate.


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## No Trust (1 March 2020)

You’re absolutely right... 

This fraud involved a SOLICTORS TRUST ACCOUT For GOD’s SAKE - connected to one of the Solicitors and Beneficial owners OF THE UNHOLY SCHEME. 

This case is so convoluted that its like the universe conspired to tempt Tucker into a holy trinity of sin. Solicitor for Company - Beneficial Owner - Solicitor for Beneficial Owner, meanwhile the money belonging to Equititrust Investors was effectively channelled through his Law Firms Trust Account to MS Asia in Hong Kong, of which Tucker was a beneficial owner, feebly trying to hide his ownership of that entity via a BVI Holding Company. 

What a stupid dumb scheme considering the fingerprints and DNA were all over the Solicitors Trust Account and that of its friendly receivers Trust Account - Worrells...

IN TERMS OF PRISON SENTENCES - YOU ARE ABSOLUTELY RIGHT - TRUSTS HOLD A SPECIAL SANCTITY WITHIN THE LAW - SOLCITORS TRUST ACCOUNTS AN EVEN HIGHER ONE...

When this gets to trial the revelations will be GOBSMACKING... All the players now know that prison sentences are something that cannot be taken off the table - hence the FIGHT FOR THEIR COLLECTIVE LIVES currently being played out before the court... THIS IS NO LONGER JUST A COMMERCIAL MATTER - THE CRIMINAL ASPECTS WILL BE PLAYED OUT OVER THE COMING MONTHS...








Skate said:


> *Penalties are increasing *
> The days of directors & solicitors using fancy footwork to fu¢k over investors to gain a financial benefit is coming to an end. In context it's worth remembering that a person or persons found guilty of financial fraud may be sentenced to a maximum of 5 years imprisonment "but" this can be increased to 12 years imprisonment in certain cases. The penalty can be automatically increase where a person commits fraud using property or funds they obtained subject to a trust that's held for a particular purpose paid to a specified person or persons, meaning - systematic fraud increases the penalty.
> 
> *The perfect test case*
> ...


----------



## No Trust (1 March 2020)

Let’s also not forget the allegations of DOCUMENT FALSIFICATION which adds another layer to the cake... Then Tucker & Cowan like two vampires exposed to the light want to thwart Freedom of the Press and threaten the Media... Good F#cking Luck... Last time we checked good ol Rupert had a bit more coin in his pocket than these “Shifty” GRUBS...


----------



## Skate (1 March 2020)

*In a nutshell*
The future is bleak for those scumbags because reading Justice Bowskill previous ruling she included allegations that the pair & "their law firm" breached the Legal Profession Act by acquiring money that should have been held "in trust" & then diverting the funds to a third party. 

It becomes very clear to everyone when the Judge calls it out for what it is..

Skate.


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## No Trust (1 March 2020)

Spot on... And call it out, is EXACTLY WHAT SHE DID...



Skate said:


> *In a nutshell*
> The future is bleak for those scumbags because reading Justice Bowskill previous ruling she included allegations that the pair & "their law firm" breached the Legal Profession Act by acquiring money that should have been held "in trust" & then diverting the funds to a third party.
> 
> It becomes very clear to everyone when the Judge calls it out for what it is..
> ...


----------



## No Trust (1 March 2020)

Despite efforts to have the proceedings struck out in full by Tucker & Cowan, Justice Bowskill would not do it. In fact she allowed the liquidators to amend pleadings which were outside the statutory time limit. A discretion she could exercise...


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## Triple_Witching (2 March 2020)

Hello All.

I might be a bit behind the eight-ball here, sorry.     Is this correct, please ???

1.   Was F#@cker a Director for Equitrust Ltd  ACN 74 061 383 944 (Former name(s): EQUITILOAN LTD, EQUITILOAN PTY LTD, M C MORTGAGE MANAGEMENT PTY LTD), up too, 14 Feb 2012 ???

2. Was F#@cker acting as Legal Counsel for Equitrust Ltd  ACN 74 061 383 944 (Former name(s): EQUITILOAN LTD, EQUITILOAN PTY LTD, M C MORTGAGE MANAGEMENT PTY LTD), up too, 14 Feb 2012 ???

3. Was F#@cker acting as Legal Counsel for Mark McIvor up too, 14 Feb 2012 ???

4. Did F#@cker, as a Director, put Equitrust Ltd  ACN 74 061 383 944 into Administration, around 15 Feb 2012 ???

5. Did F#@cker, as a Director ? / Lawyer ? or Son of Daddy ? arrange for AFP Raids on Equitrust Ltd  ACN 74 061 383 944 and Mark McIvors home, after 15 Feb 2012 ???

6. Did the Originally appointed Receivers, and Liquidators on 15 Feb 2012, get moved to other F#@cker FRIENDLY Receivers, and Liquidators, on or abouts 30 Aug 2012 ???

7. if # 6 above is approx correct, which Unpaid Creditors of Equitrust Ltd  ACN 74 061 383 944, formed the correct % quorum, to form a successful quorum, to move the appointed Receivers and Liquidators @ 15 Feb 2012, to F#@cker FRIENDLY Receivers, and Liquidators, on or abouts 30 Aug 2012 ???       Was Tucker Cowan a % of that Quorum ???

*8. If 1 - 7 above is close to accurate, does anyone know, of any previous "similar" activities by F#@cker, or his proxy Criminal Thieving "Gophers"  ?????   If so, this is very SIGNIFICANT INDEED.  As this shows evidence of an ongoing previous behavioural , of similar BLUEPRINTED / FORMATED, Criminal and Premeditated Bankruptcies, to Criminally Thieve Property/s / $$$ etc from Others, such as from public / private companies, individuals, State Stamps Offices and the ATO. .*

*I state here, very clearly, I have FULL 100% Detailed Evidence of F@#cker and his Criminal Clients & / or BS Proxies, doing this same type of BLUEPRINTED / FORMATED criminal destruction and $$$$$$ theft back to the Mid 1990's.   I was worked over by these F#@cks.  But I am Ready now !!!*

Example.  Mid 1990's is pre internet, and ASC (now ASIC Web site and services).  Imagine, someone lodging with ASC Transfer documents of Company Ownership (Yes, stealing) a company, (without payment, consideration, contract, agreement (verbal or written), then fabricating fake debts, and using those fake debts to Bankrupt (Unpaid and long outstanding Creditors of Tuckers Mates) companies and individuals, in order to steal property and $$$ from private companies, individuals, State Stamps Offices and the ATO.   They have NEVER been investigated, nor charged, to my knowledge.

These innocent Unpaid and long outstanding Creditors of Tuckers Mates, lost everything, including Families, properties, employees, $$$, freedom, homes, friendships, dignity, trust, pride, and in some cases, their very LIVES.  eg they are now prematurely dead, and died in a state of confusion, disgrace, poverty and pain, because, the Justice System, was not interested in their very real complaints.

These F#$cker involved, ongoing sequential Criminal Conspiracies have been going on now, for a minimum 25+ Years.  The Victims and $$$ Losers are not just Investors, but Creditors, employees and ATO +.  I have ALL Evidence. of within Australia, and perhaps some of Laundering outside of Australia.

I have a serious reason, for the above questions, if anyone wishes to assist.
Thank You !!!


----------



## Triple_Witching (2 March 2020)




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## No Trust (2 March 2020)

Hope this helps... 




Triple_Witching said:


> Hello All.
> 
> I might be a bit behind the eight-ball here, sorry.     Is this correct, please ???
> 
> ...


----------



## Triple_Witching (2 March 2020)

Thanks You No Trust !!!!!!!!
All Your ansers are very HELPFUL, in particular # 4 - 8+    ....
I will keep YOU Tuned....
Cheers !!!


----------



## Stephen C Russell (2 March 2020)

Dear all

We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.

If any of you are EPF investors, I would be grateful if you would contact my office by email to epf@russellslaw.com.au. One of our solicitors will then speak to you by phone, if that is convenient. Please also pass this message on to any EPF investors whom you may know.

Best wishes

Stephen Russell
Managing Partner
Russells


----------



## No Trust (3 March 2020)

I encourage all investors including family members of EPF investors, who have passed away or are infirmed to contact Stephen Russell on the email address he has provided below.

Stephen Russell is one of the good guys. He is an extremely capable commercial lawyer who has, against all odds progressed the case from the Federal Court Public Examinations in 2017 to where we are today, on the verge of a trial.

Thank you Stephen Russell you have our full support... 




Stephen C Russell said:


> Dear all
> 
> We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.
> 
> ...


----------



## No Trust (3 March 2020)

And on it goes... Tucker again wanting to have a “friendly” professional services provider “costs assessor”  appointed... STEPHEN RUSSELL is having non of it... 

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103839


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## Triple_Witching (4 March 2020)

*Go...Go Go...     "No Trust", "Stephen Russell LLB" and ALL.... !!!*

Personally, I do not know directly, any  Investors, from Equititrust/ Funds, alive or passed.

I only have intimate knowledge of F@#ckers and his Criminally Fraudulent Mates and Clients, from as far back, as 1994.

In 2020+, after Mr Russell wins this 24 March 2020 F@#cker case, if Mr Russell, wishes to meet me, he will have much evidence in his files, to Further F@#ck F23cker and his "Mates"

THIS IS JUST A TID BIT, I HAVE COMPANIES NAMES, ABN / ACN'S, DATES, TRANSACTIONS DETAILS ETC...

THEY ARE LAUGHING AT THE AUTHORITIES, EX TRUSTING CO-DIRECTORS, SHAREHOLDERS, INVESTORS, FAMILY MEMEBRS ETC.

YES, THEY DO HAVE THEIR BS ZOMBIE FAN CLUBS, WHO ARE AS DEEP AS THEIR NEXT ASS WIPE, INCLUDING THEIR ADULT CHILDREN.

THEY HAVE BEEN AND ARE CONTINUING TO SPEND, CRIMINALLY FRAUDULANTLY OBTAINED $$$$ AND PROPERTY FROM HONEST, EDUCATED, EXPERIENCED AND DESTROYED PEOPLE + ATO.

Fully Funded by CRIMINAL FRAUD FROM FAMILY, EMPLOYEES AND INVESTORS > in addition, unprosecuted CRIMINAL BREACHES OF  ASC / ASIC / Corporations Act / Contract Law & SERIOUS ATO TAX EVASION FRAUDS since 1982 / 1994 > 2007.

Q. HOW DOES SOMEONE WHO FAILED SCHOOL, AND WAS A LOWEST PUBLIC SERVANT, ALONG WITH HIS TEACHER MOLE, MAKE $ 50+ MILLION ? AND TRAVEL AROUND THE WORLD FOR 20 YEARS FIRST CLASS, ETC....

A. EASY - CRIMINALLY DEFAUD EVERY ONE, INCLUDING ATO !!!!  AUTHORITIES DID NOT CARE.

E.G. - PHOTO BELOW
I have all details + ALL NAMES / ID IS KNOWN + CRIMINAL FRAUD FILES OF SAME BELOW.

BELOW:   Photo taken at *"Kitanishi 3"_Hirafu_Hokkaido_Japan - Xmas 2007*

F@#cker (Left) and 2 Clients / Mates "Rob"bers, as seen in Japan, Australia, Italy, France, ETC....

LEFT - F@#cker
MIDDLE -  Green Germ
RIGHT SIDE - Cockaroach Fake Lier Criminally Fraudulent Bitch
 eg Page 266, and PHOTO below




The Same Template / Blue Print or worse, than Equititrust, was in operation by F@#cker and his faggot Criminal Mates from 1994, at least. Theyt destroyed many companies, people, families and all, to stuff salmon in their bs mouths, and take photos fiollowing Tour De Frand, Italy, Brooklyn Bridge USA, and

EG F@#cker moved Friendly liquidators moved in, (Clouts and Worrells) based upon fake / fraudulent debts by F@#ckers Clients and Mates (as above Japan Pic), and pushed aside legitimate Administrators, which led to Destruction of their Criminal Acts, and the stole (highly 90 % + Discounted assets and $$$) and avoided legitimate litigation.  Many of those persons, have lost their minds, or are dead.

I am one of those, but I am alive and getting $$$ stronger by the day.

These forward and planned events, cannot happen, without $$$$$$$$$$$$$.

I am at $$$$$ going to $$$$$$$$$$$$$$$$$$$$$$$$$$.

I will waste $$$$$$$$$$$$$$$$$$$$ to finish these GRUBS !  PROMISE !!!

 I am ready, with all evidence, after 25 years.  I am not going away.

Let Mr Russell et al, complete this first stage against Criminal F@#cker.  Then I will cooperate, and start another 10+ years of deserving shoit against these C@#nts.

On my Father, and Mothers Grave !!!!!!!!!!!!

Thank You No Trust, Mr Russell and all....

EQ, Equititrust was a brazen attempt, what these f@#xcks had been doing for decades.  eg get imbedded into entities with assets, f@#ck them all over and steal the assets by means, known to you all.

More to come....

Triple Witching.


----------



## Skate (4 March 2020)

@Triple_Witching I wish I could give you "two likes" for a very emotive last post..

*Two thumbs up will have to do..*




Skate.


----------



## Triple_Witching (4 March 2020)

Thank You Skate !!!

Like You, No Trust and a few, I am VERY REAL !

I lool forward to the future....
Thank You Champion !

PS, as you may guess Skate, I Trade.

Lets discuss at a later time, if you wish.

Let GO GO GO Gentlemen !
THANK YOU ALL !!!


----------



## Triple_Witching (4 March 2020)

Mr Russell might Recognize the Green Grub and Grubs Cockaroach Whore from 1994-1996+

If So Mtr Russell.  All Simple.  I am Your Ally.  I am real.  It has taken me 25+ years to have $1b + , in order to expose and **** these Grub C@#nts.

My mission, is to honour my parents, who got ripped off by these Grub C#$nts.

The  BS Aust authorities do not care, unless You Daddy, is Pedo Bob, of Qld Liberal Party.  We will see, who I know in DC USA etc.

See how F@#cker inbreds go. To me and my colleagues, this is WW3 >10, to nail these hidden CRIMINAL GRUBS. inside next 5 years, 

....and we WILL WIN, and Support Mr Russell, No Trust, etc, when appropriate.

F@#ker and his GRub C@#nt Friends, Mates, Clients are going to be bankrupted, disbarred as lawyers and directors, and jailed.  THAT IS MISSION.  I have the $$$, and growing.

SCOMO, and Friends are going to know later this year.  Trump already knows, and knows me, and this situation. NO BS.

eg F@#cker, Green Grub, and his Whore, the 2 Robbers, are going to jail.  If not, that was their simplest outcome. Promise.

All will see, in time, who I am. Aust Politics and corupt courts and lawyers, are not out my reach, anymore.

Go Hard Mr Russell and No Trustr and Colleagues.

The, F@#cker, (Bob Daddy) Green Grub and Whore are going to be Legally and $$$ buried, soon.

Thank You, No Trust and Friends.  Real.


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## No Trust (4 March 2020)

EPF Investors and Family Members Please contact Stephen Russell...



Stephen C Russell said:


> Dear all
> 
> We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.
> 
> ...


----------



## No Trust (4 March 2020)

There is no doubt that the trial against Tucker and Cowan should be expedited. Stephen Russell’s submissions to the court on 24 March 2020 have significant relevance to elderly retirees who are infirmed and the families of those EPF investors who have passed away. Tucker should be stopped from galavanting around the world and put into the witness box in the Supreme Court... The Legal Services Commission, Law Society and ASIC will be following the trail closely... If Trust Accounts were diddled, as is alleged, then those responsible need to be held to account by the respective professional bodies. This also applies to Worrells and their role in this Shakespearean Saga. If they fronted for Tucker and received $500K into their trust account then ARITA needs to take action...


----------



## No Trust (4 March 2020)

When it comes to MS ASIA, Worrells and Tucker & Cowan every rule in the book of Independence was broken... Where is ARITA and why are they not investigating Worrells ?? 

https://www.arita.com.au/ARITA/For_members/code-of-professional-practice.aspx


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## No Trust (5 March 2020)

When the Worm gets into the apple the flesh soon disappears...




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103242


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## No Trust (5 March 2020)

Birds of a feather ultimately get F#cked together...




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103242


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## No Trust (5 March 2020)

EPF Investors and Family Members Please contact Stephen Russell...




Stephen C Russell said:


> Dear all
> 
> We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.
> 
> ...


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## Triple_Witching (6 March 2020)

No Trust said:


> EPF Investors and Family Members Please contact Stephen Russell...




Yes...All.


----------



## No Trust (6 March 2020)

This was a small fry rip off of elderly retirees, what Tucker & Cowan did was beyond the pale... 

https://9now.nine.com.au/a-current-...enniless/be147212-89e8-44ee-a758-ee306268a8b8

Wait till a camera crew starts to follow both Tucker and Cowan into the Supreme Court of Queensland... 

The media are fully briefed...


----------



## Triple_Witching (8 March 2020)




----------



## No Trust (8 March 2020)

Ouch... The friendly receivers Worrells - The firm with no morals, did not provide the authorisations for the trust account withdrawals...




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103963


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## No Trust (8 March 2020)

Wow the fingerprints of Tucker & Cowan on the Trust Account authorities... The fact that they each signed the authorities one time is all that counts...  SMOKING GUN...


----------



## No Trust (9 March 2020)

The reply by Senior counsel Mr Couper QC and Mr Cooper QC on behalf of Equititrust to Tucker and Cowan’s defence filed on the 20 December 2019 is the final nail in the coffin for the not so dynamic duo, as far as this case is concerned.

Critically the Trust Account Authorities were never provided by Tucker and Cowan despite multiple attempts to have them handed over by Stephen Russell over the course of 2 years....

Then this happened:






http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=103596

Justice Bond then ordered Tucker & Cowan to produce the Trust Account Authorities by 4pm on the 14th of February 2020. Mark this date down as it was effectively D DAY.


http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=103963


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## No Trust (9 March 2020)

Why did Tucker and Cowan sign Trust Account Authorities paying away money from the firms Trust Account which belonged to the investors of the EPF ???

Do these guys have any understanding of the word TRUST and ACCOUNT ???

It appears that Kennedy safely ensconced in Hong King executed 83 of the Trust Account Authorities. However 2 authorities were executed by Tucker and Cowan...

This is effectively a SELF EXECUTION in terms of this case...

The Legal Services Commission and the Queensland Law Society should be conducting a parallel investigation of the Tucker & Cowan Trust Account, as anomalies of this nature go the integrity and “the very heart of a solicitors legal practice”...


----------



## No Trust (9 March 2020)

Compelling Reading... The two QC’s acting for Stephen Russell Mr Cooper QC and Mr Couper QC are going for Tucker and Cowan’s jugular vein...





http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=103963


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## No Trust (9 March 2020)

NO LAW OF QUEENSLAND...

ON NO OCCASSION DID TUCKER &COWAN INFROM ANY ANY BORROWER OR GUARANTOR OF A LOAN IN THE EPF LOAN BOOK THAT THEY WERE ACTING FOR MS ASIA...




http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103963


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## No Trust (9 March 2020)

TUCKER CONCEALED HIS INTEREST IN MS ASIA...

The genius, who to his detriment could not keep his “cake hole shut” did an appallingly Sh#t job of concealing his interest in MS ASIA and the EPF Loan Book... 

AND THE AWARD FOR D#CKHEAD SOLICITOR OF THE YEAR GOES TO.......................... ?



*Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*

_"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."_

_"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."

"Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d_


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## No Trust (9 March 2020)

A SOLICITOR - AN OFFICER OF THE COURT DID NOT DISCLOSE HIS UNHOLY UNDERTAKING TO SENIOR COUNSEL AND THE COURT...

IN MY ESTIMATION OF THE BEHAVIOUR ONE COULD INFER THAT THE COURT WAS MISLED...

NOW LETS TAKE A WALK DOWN MEMORY LANE... IS THIS THE FIRST TIME TUCKER MISLED BOTH SENIOR COUNSEL AND THE COURT IN REGARD TO A RECOVERY MATTER ??? WAS TCUEKR COVERING UP FOR MCIVOR AND OTHERS ?

A CREDIBLE PATTERN OF BEHAVIOUR IS BEING ESTABLISHED... THIS CANNOT BE IGNORED ANY LONGER BY ALL CONCERNED...

THE MATTER NEEDS TO BE REFERRED TO THE LEGAL SERVICES COMMISSION AND QUEENSLAND LAW SOCIETY BY STEPHEN RUSSELL AND THE SENIOR COUNSEL THAT WAS MISLED


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## No Trust (9 March 2020)

IF THE CLIENT WAS EQUITITRUST, THE MONEY SHOULD HAVE GONE TO EQUITITRUST...

ITS SO SIMPLE YOU’D THINK THAT “STUPID” WOULD GET THAT TOO...


----------



## No Trust (9 March 2020)

THE MONEY WAS HELD IN A TRUST ACCOUNT FOR EQUITITRUST, SIMPLE AS THAT...


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## No Trust (9 March 2020)

EPF INVESTORS, PLEASE CONTACT STEPHEN RUSSELL...




Stephen C Russell said:


> Dear all
> 
> We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.
> 
> ...


----------



## No Trust (10 March 2020)

PRETENDING THERE WAS A DISPUTE ???  
DAVID KENNEDY IS A PERSONALITY DEFICIENT, GRUBBY PARASITE THAT ATTACHED HIMSELF TO MFS AND THEN SWITCHED HOST BODY TO EQUITITRUST. THE TEAM UP WITH TUCKER WAS A PERFECT MATCH. AS THE SAYING GOES WATER ALWAYS FINDS ITS OWN LEVEL...
EPF INVESTORS NEVER STOOD A CHANCE IN THIS PREMEDITATED SCAM...





http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=103972


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## No Trust (10 March 2020)

ALWAYS TELLNG, WHEN EMAILS ARE WITHHELD...


----------



## No Trust (10 March 2020)

It’s patently obvious that the MS in MS Asia stood for MORON and STUPID... 

Telling borrowers that the owners of MS Asia were murderous criminals, pretending there were disputes to dupe McGrath Nichol, misleading senior counsel, misleading the court, using a trust account to pay out the ill gotten gains, Tucker acting in conflict for everyone and not disclosing the conflicts or his beneficial ownership in MS Asia, it goes on and on and on.... 

Who would’ve thought two solicitors could be so f#cking stupid...


----------



## Triple_Witching (10 March 2020)

No Trust said:


> It’s patently obvious that the MS in MS Asia stood for MORON and STUPID...
> 
> Telling borrowers that the owners of MS Asia were murderous criminals, pretending there were disputes to dupe McGrath Nichol, misleading senior counsel, misleading the court, using a trust account to pay out the ill gotten gains, Tucker acting in conflict for everyone and not disclosing the conflicts or his beneficial ownership in MS Asia, it goes on and on and on....
> 
> Who would’ve thought two solicitors could be so f#cking stupid...




Tucker has been advising and coaching his Clients and Mates, such as the Green Grub and his Cockaroach Co-Director, how to do these same Criminally Fraudulent actions since 1994.

Oops... thats a coincidence... Tucker deleted his Facebook a while ago, as confirmed here, a month ago.

Now, Cockaroach Co-Director has deleted its entire Facebook content, of all the BS overseas trips with Green Grub, and BS compliments from their Brain Dead Zombies Fan Club....

Too Late !!!

Q. What do they have to Hide.
A.  A LOT        !!!!!

I am seriously looking forward to seeing these Grubs exposed and delt with via Courts and Media...  Will be better than Seinfeld.....

Every Touch, leaves its Trace....


----------



## No Trust (10 March 2020)

*THE CAST OF “CURB YOUR STUPIDITY”*


----------



## Triple_Witching (11 March 2020)

_*“The only thing necessary for the triumph of evil is for good men to do nothing.”*_
Edmund Burke (in a letter addressed to Thomas Mercer).

That's the short version, attributed to Burke. A longer version reads as follows:

Whilst men are linked together, they easily and speedily communicate the alarm of any evil design. They are enabled to fathom it with common counsel, and to oppose it with united strength. Whereas, when they lie dispersed, without concert, order, or discipline, communication is uncertain, counsel difficult, and resistance impracticable. Where men are not acquainted with each other’s principles, nor experienced in each other’s talents, nor at all practised in their mutual habitudes and dispositions by joint efforts in business; no personal confidence, no friendship, no common interest, subsisting among them; it is evidently impossible that they can act a public part with uniformity, perseverance, or efficacy. In a connection, the most inconsiderable man, by adding to the weight of the whole, has his value, and his use; out of it, the greatest talents are wholly unserviceable to the public. No man, who is not inflamed by vain-glory into enthusiasm, can flatter himself that his single, unsupported, desultory, unsystematic endeavours, are of power to defeat the subtle designs and united cabals of ambitious citizens. When bad men combine, the good must associate; else they will fall, one by one, an unpitied sacrifice in a contemptible struggle.

–Edmund Burke, Thoughts on the Cause of the Present Discontents 82-83 (1770) in: Select Works of Edmund Burke, vol. 1, p. 146 (Liberty Fund ed. 1999).

It's as true today as it was 200 years ago...


----------



## No Trust (11 March 2020)

Jennifer Tucker’s Instagram Account has mysteriously gone from public to private... What pray tell precipitated this sudden change, from the previous showcasing of holidays and the Palm Beach property bought on the back of misery of others... 
With an impending trial, it appears a cleansing of social media has been ordered...


----------



## Triple_Witching (11 March 2020)

No Trust said:


> Jennifer Tucker’s Instagram Account has mysteriously gone from public to private... What pray tell precipitated this sudden change, from the previous showcasing of holidays and the Palm Beach property bought on the back of misery of others...
> With an impending trial, it appears a cleansing of social media has been ordered...
> 
> View attachment 101196




Good Work "No Trust"... re more related, and deleted BS Fools "Narcissistic personality disorder (NPD) Supply."

Just a coincidence...  not a chance.. all the Grubs are watching here, and communicating and coordinating, their attacks upon those here.....

The connected Fraudsters, are very busy trying to wipe away, all their bs bragging, from their stolen millions.  Too Late. All is saved since prior to 2012. 

ASIC + ATO + -  should be saving all this, down.  

I repeat, this is just the beginning........ I promise.

Yes, Green Grub and his Whore, mow knows who I am. Stay tuned Grubs and Whores.

Perhaps Imagine this....and this 100% happened,    I was there... 
On Green Grub's 40 Birthday, in 1994,Grub goes for an early morning run, from an overvalued bs home, with his only Brother, and some mates, around 550am in Brisbane.  Grub arrives home, after a 10k run, around 645am, and Grub discovers a 1 metre high, 1+ Tonne pile of steaming, fly covered horse manure in Grub Driveway.  Grub hid it from his Grub Whore Co-Director, aslepp inside the Grubby Beresford house.  The Grub is 66 years mid this year.  Was that a Thank You from someone in 1994 ?  

Same F@#ckers have been ripping people off for 25+ years.  No investigations, no charges.  

Note:  Dirty = Criminal Behaviour
2 Dirty Lawyers, and 1 Dirty Accountant, 2 Dirty Insolvancy practices, enables this garbage to profit.

Hmmm....... Failed school, Illegally Bankrupted Parents, made $50m+. 
Nothing to look at here. A trail of Destroyed Companies and Good Souls.  Nothing to see here.

I will keep posting here, throughout 2020, 
Photos, Details, Copies, of Fraudulent Documents, Fraudulent Comnpany Records, Fraudulent ATO Transactions, Fraudulent ASIC Company Annual Returns etc.... yadayada... 

The Criminally Fraudulent Tuckers + Grubs and Co, are all watching here, and the Green Grub and Whore Witch Co-Director, have made their plans, to knock me off.

I received on reliable source, this week.  Bring it on, See what I am and have...  I will be there, in court, when those grubby Criminal F@#cks, Grubs and Whores, are locked up.                  Easy, Simple.

They have, since 1974 (Yes, 1974), and will continue to Defame, Slander, Libel and KILL ALL those, that may expose them. I have reliable source, the Grub and Co have already made false statements to State and Federal Police, + others, which are intended to have me falsly arrested etc.  and shut down.

This here, threatens their Criminally Stolen Fairy tales and ASIC / Corporations ACT / ATO  Criminal Frauds since mid 1980's at least.

From Failed school to $50m+. Must be smart.  
Problem. Evidence held by some parties. including an ex Policeman + Solicitor, + Qld Supreme Court Judge,  
Bummer for **** for Brains Grub & Whore Garbage, 
You will be Exposed and Disposed , all in Good time.

The Tuckers, Grubs and Whores, will present a Fraudulent Fake Facade to the Authorities, of success, respectibility and compliance.  The Criminal Fraudsters will rely upon their stolen wealth and balance sheets, and BS credentials such as LLB, B Comm, Bach Mgmt, B.A, M,B.Arts etc....

Tuckers Mates and Buddies, since 1994, Green Grub... Leso Whore Lier Witch, and Fool Fanclubs have deleted same, from Pages 266 to here, Page 270, did the same.  Evidence of collusion.

This is just the beginning my GOOD, HONEST, INTELLIGENT Friends, previously damged by these C%nts.  Others will join us soon.... I promise !  

The Good Souls who were destroyed, are no Dead. I represent them, and others. simple.

Every Touch, leaves its Trace....


----------



## No Trust (11 March 2020)

Acting for Equititrust as a solicitor and then acting against Equititrust and its investors... Tucker’s disloyalty knew no bounds...

In effect Tucker was being paid by McGrath Nichol (receivers of the BOSI Debt) on behalf of the EPF to pursue the Meridian directors and at the same time he was buying the BOSI debt, via MS ASIA with Kennedy. All under Cowan’s nose SMFH...

To make things worse they then stiffed their own clients McGrath Nichol by pocketing the proceeds of the SLOT payment which they asked to be deferred and paid to them.

McGrath Nichol must be ropable to have been scammed in this way by their own solicitor... Kennedy’s actions in tandem with Tucker should result in a life ban on the same terms as McIvor.

The pattern of deceit and conflict of interest is beyond belief. The question is, where else did the same manner of deceit occur in the past. If there is evidence of prior scams of this nature then the evidence must see the light of day...


----------



## No Trust (11 March 2020)

The evidence dropping daily, encapsulated in the official court documents,... *is mind bending*... 

The legal team acting for the liquidators, Stephen Russell, Mr Cooper QC and Mr Couper QC are first class. 

Their level of detail and legal expertise is exemplary...


----------



## No Trust (11 March 2020)

How can a firm of solicitors expect to attract clients when it has a history of stabbing its own clients in the back going against their interests in favour of their own greed and selfishness...

Money belonging to the client which should have been held in a trust account is then channelled to Hong Kong and other overseas jurisdictions from there... SMFH

Stephen Russell and his team of QC’s have exposed these miscreants like no one has before...


----------



## No Trust (11 March 2020)

EPF Investors please contact Stephen Russell so that the trial can be expedited...



Stephen C Russell said:


> Dear all
> 
> We are preparing evidence as to the current circumstances of the investors in the Equititrust Premium Fund, for use on the next review of the matter in the Commercial List on 24 March 2020. We have contact details for many of the investors, but some are out of date. In short, we wish to provide the court with current information as to how many investors have passed away, and the age, state of health and personal circumstances of the surviving investors; to support a submission that the trial should be expedited.
> 
> ...


----------



## No Trust (11 March 2020)

The nightmare scenario for Tucker and Cowan is being put into the witness box and being cross examined under oath by Mr Cooper QC and Mr Couper QC, in front of their peers, the media and the institution where they made and make their income... 

I am certain that both QC’s will spotlight prior occasions where both Senior Counsel and the Court were misled... 

Moral to the story, don’t Sh#t where you make an income...



No Trust said:


> A SOLICITOR - AN OFFICER OF THE COURT DID NOT DISCLOSE HIS UNHOLY UNDERTAKING TO SENIOR COUNSEL AND THE COURT...
> 
> IN MY ESTIMATION OF THE BEHAVIOUR ONE COULD INFER THAT THE COURT WAS MISLED...
> 
> ...


----------



## Triple_Witching (11 March 2020)

No Trust said:


> The evidence dropping daily, encapsulated in the official court documents,... *is mind bending*...
> 
> The legal team acting for the liquidators, Stephen Russell, Mr Cooper QC and Mr Couper QC are first class.
> 
> Their level of detail and legal expertise is exemplary...




Touché

This is simply the beginning, Thanks to you ALL GOOD Souls....

I will pay to Finish, Very Simple.

Touché


----------



## No Trust (12 March 2020)

*IF YOU’VE EVER HAD TO DEAL WITH THIS LOT - YOU'RE IMMUNE FROM THE CORONAVIRUS 
KIDDING - NOT KIDDING *







Equititrust Ltd said:


> Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
> 
> If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.
> 
> ...


----------



## No Trust (13 March 2020)

The exposure of all of the above financial vampires on this thread over the last 10 years, has led to some catastrophic falls from grace, which have been documented by the Australian media in great detail. It has been worth it, throughly entertaining and gratifying...

How much of an influence has this forum had? I think in the answer is in the hits on the thread exceeding of 831,000 views. It’s obvious that everyone involved is reading the forum, including all the receivers, liquidators and solicitors. Feedback is, all of them are addicted to this forum like crack cocaine, viewing it multiple times a day... Come on guys...... Tell me I’m wrong... 

Even Stephen Russell, of Russell Lawyers, saw the influence of the forum and made an appeal on the thread for EPF investors to contact his firm. This was a common sense approach and one which I wholeheartedly support. He deserves credit for his legal skills and tenacity in putting Tucker & Cowan up against the ropes.

But wait there’s more............................ Legal Troubles about to explode in everyones faces, intertwined in this grubby melange of fraud, asset theft, lawyers, receivers and liquidators each protecting their own.... The timing of this new front of exposure is *no coincidence*... 

If you think the Sh#t has hit the fan already.... You’ve  seen nothing yet...


----------



## Triple_Witching (13 March 2020)

No Trust said:


> The exposure of all of the above financial vampires on this thread over the last 10 years, has led to some catastrophic falls from grace, which have been documented by the Australian media in great detail. It has been worth it, throughly entertaining and gratifying...
> 
> How much of an influence has this forum had? I think in the answer is in the hits on the thread exceeding of 831,000 views. It’s obvious that everyone involved is reading the forum, including all the receivers, liquidators and solicitors. Feedback is, all of them are addicted to this forum like crack cocaine, viewing it multiple times a day... Come on guys...... Tell me I’m wrong...
> 
> ...




THANK YOU "NO TRUST" !!!

In my View, You are to be Congratulated !!!

No Doubt... ALL the Criminals are reading here... we have very clear recent evidence, of this fact !  This is VERY GOOD !!!

Keep Running, Keep up your fake facades of Success, but TRUTH will be delivered ICE Cold, with the Correct Timing, and Circumstances.

If anyway possible, we need to ensure, ASIC and ATO are viewing here, as well.....

GOOD ON YOU.... "NO TRUST",  "MR RUSSELL AND HIS TEAM" AND OTHER GOOD SOULS.... !!!!

Every Touch, Leaves its Trace...

ROBberS will be taken DOWN.... As you know, this is the First Episode, or a few more.....


----------



## No Trust (13 March 2020)

With the current financial meltdown hitting Australia with ferocity... Watch the collateral melt down of the miscreants involved in the current saga. 

Tucker previously stated how hard it was to attract clients in a post GFC environment. 

Given that this meltdown will be much worse than the GFC, law firms will find it hard to survive. Given Tucker and Cowan’s track record of going against its clients interests in favour of their own, to the extent of undermining them financially, no new clients will ever flow their way... Even the insolvency professionals and senior counsel were misled by them... I doubt referrals will come from these sources again. 

Tucker, after all is said and done will be shown to have been the master of his own demise... Watch the banks start to circle in the coming months as the trial proceeds and all the dirty laundry gets aired...


----------



## No Trust (13 March 2020)

EQUITITRUST WAS A MAGNET FOR THOSE, OH SO RESPECTABLE MFS GUYS... 


equiticriminals said:


> Equititrust is a company that will attract the ilk of former MFS executives.
> 
> Run and founded by an equally dubious character called Mark McIvor. This Mirky Financial Character has run under the radar for many years and now it seems the banks are calling in the money. One look at their web site demonstates the amount that had to be paid back to one bank who got wise... 90 Million Dollars... The demand was made by the bank after it lost confidence in Equititrust.
> 
> ...


----------



## No Trust (13 March 2020)

Read David Kennedy’s sychophantic drivel below and compare it to reality...

So Kennedy said that Anderson, who he pulled into Equititrust was as pure as the driven snow as it concerned MFS..

One thing to remember, both parasitic amoeba are former KPMG operatives who coincidentally were the auditors of Equititrust...

Throw Tucker into the mix and you can see that McIvor attracted people with similar character traits to his own...  The dumpster fire that was Equititrust continues to burn...

Petrol is about to be thrown on that fire and will engulf unexpected protagonists hiding in the shadows...











Equititrust Ltd said:


> Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
> 
> If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.
> 
> ...


----------



## Triple_Witching (13 March 2020)

No Trust said:


> Read David Kennedy’s sychophantic drivel below and compare it to reality...
> 
> So Kennedy said that Anderson, who he pulled into Equititrust was as pure as the driven snow as it concerned MFS..
> 
> ...





Thanks "No Trust"

You are a Gem, a Goldmine of generously shared knowledge.

I do not wish to distract focus, from "No Trust" and Mr Russell and his capable associates from current events, and 24 March 2020, Court Case, but... Believe me Brothers, I will add some VERY REAL Episodes, here, all in Good Time.

My Case - which was Not prosecuted, not investigated, included the destruction of 30-50 + Families, through Criminal Fraud.

*The Funny thing is, ASIC &  ATO +, have ALL the Criminal Fraudulent Evdience, within their own files !!!*

It gets even more Real... Clearly, Mr Russell was hoodwinked by F@#cker, when the were Law partners in mid 1990's.  I also know, and have evidence, the F@#cker, Green Grub and Whore Witch Co director, reipped off everyone, including Green Grubs Parents, and Previous Lawyer, John K from Adelaide St, Brisbane, who now hides on an island, of east coast, NSW, Australia.

This Equititrust Case, events, started around 2010 - 2012.
The Criminals, Tucker, Clouts, Worrells, Green Grub and Lier Whore Coven Witch #itch, Co-director wre perfecting their Fraudulent Criminal Blueprints from Feb 1994.   You all will see, all in Good time....

Their associates >
2 Criminal Scum Garbage Criminally Fraudulent Qld based Directors.
2 Criminal Scum Garbage Criminally Fraudulent Qld based Solicitors, F@#cker is 1.
1 Criminal Scum Garbage Criminally Fraudulent Qld based CPA Account

All ID and Criminally Fraudulent Transactions Evidence are held by me, and others.

This is the Beginning "No Trust", and Mr Russell, and ASIC and ATO..

Every Touch, Leaves its Trace...


----------



## No Trust (13 March 2020)

Wait for some devastating affidavits to drop over the next few weeks...


----------



## No Trust (15 March 2020)

IN BREAKING NEWS: 
The Coronavirus has just tested positive to MS Asia Debt Acquisition Ltd.


----------



## No Trust (16 March 2020)

*                                SH#T SHOW AT THE F#CK FACTORY...*


----------



## No Trust (18 March 2020)

*SH#T SHOW AT THE F#CK FACTORY
*
When Tucker’s BFF and “friendly Receiver” Michael Peldan of Worrells started to get nervous, you know there was Sh#t Show at the F#ck Factory...

The F#ck Factory also known as Tucker & Cowan Solicitors, parasitic practices of attaching to a host body client, sucking it dry and then killing it financially, has caught up with the F#ck Factory. There’s no where to hide any longer. No more flying under the radar with the media scrutinising every step of the upcoming proceedings....

What kind of a law firm goes against its own clients financial interests ??? A law firm called the *F#CK FACTORY*...



No Trust said:


> *                                SH#T SHOW AT THE F#CK FACTORY...*
> 
> 
> 
> ...


----------



## No Trust (18 March 2020)

*SH#T SHOW AT THE F#CK FACTORY*

How many clients do you think are lining up to be bent over by the F#ck Factory on Adelaide St, given what has been exposed to date... With the current economic gloom about to descend on the country, clients will be sparse. Law firms with their clients best interests will attract the few clients that are left standing after the economic apocalypse...


----------



## Triple_Witching (18 March 2020)

*UK to delay crown court trials because of coronavirus*
MARCH 18, 2020
www.reuters.com

LONDON (Reuters) - Courts in England and Wales dealing with serious crimes will not start trials if they are likely to last for more than three days because of the spread of coronavirus, the head of the judiciary said on Tuesday.

“Trials in the Crown Court present particular problems in a fast-developing situation because they require the presence in court of many different participants,” the head of the courts of England and Wales, known as the lord chief justice, said in a statement.

“Given the risks of a trial not being able to complete, I have decided that no new trial should start in the Crown Court unless it is expected to last for three days or less. All cases estimated to last longer than three days listed to start before the end of April 2020 will be adjourned.”


----------



## No Trust (18 March 2020)

Will be interesting to see what happens with the Queensland Courts given Tucker’s next appearance before the court on the 24th of March 2020...


----------



## Triple_Witching (19 March 2020)

F@#cka in Court on the 24th...


----------



## No Trust (19 March 2020)

Watch out for Stephen Russell’s affidavit about to drop... Given the global economic meltdown and the age of the EPF INVESTORS it’s time that Tucker, Cowan and Kennedy return the elderly retiree investors money...

This will be a compelling argument for the court to consider... The economic collapse is heading into Great Depression 2 Territory.

Tucker and his show off wife need to be stopped from travelling around the globe on luxury holidays with other peoples money and return the ill gotten gains to the elderly people who actually worked for it...


----------



## Triple_Witching (20 March 2020)

"No Trust"
I may be incorrect here.
Personally, i do not think, ",,,return the elderly retiree investors money"... will happen.

However, it is my vested case... for next 20+ years...

F@#cka and CRiminal Corporations Act, ATO, Fraudulent Clients + Cycling Mates, and Witch Bitch, etc + ... are going to HELL.

...inncluding Green Grub and his Witch BS FRaudulent Gutless BS B@#tch C@#t.

We do HOPE, F@#cked Green Grub + Whore C@#nts are reading here.

F@#cka, F@#cked Green Grub + Whore C@#nt, Your time in soon.

We will start at Chelmer < Qld.
Simple


----------



## No Trust (20 March 2020)

Some money may be recovered for EPF investors if the litigation funder and Hall Chadwick don’t take the lot again as they did with the case against McIvor and other directors...

Given the current global economic meltdown, I don’t think any judge will accept that happening again...

Society as we know it will change...





https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/


----------



## No Trust (21 March 2020)

The hits, they keep on a coming... Tucker and Cowan lose again...

The slippery scum bags thought they could slip another friendly professional service provider through the net to assess costs... Sorry guys, this is not Worrells and Michael Peldan 2.0 who you can puppet to undertake your illicit schemes...

The “friendly” cost assessor f#cked up, erred in law, in “favour of Tucker” who was representing himself for gods sake... Tucker wanted this biased assessor appointed again... He must be losing perspective along with mental acuity from the stress... Bit like McIvor in his dying days... I’ve always predicted Tucker will suffer the same fate as McIvor... Tucker has literally mimicked all of McIvor”s moves including the beach pad at Palm Beach... Many on the Gold Coast and Brisbane have referred to it as the wanker pad, due to constant boastful posts about it on wifeys now “private Instagram Account shrouded in insincere proclamations such as #grateful... Regardless of the fact the assets are held in trusts and wifey’s name (Sassafras St The GAP Brisbane), asset sales will soon be forced upon him as a result of judgements and the economic apocalypse currently in play globally... Maybe Tucker will try and find out where his share of the MS Asia profits sent to Hong Kong, actually are, and repatriate the money back to Tucker & Cowan’s Trust Account, I say in jest... 

The judgment was the kick in the nuts from the court that they deserved... 


http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=104422


----------



## No Trust (22 March 2020)

"See, their morals, their code, it's a bad joke. They're only as good as the world allows them to be.”

“I'll show you. When the chips are down, these civilized people, they'll eat each other. I'm not a monster, I'm just ahead of the curve."

“THE JOKER”

As predicted Justice on greed is upon us...

The world as we know it will never be the same. The economic apocalypse enveloping the world will pivot society away from the greed exposed on this thread... As McIvor discovered, Tucker will soon discover greed and theft of other peoples money will result in life changing consequences...

The return of the EPF money to its rightful owners should be the highest priority of the Supreme Court of Queensland...

What Tucker has gotten away with for years needs to be righted immediately...

Don’t expect sympathy from the Supreme Court...


----------



## No Trust (23 March 2020)

Affidavit of Stephen Russell filed today... 

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=104440


----------



## No Trust (2 April 2020)

And the blood letting begins... If Minters are suffering Tucker & Cowan are basically f#cked... 

https://www.afr.com/companies/profe...r-pay-asks-staff-to-buy-leave-20200401-p54g80

#gameover


----------



## No Trust (2 April 2020)

Oh noooooo... The miserable accountants are also going down the tubes... How will the world survive without these Counts without the “o”...

https://www.afr.com/companies/profe...ash-partner-pay-by-up-to-17pc-20200402-p54gak

Watch the likes of BDO, Worrells (the firm with no morals) and Hall Chadwick fall on their collective swords...


----------



## No Trust (16 April 2020)

Sometimes liquidators like Hall Chadwick have *very bad days in court* on other Equititrust matters currently before the courts. Despite the multiple warnings who do you blame ? Incompetent solicitors ? Or the liquidator clients themselves who won’t listen to reason...
What this shows is the shortsightedness of some liquidators  is pathological in nature, like a fish with a seven second memory, wondering why it gets hooked in the mouth every time a worm miraculously appears from the sky.

If a fraud is being covered up it will come back to bite you in a vicious costly way...  Next Stop - National Media Exposure...


----------



## No Trust (16 April 2020)

The more litigation the liquidators become embroiled in, the longer it will take to wind up the Equititrust Income Fund and the company itself... Sometimes only through pain does one garner clarity of thought...


----------



## Triple_Witching (17 April 2020)

*F#@cKa.....*


----------



## Skate (17 April 2020)

Triple_Witching said:


> *F#@cKa.....*







How appropriate & suitable in the circumstances, @Triple_Witching you've nailed it again.

Skate.


----------



## No Trust (18 April 2020)

The Tucker crime family have been exposed... They really thought they’d get away with it... But wait, there’s more pain to come... The current crisis enveloping the world has applied enormous pressure and the cracks are starting to appear in the facade of the crime family... What other frauds are about to be exposed...


----------



## No Trust (20 May 2020)

No investor can receive any further payout whilst the liquidators are still embroiled in court action before the Supreme Court of Queensland... Will the Tucker litigation yield any money even if the liquidators win ???


----------



## No Trust (20 May 2020)

Or will the liquidators and and litigation funder take the lot again like the Federal Court case against McIvor and brother Wayno...


----------



## Nothingtoadd (20 May 2020)

No Trust said:


> Or will the liquidators and and litigation funder take the lot again like the Federal Court case against McIvor and brother Wayno...




yes


----------



## Mozzi (21 May 2020)

No Trust said:


> Or will the liquidators and and litigation funder take the lot again like the Federal Court case against McIvor and brother Wayno...





We're told "Never ask a question unless you know the answer!"   We all know the answer to this one - inevitable!  

 Don't any of the authorities have "teeth"?   Oh Hell, just asked another question.....


----------



## No Trust (22 May 2020)

Spot on...



Mozzi said:


> We're told "Never ask a question unless you know the answer!"   We all know the answer to this one - inevitable!
> 
> Don't any of the authorities have "teeth"?   Oh Hell, just asked another question.....


----------



## No Trust (22 May 2020)

The liquidators Hall Chadwick are playing a shell game with investors who will get nothing from the litigation against Tucker... Foolishly embroiling themselves in other “long term” litigation will also come home to roost when the extent of evidence against them is provided to the court by way of sworn affidavits... Equititrust had some very disgruntled employees who witnessed blatant fraud.. 
As insurance against potential blame being cast, “key” Equititrust employees ensured information was digitally retained. The evidence against Equititrust and its office holders is damning... If the Liquidators Hall Chadwick have provided cover to the fraud committed by Equititrust officeholders over many years after Equititrust went into liquidation, they have serious issues of joint culpability to answer before the Supreme Court of Queensland... Hall Chadwick have a statutory duty to report the fraud to ASIC and other statutory authorities, yet have refused to do so despite formal notice of he fraud committed. The fraud has not been denied by Hall Chadwick, instead their head in the sand approach has put them in the invidious position they’re now in...


----------



## Triple_Witching (2 June 2020)

First Day Back at Court.......


----------



## No Trust (8 June 2020)

Pressure is mounting on the liquidators to finalise the litigation / fee generation exercise against Tucker, so investors can get a final dividend before they die... 

David Whyte cannot make a final payout until the litigation by the liquidators is finalised... Don’t hold your breath for any money coming from the litigation as it seems the liquidators and litigation funders square off the money received into fees... Investors get zero... Expect the same again...


----------



## No Trust (11 June 2020)

The liquidators are using the Equititrust liquidation as their own fee generating vehicle... Having squandered the $2M+ refund received from the taxation office, they now rely on fees from a litigation funder. Eg Tucker Litigation

Tucker deserves to have his ass sued off him but if it’s not going to result in a return to investors, then what’s the purpose other than to feed the liquidators fees... It’s time for them to front up to investors and give an update on whether any money will flow to them as a result of the litigation against Tucker...


----------



## Triple_Witching (11 June 2020)

FUc...Er should be in Jail !
Simple !!!


----------



## Nothingtoadd (11 June 2020)

No Trust said:


> The liquidators are using the Equititrust liquidation as their own fee generating vehicle... Having squandered the $2M+ refund received from the taxation office, they now rely on fees from a litigation funder. Eg Tucker Litigation
> 
> Tucker deserves to have his ass sued off him but if it’s not going to result in a return to investors, then what’s the purpose other than to feed the liquidators fees... It’s time for them to front up to investors and give an update on whether any money will flow to them as a result of the litigation against Tucker...




I don't think you can hold up the liquidators as the highest paragons of virtue and ability.....but that said, the system is broken.  

Once litigation funding is involved there is no real drive to settle until all funds have been exhausted. The only thing that exhausts the funds is the litigation itself.  I am sure that someone can come up with an example of where litigation funded recovery generated a meaningful return to creditors  - - - but it is exceptional.


----------



## No Trust (23 June 2020)

Happy *10th Anniversary* to this thread and its contributors. Due credit has to be paid to Kostag who started the thread on this day *10 years ago* and exposed Equititrust for the cesspit that it is... Its been an honour to continue the thread and expose all the miscreants involved... To date, total thread views* 842,898* The tenacity of the thread contributors is well documented and will not cease until the main culprits are brought to Justice...
*
JUSTICE IS COMING...* 



kostag said:


> I'm an Equititrust investor -  historically, all has been good -  bit I am hearing some disquieting developements -  such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge -  same auditors as MFS used -  same business model -  and even Royal Bank of Scotland loans outstanding/overdue.  There was a press write up about a loan to Al Konstaninidis going bad etc -  and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.


----------



## No Trust (8 July 2020)

Tucker, Kennedy and Tucker and Cowan Solicitors also knew what they did to Equititrust Investors was wrong... Yet they took the money and ran... 

All officers of the Supreme Court of Queensland and now playing dumb as to their fiduciary duties and obligations to maintain trust monies for those it was intended for...

2020 ain’t going to be pretty for this lot...


----------



## No Trust (14 July 2020)

*THE SMOKING GUN *

Extensive ongoing forensic investigation has in the last month  uncovered prima facie evidence that Equititrust, it’s directors and certain employees, by way of its lawyers, “intentionally“, fraudulently misled 2 Queensland courts. One state and one federal..

The material, on advice from the Queensland Department of Justice and Arrorney-General, the Queensland Law Society, Queensland Legal Services Commission and the Registrar’s of both courts is to be referred by way of formal complaint to each party. 

The actions of the above mentioned parties, revealed in the freshly uncovered material were so egregious that regulators have been left gobsmacked... 

Like all crimes it’s convenient that the bodies remains buried. Unfortunately Equititrust went belly up and the maps to where the bodies were buried alive and doused in hydrated lime found their way into the hands of people that the culprits thought were well and truly dead and buried... Alas to their chagrin the ghosts of past are back to haunt them...


----------



## No Trust (14 July 2020)

If followers of this thread thought the MS Asia fraud was audacious, the new scandal will make it pale into insignificance...


----------



## No Trust (18 July 2020)

*BREAKING NEWS !!!  MCIVOR IS OFFICIALLY IS OFFICIALLY NUTS 

MORE TO COME...


*


----------



## No Trust (18 July 2020)

The article describes McIvor referring to himself as “LORD HUNTINGTON”... Running a cafe as a front for an investment club... Constantly accompanied by a Buddhist monk who sits in a corner of the cafe... Seriously what the F#CK... 

It seems McIvor has gone for the shrivelled prune, vagrant look nowadays... Given the scabby face a good facial would be in order... Let’s not even start on the teeth... OMG

I guess that’s what happens when a “Financial Vampire” is exposed to the light...

P.S. You’re Welcome Marky Boy... 

JUSTICE IS COMING...


----------



## No Trust (18 July 2020)

*Front Page News... FINANCIAL VAMPIRE tries to avoid a photo...




*


----------



## No Trust (18 July 2020)

ASIC if you’re listening why isn’t this miscreant in JAIL ???


----------



## No Trust (18 July 2020)

McIvor may think that today’s front page headlines are ‘rock bottom”, he has no idea...

Hint: As mentioned in the article by the journalist, the fact that ASIC is not commenting, is due to the fact that they don’t comment on active investigations...
Prior to this going to press formal complaints about McIvor have already been made to ASIC.
McIvor didn’t realise he was constantly being surveilled in the lead up to this story... That surveillance has not ceased...

As to living in the restaurant premises the Body Corporate was tipped off...

P.S. You’re welcome...


----------



## No Trust (18 July 2020)

As to the living in the restaurant business, this all starts to make sense now given the details of his previous eviction, even the origin of the name of his former scam business Strongman Financier is evident... With his “musical partner”  Patric John Creamer also being known as Colonel Strongman... Seriously you can’t make this sh#t up...


----------



## No Trust (18 July 2020)

Essentially, the article exemplifies a prolific con man out to take Peter Foster’s title as the dodgiest cretin in Queensland, if not Australia...


----------



## No Trust (18 July 2020)

This article serves as good notice to landlords to steer clear of McIvor and his roaming band of loitering squatters... 

Don’t say you weren’t warned about being exposed Marky Boy...  We’re not done with you yet... 

Justice is Coming...


----------



## No Trust (18 July 2020)

The Gold Coast Bulletin’s Headline is clearly a play on words...

The M is purposely interchangeable...

*I’M
JUST
THE
M AD
MAN 
*
Well played Gold Coast Bulletin, well played... PMSL...


----------



## No Trust (18 July 2020)

*SO THIS GUY !!!... HOSTED THIS “ ANTI ICE” EVENT”... AT HIS DODGY SHOP FRONT that he was just evicted from... THE LANDLORD WAS TOLD PEOPLE WERE LIVING IN THE PREMISES...
Ahhhhhhh WTF...  No one could script this Sh#t up... JOINING THE DOTS BECOMES EASIER NOW... THANK YOU FOR JOINING THE DOTS GOLD COAST BULLETIN...






*


----------



## No Trust (18 July 2020)

*JUST THE AD MAN... YEAH RIGHT MCIVOR... As a convicted criminal one would think you’d be a better liar and quicker on your feet... Or did the media ambush take you by surprise... 



https://www.huntingtonsclub.com/information-memorandum/


*


----------



## No Trust (18 July 2020)

McIvor, having been banned for life, is clearly breaking the law and taking funds from gullible unsophisticated  investors... The reason given by ASIC in banning him for life was to *protect the public..* This has obviously been a fail of monumental proportions... 

McIvor needs to be prosecuted by ASIC and put behind bars as a deterrent to others...


----------



## No Trust (19 July 2020)

McIvor, aka “Lord Huntington” claims to represent 1620 Equititrust investors... What a load of rubbish... He does not represent any investor... This greed driven, criminally convicted narcissist only represents his own self interest. Always has and always will... Just ask his mother, brother, and ex wife all casualties of McIvor...








https://www.goldcoastbulletin.com.a...p/news-story/45bb9aef663485d1fe60f9fad76ef0e6


----------



## No Trust (19 July 2020)

Give “Lord Huntington” money... OMG seriously.... Just look at what the cretin did to his poor mother...

ASIC needs to lock up Lord Huntington before he rips off anyone else... He is clearly behind the whole scam... Even his mate Billy James SMFH drooped him into the Sh#t and said McIvor was behind the scam...

Maybe he can do his seminars in prison...





https://www.couriermail.com.au/busi...s/news-story/de0a113b8e6c35550bd4f50aa6980a3d


----------



## No Trust (20 July 2020)

McIvor saying he was worth $150 Million Dollars is another deluded fantasy from a clearly unhinged mind. McIvor took investors money, borrowed from the banks and  claimed it as his own... No balance sheet or personal asset statement will ever be able to demonstrate he had net assets of $150M. This was a shyster playing a shell game with other peoples money... Now he claims to be “Lord Huntington” for f#cks sake... The Bulletin Article exemplified this is now straight jacket territory....


----------



## Nothingtoadd (20 July 2020)

If you have read his book and have some background on what went on it is clear that he sees the world very very differently to most of us.  At best you could say he is utterly utterly unaffected by self-doubt!


----------



## Nothingtoadd (20 July 2020)

Makes me think: is it worth uploading a copy or has everyone got access already?


----------



## No Trust (20 July 2020)

It would be worth uploading for those who have not read it... 



Nothingtoadd said:


> Makes me think: is it worth uploading a copy or has everyone got access already?


----------



## No Trust (20 July 2020)

No doubt he believes he is “Lord Huntington”... Most people with mental problems rarely doubt themselves or their delusions.. That’s why they are so dangerous to others... 



Nothingtoadd said:


> If you have read his book and have some background on what went on it is clear that he sees the world very very differently to most of us.  At best you could say he is utterly utterly unaffected by self-doubt!


----------



## Nothingtoadd (20 July 2020)

Here it is - it is indeed a "stinging indictment of corporate corruption" - but not the indictment that he intended


----------



## No Trust (20 July 2020)

Book Summary : It’s everyone else’s fault... Typical of Mad McIvor... 



Nothingtoadd said:


> Here it is - it is indeed a "stinging indictment of corporate corruption" - but not the indictment that he intended


----------



## Nothingtoadd (20 July 2020)

No Trust said:


> Book Summary : It’s everyone else’s fault... Typical of Mad McIvor...




Some things are all the fault of ASIC, and all the fault of CBA, and all the fault of NAB...at the same time!


----------



## No Trust (21 July 2020)

McIvor is and was a criminal... His criminal conviction by ASIC was just a confirmation of what everyone on the ground on the Gold Coast knew... His wife, brother, sister and mother discovered that as well. The front page exposure in the Gold Coast Bulletin finally exposed the financial vampire... 



Nothingtoadd said:


> Some things are all the fault of ASIC, and all the fault of CBA, and all the fault of NAB...at the same time!


----------



## Nothingtoadd (25 July 2020)

I'm still waiting on the book reviews!


----------



## No Trust (25 July 2020)

The meticulously, long planned, final takedown of McIvor, was well and truly achieved last Saturday... The cretin will never take another dollar of innocent people’s money again...


----------



## No Trust (25 July 2020)

ASIC now has a prima facie case...


----------



## No Trust (25 July 2020)

WHO’S NEXT ??? 

HAVE NO DOUBT *JUSTICE IS COMING...*


----------



## No Trust (25 July 2020)

McIvor has *lost his mind...* Pathological Narcissist who needs to be jailed... 



Nothingtoadd said:


> I'm still waiting on the book reviews!


----------



## Triple_Witching (25 July 2020)

i HAVE A COUPLE OF ADDITIONAL SUGGUSTIONS, ALL RELATED TO McIVOR AND #UCKER OF COURSE.....

SAME CRIMES, DIFFERENT VICTIMS AND TIMES.... THEY WILL BE DEALT WITH ALL IN GOOD TIME...



No Trust said:


> WHO’S NEXT ???
> 
> HAVE NO DOUBT *JUSTICE IS COMING...*
> 
> ...


----------



## No Trust (25 July 2020)

Media exposure pushes things along and creates a domino effect.. You just need to ask Tucker and his former partners at Tucker & Cowan...

When the media started to shine a spotlight on McIvor back when Equititrust still had a faint pulse, all the banks started to pull the pin. Given today’s catastrophic economic climate the banks will start having hard conversations with both Tucker and Tucker & Cowan...

The loss of a court case the magnitude of what’s now enveloping them, combined with the bleak economic climate is sure to make bankers nervous...The potential of regulatory punishment leading to banning similar to McIvor is just throwing petrol on the fire ...










Triple_Witching said:


> i HAVE A COUPLE OF ADDITIONAL SUGGUSTIONS, ALL RELATED TO McIVOR AND #UCKER OF COURSE.....
> 
> SAME CRIMES, DIFFERENT VICTIMS AND TIMES.... THEY WILL BE DEALT WITH ALL IN GOOD TIME...


----------



## Mozzi (26 July 2020)

No Trust said:


> Media exposure pushes things along and creates a domino effect.. You just need to ask Tucker and his former partners at Tucker & Cowan...
> 
> When the media started to shine a spotlight on McIvor back when Equititrust still had a faint pulse, all the banks started to pull the pin. Given today’s catastrophic economic climate the banks will start having hard conversations with both Tucker and Tucker & Cowan...
> 
> ...




Hello again!   Mozzi has been diverted from the site and unable to find a connection until today.   Computer security says Someone was trying to hack.  More dirty tricks?   Glad you guys are all hanging in there and good to read this stuff again, but it appears that events have been happening that Mozzi
 needs to catch up on.    Will do some back reading?
Seems like COVID-19 has not been the only deadly virus going around - only it started for us on here way back when we first met up with a spreader!!!


----------



## No Trust (26 July 2020)

McIvor and Tucker were definitely the *super spreaders* of misery... Good to have you back Mozzi...



Mozzi said:


> Hello again!   Mozzi has been diverted from the site and unable to find a connection until today.   Computer security says Someone was trying to hack.  More dirty tricks?   Glad you guys are all hanging in there and good to read this stuff again, but it appears that events have been happening that Mozzi
> needs to catch up on.    Will do some back reading?
> Seems like COVID-19 has not been the only deadly virus going around - only it started for us on here way back when we first met up with a spreader!!!


----------



## No Trust (26 July 2020)

The walls are *closing in* on Tucker and his old firm Tucker & Cowan... 
Watch this space...


----------



## No Trust (31 July 2020)

Here's McIvor's *new money making scam*... *SMFH...* He truly *has been cursed* for all his crimes against innocent people...

https://www.huntingtonsclub.com/information-memorandum/


----------



## No Trust (31 July 2020)

Given McIvor's conduct to date and his predilection to referring to himself as *"Lord Huntington" *and the *"Chief Evangelist Officer" (See Below) *surely there must come a time where an *ITO order* will need to be made against him, primarily to protect the public...
*
SNAZZY VELVET SHIRTS*
His new penchant for wearing *"velvet"* shirts in public, is not *HELPING HIS CAUSE* nor the general consensus that he is officially Jatz Crackers...


----------



## No Trust (31 July 2020)

Apparently the *ASIC *boys and girls in Brisbane are having a good laugh at McIvor's new Information Memorandum... Comparing it to the Prestige World Wide Pitch from *"Step Brothers"* below...

*"INVESTORS POSSIBLY YOU"... 
*


https://www.huntingtonsclub.com/information-memorandum/


----------



## No Trust (1 August 2020)

Jennifer Tucker *asset holder* for David Tucker suddenly went incognito on social media... Putting all accounts on private mode... Why ??? From boastfully detailing overseas trips to the beach shack at Palmy - to *complete radio silence*... All will be revealed soon... 

Tucker has *a lot going on* behind the scenes... Watch this space...


----------



## No Trust (1 August 2020)

*CHAMPAGNE WISHES AND CAVIAR DREAMS*


----------



## No Trust (1 August 2020)




----------



## Triple_Witching (1 August 2020)

No Trust said:


> Jennifer Tucker *asset holder* for David Tucker suddenly went incognito on social media... Putting all accounts on private mode... Why ??? From boastfully detailing overseas trips to the beach shack at Palmy - to *complete radio silence*... All will be revealed soon...
> 
> Tucker has *a lot going on* behind the scenes... Watch this space...




........... You mean like this one, from Jennifer Tucker *asset holder* for David Tucker, Grief Counselling website.  

Unbelievable, but true....


----------



## Triple_Witching (1 August 2020)

No Trust said:


> Jennifer Tucker *asset holder* for David Tucker suddenly went incognito on social media... Putting all accounts on private mode... Why ??? From boastfully detailing overseas trips to the beach shack at Palmy - to *complete radio silence*... All will be revealed soon...
> 
> Tucker has *a lot going on* behind the scenes... Watch this space...




She's going to need some Grief Counselling Perhaps, when Truth arrives soon..... !!!  

* LOL !!!*


----------



## Triple_Witching (1 August 2020)

No Trust said:


> Jennifer Tucker *asset holder* for David Tucker suddenly went incognito on social media... Putting all accounts on private mode... Why ??? From boastfully detailing overseas trips to the beach shack at Palmy - to *complete radio silence*... All will be revealed soon...
> 
> Tucker has *a lot going on* behind the scenes... Watch this space...





But wait, there's more............
What about some of these, just for a trip down memory lane.....

*LOL !!!!*



Someones Going to be feeling the COLD very soon.....




This SHOW is going to be even Bigger than the AFL Grand Final !!!!






It will be VERY DIFFICULT to do Latte_Cycling Tours all over Europe, when you are not allowed into the E.U..... !!!!



and later............ We've got even More Humdingers, with him and and some of his Fraudulent Thieving Clients !!!!

Watch this Channel !!!

*LOL !!!*


----------



## No Trust (1 August 2020)

They say water finds its own level... These two are *definitely coconspirators*...  
Good *Liberal Party* folk... SMFH


----------



## No Trust (2 August 2020)

Is Tucker a member of the Liberal Party???  If found guilty wouldn’t the conduct as a solicitor be grounds for expulsion from the party...
Issues currently under consideration...


----------



## No Trust (2 August 2020)

If Tucker and his mate Cowen thought the media exposure was over, they’re kidding themselves... Their threats against all and sundry came to nothing, zilch, nada...Taking on Murdoch was something they didn’t have the balls nor the funds for... So f#cking funny though, that a “conservative” leaning media group exposed them publicly, then swatted them off like fleas... Daddy’s influence waned long ago for Tucker...

If they want to know where the media exposure is heading they just need to ask their ol mate “Jatz crackers” McIvor... He didn’t expect front page headlines but neither do Tucker and Cowen...

*A PROMISE THEY ARE COMING...





*


----------



## Triple_Witching (2 August 2020)

No Trust said:


> Jennifer Tucker *asset holder* for David Tucker suddenly went incognito on social media... Putting all accounts on private mode... Why ??? From boastfully detailing overseas trips to the beach shack at Palmy - to *complete radio silence*... All will be revealed soon...
> 
> Tucker has *a lot going on* behind the scenes... Watch this space...




Jennifer Tucker asset holder for David Tucker

http://www.jennifertucker.me/about-me/

QUOTE:
"I am a *wife to David- a successful handsome wonderful man* who has a *successful law practise and is an amazing husband, Dad, friend and avid cyclist."*

Soon, you will hear about a couple of their *GREAT FRIENDS and CLIENTS*, with whom, they Travel, Cycle, Drink like Fish, Eat like Pigs, Snow ski like drunken seagulls, and stay in their Overseas Holiday homes, purchased with Proceeds from Criminally Fraudulent activities, all over the world as "*Avid Cyclists", Criminals, Thieves, Liars, Bullshitters, Criminal Fraudsters, Fake Histories, Company Wreckers, Life Destroyers, Slanderers and Highest Order Mentally Disturbed with DEEP Narcissistic Personality Disorders .....   

They've been Destroying People and ripping off the Government for over 30 years....

Its going to be one big BBQ party cooking the Snakes in the Pot !!!

LOL  !!!




*


----------



## No Trust (2 August 2020)

Yeah, Modern Day Bonnie and Clyde... In the same vein, this will not end well for these two... The walls are closing in on a number of fronts and the media is fully aware of it... 

The media coverage will be brutal commensurate to the malfeasance committed... 

*JUSTICE IS COMING...*


----------



## Triple_Witching (2 August 2020)

No Trust said:


> Yeah, Modern Day Bonnie and Clyde... In the same vein, this will not end well for these two... The walls are closing in on a number of fronts and the media is fully aware of it...
> 
> The media coverage will be brutal commensurate to the malfeasance committed...
> 
> *JUSTICE IS COMING...*




Thanks "No Trust"....

*"Bitter Sweet Symphony"

Wait till the next round, next, after Tucker..........

LOL !!!*


----------



## No Trust (2 August 2020)

Tucker and wife Jennifer sip champagne while Equititrust investors money slipped through his law firms trust account to Hong Kong and offshore destinations such as the British Virgin Islands... When questioned under oath in the Federal Court he claims to have forgotten where the money went... * SERIOUSLY ??? This financial vampire knows where every dollar of Equititrust investors money has been hidden... 

The fronts he deployed to hide the money have been exposed...
It’s amazing what can be downloaded on a USB stick... 

This will now become a game of chess... The right people with the right information will now sit back and wait for the miscreants to nail their colours to the mast and then expose them... Perjury is a serious offence in Queensland ... 

Your move boys... *


----------



## Triple_Witching (2 August 2020)

No Trust said:


> Tucker and wife Jennifer sip champagne while Equititrust investors money slipped through his law firms trust account to Hong Kong and offshore destinations such as the British Virgin Islands... When questioned under oath in the Federal Court he claims to have forgotten where the money went... * SERIOUSLY ??? This financial vampire knows where every dollar of Equititrust investors money has been hidden...
> 
> The fronts he deployed to hide the money have been exposed...
> It’s amazing what can be downloaded on a USB stick...
> ...




*GO HARD "NO TRUST"...

ALL IN GOOD TIME, SOON......MY USB STICK WILL GIVE ALL THESE THIEVES, A HEART ATTACK..... !!!

KEEP UP THE GREAT WORK "NO TRUST" !!!!!

LOL !!!!

*


----------



## No Trust (3 August 2020)

The case against Tucker and Tucker and Cowen is *open and shut*... *Key information has not been disclosed as part of discovery...* The right people have the information... Will be interesting as these information bombs start to drop... At the right time of course...


----------



## No Trust (4 August 2020)

Tucker and “asset holder“ wifey Jennifer Tucker *have bunkered down for a reason*... Ill gotten gains will come back to haunt you... The Brisbane Macbeth’s have blood on their hands...


----------



## No Trust (4 August 2020)

Given the current economic catastrophe, we can’t see firms like Tucker and Cowen surviving. The fact that their trust account was used to funnel Tucker’s ill gotten gains to offshore accounts in Hong Kong will not garner the confidence of existing and new clients...
The new firm established in the same name after Tucker’s departure, also *got to wet their beak* in Equititrust Premium Fund Money... Cowen was complicit, he just looked the other way whilst Tucker pillaged innocent peoples assets. The trust account receipts tell the true story...



No Trust said:


> IF THE CLIENT WAS EQUITITRUST, THE MONEY SHOULD HAVE GONE TO EQUITITRUST...
> 
> ITS SO SIMPLE YOU’D THINK THAT “STUPID” WOULD GET THAT TOO...
> 
> View attachment 101141




*GRIFTY AND SHIFTY*


----------



## No Trust (4 August 2020)

No Trust said:


> All the Family Stooges have now been caught in their own *Web of Deceit *even Tucker who obviously didn't study what a conflict of interest means at University... He gets a good mention in the report and if the allegations are proven in court he may have trouble finding insurance for himself if he hasn't already...




*Accurately predicted....*Tucker never gave a flying f#ck about CONFLICT OF INTEREST... It has caught up to him and partner Richard Cowen at the worst possible time... Being sued for millions of dollars in the middle of an economic apocalypse does not engender confidence with clients and financiers... Dire dire times ahead for Tucker and Cowen...


----------



## Triple_Witching (4 August 2020)

*Address to the Queensland Liberal Party State Council Dinner*




*Howard, John*
Period of Service: 11/03/1996 to 03/12/2007

More information about Howard, John on The National Archive website.

*Release Date: 07/06/1997*

Release Type: Speech

Transcript ID: 10377

Document: 
	

	
	
		
		

		
		
	


	


Original Transcript (PDF 191.76 KB)


E&EO......................................

Thank you. Well thank you very much. I know I've probably disappointed you because I didn't walk straight from my table over there to the podium. I have my limitations but I'm working on those.

To Joan Sheldon, to *Bob and Greer Tucker*, to Tony Staley the Federal President of the Liberal Party, to my former parliamentary colleague Don Cameron, to all of my Federal and State parliamentary colleagues and members and supporters of the Liberal Party here in Queensland. It's great to be with you here in Cairns, this beautiful city in Far North Queensland on such a balmy evening and Lord let it not rain here let it rain in Birmingham.

Ladies and gentleman I'm going to make a speech tomorrow to the Convention which I will say a few things about competition in politics at the present time. But can I say at the beginning of my very short remarks tonight, *can I say to you, Bob Tucker, can I say on behalf of all of my Federal parliamentary colleagues how deeply grateful we are to the tremendous leadership that you gave to the Queensland Division of the Liberal Party over the last four years.*

*It is the case that during your Presidency we won State Government here in Queensland and it's also the case that we won, what is in post World War II terms, a record number of Liberal seats federally. And I am very grateful to the Liberal Party organisation under your leadership for the tremendous work that you've done.*

May I also congratulate Bob Carroll on his election and say on behalf of the Party organisation that I will work, as you always do as the head of the parliamentary party, matters of office holding in the organisation is a matter for the organisation and can I simply say to you Bob that we will work very, very closely together.

It is a very important 12 or 18 months ahead of us here in Queensland. And if I can speak almost as an honorary Queenslander to you tonight, very happily to do so,we have a very important 12 or 18 months ahead of us which will certainly encompass a State election and of course the next Federal election is due in March of 1999. So we have a lot of work to do together. We have a lot of work to do focussing on the common enemy and that of course is the Australian Labor Party and all of those who refuse to vote for the Coalition.

But tonight is, above all, a celebration of Liberal achievement and Liberal success. It's a celebration of the fact that we are back in Government here in Queensland. It's a celebration of the fact that we have a very big majority in Federal parliament but it's also a reminder of the responsibilities that we have to govern in the best interests of the Australian people. And a responsibility we have to take decisions which are commonsense decisions and decisions that promote the interests of the Australian community and not decisions that are blinded by ideology. And can I say that a couple of days ago a decision in which the senior Queensland Federal Member, John Moore, was very much involved in and that is the decision that we took on the motor vehicle industry. That was a decision that was driven by our determination to provide a secure investment climate in Australia that protected Australian jobs and promoted investment in an industry that would provide more Australian jobs.

And providing more jobs for Australians is the ultimate responsibility of any national government and it is something of which we should always remind ourselves.

Ladies and gentlemen tonight is a fun night. It's a night of celebration, it's a night to enjoy the company of people who have worked together and campaigned together and succeeded together because we do have the right as Liberals, particularly here in Queensland, to look back over the last 12 months and to reflect upon the fact that we have come a very long way and we have achieved a great deal together.

I reminded my Chief of Staff, Grahame Morris, on the way up that the last time I addressed the Queensland Convention the speech I made about free speech got quite a lot press coverage. The year before the speech I made about the Coalition's attitude towards proposals that Australia should become a Republic, that is when we were still in Opposition, that speech attracted enormous publicity also. So, Morris said to me: 'Well you know you've got work out something to trump those two speeches in what you say tomorrow'. Well, I'm working on that and I can assure you that I'll have a few things that are very relevant to the future of the Government and to the future of Australia to say to all of you tomorrow.

But ladies and gentlemen can I just say on behalf of the Federal parliamentary party what a great debt we owe to the Queensland Division for the number of seats it delivered and the support that it's given to us over the last 12 months. And could I also take the opportunity, because I'm in Queensland, to say what a sheer delight it is for me to work with Tim Fischer as the Leader of the National Party in Coalition.

You may, along a very long journey and a very long path have the occasional difference of opinion in a Coalition and I've gone through that in the last few weeks but the solid basis of the Federal Coalition is absolutely rock safe and Tim Fischer is a great coalitionist, he is a very fine Australian, he's tremendously committed to advancing the cause of Coalition Government and, like myself, he remembers the fact that we were in Opposition for 13 years. And he is aware of that great political adage, that when the Liberal and National Parties work together they win together and when the Liberal and National Parties forget that lesson and don't take heed of that experience then the reverse happens.

So can I say to all of you that close unity and working relations, not only within our own party that is fundamentally important but also unity of purpose, identification of the common enemy and a determination to keep the political barbarians outside the gate which of course is what is my fundamental attitude to the Labor Party. You keep them on the other side of the gate, you never let them in because they did a lot of damage last time they got inside the gate.

So what politics is still very much about is unity inside our own organisation, within our parliamentary party and unity between the Liberal and National Parties. We've demonstrated over the last couple of years that when we do that we win and succeed and we provide good government for the State of Queensland and good government for the whole Australian nation and it's a lesson that all of us I know will bear in mind.

But ladies and gentlemen, friends, Liberals all, thank you for your support, your loyalty, your commitment, your dedication and energy in our great common cause and I look forward to addressing you tomorrow.

Thanks.

Ends

*PRIME MINISTER'S CONGRATULATORY REMARKS

TO BOB TUCKER ON HIS AWARD OF LIFETIME

MEMBERSHIP OF THE LIBERAL PARTY*

Well ladies and gentlemen, can I just have your attention very, very momentarily, but it's a tremendous honour, as somebody myself I joined the Liberal Party in 1958, ye Gods, it's a long time ago, and it's a tremendous honour to award Life Membership of the Liberal Party to somebody and it's a great honour for anybody to receive it. It's a very special award, it is not conferred very often amongst the various State Divisions of the Party around Australia.

*In my speech earlier I spoke of the tremendous contribution that Bob made as the driving force of the organisation here in Queensland over the last four years as its President and as the person who saw the Labor Party reduced to holding only two seats federally here in Queensland. Many people contributed in the organisation, but of course none more so and more effectively than did your President over that period of time, and it's with a real sense of privilege and pleasure that I hand the credentials of Life Membership of the Queensland Division to Bob Tucker.
*


----------



## No Trust (4 August 2020)

Many Equititrust investors taken to the cleaners by Bob Tucker’s spawn were Liberal Party voters...  This matter *will become an electoral issue* at the upcoming state election... Is Tucker and his actions representative of Liberal Party values in Queensland ??? Good ol gal Deb Freckles will have to answer for Tucker and his associations with the Liberal Party... Queensland similar to Florida, is gods waiting room. Retirees will not vote for any party with affiliations to a scam of this nature... Disown Tucker and his actions or face the electorate with that stinking albatross around their political necks...


----------



## Triple_Witching (4 August 2020)

Wet a line said:


> Indeed, No Trust it is good to have friends.
> 
> 
> 
> ...


----------



## No Trust (4 August 2020)

Birds of a feather F#ck together... Tucker's days of F#cking people over are done... He will go the way of the dodo... Stephen Russell has Tucker's nuts in vice...


----------



## No Trust (4 August 2020)

Tucker *is on the same karmic path as McIvor*... Watch this space over the coming months... The House of Cards is collapsing...


----------



## No Trust (6 August 2020)

Tucker’s comments in the transcript attached explain a lot....



No Trust said:


> Tucker Public Examination / Humiliation - Federal Court of Australia 20/9/2017
> 
> Queens Counsel: Green
> 
> ...


----------



## No Trust (6 August 2020)

“Ive been called a *CRIMINAL* all over town”... Tuckers own words recorded for posterity in the Federal Court of Australia...



No Trust said:


> Ok... People all over town are talking... Who’s fault is that ? That’s what you get for being spiteful and vengeful... All the Meridian guys did was turn the other “ass” cheek and give Tucker a solid legal hiding...
> 
> View attachment 100744


----------



## No Trust (6 August 2020)

If Tucker “is tired of being called a criminal all over town” he will have chronic fatigue when the matter goes to trial in the near future ... The evidence that has been compiled to date, the cross examination and the mystery USB Stick miraculously appearing at the worst possible time will be compelling viewing...


----------



## Triple_Witching (6 August 2020)

Oct 16, 2019#5185



*No TrustJUSTICE IS COMING...*
Posts:
3,488
Likes Received:
1,024
Joined:
Nov 22, 2010
Nowhere near as hard as life for innocent people who have lost their homes and life savings....


----------



## No Trust (7 August 2020)

The *hard week* Jen was referring to was after the Courier Mail published this on *8 October 2019...*


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## No Trust (10 August 2020)

We can confirm that *ASIC *have now opened a formal inquiry into McIvor based on the Gold Coast Bulletin Article... *P.S. You're welcome Marky Boy* 

McIvor's fate was sealed *after extensive surveillance* and the Bulletin Article in his home town. 
Many of the *innocent looking coffee drinkers *at McIvor's front for his new scam were not actually there for a coffee... 

We promised *JUSTICE* and it is being delivered in a brutal way, that the Equititrust crooks never expected... 

More heads to roll in the near future...


----------



## No Trust (10 August 2020)

McIvor's recalcitrance in terms of his banning order *needs to result in jail time* as a deterrence to other miscreants...


----------



## No Trust (10 August 2020)

Failed Pub Owner, *Billy James* is still listed on the Huntington *Mis-Information Memorandum...*
McIvor's band of *merry mad men *just keeps on scraping the bottom of the barrel... Yikes 
https://www.huntingtonsclub.com/information-memorandum/

Yet Billy says in the Gold Coast Bulletin that he is involved in *name only*... That's bad enough in itself...

McIvor pulling the *application form* on *Page 37 *of the Information Memorandum is not fooling anyone either... He was raising money...


----------



## No Trust (12 August 2020)

The Bonnie to Clyde...


----------



## No Trust (12 August 2020)

Tucker’s wife knows where the Equititrust money went...  Along with all the other ill gotten gains over the years...  Great Liberal Party folk..


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## Triple_Witching (13 August 2020)

No Trust said:


> Tucker’s wife knows where the Equititrust money went...  Along with all the other ill gotten gains over the years...  Great Liberal Party folk..




Answer:  Through their Mouths, Guts, Bowels, Jet Gas, Onshore and Offshore Bank Accounts, via Debit Cards with 6 Star Meals++++ etc. ALL over the World...

6 Star... all the way for these Fucks and some of their preferred "Clients and Friends", since 1992 / 1994......... leaving aside their honest Clients. Their BS Friends are either Fu,,ed in the Headz, or do not care..............

*RIPPING PEOPLE OFF THROUGH CRIMINAL FRAUD, being CORPORATIONS ACT + AUS (ATO) TAX ACT, PLUS PLUS +++++           !!!!!!!!!!*

Does Anyone ????, .... meaning .... perhaps............Mr Russell,
...........ASIC or ATO want some EVIDENCE, or some Photos / Pics here........... or somewhere ........    ???

Do You Notice, how Tuc ker and / or his Thieving C.....ts fake Friends and Clients, have not made a Defamation move in Court.  The last thing the Fucks want is truth in front of COURT, their fake families, Friends and  BS Brain Dead Fan Clubs...  Truth is coming anyway, you Criminal Thieving Fraudulent Fucks.... !!!!!!!!!

*TRUE  !!!!*


----------



## Triple_Witching (13 August 2020)

More to come................... here...and in Court.........

This is just the beginning..of exposing these* CRIMINAL GRUBS...........*

*100 %*


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## No Trust (13 August 2020)

Tucker is walking in the same footsteps as McIvor... His leg is *well and truly caught in the bear trap this time around*... The vultures are not only circling, they’re taking legal chunks of flesh out of him in the Federal and Supreme Courts. Stephen Russell being the chief vulture. I say that with the utmost respect to Stephen Russell, as he is a first class lawyer and is just performing his duties in the legal circle of life leading to justice. His role as vulture in this case is simply brought on by Tucker putting his own leg into the bear trap... 

Someone’s got to finish this legally and it will most likely be Stephen Russell who will do it, with a little help from moi, and the media... 

The finishing job on McIvor that was executed in the Gold Coast Bulletin, after a long period of covert surveillance was a thing of beauty, as it exposed McIvor in his own stomping ground the Gold Coast... 

Tucker and Cowen are now feeling the other end of the stick they improperly bore down on innocent victims, using the legal system and dirty tricks... They now have to answer allegations that they basically defecated in their own nest and fouled their own trust account.... As lawyers you cannot do a more STUPID thing... But greed eh... 

Tucker declaring bankruptcy as he has threatened wont save him...  

Tucker being the ultimate sycophant who inveighed himself into his clients businesses mimicked McIvor at every step, a trait synonymous with pathological narcissists...  Look where that has got him now...


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## Triple_Witching (14 August 2020)

No Trust said:


> Tucker’s wife knows where the Equititrust money went...  Along with all the other ill gotten gains over the years...  Great Liberal Party folk..




They ate it all ????  ..... Whilst travelling ALL over the world, 6 Star !!!!!!!!!!!!!!


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## No Trust (16 August 2020)

Tucker moans and b#tches about being “called a criminal all over town”, as evidenced in the extracts of his public examination transcript in the Federal Court. If the case against him and partner Richard Cowen had no legs, why hasn’t it been struck out ??? There are many more twists and turns to come in the months ahead...


----------



## Triple_Witching (18 August 2020)

https://www.afp.gov.au/news-media/m...ax-fraud-probe-ends-jail-time-scheme-promoter

*19-year tax fraud probe ends in jail time for scheme promoter*



Publish date:Monday, 17 August 2020, Publish time:4:22pm
*A 19-year-long joint tax fraud investigation by the Australian Taxation Office (ATO)* and the Australian Federal Police (AFP) came to an end today with a* 60-year-old man sentenced six years jail in the District Court of Queensland at Brisbane.*

The man was arrested by the AFP on a warrant issued in 2008 when he re-entered Australia in November 2018 after living in Vanuatu for a number of years.

He was a key promoter of an* intricate tax evasion scheme which was designed to strip Australian companies of their assets and leave them in a position where they were unable to pay their tax liabilities.*

*The illegal scheme concocted a way for companies to transfer all assets of the company to its previous controllers, leaving the company an empty shell which was unable to pay its tax debts.*

*Once the assets of the company were stripped, new straw directors and shareholders were put in before the company was wound up leaving the entities with no means to pay the tax liabilities.*

The civil audit commenced in April 2000 as a result of a tip off from a tax agent. The case was referred to the Australian Federal Police in December 2000 which commenced criminal investigations in early 2001.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

The 60-year-old is the fifth and final offender to be sentenced for his role in the scheme, bringing the two-decade long joint-investigation to a close. Four other men have already been sentenced as part of the investigation.

“This sentencing shows the tenacity and persistence of the ATO and our partner agencies to hold enablers of illegal schemes to account and to secure an outcome for the benefit of honest taxpayers. It also goes to show that tip offs from the community do pay off”, said Assistant Commissioner Aislinn Walwyn

“Tax crime is not victimless. This arrangement was set up to deliberately evade paying tax, which is money that could have otherwise been used to fund vital public services that the community relies upon. The investigation resulted in almost $4.5 million of lost revenue being recovered.”

AFP Assistant Commissioner Northern Command Assistant Commissioner Lesa Gale said today’s sentencing highlights the commitment of the AFP and its partners to targeting those seeking to defraud the Australian public.

“We have a duty to the community to see matters like this through to prosecution, and bring people to account for their criminal activities,” Assistant Commissioner Gale said.

“Tax fraud can make for a complex investigation, but the AFP remains up to the challenge and is grateful for the specialist expertise of our partners through the Serious Financial Crime Taskforce that allows investigators to investigate these matters thoroughly and effectively present these matters before the courts.”

The ATO and partners, such as the AFP, take all forms of tax crime seriously and have strategies in place to detect and pursue the most intricately planned schemes. The ATO-led Serious Financial Crime Taskforce is a joint-agency taskforce equipped with the resources, data-matching capability and international and domestic intelligence-sharing relationships to uncover even the most intricately planned serious financial crime.

If you or a member of the community has any knowledge or concerns about someone involved in tax fraud or evasion, find out how to report it by visiting the ATO website or call 1800 060 062. Reports can be made anonymously.


----------



## Triple_Witching (18 August 2020)

*Quote:   "....companies incorporated in the British Virgin Islands and operating from Hong Kong."*

https://asic.gov.au/about-asic/news...ading-information-to-asic-about-shareholding/

Friday 14 February 2020
*20-036MR Nowra man convicted for giving false or misleading information to ASIC about shareholding*

Mr John Lindsay Merity, of North Nowra, New South Wales, has today been sentenced by the District Court of New South Wales to an overall term of two years imprisonment, with a minimum period of one year in custody, in relation to his conviction on two counts of *contravening section 1308(2) of the Corporations Act 2001 (Cth) (the Act).*

On 31 October 2018, Mr Merity pleaded guilty (18-336MR) to *two charges of making misleading statements to ASIC in response to its enquiries into the identities of parties who had an interest in the shares* in Northwest Resources Limited (Northwest) that were held by Craigside Company Ltd (Craigside) and Broome Enterprises Ltd (Broome Enterprises), contrary to section 1308(2) of the Act.

The charges related to ASIC’s investigation conducted under the Serious Financial Crime Taskforce (SFCT) into the identities of parties who had a relevant interest in 17,376,120 Northwest shares that were held by Craigside and Broome Enterprises. Both Craigside and Broome Enterprises were *companies incorporated in the British Virgin Islands and operating from Hong Kong.*

‘ASIC views seriously any attempt by individuals to hide their identities in holding substantial interest in shares by offshore entities, as well as, any attempt to provide false or misleading statements. ASIC will hold to account persons who seek to obstruct or hinder its investigations,’ ASIC Commissioner John Price said.

SFCT Chief and ATO Deputy Commissioner Will Day welcomed the sentence handed down today. ‘This outcome shows that the Serious Financial Crime Taskforce continues to work closely across multiple government agencies, bringing serious offenders of financial crimes to account.’

In delivering his sentence, Judge Blackmore was satisfied beyond reasonable doubt that Mr Merity’s motivation for the conduct was financial advantage. He noted that the offending involved cynical and deliberate preparation. His Honour further stated that it was ‘difficult to imagine a more intricate set of manoeuvres to conceal [the offender’s] involvement [in NWR]’ and ‘this type of corporate behaviour is completely unacceptable.' Due to the serious nature of the conduct, his Honour concluded ‘Full time imprisonment must be imposed. There is no other alternative.’

ASIC was assisted by its international counterpart regulators during its investigation, in particular, the Hong Kong Securities and Futures Commission (HK SFC) and the British Virgin Islands Financial Services Commission (BVI FSC).

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

This case represents another successful prosecution under the SFCT.

*Serious Financial Crime Taskforce*
The SFCT is a multi-agency taskforce that was established on 1 July 2015. It brings together the knowledge, resources and experience of relevant law enforcement and regulatory agencies to identify and address the most serious and complex forms of financial crime. The SFCT is ATO-led and includes:


Australian Taxation Office (ATO)
Australian Securities and Investments Commission (ASIC)
Australian Federal Police (AFP)
Australian Criminal Intelligence Commission (ACIC)
Attorney-General's Department (AGD)
Australian Transaction Reports and Analysis Centre       (AUSTRAC)
Commonwealth Director of Public Prosecutions (CDPP)
Department of Home Affairs (Home Affairs), incorporating its operational arm, the Australian Border Force (ABF).
ASIC contributed to the taskforce’s work in 2018-19 in respect of three of the taskforce’s priority areas: crimes related to offshore tax evasion, illegal phoenix activity, and technology enabled crime (cybercrime) affecting the Australian taxation and superannuation systems.

ASIC will have an enhanced involvement in the SFCT across 2020 to 2023, having been granted increased taskforce funding to support our role in enforcement activities and criminal intelligence analysis.

Since the establishment of the SFCT in 2015, six people have been sentenced (excluding this case) and the Taskforce has collected $338 million for the community and has 21 individuals currently before the courts (excluding this case).

*Background*
Between December 2004 and August 2015, Northwest was listed on the Australian Securities Exchange.

In December 2011, ASIC obtained orders from the Federal Court of Australia restraining Craigside from disposing of, or exercising any votes or rights attached to, 15 million shares that it held in Northwest (11-303AD). At the time of those orders, Craigside’s parcel of shares represented approximately 11.46 per cent of Northwest’s issued capital.

In April 2014, ASIC obtained orders from the Court cancelling the 15 million Northwest shares held by Craigside (14-076MR). Those orders were made with Northwest’s consent and not opposed by Craigside. In seeking the orders, ASIC alleged that although Craigside was the holder of the shares, it did not have a relevant interest in them and that those that did had not disclosed that interest to Northwest, contrary to legislative requirements.

On 7 June 2016, Northwest’s members resolved to place Northwest into liquidation and the company was on a later date deregistered.

Under the Act, a person has a 'relevant interest' in shares if, among other things, they:


are the holder of the shares;
have power to exercise, or control the exercise of, a right to vote attached to the shares; or
have power to dispose of or control the exercise of a power to dispose of, the shares.


----------



## No Trust (21 August 2020)

*THE CALM BEFORE THE STORM... *




*WHO’S NEXT ???*


----------



## Triple_Witching (21 August 2020)

Triple_Witching said:


> Answer:  Through their Mouths, Guts, Bowels, Jet Gas, Onshore and Offshore Bank Accounts, via Debit Cards with 6 Star Meals++++ etc. ALL over the World...
> 
> 6 Star... all the way for these Fucks and some of their preferred "Clients and Friends", since 1992 / 1994......... leaving aside their honest Clients. Their BS Friends are either Fu,,ed in the Headz, or do not care..............
> 
> ...




This is just the beginning of the next stage......................

F@#ckers, are only the START.

ITS What their CRIMINAL, soon to be exposed CLIENTS and BS FRIENDS DID, to their Parents, Brothers, and ALL... that will come out in time.....

pERHAPS SOME OLD MEMORIES DOWN MEMORY LANE MAY ASSIST THE GRIEF COUNSELLOR, and HER "WONDERFUL, LAWYER"  BS THIEVING LIAR HUSBAND .........

Note:
D Tucker gets engaged to JBT Co-conspirator - The Grief Counsellor BS Latte Cycling Victim, Seed Pod of more F#$cker BS trash....

1992-1996+ Tucker Well advised Clients, Green Grub + Cockaroach Co-Director, they provide fraudulent documents to ATO, ASIC, and Qld Supreme Court, in Order to "PHOENIX" Companies, via CRIMINALLY FRAUDULENT FAKE CREDITOR CLAIMS, in order to Steal Company Equities / Shares + Profit share, VIA GRUBBY CRIMINALY FRAUDULENT, LIAR THIEVING, PAID OFF, liquidators, such as CLouts and Worrells.... etc. and wash away criminal evidence, successfully.

ASIC< ATO< AFP< QLD POLICE FRAud squad< IQNORE COMPLAINTS of CRIMINAL FRAUD< 1995-2000+

PERHAPS, ADD this up, for a subset start.

F@cker gets himself into Equititrust, lets not forget Equitiloan....

2012 - Receivership. (AGAIN)
f$%CKER Daddy assistance with BS STAGED AFP Raids. (After ASIC, QLD POLICE FRAUD SQUAD, AFP ignored all previous complaints.
EQUITITRUST INTO RECEIVERSHIP, to Friendly BS Criminal Receivers, in order to hide F##cker, MS ASIA / BVI theft, and wash all down the gutter, ....SAME Profile, F#$ckers, Clients Freinds were doing since 1992 -1996+++++

ASIC< QLD Police Fraud Squad, AFP, were not interested....

Perhaps this will remind someone, below, where, some of the BVI funds, went....

I know, much more, all in good time...

Enjoy Your Week, END, All....

I will certainly ENjoy the future, "NO Trust", Mr Russell and ALL of you are doing GREAT job, to expose these CRIMINAL THIEVES...

This is just the Beginning...

I have a few Chapters to add, once this really gets some traction, after Covid19 delays, since May 2020.

This CRIMINAL CONSPIRACY METHODOLOGY HAS BEEN RUNNING UNCHECKED SINCE 1994 at LEAST....

Below - AFTER AFP EQUITITRUST RAIDS and during 2014 - 2018 -
Before MS ASIA Court Case....

Below, whilst EQUITITRUST Criditors were offer 0.02c - 0.05c in the DOLLAR.....

THE DIRECTOR and LAWYER, and Innocent BS WIFE.......BELOW...

UK
FRANCE
SOUTH OF FRANCE
NICE
MONACO
GERMANY
USA
JAPAN
ETC........

*Enjoy Your FUTURE, F@@cker and CRIMINAL CLIENTS.... SEE YOU ALL SOON.... !!!! PROMISE !!!!*


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## Triple_Witching (21 August 2020)

V1.0_12 Photos of 1000+ - 2014-2018


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## Triple_Witching (21 August 2020)

Lets Continue....
BTW, there is a reason, so obvious over 2020/2021+


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## Triple_Witching (21 August 2020)

Lets Continue....
*
THESE GRUBS, CRIMINAL CLIENTS/ FRIENDS ARE "NEXT" !!!*

BTW, there is a reason, so obvious over 2020 / 2021+


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## No Trust (21 August 2020)

The Equititrust criminals are being taken down *one* by *one*... A simple google search of the media exposure over the past ten years exemplifies this vividly...

The next chapter of takedowns will be nightmarish for the miscreants now fighting for their financial and professional lives...

*JUSTICE IS COMING...


*


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## No Trust (24 August 2020)

The Australian Liberal Party is full of grubs like Marcus Bastiaan with foul mouthes and dishonest intentions... Tucker, who’s father was made a life member of the Liberal Party is another example of the foul mouthed miscreants the Liberal Party produce.
What has father Bob Tucker, to say about his sons activities in dudding innocent retiree investors ???

https://amp.abc.net.au/article/12588886


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## No Trust (25 August 2020)

Sources have divulged that there's plenty *going on in the background* as it concerns Tucker and Tucker & Cowen Solicitors... The meltdown of the Australian economy is not helping this sorry lot apparently...


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## No Trust (26 August 2020)

*Interesting Reading...*

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103320


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## No Trust (26 August 2020)

Reasons why Tucker and Cowen f*ailed to have the matter struck out*...

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=103322


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## No Trust (26 August 2020)

All of the above will become extremely relevant soon... 

Note: Who has the missing *USB Stick* with all the secrets ?


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## No Trust (26 August 2020)

The Amended Statement of Claim against Tucker and Cowen *details all the grubby dealings*...
That two "alleged" officers of the court would be involved in these kind of dealings is *beyond belief*...
Greed can and will catch up with you...

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=103325


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## Triple_Witching (26 August 2020)

No Trust said:


> All of the above will become extremely relevant soon...
> 
> Note: Who has the missing *USB Stick* with all the secrets ?




*GOOD WORK  "No Trust" !!!!*

Someone, WE KNOW, has a USB, for Tuckers GREEN GRUB COCKAROACHES, Clients,..., a Couple of BS Narsistic, Criminal Clients..... as well......

One Never knows when a couple of Tons of  Horse Manure, will be dumped in ones Driveway, on their Birthday....*again*..... !!!

They, know, what WE know...a BIG BS sequence of *CRIMINAL lies and secrets for 25 years* +.......

....Their BS Families, Friends, Flying Monkeys, ATO, ASIC etc, *do not know.*..yet.  The evidence is sitting with some lawyers and accountants, etc, on 3 continents....

*ALL WILL KNOW*... how these FU@#KS went from nothing to $ 50m+, when for 40 years, they figured out nothing.... except BS...

Fraudulent thieves are Good at self promotion, spending others $$$, secrets and lies, Fraud, SLANDER, and  low on Talent, and TRUTH..... IT is indeed coming, 100% !

More.... here, Later.........

*Keep up the Top Work, "No Trust" !!!!

*


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## No Trust (26 August 2020)

Tucker and Cowen's *failure to strike out the claims against them* have garnered the attention of a number of regulatory authorities, both *State *and *Federal*... The amount of money involved, approaching *$20M *with interest,* is too high a figure to ignore... *
There is also continued pressure, from numerous parties, being brought to bear on these authorities, to take action against Tucker and Cowen... It appears that the sustained pressure will yield results...


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## Triple_Witching (27 August 2020)

Re Horn Fight
"He’s done Australia proud. He’s achieved some amazing things … but it’s time, it’s enough. It’s finished.” - Quote - News Ltd re Horn.

Re Fu#ka and Criminal Clients/Friends. 
He’s done for Himself and his Thieving Wife, and BS Friends, Narsistic Groupie Flying Monkeys, and some of his Cycling, Chelmer Criminal Fake Thieving Friends/Clients proud.

He’s achieved some amazing Criminally Fraudulent things …

"But it’s time, it’s enough. It’s finished.”

There are indeed, a few USB's, re Fu#$ker Grub, and a Couple of his BS Criminal Friends.

Perhaps, ASIC, ATO, QLS etc... just perhaps, may wish to take notice, this time.

Recipe how to steal $50m+
2 Deadsh#t Lieing Directors
2 Deadsh$t Lieing Qld Solicitors
1 Deadsh@t Lieing Accountant.
1Deadsh?t Lieing Tax Agent.

ASIC + ATO Etc... were too Busy to give a ****.

20 Years later... Not a Dozen Victims Destroyed, but MANY of Thousands.

This is simply ACT III of VI.

True.


----------



## No Trust (27 August 2020)

The legal profession in Brisbane and Sydney are having a good laugh at the expense of Tucker & Cowen, given the irony of the legal predicament they have gotten themselves into... The fact that they used the legal system to f#ck over so many innocent people over the years, is the same legal system being deployed to give them the ultimate f#cking over, coupled with an absolute ass hiding from the state and national media... More of that to come by the way... 
Given the head spinning pincer movement underway by numerous parties, unbeknownst to Tucker and Cowen, the dynamic duo wont know whether they are legally the f#ckee or the F#ckor... 
Grifty and his mate Shifty are in for some nasty surprises on multiple fronts, apart from the Supreme Court action...


----------



## Triple_Witching (27 August 2020)

No Trust said:


> The legal profession in Brisbane and Sydney are having a good laugh at the expense of Tucker & Cowen, given the irony of the legal predicament they have gotten themselves into... The fact that they used the legal system to f#ck over so many innocent people over the years, is the same legal system being deployed to give them the ultimate f#cking over, coupled with an absolute ass hiding from the state and national media... More of that to come by the way...
> Given the head spinning pincer movement underway by numerous parties, unbeknownst to Tucker and Cowen, the dynamic duo wont know whether they are legally the f#ckee or the F#ckor...
> Grifty and his mate Shifty are in for some nasty surprises on multiple fronts, apart from the Supreme Court action...
> 
> View attachment 108281




TOP JOB, "No Trust", Mr Russell, and others.....

ACT III, Needs to Go Criminal Charges and Conviction for FU#Ka...

He's been doing, himself, and advising Some Clients, the SAME, since at least 1994/1995.  

McIvor Act I
??? Is done Act II
Fu@Ka is Act III
??? AcT IV - News Ltd etc will LOVE. 
Act  V & VI... Dirty Lier Lawyers & Accountants. 

Recipe to Steal 10's of Millions

Create false Invoices.  
Impersonant being a Creditor. 
Submit fraudulent ASIC Docs
Submit Fraudulent Tax Returns. 
Fraudulently Wind up companies
Do not pay Creditors.  
Hand Receivership to Dirty Liquidators.  
Liquidators close file, wash away evidence.  
Fraud Victims have no $, and are Bankrupt.  
Bankruptcy Trustee, ASIC, ATO, Police Fraud Squad, Lawyers, QLS, have no interest, because, Fraud victim no legal rights, or $$$

Please refer to above photos, of lawyer and BS wife.

This is just the Beginning here...

True.


----------



## Triple_Witching (27 August 2020)

Copy of email I received this week, from a $$$ victim of Fu#ka's,  Criminal Green Grub Fraudulent Thieving  2 Latte Cycling, BS Clients/Friends....
< https//www.aussiestockforums.com/threads/equititrust.19877/page-277

God Damn....

Whoever, "No Trust" & " Triple Witching" are....

I would NOT want them chasing  me down, if I had something to hide......

They seem to know something/s....

WOW... Seems only the Beginning here......>


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## No Trust (27 August 2020)

They can ask McIvor... The Ghost that walks was given a pleasurable solution and a painful one many moons ago... He chose the later, with a promise of retribution... 

Ten years on and a relentless campaign of promised retribution to expose the real cretin that flew under the radar for so long and now look at this husk of a human... 

Truly pathetic... 

Anyone want to chip in for some moisturiser for him... By the looks of those scabs on his face he’s in desperate need of it...







Triple_Witching said:


> Copy of email I received this week, from a $$$ victim of Fu#ka's,  Criminal Green Grub Fraudulent Thieving  2 Latte Cycling, BS Clients/Friends....
> < https//www.aussiestockforums.com/threads/equititrust.19877/page-277
> 
> God Damn....
> ...


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## No Trust (28 August 2020)

McIvor, who is physically now morphing into mummy, seen below accompanied by long suffering sister Janine Pelly... 

Good ol Mummy, below bitching about bad son Mark in the Courier Mail, was up to her eye balls in scams with sonny Mark for decades, until the sh#t hit the fan, then she played dumb... The crooks then turned on each other...

Both stole money and property from innocent parties with aplomb... 

Now every single property has been taken away from them... Pariah’s in their own city... 

They can’t say they weren’t *WARNED*!!!

Tucker will suffer the same fate through the courts and media. 

He was *WARNED* this would happen too... 

A promise made is a promise *DELIVERED*...


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## No Trust (31 August 2020)

This is getting expensive, Cowen and his new firm TCS Solicitors needs to "pony" up *$76,541.38 *to Equititrust / Liquidators...

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110061


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## No Trust (31 August 2020)

With professional *fee revenues plummeting for lawyers across Australia*, being sued for upward of *$20M+* must be an abject disaster for Tucker & Cowen...


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## No Trust (2 September 2020)

So Tucker has to pony up *$90,393.47 *to Equititrust / Liquidators... *Tuckers funds are draining fast...
Tucker has threatened to declare bankruptcy publicly in the Federal Court, *it appears that events may overtake him to that demise...
*
http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=110209*


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## No Trust (2 September 2020)

The same *circle of litigious hell *that enveloped McIvor, is now consuming Tucker & Cowen in full public display in the Supreme Court of Queensland...


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## No Trust (2 September 2020)

A simple philosophy in life, *don't do dodgy sh#t* and you won't be called *a criminal all over town...
*

*Tucker Federal Court Public Examination Extract*


----------



## No Trust (3 September 2020)

This is all looking very ugly and very costly...

The liquidators now have to front up with approximately $2M in Security for Costs payable in 28 days...

If they pay this into court and the matter goes to trial, then Tucker and Cowen are f#cked... If the liquidators choke like they did in the Federal Court proceedings, the litigation was for nothing but the payment of their fees, which the litigation funder has been paying to date... Now that would be an UNEDIFYING RESULT...

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110263

https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/


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## No Trust (4 September 2020)

The Liquidators it seems *have to piss or get off the pot... *

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=110264


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## No Trust (4 September 2020)

Many investors are wanting answers from the liquidators as to whether they will be able to meet the *security costs orders,* approaching *$2M,* payable into court...
*
The further litigation between the liquidators and the receivers is holding up the ability of the Receivers BDO in making a final distribution to EIF investors...*

If the current proceedings are *nothing more than a fee generation exercise for the liquidators, and a profit making scheme for the liquidation funders, with no ultimate benefit for EPF investors, then the whole litigation must come to an end.*

People will die while waiting for a return from the EIF if this litigation is prolonged.

The Liquidators and their lawyers need to update EIF investors as to how long their spat with the receivers in the form of extended litigation will hold up their final payment...

http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20191023 - 35th Update to Investors.pdf


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## No Trust (4 September 2020)

The liquidators spent years in court pursing an insurance policy covering McIvor and other directors and *achieved a lot for themselves in terms of fees* but *choked in the end and didn't proceed to trial*... Investors and creditors *got nothing*.... *IS THIS A REPEAT OF THAT SCENARIO ???






http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110263*


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## No Trust (4 September 2020)

These are *VERY BAD HEADLINES* for the Liquidators... Have all the years of litigation and *millions spend on legal fees and liquidator expenses *all been for nothing ??? Investors need some serious answers *NOW* !!!


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## No Trust (4 September 2020)

If the Liquidators have blown the case against Tucker and Cowen, there may very well be a call that that the liquidators pay the costs personally, rather than the company bear the responsibility of the costs...
The agreement with Vannin and (_*the ability or appetite to vary that agreement*_) will now be key in the matter proceeding to trial...

In any event the liquidators need to front up to investors *ASAP*...


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## No Trust (7 September 2020)

Where on earth is this litigation going ??? On top of the approx *$2M* in security for costs payable into court, the liquidators now have to pay Tucker and Cowen further costs unless they file an objection by tomorrow... This litigation appears to have run off the rails...

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110264


----------



## No Trust (7 September 2020)

The Liquidators have until *4.00pm tomorrow* to file written submissions opposing costs as per the attached draft order... Lets see if that happens... It will be the first indication as to whether the case has collapsed or not...  

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110264


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## No Trust (8 September 2020)

There doesn’t appear to be any submissions filed by the Liquidators  with the court by 4.00pm today... 

The Liquidators have many questions to answer...


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## Nothingtoadd (9 September 2020)

https://insolvencynewsonline.com.au/lit-funder-vannin-to-cough-up-security-in-cash/

*Lit funder Vannin to cough up security in cash*

Posted By: Peter Gosnell 9 September 2020
We’re sure *Vannin Capital* is a successful player in the oft-times lucrative litigation funding space but two insolvency-based bets it’s made in Queensland have proved troublesome.

Little mystery can attach to why bankrolling the general purpose liquidators (GPLs) of *Queensland Nickel* in litigation involving the company’s former director *Clive Palmer* hasn’t gone to plan.

Palmer could probably buy Vannin from its parent *Fortress Investment Group *with what he earns from his iron ore royalties in a few months.

Nor is the Queensland billionaire unaccustomed to litigating in support of his rights.

Despite appearing to have tied up adequate security prior to accepting the appointment initially as administrators of QNI, *FTI Consulting’s John Park* and *Kelly-Anne Trenfield* have had a torrid time battling the billionaire in pursuit of claims they’ve identified on behalf of QNI creditors, and what hurts them hurts whoever’s backing them.

But bankrolling the liquidators of failed Queensland property outfit *Equititrust* has also provided Vannin with reason to wonder if the sunshine state is accursed following a court’s insistence that Vannin pay security for the costs for an application brought by liquidators *Richard Albarran* and *Blair Pleash* in cash rather than via Vannin’s preferred option.

In Equititrust Limited v Tucker [2020] QSC 269 we learn that Vannin has insurance cover against its liability for adverse costs orders from *AmTrust Europe Limited (AmTrust)*.

When ordered to put up security for costs for an application brought by Albarran and Pleash, the Equititrust defendants demanded $935,228.05 and $1,058,637.60 in security respectively be paid in cash into the court or the trust account of Albarran and Pleash’s solicitors.

That created a problem for the plaintiffs and their backer. Under the terms of the funding agreement between Vannin and the* Hall Chadwick* duo there was a maximum available for security for costs for each Equititrust defendant of $670,000.

Vannin proposed that the security be provided by way of deeds of indemnity, executed by AmTrust in favour of the defendants, together with $30,000 cash to be paid into Court to cover any potential enforcement costs against AmTrust in the United Kingdom if that ever became necessary.

Vannin regional managing director* Tom McDonald *told the court: “this is a matter on which Vannin cannot presently be dogmatic.

“…. if only a small sum was to be provided by way of cash and the lion’s share of any security by way of Deeds of Indemnity, Vannin would be more likely to elect to provide such security, as against an order that all security be given in cash, in which case, Vannin will almost certainly elect not to provide any security,” McDonald said.

“For reasons which I trust I have adequately explained, Vannin much prefers to provide any further security for costs by way of the Deeds of Indemnity.”

The defendants objected to what they declared was an attempt by Albarran and Pleash via their funder “to negotiate with the Court to find out what might be the least amount of variation to the originally non-variable form of AmTrust deed of indemnity to render it an acceptable form of security.

“They objected to that process,” Queensland Supreme Court judge *John Bond* said.

“They also complained about such a process occurring against the background of what they contended was a lack of transparency concerning the nature of the arrangements as between the plaintiff and Vannin and as between Vannin and AmTrust.

“If I did embark upon a fresh consideration of the question of the form of the security, they developed arguments that the proposed form was still unsatisfactory,” his honour said.

And in the end he agreed. When it’s a choice between cash or an insurer’s promise Queensland’s judge’s appear to prefer the former. Who would’ve thought?


----------



## No Trust (9 September 2020)

The funder Vannin and its solicitors, do realise that Tucker and Cowen may share the same political views as Fatty McF#ck Face Clive Palmer but neither miscreants have large somes of liquid cash at hand...

Tucker and Cowen are hurting badly... The cost of a bank guarantee for Vannin, for the amounts in question, given current borrowing rates, is minuscule...

Tucker and Cowen may yet get an October surprise... If the Funder does lodge a bank guarantee (which is a court approved option under the order by Justice Bond) then Tucker and Cowen will collapse before trial, as they don’t have the liquid funds or stomach for the further reputational loss to persevere until trial...


----------



## No Trust (9 September 2020)

Whichever way the court case goes, there will be PUNISHMENT for all the crooks and fraudsters involved... The court case is a mere sideline to the main event...

The media coverage of the actions of Tucker and Cowen to date, cannot be undone... There’s much more to come...


----------



## No Trust (9 September 2020)




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## No Trust (9 September 2020)

Things are hotting up in the Supreme Court of Queensland...


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## No Trust (11 September 2020)

Tucker and coconspirator Cowen *willingly* did many dirty deeds for McIvor over the course of many years... They didn’t give a f#ck about the impact of those actions on the innocent people targeted... Money was stolen and it was a fraudulent scheme orchestrated by McIvor. 

Tucker and Cowen Solictors participated willingly and misled two seperate courts... 

If Tucker and his winger partner think they won’t be punishment they’re kidding themselves...

*GRIFTY ANS SHIFTY WILL BE PUNISHED


*


----------



## No Trust (12 September 2020)

One must never forget that vampires must be invited into a house by its owner, after the first invitation they can come and go as they please...

McIvor himself a blood sucking financial cretin, invited Tucker in... Lets never forget that... If he ponders why he appears to have had the blood sucked out of him, his answer lays in his own actions...

Karma is searing its course through the lives of both McIvor and Tucker... Their destiny is intertwined...


----------



## No Trust (14 September 2020)

The tea leaves were read back in* May 2012... And in interesting times he has lived and will continue to live...

Some superstitious types in Asia say these words "are a curse"... I believe it expedited Karma... *



No Trust said:


> Boy oh boy Marky has got himself into some serious trouble... What do the coming days and weeks hold in store for him... Not even a smoking ceremony will get him out of this mess...
> 
> 
> May he live in "interesting times"
> ...


----------



## No Trust (14 September 2020)

David Tucker, may he live in interesting times...


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## No Trust (14 September 2020)

Whilst Tucker and Cowen and the other Equititrust criminals are literally having the financial blood 🩸 sucked out of them and their businesses / professional practices, the “key requiter” is progressing the Next Phase of retribution with a nonchalant elan...


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## No Trust (16 September 2020)

*PAIN PAIN AND MORE PAIN FOR TUCKER AND COWEN...


*


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## No Trust (17 September 2020)

*TICK TOCK...  *Whats around the corner...


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## No Trust (20 September 2020)

The exposure of Tucker’s thievery from Equititrust (his own clients), *whilst still acting for them*, will alter the course of his life forever, regardless of whether the court case against him proceeds or not...  Contingency Plans are in place to ensure justice is done...


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## No Trust (22 September 2020)

*Herein the malfeasance lies...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=103252
		





*


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## No Trust (22 September 2020)

The defence filed by Tucker and Cowen is nothing but a banal legal patios, to try and divert the fact that their client was always Equititrust...  So acting *FOR* and *AGAINST* your client as it’s suits your own financial enrichment is “a thing“ now is it ???


----------



## Mozzi (25 September 2020)

No Trust said:


> The defence filed by Tucker and Cowen is nothing but a banal legal patios, to try and divert the fact that their client was always Equititrust...  So acting *FOR* and *AGAINST* your client as it’s suits your own financial enrichment is “a thing“ now is it ???





Mozzi cannot even begin to understand all these proceedings but just know for sure that whatever way we turn we are going to continue to be screwed big time!


----------



## No Trust (25 September 2020)

The point I’m making is the liquidators receivers and lawyers are sucking the marrow out of the bones of Equititrust investors with these ongoing legal actions... In the Tucker litigation the litigation funder is paying the liquidators fees... The last action against McIvor, Wayne McIvor and KPMG resulted in millions in legal fees and costs and no return to investors...  *THIS HAS BECOME A JOKE... *


Mozzi said:


> Mozzi cannot even begin to understand all these proceedings but just know for sure that whatever way we turn we are going to continue to be screwed big time!


----------



## Mozzi (26 September 2020)

No Trust said:


> The point I’m making is the liquidators receivers and lawyers are sucking the marrow out of the bones of Equititrust investors with these ongoing legal actions... In the Tucker litigation the litigation funder is paying the liquidators fees... The last action against McIvor, Wayne McIvor and KPMG resulted in millions in legal fees and costs and no return to investors...  *THIS HAS BECOME A JOKE... *





YEP!   Ever since this all started, the joke has been AT OUR EXPENSE!!


----------



## No Trust (28 September 2020)

Spot on Mozzi...

The Liquidators don't give a* F#CK* about any of the investors... 



Mozzi said:


> YEP!   Ever since this all started, the joke has been AT OUR EXPENSE!!


----------



## Todays (30 September 2020)

No Trust said:


> Spot on Mozzi...
> 
> The Liquidators don't give a* F#CK* about any of the investors...



At the 28 May 2018 AGM on the Gold Coast prior to the action against the directors being commenced it was minuted that the proceeds of the Directors action recoveries would have to exceed $27.0 Million before the investors would receive a cent. Hall Chadwick were asked to supply a Cost Benefit Analysis. Also (insolvency practitioner should be with a view to benefiting the insolvent estate) (it has to be justifiable to bring the proceedings in the first place) so that creditors/Investors would benefit etc.
We now have a Judge confirming the investors will not receive a cent. (3 Sept Judgement.) even though Hall Chadwick stated the possibility of a substantial benefit and there would be no detrimental effect.
Hall Chadwick proceeding with the action cost the investors in the Premium Fund getting a $$$ benefit.
At the May 18 meeting not one person voted in favour of Hall Chadwicks fees.


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## No Trust (30 September 2020)

Hall Chadwick need to hold another meeting *ASAP*...



Todays said:


> At the 28 May 2018 AGM on the Gold Coast prior to the action against the directors being commenced it was minuted that the proceeds of the Directors action recoveries would have to exceed $27.0 Million before the investors would receive a cent. Hall Chadwick were asked to supply a Cost Benefit Analysis. Also (insolvency practitioner should be with a view to benefiting the insolvent estate) (it has to be justifiable to bring the proceedings in the first place) so that creditors/Investors would benefit etc.
> We now have a Judge confirming the investors will not receive a cent. (3 Sept Judgement.) even though Hall Chadwick stated the possibility of a substantial benefit and there would be no detrimental effect.
> Hall Chadwick proceeding with the action cost the investors in the Premium Fund getting a $$$ benefit.
> At the May 18 meeting not one person voted in favour of Hall Chadwicks fees.


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## No Trust (1 October 2020)

Today is *D Day*... Will the Liquidators provide the security for costs that the court has ordered ??? Or will the case against Tucker and Cowen collapse ???


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## No Trust (2 October 2020)

The liquidators are galloping up diarrhoea drive without a saddle, on a number of fronts...  Annus Horribilis on the horizon...


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## No Trust (3 October 2020)

*DAVID TUCKER *


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## No Trust (4 October 2020)

*FRAUD* has consequences and the miscreants associated with the Equititrust Crimes are about to *feel the full force.*.. 
*BYE BYE BOYS!!!*


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## No Trust (5 October 2020)

What pray tell is on the infamous USB Flash Drive... When will the document dump commence... *TICK TOCK... *


----------



## No Trust (5 October 2020)

One word comes to mind *PERJURY...*


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## Just Observer (7 October 2020)

No Trust said:


> Today is *D Day*... Will the Liquidators provide the security for costs that the court has ordered ??? Or will the case against Tucker and Cowen collapse ???



Any update if the Liquidator has paid the security for costs and the case against Tucker and Cowen will proceed?


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## No Trust (7 October 2020)

All quiet on the Western Front...  I am reliably informed that there will be an announcement soon... 



Just Observer said:


> Any update if the Liquidator has paid the security for costs and the case against Tucker and Cowen will proceed?


----------



## No Trust (7 October 2020)

Tucker promised us all that he would* bankrupt himself *at his Federal Court - Public Humiliation... Will that end his misery ? Or has he *made a deal with the devil and sold his soul..*. This will all make sense to the readers of this thread *very soon...*


----------



## No Trust (7 October 2020)

*BE CAREFUL WHAT YOU WISH FOR...*​


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## No Trust (9 October 2020)

Tucker and Cowen are about to be taken for a metaphorical dance around the Blue Oyster Bar... Pucker up boys....


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## No Trust (10 October 2020)

When it comes to the money pilfered away from Equititrust Investors, and where it was stashed overseas. Tucker’s brain 🧠 cannot form memories...


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## No Trust (10 October 2020)

The slimy sychophant thought he was a genius at his Public Humiliation before the Federal Court...  Something to remember “Davey Boy” every rodent 🐀 leaves droppings around the stashed cheese 🧀


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## No Trust (11 October 2020)

Great to see this thread hit *900,000* views today...  Lawyers, Receivers, Liquidators and the MEDIA are all watching....


----------



## No Trust (11 October 2020)




----------



## Mozzi (13 October 2020)

No Trust said:


> Great to see this thread hit *900,000* views today...  Lawyers, Receivers, Liquidators and the MEDIA are all watching....



👍
Well done you !


----------



## No Trust (13 October 2020)

Well done to all of us... 



Mozzi said:


> 👍
> Well done you !


----------



## Triple_Witching (14 October 2020)

Quote: No Trust - Page 238 - Nov 1, 2018

There’s another “deal” Tucker was involved in coming under the Spotlight... Actually considering who is involved the appropriate description should be High Intensity Laser Beam... Oh David you truly were and (I mean in past) CONflicted in every sense of the word...



> No Trust said:
> There’s another “deal” Tucker was involved in coming under the Spotlight... Actually considering who is involved the appropriate description should be High Intensity Laser Beam... Oh David you truly were and (I mean in past) CONflicted in every sense of the word...





*Thanks* for ALL your hard work and Effort, *"No Trust"* and others....

May I ask, is this other "deal", still on the Radar and going to be in the Spotlight ?


NB: I have a few to add, later, when appropriate, in relation to a couple of his GRUB Clients / Friends, and their multi-million dollar Criminal Frauds.


----------



## No Trust (14 October 2020)

Absolutely... Information Bombs 💣 have a detonator which timed just right, inflict the most damage.... *TICK TOCK* 




Triple_Witching said:


> Quote: No Trust - Page 238 - Nov 1, 2018
> 
> There’s another “deal” Tucker was involved in coming under the Spotlight... Actually considering who is involved the appropriate description should be High Intensity Laser Beam... Oh David you truly were and (I mean in past) CONflicted in every sense of the word...
> 
> ...


----------



## Triple_Witching (14 October 2020)

No Trust said:


> When it comes to the money pilfered away from Equititrust Investors, and where it was stashed overseas. Tucker’s brain 🧠 cannot form memories...




The Answers lies below....

SEE:   https://www.aussiestockforums.com/threads/equititrust.19877/page-277







__





						Equititrust?
					

Quote:   "....companies incorporated in the British Virgin Islands and operating from Hong Kong."  https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-036mr-nowra-man-convicted-for-giving-false-or-misleading-information-to-asic-about-shareholding/  Friday 14 February...




					www.aussiestockforums.com
				






David Tucker of Tucker & Cowen in Brisbane talks about MSI Global Alliance
Nov 29, 2012




Richard Cowen on using the Queensland legal system to best effect in disputes
Feb 28, 2016




Richard Cowan on working with Taylor Smart in Perth
Oct 26, 2016

Quoted from 'No Trust' Post :
Apr 3, 2019 #4935 - Page 247

Quote: No Trust
"It’s good to see that at least one of the partners of Tucker and Cowan agrees to the use of the Legal System to settle disputes. The liquidators of Equititrust are doing just that.

Tucker & Cowan “have a range of contacts around the world” is mentioned in the video. Does that include Hong Kong and The British Virgin Islands ? Asking for a friend.."


----------



## No Trust (14 October 2020)

Modern day USB Drives store *terabytes* of information...


----------



## No Trust (14 October 2020)

David Tucker is the *Daryl McGuire* of Queensland Solicitors....  Good old Liberal Party folk with their noses in the trough... Is Bob Tucker proud of his golden soi boy ? 🌈


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## No Trust (14 October 2020)

Both in desperate need of *personality transplants* to correct the malignant personality disorders inherent in both... 
*#narcissists*



Triple_Witching said:


> The Answers lies below....
> 
> SEE:   https://www.aussiestockforums.com/threads/equititrust.19877/page-277
> 
> ...


----------



## No Trust (14 October 2020)

*Narcissists *by the way, are like *vampires*... They hate exposure and having the spotlight shone on them...

Tucker and Cowen, both *financial vampires *have sucked their last drop of blood...


----------



## No Trust (15 October 2020)

Notice a theme here... The crooks always stash their I’ll gotten gains offshore... https://www.theguardian.com/austral...hind-billion-dollar-development-in-queensland


----------



## No Trust (20 October 2020)

The *walls* are slowly *closing* in on Tucker as *pressure* piles on...  
How does it feel "Davey" Boy???


----------



## No Trust (26 October 2020)

Confirmation - *FINALLY* - from ASIC today that an investigation into the Equititrust miscreants has begun... Remember ASIC blows of 99.999% of Formal complaints made to them.
Apparently there is a straw that breaks the camel’s 🐪 back...  

*BYE BYE BOYS 👋 *


----------



## Triple_Witching (27 October 2020)

No Trust said:


> Confirmation - *FINALLY* - from ASIC today that an investigation into the Equititrust miscreants has begun... Remember ASIC blows of 99.999% of Formal complaints made to them.
> Apparently there is a straw that breaks the camel’s 🐪 back...
> 
> *BYE BYE BOYS 👋*




Thanks NO TRUST.

Do you know the answer to this... Does that mean that the current Court Case has Failed and being dropped due to the $$$ Court Security issue ?


----------



## No Trust (27 October 2020)

Hi
The two issues are completely seperate...
However, given that investors will not get a final payout from David Whyte (The receiver of the EIF) until this court case is finalised, the liquidators need to make a public statement about the court case so investors of both the EIF and the EPF know what the f*ck is going on...  



Triple_Witching said:


> Thanks NO TRUST.
> 
> Do you know the answer to this... Does that mean that the current Court Case has Failed and being dropped due to the $$$ Court Security issue ?


----------



## Triple_Witching (27 October 2020)

No Trust said:


> Hi
> The two issues are completely seperate...
> However, given that investors will not get a final payout from David Whyte (The receiver of the EIF) until this court case is finalised, the liquidators need to make a public statement about the court case so investors of both the EIF and the EPF know what the f*ck is going on...




Thanks NO TRUST !

I note there has not been any further entries onto the Court Listing since 24 SEP 2020.


----------



## No Trust (27 October 2020)

CORRECT...  That’s why the liquidators need to be upfront with investors...  It seems however that the liquidators are prolonging the matter to suck more fees out of innocent investors....  The liquidators to date have not recovered one single dollar for investors in over 8 years... Yet have paid themselves millions of dollars 💵 Where did the $2M tax refund end up other than in the pockets of the liquidators...  This game show of greed serves only their own interests... 



Triple_Witching said:


> Thanks NO TRUST !
> 
> I note there has not been any further entries onto the Court Listing since 24 SEP 2020.


----------



## Triple_Witching (27 October 2020)

No Trust said:


> Hi
> The two issues are completely seperate...
> However, given that investors will not get a final payout from David Whyte (The receiver of the EIF) until this court case is finalised, the liquidators need to make a public statement about the court case so investors of both the EIF and the EPF know what the f*ck is going on...




...my only thought, was that an ASIC investigation, into potentially Criminal Matters, would not likely  be undertaken, until the Civil Case was finalized, one way or the other... I guess all will become soon enough.


----------



## No Trust (27 October 2020)

Whats going to happen in the *near future* ,will have so many twists and turns, it will have* heads spinning*...

This has been *meticulously planned *over the course of *many years... 

WHICH HEAD WILL ROLL FIRST...*







Triple_Witching said:


> ...my only thought, was that an ASIC investigation, into potentially Criminal Matters, would not likely  be undertaken, until the Civil Case was finalized, one way or the other... I guess all will become soon enough.


----------



## No Trust (28 October 2020)

And the first head to roll is....... Wait for it..........


----------



## No Trust (28 October 2020)

What the other Equititrust miscreants may not have prepared themselves for, is that this fight is till the end... And I mean the end... Each and every one of them will be brought down to the same level that I have torn down McIvor....


----------



## No Trust (28 October 2020)

Tucker, Cowen ✊🍆💦💦💦 and others have felt the searing pain of public exposure in the media... There is more to come boys, not only by way of media humiliation, but regulatory action.... The dominos have started to fall...


----------



## No Trust (28 October 2020)

The renewed ASIC investigation into McIvor has been picked up by the media nationally... Good luck ever raising a single cent from any investor during your lifetime “Marky Boy”... It’s all over mate... This is the last nail in your coffin ⚰ you financial vampire 🧛‍♂️...


----------



## No Trust (28 October 2020)

Candidate for homeless vagrant  of the year, photo in todays Gold Coast Bulletin will make Equititrust Investors day...

This prick is never raising another dollar from the public again...


----------



## No Trust (28 October 2020)

What a Mug Shot...


----------



## No Trust (28 October 2020)

Here’s a tip, “Marky Boy” park your shopping trolley around the corner and get out of your pyjamas before the photo shoot 😂😂😂💩


----------



## No Trust (28 October 2020)

Derelict McIvor, gets it wrong again... The complaint to ASIC was not about providing financial advice, it was about protecting the public from him as ASIC deemed necessary...

Here is an extract from the confidential lifetime banning order against him by ASIC delegate Sarah Thrift. The order bans him from providing any “*financial services*” for life.... Essentially a death 💀 sentence in the financial world...  

McIvor was not the f*cking adman, he was acting as the shadow director of this dodgy scheme...

The dotard fooled no one...


----------



## No Trust (28 October 2020)

This is the truth behind McIvor’s life ban...  Finally released for all to see the truth... McIvor did not want this *confidential* ASIC document to ever see the light of day... 
Even his own employees testified against him in their own interrogations by ASIC...

The employees who’s names were redacted by ASIC in the attached document, on the basis that they would most likely never gain employment in the financial services industry again, demonstrates the serious of McIvor’s criminality. Mere association with him is enough to kill a career. The question is should those former employees who participated in McIvor’s frauds be working in the financial services industry... That’s another story for another day, but suffice to say they won’t be working in the industry for much longer...



			https://www.aussiestockforums.com/attachments/document-1_redacted-pdf.113846/?hash=9e0a3c51d6d15f24838bc293245188b2


----------



## No Trust (28 October 2020)

Frame this “Marky Boy ...


----------



## No Trust (28 October 2020)

All this derelict needs is a parrot 🦜 on his shoulder and the insane, vagrant pirate 🏴‍☠️ look will be complete..  McIvor has lost the plot... It’ll soon be straight jacket time...


----------



## No Trust (28 October 2020)

This is a post by McIvor in March this year on the Huntington Face Book Page, trying COVID scare tactics to sink his teeth into retirees again...  (Emerald Lakes is where he had his dodgy cafe, which he was evicted from for non payment of rent)...
Then he wonders why ASIC are investigating him ...
Why does McIvor continue to prey on the elderly... He should be charged for elder abuse considering he squandered hundreds of millions of dollars of their money on dodgy loans to to dodgy mates like King Con Dudley Quinlivan...


----------



## No Trust (28 October 2020)

McIvor’s “Dealmaker Sovereign Currency” would have ended up in his pocket and god knows how many more innocent retirees would have been financially raped... McIvor is a shyster of the highest order.... ASIC had no choice but to ban him for life... Just read the attached Confidential ASIC Document above... *McIvor is not of good fame or character... 
Having said that neither is his former accomplice and lawyer David Tucker - who will be the next head to roll... *


----------



## Triple_Witching (28 October 2020)

Quote:
If one assumes, one is intelligent, logical and rational, and one wishes to continue, or develop upwards, one needs to understand this. 

ALL Lies and Liars create Harm, Hurt and Destruction.  

Author.


----------



## No Trust (28 October 2020)

*SPOT ON...*



Triple_Witching said:


> Quote:
> If one assumes, one is intelligent, logical and rational, and one wishes to continue, or develop upwards, one needs to understand this.
> 
> ALL Lies and Liars create Harm, Hurt and Destruction.
> ...


----------



## Triple_Witching (28 October 2020)

Lies are simply a deception mechanism by the Liar, in order to achieve one of following:

1. Gain something undeserving. 
2. Avoid something deserving.  

Truth, will prevail, after pain and time, that cannot be replaced.


----------



## No Trust (28 October 2020)

*ELAG *QUOTED BELOW STANDS FOR :-

*E*QUITITRUST
*L*IARS
*A*TTACKING
*GRANDPARENTS*


----------



## No Trust (28 October 2020)

If Equititrust investors had kept their money in* ANY* of the banks McIvor mentions above... They would still have *100% *of their money plus interest... Equititrust was a *PONZI SCHEME* run by a psychopathic narcissist doling out loans to his dodgy mates... In the end, it all turned into a sh*t show and all the criminals involved turned on each other...


----------



## Triple_Witching (28 October 2020)

No Trust said:


> If Equititrust investors had kept their money in* ANY* of the banks McIvor mentions above... They would still have *100% *of their money plus interest... Equititrust was a *PONZI SCHEME* run by a psychopathic narcissist doling out loans to his dodgy mates... In the end, it all turned into a sh*t show and all the criminals involved turned on each other...




As advised by his Advisor, and Co- Director, Psychopathic Narcissist Tucker.


----------



## No Trust (29 October 2020)

Tucker is in a vortex, not knowing which way is up and which way is down.... His stress induced behaviour is telling... We know what’s going on in the background... There is a reason that wifey muted all her social media... *We know... *



Triple_Witching said:


> As advised by his Advisor, and Co- Director, Psychopathic Narcissist Tucker.


----------



## No Trust (30 October 2020)

What McIvor may not have come to terms with is that ASIC were tipped off about his fraud many years ago... ASIC’s enforcement is it at times, glacial to say the least, however our dealings with them have yielded solid results as it concern McIvor... 
The $50M Capital raising was a perfect example.. Tipped off by an Equititrust employee we went to work on ASIC and the fraudsters were called into ASIC in Brisbane to please explain... Long and the short of it - the PDS was pulled after ASIC intervention...

The point I’m making is that the exposure and take down of McIvor via the media and regulators was orchestrated over many years and it hasn’t stopped nor will it....  We’re a 100 steps ahead of McIvor and Tucker...

The heat that Tucker has felt on his heals to date, is but a mere tickle, compared to the *blow torch* that will soon be applied... 








No Trust said:


> *Its Valentines Day For Equititrust...*
> 
> It looks like its *"Valentine’s Day"*for Equititrust and *as usual *it has taken pressure from the *Media*, *ASIC* and the unwavering pressure from the *posts on this web site *for a public statement as to the true state of affairs to come out...
> 
> ...


----------



## No Trust (2 November 2020)

Why does McIvor constantly seek to target elderly retirees with his scams ???  This guy doesn’t even respect his own mother or her property which she worked bloody hard for, stealing from innocent people and participating in his crimes for decades... He even lost her home... No loyalty amongst thieves I guess...  ¯\_(ツ)_/¯


No Trust said:


> *Another McIvor Home on the Block
> 
> Another McIvor Home on the Block*
> Quentin Tod
> ...





Triple_Witching said:


> As advised by his Advisor, and Co- Director, Psychopathic Narcissist Tucker.









						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


----------



## No Trust (2 November 2020)




----------



## No Trust (2 November 2020)

McIvor needs to be restrained from targeting innocent elderly retirees 👴 👵


----------



## No Trust (3 November 2020)

It’s worth noting, that the transfer of funds from a trust account belonging to a client, (to the benefit of the solicitor administering those funds) to an overseas bank account is *highly illegal...* 

*TIP: THERE ARE CLUES EVERYWHERE... 

Which head is about to roll next... *


----------



## No Trust (5 November 2020)

Confirmation today, that ASIC *have an investigation underway* and are contacting people about McIvor and Huntington... 
Investigation is being run out of Melbourne...


----------



## No Trust (5 November 2020)

Plenty of people willing to spill the beans and give up the (ghost who walks) who BTW won best Halloween costume with this outfit... 🧓


----------



## No Trust (6 November 2020)

One hour interview with *ASIC *this afternoon regarding the *Equititrust miscreants*.... This is now getting *DEADLY SERIOUS*...
Investigation of bank accounts under ASIC's  (*Compulsory Information Gathering Powers) *underway...  Very impressed with the lead Investigator... Would not want to be in his cross hairs... Holy F#ck what a Pitbull...





__





						ASIC’s compulsory information-gathering powers  | ASIC
					






					asic.gov.au


----------



## Triple_Witching (9 November 2020)

Thanks NO TRUST, and ALL, for your interest ALL !!!

In McIvor's ongoing behaviour !  McIvor deserves his Future, and people need to be protected from him.

Re Tucker & Company.    It would Seem, Covid has allowed Tucker and his Thieves to keep hiding everything through late 2020, as the Court Record shows no movment since 24 Sep 2020.  

Does anyone know, if anything is moving re Tucker, this Year ???           Thats where there is in excess of $10m+ to be recovered and potential future Criminal Charges.....

I am not aware of any other public information whether the Thieves have broken the Civil Case, due to the $2m security issue.  

I DO KNOW SOMEone, who would have seriously considered to put up the $2m, if transparency was available.

As far as I can see., all has stopped for 2020.  

Tucker, Wifey and the other like-minded thieves carry on.... stuffing their mouths with others $$$ and hard work.

....or, have a missed something ?

*Thanks for ALL Your unpaid Efforts NO TRUST and OTHERS  !!!!*




No Trust said:


> The *walls* are slowly *closing* in on Tucker as *pressure* piles on...
> How does it feel "Davey" Boy???


----------



## No Trust (9 November 2020)

McIvor will *never* raise another dollar from the public again except from his collection cup on the side of a footpath...

As far as Tucker and Cowen are concerned the *Liquidators should provide an update*...

In terms of the litigation, whether it proceeds or not is of no relevance to the other investigation currently underway...

ASIC has powers to gather information, including bank account records on an *immediate basis*... Getting this type of discovery through the courts would take forever... The bank accounts of trusts are not immune to being retrieved from banks under the information gathering powers of ASIC... Food for thought there for those who can garner what is going on behind the scenes... The liquidators could not penetrate the skin of Tucker’s nefarious trusts... Like any impenetrable beast, trusts also have ass holes 🕳... It’s amazing what a stick of plastic explosive 🧨 up the right hole will do...






Triple_Witching said:


> Thanks NO TRUST, and ALL, for your interest ALL !!!
> 
> In McIvor's ongoing behaviour !  McIvor deserves his Future, and people need to be protected from him.
> 
> ...


----------



## No Trust (9 November 2020)

In terms of my unpaid efforts... It’s a pleasure to hold these criminals to account... *ITS JUST SPORT NOW... *



Triple_Witching said:


> Thanks NO TRUST, and ALL, for your interest ALL !!!
> 
> In McIvor's ongoing behaviour !  McIvor deserves his Future, and people need to be protected from him.
> 
> ...


----------



## Triple_Witching (9 November 2020)

In terms of the litigation, whether it proceeds or not is of no relevance to the other investigation currently underway...

i HAVE CRIMINAL EVIDENCE RE TUCKER AND SOME BS CLENTS / FRIENDS SINCE 1994

I WILLPROCEED SOON.

TRUTH !!!!!!!!!!!!!!!!!!


----------



## Triple_Witching (9 November 2020)

ASIC HAS NO INTEREST IN (PTY LTD) PRIVATE COMPANIES, CRIMINAL BREACHES.  NO ONE HAS....

TUCKER HAS BEEN DOING THIS FRAUD **** SINCE 1994.

I HAVE ALL EVIDENCE.

REAL.


----------



## No Trust (9 November 2020)

That may have been in the case in the past... A *combination of factors* across *"multiple jurisdictions"* can alter things...



Triple_Witching said:


> ASIC HAS NO INTEREST IN (PTY LTD) PRIVATE COMPANIES, CRIMINAL BREACHES.  NO ONE HAS....
> 
> TUCKER HAS BEEN DOING THIS FRAUD **** SINCE 1994.
> 
> ...


----------



## Triple_Witching (10 November 2020)

AS I UNDERSTAND, TUCKER WAS ADMITTED TO THE BAR IN 1992.

AS I KNOW, AND HAVE EVIDENCE, TUCKER WAS ADVISING HIS CLIENTS IN 1994.

TUCKERS CLIENTS COMMITED NUMEROUS CRIMINAL CORPORATE, AND ATO TAX FRAUDS 1994 - 1996+.

THEIR REASON TO LIQUIDATE AND BANKRUPT PERSONS AND ENTITIES, IS IN ORDER TO HAND THE LIQUIDATION / BANKRUPTCY TO AN EQUALLY MINDED ILLEGAL, FRIENDLY, LIQUIDATOR OR BANKRUPTCY TRUSTEE.

IN SUMMARY, ONE COMMITS CRIMINAL FRAUD AGAINST ANOTHER.  THEN CRIMINAL FRAUDS, BANKRUPTS THE OTHER.  THEN HANDS FILE TO BS LIQUIDATOR ETC... NO ONE IS INTERESTED IN THE CRIMINAL FRAUD. ALL GETS WASHED AWAY.  TUCKERS CLIENTS ARE NEVER INVESTIGATED.  ON TO THE NEXT VICTIMS....

SUBSEQUENTLY, ASIC AND OTHER STATE AND FEDERAL AUTHORITIES RECEIVED VARIOUS COMPLAINTS RE THESE CRIMINAL FRAUDS.

ASIC VERBAL REPLY, WAS, QUOTE, "WE ARE TOO BUSY". THERE WAS NEVER A WRITTEN REPLY RECEIVED FROM ASIC.

HERE WE ARE IN 2020 / 2021.  SAME SUBJECT NOW ALLEGEDLY BEING INVESTIGATED.

THE $ VOLUMES OF CRIMINAL THEFT NOW HAVE AN EXTRA ZERO OR 2.  THE NUMBER OF VICTIMS, THE SAME, AN EXTRA ZERO OR 3.

i PERSONALLY KNOW OF 100+ PERSONS, WHOSE LIVES WERE DESTROYED, IN 1994-1996+, BY THESE SIMILAR FRAUDULENT THEFT ACTIONS.

THIS DIRECTLY DESTROYED MANY PEOPLES LIVES.

NO ONE HAS BEEN INVESTIGATED, ALL COMPLAINTS WERE IGNORED, AT THAT TIME.

SAME AS 1994, NOW IN 2020/2021, THE PERPETRATORS ARE THE SAME.

WHAT ELSE HAS HAPPENED 1994 - 2021.  HOW MANY OTHER COMPLAINTS WERE IGNORED, AND LIVES DESTROYED.

TUCKER AND CO THIEVES, NEED TO GO DOWN FOR THEIR CRIMINAL CAREERS OF DESTRUCTION.

MY FRIENDS, WILL BE MOVING AGAIN, UPON THIS.  IT IS NOT THE END HERE.  IT IS SIMPLY THE BEGINNING.

SEE VIDEO:








						Mum of killer Adrian Bayley makes stunning claim
					

Adrian Bayley’s mother has broken her silence, claiming she repeatedly tried to warn authorities that her son was a danger to society.




					www.news.com.au


----------



## No Trust (12 November 2020)

Another *positive outcome from ASIC today*... The new "Financial Services Investigative Unit" based out of Melbourne appears to have a crack team of *lawyers and investigators* deployed, who aren't afraid to go back many years in the pursuit of documents and bank statements... 
Things previously impossible, are now possible... Amazing what the *"promise"* of Supreme Court Proceedings being issued can make ASIC do...
Tucker / McIvor, *would not want to be you*... Bye Boys...


----------



## Triple_Witching (12 November 2020)

No Trust said:


> Another *positive outcome from ASIC today*... The new "Financial Services Investigative Unit" based out of Melbourne appears to have a crack team of *lawyers and investigators* deployed, who aren't afraid to go back many years in the pursuit of documents and bank statements...
> Things previously impossible, are now possible... Amazing what the *"promise"* of Supreme Court Proceedings being issued can make ASIC do...
> Tucker / McIvor, *would not want to be you*... Bye Boys...




*Thanks "NO TRUST"  !!!!*

Go HARD.... "NO TRUST" and colleagues....

As You may have gathered, *I will assist You, ALL in Good Time...

Go HARD.... "NO TRUST" and Colleagues....*

Cheers !!!


----------



## Triple_Witching (12 November 2020)

Triple_Witching said:


> I believe You.... You're VERY Convincing...........


----------



## Triple_Witching (12 November 2020)

Tuckers 2 Clients & Cycling Friends.

Facebook - 9 September 2013
Tuckers Client - the Green Germ and his Cockaroach Co-Director.


----------



## No Trust (13 November 2020)

Tucker’s nuts still in a vice it appears...  😂😂😂



			File Summary


----------



## No Trust (14 November 2020)

So Tucker has gone from retirement self representing himself in court as a sole practitioner (operating from Sassafras Street in the Gap) to now being an employed solicitor... The nuts 🥜 it appears are getting the proverbial financial squeeze...


----------



## No Trust (16 November 2020)

*WHO** PRAY TELL CONTROLS THIS BANK ACCOUNT AND WHO IS THE SIGNATORY FOR THE ACCOUNT...*


----------



## No Trust (16 November 2020)

*OTHER BANK ACCOUNTS CONNECTED TO THE EQUITITRUST MISCREANTS HAVE ALSO RAISED SERIOUS INQUIRIES... AFTER SOME VIGOROUS PRODDING OF **AUTHORITIES** BY "VARIOUS PARTIES" SERIOUS REGULATORY QUESTIONS ARE BEING ASKED...*

*HOW DO FUNDS HELD FOR A CLIENT IN A TRUST ACCOUNT END UP OVERSEAS??? LOT GOING ON BEHIND THE SCENES...*


----------



## No Trust (18 November 2020)

Who close to both Tucker and Cowen is leaking like a sieve ???  Has a similar ring to the Unaoil saga... 😂 Leaked emails can be a total c#nt...  





						AFP swoop on Leighton's alleged masterminds of criminal corruption
					






					amp.smh.com.au


----------



## No Trust (18 November 2020)




----------



## Skate (18 November 2020)

No Trust said:


> View attachment 114880











						Brisbane man arrested following nine-year foreign bribery investigation involving Iraqi Oil Ministry
					

A former Queensland senior construction executive allegedly involved in a $1 billion international bribery scheme is arrested and charged following a nine-year AFP investigation.




					www.abc.net.au
				




Skate.


----------



## No Trust (18 November 2020)

It took a while but they got him... 

McIvor ✅ 

Tucker ✅

Cowen ✅

These three thought they would get away with the financial rape of Equititrust investors... Alas not... 




Skate said:


> Brisbane man arrested following nine-year foreign bribery investigation involving Iraqi Oil Ministry
> 
> 
> A former Queensland senior construction executive allegedly involved in a $1 billion international bribery scheme is arrested and charged following a nine-year AFP investigation.
> ...


----------



## No Trust (18 November 2020)

Tucker bitches and whines in Federal Court that he’s been called a criminal all over town... Who’s fault is that ????




No Trust said:


> “Ive been called a *CRIMINAL* all over town”... Tuckers own words recorded for posterity in the Federal Court of Australia...


----------



## Skate (18 November 2020)

No Trust said:


> HOW DO FUNDS HELD FOR A CLIENT IN A TRUST ACCOUNT END UP OVERSEAS???



@No Trust, where "client funds held in trust" being misappropriated (Trust Funds raided) - why has it taken so long to bring those responsible to account? I appreciate this is a complicated procedure unravelling the web of deceit but redirecting of trust funds should have been the first issue to prosecute.


No Trust said:


> Tucker bitches and whines in Federal Court that he’s been called a criminal all over town



If the shoe fits....  

*Disclaimer*
I have no involvement other than reading this novel (the thread has been going over 10 years). The more I read, the more I shake my head in disgust for two main reasons (1) innocent investors were coldly conned by systemic fraud & (2) The amount of time to bringing those responsible to justice is simply breathtaking. By any measure, these matters should have been resolved years ago.

Skate.


----------



## No Trust (18 November 2020)

@Skate you are 100% correct... The time it has taken to resolve the Equititrust fraud is mind numbing... The liquidators and receivers have not helped in dragging their feet and lining their pockets... 

Can you imagine the receiver of the Equititrust Income Fund, David Whyte even used Tucker & Cowen to do legal work for the EIF whilst Tucker was pilfering another fund, the Equititrust Premium Fund, using the Tucker and Cowen trust account to launder the money and send it offshore... 
That is why is has been so important to get the regulators motivated to investigate... This is well underway now on a number of fronts... 





Skate said:


> @No Trust, where "client funds held in trust" being misappropriated (Trust Funds raided) - why has it taken so long to bring those responsible to account? I appreciate this is a complicated procedure unravelling the web of deceit but redirecting of trust funds should have been the first issue to prosecute.
> 
> If the shoe fits....
> 
> ...


----------



## No Trust (26 November 2020)

Back to the Supreme Court for Tucker and Cowen today...  Still on the hook 🪝 boys 😂😂😂...  Must be doing wonders for the legal practice.... ☠️


----------



## No Trust (26 November 2020)

The massive litigation against Tucker and Cowen is proceeding to a full trial.... It’s on like Donkey Kong... The fraud will now be played out in full public / media view... Tucker and Cowen are F#CKED... Fighting this is like Trump fighting the election 🗳 loss... A LOST CAUSE... 



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=112877


----------



## No Trust (26 November 2020)

So the proceedings are at the disclosure stage and Tucker is already stating that documents had been destroyed... BULLSH#T... How convenient for the miscreant to have had the documents destroyed... There are digitally preserved copies of all documents held on hard drives... If he doesn’t front up with the “destroyed” documents then a forensic sweep of his and Cowen’s “parallel” IT system will do the job... Look what they dug up in NSW today... ITS NO WONDER THAT ASIC ARE NOW LOOKING INTO THESE TWO MISCREANTS... 









						Premier says pork barrelling 'not illegal' as she defends council grants program — The Sydney Morning Herald
					

Gladys Berejiklian has admitted the NSW government's $250 million program may have shored up Coalition votes, insisting pork barrelling is "not illegal".




					apple.news


----------



## No Trust (26 November 2020)

The fact that this “massive court” case is proceeding against Tucker and Cowen, despite all their attempts to have the matter struck out, is a *BIG DEAL*... I do not think there is a precedent for solicitors being sued for diversion of a clients funds, from their trust account, in the amounts involved in this case... The trial will garner massive media attention nationally... I *CAN GUARANTEE THAT BOYS 😂😂😂*


----------



## No Trust (26 November 2020)

PS... NOT A MERRY CHRISTMAS 🎄 FOR F#CKER AND COWARD... 😂😂😂


----------



## No Trust (26 November 2020)

Tucker is most likely already to talking to friendly Bankruptcy Trustees... 😂


----------



## No Trust (26 November 2020)

Today just keeps on getting better and better...  😂😂😂


----------



## No Trust (26 November 2020)

Tucker and Cowen wonder why their staff keep leaking information to the media and “others”... 
When will the mystery USB stick surface... ??? Here’s a clue - at the worst possible time, that’s when... 😂😂😂


----------



## No Trust (27 November 2020)

Here is an extract of Tucker’s lawyer, Ben Cowen’s affidavit which which would have you believe that proceedings had been stayed... This is not correct because “facts matter”... The proceedings have not been stayed in any way. The security for costs approximately *$2M* have been paid into court and the matter was before the court on *25 November 2020 *for review and and are back before the court on* 9 February 2020.*
The simple fact is, both Tucker and Cowen thought up until *4.09pm* on *1 October *that they were both off the hook and that the *$2M* in security costs was not paid into court. Alas not... Stephen Russell played a cruel yet very satisfying game with the two miscreants and only informed their lawyers at the vey last minute that funds for the security cots orders were in pace as per the court orders... A nightmare scenario for both Tucker and Cowen....


----------



## No Trust (27 November 2020)

As I said, *facts matter*... Here is the evidence, including bank and trust account receipts....


----------



## No Trust (27 November 2020)

*What has Tucker and Cowen’s knickers in a twist however, is the fact that the $2M was paid into court on the last day it was due and in CASH...

Tucker’s lawyer Ben Cohen is now demanding to know there the money came from and wants a Trust Account receipt from Russsells Lawyers. This is analogous to applying for a bank loan, being approved and having the money paid out on settlement and then questioning the bank to provide you a trust account receipt as to where they sourced the funds... Bottom line its irrelevant, the money was paid. The arguments as to where it came from are nothing but a sign of the utter shock and disbelief of Cohen’s clients that the $2M was actually paid into court “in cash” and they will now have to:

1.    Go to full trial with the related public and media exposure.

2.    Have to most likely spend in excess of the $2M estimated to be their costs up to and including       
      trial.




*


----------



## No Trust (27 November 2020)

Ben Cohen’s assertions that the proceedings are stayed is utter nonsense... Just saying that the proceedings are stayed because his client is still in denial, does not make it so in reality...
Running a Rudy Giuliani argument is analogous to *“We Won the Election” “Stop the Counting”* ,replaced with “*the Proceedings are Stayed”* ,*“Where did the Money Come From”*, is not dealing in reality. The fact that his client cannot deal with this reality is irrelevant to the court.
The proceedings before the Supreme Court of Queensland (review) proceeded on 26 November and will be reviewed again on 9 February 2021.

Cohen even provided a supporting affidavit for orders being sought by Tucker to avoid electronic discovery, (which was agreed to) because uploading the documents is estimated by “them” to cost $653,240... Yes an eye watering amount, but electronic discovery was agreed to, so tough titties. The Liquidators paid the $2M into court in cash, why should Tucker and Cowen have the manner of discovery (which they agreed to), (but never thought they’d have to undertake) be changed to shift the cost to Stephen Russell and his team to do manually... Essentially using the old lawyers trick of burying the evidence in a mountain of papers...

All of this demonstrates the reality that the proceedings are roaring ahead and are not STAYED in any way at all.... Cohen’s client, the Donald Trump of solicitors, needs to face reality and the fact that he fell into Stephen Russell’s Bear 🐻 Trap... The fact that he held off telling Tucker’s Solicitor about the payment of the $2M in security costs until 4.09pm on the last day it was due is still cracking me and many others up... 😂😂😂


----------



## No Trust (27 November 2020)

The *rank hypocrisy *of Tucker and his solicitor, a former cohort of the dark arts at the QLD Law Society, is *quite frankly nauseating*... Tucker and Cowen did not provide Trust Account receipts to Russell's (regarding their dealings with Equititrust investors money) for close to a year and only did so after the court ordered them to...

Lets get one thing clear here, Tucker and Cowen are being *sued for using their trust account to send money belonging to their clients overseas to a corporate entity, of which Tucker admitted he was a direct beneficiary*... Remember his Federal Court Public Humiliation... He then went onto say, he does not know where the money is...

For a grub who worships money, its gratifying to watch Tucker get f*cked over by *cold hard cash*...  Remember "Davey Boy", money talks and bullsh*t walks and you are about to do a lot of walking. The security costs money that he whined about like a little b*tch was shoved into Tucker's proverbial legal "pie hole" and now he can't come to terms with the fact that his *strategy to obstruct the proceedings going forward failed*... Karma's a b*tch...

Stephen Russell and his firm have no duty whatsoever to provide Tucker with the Trust Account Receipt of the originating funds coming into their account...
The fact that the trust account receipt clearly states that the money came from *Equititrust* is *more than enough*... Yet the conspiracy theories abound in "Tuckers's head" that there was some side deal regarding the funding... Obviously the good old side deal is something that "Davey Boy" know all about and being the pathological narcissist he is, then projects that on everyone else... 

Russell's appear for all intents and purposes to be a *highly reputable law firm*. I would trust their Trust Account procedures and adherence to the law...


----------



## No Trust (27 November 2020)

Steals $350,000 gets 5 years jail... 









						Judge blasts former Young Rich Lister Craig Gore in sentencing
					

The former racecar team-owning developer will serve at least two years in jail for defrauding investors.




					www.afr.com
				




A harbinger of things to come for those who disrespect the sanctity of a clients funds held in a trust account...


----------



## No Trust (28 November 2020)

As I said and as the *Order of Justice Bond* confirms below, the proceedings *are not stayed*... See reality like gravity exists...  

An ominous sign of future defeat, is evidenced by the fact that Tucker and Cowen want to apply to the court to have their insurers and "other third parties" joined to the proceedings.. *THE PROVERBIAL SH*T HAS HIT THE FAN *as I predicted it would... Anybody want to have a friendly wager on the outcome of this court case  Note: _Offer to take bets is extended to Tucker and Cowen, who will be offered special side deal odds.._

Bond J in his order has given the miscreants until *17 December 2020 *to make this desperate application... *THIS THING IS NOW MOVING LIKE A WILD BUSH FIRE...*

The costs that Tucker and Cowen will have to (personally incur) from now on, will be catastrophically astronomical... It also appears that there was no reprieve on the discovery being done electronically by Tucker and Cowen... YIKES that will be eye-wateringly expensive...  



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113006


----------



## No Trust (28 November 2020)

Who  proof reads these affidavits... 😂😂😂 Rudy Giuliani would have done a better job...😂😂😂

















			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113008


----------



## No Trust (28 November 2020)

The attached order of Bond J, demonstrates that he is keeping the litigation running at a furious pace from now on... Note the highlighted section regarding Tucker and Cowen joining their insurers to the litigation as third parties...  He’s given them iuntill 18 December 2020, (which is the last sitting day on the court calendar) to make the application... If the application does proceed, it will be interesting to see what the insurers will have to say about it...

The fact that insurers are contemplated being joined to the proceedings by Tucker and Cowen, indicates that there is blood in the water and the sharks 🦈 have started to circle... 

So instead of paying for the their own misdeeds, Tucker and Cowen yet again want to pass it off to someone else... Their next professional indemnity renewal, if granted, will be a nightmare...

To sum it all up folks,  a “Sh*t Show in the F*ck Factory” 🏭


----------



## No Trust (28 November 2020)

It’s been clear to all those involved in the legal profession that both Tucker and Cowen have tried to used every tool in their box 📦 of dirty tricks to: 

1. Delay the proceedings against them.

2. Avoid discovery.

3. Avoid a trial where prima facie evidence
    will be given against them in open court.

The dirty tricks failed miserably...

The witness list for trial will interesting... You never know who will pop up out of nowhere with evidence.


----------



## No Trust (28 November 2020)

Tucker and Cowen had every opportunity to join their respective insurers to the action over the course of a two year period but failed to do so. The perception in them joining their insurers is not good, and they knew that. 

Having failed miserably to have the matter struck out of court with all kinds of legal machinations, they now, at the very last minute seek to join their insurers to the action against them...  WHAT DOES THAT TELL YOU...
Justice Bond has only given them till 18 December 2020 to file their respective applications against their insurers... So another hugely expensive “side battle” with their  insurance companies on the eve of Christmas 🎄 🎅...


----------



## No Trust (28 November 2020)

I’m just wondering whether Tucker will be sending Stephen Russell a Christmas Card...

What Tucker need to to remember is, every dog has his day... No one has forgotten his abhorrent behaviour as a practising solicitor even those on the bench...
Justice McMurdo, a judge of the Queensland Supreme Court whilst still a practicing senior counsel experienced Tucker’s behaviour first hand. Tucker’s appalling  behaviour in storming out of a mediation with him was never forgotten. Senior Counsel still recall the incident to this day... The abusive obscene language towards opposing parties and their clients was par for the course...
Tucker literally is the Donald Trump of solicitors...


----------



## No Trust (30 November 2020)

This reminder becomes more and more pertinent as we get closer to trial...  After trial and no doubt appeal (if the miscreants have any money left) is when the authorities get involved and start laying charges...  Formal complaints to the Queensland Law Society, (no more catch and kill like in the past Davey Boy 😂), Legal Services Commission and further complaints to ASIC will be made...


----------



## No Trust (30 November 2020)

And give it back they will.... 🪝💰💵💴


----------



## No Trust (30 November 2020)

I’m certain the insurers have taken into account the highlighted sections, in deliberations with their legal representatives; in anticipation of potentially being joined to the proceedings as third parties, by Tucker and Cowen...


----------



## Triple_Witching (1 December 2020)

Hmmmmm..... *Who is NEXT ????*









						Over 300 charges laid following investigation into law firm
					

The Crime and Corruption Commission (CCC) in Queensland has charged four individuals with fraud and money laundering offences, following an 18-month major crime investigation into the activities of a Brisbane-based law firm.




					www.lawyersweekly.com.au
				




*Over 300 charges laid following investigation into law firm*
By Jerome Doraisamy|25 November 2020




The Crime and Corruption Commission (CCC) in Queensland has charged four individuals with fraud and money laundering offences, following an 18-month major crime investigation into the activities of a Brisbane-based law firm.
On Tuesday 24 November, the CCC charged three men and one woman with hundreds of offences, with the independent agency planning to allege that those four persons “were involved in serious fraud offences against a number of financial institutions” and that they “laundered the proceeds of serious criminal offences”.
The agency’s investigation, codenamed Operation Mercury, involved numerous search warrants executed at two Brisbane-based law firms, CCC said in a statement, as well as a number of business premises and private dwellings in Brisbane and the Gold Coast throughout the 18-month investigation.
The CCC has not named the law firm in question, nor the four individuals charged, but did say that it expects further charges to result from Operation Mercury.
The four individuals charged include a 45-year-old Helensvale man, who was served with a notice to appear in court to face: five counts of aggravated fraud, 89 counts of fraud, seven counts of fraudulent falsification of records and six counts of money laundering.
CCC noted that he is currently before the courts for a separate count of money laundering, relating to the seizure of $97,000 in cash on 24 February 2020.

The second individual is a 37-year-old Helensvale woman, who has been served with a notice to appear in court to face: one count of aggravated fraud, 76 counts of fraud, three counts of fraudulent falsification of records and three counts of money laundering.
The third individual is a 36-year-old Helensvale man, who has been served with a notice to appear in court to face: 12 counts of fraud, two counts of fraudulent falsification of records, one count of money laundering and one count of perjury.
The fourth and final individual is a 42-year-old Ascot man, who has been served with a notice to appear in court to face: six counts of aggravated fraud, 77 counts of fraud, seven counts of fraudulent falsification of records and seven counts of money laundering.

He was also previously charged in relation to one count of money laundering, relating to the seizure of $97,000 in cash on 24 February 2020 and was also charged in September 2020 with 12 counts of supplying a dangerous drug, CCC noted.
The quartet are expected to appear before the Brisbane Magistrates Court on 11 January 2021.
The charges brought follow the recent charging of a 25-year-old Norman Park man and a 42-year-old Narangba man, who – in alleged offences pertaining to this operation – were each charged with one count of supplying a dangerous drug on 18 September 2020.
These matters remain before the court, CCC noted.
In a statement, CCC chairperson Alan MacSporran QC said that the scale of the alleged offending identified during Operation Mercury “demonstrates why the CCC has a continued focus on the enablers of major and organised crime”.
“The CCC has an investigative focus on not just those who directly engage in major crime, but those individuals and groups of people who facilitate and enable it. Sophisticated business models, specialised systems and expertise are needed for organised crime groups to operate effectively. It is disappointing and concerning that some of the allegations relate to the legal profession,” Mr MacSporran said.
“The CCC will continue to direct its efforts on the systems and expertise that enable criminal networks to build and thrive by targeting those that enable and support serious criminal offending, and to make Queensland a hostile place to engage in crime for profit and to accumulate criminal wealth.”
CCC said it will not be commenting further, for the twofold reason that charges are now before the court and the investigation remains ongoing.


----------



## No Trust (1 December 2020)

Yes, just imagine a scenario where a partner of a law firm goes against his own client, with inside knowledge, conceals his involvement and then uses “his firms trust account” to divert the proceeds of the malfeasance to an offshore account... Then to top it off tries to tell the federal court he “forgets where the money is”...

*WHO IS NEXT INDEED...  AND ABOUT BLOOD TIME...  #*



Triple_Witching said:


> Hmmmmm..... *Who is NEXT ????*
> 
> 
> 
> ...


----------



## No Trust (2 December 2020)

The attached amended statement of claim filed today makes for interesting reading...

Essentially *going after all of Tucker's assets*, including all the money stolen from Equititrust investors and put into trusts...

This is shaping up to be the mother of all litigation...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113086


----------



## No Trust (2 December 2020)

Pages 126 - 128 are revelatory....


"_The evidence in subparagraph *12(b) of Mr Tucker's affidavit sworn on 4 July 2017 *in the Examination Proceedings _*was also evasive*_, since _*he did not disclose*_ that, while Tuckerloan had *released the mortgage over his residence at 29 Sassafras Street*, *The Gap, Brisbane*, this mortgage *had been replaced by a mortgage to another of his entities, D & J Tucker Holdings HT Pty Ltd*, executed *on or about I 0 May 2017*, and *withheld from registration at the time he swore his affidavit.*_" 



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113086


----------



## No Trust (2 December 2020)

So efforts were being put in place in *early 2017* by *Tucker and wife Jennifer to try and protect their family home through dodgy mortgages back to himself and his wife*...  

Interesting how Tucker desperately wants to keep a roof over his head *but attacked other peoples homes relentlessly* throughout *his miserable career*...
There *wont be any tears* when this miserable lot *finally have to pay the money back* to *innocent investors* and are *kicked to the kerb*...


----------



## No Trust (2 December 2020)

*There is a principle in law which unequivocally states “FRAUD UNRAVELS ALL”




*




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113086


----------



## Triple_Witching (2 December 2020)

Great Work, Mr Russell, No Trust and others !!!

I do not wish to distract from the truthful efforts and directions underway, to make NPD Tucker accountable, and pay to the fullest, in Civil terms, at least, in relation to Equititrust.   Future potential Criminal Enforcement would be very fitting, in time, if Enforcement Agencies, wish to clean this trash up.

Does anyone remember EQUITILOAN LIMITED  &  EQUITILOAN SECURITIES PTY. LTD.   Same Horse dung pile, different smell. 

I wish to remind all, Tucker has being ADVISING FRAUD, and using Dirty Liquidatators to wash away the evidence, by at least, his Two (2) of his Clients / Now Friends, have *"Destroyed" many peoples lives, since 1994/1995*, a couple of years after Tucker became a Bar Member. 

Imagine submitting Fake / Fraudulent Debt Documents to Qld Supreme Court in 1995, and getting away with same, at least

*Meaning, this Equitirust / Tucker / MS ASIA Fraud, was 18 years, after same style of FRAUDS commenced.*

We securely hold all the Civil and Criminal Evidence.  That will be executed, after Tucker is Cooked and Fried, with this current case.

Tuckers Two (2) Grub Friends / Clients are monitoring this blog.  Hence, the disappearance of their Facebook Pages, moved to insecure Instagram (LOL... Hahaha) we have all....  They can enjoy their next Holiday, because, they will not enjoy the view, from their Future Room.  Damn, these bars spoil our View....
*
This Case is not the End, it is the Beginning.....  REAL.*

============

We securely hold all the Civil and Criminal Evidence.  That will be executed, after Tucker is Cooked and Fried, with this current case.

*Facebook - 9 September 2013
Tuckers Clients - the Green Germ and his Cockaroach Co-Director.
Tuckers 2 Clients & Cycling Friends.*


----------



## No Trust (2 December 2020)

*IT'S ALL ABOUT TO COME CRUMBLING DOWN...

IF TUCKER AND HIS WIFE JENNIFER THINK THAT THEIR HOME AT THE GAP IS NOT AT RISK OF BEING LOST TO THE LIQUIDATORS - THEY ARE KIDDING THEMSELVES...*


----------



## No Trust (2 December 2020)

The amended statement of claim *seeks to unravel all the trusts in which the money was stashed away*... This will now bring wifey Jennifer Tucker into the fray... The *Bonnie to Clyde* *does not get off that easy*... Ask Stacey McIvor now Turner how the whole saga played out for her... End result home on Cronin Island built on the theft of other peoples money... *GONE*

I predicted the McIvor disaster in this thread *10 years ago*... The Tucker catastrophe is *10 times worse* - he is now heading into the abyss...




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113086


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## Triple_Witching (2 December 2020)

No Trust said:


> The amended statement of claim *seeks to unravel all the trusts in which the money was stashed away*... This will now bring wifey Jennifer Tucker into the fray... The *Bonnie to Clyde* *does not get off that easy*... Ask Stacey McIvor now Turner how the whole saga played out for her... End result home on Cronin Island built on the theft of other peoples money... *GONE*
> 
> I predicted the McIvor disaster in this thread *10 years ago*... The Tucker catastrophe is *10 times worse* - he is now heading into the abyss...
> 
> ...





In 1995 / 1996, there was not a usable Internet capability in Australia.  98% Government Departments, had NO Internet capability, or understanding of Internet.  I know. I was a Founder of such Internet development company in 1996.

*No Trust Quote:  "I predicted the McIvor disaster in this thread 10 years ago... The Tucker catastrophe is 10 times worse - he is now heading into the abyss..."

Triple Witching Quote: "1996 - 2000, I tried to warn by letters, phone calls, and meetings, with various Govt, Qld State & Federal, Departments, Qld Police Fraud Squad, ASC then (ASIC now), of Tucker and his Mates"  etc"  None of the above, had interest whatsoever.*


----------



## No Trust (2 December 2020)

*The tide is turning on this one... Regulators **are actively involved** and **watching the proceedings.** Now that there will be a full trial, has only piled on the pressure... By the end of this charges **will be laid** - people **will be struck off the roll of Solicitors in Queensland**... Trust Accounts and innocent retiree investors money, are not something to be f*cked with... This whole saga in now snowballing into a massive case that the regulators cannot ignore...*




Triple_Witching said:


> In 1995 / 1996, there was not a usable Internet capability in Australia.  98% Government Departments, had NO Internet capability, or understanding of Internet.  I know. I was a Founder of such Internet development company in 1996.
> 
> *No Trust Quote:  "I predicted the McIvor disaster in this thread 10 years ago... The Tucker catastrophe is 10 times worse - he is now heading into the abyss..."
> 
> Triple Witching Quote: "1996 - 2000, I tried to warn by letters, phone calls, and meetings, with various Govt, Qld State & Federal, Departments, Qld Police Fraud Squad, ASC then (ASIC now), of Tucker and his Mates"  etc"  None of the above, had interest whatsoever.*


----------



## No Trust (5 December 2020)

A *lot going on* in the background... Expect some *fireworks* before Christmas...


----------



## No Trust (6 December 2020)

😬😬😬

*THE WARNINGS WERE THERE... *



equiticriminals said:


> Equititrust is a company that will attract the ilk of former MFS executives.
> 
> Run and founded by an equally dubious character called Mark McIvor. This Mirky Financial Character has run under the radar for many years and now it seems the banks are calling in the money. One look at their web site demonstates the amount that had to be paid back to one bank who got wise... 90 Million Dollars... The demand was made by the bank after it lost confidence in Equititrust.
> 
> ...


----------



## Triple_Witching (8 December 2020)

Slugger and Hardon Young and Naive Lawyers


----------



## No Trust (8 December 2020)

😂😂😂 Tucker was and I say was intentionally, the King of CONflcit of Interest. Those days are over.... Bye bye “Davey Boy”... 



Triple_Witching said:


> Slugger and Hardon Young and Naive Lawyers


----------



## No Trust (9 December 2020)

*EXPECT A CHRISTMAS SURPRISE...* *Tick Tock*... 😂😂😂


----------



## No Trust (9 December 2020)

🏴‍☠️


----------



## No Trust (10 December 2020)

Merry Christmas 🎄 Equititrust Investors and or anyone else who has had the misfortune to have crossed paths with these miscreants...


----------



## No Trust (10 December 2020)

A *promise made* is a *promise* delivered... The media coverage of Tucker’s trial of the century will be relentless, not only in the print media, but across all platforms as the interest in the case snowballs... 🏴‍☠️


----------



## No Trust (10 December 2020)

*WHAT A GREAT WAY TO END THE YEAR... 😂


*


----------



## Triple_Witching (10 December 2020)

*TOP EFFORTS AND OUTCOMES, MR Russell, "No Trust" and Your Colleagues !!!
*

*THIS IS,  JUST THE BEGINNING............................................................*
  

*TUKA AND A COUPLE OF HIS CLIENT MATES HAVE BEEN CORPORATE THIEVES AND FRAUDSTERS FROM 1994.

The ATO, ASIC, and others will have another few future Chapters to Recover Fraudulent Stolen Funds, after TUKA is DONE !!!!!

MERRY CHRISTMAS, TUKA , LIAR FUKA AND FRIENDS !!!!*




No Trust said:


> *WHAT A GREAT WAY TO END THE YEAR... 😂
> 
> View attachment 116125
> *


----------



## Triple_Witching (10 December 2020)

*1994 - The START
The First BLUEPRINT Template of this templated series of Frauds, as advised by Tuka to his 2 Fraudulent Mates, started in 1994, and went through the Qld Supreme Court in 1995, with Fraudulent Documents by the Fraudsters, then onto the "second" Liquidators on the "Take", being  Clouts, in order to wash away the Fraudulent Evidence.  

Clouts did not even interview the Company Directors, at all.  Clouts had NO interest in Truth.

PWC were removed by Tuka and same fraudulent clients as the original Liquidators.  PWC was a threat to Tuka and his 2 fraud clients, as PWC, would have discovered their frauds.  Clouts were there to wipe away all evidence.  

Clouts, Worrells, etc, Tuka and Dirty 2 Scum Clients, little Dirty Liquidators.

Equitrust Fraud, is the most recent of a series of same template Frauds since 1994.

Bummer Tuka and co...... We still have the Evidence.   

Destroying Companies, and Persons Lives, in order to hide One's ATO, ASIC and other related Frauds.  

Destroying their Parents Lives, Family and dozens of others.... Hmmmm.......

Hmmmm... we will just walk away.......... Hmmmmm... I THINK NOT !!!!

2020 - NOW
Wonder why we are here today ?  It ALL Started in 1994.

A Public Servant and a Teacher who took 40 years, to make $1m, made $50M+ in next 10 years, whilst they Bankrupted their Parents etc via Fraud Documents, to wipe away their own ATO, ASIC etc Frauds,, by same Fraud Fuks.  Go Figure..........

Tucker - Equititrust is just an Ice Cube off an Iceberg that started in 1994.

This is Just the Beginning..........................*


----------



## Triple_Witching (10 December 2020)

*In Time....
*
*When You are Called to Answer for Your Actions and Words.

You KNOW who you are.....
*
*Best to you.*


----------



## Triple_Witching (10 December 2020)

*Go FIGURE Who, Tuka and his Bonnie Travels Worldwide with the missing $$$$$$$$$$$ .....

From Page 285 here...............

Yes, Tukas 2 Favorite Dirty Clients, then Friends....

Hokkaido Ski Friends with some of the $$$*

Australian and European Cycling Tour Corporate Thieves...

They should go Cycling or Skiing at *Chelmer.*............

Dec 2, 2020

JoinedMar 26, 2019Posts96Reactions227
Great Work, Mr Russell, No Trust and others !!!

I do not wish to distract from the truthful efforts and directions underway, to make NPD Tucker accountable, and pay to the fullest, in Civil terms, at least, in relation to Equititrust. Future potential Criminal Enforcement would be very fitting, in time, if Enforcement Agencies, wish to clean this trash up.

Does anyone remember EQUITILOAN LIMITED & EQUITILOAN SECURITIES PTY. LTD. Same Horse dung pile, different smell.

I wish to remind all, Tucker has being ADVISING FRAUD, and using Dirty Liquidatators to wash away the evidence, by at least, his Two (2) of his Clients / Now Friends, have *"Destroyed" many peoples lives, since 1994/1995*, a couple of years after Tucker became a Bar Member.

Imagine submitting Fake / Fraudulent Debt Documents to Qld Supreme Court in 1995, and getting away with same, at least

*Meaning, this Equitirust / Tucker / MS ASIA Fraud, was 18 years, after same style of FRAUDS commenced.*

We securely hold all the Civil and Criminal Evidence. That will be executed, after Tucker is Cooked and Fried, with this current case.

Tuckers Two (2) Grub Friends / Clients are monitoring this blog. Hence, the disappearance of their Facebook Pages, moved to insecure Instagram (LOL... Hahaha) we have all.... They can enjoy their next Holiday, because, they will not enjoy the view, from their Future Room. Damn, these bars spoil our View....

*This Case is not the End, it is the Beginning..... REAL.*

============

We securely hold all the Civil and Criminal Evidence. That will be executed, after Tucker is Cooked and Fried, with this current case.

*Facebook - 9 September 2013
Tuckers Clients - the Green Germ and his Cockaroach Co-Director.
Tuckers 2 Clients & Cycling Friends.*


----------



## No Trust (10 December 2020)

*THIS ARTICLE IS GARNERING A LOT OF INTEREST, UNFORTUNATELY, IN **THE WRONG PLACES**,** FOR TUCKER AND COWEN...  YOU'RE WELCOME LADS...  
	

		
			
		

		
	




*

*

*


----------



## No Trust (10 December 2020)

The applications calendar in the Supreme Court of Queensland *is fully booked for the rest of the year*. Tucker and Cowen had until the last sitting day on *18 December 2020* to file and application to join their respective insurers as third parties to the action.

To date no applications have been filed by either Tucker and his "ladder holder" Cowen... Have the insurers told them to go F*ck themselves ???


----------



## No Trust (11 December 2020)

Wow people are really reading this thread far and wide....  The thread is due to hit *1 Million Views *
within the next few days...


----------



## Dona Ferentes (11 December 2020)

or even sooner  ... keep the 🔥 alive


----------



## Triple_Witching (11 December 2020)

*Thanks to the GOOD Work, by Mr Russell, and You... "No TRUST" and Your Colleagues... and Others.............*

Just a question for you "No Trust" or Administrator....

*Do You have any idea / estimate, of the Number of independent Views / or Viewers, in the last, say, 3 months, or say, 2020 ?*

Awareness is Knowledge and Power.

*Keep GOING FORWARD Gentlemen !!!!!!!* 

*THANKS FROM MANY VOICELESS SUPPORTERS OF YOU ALL !!!*




No Trust said:


> Wow people are really reading this thread far and wide....  The thread is due to hit *1 Million Views *
> within the next few days...
> 
> View attachment 116196
> ...


----------



## No Trust (11 December 2020)

Will do Donna... We are nearly there in bringing the Equititrust miscreants to *JUSTICE...*



Dona Ferentes said:


> or even sooner  ... keep the 🔥 alive


----------



## No Trust (11 December 2020)

And *1 Million* it is.... 🍾🎉 🎈 🎊 🥂⚡


----------



## No Trust (11 December 2020)

I haven't got the exact numbers, but the number of thread views has dramatically increased since the media exposure of the court case... Even Stephen Russell has used this thread as a resource to contact investors to help progress the court case against Tucker and Cowen...

All the miscreants are reading too... I'm reliably informed that they're *addicted to this thread like crack cocaine...*









Triple_Witching said:


> *Thanks to the GOOD Work, by Mr Russell, and You... "No TRUST" and Your Colleagues... and Others.............*
> 
> Just a question for you "No Trust" or Administrator....
> 
> ...


----------



## Triple_Witching (11 December 2020)

*Thanks No Trust !!!

Sweet Music to their Twisted Eyes and Skewed, Screwed Up Minds and Fake Lives  ................ LOL.........

Wait, till their Adult Children, Cousins and BS Fanclub Friends, see the TRUTH, and realize their whole Family History is BS FRAUD  !!!!*





No Trust said:


> I haven't got the exact numbers, but the number of thread views has dramatically increased since the media exposure of the court case... Even Stephen Russell has used this thread as a resource to contact investors to help progress the court case against Tucker and Cowen...
> 
> All the miscreants are reading too... I'm reliably informed that they're *addicted to this thread like crack cocaine...*
> 
> ...


----------



## No Trust (11 December 2020)

It’s all been a facade of fraud.... 







Triple_Witching said:


> *Thanks No Trust !!!
> 
> Sweet Music to their Twisted Eyes and Skewed, Screwed Up Minds and Fake Lives  ................ LOL.........
> 
> Wait, till their Adult Children, Cousins and BS Fanclub Friends, see the TRUTH, and realize their whole Family History is BS FRAUD  !!!!*


----------



## No Trust (12 December 2020)

*Tucker chasing down his new house after the court case... 
	

		
			
		

		
	



	

		
			
		

		
	
 Karma Coming back to bite HARD "Davey Boy"...*


<iframe title="vimeo-player" src="" width="640" height="360" frameborder="0" allowfullscreen></iframe>


----------



## No Trust (12 December 2020)

*PEOPLE ARE READING... 
	

		
			
		

		
	


*


----------



## No Trust (13 December 2020)

How much *panic has set in* behind the scenes, to try and *protect assets* ??? A lot it seems...


----------



## No Trust (14 December 2020)

Tucker seems to have had his *“pie hole”* well and truly shut by Stephen Russell... Is “Davey Boy” still in shock ? 🤯🔥🔥🔥


----------



## No Trust (16 December 2020)

Tucker and Cowen have another *2 days* to file their application to *join their respective insurers* to the litigation against them... Still nothing on the court file to indicate any applications have been filed... Is there an urgent application in the offing before the end of the week ???

File Summary (courts.qld.gov.au)


----------



## Triple_Witching (16 December 2020)

*IF ONE LIKES SEEING "WHO DUNNIT MYSTERY MOVIES", HERE ARE A COUPLE OF FICTION VIDEOS.....

THE NON FICTION MOVIE IS BEING RELEASED 2021, AT A COURT NEAR YOU.............. LOL   *

Quoted from 'No Trust' Post :
Apr 3, 2019 #4935 - Page 247

Quote: No Trust
"It’s good to see that at least one of the partners of Tucker and Cowan agrees to the use of the Legal System to settle disputes. The liquidators of Equititrust are doing just that.

*QUOTE:   Tucker & Cowan “have a range of contacts around the world” is mentioned in the video. 

Does that include Hong Kong and The British Virgin Islands ?   * 
*Just Asking for a friend.."  LOL   *


*David Tucker of Tucker & Cowen in Brisbane talks about MSI Global Alliance





Richard Cowen on using the Queensland legal system to best effect in disputes





Great Actors !!!    VERY CONVINCING.... !!!

The Best Acting by these two will be in Qld Supreme Court, 2021.*

**


----------



## No Trust (16 December 2020)

*AND THE WINNER OF THE ACADEMY AWARD FOR FRAUD IS......................... ??? *


----------



## Triple_Witching (17 December 2020)

*Davey Boy.... Acceptance Speech !!!*


----------



## No Trust (17 December 2020)

😂😂😂



Triple_Witching said:


> *Davey Boy.... Acceptance Speech !!!*


----------



## No Trust (17 December 2020)

And here it is... Tucker having a crack at his insurers... *DESPERATION HAS SET IN... *There’s a saying that says, when gypsies fall off a wagon, they  clutch for the straw... 

Tucker’s attempt to join his insurers is a good example of clutching for air... 😂😂😂


----------



## No Trust (17 December 2020)

*CHRISTMAS CARD TO TUCKER FROM HIS INSURERS 😬 😬😬🔥🔥🔥🕳*


----------



## Warr87 (17 December 2020)

Can you explain the importance of him trying to join the  insurers ?


----------



## No Trust (17 December 2020)

This may explain things in Tucker’s own words...😂😂😂



No Trust said:


> The depths that Tucker is willing to go, know no bounds...
> 
> Having concocted a secret scheme to enrich himself to the tune of millions of dollars, off the back of Equititrust investors, with Kennedy, another director and former CEO, he then has the temerity to go to the “company’s” insurance policy to cover the cost of being sued due to his own malfeasance...
> 
> ...









Warr87 said:


> Can you explain the importance of him trying to join the  insurers ?


----------



## No Trust (17 December 2020)




----------



## No Trust (17 December 2020)

No Trust said:


> Tucker it seems is very weak in the underbelly at the moment as he never in his wildest dreams thought the Courier Mail would ever get a hold of the Federal Court Transcript of his Public Humiliation...
> 
> His threat to declare bankruptcy in an affidavit may be the stupidest thing he’s ever done. As insurers, banks etc look upon this as a fait accompli.
> 
> ...


----------



## Warr87 (17 December 2020)

lets see if i get this then. his (alleged) fraudulent behaviour caused the collapse of the company. he is being sued for that, so he is attempting to join the insurers in the case against him? or is it rather that the insurers are being sued for money covering the collapse and instead of him being liable he is trying to hide behind the insurers so they are essentially liable, not him? either way, I'm assuming the insurers can say no to joining parties? from what i can read, the isurers aren't liable for a payout anyway given the cause of the collapse isn't covered by the policy, therefore wouldn't it be on the back of the directors/executive (which is him?)?

sorry,i'm pretty good with legal stuff but i'm not that intimate with this case so it's a little confusing lol.


----------



## No Trust (17 December 2020)

This *was just filed in the Supreme Court*, and may help. If you read the affidavit from *Page 94 *on, the letters from the Insurers lawyers Barry.Nilsson solicitors, denying cover is damning....  The issue of not providing cover in cases of* FRAUD* is fully covered and something I alerted this thread some time ago... *Fraud is an exclusion to any Insurance Policy...




*



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113768
		


*Rhett Kennedy*, the lawyer for Insurers, appears to be extremely sharp.....






Warr87 said:


> lets see if i get this then. his (alleged) fraudulent behaviour caused the collapse of the company. he is being sued for that, so he is attempting to join the insurers in the case against him? or is it rather that the insurers are being sued for money covering the collapse and instead of him being liable he is trying to hide behind the insurers so they are essentially liable, not him? either way, I'm assuming the insurers can say no to joining parties? from what i can read, the isurers aren't liable for a payout anyway given the cause of the collapse isn't covered by the policy, therefore wouldn't it be on the back of the directors/executive (which is him?)?
> 
> sorry,i'm pretty good with legal stuff but i'm not that intimate with this case so it's a little confusing lol.


----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)

​


----------



## Just Observer (18 December 2020)

No Trust said:


> This *was just filed in the Supreme Court*, and may help. If you read the affidavit from *Page 94 *on, the letters from the Insurers lawyers Barry.Nilsson solicitors, denying cover is damning....  The issue of not providing cover in cases of* FRAUD* is fully covered and something I alerted this thread some time ago... *Fraud is an exclusion to any Insurance Policy...
> 
> View attachment 116509
> View attachment 116509
> ...





No Trust said:


> This *was just filed in the Supreme Court*, and may help. If you read the affidavit from *Page 94 *on, the letters from the Insurers lawyers Barry.Nilsson solicitors, denying cover is damning....  The issue of not providing cover in cases of* FRAUD* is fully covered and something I alerted this thread some time ago... *Fraud is an exclusion to any Insurance Policy...
> 
> View attachment 116509
> View attachment 116509
> ...




No Trust, could it be that having the insurers declining the indemnity covers as way to tell the liquidator it will be a phyrrhic victory even what they are suing is successful?


----------



## No Trust (18 December 2020)

*Now that's a sobering letter from the lawyers for Insurer Lexon to Richard Cowen and partners... Page 2 highlighted is a killer and sets out what Tucker did whilst his "partner aided and abetted" the actions... (their words not mine)*


----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)

*I'm sure certain Tucker and Cowen and the partners at TCS **Solicitors** did not want the letters from their insurers made public... 
Like holy Sh*t this sh*t is REALLY REALLY BAD... *


----------



## No Trust (18 December 2020)

Just Observer, not at all...

The insurance is for Tucker and Cowen's legal costs... Tucker is denied* ALL* insurance indemnity, whilst the partnership, as an entity and not Cowen personally, (which now excludes Tucker), is granted minimal cover on the Trust account claims, with the provision by the insurers that if fraud or dishonesty are proven in court, that component of the defense costs will be recovered by the insurers.  

Obviously the costs are *going to run into the millions *and the question now is, will *Dumb and Dumber* be able to come up with the readies to pay all the mounting legal bills... Quite an ironic position *(as scumbag lawyers)*, that they have gotten themselves into... So in a last ditch attempt to try and save their asses, they have now launched this action against their insurers which could prove very costly... *THIS IS NOW PURE AND UTTER DESPERATION FOR SURVIVAL...*

The assets that they are after, are *stashed away in trusts interlinked to Tucker and wifey Jennifer*... Hallmarks of McIvor's, modus operandi, in using his mother to *stash away ill gotten gains*.. Look how that worked out for him... 

The liquidators want to unravel the trusts and recover the money. As I have previously outlined on this thread, *FRAUD UNRAVELS ALL...*



Just Observer said:


> No Trust, could it be that having the insurers declining the indemnity covers as way to tell the liquidator it will be a phyrrhic victory even what they are suing is successful?


----------



## No Trust (18 December 2020)

*WHAT A ******* SH#T FIGHT IN THE F#CK FACTORY

GREED AND DISHONESTY KILLS
MERRY CHRISTMAS


*​


----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)




----------



## No Trust (18 December 2020)

*I’m really beginning to like this lawyer Rhett Kennedy 😂😂😂 What a monumental (bitch) slap down of both Tucker and Cowen... 







*


----------



## No Trust (18 December 2020)

😂😂😂 basically telling to stop ✊🍆💦💦💦


----------



## No Trust (18 December 2020)

*As Rhett Kennedy correctly states “the factual matrix” i.e reality, is f#cking their claims, of their dishonest actions somehow being innocent, to now obtain insurance coverage... 

Tucker and Cowen really aren’t the sharpest tools ⚒ in the shed, for :

1. Trying to claim innocence 
2. Ever getting into this fraudulent mess in the first place... 

They have become a real life parody of crooked scumbag, lawyers.... 

UTTERLY DISGRACEFUL GREED, WHICH STOLE MONEY FROM INNOCENT RETIREE INVESTORS, WHO ACTUALLY WORKED FOR IT...*


----------



## Triple_Witching (18 December 2020)




----------



## Triple_Witching (18 December 2020)




----------



## Triple_Witching (18 December 2020)




----------



## No Trust (18 December 2020)

*ARE THESE TWO REJECTS FROM HOGWARTS ??? 🧙‍♀️+🧙 = 💩 🧹 
😂😂😂*



Triple_Witching said:


> View attachment 116623
> View attachment 116624
> View attachment 116625
> View attachment 116626
> ...


----------



## No Trust (18 December 2020)

*YEP, it’s the crooked Harry and Herimone off on another magical 🧙 quest of asset theft and offshore concealment... MAGIC INDEED...🪄💰💵🦹🦹‍♂️*





No Trust said:


> In a feat that even “Harry Potter” would be envious of, Tucker manages to make $3.8 Million disappear with the use of an “offshore” magic wand...
> 
> Not to be outdone he then makes his memory disappear...
> 
> ...


----------



## Triple_Witching (18 December 2020)

Hmmm..... Perhaps check out these *TUKA - Clients and World Travelling Friends*..........* LOL..........*

40 Years to get to $1m.
*Next 10 Years to $50m+, after FRAUDULENTLY Bankrupting their Parents with fraudulent documents, and Key Family Members.... to wash away their ATO & CORPORATIONS ACT SEQUENCE OF FRAUDS, via Tuka's dirty Liquidators... !

The Common Thread, ....Tuka 2 Years after he was admitted to the Bar, and 2 Desperate, Liar, Narcisitists, Fraudsters.*

Hmmmmm..... if ASIC and ATO want some *" Heads on Sticks" for Positive News Headlines....* *Catching the Fraudsters.....*
..... perhaps ask me, or *L@@K closely at the 3 below*.........


*


	

		
			
		

		
	
" *





No Trust said:


> *YEP, it’s the crooked Harry and Herimone off on another magical 🧙 quest of asset theft and offshore concealment... MAGIC INDEED...🪄💰💵🦹🦹‍♂️*
> 
> 
> 
> ...


----------



## No Trust (18 December 2020)

*Nothing lasts... FRAUD finds a way of poisoning the lives of those who practice in the dark art, of stealing from innocent people... *
*
Just look at McIvor... Tucker is parasitically linked to McIvor's fate (he just hasn't realised it yet) and will go down the same path of bankruptcy (which he said he would do in the Federal Court), and familial destruction... 
*
*Financial collapse applies immeasurable pressure on relationships.... The cracks turn into caverns and relationships which are based on money and thievery implode...*




Triple_Witching said:


> Hmmm..... Perhaps check out these *TUKA - Clients and World Travelling Friends*..........* LOL..........*
> 
> 40 Years to get to $1m.
> *Next 10 Years to $50m+, after FRAUDULENTLY Bankrupting their Parents with fraudulent documents, and Key Family Members.... to wash away their ATO & CORPORATIONS ACT SEQUENCE OF FRAUDS, via Tuka's dirty Liquidators... !
> ...


----------



## Triple_Witching (19 December 2020)

*THANK YOU, Mr Russell, "No Trust" and Your Colleagues....*

*THANK YOU    !!!*


----------



## Triple_Witching (19 December 2020)

*Mark McIvor                   - Done   
	

		
			
		

		
	



Wayne Myers        - Done    
	

		
			
		

		
	




Tucker 2021/2023 - "ABOUT TO BE" DONE IN COURT - WIP

2 Fraud BS Tuka Mates/Grubs (See Page 286 - 288) - 2021/2023  - WILL BE DONE IN COURT - WIP

+ 4 Others, including...

1 Qld Other Dirty Solicitor - Norfolk Island - 2021/2023  - WILL BE DONE IN COURT - WIP
1 Qld Dirty Female Chartered Accountant - Brisbane - 2021/2023  - WILL BE DONE IN COURT - WIP
1 Qld  Dirty Surveyor - 2021/2023 - WILL BE DONE IN COURT - WIP
1 Other Dirty GRUB hiding at Rainbow Beach  - 2021/2023  - WILL BE DONE IN COURT - WIP
NB: THE DIRTY LIQUIDATOR... CAN CHOOSE THEIR INVOLVEMENT.

.....ALL EASY !

TUKA AND MATES, YOU KNOW WHERE TO FIND US.... LOL.

WE KNOW WHERE TO SEE YOU AGAIN. QLD SUPREME COURT !

GO HARD FRAUD F$%CKWITS  !

  *

*This is JUST the BEGINNING !!!!*


----------



## No Trust (20 December 2020)

*IT’S A PLEASURE TO BRING THE FINAL EQUITITRUST SCUM TO JUSTICE... 2021 WILL BRING EYE WATERING REVELATIONS... 🏴‍☠️ *


Triple_Witching said:


> *THANK YOU, Mr Russell, "No Trust" and Your Colleagues....
> 
> THANK YOU    !!!*
> 
> View attachment 116749


----------



## No Trust (21 December 2020)

*A word both Tucker and Cowen will both become very familiar with... 





consequence*
*noun 

A result of a particular action or situation, often one that is bad or not convenient: 




*


----------



## No Trust (21 December 2020)

*A MUST READ...*


----------



## No Trust (21 December 2020)

😬😬😬


----------



## No Trust (21 December 2020)

*The issue of fraud and how it related to professional indemnity, cover was exemplified 2 and a half years ago... This is ultimately a battle Tucker and Cowen will lose dismally... *



No Trust said:


> There may be a problem with the :
> 
> *Limitation of Liability Scheme*
> 
> ...


----------



## No Trust (22 December 2020)

*I would not be at all surprised, if Stephen Russell applies to the Supreme Court of Queensland for preservation orders, against the assets held in trust by Tucker and his wife Jennifer, in the first quarter of 2021 🌪...  Thats what’s swirling amongst those in the know... Mareva Injunctions can be a total c#nt... Tucker knows that all too well... It’s called karma b#tch - you reap what you sow... 😂😂😂 *


----------



## No Trust (22 December 2020)

*The affidavits from the insurers should make for interesting reading when Tucker and Cowen’s application to join them is heard on 10 February...  🤦‍♂️ *



No Trust said:


> 😬😬😬
> 
> View attachment 116835


----------



## No Trust (22 December 2020)

*Expect the insurers to “lawyer up” with the best specialist insurance QC’s available... *


----------



## No Trust (22 December 2020)

*I bet you Tucker thought he’d be off the hook by Christmas 🎄 Alas no, quite a very different Christmas for both Tucker and his adjutant Cowen... *


----------



## No Trust (23 December 2020)

*Will the fight with Tucker and Cowen’s insurers backfire... Me thinks YES... 💣💥💥💥*


----------



## No Trust (23 December 2020)

*Tucker seriously thinks his insurers should indemnify him for his malfeasance and also pay his legal costs... SMFH...  He really is the deluded Donald Trump of solicitors...





			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113759
		

*


----------



## No Trust (23 December 2020)

*Here’s a reality check of what happens to lawyers who break the law...



*


----------



## No Trust (23 December 2020)

*In 2021, just like Trump, Tucker is FINISHED.... Cowen will not fare any better... *




No Trust said:


> *Tucker seriously thinks his insurers should indemnify him for his malfeasance and also pay his legal costs... SMFH...  He really is the deluded Donald Trump of solicitors...
> 
> View attachment 116994
> 
> ...


----------



## No Trust (24 December 2020)

Another lawyer mixed up dodgy dealings, interestingly his clients set up companies in Hong Kong 🇭🇰... Who would figure...


----------



## No Trust (24 December 2020)

*JUST LIKE TUCKER, they have difficulty explaining the need to: 

1. Set up a company in Hong Kong.

2. Explain where the money went... *


----------



## No Trust (24 December 2020)

*So it appears that the country of choice to set up dodgy companies, to receive and dissipate, ill gotten gains was Hong Kong... *
*It also appears, that this was where the barristers for Stephen Russell found that Tucker was weak in the underbelly... When questioned where the money went after Hong Kong 🇭🇰, Tucker conveniently couldn’t remember where approx $2.7M went after that... 
*
*And fast forward to now, he now wants his insurers to take responsibility for fleecing the investors of the Equititrust Premium Fund... Ahhhhh GOOD LUCK with that “Davey Boy” 😂😂😂*


----------



## No Trust (24 December 2020)

*Delusional "Dumb-Davey-Boy"** will face intense questioning in the witness box at his upcoming trial... This time he has no escape and will have to reveal all, about "where the money went" and trust assets,**beneficially** held by **himself** and accomplice wifey **Jennifer... *

*Maybe good ol' Jen could provide hubby in strife some "Grief **counselling**" and charge it back to one of the companies in Hong Kong or the British Virgin Islands... 
Just an idea Jen, could make a great last minute Christmas Gift to shove in "Davey Boy's" sock...*


----------



## Triple_Witching (24 December 2020)

From Page 262 here

*Hmmm... Kennedy and Howard seem to be going just fine.....*

-----------------------------

*Dec 31, 2019*


*So it seems, between Tucker, Kennedy and Howard.... The more $$$ you lose or steal from Investors etc... the better you go...

Between MFS / Equititrust / MS ASIA and others... these Public Company Directors and Lawyers have been involved in the loss of AUD $ Billions that I know of....

I also know of other similar Criminal Frauds, involving Tucker and his Clients & Friends over the span of decades.

Happy NYE 2019 !!!

See Below :

www.ibi.com.hk
IBI Group Holdings Limited

https://www.marketscreener.com/news...nd-Composition-of-Board-Committees--28836246/

IBI : Change of Independent Non-executive Director and Composition of Board Committees

07/01/2019 | 07:03am EST*
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

*IBI Group Holdings Limited - (Hong Kong)
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 1547)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND
COMPOSITION OF BOARD COMMITTEES
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR*

The board (the ''Board'') of directors (the ''Directors'') of IBI Group Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') hereby announces that Mr. Lap Shek Eddie Wong (''Mr. Wong'') has resigned .......

Taking this opportunity, the Board would like to express its appreciation and gratitude to Mr. Wong for his contributions and services to the Company during his terms of services.

*APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board further announces that Mr. David John Kennedy (''Mr. Kennedy'') has been appointed as an independent non-executive Director, the Chairman of the Audit Committee, a Member of the Remuneration Committee and a Member of the Nomination Committee with effect from 30 June 2019.

- 1 -

Mr. Kennedy, aged 50, has been the chief financial officer and the chief operating officer of M.S. Asia Group since 2012.

He was the chief operating officer and the chief executive officer of Equititrust Limited (''ETL'') between 2009 and 2011

The chief operating officer of Octaviar Limited (formerly known as MFS Limited) between 2007 and 2008,

......a senior manager, a partner and the chief operating officer of RSM Hong Kong between 1997 and 2005, and a part-time lecturer in bankruptcy of Griffith University in Australia between 1995 and 1996. He also worked for KPMG between 1988 and 1996 with his last position being a manager.

Creditors voluntary liquidators were appointed to ETL, a company incorporated in Australia, on 20 April 2012 at a meeting of creditors. ETL was principally engaged in Funds Management and specifically the provision of development loans to developers. The directors of ETL commenced the liquidation process with a view to restructuring the funds which were being negatively impacted by the global financial crisis. The total external liabilities (excluding guarantee and related party debts) of ETL totaled approximately HK$150,000. Assets realised by the liquidators totaled in excess of HK$18 million. ETL has not been dissolved as of the date of this announcement.

Mr. Kennedy obtained a degree of Master of Laws, a Bachelor's Degree in Laws and a Bachelor's Degree in Business Accounting from Queensland University of Technology in 2009, 2003 and 1989, respectively. He has been admitted as a solicitor in Hong Kong since 2018, a solicitor in Queensland, Australia since 2006 and a member of the Institute of Chartered Accountants in Australia (currently known as Chartered Accountants Australia and New Zealand) since 1994.

Mr. Kennedy has not previously entered into any service agreement with the Company. He will enter into a service agreement with the Company and will be subject to retirement by rotation and re-election at general meeting in accordance with the Articles of Association of the Company. Mr. Kennedy will be entitled to directors' remuneration of HK$240,000 per annum which has been determined by the Board upon recommendation from the Remuneration Committee with reference to his duties and experience and the prevailing marketing conditions.

As at the date of this announcement, Mr. Kennedy has family interest in 7,960,000 shares of the Company, representing approximately 0.995% of the total issued share capital of the Company.

Save as disclosed above, as at the date of this announcement, Mr. Kennedy did not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), and Mr. Kennedy had no relationships with any Directors, senior management or substantial or controlling shareholders (as defined under the Rules Governing the Listing of Securities on the Stock Exchange (the ''Listing Rules'')) of the Company.

- 2 -

Save as disclosed above, Mr. Kennedy did not hold any other position in the Company or any other member of the Group, nor any directorship in any listed public companies in the last three years, and there is no information that is required to be disclosed in accordance with Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, nor any other matters that need to be brought to the attention of the Shareholders in relation to his appointment as an independent non-executive Director.

The Board would like to take this opportunity to welcome Mr. Kennedy to the Board.

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The Board announces that the composition of the committees of the Board have been changed with effect from 30 June 2019 as follows:

Audit Committee

*

*
Mr. Wong has resigned as the chairman and member of the Audit Committee; and

Mr. Kennedy has been appointed as the chairman and member of the Audit Committee.
*
*Nomination Committee

*

*
Mr. Wong has resigned as a member of the Nomination Committee; and

Mr. Kennedy has been appointed as a member of the Nomination Committee.
*
*Remuneration Committee

*

*
Mr. Wong has resigned as a member of the Remuneration Committee; and

Mr. Kennedy has been appointed as a member of the Remuneration Committee.
*
*By order of the Board
IBI Group Holdings Limited

Neil David Howard
Chairman
Hong Kong, 30 June 2019

As at the date of this announcement, the executive Directors are Mr. Neil David Howard and Mr. Steven Paul Smithers; and the independent non-executive Directors are Mr. Richard Gareth Williams, Mr. Robert Peter Andrews and Mr. David John Kennedy.

- 3 -

Attachments

*

*
Original document

Permalink
*
*Disclaimer

Ibi Group Holdings Ltd. published this content on 01 July 2019 and is solely responsible for the information contained therein.
Distributed by Public, unedited and unaltered, on 01 July 2019 11:02:09 UTC*


----------



## Triple_Witching (24 December 2020)

*Yes No Trust, EXACTLY !!!*

From Page 264 here.

*You just can't make this sh#te up.....*

https://www.brisbanegriefcounsellor.com/

https://www.facebook.com/Jennifer-Tucker-Brisbane-Grief-Counsellor-738926849834356/










---------------



No Trust said:


> *Delusional "Dumb-Davey-Boy"** will face intense questioning in the witness box at his upcoming trial... This time he has no escape and will have to reveal all, about "where the money went" and trust assets,**beneficially** held by **himself** and accomplice wifey **Jennifer... *
> 
> *Maybe good ol' Jen could provide hubby in strife some "Grief **counselling**" and charge it back to one of the companies in Hong Kong or the British Virgin Islands...
> Just an idea Jen, could make a great last minute Christmas Gift to shove in "Davey Boy's" sock...*


----------



## No Trust (24 December 2020)

*MERRY CHRISTMAS 🎄 EVERYONE, THANKS TO ALL THOSE WHO CONTRIBUTE TO THIS THREAD... IT’S BEEN A LONG HAUL, BUT JUSTICE IS COMING IN 2021... *


----------



## No Trust (24 December 2020)

*THANKS TO ALL THOSE READING THIS THREAD... IT’S CLEARLY POPULAR... WITH THE MISCREANTS TOO 😂 😂😂 


*


----------



## Just Observer (28 December 2020)

No Trust said:


> *MERRY CHRISTMAS 🎄 EVERYONE, THANKS TO ALL THOSE WHO CONTRIBUTE TO THIS THREAD... IT’S BEEN A LONG HAUL, BUT JUSTICE IS COMING IN 2021... *



Merry Christmas to you No Trust. You are the voice of the suffering investors in pursuing justice and to ensure those responsible get what they deserve.


----------



## No Trust (28 December 2020)

*Seasons Greetings Just Observer...  It’s been a long slog, but 2021 is the year of reckoning for those who have stolen from their own clients and in turn Equititrust investors... Tucker is done... *



Just Observer said:


> Merry Christmas to you No Trust. You are the voice of the suffering investors in pursuing justice and to ensure those responsible get what they deserve.


----------



## Triple_Witching (28 December 2020)

*NOT TO BE FORGOTTEN....*

*SEE :     https://www.theceomagazine.com/executive-interviews/property-real-estate/neil-howard/*





__





						Building contractor with a team of dedicated experts - IBI Group
					

Founded in 1997 in Hong Kong, IBI has grown with the city to become one of the region’s leading building contractors in several sectors. Find us to learn more.




					www.ibi.com.hk
				







_Chief Executive Officer_
*Neil Howard*
Neil joined IBI in November 2006 and in his role as Chief Executive Officer,  is responsible for the overall strategic planning and business development of the Group. Neil is an Executive Director and Chairman of the Board of Directors.

----------

Apr 29, 2019

[ATTACH=full]117253[/ATTACH]
*No Trust

JUSTICE IS COMING...*
JoinedNov 22, 2010Posts3,702Reactions1,645

What was this gent doing for the receivers BDO ?? David Kennedy also known as the sad sack was also David Tucker’s business partner in MS Asia.






What work was he doing ?

How much money was he paid ?

How was this not a conflict of interest?

BDO feel free to answer this question on this forum if you like. David Kennedy in the early days of this thread dared to enter fray.

The silence from BDO is deafening...
----------



Triple_Witching said:


> From Page 262 here
> 
> *Hmmm... Kennedy and Howard seem to be going just fine.....*
> 
> ...


----------



## No Trust (29 December 2020)

*This is David “Colonel” Kennedy responding to this thread... 😂 MFS, EQUITITRUST, MS ASIA and now he’s left dumb f#cks Tucker and Cowen holding the can... 😂 This guy and those that have dealings with him must be cursed...*




Equititrust Ltd said:


> Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy.  That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence.  Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources.  In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.
> 
> If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns.  Having said this, I think the appropriate way for this to be done is by them contacting us individually.  As always, we shall be open and transparent in all our dealings.
> 
> ...


----------



## No Trust (29 December 2020)

Crooked Kennedy’s comments about fellow corporate vulture David Anderson were also a lie... Look at what really happened under Kennedy’s watch at MFS...












						Former MFS CFO hit with 26 fraud charges
					

The ex-CFO of failed funds management outfit MFS-Octaviar is accused of taking $4.6 million from a subsidiary - years after the Gold Coast empire collapsed.




					www.afr.com


----------



## No Trust (29 December 2020)

*Compare Crooked Kennedy’s comments about KPMG’s role in auditing Equititrust and what actually was discovered...*


----------



## No Trust (29 December 2020)

*Crooked “Colonel” Kennedy’s role in MFS, EQUITITRUST and MFS ASIA, where he has left Tucker and Cowen holding the can, really questions what he brings to any organisation, other than pillaging of corporate assets and collapse... The Kennedy Curse has destroyed many as Tucker and Cowen will discover in 2021...*


----------



## No Trust (31 December 2020)

*ONE MORE DAY BEFORE THE YEAR OF RECKONING... JUSTICE WILL BE DELIVERED TO THE EQUITITRUST CROOKS IN 2021... *


----------



## Triple_Witching (31 December 2020)

*GOOD ONE "NO TRUST"    !  !!  !!! !!!!!

TUKA and his FRAUDULENT FUKA's (see Page 288 here) will SOON, ALL suffer a spectacular fall from grace and suffer "Relevance Deprivation Syndrome" and "Spending Others $$$ Attention Deficit Disorder" !!!*


*HAPPY NEW YEAR ALL !!!

"Thanks" ......"Mr Russell", "No Trust" and "Others"    !  !!  !!! !!!!!*

*2021+ will indeed be a GOOD YEAR for some......... 


2021 WILL BE JUST THE BEGINNING of the WORST for** TRASH TUKA and his CRIMINAL FRAUDULENT FUKA THIEVES MATES, ACQUIRED SINCE THESE SAME BLUE-PRINT FRAUDS COMMENCED IN 1994......... !!!!!!!!!*


*WE WILL SEE YOU ALL VERY SOON !  !!  !!! !!!!! 
LOL.....  LOL....LOL....


HAPPY NEW YEAR ALL !!!*




No Trust said:


> *ONE MORE DAY BEFORE THE YEAR OF RECKONING... JUSTICE WILL BE DELIVERED TO THE EQUITITRUST CROOKS IN 2021... *


----------



## No Trust (31 December 2020)

*HAPPY NEW YEAR "TRIPLE_WITCHING", SKATE AND FARAMIR AND ALL THE OTHER SUPPORTERS OF THIS THREAD... *

*2020 WAS A LANDMARK YEAR IN OUR FIGHT **AGAINST** THE EQUITITRUST **CRIMINALS... DESPITE A GLOBAL PANDEMIC AND ECONOMIC MELTDOWN, THE FIGHT CONTINUED UNABATED...*
*----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------*​*A SPECIAL MENTION NEEDS TO GO OUT TO "STEPHEN RUSSELL" WHO HAS PROVEN TO BE AN EXCELLENT LAWYER... STRATEGICALLY HIS LITIGATION TACTICS AGAINST TUCKER AND COWEN HAVE BEEN EXEMPLARY... 

COMEDICALLY HIS TIMING IN ADVISING TUCKER THAT THE $2M IN SECURITY COSTS WAS LODGED AT 4.05PM, ON THE DAY IT WAS DUE, WAS (AS ANTHONY MARKS FROM THE COURIER MAIL OBSERVED) PLAYING PSYCH OPS WITH TUCKER AND COWEN'S HEADS...  😂😂😂

2021 SEALS THEIR FATE...*



Triple_Witching said:


> *GOOD ONE "NO TRUST"    !  !!  !!! !!!!!
> 
> TUKA and his FRAUDULENT FUKA's (see Page 288 here) will SOON, ALL suffer a spectacular fall from grace and suffer "Relevance Deprivation Syndrome" and "Spending Others $$$ Attention Deficit Disorder" !!!*
> 
> ...


----------



## Mozzi (1 January 2021)

No Trust said:


> *HAPPY NEW YEAR "TRIPLE_WITCHING", SKATE AND FARAMIR AND ALL THE OTHER SUPPORTERS OF THIS THREAD... *
> 
> *2020 WAS A LANDMARK YEAR IN OUR FIGHT **AGAINST** THE EQUITITRUST **CRIMINALS... DESPITE A GLOBAL PANDEMIC AND ECONOMIC MELTDOWN, THE FIGHT CONTINUED UNABATED...*
> *----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------*​*A SPECIAL MENTION NEEDS TO GO OUT TO "STEPHEN RUSSELL" WHO HAS PROVEN TO BE AN EXCELLENT LAWYER... STRATEGICALLY HIS LITIGATION TACTICS AGAINST TUCKER AND COWEN HAVE BEEN EXEMPLARY...
> ...


----------



## No Trust (1 January 2021)

*HAPPY NEW YEAR MOZZIE... THANKS FOR ALL YOUR INPUT OVER THE YEARS TOO... 
2021 MARKS THE YEAR JUSTICE WILL BE FULLY SERVED TO TUCKER, COWEN, AND LETS NOT FORGET THE OTHER GRUB, MCIVOR WHO IS CURRENTLY THE SUBJECT OF ANOTHER ASIC INVESTIGATION... *


----------



## No Trust (2 January 2021)

*There is a new battle front opening up against Tucker in 2021... The sins of the past have a way of resurfacing at the worst possible time... *


----------



## No Trust (3 January 2021)

*Which other Equititrust  deals did Tucker have his sticky his fingers in over the years ??? Fraud is never isolated... Watch the domino’s fall in 2021... *


----------



## No Trust (4 January 2021)

*THERE IS EVIDENCE OF FRAUD WHICH MCIVOR AND TUCKER JOINTLY FACILITATED AND PARTICIPATED IN... *


----------



## No Trust (4 January 2021)

*WHEN THE BLOW TORCH IS APPLIED TO BOTH -WHO WILL SQUEAL FIRST...*


----------



## No Trust (4 January 2021)

*BOTH WERE SOLICITORS AND OFFICERS OF THE COURT AT THE TIME ... NOT THAT, THAT AMOUNTS TO MUCH WITH THESE TWO GRUBBY CRETINS... CHEATING AND STEALING WAS THEIR CREDO... 

GOODBYE TO BOTH IN 2021...  *


----------



## No Trust (5 January 2021)

*McIvor used Tucker and Cowen to do a lot of dirty work and hide McIvor’s crimes, of which there were many... McIvor feared ASIC the most as they could and eventually did, take away his financial services license and banned him for life... 

Tucker will find himself in the same regulatory crosshairs in terms of both ASIC and the Queensland Legal Services Commission... 

Both ASIC and the Legal Services Commission will wait for the trial and then move. Both are fully aware and briefed on the facts and the proceedings against Tucker and Cowen before the Supreme Court of Queensland... *


----------



## No Trust (8 January 2021)

*Buckle up... Just like Trump, Tucker's **days of** flying under the radar are numbered... The Supreme Court cases starting on 10 February 2021 will be **enlightening**...

Watch for the insurers affidavits and exhibits... *


----------



## No Trust (9 January 2021)

*Buckle Up... 

2021 will see Tucker and Cowen unmasked... 

The Supreme Court Trial, including their desperate attempt to **join** their insurers on 10 February 2021, will be enlightening, especially **for** the Queensland and National media...*


----------



## No Trust (10 January 2021)

*Expect the affidavits from the insurers to start flowing through in the coming days and weeks prior to the hearing on 10 February 2020... *
*The material will contain clues as to the how the main trial against Tucker and Cowen will go... Essential reading for the followers of this thread... *


----------



## No Trust (11 January 2021)

*What will emerge at the trial of Tucker and Cowen, through document discovery and cross **examination is the contours of the conspiracy to defraud... 

To date a lot of detail has been concealed and **suppressed**. The ownership of trust assets including the beneficial ownership of assets held in Jennifer Tucker's name will all be fully **unraveled** at trial...*


----------



## No Trust (11 January 2021)

*2021 will cancel Tucker and Cowen...*
*They rolled the dice on a fraudulent stunt because they're money hungry morons...
It backfired...
They bought the ticket, now they get to ride the ride...
Buckle up butter cups...
P.S. Remember the Equititrust investors stolen from...*


----------



## No Trust (13 January 2021)

*The subpoena list for the upcoming trial should make for **interesting** reading... 

Tucker's wife **Jennifer, the beneficial owner of many of the marital and trust assets will be a definite inclusion on the list... *


----------



## No Trust (14 January 2021)

*In a similar parallel to the fortunes of Trump, many financial institutions will be distancing themselves from the stench of Tucker and Cowen’s actions... *


----------



## No Trust (14 January 2021)

*The biggest impact on Tucker and Cowen will be having to stump up millions of dollars in legal fees over the next 6 months prior to trial... *


----------



## No Trust (14 January 2021)

*This is now literally a fight to the death ☠️... 

The financial impact of a judgement against Tucker and Cowen will be devastating, as outlined by Tucker in the Federal Court, when he stated “under oath”, that he’d declare bankruptcy in the event of a judgment against him... *


----------



## No Trust (15 January 2021)

*Keep an eye out for Rhett Kennedy's affidavit... Should be a cracker...*
*The third party claim by Tucker and Cowen against their insurers is a LAST roll of the dice / Hail Mary...
There is speculation that they don't have the funds to fund their defence to trial...*


----------



## No Trust (16 January 2021)

*24 Days and Tucker and Cowen will front up to the Supreme Court to fight their respective insurers 🤦‍♂️ #DESPERATE*


----------



## No Trust (17 January 2021)

*There comes a time when it’s time to pay the Piper... For Tucker and Cowen that time is now... David Kennedy has slipped the noose for now, but is he chipping in to pay for Tucker and Kennedy’s legal fees ???
Fraudulent follies end like this... 💩 *


----------



## No Trust (19 January 2021)

*The insurance companies that Tucker and Cowen are seeking to join as third parties will have formidable legal counsel representing them...
10 February 2020 will be a must see event... 🍿🍿🍿*


----------



## No Trust (20 January 2021)

*E pluribus unum, Latin for "Out of many, one"

For Tucker in 2021 it will be E pluribus nemo, Latin for “Out of many none... 

All the deals done and illegitimate profits will amount to nothing when swallowed up by millions of dollars in legal fees... HOW IRONIC...*


----------



## No Trust (20 January 2021)

*The biggest threat to Tucker and Cowen is the fact that money held in trust for Equititrust and its investors was illegitimately transferred from their "solicitor's trust account" to a Hong Kong entity called MS ASIA, of which, Tucker is a **beneficial** owner through a web of companies based in the British Virgin Islands...*


----------



## No Trust (20 January 2021)

*If Tucker and Cowen lose at trial, not only will they have to "pony up" upwards of $20M + (including interest), but (excluding legal fees), they will face the prospect of being struck off as solicitors... Who would have thought skid row was the "new black" in 2021... *


----------



## Triple_Witching (20 January 2021)

$$$ Peanuts compared to what Fuka has Fraufulently Gained




No Trust said:


> *If Tucker and Cowen lose at trial, not only will they have to "pony up" upwards of $20M + (including interest), but (excluding legal fees), they will face the prospect of being struck off as solicitors... Who would have thought skid row was the "new black" in 2021... *


----------



## Triple_Witching (20 January 2021)

*$20M IS PEANUTS for these Fukas....  They will hide, bs, deceive, etc etc...*

*They have been doing same CRIMINAL / CORPORATE / ATO FRAUD/s since 1994.*
*






	

		
			
		

		
	
One needs to understand Tukas Client FAILED SCHOOL AND WAS EXPELLED. HIS GRUBBY CRIMINAL and Mates above, from Page 288, stole their Fathers Will, prior to his passing and stole everything, and cremated him, against his Will.  EG Extermination.*

*Tuka and his FRAUD Mates.... from Page 288 here.

TRUTH IS COMING TO THESE CRIMINAL GRUBS....................

TRUTH is on its way.*


----------



## Triple_Witching (21 January 2021)

*The Gap*
*Chelmer
Noosa
Palm Beach, GC
Hirafu, Japan
Supreme Court - Qld
Wolston Correctional Centre
Bankruptcy*
*A.A.
Drunk Multiple Confessions.*


----------



## Triple_Witching (21 January 2021)

*Only Experience Clears the Vision


*


----------



## No Trust (21 January 2021)

*The chronology seems just about right... 👍👌*



Triple_Witching said:


> *The Gap*
> *Chelmer
> Noosa
> Palm Beach, GC
> ...


----------



## No Trust (21 January 2021)

*The legal and reputational costs are piling up for Tucker and Cowen... *


----------



## No Trust (21 January 2021)

*Flying under the radar for so many years, both Tucker and Cowen are very much in the spotlight now.*


----------



## No Trust (22 January 2021)

*Interesting reading prior to 10 February 2020




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113758
		



*


----------



## No Trust (23 January 2021)

*Burning Bridges...*
*The fact that Tucker and Cowen are trying to include their insurers as third parties to the mammoth legal proceedings against them, will not bode well for future insurance cover... Surely these two miscreants must now be in the "HIGH RISK" Category with both insurers... The premiums in the future will I'm sure reflect that... *


----------



## Skate (24 January 2021)

@No Trust, @Triple_Witching, I apologise for hijacking the thread. To keep the thread active until the 10th February 2021 I wanted to make a post about "fraudulent behaviour in general" as it follows the "same pattern no matter who perpetrates the crime".

*Stealing from others*
We say "fraud" but plain-speaking - it's "stealing" from others.

*Fraudulent behaviour is driven by greed*
Fraud, it’s rampant & it beggars’ belief how much fraud is yet to be uncovered or will never be uncovered. I’m pleased to read that the perpetrator will soon be fully exposed & dealt with through the courts. I for one, can't wait.

*Let’s recap kostag first post for "new readers" of this thread as I'm sure the interest will increase*
_“I'm an Equititrust investor - historically, all has been good - bit I am hearing some disquieting developements - such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge - same auditors as MFS used - same business model - and even Royal Bank of Scotland loans outstanding/overdue. There was a press write up about a loan to Al Konstaninidis going bad etc - and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good”_

*Pending early signs*
It’s a pity the Equititrust thread highlighted the issue by @kostag way back in June 2010 just after he joined ASF. I’ve often wondered if kostag "passed" (died) before knowing the final resolution with these fraudsters. It’s pleasing to learn that he regularly checks in & has as recently as mid-January of this year. (so that pleases me).

*Below is an article on fraudulent behaviour (stealing)*
The article relates to the markets, which is financial fraud. The similarities of fraud are simply astounding when you read the summary below by the N.Y. Attorney General in the case against (Bitfinex & Tether Ltd) both joined the hip to defraud its members of millions.

*What the boom in fraud says about the current market environment*
The hyperlinks at the bottom of the post is an article that lists recent fraud that has been uncovered. The last article is about "Crypto fraud" that has been going from 2018 to the present day. I have included the hyperlinks for an easy Sunday afternoon read how the N.Y. Attorney General is bringing these individuals to justice.

*Why pick Crypto fraud by Tether Ltd*
No other reason than it was the last article to demonstrate how the fraud was perpetrated by this company. It could have been any article as the "Modus Operandi" (M.O.) is the same in most fraudulent cases. It's interesting that "Modus operandi", is a "Latin Phrase" that means “operating method”, & in criminology, it means a distinct pattern that comes to be associated with a particular criminal behaviour.

*Summary of fraud by Tether Ltd*
A bit of background first - Tether is a controversial cryptocurrency with tokens issued by "Tether Limited". It formerly claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. "Notice the similarities starting to appear".

In November 2018, the Attorney General issued subpoenas to Bitfinex and Tether, which are owned and operated by the same small group of individuals, and claim not to do business in New York. As alleged in court papers filed by the Attorney General’s office, the Bitfinex trading platform allows New Yorkers to purchase and trade virtual currencies, including the so-called “tether” stablecoin, a virtual currency the companies long claimed was “backed 1-to-1” by U.S. dollars held in cash reserve.

*Similarities *
The filings explain how Bitfinex no longer has access to over $850 million dollars of co-mingled client and corporate funds that it handed over, without any written contract or assurance, to a Panamanian entity called “Crypto Capital Corp.,” a loss Bitfinex never disclosed to investors. In order to fill the gap, executives of Bitfinex and Tether engaged in a series of conflicted corporate transactions whereby Bitfinex gave itself access to up to $900 million of Tether’s cash reserves, which Tether for years repeatedly told investors fully backed the tether virtual currency “1-to-1.”

*Members funds used as a slush fund*
According to the filings, Bitfinex has already taken at least $700 million from Tether’s reserves. Those transactions – which also have not been disclosed to investors – treat Tether’s cash reserves as Bitfinex’s corporate slush fund, and are being used to hide Bitfinex’s massive, undisclosed losses and inability to handle customer withdrawals. The Office’s filings further detail how the companies obfuscated the extent and timing of these corporate transactions during the Office’s investigation.

*These Hyperlinks make interesting reading to follow the pattern of fraud*
https://www.ft.com/content/3ac4809e-7c4d-4d9f-83ea-7112bfd3480a
https://ag.ny.gov/press-release/201...s-court-order-against-crypto-currency-company
https://thefelderreport.com/2021/01...ud-says-about-the-current-market-environment/



Skate.


----------



## No Trust (24 January 2021)

*PHENOMENAL POST SKATE...YOUR INPUT IS ALWAYS SPOT ON...*





Skate said:


> @No Trust, @Triple_Witching, I apologise for hijacking the thread. To keep the thread active until the 10th February 2021 I wanted to make a post about "fraudulent behaviour in general" as it follows the "same pattern no matter who perpetrates the crime".
> 
> *Stealing from others*
> We say "fraud" but plain-speaking - it's "stealing" from others.
> ...


----------



## No Trust (25 January 2021)

*The Symphony of Legal Destruction is about to commence... Get your popcorn 🍿 guys... 💥💥💥*


----------



## No Trust (25 January 2021)

*It pleases me greatly also, that Kostag who started this thread still checks in... Hello to our friend and hero for starting this thread... You have been vindicated in your early warnings about McIvor, Tucker, Kennedy and Anderson... What a conga line of grubs... 

McIvor banned for life by ASIC...

Anderson charged for fraud by ASIC...

TUCKER off to court on fraud allegations levelled by the liquidators Hall Chadwick..

Kennedy hiding in Hong Kong 🇭🇰 fearing  allegations of fraud...

🤦‍♂️🤦‍♂️🤦‍♂️*


----------



## No Trust (25 January 2021)

*The **Symphony** has commenced...
	

		
			
		

		
	








			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114301
		




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114302
		

*


----------



## No Trust (26 January 2021)

*At what point will Tucker call 📞 David Kennedy and ask for a loan 💸 to fund his insurmountable legal costs... #destinationf#cked*


----------



## No Trust (26 January 2021)

No Trust said:


> *Take Steps to Frustrate the Collection of Money*
> Justice Reeves could not have summed it better below.
> 
> To have an officer of the court state *in an affidavit* that they would *declare bankruptcy* in the event of a judgment and frustrate the collection of money *as a reason not to examine him* is mind boggling...
> ...




*Justice Reeves' comments will be ringing in Tucker's ears for many years to come... The trusts, (*_*all of them*_*) will be unwound to satisfy the **judgement against Tucker... 

The insurers will not provide any form of indemnity to him and will rely on their **exclusion** clause for Fraud / Dishonesty as the lawyers for the insurers have already outlined. 

Any appointment of a bankruptcy trustee will be governed, most **likely** by Stephen Russell, the lawyer for the liquidators. Tucker will not be allowed to self appoint a friendly bankruptcy trustee like Worrells- (the firm with no morals) who he used as the receiver for MS ASIA's EPF debt... His old "go to mate" at Worrells', who sold him out to the **liquidators** has left the firm. There's as saying, "Control your destiny or someone else will"  Tucker's destiny is well and truly in other peoples hands... Namely Stephen Russell's hands... It would truly suck to be David Tucker and Richard Cowen right now... Misery Sowed is Misery Reaped...*


----------



## No Trust (27 January 2021)

*Tucker's go to "friendly receivers"/ "bankruptcy trustee's" were Worrell's (*_*the firm with no morals*_*) namely Michael Peldan, (since resigned)... Peldan was publicly examined by the Liquidators in the Federal Court in relation to the MS ASIA SCAM. Maybe that **experience** broke him... Crocodile tears here...

There’s a pattern in Tucker using his good mate Peldan. When both Tucker and Cowen bankrupted McIvor, (*_*who deserved being bankrupted at a minimum for the **fool** he was in **trusting** Tucker*_*), Tucker appointed Peldan to be McIvor's trustee in bankruptcy, to silence McIvor to some extent. 

When Tucker was looking for a friendly **receiver** for the MS ASIA SCAM with David Kennedy, where did **they** go ??? To receiver Worrells of course and Michael Peldan who they could control... 
Worrells have investors blood on their hands as much as Tucker, Cowen and Kennedy... *


----------



## No Trust (27 January 2021)

No Trust said:


> There may be a problem with the :
> 
> *Limitation of Liability Scheme*
> 
> ...



*As predicted in 2017, the **exclusion** clauses **relating** to fraud and dishonesty will be the bane of Tucker and Cowen's existence from hereon in...  

They most likely will be allowed to add their insurers as third parties to the proceedings, as the liquidators don't care where the money comes from to satisfy any judgment they obtain against Tucker and Cowen. Tucker and Cowen's litigation against **their* *insurers** will **however ultimately **FAIL on the basis of the exclusion clause in the policy. *


----------



## Notone (28 January 2021)

Don't forget the "liquidators"  ( 2 of whose principals are former solicitors struck off the rolls for dishonesty}  are every bit as crooked as Tucker. In the 8 or so years they have been acting they have recovered many millions of $, not 1 cent of which has ever been returned to investors. They will misapropriate any funds recovered from Tucker


----------



## No Trust (28 January 2021)

*Here we go... The hearing to join the insurers has now been delayed to 19 February 2021... WHATS UP ? 🤦‍♂️



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114417
		

*


----------



## No Trust (29 January 2021)

Notone said:


> Don't forget the "liquidators"  ( 2 of whose principals are former solicitors struck off the rolls for dishonesty}  are every bit as crooked as Tucker. In the 8 or so years they have been acting they have recovered many millions of $, not 1 cent of which has ever been returned to investors. They will misapropriate any funds recovered from Tucker



*The last round of litigation against McIvor and KPMG went on for years and the money all went to the litigation funder and to the payment of the liquidators fees to sit on the sidelines whilst the action wound its way through the Federal Court...  This is all a self serving exercise at the expense of creditors and investors... *


----------



## No Trust (29 January 2021)

*|Reports of legal and other machinations going on behind the scenes involving Tucker and Cowen... Life can surely throw some curve balls when one sets out to deceive... *


----------



## No Trust (29 January 2021)

*Will this application proceed on the 19th of February 2021 ???*
*Is there a "poison pill" in proceeding with the application that both Tucker and Cowen have overlooked ??? 

When will the mystery Thumb Drive surface with **Terra-bytes** of damning data ??? *



No Trust said:


> *Here we go... The hearing to join the insurers has now been delayed to 19 February 2021... WHATS UP ? 🤦‍♂️
> 
> 
> 
> ...


----------



## No Trust (30 January 2021)

*Every transaction leaves a trail... Tucker not only left a trail he boasted about his involvement to borrowers who he was taking their homes from... Both he and Kennedy relished taking peoples homes. Pretty sick ha...
Now that Tucker’s own home is potentially on the chopping block, I don’t think he finds his predicament that pleasant... *



No Trust said:


> *Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’*
> 
> _"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."
> 
> ...






No Trust said:


> *WW4 has been declared...*
> 
> The "*Day of Reckoning"* has begun...
> 
> ...


----------



## No Trust (31 January 2021)

*Tucker and Cowen in now seeking to join their insurers to the litigation against them, must have clearly assessed the worst case scenario in losing the legal fight... *


----------



## No Trust (31 January 2021)

*It must be tough for both Tucker and Cowen to have a **peaceful** existence and plan ahead for the future, on both, a professional and personal level, with this **level** of **litigation** pitched against them...  Financial projections and planning luxury escapes with money misappropriated from others must be a nightmare... The irony of the predicament they find themselves in both **gob smacking** and comedic... #nightsweats #nightterrors #caughtout*


----------



## No Trust (1 February 2021)

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=113759


----------



## No Trust (1 February 2021)

*Great to see the thread punch through 1.1M Views...
The interest in this case nationally is snowballing...*


----------



## No Trust (1 February 2021)

*How much “Loss and Damage” has Tucker caused the investors of the Equititrust Premium Income Fund ??? Now he claims that “he” is suffering Loss and Damage as a result of his own nefarious actions... The hypocrisy is strong in this one... 🤦‍♂️ *




No Trust said:


> View attachment 119406
> 
> 
> 
> ...


----------



## No Trust (1 February 2021)

*My how time and circumstances fly... 😂


*


----------



## No Trust (2 February 2021)

No Trust said:


> (ii) Any statement of the *assets and liabilities or statement of financial position* of the following persons in any period from *1 July, 2013* for any of:
> (i) *Mr Tucker*;
> (ii) *Mr Tucker* and* his wife Jennifer Tucker* jointly;
> (iii) Any *superannuation fund *in which Mr Tucker has an interest
> ...




*There is a key to the puzzle within the Federal Court Order and one the insurers are "surely likely to stumble across it"... 🔎🔍Well after this post they definitely will... They have much better law firms acting for them...*


----------



## No Trust (2 February 2021)

No Trust said:


> *Matters for Contemplation*
> 
> http://www.qls.com.au/files/cf785cfd-de50-4be7-b2eb-a44301006390/140311_Misleading_statements.pdf



*Follow the trail of crumbs and inevitably one finds the rat... 🐀*


----------



## No Trust (2 February 2021)

No Trust said:


> In the framework of the Australian Solicitors’ Conduct Rules (ASCR), the issues arising are *fairly black and white*. *Misleading the court*, whether by way of a *perjured sworn statement or a submission from the bar table is a clear violation of the fundamental duty outlined* by *rule 4.1.2*, to be *“honest and courteous in all dealings in the course of legal practice*”.
> *Rule 19.1*, *“A solicitor must not deceive or knowingly or recklessly mislead the Court”,* is obviously relevant as well.
> The point needs to be reinforced, however, that the more amorphous “fundamental duties” at the commencement of the ASCR are not just introductory window dressing. It is quite possible to engage in conduct serious enough to justify removal from the profession without breaking one express conduct rule.
> 
> http://www.qls.com.au/files/cf785cfd-de50-4be7-b2eb-a44301006390/140311_Misleading_statements.pdf



*Tick Tock... Tick Tick Tock Tock... 💥There are clues everywhere... *


----------



## No Trust (2 February 2021)

No Trust said:


> *Oh the Skullduggery*
> 
> (c) Any memoranda, diary notes, files notes, records or minutes of meetings, PowerPoint presentations, letters, facsimiles, emails or any other correspondence prepared by, or sent or received by, Mr Tucker, *concerning meetings with officers of the BOSI* on or after 1 July, 2009, including but not limited to a meeting on or about *7 October 2011*;
> 
> ...



*Read what Tucker says about the litigation against the Meridien directors who owed the "EPF" $12M Dollars... Suing on behalf of Equititrust to protect the investors then trousering the proceeds of the EPF with the former CEO of Equititrust... The CONFLICT OF INTEREST is strong with this one... *

*





						No Cookies | The Courier Mail
					

Breaking News Headlines for Brisbane and Queensland | Courier Mail




					www.couriermail.com.au
				



*


----------



## No Trust (3 February 2021)

No Trust said:


> "_A court of equity will not assist a person in extricating himself or herself from the circumstances that he or she has created_"



*Neither will an insurer... *


----------



## No Trust (4 February 2021)

*A look back at the Federal Court File for the Examination and Production of Documents, particularly as it relates to Tucker, shows the extent to which he tried to avoid producing documents and appearing for his  public humiliation... The light was finally shone on his nefarious activities...*




			CCP


----------



## No Trust (4 February 2021)

*Tucker was told his day of reckoning would come many moons ago... He arrogantly thought he could get away with this monumental scam and not be exposed in such a public manner... The media attention will only intensify...  Keep counting your losses “Davey Boy”... *


----------



## No Trust (5 February 2021)

*Interesting Reading... 19th Affidavit of Stephen Russell.



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114636
		

*


----------



## No Trust (9 February 2021)

*This just in... The Sh#t show just got bigger... 
	

		
			
		

		
	


*





			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114799


----------



## Triple_Witching (9 February 2021)

No Trust said:


> *This just in... The Sh#t show just got bigger...
> 
> 
> 
> ...




*9AM - APRIL FOOLS DAY............. *


----------



## No Trust (10 February 2021)

*Desperation has well and truly set in...  😂



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=114830
		

*


----------



## No Trust (10 February 2021)

*This statement of claim is something the insurance industry will use for years as a precedent to print out and line the bottom of their members budgie cages.. It analogous to bank robbers claiming indemnity for their crimes...*


----------



## No Trust (10 February 2021)

No Trust said:


> *Public Examination - Modern Day Public Stocks*
> 
> McIvor will now be *Publicially Examined *on the allegations outlined in the previous report... They have no choice but to put him in the witness box and then refer him to ASIC and Prosecution...



*TICK ✅ *


----------



## No Trust (10 February 2021)

No Trust said:


> *Liquidator*
> 
> If the liquidator wants to redeem any credibility they will commence proceedings against McIvor and Tucker and have them both brought before a court for a public  examination...
> 
> ...



*TICK 
	

		
			
		

		
	


*


----------



## No Trust (12 February 2021)

*WHATS GOING ON HERE ???*​
*It appears a contractor is about to get screwed... The Civil Works contractor issued a Statutory  Demand last year. *

_*Essentially a filed and served statutory demand alleges there is no disupute as to the debt being owed and demands payment within a precribed time. (21 days)*_

*The contractor must have some solid footing to have been able to apply to the court to have the company wound up... 






						Statutory demands – how to make them and how to resist them
					

Access to publications and insights from our team of legal experts. Subscribe to our monthly newsletter, CBPFocus, for industry news delivered to your inbox




					www.cbp.com.au
				





There is more to this story... Why would a real estate salesman like Greg Bell be undertaking this development in his own name ??? Bell states that the financier is stepping in to help protect him as well ??? *


----------



## No Trust (12 February 2021)




----------



## No Trust (12 February 2021)




----------



## No Trust (12 February 2021)




----------



## No Trust (12 February 2021)

*So Greg Bell (lets the cat out of the bag) and says Leda is protecting itself and "him" as the developer... 

Leda in its statement, expressly contradicts Bell and says its only protecting itself and no one else...

I'm sure OM Civil's lawyers will point to some level of collusion... This just doesn't seem right...


*


----------



## No Trust (12 February 2021)

*And to top it all off Hall Chadwick are the receivers... 
	

		
			
		

		
	





*


----------



## No Trust (12 February 2021)

No Trust said:


> View attachment 119903



*So it appears that a Controller (i.e Mortgagee) was appointed on 5 October 2020 to thwart the Civil Contractor... |This still left Greg Bell's company in a position to be sued by the Civil contractor owed $900,000. By appointing a "friendly receiver" the civil contractor will not be allowed to sue Greg Bell's company. So the Civil Contractor owed the cash gets screwd over and will have to line up behind Leda's ineviatble interest charges at penalty rates...
This has all the hallmarks of a classic Gold Coast stich up... 
*


----------



## No Trust (12 February 2021)

*This Gold Coast Bulletin Article dated 31 July 2020 and the public comments below it, shed light on a seemingly shaky project... 

So it took less than 6 months for Greg Bell to crash the project ??? 

For a property developer he sure makes a good director of a company in receivership... *


----------



## No Trust (13 February 2021)

*Looks like the Federal Court action against Greg Bell's Company is not over... Set down for hearing on 26 February 2020... *


----------



## No Trust (13 February 2021)

*Here's a Supreme court case from 2017 where Ray White Commercial - which Greg Bell heads up was ordered by the Supreme Court to refund a purchaser $1.6M... Not speculation facts...













						Gold Coast Agency To Reimburse Buyer $1.6mil For "rent Return" Error | QLD Business + Property Lawyers
					

Rent return - Ray White Commercial has been ordered to pay a Queensland investor the deficiency in value of a commercial property resulting from an...




					qldbusinesspropertylawyers.com.au
				



*


----------



## No Trust (13 February 2021)




----------



## No Trust (14 February 2021)

*It appears there is a lot going under the radar as it concerns Flinders Grange Pty Ltd. The Federal Court hearing on 26 February 2021 should unearth the Civil Contractor's "side of the story" ... *


----------



## No Trust (14 February 2021)

*The courts have taken a dim view of some of Ray White Surfers Paradise’s practices... They put on a good front but the courts have delivered some sobering judgements... 












						Court Slams Lawyer And “illegal Marketing Fees" As "foolish" Investors Sued On $300k Hilton Loss | QLD Business + Property Lawyers
					

Court slams agent on sales spin and illegal marketing fees and allows buyers to terminate off-the-plan Hilton unit contract. Brisbane litigation lawyer




					qldbusinesspropertylawyers.com.au
				



*


----------



## No Trust (15 February 2021)

*The Gold Coast is unfortunately infected with the kinds of deals exemplified by the judgements outlined above...  McIvor and Tucker were seasoned practitioners of these dark arts for many years and then they turned on each other... 
Fast forward and look where they both are now... Pariahs in their own cities...  *


----------



## No Trust (17 February 2021)

*Given whats going on in the background at the moment,(which is a lot by the way), at what point do Tucker and Cowen finally come to terms that the jig is up... *


----------



## No Trust (18 February 2021)

*David Tucker is considering giving up being a colossal f#ckup for lent...  *


----------



## No Trust (21 February 2021)

*Tucker was providing cover to McIvor's nefarious activities for for many years... Both thought that hiding things like the alteration of documents and the production of false documents would remained buried... McIvor was banned for life for producing false documents and Tucker now stands accused of directing the alteration of documents by the liquidators... *



No Trust said:


> View attachment 97865
> 
> 
> View attachment 97866
> ...






Skate said:


> @No Trust, @Triple_Witching, I apologise for hijacking the thread. To keep the thread active until the 10th February 2021 I wanted to make a post about "fraudulent behaviour in general" as it follows the "same pattern no matter who perpetrates the crime".
> 
> *Stealing from others*
> We say "fraud" but plain-speaking - it's "stealing" from others.
> ...


----------



## No Trust (21 February 2021)

*Now, all of this looks really bad, but there is far worse yet to come... It’s time to keep a sharp eye out for the content of affidavits that are to be filed in the Supreme Court of Queensland over the coming months. This will reveal what both Tucker and McIvor were up to in both their professional and private lives... It’s not pretty, not pretty at all... *


----------



## No Trust (27 February 2021)

*It appears that Tucker and Cowen are going to be tormented both personally and professionally for many years to come by the current litigation against them in the Supreme Court of Queensland...  Many interesting developments emerging in the background... Stay tuned... #destinationf#cked*


----------



## No Trust (28 February 2021)

*Someone has sent me an interesting observation about McIvor... “McIvor has become the Pete Evans of failed Small Time Gold Coast money lenders” 😂

A very accurate observation.... *


----------



## No Trust (28 February 2021)

*Hello Sunshine 👋... 


*


----------



## No Trust (1 March 2021)

*Tucker and Cowen just can’t seem to keep themselves out of trouble... Meddling in their clients affairs and then getting their asses sued of them... Does anyone see a pattern developing...  *


----------



## No Trust (2 March 2021)

*Tucker needs to be aware that  -   "We Know"... and    "It Will Come Out" ...*


----------



## No Trust (4 March 2021)

*Given today’s political climate it seems these LNP folk seem to get into all sorts of troublesome situations. 
Tucker don’t forget is  a “born to rule” Liberal with daddy being the former head of the Queensland Lieberal Party... *

*Is it just me or do these alleged conservative types seem to wallow in amorality... Most just think that their connections will get them off... In Tucker’s case this has blown up in his face dramatically... Even the Murdoch Media is publishing his misdeeds and throwing legal threats from his side of the fence in the rubbish bin... *


----------



## No Trust (4 March 2021)

*Both Tucker and Cowen are firmly locked into the massive litigation **against** them now that millions of dollars in security for costs has been put in place by the liquidators.

The issue now is, can Tucker and Cowen personally "pony up" with the required cash to defend themselves ??? The legal fees will run into the millions... Oh the irony of it all... *


----------



## No Trust (4 March 2021)

*Are David Tucker and David Kennedy still in contact with each other ? *

*Where are the Millions of Dollars belonging to Equititrust investors which were transferred overseas by Tucker & Cowen solicitors ?

Why have the Tucker's gone all PRIVATE on social media ? PS the relevant people have the metadata... *


----------



## Triple_Witching (5 March 2021)

*A BEAUTIFUL FACEBOOK LOVE STORY................*

*

*

*Jennifer Tucker*​*14 February at 07:19  · *

*#ValentinesDayChallenge

Here’s our story:
David Tucker


How’d you guys meet?
Through my friend
Karyn Wernham
. We both went to her admission drinks at the Criterion
First date:
The Abba movie at The Metro Movie Theatre back in 1992. Our second date was David cooking me dinner. I can still remember where we were and what we ate. It was a very special night.

How long have you been together:
28 years

Married:
Yes

Age difference:
Exactly one month. I am older and wiser.

Who was interested first:
Me

Who is taller:
David

Who said I love you first:
David. Actually I have no idea.

Most impatient:
Me

Most sensitive:
Me. On second thought David is such a softie - maybe he is more sensitive than me.

Loudest:
David

Most stubborn:
That is a difficult one. I think we are both incredibly stubborn.

Falls asleep first:
David

Cooks better:
I have cooked more often over the years but David is a better cook.

Better morning Person:
Both of us love the mornings.

Better driver:
Me. I think David would disagree.

Most competitive:
Again this is a pretty hard decision. I think David would win.

Funniest:
David by a million miles. David makes me laugh most days.

Where do you eat out most as a couple?
Home but now our children have all left school we are eating out lots more.

Who is more social?
Me but again we are both very social people. I think I love spending time on my own more than David.

Where was your first kiss?
I think the Criterion. My memory is a bit fuzzy about this.

Who initiated your first kiss?
Me probably

Do you get flowers often?
No

Plans date night?
David

Who picks where you go to dinner?
David

Who is the first one to admit when they are wrong?
Me. David is never wrong.

Who wears the pants in the relationship?
David

Who has more tattoos?
Me

Who sings better?
Me. David sings Hamilton very well though.

Hogs the remote?
David

Spends the most?
We spend differently. I have a clothing addiction. David has a travel addiction.

Did you go to the same school?
Both Grammar people.

Where is the furthest you two have traveled together?
Italy

Who drives when you are together?
David. David drives w/hen anyone else in the car. He is a terrible back seat driver. My advice if you offer him a lift let him drive.

Post a picture of you and your valentine 
	

		
			
		

		
	


*


----------



## No Trust (5 March 2021)

Triple_Witching said:


> *A BEAUTIFUL FACEBOOK LOVE STORY................*
> 
> *
> View attachment 120914
> ...



🤢🤢🤢🤮


----------



## No Trust (5 March 2021)

Triple_Witching said:


> *A BEAUTIFUL FACEBOOK LOVE STORY................*
> 
> *
> View attachment 120914
> ...



*Tucker looks like he’s in his late 60’s, he’s ageing as well as his old mate McIvor #extremestress #karma*


----------



## No Trust (5 March 2021)

*Of note 📝 Tucker’s wife states that he believes he is never wrong... 

That may fly in a crap marriage but not before the Supreme Court of Queensland... 

Interesting times ahead for Davey Boy... Some tough life lessons to be learnt... *


----------



## No Trust (6 March 2021)

*As I forgot to wish Tucker a happy valetines day, I guess "Beware the ides of March" will have to do... *


----------



## No Trust (7 March 2021)

*In breaking news on the Tucker and Cowen litigation front Tucker’s new line of defence is that the rule of law should apply to all LNP members who proclaim their innocence and that he be found not guilty... *


----------



## No Trust (9 March 2021)

*All quiet on the Western Front... Or is It ???  *


----------



## No Trust (10 March 2021)




----------



## No Trust (11 March 2021)

*And its on... The insurers fight back...*




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=115758


----------



## No Trust (11 March 2021)

*The insurers lawyers have signaled that they will now seek particulars.. This exercise along with fighting with Stephen **Russell**'s interlocutory steps will amount to **gargantuan** legal fees for Tucker and Cowen... *


----------



## No Trust (12 March 2021)

*Who would have thought that Tucker and Cowen would finally be brought down by litigation... #ironyonsteroids*


----------



## No Trust (12 March 2021)

*But as that famous ad for knives once said "wait there's more"coming...
*


----------



## No Trust (13 March 2021)

*Tucker and Cowen's "last throw of the dice" in joining their indemnity insurers may have been a HUGE miscalculation on their part... 

Watch this space !!!*


----------



## No Trust (14 March 2021)

*Tucker and Cowen are now irretrievably bogged in a mire of litigation. There are no positives for them in the immediate future, personally, nor professionally... The financial risk to both is dire, given the magnitude of the legal fees that both will have to outlay before the case comes to trial... 

Both are now well and truly Stephen Russell's b#tches... *


----------



## No Trust (14 March 2021)

*It's safe to say that Stephen Russell has outmanoeuvred and outsmarted both Tucker and Cowen in this litigation. Tucker and Cowen used all the dirty tricks in their litigation books to delay and incur cost on the other side and what did they achieve ??? Zero, it has all blown up in their faces... 

Just punishment for all the innocent people they mercilessly destroyed as paid mercenaries for the likes of McIvor and other cretins like him, that fed off the hard earned money and souls of innocent people... *


----------



## No Trust (14 March 2021)

*But here’s the clanger, others have come back from the dead and won’t rest till Tucker and Cowen are brought to justice… Tucker and Cowen will go down in the same fashion as McIvor...*


----------



## Triple_Witching (17 March 2021)

Bondi boomers convicted of $6m fraud
					

The wife of a disgraced lawyer from Sydney’s ritzy eastern suburbs almost collapsed in court today as her husband was sentenced to at least six years in prison for masterminding the theft of more than $6 million from the estates of elderly women, most of which had been intended for charities.




					www.news.com.au
				




Bondi boomer couple convicted of $6m fraud​A Sydney couple in their 60s have been sentenced to jail after they were found guilty of defrauding millions destined for charity and spending it on flash homes.


*The wife of a disgraced lawyer from Sydney’s ritzy eastern suburbs almost collapsed in court today as her husband was sentenced to at least six years in prison for masterminding the theft of more than $6 million from the estates of elderly women, most of which had been intended for charities.*

Therese O’Brien, 63, had to be helped to her seat and said “won’t someone look after him,” as her husband was led away in handcuffs.

The boomer couple spent the ill-gotten gains on luxury homes and furniture – and to top up their self managed superannuation fund.

Also a part of the multimillion-dollar plot, Therese O’Brien was sentenced to three years imprisonment but will be able to serve that as an intensive correction order including 500 hours community service.

Mark Leo O’Brien, 64, wearing a black polo shirt and green trousers in the dock, gave his wife a weak smile and final kiss on the lips before he was taken down for 10 years with a non parole period of six years.

Sentencing at Sydney’s Downing Centre courts today, Judge Robert Sutherland said the operation was a “carefully thought out subterfuge” that included moving moneys in and out of O’Brien’s law firm, between various bank accounts, mortgages and superannuation investments and the forging of several documents.

At the height of their crimes, the couple had traded up from a home worth more than $1 million in North Bondi, bordering the Pacific Ocean, to an even swankier house nearby. But it was this sudden upgrade to their living that was to be their downfall.




Therese O'Brien and her husband, Sydney lawyer Mark O'Brien, pleaded guilty to defrauding clients of more than $6 million. Picture: Gaye Gerard/NCA NewsWire_Source:News Corp Australia_

*O’Brien was convicted on 10 charges including several involving dishonestly obtaining financial advantage by deception and knowingly dealing with the proceeds of crime. His wife was convicted of two charges including dealing with the proceeds of crime.*

The couple, who met at Sydney University in the 1970s, were born and bred in Sydney’s well-to-do eastern suburbs.

*Mark O’Brien was a lawyer whose legal firm looked after the estates of a number of wealthy older people in the area.*

In 2015, a client passed away whose will left more than $1 million to a number of medical organisations and charities.

However, O’Brien funnelled that cash into a new bank account he had opened with it going towards paying off two mortgages on the couple’s North Bondi property.

Smaller donations were made to the charities in the will. But when those charities sent the law firm letters of acknowledgment, O’Brien would use them to forge fake letters for the full amount set out in the will in case his legal firm was audited.

Justice Sutherland said that showed “a degree of planning and sophistication” – on O’Brien’s part – had gone into the fraud.

According to court documents, when O’Brien told his wife about his scheme she was “horrified” and during an argument told him to “put it back”.

However, Justice Sutherland noted that, “his refusal to put the money back, put her in a moral conundrum that ultimately led her to acquiescence”.

Some of the money went into the couple’s superannuation fund and on interest free loans to their children of several hundred thousand dollars each. There is no suggestion the children knew where that money had originated.



Therese O'Brien and Mark O'Brien arrive at the Downing Centre court in Sydney for an earlier hearing in December, 2020. Picture: Joel Carrett/NCA NewsWire_Source:News Corp Australia_

*HOW DECEIT UNRAVELLED*
The earlier theft went undiscovered. But in 2017, O’Brien spied a further opportunity with another of his wealthy elderly clients for who he had power of attorney over.

“With self-confidence buoyed by the earlier misappropriation not being discovered and the forged letters undetected despite an audit, O’Brien decided to try his hand at fraudulent misappropriation again,” said Justice Sutherland.

At first he transferred smaller amounts while the woman was still alive. However, when she died she left an estate worth more than $6 million.

Like his previous victim, she had bequeathed large amounts of her wealth to charities, including around $3m to St Vincent de Paul Society.
Instead that money went to the O’Briens who used it to buy and then renovate a $3.4m home in Bondi Junction.
Theresa O’Brien spent $50,000 of the cash to buy furniture and decorate the couple’s new pad.
In total, the O’Briens extracted $6.1m from the estates of the deceased victims.

*However, the ruse was revealed in early 2019 when O’Brien’s business partner from the firm Harrington, Maguire and O’Brien became suspicious about how he could afford a $3m-plus four-bedroom, four-bathroom Bondi home.

Initially O’Brien said his wife had come into the cash. But his colleague brought in auditors to scrutinise the firm’s accounts and established that he was misappropriating funds through the company.*

Although O’Brien originally said the fraud was to benefit the struggling law firm he later conceded it was also done to fund his retirement.
The judge noted that the O’Briens have since paid back all the funds they took which is something of a rarity as in similar cases most of the money is quickly spent.

However, the couple invested most of the cash instead. Through selling their property (which had increased in value), emptying their super fund and by their children repaying back the loans, the charities eventually received the cash they had been promised years ago.
Justice Sutherland said he accepted the couple’s “deep remorse and contrition” but that did not absolve them from “criminal complicity”.
O’Brien will be eligible for parole in March 2027.

_Editor’s note: Readers should not confuse this Mark O’Brien with defamation lawyer Mark O’Brien of Mark O’Brien Legal.
– Additional reporting by Steve Zemek_


----------



## Skate (17 March 2021)

Triple_Witching said:


> Bondi boomers convicted of $6m fraud
> 
> 
> The wife of a disgraced lawyer from Sydney’s ritzy eastern suburbs almost collapsed in court today as her husband was sentenced to at least six years in prison for masterminding the theft of more than $6 million from the estates of elderly women, most of which had been intended for charities.
> ...




*What a great result*
_"The judge noted that the O’Briens have since paid back all the funds they took which is something of a rarity as in similar cases most of the money is quickly spent. However, the couple invested most of the cash instead. Through selling their property (which had increased in value), emptying their super fund and by their children repaying back the loans, the charities eventually received the cash they had been promised years ago."_

*Highlighting issues & judgement*
@Triple_Witching - post such as these should act as a deterrent (but they rarely do) as human nature never seems to change.

Skate.


----------



## No Trust (18 March 2021)

*Second insurer now laying into Tucker and Cowen... Yikes, this is looking really bad for the undynamic duo... Not sure if they're religious types but maybe praying is in order... Any other suggestions are welcome...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=116015
		

*


----------



## No Trust (18 March 2021)

*If their current legal predicament was a patient in hospital, a priest would be called in to administer the last rites... 

*


----------



## No Trust (20 March 2021)

*At this stage in their lives, how many lawyers would want to be in the predicament that Tucker and Cowen now find themselves in... This was all self inflicted, meanwhile David Kennedy has slipped the noose and left Tucker and Cowen holding the can... #losers *


----------



## No Trust (20 March 2021)

Great to see the thread about to hit 1.2 Million views... People are reading.... Some very nervous people are reading too... 😂


----------



## No Trust (20 March 2021)




----------



## No Trust (23 March 2021)

*Tucker and Cowen's next appearance in court is on April Fools day...
How apt... 



			File Summary
		

*


----------



## No Trust (24 March 2021)

*With April Fools day soon upon us, two fools will be making the perilous walk from 15 Adelaide St Brisbane, to join their peers in The Supreme Court of Queensland, not as advocates, but as defendants...  One of many walks of shame to come...        #Marevainjunction*


----------



## No Trust (24 March 2021)

*Remember this McIvor Classic from the SMH...*​ 
*

*


----------



## No Trust (24 March 2021)

*This prophetic cartoon from July 12, 2012, in circumstances eerily similar to the Simpsons predicting the future, showcased McIvor's predilection for comfy slippers...

Fast forward to 2021...
The man about to revolutionise banking, crypto currency, and getting constantly kicked out of tenancies, was spotted recently entering a local library on the Gold Coast, "in comfy slippers" to avail himself of some of their finest free internet offerings. 

Now don't get all judgey and throw shade on good old (very old) “Mad Mac” (as he now like to be known) folks… 

I'll have you know that Gold Coast public libraries have some of the finest scunge internet offerings in the world... 

I’m sure good ol “Marky Boy” meets all sorts of revolutionary iconoclast’s there on the same path to global domination of,  um, ahh, mmmm... whatever!!!    You know what I'm getting at... But here’s the kicker guys, there’s no secret password or handshakes at these genius summits and brainstorming sessions… The Code Sign is…. Are you ready for it… Comfy slippers… 
Next week there will an additional requirement… A matching bathrobe… 

Who's off to Kmart to join the revolution ??? No one would have thought that the key to the universe would be in the same aisle where you buy grandpa's birthday presents... 

#Pathetic #Grandpa *


----------



## No Trust (25 March 2021)

*A word of advice to the fellow public library revolutionaries.... Do not under any circumstances, give this man in slippers any money...*


----------



## No Trust (28 March 2021)

*McIvor is just warming the slippers for Tucker and Cowen... This court case will turn their lives upside down...  Explosive 2021 ahead... When will the USB Stick surface ??? *


----------



## No Trust (30 March 2021)

*Two days till April 1 2021 and two fools are still in court and are just about done... ✅ *


----------



## Just Observer (31 March 2021)

No Trust said:


> *Two days till April 1 2021 and two fools are still in court and are just about done... ✅*



One day to go. Tick tock......!!! Wonder if anyone is losing sleep lately.


----------



## No Trust (31 March 2021)

Just Observer said:


> One day to go. Tick tock......!!! Wonder if anyone is losing sleep lately.




*The can just keeps on getting kicked down the road... A legal form of Chinese Water **Torture** perhaps...   



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=116623
		

*


----------



## No Trust (17 April 2021)

*Remember that Tucker, in a sworn affidavit, threatened to declare **himself** bankrupt... Justice Reeves' comments will come back to haunt Tucker like the ghost of Christmas past... 

Lot going on in the background, soon to be reported in the media... It appears that someone close to the action is spilling the beans to both the local and national scribes... Will keep you all updated.

Oh and a quick hello to our number one reader David Tucker, thanks for your support of the thread... 11 years and counting and another 11 years if that what it takes... JUSTICE IS COMING... 

Have a great weekend everyone...*




No Trust said:


> *Take Steps to Frustrate the Collection of Money*
> Justice Reeves could not have summed it better below.
> 
> To have an officer of the court state *in an affidavit* that they would *declare bankruptcy* in the event of a judgment and frustrate the collection of money *as a reason not to examine him* is mind boggling...
> ...


----------



## Just Observer (21 April 2021)

No Trust said:


> *Remember that Tucker, in a sworn affidavit, threatened to declare **himself** bankrupt... Justice Reeves' comments will come back to haunt Tucker like the ghost of Christmas past...
> 
> Lot going on in the background, soon to be reported in the media... It appears that someone close to the action is spilling the beans to both the local and national scribes... Will keep you all updated.
> 
> ...



No trust. Many thanks for the updates to keep us up to date list the latest. Will continue to read this forum for further updates.


----------



## meridian (5 May 2021)

It's now been over 18 months since the Receiver or the Liquidator have posted a report to Investors.
This is BULL ****.
Even if Tucker and Cowen are taken to the cleaners the Investors won't see one brass razoo.
The Liquidators will take the lot...as they did with KPMG.
Now I may be missing something here.... can someone please explain what is going on.


----------



## No Trust (7 May 2021)

meridian said:


> It's now been over 18 months since the Receiver or the Liquidator have posted a report to Investors.
> This is BULL ****.
> Even if Tucker and Cowen are taken to the cleaners the Investors won't see one brass razoo.
> The Liquidators will take the lot...as they did with KPMG.
> Now I may be missing something here.... can someone please explain what is going on.



Spot on Meridian...


----------



## Mozzi (10 May 2021)

No Trust said:


> ..Mozzi said a long time ago that we are being  treated like mushrooms - Kept in the dark and fed bull****!   When you think how much



money has been  frittered away by all these "professionals" they can hardly say that they are saving us money by not sending
out mailings etc.    What a load of crap!   Actually everything about this whole proceedings from start to finish has been exactly that!  The Investors will never get another penny from this lot but you can put your shirt on a bet that there will be money made available for
everyone else who puts their hands out.      That sure as Hell ain't going to be us.

As for the help we were supposed to get from ASIC  - don't start Mozzi on that subject!


----------



## meridian (11 May 2021)

100% agree with you Mozzi.
My biggest fear as an investor, are all the sets of beady eyes looking at the $7,575,460.25 that currently sits as  our cash book balance.


----------



## Just Observer (12 May 2021)

No Trust said:


> *The can just keeps on getting kicked down the road... A legal form of Chinese Water **Torture** perhaps...
> 
> 
> 
> ...



Any news on Court hearing scheduled for this morning?


----------



## No Trust (15 May 2021)

Trial will start 8 November 2021 so Tucker is in a world of pain legally and financially ... If he gives up now he’s totally f#cked and if he continues to defend the indefensible and project blame on his indemnity insurers he’s royally f#cked...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=118400


----------



## meridian (17 May 2021)

Can anyone tell me how the trial, to start in SIX MONTHS, will benefit the investors ?
Here's my take on what will happen.
The Liquidators will win the case.
Tucker will declare bankruptcy.
The Liquidators will then sue the Investors ($7,575,460.25) for their fees.
IT'S A SCAM.


----------



## Todays (21 May 2021)

meridian said:


> It's now been over 18 months since the Receiver or the Liquidator have posted a report to Investors.
> This is BULL ****.
> Even if Tucker and Cowen are taken to the cleaners the Investors won't see one brass razoo.
> The Liquidators will take the lot...as they did with KPMG.
> Now I may be missing something here.... can someone please explain what is going on.




For information the action against Tucker etc is for the Premium Fund not the Income fund.

As part of Judge Bond J ruling dated 3 Sept 2020 it states in part.

Clause 76. In part states.

[ATTACH type="full" alt="A picture containing knife

Description automatically generated"]124599[/ATTACH]


The key point is clause 76.

*The ruling handed down by the court on 3 September 2020 confirms the liquidators had not demonstrated that the Creditors/Unit Holders would receive a benefit from the directors action.*

In other words the Judge has formed the conclusion that the only parties which will benefit from the action is the Funder (Vannin) The Liquidators and the Lawyers. I note the Lawyers and Liquidators I believe have been paid in excess of $2.0 Million in fees to date. Liquidators ($289,000 to Liquidators) Also the funder has recently deposited $2.0 Million in a trust account so the action can proceed.

I should also mention that the last meeting of creditors on the Gold Coast 28 May 2018 before the action commenced. The liquidators were asked to do a "Cost benefit Analysis" which would have clearly shown the above.

The bottom line is Premium Fund Unit holders/Creditors will not see a cent as mentioned.


----------



## Mozzi (25 May 2021)

Mozzi said:


> money has been  frittered away by all these "professionals" they can hardly say that they are saving us money by not sending
> out mailings etc.    What a load of crap!   Actually everything about this whole proceedings from start to finish has been exactly that!  The Investors will never get another penny from this lot but you can put your shirt on a bet that there will be money made available for
> everyone else who puts their hands out.      That sure as Hell ain't going to be us.
> 
> As for the help we were supposed to get from ASIC  - don't start Mozzi on that subject!






meridian said:


> 100% agree with you Mozzi.
> My biggest fear as an investor, are all the sets of beady eyes looking at the $7,575,460.25 that currently sits as  our cash book balance.


----------



## Mozzi (25 May 2021)

35th Report online now.   Not sure Mozzi wants to spend more hours than has already reading the same, same, same........

Mr Whyte must have got the hint!   Does he read this?   Do you think?


----------



## Mozzi (25 May 2021)

Mozzi said:


> 35th Report online now.   Not sure Mozzi wants to spend more hours than has already reading the same, same, same........
> 
> Mr Whyte must have got the hint!   Does he read this?   Do you think?


----------



## Mozzi (25 May 2021)

Mozzi said:


> *36th* Report online now.   Not sure Mozzi wants to spend more hours than has already reading the same, same, same........
> 
> Mr Whyte must have got the hint!   Does he read this?   Do you think?


----------



## No Trust (26 May 2021)

Oh yes he does... Whytey even made futile complaints to the Administrator which were later proven by me to be disingenuous and I was given a green light to continue to post on the matter.

In fact they all read this thread religiously...  Tucker recently also made a complaint which was quite hilarious... 

Let’s see if Tucker and Cowen complain about the “upcoming” media exposure about to hit them mercilessly... 

JUSTICE IS COMING...


----------



## meridian (26 May 2021)

_It seems to me after reading David Whyte's latest report that the Media Exposure should be focused on the Liquidators.
Let's just get this finished A.S.A.P.
Give me my 2 cents or whatever.....and let me get on with life._


----------



## No Trust (30 May 2021)

meridian said:


> _It seems to me after reading David Whyte's latest report that the Media Exposure should be focused on the Liquidators.
> Let's just get this finished A.S.A.P.
> Give me my 2 cents or whatever.....and let me get on with life._



The Liquidators don’t give a damn about the investors... They haven’t posted a report on the Equititrust website  in almost 2 years... What does that tell you...


----------



## Triple_Witching (1 June 2021)

SEE:  Streisand effect
From Wikipedia, the free encyclopedia








						Streisand effect - Wikipedia
					






					en.wikipedia.org
				




Streisand effect (As outlined on Wikipedia)

The Streisand effect is a social phenomenon that occurs when an attempt to hide, remove, or censor information has the unintended consequence of further publicizing that information, often via the Internet. It is named after American entertainer Barbra Streisand, whose attempt to suppress the California Coastal Records Project’s photograph of her residence in Malibu, California, taken to document California coastal erosion, inadvertently drew further attention to it in 2003.

Attempts to suppress information are often made through cease-and-desist letters, but instead of being suppressed, the information receives extensive publicity, as well as media extensions such as videos and spoof songs, which can be mirrored on the Internet or distributed on file-sharing networks.

The Streisand effect is an example of psychological reactance, wherein once people are aware that some information is being kept from them, they are significantly more motivated to access and spread that information.











						The Barbra Streisand effect on Australian defamation cases and political communication. Craig McLachlan, Christian Porter and Ben Roberts-Smith etcKangaroo Court of Australia
					

The courts are currently awash with failed defamation cases instituted by high profile people like Craig McLachlan, Christian Porter and Ben Roberts-Smith etc in an attempt to hide the truth from t…




					kangaroocourtofaustralia.com


----------



## No Trust (2 June 2021)

*Tucker is feeling the Quicksand Effect, right about now...*


----------



## No Trust (3 June 2021)

The defence of one of the insurers which is basically a massive 🖕to Tucker’s attempts to blame them for his malfeasance... 😂


----------



## Skate (3 June 2021)

No Trust said:


> The defence of one of the insurers which is basically a massive 🖕to Tucker’s attempts to blame them for his malfeasance... 😂
> 
> View attachment 125452




@No Trust, I was unable to open the PDF. Would it be possible to upload it again, please?

Skate.


----------



## No Trust (3 June 2021)

Skate said:


> @No Trust, I was unable to open the PDF. Would it be possible to upload it again, please?
> 
> Skate.



Hi Skate, here it is...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=119516


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## Skate (3 June 2021)

No Trust said:


> Hi Skate, here it is...
> 
> 
> 
> http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=119516




*Condensed to save reading the entire PDF*
“Legal Services” is defined as “work done or business transacted in the ordinary course of legal practice” and not for his personal gain that constitutes dishonest conduct. 

*Nailed*
The middle finger icon that @No Trust used is so adapt in this case.

Skate.


----------



## No Trust (3 June 2021)

Skate said:


> *Condensed to save reading the entire PDF*
> “Legal Services” is defined as “work done or business transacted in the ordinary course of legal practice” and not for his personal gain that constitutes dishonest conduct.
> 
> *Nailed*
> ...



Tucker is about to get multiple 🖕🖕🖕 in his life soon from, financiers, insurers and a bankruptcy trustee that will not be of his choosing... Remember folks it was Tucker who has has said he will declare bankruptcy in, of all places, the Federal Court. The judge 👨‍⚖️ was even gobsmacked... 
The unravelling of Tucker has begun in the Supreme Court of Queensland. The insurers have hired top flight QC’s who have settled their pleadings and will throw everything at Tucker in the coming months. Tucker does not have the financial means to fight multiple legal battles of this magnitude , nor does his partner Richard Cowen.

it appears that Karma is the b#tch that keeps on giving...  And then there’s me who gave karma a little push... 🔥🔥🔥

Maybe McIvor will lend Tucker his Bus Pass... What are mates for... 😂😂😂


----------



## No Trust (13 June 2021)

The insurers that Tucker is trying to Blame Shift his malfeasance on, will be coming at him hard in terms of discovery…  

Will a magical USB make its appearance soon ???  
Hint: 
Mossack Fonseca was nothing compared to this information dump… TICK TOCK… 

Bye bye David 👋


----------



## No Trust (15 June 2021)

*The insurers are saying that Tucker’s conduct was dishonest…. 🤔*








			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=119516


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## No Trust (15 June 2021)

*The case against Tucker and Cowen will create legal precedent in terms of : 

"*_*solicitors** not **channeling** filthy profits through their trust accounts, derived from their own malfeasance at the expense of innocents investors and **clients "*_

*The day of reckoning is coming... *


----------



## No Trust (15 June 2021)

*As I stated many years ago, Tucker and Cowen were flying under the radar. 

Tucker as usual being the "KING of CONflict of Interest", was acting for everyone and willfully hiding his interest in MS Asia... 

Cowen knew what was going on and basically held the ladder... 

Now both face the very real prospect of financial ruin and being banned as **solicitors, **if it is proven in court that they channeled client money from their Trust Account, to interests connected with themselves both onshore and offshore... 

It **doesn't** get more serious than that...*


----------



## Triple_Witching (16 June 2021)

No Trust said:


> The insurers that Tucker is trying to Blame Shift his malfeasance on, will be coming at him hard in terms of discovery…
> 
> Will a magical USB make its appearance soon ???
> Hint:
> ...




---

*Tucker > MS Asia etc..... Hong Kong, British Virgin Islands........ hmmmmmmmmm.*

From above:

"Hint:
*Mossack Fonseca* was nothing compared to this information dump… TICK TOCK…

Bye bye David 👋"

---









						Mossack Fonseca - Wikipedia
					






					en.wikipedia.org
				



Mossack Fonseca "Panama Papers" leak​Main article: Panama Papers
On 3 April 2016, the German newspaper _Süddeutsche Zeitung_ (_SZ_) announced that 11.5 million confidential documents from the firm had been leaked to them. *These documents, dubbed the "Panama Papers", reveal how clients hid billions of dollars in tax havens.[35] *

----

🤣👍


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## No Trust (16 June 2021)

*As a guarantee a formal complaint is being made against both Tucker and Cowen with the Australian Taxation Office…  ATO very interested in the Thumb Drive as I’m sure the insurers will be… 

Everyone has their day of reckoning when they’ve acted like an utter prick all their professional life… David’s Day is coming… 👋 *


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## No Trust (21 June 2021)

*For Equititrust Investors it’s a simple fact that their funds were financially raped and pillaged by both McIvor and his one time solicitor / board member and “supposed friend” David Tucker… 

To date there has been no justice for the innocent elderly Australians that were ripped off… Well until now.. The money won’t come back but those responsible for their funds disappearing are in for a world of pain over the coming months and years… 

#justiceiscoming*


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## No Trust (22 June 2021)

*I guess 2 is better than 1… 👋 😘


*


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## No Trust (22 June 2021)

*The truth is slowly starting to come to the surface... This is the level of disclosure that Tucker and Cowen did not want in a million years... *

*Tucker is effectively saying that save for a few admissions that the repayments were for loans from the Equititrust Loan Book - Some $11,419,038.61 and $5,880,035.77 were monies owing to him and his secret squirrel offshore tax haven entities... Talk about recreating **reality**... Do his lawyers seriously believe that attempting to **gas light** the court and the insurers will cut the mustard ??? 

This is an utter joke...  

Of note though is a number of the names popping up in the borrower list. 

This clearly shows a prior history of dealing with Tucker on a **personal** basis for many years, which will be "illuminating" to many, in **proceedings** about to be commenced in the Queensland Supreme Court... 

The liquidators now have irrefutable evidence (in their own **proceedings against Tucker)** of the interrelated dealings that Tucker (*_*as Equititrust's / McIvor's personal solicitor*_*) had with some of McIvor's **borrowers** and **co-conspirators** in fraud.*




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=120338


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## No Trust (22 June 2021)

*This is just **gob smacking... Tucker appoints his mate Michael Peldan at Worrell's (his go to guy in bankrupting his enemies like McIvor for instance, and acting as bankruptcy trustee, ) to be the receiver of MS Asia and then pretends to be the solicitor for his bestie, Peldan, whilst actively having a beneficial interest in MS Asia. 

He then proceeds to directly transfer funds out of the Tucker & Cowen Trust Account, not to the receiver but to MS Asia directly and now claims (in the further and better particulars attached below) that he had a right to do so, because his bestie acquiesced and **effectively** let him do it.. SMFH

Barfley Cohen have tried to polish this turd as best they could, but alas I agree with the Insurers who say this...



*




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=120339


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## No Trust (22 June 2021)

*Quite a number of viewers of the thread this evening… One wonders why… 


*


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## No Trust (23 June 2021)

*Tucker and Barfley Cohen, his unfortunate lawyers, are really attempting to practice the dark art of gas lighting and illusion with a solid dose of smoke and mirrors, in attempting to say that some $17M recovered from borrowers on behalf of Equititrust EPF Investors, was really money owing to Tucker / MS ASIA...*

*Tucker in his Further and Better Particulars is trying to assert that;*

*If it wasn’t for the hard effort put in by MS Asia (in which he held an undisclosed beneficial interest) in commencing litigation and (using himself to conduct the litigation for his friendly receiver and bestie Michael Peldan), then the money would not have been recovered and therefore it was not repayable to Equititrust.*​​*This is analogous to a bank robber  saying, look your honour, I put enormous effort into **tunneling** into the bank I used to work for using inside information and I should be rewarded for my efforts by converting the stolen money into nice crisp clean untainted funds now "owing" to me... *​
*Tucker is about to soon learn that repaying the money 💵 will be the last of his problems.  The diversion of trust account moneys belonging to a client to interests aligned with himself and his law firm will have life long consequences… *

*GREED KILLS *


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## No Trust (23 June 2021)

*Let’s not forget this little indiscretion which will come into play at the upcoming trial… 
Another massive turd 💩 to polish for Barfley Cowen… 


*


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## No Trust (23 June 2021)

*This is the exposure that Tucker and Cowen DID NOT WANT… *


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## No Trust (23 June 2021)




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## No Trust (29 June 2021)

*Any knowledgeable person aka a Queens Counsel has to laugh at Tucker’s defence to paying out trust monies held on behalf of Equititrust directly to his offshore “Piggy Bank”  

Saying that his friendly receiver mate aka Michael Peldan didn’t object does not replace a trust account authority… This friendly receiver sham between Tucker and Peldan has not fooled anyone and will not fool the court either… 
#joke *


----------



## No Trust (29 June 2021)

*Tucker’s ruse with Worrells / Michael Peldan has been well and truly exposed for the sham it was and is… 

How on earth could Tucker effectively acting for himself (MS Asia) not be a conflict of interest. If he had appointed an independent receiver, that receiver would never have allowed Tucker to act for himself and pay away monies from his firms trust account ( without written authority ) to an offshore entity in which Tucker held a beneficial interest… 

#Exposed*


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## No Trust (30 June 2021)

*Get ready for more "alarming releases" of information pertaining to the litigation of Tucker and Cowen... *


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## No Trust (30 June 2021)

*On a lighter note Tucker's son (a law graduate) has been employed by Tucker's defence lawyers Bartley Cohen... 

Surely not a great idea... But hey in this circle, bad ideas are par for the course...

#Conflict *


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## Triple_Witching (2 July 2021)

__





						Contact us
					

Contact the national Hall & Wilcox team. Offices located in Adelaide, Brisbane, Canberra, Darwin, Melbourne, Newcastle, Perth and Sydney.




					hallandwilcox.com.au
				












						Queensland Supreme Court not afraid to strike out claim for limitation of actions defence
					

The decision of Port Ballidu Pty Ltd v Frews Lawyers & Ors [2017] QSC19 delivered in February 2017 gives clarity to two aspects of the law concerning limitation periods in Queensland.




					hallandwilcox.com.au
				




*There is no statutory limitation period in Queensland for breach of fiduciary duty.*

Thinking | 6 April 2017
Queensland Supreme Court not afraid to strike out claim for limitation of actions defence​The decision of _Port Ballidu Pty Ltd v Frews Lawyers & Ors _[2017] QSC19 delivered in February 2017 gives clarity to two aspects of the law concerning limitation periods in Queensland.

The decision is significant for two reasons. Firstly, the court considered it appropriate to grant summary judgment on the basis of a limitation of actions defence. Secondly, the Queensland Supreme Court followed a decision of _Gerace v Auzhair Supplies Pty Ltd _[2014] 87 NSWLR 435, in that a court will apply a limitation period by analogy to a claim for equitable compensation when there is sufficient similarity between that equitable claim and a common law action which has a statutory limitation period.

The case concerned a claim against a firm of solicitors who were allegedly knowingly concerned in a director’s misconduct allowing the registration of a mortgage over the plaintiff’s property and the fraudulent use moneys by the director secured by that mortgage. The solicitor was engaged by the director to act for the company in the loan transaction. The lender commenced proceedings to recover the loan from the plaintiff. The plaintiff tried to defend those proceedings on grounds which included the alleged fraud of the director. During the proceedings brought by the lender the plaintiff became aware of the conduct of the solicitors which pointed them being knowingly concerned in the director’s conduct. This awareness happened more than six years before the commencement of the proceedings brought by the plaintiff against the solicitors.

Under section 10 of the _Limitations of Actions Act 1974_ (Qld) a plaintiff has six years within which to commence proceedings for breach of contract or tort giving rise to economic losses. *There is no statutory limitation period in Queensland for breach of fiduciary duty.*

The defendant had to overcome the general reluctance of courts to make interlocutory determinations on limitation periods as suggested in the High Court decision of _Wardley_. The court found that if the plaintiff proved what it had pleaded its action in negligence against the solicitors would be statute barred. Given the relevant facts in the statement of claim were not contested by the defendant the court considered that it was warranted in making a determination at an interlocutory level.

The court then found that the common law cause of action in negligence was sufficiently analogous to the claim for equitable compensation against the solicitors that the limitation period of six years for the negligence claim should also effectively apply to the equitable claim. There was an absence of Queensland Supreme Court authority on the point, but the court considered that it should follow the decision of _Gerace_ referred to above.

From a Queensland perspective, the decision is very significant as it helps clarify when a court will chose to make an interlocutory decision on question of limitations of actions, but perhaps more importantly confirms that the decision of _Gerace_ is good law in Queensland.


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## Triple_Witching (2 July 2021)

Private prosecutions in Queensland
					

In QLD, if you are a victim of a criminal offence, you can commence a private prosecution yourself rather than the state prosecuting. Find out how.




					www.gnl.com.au
				









						Brisbane & Sunshine Coast Criminal Lawyers | Gilshenan & Luton
					

Our head office is located in CBD Brisbane and we have a visiting office (by appointment) in Caloundra. In today's world of technology, we also assist clients across Queensland with their criminal law inquiries.




					www.gnl.com.au
				




Private prosecutions in Queensland​TUESDAY JANUARY 14, 2020
DOWNLOAD AS PDF



Who can bring a private prosecution?​In Queensland, if a person (including a corporation) is a *victim* of a criminal offence, that person can commence a private prosecution against the offender. This means that the person (or corporation), rather than the state, prosecutes the offender.
Ordinarily, private prosecutions are commenced by a person when the police have elected not to take any action in relation to a criminal complaint. However, this is not a prerequisite for the laying of a private complaint.
Whether you are considering commencing a private prosecution or you are a defendant in a private prosecution, below is some information to assist you about the private prosecution process.
What types of offences can be privately prosecuted?​A private prosecution can be commenced in relation to criminal offences.
Like police charges, the offence can be either summary (less serious offences dealt with in the Magistrates Court) or indictable (more serious offences which may need to be dealt with in the District or Supreme Courts). Some examples of charges that could be privately prosecuted include assault, stalking and even murder.
How is a private prosecution commenced?​If the complaint is for an offence that can be dealt with summarily, the private prosecution process is commenced by the complainant filing a private complaint in the Magistrates Court. They must then serve the complaint on the defendant with a summons requiring the defendant to appear on a specified date in the Magistrates Court. The _Justices Act 1886 _(Qld) governs this process.
If the alleged offence is an offence that cannot be dealt with summarily, a person can charge another person as long as the person has the leave (permission) of the Supreme Court. If leave is granted, the private prosecution is commenced by the presentation of what is called an ‘ex-officio indictment’. This process is governed by the _Criminal Code_ (Qld).
Validity of the charge/complaint​Importantly, when a private complaint is laid and the complaint alleges a criminal offence, for it to be valid at law, it must strictly comply with the provisions in the applicable legislation.
For example, a complaint alleging a summary offence must be:

in writing and in the prescribed form;
contain a sufficient description of the offence;
detail the particular act, manner or thing alleged as the foundation of the charge; and
specify the time, place and manner of the defendant’s acts or omissions.
If a complaint fails to include all of these matters, it will be invalid.
The complaint must also be legitimate and truthful and the person laying the complaint must have sufficient evidence to support his or her allegation.
If the court considers that the complaint is an abuse of process, is frivolous or is vexatious, the complaint can be ‘struck out’ (dismissed).
Who represents the parties in a private prosecution?​The complainant and defendant both have the right to legal representation (meaning lawyers and/or barristers can appear for each party). However, sometimes the complainant and/or defendant choose to appear themselves (as self-represented litigants).
Who hears a private prosecution?​As with any criminal charge, it will be heard and decided by either a magistrate or a judge (depending on which court it is heard in).
What happens if a private prosecution is successful?​If a defendant is convicted of a criminal offence in a private prosecution, as with all criminal proceedings, the defendant can be convicted and sentenced by the court.
All sentencing options available in criminal proceedings can be applied by the court when sentencing a defendant who has been privately prosecuted. For information about those sentencing options, read our article ‘How does criminal sentencing work in Queensland?’
Who pays for the private prosecution?​In private prosecutions, the costs of the proceedings are the responsibility of the parties. However, costs orders can be made by the court in certain circumstances.
For example, costs can sometimes be awarded to the complainant, upon conviction of the defendant. They may also be awarded to the defendant if the complaint is struck out (upon an application that it is an abuse of process or frivolous or vexatious) or if the defendant is acquitted of the charge (found ‘not guilty’).  
What should I do if I’m served with a private complaint?​Private prosecutions can be daunting for people who don’t practice in the law. They can involve complex legal issues and if successful, can result in criminal convictions and costs orders being made.
It is recommended that you take the following steps if served with a private complaint:

Don’t contact the complainant;
Review the complaint and summons with special attention being given to the date on which you are required to attend court;
Note the court date in your diary and apply for leave from work (if required) so that you can attend court; and
Contact our firm for advice and representation.
If you are considering whether to privately prosecute a person for a criminal offence or you have been served with a private complaint, we recommend that you contact us urgently. We have expertise and experience acting for complainants and defendants in private prosecutions.

DOWNLOAD AS PDF


----------



## No Trust (5 July 2021)

*McIvor was worse… *









						New details emerge in case of WA's quarter of a billion dollar alleged Ponzi operation
					






					9now.nine.com.au


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## No Trust (5 July 2021)

*Then Tucker came and put the boot 🥾 into investors whilst they were down… Equititrust was a corrupt swamp that bred some truly vile creatures… 

Justice is coming… *


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## No Trust (6 July 2021)

*So readers, this is the reply Tucker’s lawyers have filed in response to one of the insurers... The “Turd Polishing” is in overdrive at the moment at Bartley Cohen...

So Tucker claims he spoke to an “unnamed representative of the insurer” over the phone who assured him he was covered whilst acting as a director... 🤦‍♂️ 💩💩💩

So nothing in writing folks, the insurers just have to take Tucker at his word... 😂😂😂






			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=120902
		

*


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## No Trust (6 July 2021)

*This whole defence and blame shifting by Tucker and his lawyers on to the insurers is becoming farcical... It’s clear that this is a desperate Hail Mary by Tucker to try and save his ass from the ramifications of the looming court case which will not go his way... The bench of the Supreme Court where he plied his trade will apply the law impartially and will find it ironic that Tucker is appearing before them... HOW EMBARRASSING !!!*


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## No Trust (7 July 2021)

*So if Tucker acknowledges this money was collected on behalf of Equititrust as trustee of the EPF, as is detailed in the attached document filed by Tucker’s lawyers in the Supreme Court (Further and Better Particulars as requested by one of the Insurers), why did the money hit Tucker and Cowen’s trust account and then wing its way over to Hong Kong 🇭🇰  ???

MANDATORY disclosure in full view of the public can be a real prick... 😬






			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=120338
		

*


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## No Trust (8 July 2021)

*At the end of this saga, when as promised by Tucker himself, he declares himself bankrupt (more likely Stephen Russell will), we will look back and realise that Tucker crossed the line as a solicitor and involved himself in his clients affairs... Heck he even used his firms Trust Account... Talk about sh#tting in your nest...

The flawed defence being filed in the Supreme Court is quite frankly embarrassing. The turd polishing he is now attempting is nothing more than Tucker gearing up to repeat this thumb-fingered, bumble-brained exercise in self-injury...

Justice is Coming...  *


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## Triple_Witching (8 July 2021)

No Trust said:


> *At the end of this saga, when as promised by Tucker himself, he declares himself bankrupt (more likely Stephen Russell will), we will look back and realise that Tucker crossed the line as a solicitor and involved himself in his clients affairs... Heck he even used his firms Trust Account... Talk about sh#tting in your nest...
> 
> The flawed defence being filed in the Supreme Court is quite frankly embarrassing. The turd polishing he is now attempting is nothing more than Tucker gearing up to repeat this thumb-fingered, bumble-brained exercise in self-injury...
> 
> Justice is Coming...  *




*... as a follow on from the images above....

don't forget Page 264 here..........*






						Equititrust?
					

Thanks VERY Much, No Trust !!!




					www.aussiestockforums.com


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## No Trust (8 July 2021)

Triple_Witching said:


> *... as a follow on from the images above....
> 
> don't forget Page 264 here..........*
> 
> ...



*Yes both David Whyte and his wife Caroline are friends with David Tucker on Facebook… Since this revelation both accounts were changed from a public profile to a private profile so that a friend search could not be done… Why ??? If you’re friends with someone why hide it…
*


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## No Trust (8 July 2021)

*It appears that David Whyte according to his Facebook page has retired from BDO… If that’s the case why is he still the receiver of the EIF ??? 
The other posts by him celebrating the one year anniversary of his purchase of a Palm Beach apartment on the Gold Coast are nauseating whilst Equititrust Investors have received zilch from him recently… 
At least he’s only a hop skip and jump from the Tucker’s beachfront bolt hole 🕳 in Palm Beach… *


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## No Trust (8 July 2021)

*Gloating  about a beachfront lifestyle while Equititrust investors starve… 🏝  🏖 🤮


*


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## No Trust (8 July 2021)

*Beats working eh… 

Nice work if you can get it… 

How much money has David Whyte as a receiver earned off the back of the Equititrust receivership which has gone on and on and on… He’s officially retired and still making a buck from the remaining funds of innocent elderly investors

Meanwhile Equititrust investors die in poverty without a payout on their investment… 

How long will this drag on while the official receiver is posting about “not working” SMFH


*


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## No Trust (8 July 2021)

*Whyte’s last update on 25 May 2021 where he still lists himself as the receiver yet proclaims to be “retired” WTF 😬
No wonder this receivership is taking forever… Just have a look at his Facebook page and you will also see the recent holidays too…

http://www.equititrust.com.au/Pdfs/...rts - 20210525 - 36th Update to Investors.pdf


*


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## No Trust (8 July 2021)

*Mmmm working hard or hardly working ??? 

In Whyte’s own words he states on his Facebook posts “It beats working” so why the f#ck are Equititrust Investors paying him ??? 

This is seriously messed up… 

For an official receiver to be posting this rubbish whilst elderly investors starve is deplorable… 


*


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## No Trust (8 July 2021)

*A holiday for 3 days to get over Scotland’s disappointment… What about the Equititrust Investors disappointment  - Where will they go for a holiday ??? *


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## No Trust (8 July 2021)

*6 October 2019  *






						Equititrust?
					

https://www.businessnewsaus.com.au/articles/tucker---cowen-partners-scoop-awards-pool.html  TUCKER & COWEN PARTNERS SCOOP AWARDS POOL Written on the 28 April 2015   TUCKER & Cowen has blitzed the latest Doyle's Guide rankings, with three partners being singled out.  Richard Cowen, David Tucker...




					www.aussiestockforums.com
				




Meanwhile, whilst MS Asia was financially raping and pillaging the Equititrust Premium Fund with wanton abandon, the Liquidators alleging in court filings that BOSI bank statements were being altered after the fact increasing the debt - The receivers of the Equititrust Income Fund, BDO were ploughing litigation and recovery work Tucker & Cowan’s way.

This was a monumental *CONFLICT OF INTEREST *and BDO knew the contentious and controversial prior roles of Tucker and Kennedy at Equititrust. ASIC intervened in court proceedings where Tucker was trying to appoint his own receivers to Equititrust and applied to have an “independent court appointed receiver”...

Friday’s judgement by Bowskill J should *OUTRAGE* investors of the Equititrust Income Fund.

A court appointed “Contradictor” representing the “unrepresented interests” of EIF investors and creditors needs to be appointed by the court to investigate the conflict of interest in BDO giving swathes of legal work to Tucker & Cowan and to look into any consultancy payments made to David Kennedy as a result of meetings with him as listed in the billing sheets of BDO.

The “Court Appointed Contradictor” needs to :

1) Independently examine the billing of BDO as it relates to meetings with Tucker & Cowan representing MS Asia.

2) Have Independent experts review the quantum of billing by Tucker & Cowan in relation to the work given to them by BDO relating to the EIF which was clearly a conflict of interest.

3) Apply to have independent forensic experts review the BDO and Tucker & Cowan billing and seek directions from the court for compensation for any billing amounts which are found to be not in accordance with the law.

It’s clear from the judgement of Justice Bowskill that there are serious allegations of self interests being served and multiple allegations of self dealing.

For BDO to have the temerity to tell the Courier Mail that giving work to Tucker & Cowan Solicitors was in the best interests of investors, is the antithesis of what was in the best interests of investors as is played out in the factual matrix of allegations outlined by Bowskill J in pushing the matter to a full trial.

*Extract from the Courier Mail 2019...*


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## No Trust (8 July 2021)

*Here are the facts : - 

Tucker says he acted in the best interests of EPF investors - Retires and buys a beach house at Palm Beach on the Gold Coast...

Whyte says he used Tucker "in investors best interests" - retires buys a beachfront unit at Palm Beach...

All this interest by third parties in Equititrust investors has really got them what ??? A peaceful and prosperous retirement with a beachfront property at Palm Beach ??? Absolutely not, but the lawyer and receiver feeding off the carcasses of the EPF and EIF have most **definitely** retired and have secured themselves beach front properties...

If it **wasn't** enough that Tucker was pillaging the EPF through his front company MS Asia, Whyte gave him hundreds of thousands of dollars of legal work related to the EIF... This is despite the fact that Tucker was a former director and lawyer of Equititrust, had bankrupted McIvor his former friend and client and had invested over $500,000 of super into Equititrust... Could the conflict of interest been any greater...

Remember folks beachfront properties are expensive to upkeep...*


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## No Trust (8 July 2021)

*What gets me is the unashamed gloating on Facebook and Instagram...

Do these people have such major inferiority complexes that that have to post this garbage on social media. *

*Given what the remaining innocent, **elderly,** Equititrust Investors are going through this showing off on social media is PATHETIC...*


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## No Trust (9 July 2021)

*Tucker’s lawyers busy at work in the background preparing for trial in November 2021… 




*


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## No Trust (15 July 2021)

*And the trial of the century has a date… Get your popcorn 🍿 guys the cross examination of Tucker will be enthralling… 😂*


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## No Trust (15 July 2021)

*This was contained in the order of Justice Bradley dated 13 of July 2021… 
Imagine, just imagine, canny Scott receiver David Whyte thought it was in the best interests to use this guy as the solicitor of the EIF “in the investors best interests”… SMFH 🤦‍♂️ Bravo 👏 David Bravo 👏*


			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121191


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## No Trust (15 July 2021)

No Trust said:


> *6 October 2019  *





No Trust said:


> Equititrust?
> 
> 
> https://www.businessnewsaus.com.au/articles/tucker---cowen-partners-scoop-awards-pool.html  TUCKER & COWEN PARTNERS SCOOP AWARDS POOL Written on the 28 April 2015   TUCKER & Cowen has blitzed the latest Doyle's Guide rankings, with three partners being singled out.  Richard Cowen, David Tucker...
> ...


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## No Trust (15 July 2021)

*Tucker’s failure of disclosure highlighted in Stephen Russell’s letter below makes it painfully hard for his lawyers to defend the indefensible... 🤦‍♂️😬😬😬*


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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (15 July 2021)

*Disclosure that can kill... No wonder Tucker has defaulted in disclosure... 😬😬😬


*


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## No Trust (15 July 2021)




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## No Trust (15 July 2021)




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## No Trust (16 July 2021)




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## No Trust (16 July 2021)




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## No Trust (16 July 2021)

*Great to see the “Canny Scott” David Whyte who used Tucker as the solicitor for the EIF up late reading the thread  😂😂😂  👋

*


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## No Trust (16 July 2021)

*The question on everyone’s lips is when did David Whyte gain knowledge of Tucker and Kennedy’s involvement with the purchase of the BOSI Debt... Would not be surprised if Stephen Russell and the liquidators call Whyte as a witness to be cross examined at trail. Would make for interesting viewing... *


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## No Trust (16 July 2021)

*David Whyte may want to offer up a paddle to his mate David Tucker because given the disclosure in Stephen Russell’s affidavit, Tucker’s defence is up Sh#t Creek without a paddle... 


*

*The EIF receiver enjoying retirement on a work day... *


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## No Trust (16 July 2021)

*How’s this letter from Tucker to the Liquidator Blair Pleash, seeking authority to continue with the action against the Meridien Directors whilst being an owner of the EPF debt bought from BOSI... Correct me if I’m wrong here but didn’t Tucker have a MONUMENTAL CONFLICT OF INTEREST that he had to disclose to Blair Pleash.... The Meriden directors ended up settling for $3M + with MS ASIA... It’s great to see all the grubby dealings and correspondence start to bubble to the surface... 





*


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## No Trust (16 July 2021)

*Tucker wanted the action to be kept on foot - alive for himself and Kennedy to plunder it... 

While this was going on Tucker was also the solicitor for recovery of the EIF debt appointed by David Whyte... 

How on earth does that work.... Investors are now getting an insight on what went on behind the scenes...

In terms of corporate governance this kind of Bullsh#t would never fly in a Public Company yet was let to run rampant by the insolvency practitioners....  Shouldn’t conflict of interests be avoided at all costs... *


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## No Trust (16 July 2021)

*Amended Statement of Claim filed by Stephen **Russell** as per the **order** of Justice **Bradley dated 13 July 2021...

Stephen Russell is moving at lightening speed as he tightens the vice on Tucker's nuts before trial...*




			File Summary
		




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121324


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## No Trust (16 July 2021)

*The recent court filings demonstrate that Stephen Russell and the team he leads are excellent **solicitors**... They have not missed a beat in the litigation against Tucker and Cowen, leaving DLA Piper and Barfly Cohen in the dust... 

To be fair though, DLA Piper and Barfly Cohen are lumbered with the **unedifying** jobs of polishing turds for their clients... #sad #sucksactingforTucker*


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## No Trust (16 July 2021)

*Tucker now finds himself in an un**envious** position of his own making... If he does **accede** to the disclosure **demanded** by Stephen Russell **he's** basically f#cked if he **doesn't** provide **disclosure** he's **definitively** F#cked... Checkmate fine sir...  
	

		
			
		

		
	





*


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## No Trust (16 July 2021)

Comment: The truth about the ways people lie
					

A new documentary explores how and why humans lie, cheat and steal.




					www.sbs.com.au


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## No Trust (18 July 2021)

*Tucker's Threat of Bankruptcy**... Does he propose to use his mates at Worrell's who are also his friendly co-conspirators / receivers of the EPF ???  Me thinks that Stephen Russell will be doing the choosing for Tucker prior to the trial...*













						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


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## No Trust (18 July 2021)

*If Tucker doesn't provide the disclosure that **Stephen** Russell is requesting. the trial will not be a long one, if it goes to trial at all... With a cavernous hole this big in Tucker's **defence** its a waste of time even paying lawyers... A futile exercise in delaying the **inevitable**...*


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## No Trust (18 July 2021)

*The national media coverage of the the three week trial will be excruciating for Tucker and Cowen... The media read this thread religiously like all the players in this saga and have been tipped off as to the date of the trial as well...  A **major television** network and national broadcaster currently being briefed... *

*Justice is Coming... *


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## No Trust (18 July 2021)

*The outlying enablers and sychophantic friendly receivers who all played a part in this outrageous scheme, where work was doled out to mates and conflict of interest was thrown to the wayside, will not be missed by the media outlets... What flew under the radar will now be exposed nationally...*


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## No Trust (18 July 2021)

*Tucker and Cowen did not want this to go to trial... **That's** obvious from the court file which documents the failed attempts to get the matter struck out... Their efforts were to no avail and the proverbial pants, in terms of **disclosure,** will have to come down in full view of the public and the court...



			File Summary
		

*


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## No Trust (18 July 2021)

*Anyone starting to pick up a theme here about the attacks on the liquidators by Tucker and Whyte... Both accuse the the liquidators of doing little but claim to have done a lot themselves... 

Well that will ultimately be for the **court** to decide... *




















						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au
				












						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


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## No Trust (19 July 2021)

*David Whyte's 36th Report to investors has now disappeared from the Equititrust Website... Why ???






			Equititrust - Reports - General Updates and Information
		

*


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## No Trust (19 July 2021)

Here’s the prior link to Whyte’s 36th report… Now the link reads File not found…  WTF is going on….

http://www.equititrust.com.au/Pdfs/...rts - 20210525 - 36th Update to Investors.pdf


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## No Trust (19 July 2021)

*Equititrust investors in the EIF and EPF are being royally f#cked over… *


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## No Trust (19 July 2021)

*Who was overseeing Tucker whilst he pillaged the EPF ??? Given his prior history at Equititrust beings it’s solicitor and a director he should never have been given any legal work by his Whyte Knight… The Conflict of Interest is beyond the bounds of commercial reality… *


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## No Trust (19 July 2021)

*The Conflict of Interest will rear its ugly head at the trial as a further example of Tucker sucking on the Golden Teat of Equititrust and its innocent elderly investors… *


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## No Trust (19 July 2021)

*At a minimum Tucker and Tucker and Cowen as a firm had an obligation to inform Whyte of Tucker’s beneficial interest in MS Asia as well as the firm’s (Cowen’s) knowledge of the beneficial interest…  
Basic and ethical disclosure… *


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## No Trust (19 July 2021)

*Whyte needs to be upfront with investors and the court as “the court appointed receiver” as to when he was made aware of Tucker’s beneficial interest… So far all we get from Whyte are crickets 🦗… *


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## No Trust (19 July 2021)

*Notice how silent Colonel Kennedy has been whilst hidden away in Hong Kong 🇭🇰 
Let’s see if he comes to back up his mate Tucker in court… Video Conference call to court widely used nowadays… *


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## No Trust (20 July 2021)

*The next move on the chess board... Will Tucker have to be dragged into court AGAIN to force him to provide disclosure...

Refer to Para 3 of the Order - the Application must be filed by Stephen Russell tomorrow and be heard at 10.00am on 30 July 2021...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121281
		

*


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## No Trust (20 July 2021)

*A fork in the road for Tucker who needs to provide proper **disclosure** as to where the money went... A bad memory is not an answer the **court** will accept... *


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## No Trust (21 July 2021)

*Tucker's go to "Friendly Receivers" Worrells the "firm with no morals", in ASIC's crosshairs seeking to ban Gold Coast Partner Jason Bettles for life... 

Given the firms interaction with Tucker regarding MS ASIA - Equititrust expect more ASIC action against the firm after the evidence if fully laid out at Tuckers Trial of the Century next **February**... Worrells will painfully regret ever getting involved in any of Tuckers schemes... *


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## No Trust (21 July 2021)

*If Worrells knew about MS Asia's affairs and Tuckers concealed beneficial interest **shouldn't** they be removed as the receivers of the EPF also ??? 

The question still remains when did BDO's David Whyte become aware of Tucker's beneficial ownership of MS Asia ??? 

These friendly associations and public outrage, through intensive media coverage, will come under the spotlight at the upcoming Tucker trial. ASIC and professional bodies will have no choice but to act as they did in the Bettles case below...*


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## No Trust (21 July 2021)

*If the Equititrust protagonists mired in the current mess think the media coverage has been bad over the past 11 years, trust me it will reach a **crescendo** over the next 12 months leading up to trial and the reporting of the ramifications for all concerned thereafter... 

There will be lifechanging events **unfolding** for many of those involved including the friendly facilitators, in the not too distant future...

Justice is Coming *


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## No Trust (21 July 2021)

*HERE WE GO… Will Tucker provide the critical disclosure or not ??? Heading to court next Friday if he doesn’t “pony up”…  




*


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## No Trust (21 July 2021)

*The crux of ASIC's case against Jason Bettles of Worrells "the firm with absolutely no morals"*










__





						Australian Securities and Investments Commission v Bettles (No 2) [2021] FCA 516
					






					www.judgments.fedcourt.gov.au
				







No Trust said:


> *Tucker's go to "Friendly Receivers" Worrells the "firm with no morals", in ASIC's crosshairs seeking to ban Gold Coast Partner Jason Bettles for life...
> 
> Given the firms interaction with Tucker regarding MS ASIA - Equititrust expect more ASIC action against the firm after the evidence if fully laid out at Tuckers Trial of the Century next **February**... Worrells will painfully regret ever getting involved in any of Tuckers schemes... *
> 
> ...


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## No Trust (21 July 2021)

*ASIC not backing off their action for a life ban of Worrells partner Jason Bettles... 



			https://www.comcourts.gov.au/file/Federal/P/QUD693/2019/3874494/event/30594573/document/1780647
		

*


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## No Trust (21 July 2021)

*If Worrells knew about Tucker and Kennedy's beneficial **interest** in MS Asia from the outset, how could they have ethically taken the matter on??? 

They knew full well that Tucker used the same receiver ("Michael Peldan") as the Bankruptcy Trustee for McIvor - who had an **interest** in the EPF ??? 

Did Worrells Managing Partner in Brisbane Raj Khatri know ??? If Khatri oversees an office where such **conflicts** are either allowed to fly under the radar or are concealed from him, then **I'm** afraid he will be further disappointed when regulators like ASIC make similar applications to the Federal Court to ban some of his partners. 

Worrells should have run for the hills when anything connected to Tucker and Equititrust was **punted** their way...

You will recall both Peldan and Chris Cook were hauled before the Federal Court (like Tucker), by the liquidators to be be publicly examined in regard to MS Asia... The **evidence gleaned from the public examinations** will go a long way to cement the case against Tucker & Cowen.

Whilst McIvor **deserved** all he got, you cannot go past the **blatant** coordinated effort between Tucker and Worrells. The Conflict of Interest in terms of Worrells acting for MS Asia, Tucker and Kennedy **given** their previous respective roles at Equititrust is gobsmacking and mind blowing at the same time. 

To add a cherry to the top of the Conflict Sundae, Tucker was then appointed by Worrells to be the **solicitor** in the receivership of the EPF... SMFH... I'll give them this, they took conflict of interest to galaxies that it has **never** been taken before, hence the Sh#t **they're** all in now...


*


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## No Trust (22 July 2021)

*When a defendant like Tucker cannot or won't provide disclosure this late in the game its clear to "everyone" he has a massive problem going into a trial... The **insurers** lawyers will use this to their advantage...*


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## No Trust (22 July 2021)

*Its amazing how Tucker, McIvor, Kennedy, David Jackson, Peldan, Cook, Worrells, Whyte all met on the darkest crease in the anus of the universe called Equititrust...*


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## No Trust (23 July 2021)

*Hi Ho, Hi Ho, it’s back to court we go…


*


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## No Trust (23 July 2021)

*Looks like Tucker has not provided disclosure  yet AGAIN and will FINALLY have to face a judge regarding the missing documentation next Friday.… 

Open question to Tucker from Equititrust Investors :

Where did the money go after you sent it overseas from your firms Trust Account ??? 

Have you been using an overseas issued credit card 💳 in Australia or on overseas jaunts ???

Has tax been paid to the ATO on the money 💰 DIVERTED two 2 offshore tax havens ???*


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## No Trust (23 July 2021)

*Tucker’s weak underbelly has been exposed for all to see… 

The liquidators lawyers are asking a pretty simple question of Tucker… Where did the money go after it was sent from Tucker’s own firms Trust Account… 

This is the accountability that both Tucker and Cowen were hoping to avoid by “unsuccessfully”attempting to have the matter struck out last year…  The issue is now coming under the microscope 🔬 and Tucker it appears cannot or doesn’t want to provide simple answers… *


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## No Trust (23 July 2021)




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## No Trust (23 July 2021)

*Wow, Tucker's memory must be really bad... Couldn't recall a LOT...*


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## No Trust (23 July 2021)

*This is Stephen **Russell's** KILLER letter **regarding** disclsosure by Tucker...


*


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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)




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## No Trust (23 July 2021)

*Tucker can't say he **wasn't** forewarned of the consequences of non**disclosure**...*


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## No Trust (23 July 2021)

*Page 7 above - Stephen Russell **delivers** the "Killer Line" 


"from there, the trail to his the money went cold to him and he has no documents"*


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## No Trust (23 July 2021)

*WOW... !!! Tucker bankrupted McIvor for less than $20,000 owed to him and partner Richard Cowen, yet has no memory of where his share of the MS Asia loot went...*


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## No Trust (23 July 2021)

*Point 3, in the excerpt of another one of **Stephen** Russell's letters below, will be highly relevant next Friday...


*


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## No Trust (23 July 2021)

*The question is, do the liquidators and Stephen Russell suspect **that physical** documents, emails and other crucial digitised **documents** have been destroyed... *


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## No Trust (23 July 2021)

*Tucker is being pinned down legally by Stephen **Russell...*


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## No Trust (23 July 2021)

*Given the importance of the **disclosure** that Tucker has withheld, many observers question how the matter can proceed to trial when there has been such a **fundamental** default by Tucker... *


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## No Trust (23 July 2021)

*As a **background**, if Tucker does disclose where the **money* *went** and into what assets and entities it was poured into, tracing can occur...

Given Stephen Russell's nous, I suspect that once the tracing was finalised he would be applying for Mareva Orders to have the court **preserve** the assets, **given** the dissipation of funds from Tucker's trust **account - to offshore entities in which he held a beneficial interest... *


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## No Trust (23 July 2021)

*Do not be surprised to eventually witness a round robin of fund transfers where the money came back Australia as loans from foreign entities... 

One to look out for is the loan that Tucker had on his home, in his **wife's** name, to Tuckerloan. 

You will recall at the time of Tucker's Public Examination before the **Federal** Court in 2017, this loan was then removed from title and replaced. The mortgage was then withheld from registration... WTF went on here ???





*


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## No Trust (23 July 2021)

*The long and the short of it is, if Tucker cannot provide disclosure the defence is defective and has to go... 

Expect some legal fireworks in the coming weeks and months...*


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## No Trust (23 July 2021)

*The Insurers lawyers will piggy back their attack on the lack of disclosure by Tucker... *


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## No Trust (24 July 2021)

*It’s taken quite a few years but Stephen Russell has finally cornered Tucker into such a tight corner that he can’t legally manoeuvre out of… All the previous tricks like trying to have the matter struck out before substantive evidence had to be disclosed are off the table… Reality and the hopelessness of Tucker’s pathetic defence are starting to bite and both Tucker and his turd 💩 polishing lawyers know it… 
*


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## No Trust (24 July 2021)

*As Stephen Russell correctly asserts in his letter, “Tucker’s trail to his money 💰 went cold 🥶 to him”… 

This blatant refusal to disclose key documents to the court, reiterates how blatantly Tucker wants to hide where and when the money was transferred overseas… 

No reasonable person let alone a judge would believe there are no further supporting documents related to Tucker’s share of the loot such as share certificates and bank statements in offshore jurisdictions…

Tucker’s defence is not worth the paper it’s printed on if he cannot front up with disclosure… 

The irony is, if he does fess up as to where the spoils of his unholy endeavours traversed the equally unholy offshore tax jurisdictions, he’s truly and utterly F#cked… 




*


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## No Trust (24 July 2021)

*It's become patently obvious that Tucker's legal defence strategy was basically to not have the matter go to trial... 

His worst nightmares were realised when the liquidators stumped up the $2M in security costs with the court and then Stephen Russell applied the blow torch to Tucker's appendages...


*


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## No Trust (24 July 2021)




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## No Trust (25 July 2021)

*Expect some explosive affidavit material to be filed in the coming week...*


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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)




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## No Trust (25 July 2021)

*Reading **through** the key extracts of Tucker's Public Examination / Humiliation in 2017, gives readers an insight into why Tucker is now in deep sh#t up to his shoulders... The inability /refusal to provide *
*mandatory** disclosure has now taken that to highest level of his upper lip.*


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## No Trust (25 July 2021)




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## No Trust (26 July 2021)

*If disclosure is not provided by Tucker this week, it will be a very short trial, if there will be a trial at all... *


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## No Trust (26 July 2021)

*Application filed in the Supreme Court of Queensland for orders that Tucker provide disclosure, to be heard on 30 July 2021... 😬😬😬



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121642
		

*


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## No Trust (26 July 2021)




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## No Trust (26 July 2021)




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## No Trust (26 July 2021)

*Stephen Russell will also be relying on a 65 Page Report by an Independent Computer Forensic Expert...


			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121651
		



*


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## No Trust (26 July 2021)

*Tucker has been well and truly caught out by the Forensic expert... Would not like to be him facing the Supreme Court on Friday morning...*


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## No Trust (26 July 2021)




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## No Trust (26 July 2021)




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## No Trust (26 July 2021)




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## No Trust (26 July 2021)




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## No Trust (26 July 2021)

*It appears the word "metadata" will be ringing in Tucker's ears for years to come... 

*


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## No Trust (26 July 2021)

*Stephen Russell's 198 Page Affidavit in support of the Application for **Disclosure** is interesting reading...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121652
		

*


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## No Trust (26 July 2021)




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## No Trust (26 July 2021)




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## No Trust (26 July 2021)

*So Tucker was fully aware of the action in early February 2017... Pity he wasn't computer literate and the "metadata" let him down... FATAL MISTAKE in a high stakes game of **commercial** life and death...*


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## No Trust (26 July 2021)

*Wow, Tucker's week has gotten off to a bad start... Wicked web we weave.... etc etc 


*


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## No Trust (26 July 2021)




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## No Trust (26 July 2021)

*The legal pundits can all see where this is heading… *



A search order to be made under rule 261A of the UCPR (also known as an "_Anton Piller_" order), which relevantly states that:

"_The court may make an order (a search order), in any proceeding or in anticipation of any proceeding in the court, for the purpose of securing or preserving evidence and requiring a respondent to permit persons to enter premises for the purpose of securing the preservation of evidence which is, or may be, relevant to an issue in the proceeding or anticipated proceeding_."

Rule 261B of the UCPR relevantly states that:

"_The court may make a search order if the court is satisfied that -

(a) the applicant has a strong prima facie case on an accrued cause of action; and

(b) the potential or actual loss or damage to the applicant will be serious if the search order is not made; and

(c) there is sufficient evidence in relation to a respondent that -

(i) the respondent possesses important evidentiary material; and

(ii) there is a real possibility that the respondent might destroy the material or cause it to be unavailable for use in evidence in a proceeding or anticipated proceeding before the court_."


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## No Trust (26 July 2021)

*As the computer forensic expert states in his report to the presiding judge, all the Tucker Gmail emails can be downloaded on Microsoft outlook and or an external hard drive.They don’t disappear when a Gmail account is closed and it’s deleted… 

An Anton Pillar order will most likely be issued against both Tucker and the offices of Tucker & Cowen… 

If Tucker does not provide disclosure and or the sworn affidavits asked for in the application, it is highly likely that an application will be made ex parte for an Anton Pillar order to be issued. Tucker’s accountants may also get a tap on the shoulder in the near future… The walls are closing in… *


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## No Trust (26 July 2021)

*Given the recalcitrance to provide disclosure serious steps are now on the horizon… Self Storage facilities are also great places to have a sniff around… *


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## No Trust (26 July 2021)

*It’s all starting to make sense now… 


*


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## No Trust (26 July 2021)

*Stephen Russell also notes in his last paragraph above that Tucker’s lawyers Bartley Cohen also have a duty to “do their best” to have Tucker disclose the emails… *


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## No Trust (26 July 2021)

*Imagine for a second if the liquidators had not lodged $2M in security for costs with the court and if Stephen Russell was not tenacious as he has proven to be... The truth in this litigation would have withered and died and Tucker and Kennedy would have gotten away with it.*


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## No Trust (26 July 2021)

*Tucker and **Kennedy** both lawyers (and officers of the court) knew the obstacles that a Liquidator would have in pursing an action against them and thought f#ck it, its worth the risk. It'll be near on **impossible** for them to get a litigation funder involved and even it they do, we'll drag the matter on an on and on for years with **interlocutory* *applications** to have the matter struck out, whilst incurring heavy costs on the liquidators. This was done in the hope that the litigation funders would give up. 

Surprise surprise the litigation funder has stayed the course and Stephen Russell has **outmanoeuvred** Tucker & Cowen and their respective solicitors DLA Piper and Bartly Cohen at every turn...*


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## No Trust (26 July 2021)

*Tucker stated on oath before the Federal Court that he did not personally receive any of the proceeds of the $3.8M that went missing in Hong Kong. 

The question is did any of his family members benefit directly or indirectly ??? *

*Relevant questions to ask the whole Tucker clan **including business partner -** daddy and ex **Queensland* *President** of the Liberal Party Bob Tucker...*


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## Triple_Witching (26 July 2021)

Thanks NO TRUST !

Can you let us know here, what is the Viewing Count here....

Thanks !


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## No Trust (26 July 2021)

Triple_Witching said:


> Thanks NO TRUST !
> 
> Can you let us know here, what is the Viewing Count here....
> 
> Thanks !


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## No Trust (26 July 2021)

*What's** interesting is the fact that David Kennedy has not come out in defence of his mate / business partner David Tucker... Surely he could provide a sworn affidavit to back his mate up... Surely...  

*


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## No Trust (26 July 2021)




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## No Trust (26 July 2021)

*The sword of Damocles is hanging over the heads of some by a single hair tonight and Stephen Russell has a sharp pair of scissors... *


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## No Trust (26 July 2021)

*Remember** Worrells, the firm with no morals and Tucker's go to, oh so friendly **receivers**... 

Well this just **appeared** in todays gold Coast Bulletin...*














__





						No Cookies | Gold Coast Bulletin
					

No Cookies




					www.goldcoastbulletin.com.au


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## No Trust (27 July 2021)

*Tucker fought in vain to avoid producing documents to the Federal Court… *


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## No Trust (27 July 2021)

*If Tucker thought his week had started badly he has no idea how big the legal pile on is about to become… *


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## No Trust (27 July 2021)




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## No Trust (27 July 2021)

*These politically unaligned right wing nut job organisations like the IPA are AIP are amazing... Not a whiff of conflict of **interest** there... Just good old fashioned gaslighting...  🦖👟Anyone want to donate... *


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## No Trust (27 July 2021)




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## No Trust (27 July 2021)

*You can always judge an organisation by who it retweets… The brain 🧠 tRUST runs deep in the Bob Tucker chaired AIP 😂😂😂 🦖🦖🦖


*


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## No Trust (27 July 2021)

*Don't worry Campbell, the AIP loves Voldemort and Craig Kelly...


*


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## No Trust (27 July 2021)

*Is David Tucker a card carrying member of daddy's chaired AIP ??? *


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## No Trust (27 July 2021)

*No Affidavit material filed by Tucker in response to Stephen Russell’s Application before the Supreme Court on Friday…  

Deers 🦌 in the headlights 💡 etc etc 😂😂😂 


*


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## No Trust (27 July 2021)

*What the Tucker Defendants are about to discover :

1. Numbers don’t lie.

2. Metadata does not lie. 

THE END… 👋*


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## freebird54 (27 July 2021)

Marky boy seen working hard at his laptop and phone in a Bundall cafe yesterday


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## No Trust (27 July 2021)

*Yes, "Marky Boy" loves his free wifi... 



*


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## No Trust (27 July 2021)

*Do not under any circumstances, give this man in slippers any money...*


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## No Trust (27 July 2021)

freebird54 said:


> Marky boy seen working hard at his laptop and phone in a Bundall cafe yesterday



*That's likely to result in a drop in business for the poor **café** worse than Covid -19 Delta Variant... 

*


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## No Trust (27 July 2021)

*His former PA is telling all and sundry that the last time she saw "Marky Boy" he was heading into a library for the free wifi wearing slippers... 


	

		
			
		

		
	
 #JodesM*


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## No Trust (28 July 2021)

*Silence from the Tucker Defendants prior to the hearing of **Stephen Russell's**  Application for disclosure on Friday morning...*


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## No Trust (28 July 2021)

*The lack of disclosure by Tucker is making his case look REALLY REALLY BAD...

If you have nothing to hide **what's** the problem ???*


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## No Trust (28 July 2021)

*Every observer of the litigation to date now smells blood in the water... *


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## No Trust (28 July 2021)

*Its taken a four years and millions of dollars but Stephen Russell has finally revealed Tuckers weak underbelly... *


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## No Trust (28 July 2021)

*Taking investors money and appropriating it for your own use has consequences for the culprit as well as the spouse as the article below exemplifies... 

Something the miscreants in the Equititrust debacle have failed to factor into their haphazard risk analysis... 

Justice is Coming ...


*


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## No Trust (28 July 2021)




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## No Trust (28 July 2021)

*Luckily someone gave the Courier Mail advice on how to order a Federal Court Transcript...  









*


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## No Trust (28 July 2021)

*So much of what is said in court and what is contained in court documents **flies** under the radar and the public don't get the full picture... We have ensured that this is not the case in the Tucker trial and every **minutiae** of the public records are exposed for all to see. *


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## No Trust (28 July 2021)

*The miscreants are not happy about the exposure of the **documentation** and the media coverage... Tough Sh#t ... It's gonna get a hell of a lot worse...

Investors are not not happy with what they did to them and want JUSTICE...*


----------



## No Trust (29 July 2021)

*This would have to be the most weak as piss affidavit that has ever been filed in the Supreme Court… “Benny Boy” Cohen is trying to pull the wool over people’s eyes 👀… 

His client axes 🪓 his own incriminating email account and then says an employed “solicitor” with not IT expertise tried to recover Tucker’s account but failed 😂😂😂 

As a heads up “Benny Boy” there are google certified consultants who actually work with Google to recover such accounts.. Look it up… 

Importantly, the IT expert who compiled the report for the court  clearly states that the email account was  downloaded by Tucker onto a personal device via outlook and onto the IT system at Tucker and Cowen… 

The emails are in Tucker’s possession he just doesn’t want to disclose them… 

More turd polishing by Tucker’s lawyers which will get them nowhere… 



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121853
		

*


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## No Trust (29 July 2021)

*Is Cohen expecting everyone to believe that Tucker didn’t download the data from his incriminating gmail account before he purposely deleted it ??? Pull the other one Benny 😂😂😂*


----------



## No Trust (29 July 2021)

*So let’s say the incriminating emails started to appear online would that be a miracle ??? 

Tucker needs to swear / affirm some affidavits in the coming weeks if he dares to… 

All the incriminating emails between him and Kennedy still exist. He’s well advised to give them up now before someone else does… 

Tucker can’t say he wasn’t warned… *


----------



## No Trust (29 July 2021)

*Stephen **Russell has lobbed a further late affidavit this afternoon...
Game's on, sleepless night for the Tucker Defendants...*


----------



## No Trust (29 July 2021)

*David Kennedy, sitting back in Hong Kong watching the action... Will he appear at the trial and name that murderous criminal who owns MS Asia ???*

*Will **David* *Kennedy release all his emails with Tuckers "deleted" Gmail account or will he continue the murderous triad theme under his non de plume "Yu Dai Soon"...

#idiots


*


----------



## No Trust (29 July 2021)

*Kennedy staying out of sight in Hong Kong has assumed the Chinese name "Lei Ying Lo" to avoid detection and the service of **subpoenas**... *


----------



## No Trust (30 July 2021)

*Whats hiding in those emails ??? 


			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=121924
		

*


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## No Trust (30 July 2021)

*Hi Ho Hi Ho its back to court we go... 






*


----------



## No Trust (30 July 2021)

*It appears that former Equititrust CEO aka "Yu Dai Soon" and "Lei Ying Lo" and man in desperate need of a personality transplant has had his safe house revealed on the Gold Coast... It also appears that he is about to be served with a **** load of **subpoenas**...

Tucker and Kennedy are in a world or trouble... *


----------



## No Trust (30 July 2021)

*What's Colonel Kennedy gonna say ? Oh "**I've** deleted all my emails with Tucker" and " I don't know where my third of the Equititrust money is ? Tucker has already **acknowledged** in Federal Court that Kennedy knows where all the MS Asia money "including Tucker's" is... *


----------



## No Trust (30 July 2021)

*Wow, this is now getting juicy...*


----------



## No Trust (30 July 2021)

*Kennedy, has come back to litigation HELL !!! Better get a lawyer son, better get a good one... *


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## No Trust (30 July 2021)

*The next David that should be served with a Notice for Non Party Disclosure should be "David Whyte" the now "retired" canny Scott receiver of the Equititrust Income Fund... In his billing sheets he dealt and had extensive meetings with both Tucker and Kennedy. They openly discussed priority issues between the EPF debt owned by Tucker and Kennedy and the EIF debt...

He also used his mate David Tucker as a **solicitor** for work related to the recovery of EIF debts. 

What Whyte needs to tell investors, (which he has refused to do, to date), is when did he became aware that Tucker and Kennedy were the **beneficial** owners of MS Asia.  If Whyte at any stage knew knew Tucker and Kennedy had their hands in the EPF **cookie** jar, did he not have a duty to inform the liquidators and in **turn** the court ? This issue deserves answers...

Have the emails between Whyte, Kennedy and Tucker all been deleted by Kennedy and Tucker ? 

From what email accounts were Tucker and Kennedy corresponding with Whyte?

Whyte as the court **appointed** receiver has a duty to hand over any material that would assist in the current litigation, as the whole exercise is about **returning** money to investors right ? Not palming work off to your mates !!*


----------



## Triple_Witching (30 July 2021)

No Trust said:


> *It appears that former Equititrust CEO aka "Yu Dai Soon" and "Lei Ying Lo" and man in desperate need of a personality transplant has had his safe house revealed on the Gold Coast... It also appears that he is about to be served with a **** load of **subpoenas**...
> 
> Tucker and Kennedy are in a world or trouble... *
> 
> ...




*You never know.... Tucker, Kennedy and company might be able start up a new Corporate Division, "Compass Airlines V.666.0" out of their ashes.... Phoenix BS Corporation.*
*
Something similar to this...........
*
**


----------



## No Trust (30 July 2021)

*A synopsis of what Kennedy is now facing... Lets see if his and Tucker's **stories** line up... *


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## No Trust (30 July 2021)




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## No Trust (31 July 2021)




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## No Trust (31 July 2021)




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## No Trust (31 July 2021)

*The hotline between Tucker and Kennedy must be running red hot at the moment... 

Imagine the Equititrust CEO and Company Solicitor / Director getting up to this kind of **** and then pretending that they don't have their incriminating **emails**. Worse still they thought they could get away with it...*

*The disclosure and court forced affidavits that Tucker and Kennedy will have to provide will be decided by Justice Bradley in the near future. *

*Tucker and Kennedy are cornered... 

It is also likely that former Tucker and Cowen staff have already flipped...

Loose lips sink ships...*


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## No Trust (31 July 2021)

*Remember this ? These are excerpts of David Whyte's billing sheets provided (in an affidavit) to the Supreme Court of Queensland.

What were Kennedy and Tucker discussing with Whyte ??? 

By this stage its late 2012 and Tucker and Kennedy are the **beneficial** owners of MS Asia...  

Did Tucker and **Kennedy** disclose their beneficial interests to Whyte as they should have. 

Remember not only was Tucker acting for Whyte, Tucker disclosed to the Federal Court that he was also acting for David Kennedy personally as well as acting for MS Asia and his friendly receivers Worrells (Michael Peldan) at the same time... 

The conflict of interest is beyond belief ??? 

Perhaps Kennedy can now disclose when David **Whyte** was made aware of the beneficial ownerships of MS Asia.

With Kennedy at that meeting, in what capacity was he there ? Was he representing MS Asia ? Was he being paid by BDO as a consultant related to his previous position as CEO of Equititrust ???

Some serious questions need to be asked of all three "David's" at that **meeting**... *


----------



## No Trust (31 July 2021)

*Note above, that Tucker, Kennedy and Whyte were discussing the Hayes securities / **properties*


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## No Trust (1 August 2021)

*This is worth a read as it details that Tucker's mate and friendly receiver Michael Peldan was **publicly* *examined** by the liquidators barristers in the Federal Court... 

Peldan was examined for a second time and **produced** documents to the Federal Court as the receiver of the EPF appointed by MS Asia - which for all intents and purposes was Tucker and **Kennedy hiding behind a foreign corporate veil...*

*In this circle of malfeasance and **unconscionable** conflict of interest Tucker was acting for everyone...

- MS Asia
- Michael **Peldan
- David Kennedy
- Equititrust EIF receiver David Whyte*

*Further incriminating **documents** will soon surface as the **pressure** is piled on by Stephen Russell...

If the documents are not disclosed the case will soon be over...*



*


			https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiiztuNqI_yAhUCyjgGHdj3AyQQFnoECAQQAw&url=http%3A%2F%2Fwww.equititrust.com.au%2FPdfs%2FLiquidator%2FLiquidators%2520Reports%2520-%252020170726%2520-%2520Report%2520to%2520Creditors.pdf&usg=AOvVaw20mKpCKkwq1QyxL9PyYtJP
		

*


----------



## No Trust (1 August 2021)

*Given that Kennedy is back in the country there is a high **likelihood** that he will be publicly examined in addition to the Notice for non party disclosure issued by the Supreme Court...*


----------



## No Trust (2 August 2021)

*The Covid-19 lockdown has had one positive. Both Tucker and **Kennedy** are pinned down and will not be flitting off on overseas jaunts anytime soon...*


----------



## No Trust (2 August 2021)

*What will be **intriguing** is the final destination of the EPF spoils and how the fruits of the EPF heist were spent by Tucker and **Kennedy**...*


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## No Trust (2 August 2021)

*Kennedy will put up a fight and won't provide disclosure, which will only make Tucker's feeble defence look even worse. Ultimately the Supreme Court will decide and Kennedy will have to provide disclosure as well as sit in the witness box under oath...*


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## No Trust (2 August 2021)

*Dark legal days ahead for Dumb and Dumber... *


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## No Trust (2 August 2021)

*Who will flip first Tucker or Kennedy ? *


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## No Trust (3 August 2021)

*Lets for a moment think if this is plausible...

Tucker states that in mid 2012 he fronted up $666,000 approx "to buy legal work" for Tucker and Cowen from Kennedy / MS Asia... Not to buy a one third share, but to buy legal work... How uncommercial is that ! How many lawyers give you money to use them ? #joke*

*He then states that his one third share came about in late 2012 without any paperwork... How convenient timewise !!!

Tucker expects the court to believe this load of crap ??? *

*This is a **concocted** story because of Tucker's conflict of interest in asking for approvals from the liquidators to do **certain** things in mid 2012 whilst actively having a share in MS Asia and the spoils of the EPF heist.

Tucker's conflicts of **interests** over the **years** have finally caught up with him and he now finds **himself** between a rock and a very hard place...*


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## No Trust (3 August 2021)

*The exact amount ($666,000 approx) that Tucker claims to have paid to "buy legal work" off MS Asia amounts to the cost of a one third share of the EPF heist... Coincidental ??? Of course not, Tucker had a beneficial one third share in the scheme from day one... Why do you think the emails with Kennedy have gone missing - convenient isn't it...

No one is fooled by this BullSh!t...*


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## No Trust (3 August 2021)

*Notice of Non Party Disclosure on 
co conspirator David Kennedy 




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=122033
		

*


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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)

*The Outline of Submissions of  S Couper QC and  NJ Derrington, Barristers acting for the Plaintiff Liquidators, instructed by Stephen Russell, are revelatory and comprehensive in their explanation as to why Tucker has to provide disclosure related to his beneficial interest...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=122048
		

*


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## No Trust (3 August 2021)

*In essence the facts pleaded by Tucker as to the beneficial interest are not pleaded nor supported by his law firm partner Cowen... 

It appears a fissure has emerged between Tucker and Cowen. 

A word of advice boys, in the end it will be a game of survival... The END is nigh... *


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## No Trust (3 August 2021)

*The affidavit material filed by Ben Cohen in support of Tucker's defence as to why he **shouldn't** have to provide disclosure, is just plain (weak as piss) and a mighty attempt to polish a turd that just won't go away...



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=122051
		

*


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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)




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## No Trust (3 August 2021)

*Deadly serious allegations being made against Tucker by Counsel for the liquidators... *


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## No Trust (3 August 2021)

*Tucker's Achilles heel has been exposed for the **world** to see... His defence is **complete** and utter garbage... Even his partner Cowen doesn't back him up in his defence. Cowen doesn't back him up for a reason and the **reason** is, he doesn't want to go down with Tucker... Unfortunately **it's** too late... *


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## No Trust (3 August 2021)

*These "so called professionals" and "alleged officers of the court" have really gotten themselves into a diabolical situation which will be career and life changing... *


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## No Trust (4 August 2021)

*Tucker's lawyers are spinning fast and furious to keep the stench of defeat away from him...

What they can't explain is the refusal to disclose key documents which incriminate him...*


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## No Trust (5 August 2021)

*If Tucker and Kennedy had nothing to hide they’d have nothing to fear… *


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## No Trust (5 August 2021)

*Tucker’s legal team after their last interaction with Stephen Russell 
#sad
#bloodinthewater
#smellofdefeat*


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## No Trust (6 August 2021)

*Highly relevant in light of recent events...



*


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## No Trust (6 August 2021)




----------



## No Trust (6 August 2021)

No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


----------



## No Trust (6 August 2021)

*"Synchronicities are incidents of spiritual significance that ask us to momentarily dampen our self-obsession and consider the possibility of the divine. Synchronistic experiences leave us with a curious sense that we should pay attention."

The synchronicity will become clear soon...



*


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## No Trust (6 August 2021)




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## No Trust (6 August 2021)

*For reporting accuracy a recent photo of McIvor taken in late 2020...


*


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## No Trust (6 August 2021)

*The Tucker defendants from their pleadings admit to **entering into** business arrangements with clients... What business **arrangements** did Tucker, McIvor and their related entities have over the years ? We know for a fact that Tucker tipped in about $500,000 of Super into **Equititrust.*

*If Stephen Russell hasn't figured it out yet, he soon will... The sooner he realises that he has access to all the information he will ever **require** to deliver a knock out blow to the Tucker Defendants, the sooner the case will be over... 

If the Tucker Defendants claim **privilege** in acting for Equititrust, the liquidators can easily waive that... 

Follow the trail... There are clues everywhere...*


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## No Trust (6 August 2021)

*Sometimes you need to backtrack and the answer will be waiting...*


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## No Trust (6 August 2021)




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## No Trust (7 August 2021)

*David **Kennedy,** man voted best dressed sad sack of the year, sure seems to bring a LOT of bad luck to companies...

Its worth digging deeper into MS Asia and his offshore interests...  *




*+
	

		
			
		

		
	



                                                               +

*


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## No Trust (8 August 2021)

*Remind you of anyone ? ✊🍆💦💦💦


*


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## No Trust (8 August 2021)




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## No Trust (8 August 2021)




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## No Trust (8 August 2021)

*And they say the Kennedy’s are cursed !!! 😂


*


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## No Trust (8 August 2021)

*This is the same David Anderson that he dragged along to Equititrust !!! 😂


*


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## No Trust (8 August 2021)

*

*


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## No Trust (8 August 2021)

*Extreme integrity eh ???*


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## No Trust (8 August 2021)




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## No Trust (8 August 2021)




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## No Trust (8 August 2021)

*AND THEN… 


*


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## No Trust (8 August 2021)

*Jabba the Hutt of funds management gets caught with his hand in the cookie tin… *


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## No Trust (8 August 2021)

*Remember this is the man that Kennedy stated on oath was a man of  “extreme integrity”… Extreme appetite maybe, but integrity is a bit of stretch to any lay observer… *


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## No Trust (8 August 2021)




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## No Trust (8 August 2021)




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## No Trust (8 August 2021)




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## No Trust (8 August 2021)




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## No Trust (8 August 2021)

*Anyone noticing a theme here ??? *


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## No Trust (8 August 2021)

*There’s a saying that water 💧 finds its own level and Tucker and Kennedy definitely found each other… *


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## No Trust (8 August 2021)

*Kennedy was also questioned curiously enough about a loan to MFS from BANK OF SCOTLAND “BOSI”… *


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## No Trust (8 August 2021)

*If Kennedy thought his interrogation was gruelling in regard to MFS he is in for another level of pain in the coming months when Stephen Russell sinks his teeth in… *


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## No Trust (9 August 2021)




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## No Trust (9 August 2021)

*


			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=122177
		

*


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## No Trust (9 August 2021)

*Stephen Russell moving at a **blistering** pace...*


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## No Trust (9 August 2021)

*"In late November 2007, days before the $250m loan was due, another MFS company took out a $150m loan from Royal Bank of Scotland and then transferred $130m to an MFS administration company, which in turn made a part payment of $103m to Fortress on the loan. Mr Kennedy has said he knew nothing of the RBOS loan or the subsequent transfer."






						NoCookies | The Australian
					






					www.theaustralian.com.au
				





*


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## No Trust (9 August 2021)

*As the pressure builds on **Kennedy** to provide disclosure expect more of the above... *


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## No Trust (9 August 2021)

*Run along... No conflict here...


"Mr Kennedy also said he was not aware of any potential conflict of interest in having KPMG as auditor when chief financial officer David Anderson, company secretary Kim Kercher and internal auditor Nigel Fitzgerald had all worked for KPMG." 



			https://amp.heraldsun.com.au/businessold/octaviar-adviser-mark-korda-called-up/news-story/ff5fd2941f3e290dd687d608d3ad5def
		

*


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## No Trust (9 August 2021)

*Hang on, who was the auditor of **Equititrust** ??? *


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## No Trust (9 August 2021)




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## No Trust (9 August 2021)

*Like McIvor, Tucker and Kennedy should be banned from operating companies for LIFE… *


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## No Trust (10 August 2021)

*Documentation to be filed in the Supreme Court in the coming weeks and months will be **gobsmacking**... 

Regulators starting to sniff around too... Can't be ignored any longer...*


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## No Trust (11 August 2021)

*What's keeping Tucker, Cowen and **Kennedy** up at night ??? 

DISCLOSURE DISCLOSURE DISCLOSURE DISCLOSURE DISCLOSURE 
DISCLOSURE DISCLOSURE DISCLOSURE DISCLOSURE DISCLOSURE *


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## No Trust (11 August 2021)

*Come on Boys... If **you've** got nothing to hide **you've** got nothing to fear...*


----------



## No Trust (11 August 2021)

*Is it just us ??? Or do we all smell the fear in the air from the Tucker Defendant's...*


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## No Trust (11 August 2021)

*Stephen** Russell has well and truly cornered the Tucker Defendants... This is evidenced in the weak **affidavits** and material being filed by Tucker's lawyers - Bartley Cohen, in trying to polish the turd of a **defence** in Tucker not providing disclosure... *


----------



## No Trust (11 August 2021)

*Every "intelligent observer" of this **litigation** can smell the blood in the water... *


----------



## No Trust (11 August 2021)

*The legal takedown has begun and it will be brutal in the coming months... 

If Tucker can't "pony up" and keeps his "pie hole" shut the matter may not **even** proceed to trial...*


----------



## No Trust (11 August 2021)

*WITHERING DESCRIPTIONS*

IN five days of public examinations into failed property fund manager Equititrust, commercial lawyer David Tucker dropped some withering descriptions from the witness box.

Equititrust founder Mark McIvor, now banned for life from providing financial services, had strategies that amounted to “madness”, did “dodgy deals” and had “extra kangaroos in the top paddock”, said Mr Tucker, a former Equititrust director.

Developer Jim Raptis - whose Raptis Group nearly collapsed in 1992, and went into administration in 2009 and since recovered - seemed an “habitual insolvent”. Investment bank Morgan Stanley ran “a slash and burn operation”.

Some harsh words were for Stephen Russell, whose firm Russells are the liquidators’ solicitors. Mr Tucker accused Mr Russell of having sent an “extortionate email to my (business) partner, Richard Cowen, in which he tried to extort a settlement on an unrelated case under threat of exposure of me apparently in relation to this (Equititrust matter)”.

Mr Russell, in an email to The Courier-Mail, dismissed the claim as one of Mr Tucker’s “utter fanciful allegations”, denied wrongdoing and said the court in a related matter had found no basis for claims Mr Russell was pursuing the examination for improper purposes.







						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


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## No Trust (12 August 2021)

*Tick Tock... The Disclosure Dooms Day Clock has started ticking for the Tucker defendants... 


*


----------



## No Trust (13 August 2021)

*Expect some eye watering affidavits to be lodged in the next week and a half...  *


----------



## No Trust (13 August 2021)

*Lots of interesting twists and turns occurring in the background... None of them good for the Tucker Defendants...*


----------



## No Trust (14 August 2021)

*So Tucker being dragged back to court on the 26th of August again… Disclosure is his Achilles Heel… *


----------



## No Trust (14 August 2021)

*A snapshot of what's to come... 


*


----------



## Just Observer (15 August 2021)

No Trust said:


> *A snapshot of what's to come...
> 
> View attachment 129036
> *



Thanks No Trust. Will keep reading this forum  👍


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## No Trust (15 August 2021)

Just Observer said:


> Thanks No Trust. Will keep reading this forum  👍



Pleasure Just Observer, we are heading into a critical period… The Tucker Defendants are cornered…


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## No Trust (16 August 2021)

*Tick Tock...*


----------



## No Trust (16 August 2021)

*The* *Tucker Defendants have an unenviable battle against their deep pocketed indemnity insurers... 



	

		
			
		

		
	
 Bye Bye David*


----------



## No Trust (17 August 2021)

*Tucker's legal team right about now...
	

		
			
		

		
	





*


----------



## No Trust (19 August 2021)

*More "**Newsworthy**" d**evelopments evolving** in the background... 

Stay tuned...*


----------



## No Trust (19 August 2021)

*It appears the Tucker side is leaking like sieve...*


----------



## No Trust (19 August 2021)

*Loose lips sink ships etc etc... 


*


----------



## No Trust (19 August 2021)

*As the fateful day approaches, it appears the **backgrounding** has begun...*


----------



## No Trust (19 August 2021)

*My oh my... Some it appears, want to saves their arses... *


----------



## No Trust (19 August 2021)

*Lets see if some affidavit material drops tomorrow... The last day to file and serve prior to the application on 26 August 2021... Yikes...*


----------



## No Trust (20 August 2021)

*Times up for Colonel Kennedy… 


*


----------



## No Trust (20 August 2021)

*TUCKER “was” a shareholder / beneficial interest holder of MS Asia from 29 June 2012…  The evidence is there and both Tucker and Kennedy know it’s there…*


----------



## No Trust (20 August 2021)

*Tucker was asking for approvals from the liquidators in mid 2012 pretending to be “just the solicitor” for MS Asia without telling them he had paid approx $666k to be a beneficial owner of MS Asia / BOSI Debt 💸 *


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## No Trust (20 August 2021)

*Tucker could’ve had a GREATER Conflict of Interest and tried to pull the wool over the eyes 👀 of the liquidators… *


----------



## No Trust (20 August 2021)

*Tucker’s lawyers turd polishing 💩 a pathetic defence on his behalf is nothing more than an attempt stall the inevitable and to gaslight… Everyone can see through this utter bullsh!t and it won’t work… 

IT’S OVER… *


----------



## No Trust (21 August 2021)

*Will we ever be rid of the ghastly virus? 🦠 Brought a company to its knees not so long ago and now back, more noxious than ever. But enough about David Tucker...*


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## No Trust (23 August 2021)

*Tucker's lawyers further turd **polishing** filed in the Supreme Court today...




			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=122821
		

*


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## No Trust (23 August 2021)

*Having to file these defences whilst obviously cornered must be a nauseating **experience** for Tucker, yet highly lucrative for his lawyers Barfly Cohen... *


----------



## No Trust (23 August 2021)

*How long can Tucker keep paying his lawyers ???*


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## No Trust (24 August 2021)

*Its as we always suspected and the **Facebook** friendships confirmed... Tucker and **David** Whyte the receiver of the (EIF) Equititrust Income Fund were personal friends...

Extract from the released Public examination of **Michael** Peldan from Worrells who are the receiver of the (EPF) Equititrust Income Fund...


Barrister S. R. Cooper appearing for the Liquidators, examining Michael Peldan, had this exchange with Peldan on 26 May 2017...



*


----------



## No Trust (24 August 2021)

*If Whyte and Tucker were personal friends shouldn't the court have been advised from the outset of Whyte's appointment ??? This is a gobsmacking conflict of interest...*


----------



## No Trust (24 August 2021)

*As has been reported and publicly proclaimed on Whyte's own Facebook page (which has mysteriously gone private) since the exposure on this website, he has officially retired... I guess he now has ample time to answer some pertinent questions regarding his friendship with Tucker and the legal work he doled out to him which was a clear and **unequivocal** conflict of interest... *


----------



## Nothingtoadd (25 August 2021)

No Trust said:


> *Its as we always suspected and the **Facebook** friendships confirmed... Tucker and **David** Whyte the receiver of the (EIF) Equititrust Income Fund were personal friends...
> 
> Extract from the released Public examination of **Michael** Peldan from Worrells who are the receiver of the (EPF) Equititrust Income Fund...
> 
> ...



That could also be read as Peldan saying he doesn't know whether they are friends, or not.  I have no idea whether they are, btw.


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## No Trust (25 August 2021)

Nothingtoadd said:


> That could also be read as Peldan saying he doesn't know whether they are friends, or not.  I have no idea whether they are, btw.



*The liquidators and their barrister Mr Cooper knew full well that Tucker and Whyte were BFF’s… If Peldan has been a friend of Tucker’s for over 15 years I don’t think that anyone is naive to think that it is plausible that Peldan didn’t know of the Tucker / Whyte friendship… Peldan just didn’t want to be a link in that chain whilst giving evidence before the Federal Court… *


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## No Trust (26 August 2021)

*What's emerging prior to trial is the undisputed **interconnected relationships Tucker had with both Worrells and BDO... Personal friendships with **partners** in each firm who in one way or another became connected to the factual matrix which forms the **substance** of the Liquidators claim against Tucker and Cowen... *


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## No Trust (26 August 2021)

*What a **different** outcome there would have been, had there been the involvement of firms who were arms length. *


----------



## No Trust (26 August 2021)

*Personal relationships are an **irrefutable** conflict of interest... This premise forms the basis of ethical conduct in scenarios where Tucker and Cowen and Tucker **himself** had a **fiduciary duty to Equititrust as a client and ultimately its unit holders... But when Tucker's involved let rip eh...*


----------



## No Trust (27 August 2021)

*Interesting letter from Stephen Russell to Tucker’s Lawyers...*


----------



## No Trust (27 August 2021)




----------



## No Trust (27 August 2021)




----------



## Triple_Witching (28 August 2021)

Nothingtoadd said:


> That could also be read as Peldan saying he doesn't know whether they are friends, or not.  I have no idea whether they are, btw.




*I think one could safely assume there is a 'very friendly' link, if David Whyte's wife, had Tucker as a Facebook friend, which is all now deleted of course....*

*As previously uploaded on the blog, David Whyte's wife Facebook pages....*


----------



## No Trust (28 August 2021)

*A friend in need (of a friendly receiver) is a friend indeed...*



Triple_Witching said:


> *I think one could safely assume there is a 'very friendly' link, if David Whyte's wife, had Tucker as a Facebook friend, which is all now deleted of course....
> 
> As previously uploaded on the blog, David Whyte's wife Facebook pages....*
> 
> ...


----------



## No Trust (28 August 2021)

*Both Whyte's and Jennifer Tucker's respective Facebook and Instagram accounts were loaded with nauseating posts gloating about **holidays**, property at P**alm** Beach, building a new house on the golf course in Brisbane and Whyte's self **proclaimed* *retirement**... 

As soon at the posts were exposed on this thread, the **social** media channels have gone both **private** and silent... 

Boastful behaviour of this nature is both crass and highly unprofessional given the respective roles of both Tucker as a former director of Equititrust and Whyte as a receiver of its largest failed fund... 

Investors of both the EPF and EIF are dying destitute and these two parties are rubbing their faces in it... PATHETIC...*


----------



## Mozzi (7 September 2021)

No Trust said:


> *Both Whyte's and Jennifer Tucker's respective Facebook and Instagram accounts were loaded with nauseating posts gloating about **holidays**, property at P**alm** Beach, building a new house on the golf course in Brisbane and Whyte's self **proclaimed* *retirement**...
> 
> As soon at the posts were exposed on this thread, the **social** media channels have gone both **private** and silent...
> 
> ...





No Trust said:


> *Both Whyte's and Jennifer Tucker's respective Facebook and Instagram accounts were loaded with nauseating posts gloating about **holidays**, property at P**alm** Beach, building a new house on the golf course in Brisbane and Whyte's self **proclaimed* *retirement**...
> 
> As soon at the posts were exposed on this thread, the **social** media channels have gone both **private** and silent...
> 
> ...





How come Whyte is notifying members re hearing on lst Oct as Court appointed Receiver?   Thought he had retired!


----------



## No Trust (7 September 2021)

Mozzi said:


> How come Whyte is notifying members re hearing on lst Oct as Court appointed Receiver?   Thought he had retired!



*Hi Mozzi... Yes Whyte is officially retired... That's what he has even posted on his Facebook Page...

Its a pity that Whyte has not posted a notification about the 1 October 2021 hearing on the Equititrust Website as he has promised to do when there is an update of significant importance... 

Why the cloak and daggers about the court application ??? *


----------



## No Trust (8 September 2021)

*Whyte proclaimed his own **retirement... He clearly states that he is a "Former Partner of BDO" But hey, given **what's** transpired to date does that surprise anyone...

When he had officially retired from BDO, he should have let investors and the Court know... 

Not a good look as far as investors are concerned...*


----------



## Mozzi (8 September 2021)

*Not a word from him before this one, only the last update,  but is it just Mozzi who thinks that it was BDO who were appointed, and not one of the employees!!!   (former Director or not?)   The communication says it is from  equititrust@bdo.com.au and signed as Yours sincerely David Whyte.    Court Appointed Receiver.     *


----------



## No Trust (8 September 2021)

Mozzi said:


> *Not a word from him before this one, only the last update,  but is it just Mozzi who thinks that it was BDO who were appointed, and not one of the employees!!!   (former Director or not?)   The communication says it is from  equititrust@bdo.com.au and signed as Yours sincerely David Whyte.    Court Appointed Receiver.     *




*Whyte was personally appointed in his capacity as a receiver and its a fact that he has been charging investors over $500 per Hour + GST... Make your own conclusions from that... He's making a hell of a lot more in retirement than the **investors** of Equititrust who he is **charging...** 

Given his conflicts of interest with Tucker, should Whyte really be involved any further ? *


----------



## No Trust (9 September 2021)

*The walls are closing in on the Tucker Defendant's… 

http://apps.courts.qld.gov.au/esear...Court=SUPRE&Filenumber=7399/18&edocsno=123954*


----------



## No Trust (9 September 2021)

*It appears that all that Tucker and Cowen have left in their arsenal is to seek security for costs... Given what happened last time, this will not save them... *


----------



## No Trust (9 September 2021)

*The countdown to Tucker and **Cowen's** date with the legal **guillotine** has begun...*


----------



## No Trust (9 September 2021)

*Given the ramifications of such a case as it relates to the misuse of solicitors trust accounts, both the media and the legal profession across Australia are watching closely...*


----------



## No Trust (9 September 2021)

*Do not be surprised to see a major twist and turn in the legal proceedings which will be a knock out blow to both Tucker and Cowen in the coming months... *


----------



## No Trust (9 September 2021)

*Hint : What **rhymes** with Google...
            What rhymes with Email...



*


----------



## No Trust (11 September 2021)




----------



## No Trust (11 September 2021)




----------



## No Trust (11 September 2021)

*What's** interesting amongst the criminal **charges** laid against the various parties listed above, is the **involvement** of Tucker's go to favourite receivers Worrell's (the firm with no morals)... ASIC is seeking to ban Worrells Partner Jason Bettles for life as a result of his **participation** which ASIC alleges facilitated a Phoenix scheme...

Like many "other" Gold Coast stitch ups this is a classic case of so called professionals teaming up to break the law and do people over...  

Worrells have another steaming pile of crap just about to hit the fan...*

*

*


----------



## No Trust (11 September 2021)

*Note that John Ramsden, a solicitor was also criminally charged...*

*The key to the stitch up of innocent investors is always the **involvement** of a solicitor and a friendly receiver... 

All are now facing life bans.... 

As the Equititrust case proceeds Tucker will be facing the same fate...*



No Trust said:


> View attachment 130167


----------



## No Trust (11 September 2021)

*Like Tucker, Jason Bettles tried to have the case against him struck out before any evidence was heard... The court file **shows** that ASIC are going for Bettle's jugular....*


----------



## No Trust (11 September 2021)

*Latest order of the Federal Court...




			https://www.comcourts.gov.au/file/Federal/P/QUD693/2019/3874494/event/30812700/document/1830744
		

*


----------



## No Trust (11 September 2021)

*Most if not all of Bettle's witnesses have been criminally charged... SMFH*


"2. The Defendant is to file and serve any affidavits of any witnesses he intends to call at trial or, if a witness is unwilling to give an affidavit, an outline of the evidence that he anticipates the witness will give by 4:00 pm on 11 October 2021."


----------



## No Trust (11 September 2021)

*


			https://www.businessnewsaustralia.com/articles/members-alliance-directors-and-lawyer-face-court-on-72-criminal-charges.html
		

*


----------



## No Trust (11 September 2021)

*








						Lawyer, former company officers facing combined 72 criminal charges
					

A solicitor and four former company officers are facing charges for alleged criminal offences relating to the collapse of the Members Alliance and Benchmark group of companies.  Earlier on Friday 10 S




					www.lawyersweekly.com.au
				



*


----------



## No Trust (12 September 2021)

*For anyone who was curious as to how Tucker and Cowen were able to bankrupt McIvor personally, here's the answer... As Paul Keating once said to the then opposition leader Alexander Downer, " the Salmon that jumps on the hook for you. "...










						McIvor v Tucker & anor [2013] QCATA 54 | Queensland Civil and Administrative Tribunal Appeals Caselaw
					

McIvor v Tucker & anor [2013] QCATA 54 | Queensland Civil and Administrative Tribunal Appeals Caselaw. DIVISION: Trial Division, PROCEEDING: Application, ORIGINATING COURT: Supreme Court at Brisbane, DELIVERED ON: 6 June 2011, JUDGE: Ann Lyons J




					www.queenslandjudgments.com.au
				



*


----------



## No Trust (12 September 2021)

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjE54SRnPnyAhVzzzgGHdEGAskQFnoECAMQAQ&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DNdAoQvqh7eY&usg=AOvVaw1XJku4d2R_-yR_s2JJkyWN


----------



## No Trust (15 September 2021)

*Tucker's statement from his Public humiliation in the Federal Court, will become highly relevant over the coming months...

Tick Tock*


----------



## No Trust (15 September 2021)

*Tucker alleged he didn’t know where his share of loot went… Money trails however have a funny way of being uncovered by investigative types… *


----------



## No Trust (15 September 2021)

*The best thing that can ever happen is to get Tucker into the witness box and box him in… I’m sure that Tucker and Cowen will try and settle prior to trial, however given the money spent to date by the liquidators, they have no reason to settle other than for the full amount… *


----------



## No Trust (20 September 2021)

*More Affidavits are being filed... More costs - More Pain for the Tucker Defendants... *


----------



## No Trust (20 September 2021)

*


			File Summary
		

*


----------



## No Trust (20 September 2021)

*Playing dirty until the bitter end... 

Stephen Russell has exposed the appalling legal tactics being used by Tucker and Cowen in conjunction with their lawyers...

The court will not look favourably on this abuse of the court process... *


----------



## No Trust (20 September 2021)

*

*


----------



## No Trust (20 September 2021)




----------



## No Trust (20 September 2021)




----------



## No Trust (20 September 2021)




----------



## No Trust (20 September 2021)




----------



## No Trust (20 September 2021)

*This is an example of how the legal system is abused by the lawyers themselves... On this occasion however, the grenade has been lobbed back at Tucker and Cowen by Stephen Russell to **devastating** effect...*


----------



## No Trust (20 September 2021)

*Tucker has previously* *declared, "in the federal court", that he will declare bankruptcy if a judgement is made against him... 

2022 will be the official year of his sequestration and there will be a full court room to witness that...*


----------



## No Trust (21 September 2021)

*Back to Court for two more applications on the 20th and 30th of this month...*


----------



## No Trust (21 September 2021)

*This is where the Big Bucks $$$ are being spent on legal fees... The interlocutory applications can be enormously complex as they relate to issues of disclosure...*


----------



## No Trust (21 September 2021)

*Let there be no doubt. Tucker and Cowen are fighting for their lives' professionally and financially... Neither have been in such a precarious position** in their lives...*


----------



## No Trust (21 September 2021)

*Great to see the thread about to hit One and a Quarter Million Views... 
Special thanks to Aussie Stock Forums who have provided a platform for long suffering investors over the last 11 years - allowing them to keep updated and most importantly giving them a voice...*


----------



## No Trust (21 September 2021)

*The thread has also allowed legal professionals such as Stephen Russell, from **Russells* *Law** to be able to directly reach out to elderly investors and their families in regard to the current litigation...*


----------



## No Trust (21 September 2021)

*Filed today by Russells, well worth a scan... *






			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=124537


----------



## No Trust (21 September 2021)




----------



## No Trust (22 September 2021)

*A lot going on in the Supreme Court over the next 3 weeks…



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=124503
		

*


----------



## No Trust (23 September 2021)

*The media interest surrounding the trial of Tucker and Cowen is building... Expect some "major exposés" over the coming months...*


----------



## No Trust (23 September 2021)

*Stephen Russell’s letter dated 21 September 2021 to Tucker and Cowen’s respective solicitors did not miss… 
😬😬😬*


----------



## No Trust (23 September 2021)

*Here’s an extract… 
🔥🔥🔥


*


----------



## No Trust (23 September 2021)

*So Tucker and Cowen’s solicitors to date have refrained from making “any commitment” that either will go into evidence… That’s telling… 😬😬😬*


----------



## No Trust (23 September 2021)

*It’s no wonder that Stephen Russell estimates that they will conclude their case on the fourth day of trial set down for 15 days…  *


----------



## No Trust (23 September 2021)

*Given their own senior counsel’s statements, as mentioned in Stephen Russell’s letter above, it appears that Tucker and Cowen will have a lot more to worry about after trial, apart from any potential judgment to be made against them… *


----------



## No Trust (23 September 2021)

*It’s clear that the snowball has begun to roll…


*


----------



## No Trust (23 September 2021)

*


			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=124658
		

*


----------



## No Trust (23 September 2021)

*Stephen Russell has offered another $546,000 in Security Costs to Tucker and Cowen to avoid another costly Court Application for Costs on  30 September 2021... Dumb and Dumber want $695,700...*


----------



## No Trust (23 September 2021)

*Which ever way you look at it, Stephen Russell has the financial backing from the litigation funder to get Tucker and Cowen into court. A nightmare scenario which both Tucker and Cowen thought they'd never find themselves in...*


----------



## No Trust (23 September 2021)

*The exposure at a "very public" trial to the evidence presented by Stephen Russell along with the witnesses testimonies, is an extremely grave risk to Tucker and Cowen both **financially** and professionally... On top of that, the two **insurers** will deliver the final knockout blow, in not having to indemnify Tucker and Cowen...*


----------



## No Trust (24 September 2021)

*We really don't know why Tucker won't call David Kennedy into evidence and have him cross examined... We're sure he would be able to clear up this whole mess for his bestie... *





No Trust said:


> *Here’s an extract…
> 🔥🔥🔥
> 
> View attachment 130636
> *


----------



## No Trust (25 September 2021)

*THE OFFICIAL COUNTDOWN HAS STARTED…

142 DAYS TILL TUCKER’S TRIAL… *
*😬😬😬*


----------



## No Trust (25 September 2021)

*We can guarantee you a lot will transpire in the next 142 days…       😂😂😂*


----------



## No Trust (26 September 2021)

*141 DAYS TILL TUCKER’S TRIAL…
😬😬😬


*


----------



## No Trust (26 September 2021)

*A Media Pack is currently being prepared for distribution which will provide a summary of the history of the proceedings prior to the **commencement** of the trial...*


----------



## No Trust (26 September 2021)

*Have no doubt this will be the trial of the century as it concerns Queensland Solicitors... Tucker and Cowen's lawyers even think so...


*


----------



## No Trust (26 September 2021)

*All the ingredients are there... Incredibly Serious Allegations, Lawyers Mentioning Criminality. Millions of Dollars of Investors Funds sent offshore to foreign tax havens... Like catnip for journalists...*


----------



## No Trust (26 September 2021)

*It’s clear, that from the outset, Tucker’s strategy has been to try and dissuade a litigation funder from funding any action against him. The perfect example of this was his extraordinary statements in the Federal Court that he’ll declare bankruptcy in the event of any judgment against him… The presiding judge in his judgment declared this was an extraordinary statement for Tucker to make…  *


----------



## No Trust (26 September 2021)

*The subsequent obfuscation and deployment of dirty legal tricks causing delay and cost have failed miserably for both Tucker and Cowen… In 141 sleeps they will both wake up to the reality of a very real nightmarish, public trial, in full view of the national media… *


----------



## No Trust (26 September 2021)

*Tucker’s sworn affidavit in which he declares his intention to declare bankruptcy… 

Let there be no doubt… *


----------



## No Trust (26 September 2021)




----------



## No Trust (26 September 2021)

*Everyone knows trusts can be unravelled if there has been malfeasance… *


----------



## No Trust (26 September 2021)

*The Wicked Web of Trusts one Weaves… 


*


----------



## No Trust (27 September 2021)

*140 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (27 September 2021)

*Stephen Russell’s witnesses to be brought into evidence at trial… *


----------



## No Trust (27 September 2021)




----------



## No Trust (27 September 2021)

*Good old **Russell** McCart was the one who tipped Tucker and Cowen into the Sh#t by telling Paul Vincent (from Vincent's chartered **accountants**) about Tucker and **Kennedy's** deal with the devil... 







*


----------



## No Trust (27 September 2021)




----------



## No Trust (27 September 2021)

*Tucker targeted the Meridien boys personal homes and boy are they teaching Tucker and Cowen a lesson now... *


----------



## No Trust (27 September 2021)

*There's also no love lost between Paul Vincent and Tucker... This court case it appears, is the culmination a decades long quest for Paul Vincent and Stephen Russell to finally expose Tucker and Cowen and boy have they done a MAGNIFICENT job... Bravo lads, bravo...*


----------



## No Trust (28 September 2021)

*139 DAYS TILL TUCKER’S TRIAL…
😬😬😬


*


----------



## No Trust (29 September 2021)

*138 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (29 September 2021)

*So the Application for Security Costs by Tucker and Cowen to be heard tomorrow has been abandoned... It appears that Stephen **Russell has trounced Tucker and Cowen again...  (sound of deflating balloon)*
*






*


No Trust said:


> *Stephen Russell has offered another $546,000 in Security Costs to Tucker and Cowen to avoid another costly Court Application for Costs on  30 September 2021... Dumb and Dumber want $695,700...*


----------



## No Trust (29 September 2021)

*Given that Tucker and Cowen have no witnesses to date, the offer from Stephen Russell of $546,000 in Security Costs to be paid in cash prior to trial, was more than generous...*


----------



## No Trust (29 September 2021)

*If Tucker and Cowen did venture to court tomorrow to seek the full amount of security costs they were demanding, they would have been clobbered by any reasonable judge, especially given the **fact** that they "have not listed any witnesses" in their defence...*


----------



## No Trust (30 September 2021)

*137 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (30 September 2021)

*It's great to see the media interest ramp up as the trial approaches...
The public exposure will be relentless... 
JUSTICE IS COMING...*


----------



## No Trust (30 September 2021)

*The circumstances surrounding the sale of the ROSEA Debt which was connected to Jim Raptis, will become increasingly relevant as we come closer to trial... The debt was effectively sold by the EIF receiver David Whyte to Tucker and Kennedy via the EPF for just over $700,000 yet the collections on that debt assignment would subsequently amount to **$2,211,955.99 as detailed in the liquidators Supreme Court claim against Tucker and his entities.

So in summary, approximately a $1,511,995.99 windfall for interests connected to Tucker and Kennedy and an equivalent approximate loss of *
*$1,511,995.99 to the investors of the EIF...

The Liquidators senior counsel had every right to question the commercial justification for agreeing that the EPF controlled by Tucker and Kennedy would purchase the Rosea Debt for $700,000...*

*Was this sale to Tucker and Kennedy by the EIF ever approved by the court ???

Many serious questions need answering, as the investors of the Equititrust Income Fund have been left in the dark as to these transactions. They certainly have not been given full disclosure in the updates posted on the Equititrust Website... *


----------



## No Trust (30 September 2021)

*Of note, in the public examinations in 2017 Tucker under examination by senior Counsel, acknowledged that both he and **Michael** Peldan were personal **friends** who had know each other for decades...*


----------



## No Trust (30 September 2021)

*Under any impartial **review** by truly independent third parties, its clear that this transaction would fail the **test** of being arms length... *


----------



## No Trust (30 September 2021)

*Here are the amounts that landed in Tucker and Cowen’s Trust Account as documented by Stephen Russell in the Supreme Court Claim… 
Note the collective payments received from the Rosea Debt… 🤦‍♂️


*


----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)




----------



## No Trust (30 September 2021)

*$1,561,405.99 in 5 months flowed through tucker and Cowen's Trust Account as a result of the purchase of the Rosea Debt for a bargain sum of $700,000 ??? Remember the total recoveries were $2,211,955.99...

Who determined that $700,000 was fair value ? Peldan the receiver of the EPF said he did... (Refer to transcript below) So that decision "as a receiver" was made in conjunction with the receiver of the EPF David Whyte. 

Now lets dig back at the relevant relationships of all the parties. This is not speculation this is fact which has been tested in the Federal Court. 

Michael Peldan - Personal friend of David Tucker ?                   - YES

David Whyte      - Personal friend of David Tucker ?                   - YES 

David Tucker     - Acting as Solicitor for Michael Peldan EPF ? - YES

David Tucker     - Acting as Solicitor for David Whyte EIF ?       - YES

David Tucker     - Acting as Solicitor for MS Asia ?                       - YES*

*David Tucker     - Acting as **Solicitor** for David Kennedy            - YES

The actual, let alone the perceived conflict of interest **between** these three is beyond **the** pale and if it were not for the millions of dollars being spent on the current litigation by the liquidators, none of these deals would have come to the knowledge of the investors of the EIF and EPF...*




*

*


----------



## No Trust (30 September 2021)

*In effect Tucker was acting for everyone whilst his interest in MS ASIA was being concealed in offshore shareholdings located in tax haven **jurisdictions**... Now that **seems** above board **doesn't** it...*


----------



## No Trust (1 October 2021)

*136 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (1 October 2021)

*If no one else will raise questions about this transaction, then the media will... In response to a brief **provided yesterday**, several savvy media types (*_*of the investigative variety*_*), were left **gobsmacked** at the glaringly obvious **conflicts of interest at play... There needs to be a form of ICAC for the Insolvency Profession, as it appears many don't give a flying f#ck about conflict of interest and acting in the interests of investors and creditors...  
ASIC needs to step in and investigate this... 
*


No Trust said:


> *$1,561,405.99 in 5 months flowed through tucker and Cowen's Trust Account as a result of the purchase of the Rosea Debt for a bargain sum of $700,000 ??? Remember the total recoveries were $2,211,955.99...
> 
> Who determined that $700,000 was fair value ? Peldan the receiver of the EPF said he did... (Refer to transcript below) So that decision "as a receiver" was made in conjunction with the receiver of the EPF David Whyte.
> 
> ...


----------



## No Trust (1 October 2021)

*Prior to and at trial this matter will have significant relevance and many heads will roll... 

Good ol Gladys thought she would never be investigated for deeds going back to 2012 and look what transpired today... *


----------



## No Trust (1 October 2021)

*If Tucker had appointed a truly independent receiver to the EPF would this **transaction have ever** been allowed to proceed ?*


----------



## No Trust (1 October 2021)

*The whole **transaction** related to MS Asia was a closed circle with **independent** professionals excluded, in favour of sychophantic mates who even let Tucker pay away Equititrust Investor funds **directly** from his own law firms trust account, to an **entity in which he had a hidden beneficial interest in Hong Kong...

Its no wonder Tucker and Cowen's lawyers are saying this.... 


*


----------



## No Trust (2 October 2021)

*135 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (2 October 2021)

*What should have happened when ASIC intervened back in 2011… Hugh Copley’s objective on behalf of ASIC was to get independence in the court appointed receiver… *


----------



## No Trust (2 October 2021)




----------



## No Trust (2 October 2021)




----------



## No Trust (2 October 2021)




----------



## No Trust (2 October 2021)




----------



## No Trust (2 October 2021)

*What actually happened when a big 🖕🖕🖕was given to ASIC and professional regulators and the “mates” carved up the EPF as they pleased…*


----------



## No Trust (2 October 2021)

*THE WORDS OF ASIC WHEN OPPOSING TUCKER’S CHOICE OF RECEIVER… *


----------



## No Trust (2 October 2021)

*Let that ring hard in everyone’s ears 👂 including the judge’s at trial… Tucker should not have been anywhere near the investors funds let alone have hidden his and Kennedy’s interest in the purchase of the BOSI debt 💸… *


----------



## No Trust (2 October 2021)

*Fast forward to 2021 and “genius” Tucker wonders why he’s having his assed sued and his face is plastered all over the newspapers… 🤦‍♂️ 

*


----------



## No Trust (2 October 2021)

*Tucker’s own words… 


*


----------



## No Trust (2 October 2021)




----------



## No Trust (2 October 2021)

*PROJECTION AND GASLIGHTING ??? DODGY DEALS 😂😂😂

*


----------



## No Trust (2 October 2021)

*So Tucker called Stephen Russell an extortionist 😂😂😂 
In the end he will be described as an executionist - “The person that makes difficult things a reality. A magic do-er of difficult deeds”.*
​


----------



## No Trust (4 October 2021)

*McIvor's investment fund spruiker "Billy James" is back... 
	

		
			
		

		
	


*


----------



## No Trust (4 October 2021)




----------



## No Trust (4 October 2021)

*133 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


----------



## No Trust (4 October 2021)

Someone might be sweating about their interests in a BVI company this morning… 









						Pandora Papers: A simple guide to the Pandora Papers leak
					

A massive leak of documents reveal hidden wealth, tax avoidance and in some cases, money laundering.



					www.bbc.com


----------



## No Trust (4 October 2021)

Some Australians will be nervously watching 4 Corners tonight - hundreds of Australians implicated in the Pandora Papers…


----------



## No Trust (4 October 2021)

He made a $62m fortune keeping his rich clients' secrets. Now they are spilling out
					

They're called the Pandora Papers. A leak of 11.9 million files reveals how the rich and powerful disguise and move their money offshore.




					www.abc.net.au


----------



## No Trust (5 October 2021)

*TICK TOCK details will be released soon…









						More than 400 Australians named following Pandora Papers leak
					

The Australian Taxation Office confirmed it is investigating all possible Australian links after the publication of what has been dubbed the Pandora Papers.




					www.dailymail.co.uk
				



*


----------



## No Trust (5 October 2021)

*132 DAYS TILL TUCKER’S TRIAL…*
*😬😬😬*


----------



## No Trust (5 October 2021)

*Simple Question for Tucker and Cowen... Did any money ever go back to the investors of the EPF ???*

*A SERIOUS Issue to be explored at trial... This level of scrutiny for Tucker and Cowen will be like a legal colonoscopy and Stephen Russell will be the one preforming the procedure, in front of a public gallery chock a block full of the MEDIA, which good ol Tucker and Cowen love soooo much...  *


----------



## No Trust (5 October 2021)

*As McIvor noted in his delusional crap book, (where he *_*attempted*_* to rewrite history and gaslight us all on the reasons for his demise), he underestimated the veracity of the media that pursued him... 

All good media coverage has to be well **coordinated**, hence the need for PR Consultants. In McIvor's case, the miscreant deeds that had to be exposed, were well coordinated with the national and local media... 
P.S. Your **welcome Marky Boy... *

*In Tucker, Cowen and Kennedy's case the same surgical **precision** has **occurred since 2017**... A "major story" is currently in the works, which will blow the pants off every other story reported to date on the **Equititrust** saga... STAY TUNED...
Tucker, Cowen and Kennedy... YOUR WELCOME...*


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## No Trust (5 October 2021)

*Tick Tock


*


----------



## No Trust (5 October 2021)




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## No Trust (5 October 2021)




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## No Trust (5 October 2021)

*JUSTICE IS COMING...*


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## No Trust (6 October 2021)

*131 DAYS TILL TUCKER’S TRIAL…*
*😬😬😬*


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## No Trust (6 October 2021)

*These are simple facts… 

1.Tucker’s solicitors are Bartley Cohen.


2. Nick Tucker is Tucker’s son.

3. Nick Tucker is employed by Bartley Cohen who are defending Tucker in the Supreme Court. 

4. BDO are the receivers of the Equititrust Income Fund.

6. David Tucker and David Whyte the partner from BDO who is the receiver of the Equititrust Income Fund are personal friends…


*


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## No Trust (6 October 2021)




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## No Trust (6 October 2021)

*The last of Nick’s interests is curiously interesting… *


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## No Trust (7 October 2021)

*Who was doing business with this convicted criminal ??? 









						He made a $62m fortune keeping his rich clients' secrets. Now they are spilling out
					

They're called the Pandora Papers. A leak of 11.9 million files reveals how the rich and powerful disguise and move their money offshore.




					www.abc.net.au
				



*


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## No Trust (7 October 2021)

*Many many months of investigations and leaks leading to a credible formal complaint and it appears you can kill two birds with one stone...*

*Here is the first bird to fall off its perch... P.S. **You're** WELCOME...


*



No Trust said:


> *As a guarantee a formal complaint is being made against both Tucker and Cowen with the Australian Taxation Office…  ATO very interested in the Thumb Drive as I’m sure the insurers will be…
> 
> Everyone has their day of reckoning when they’ve acted like an utter prick all their professional life… David’s Day is coming… 👋*


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## No Trust (7 October 2021)

No Trust said:


> *I guess 2 is better than 1… 👋 😘*
> 
> 
> 
> ...


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## No Trust (7 October 2021)

*But wait there's more...*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


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## No Trust (7 October 2021)

*A company called ROSEA seems to be **popping** up everywhere... *

*

*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

ATO freezes $80m in assets tied to developer Jim Raptis
					

The ATO alleged the Gold Coast developer, members of his immediate family and associated companies, were involved in “tax avoidance arrangements”.




					www.afr.com


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*Given the Shakespearean plot twists in this scandal a quote from Hamlet is in order...*

*"The lady (in this case the gent) doth protest too much, methinks"...*


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## No Trust (7 October 2021)

*Let’s say that once upon a time there were two gents who both had sophisticated offshore entities and a problem to solve onshore… What’s to say a little fairy 🧚‍♂️ suggested that some of the problem be solved offshore… WHOOSHKA… Problem solved no nasty taxes to worry about…*
*But this is a **fairy tale**  right ???*


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## No Trust (7 October 2021)

*Notice how the ROSEA debt was "not finally settled" until it was transferred for $700,000 out of the hands of BDO to Tucker and Kennedy under the guise of MS ASIA...


*


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## No Trust (7 October 2021)

*Raptis and family will not recover from this hit as they have done so before... The reason ? The loot pilfered offshore away from creditors including hundreds of subcontractors over decades has been discovered by the Taxation Office... Even good **old** Jim's personal home is now on the chopping block... *

*No amount of layered trusts and keeping his home in the name of a retired granny will save him this time...

Bye Jimbo... 



*


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## No Trust (7 October 2021)

*Maybe good ol gal Merilee Lisle has a granny flat out the back... Her discussions will the Taxation **Office** will be **riveting**... *


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## No Trust (7 October 2021)

*Below is another galloping Greek Gold Coast property developer who was jailed for a decade in 2018 for $63 Million.









						Michael Issakidis jailed over Australia's largest tax fraud
					

A former Gold Coast property developer has been jailed for more than a decade in the largest prosecuted tax...




					www.9news.com.au
				




The Taxation Office wants $109.7 Million from Raptis... 

Jim Raptis faces years of legal hell, a potential custodial sentence and the loss of his family home and all other assets just like Michael Issakidis... *

*The developments that the Taxation Office is allowing to continue will all flow back to the ATO... The ATO is allowing this because of the strong Gold Coast property market. The question is, given Raptis's abysmal record in paying subbies, will the subcontractors turn up to work given what's **transpired**...*

*

*


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## No Trust (7 October 2021)

*Further updates on Raptis and previous statements given to receivers **about** his **personal** wealth...



*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*Raptis had* *millions stashed overseas* *but refused to pay innocent subbies...*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*Jim Raptis's luck has finally run out... 

ZERO TEARS...PRAYERS AND THOUGHTS THOUGH, FROM YOUR CREDITORS AND FORMER SUBCONTRATORS...*


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## No Trust (7 October 2021)

No Trust said:


> *$1,561,405.99 in 5 months flowed through tucker and Cowen's Trust Account as a result of the purchase of the Rosea Debt for a bargain sum of $700,000 ??? Remember the total recoveries were $2,211,955.99...*





No Trust said:


> *Who determined that $700,000 was fair value ? Peldan the receiver of the EPF said he did... (Refer to transcript below) So that decision "as a receiver" was made in conjunction with the receiver of the EPF David Whyte.
> 
> Now lets dig back at the relevant relationships of all the parties. This is not speculation this is fact which has been tested in the Federal Court.
> 
> ...


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## No Trust (7 October 2021)

*No need for alarm 🚨 folks, (certainly not for people without secret offshore entities in tax havens), but a specific department within the ATO are avid readers of this thread… 🤔*


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## No Trust (7 October 2021)

*TICK TOCK… *


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## No Trust (7 October 2021)

*If Raptis and others who have had dealings with him think for a minute they haven’t been surveilled by the Federal Police, they’re deluded… 
Watch this space… *


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## No Trust (7 October 2021)

kostag said:


> *Re: Equititrust: RAPTIS DISCLOSURE:*





kostag said:


> 1.   Recent media:
> _Equititrust is seeking to recover a $3.8 million debt held against a Mudgeeraba development site owned by a Raptis company and guaranteed by Mr Raptis personally.
> 
> Equititrust chief executive David Kennedy said yesterday that Mr Raptis had not adhered to a refinance proposal.
> ...


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## No Trust (7 October 2021)

*David Kennedy and his mate David Tucker personally benefited from Jim Raptis’s repayments to the EPF… Remember ROSEA Pty Ltd  *


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## No Trust (7 October 2021)

*QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION have just advised that they are now on Raptis’s case and are looking into his QLD building license… And the walls come tumbling down… In the end subbies and creditors will always suffer with Raptis Group… *


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## No Trust (7 October 2021)

*In terms of Tucker and Cowen where have the Legal Services Commission been ??? Waiting one must assume for Stephen Russell to hand them over on a silver platter after the trial next year… The Legal Services Commission is an abject joke. In the end they will have to act whether they like it or not… *


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## No Trust (7 October 2021)

*A snack recommendation perhaps for likes of Tucker, Kennedy and Raptis… 😂 Munch away boys… 😂


*


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## No Trust (7 October 2021)

*More details of the $109,700,000 ATO claim against Jim Raptis... YIKES...*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*Raptis's builders license is also now on the chopping block given the ATO's actions according to the QBCC...*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*This is relevant... As it has some **similarities** to  Tuckers affairs...









						No Cookies | Gold Coast Bulletin
					

No Cookies




					www.goldcoastbulletin.com.au
				



*


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## No Trust (7 October 2021)

*Tucker also had a first mortgage on his marital home at 29 Sassafras St The Gap, in wife Jennifer's name, to one of his onshore corporate entities called Tuckerloan, which is a defendant in the current proceedings before the Federal Court...*


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## No Trust (7 October 2021)

*The liquidators allege that he removed that mortgage in favour of another **entity** prior to his Public Examinations in the Federal Court in early 2017...


*


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## No Trust (7 October 2021)




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## No Trust (7 October 2021)

*Good ol Raptis and Tucker "**unfortunately**" have a lot in **common** when it comes to structuring their offshore and onshore affairs... Who **would've* *thought**...*


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## No Trust (7 October 2021)

https://www.fatf-gafi.org/media/fatf/documents/reports/ML%20and%20TF%20through%20the%20Real%20Estate%20Sector.pdf


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## No Trust (7 October 2021)

*As Tucker’s trial approaches and Raptis’s fateful day nears, the use of loan back schemes to fund mortgages over personally “occupied assets” will come to the fore… *


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## No Trust (7 October 2021)

*These mortgages are nothing but a sham to prevent creditors coming close to the miscreants personal homes. Raptis’s $20M Gold Coast home has a mortgage to a beneficially owned entity in the UK 🇬🇧 and a second mortgage to a an onshore lender in Australia 🇦🇺. The home is owned by a $1 Pty Ltd Australian company. The owner of the $1 share is a retired pensioner from Biggera Waters on the Gold Coast… Come on… 
✊🍆💦💦💦*


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## No Trust (7 October 2021)

*It’s a joke… But not for much longer… Subbies were screwed whilst Jim hid his money offshore and lives in a $20 Million Dollar home… 

*


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## No Trust (8 October 2021)




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## No Trust (8 October 2021)

*All over the news in Australia... Tucker will enjoy the same level of coverage prior to, during and after trial...


*


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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)

*








						ATO freezes $80m worth of assets detailed in Pandora Papers
					

A majority of the profession is erring on the side of caution when it comes to returning to the office, even as some states are poised to reopen as soon as next week.




					www.accountantsdaily.com.au
				



*


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## No Trust (8 October 2021)




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## No Trust (8 October 2021)

*As Karma bites* *Jim Raptis and "Justice is rendered" it serves as a tale of the ages about greed and doing the right thing, its pretty simple stuff, PAY YOUR TAXES... 

Jim lives in a $20 Million dollar home of greed **while** he **avails* *himself** of public infrastructure yet does not want to contribute to society... He has **repeatedly** not pad **subcontractors** whilst **amassing** tens of millions of dollars offshore, even a home in Athens...

Jim and Helen Raptis, the great friends of "Mark McIvor and former wife Stacey Turner", yes they were buddies, now all find themselves on the same self destructive path, that only **immense** greed delivers. 

The Taxation Office have Raptis this time around due in thanks to :

1. A loan he once took out from his mate McIvor, which was bought by            none other than David Tucker and his offshore interests. 

1. A complaint being made to the ATO in regard to the loan coupled with        the divine timing of the Pandora Papers... 

The ATO were left with no other option than to rush to the Federal Court last Friday and seek the ex parte freezing orders once all the data matched up... They even put a freeze order on his Lexus...*


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## No Trust (8 October 2021)

*Like McIvor, Jim Raptis at 75 years of age will lose the lot this time around...


*


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## No Trust (8 October 2021)

*The loan repaid by Raptis to Tucker / EPF in regard to Rosea Pty Ltd is an interesting transaction indeed… If Raptis / Rosea Pty Ltd were in default and had no money to pay, where did the money come from all of a sudden. Prior to David Whyte selling the loan to Tucker / MS Asia / EPF Raptis has no cash to pay… The moment David Whyte sold the loan to Tucker / MS Asia all of a sudden the money started to dribble in, in dribs and drabs to give the impression of financial hardship… Yet tens of millions were stashed offshore it’s now been discovered… Why did the money start rolling in when Tucker and Kennedy had full control of the debt ???
Have no doubt the money came into Australia from overseas under a loan back scheme…   *


No Trust said:


> *As Karma bites* *Jim Raptis and "Justice is rendered" it serves as a tale of the ages about greed and doing the right thing, its pretty simple stuff, PAY YOUR TAXES...
> 
> Jim lives in a $20 Million dollar home of greed **while** he **avails* *himself** of public infrastructure yet does not want to contribute to society... He has **repeatedly** not pad **subcontractors** whilst **amassing** tens of millions of dollars offshore, even a home in Athens...
> 
> ...


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## No Trust (8 October 2021)

*Of course the liquidators were not given a copy of the document… Refer to the highlighted section below…


*


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## No Trust (8 October 2021)

*Why didn’t David Whyte provide a copy ??? 

*


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## No Trust (8 October 2021)

*Tucker and Kennedy’s entanglement with Rosea Pty Ltd and Raptis and their collective offshore tax haven interests are now at the forefront of ATO investigations… A further tranche of information was provided to the ATO yesterday… *


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## No Trust (8 October 2021)

*TODAYS PRINTED FRONT PAGE OF SHAME…


*


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## No Trust (8 October 2021)

*Jim says he’s disappointed he got caught it should read… 


*


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## No Trust (8 October 2021)




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## No Trust (8 October 2021)

*When this thread was started on 23 June 2010 by Kostag we were attacked by all and sundry, particularly the Equititrust miscreants including Kennedy joining the thread to try and gaslight… *


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## No Trust (8 October 2021)

*The media sorted them out… 😂*


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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)




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## No Trust (8 October 2021)

*Exposed :

• Equititrust 
• McIvor
• Tucker 
• Cowen
• Tucker & Cowen Solicitors 
• Worrells
• Peldan
• Raptis
• Offshore Tax Havens
• Secret deals amongst mates*
*• Insolvency malfeasance 
• Massive conflicts of interest 

The best is yet to come WATCH THIS SPACE… *


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## No Trust (8 October 2021)

*Note the highlighted section...


*


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## No Trust (8 October 2021)

*The Pandora papers were the nail in the coffin, the Raptis / Rosea Pty Ltd dealings with Tucker and Kennedy were the catalyst... The fact that Tucker and Kennedy tried to conceal their beneficial interests in MS ASIA via offshore entities in Tax Havens really set alarm bells ringing...*


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## No Trust (8 October 2021)

*$100,000 in legal expenses is NOTHING given the magnitude and quantum of alleged tax evasion, which is shaping up to be one of the biggest in Australia history...


*


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## No Trust (8 October 2021)

A 'good arguable case'​





			https://www.businessnewsaustralia.com/articles/ato-fires-its-latest-volley-in-the-drawn-out-battle-with-raptis.html


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## No Trust (8 October 2021)

*Good ol Jim had a history of backdating **documents** according to the Deputy Commissioner of T**axation. Just like his disgraced bestie Mark McIvor who was banned for life... The ATO now needs to refer the matter to ASIC so that Raptis can also be banned for life... This type of behaviour is abhorrent... *


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## No Trust (9 October 2021)

*The vultures are circling as bankruptcy looms for Jim Raptis... Who will put their hands up ??? The "unusual" **suspects** ??? Tucker & Cowen, Worrells, BDO... Trust me their lack of shame and bare face conflict of interest to date would in their minds not rule them out...

Which ever way you look at it the sharks have smelt the blood in the water and good ol Jim is barely treading water... Bye Jim...*


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## No Trust (9 October 2021)




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## No Trust (9 October 2021)




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## No Trust (9 October 2021)

*Another potentially prestigious and professionally rewarding bankruptcy appointment which could be imminent will be David Tucker's, given the fact that he has declared in affidavits to the Federal Court that he will declare **bankruptcy... My suggestion is that whoever is appointed to Jim Raptis be appointed the bankruptcy trustee to David Tucker... Two birds with one stone etc etc..*


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## No Trust (9 October 2021)

*One can see what the Deputy Commissioner of Taxation is on about when it concerns the maladministration of Raptis Ltd and good ol Jim's plethora of companies... This, for all intents and **purposes** looks like a sh#t show with the focus being on avoiding tax in offshore tax havens...*


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## No Trust (9 October 2021)




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## No Trust (9 October 2021)




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## No Trust (9 October 2021)

*The sale of the Management Rights mentioned in the story above was a sale to Jim Raptis's private interests... Keep the Conflict of **Interest** alive Jim...*


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## No Trust (9 October 2021)

*More Maladministration...*


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## No Trust (9 October 2021)

*The Gold Coast has been gaslighted by this guy for over 4 decades. Creditors and subbies haven't been paid hundreds of millions of dollars and the local media call him the comeback king and "rubber man"...  This financially abusive relationship with the Gold Coast has to stop as its clear that Jim is not **loyal** to the Gold Coast and has many overseas Tax Haven mistresses with whom he has cheated with for decades, whist crying poor when it comes time to pay local subbies and suppliers... This has been nothing but financial abuse of the community in which he lives in...
GOODBYE AND GOOD RIDDANCE...*


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## No Trust (10 October 2021)

*The ATO has effectively broken Raptis’s back with freezing orders so that he can’t vigorously defend himself via a deep pocket defence… The litigious route that Raptis previous deployed and funded via his offshore cash stash is no longer available…




*


----------



## No Trust (10 October 2021)

*Another Gold Coast developer who **didn't** like **paying** Tax... Michael Issakidis **previously** went bankrupt 2 times before his final downfall and jailing...

Notice Issakidis's use of loan back schemes and a "Samoan financier"...*


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## No Trust (10 October 2021)

*Here's another one of Raptis's magic tricks...*


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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)




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## No Trust (10 October 2021)

*The comments in the Gold Coast Bulletin say it all...


*


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## No Trust (10 October 2021)




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## No Trust (10 October 2021)

*This is the general sentiment and disgust being vented last year over the fishy Management Rights deal ... Since the discovery of of the overseas tax haven money last week, people are furious, especially the thousands of subbies and creditors... Imagine as late as 2015 he put another two companies into liquidation with combined debts of over $11M dollars... 


*


----------



## No Trust (10 October 2021)

*Meanwhile one of Raptis's neighbours at Paradise Waters spotted son Evan Raptis's $250,000+ AMG Mercedes parked out the front of daddy's house today. Sunday crisis meetings underway, one would assume... 


*


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## No Trust (11 October 2021)

*Federal Court Judgment by Justice Collier - Freezing 🥶 Orders against Jim Raptis 😬😬😬



			https://www.judgments.fedcourt.gov.au/__data/assets/word_doc/0005/611789/2021FCA1192.docx?v=0.1.1
		

*


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## No Trust (11 October 2021)

*Raptis’s accountants appear to be BDO… 🤔 


*


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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)

*Doing God’s work… *


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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)




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## No Trust (11 October 2021)

*Given the ATO's revelations, it appears that Jim could have paid his subcontractors... Instead he used offshore tax havens to stash cash away from them... The shell game has now been stopped by the ATO once and for all...*


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## No Trust (11 October 2021)




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## No Trust (11 October 2021)

No Cookies | Gold Coast Bulletin
					

No Cookies




					www.goldcoastbulletin.com.au


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## No Trust (11 October 2021)

*The fact that many subcontractors lost their homes whilst Raptis remains in a $20 Million dollar home beneficially owned by a pensioner in Biggera Waters beggars **belief**... *


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## No Trust (11 October 2021)

*How long has Raptis been a client of BDO ??? ROSEA Pty Ltd is one of the Raptis companies frozen by the Deputy Commissioner of Taxation.*


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## No Trust (11 October 2021)




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## No Trust (12 October 2021)

*125 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


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## No Trust (12 October 2021)

*As the trial approaches there will be immense pressure on Tucker & Cowen… 

Watch this space for the countdown to JUSTICE… *


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## No Trust (13 October 2021)

124 DAYS TILL TUCKER’S TRIAL…
😬😬😬


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## No Trust (13 October 2021)

*Heads begin to roll connected to the Deputy Commissioner of Taxation’s Freezing Orders over Raptis Assets…


*


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## No Trust (13 October 2021)

*All heading down the same path as banned, bankrupted and criminally convicted McIvor… *


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## No Trust (13 October 2021)

*McIvor is warming the bench for his buddies Tucker and Raptis… *


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## No Trust (13 October 2021)

*Sleazy sleazy Gold Coast at its best… A sunny place for shady people… *


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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)

*Poor ol Jim, too upset he hasn't paid his subcontractors **doesn't** want his photo taken... How does this guy sleep at night ??? In a $20M Dollar mansion built off the sweat blood and tears of innocent subcontractors and creditors whilst not paying his taxes... Jim must think this is Greece where not paying taxes was a national sport... 


*


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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)




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## No Trust (13 October 2021)

No Cookies | Gold Coast Bulletin
					

No Cookies




					www.goldcoastbulletin.com.au


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## No Trust (13 October 2021)

*Remember Tucker, Kennedy and Peldan (Worrells Receiver aka Tucker's mate and puppet) did a deal with Raptis as to the Rosea Pty Ltd Debt. Rosea has now been frozen by the Deputy Commissioner of Taxation...

David Whyte the receiver of the Equititrust Income Fund sold the debt to MS Asia which his friend David Tucker had a beneficial interest in and was effectively its controlling mind...*

*Did "Davey Boy" declare his conflict of interest to his personal friend **David** Whyte ?*


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## No Trust (13 October 2021)

*Peldan states under oath that he wasn't aware that David Tucker and David Whyte were personal friends... Question is, did they all ever socialise together ??? *


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## No Trust (13 October 2021)

*To add more intrigue into the mix we now discover that Jim Raptis is a client of BDO... You couldn't make this stuff up...*


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## No Trust (13 October 2021)

*What I can tell you, is that all these relationships are now under serious investigation by the ATO in a far reaching investigation to connect the dots, so to speak, between Raptis's jailed accountant and the transactions Raptis entered into with others who maintained offshore entities in tax havens...*


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## No Trust (13 October 2021)

*If Tucker and Kennedy had nothing to hide, why all the **secrecy** in concealing their interests in MS Asia via dummy directors and BVI companies ???*


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## No Trust (13 October 2021)

*The simple fact of the matter is, they had a lot to hide. This will be **trickle** fed during the **countdown** to trial which is 4 months away...*


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## No Trust (13 October 2021)

*The public airing of the allegations and evidence against Tucker and Kennedy at trial will be excruciating !!!*


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## No Trust (14 October 2021)

*Tucker loses again... 



			http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399%2f18&edocsno=125505
		

*


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## No Trust (14 October 2021)

*123 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


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## No Trust (14 October 2021)

*Wow, some gobsmacking revelations are coming to light... How does the old saying go ? Those who live in glass houses etc... Quite hilarious in fact... Watch this space... *


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## No Trust (14 October 2021)

*Great to see the thread hit another milestone... 


*


----------



## No Trust (15 October 2021)

*122 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


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## No Trust (15 October 2021)

*Expect a new twist in the Raptis scandal… National Newspaper currently on the story… *


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## No Trust (15 October 2021)

*Keep an eye on the daily court lists before the Brisbane Courts - many appearances to come in the near future… *


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## No Trust (16 October 2021)

*121 DAYS TILL TUCKER’S TRIAL…*
*😬😬😬*


----------



## No Trust (19 October 2021)

*118 DAYS TILL TUCKER’S TRIAL…
😬😬😬



*


----------



## No Trust (20 October 2021)

*117 DAYS TILL TUCKER’S TRIAL…
😬😬😬


*


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## No Trust (21 October 2021)

*116 DAYS TILL TUCKER’S TRIAL…
😬😬😬


*


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## No Trust (21 October 2021)

*ATO holding tight by the Short and Curly's...



*


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## No Trust (21 October 2021)




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## No Trust (21 October 2021)




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## No Trust (21 October 2021)

*





						No Cookies | Gold Coast Bulletin
					

No Cookies




					www.goldcoastbulletin.com.au
				



*


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## No Trust (22 October 2021)

*About time Criminal Charges were laid...*


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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)




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## No Trust (22 October 2021)

*Criminal Charges and "Convictions" are never a good look for anyone or any business... The ramifications can be far reaching... *


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## No Trust (24 October 2021)

*113 DAYS TILL TUCKER’S TRIAL…
😬😬😬


*


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## No Trust (24 October 2021)

*SOCKS AND JOCKS…  and the parallels to the Equititrust Court Case…


*


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## No Trust (24 October 2021)

NoCookies | The Australian
					






					www.theaustralian.com.au


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## No Trust (24 October 2021)

*Both Eddy Obeid and Tucker boasted about their finances and now find themselves at the mercy of the courts… Many other regulatory wolves 🐺 are also waiting for the trial to commence prior to going for the jugular… Rest assured they are being well fed prior to the trial as are the media… *


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## No Trust (24 October 2021)

*Prior to trial, Tucker’s lawyers have tried to  polish the turd 💩 of a defence they have filed to the greatest extent that they could. At trial however Tucker and Cowen will like, Eddie Obeid, face serious examination before the court with all the associated risks that come with being interrogated by accomplished QC’s at a public hearing, under the searing glare of the media and regulators like the ATO, ASIC and the Legal Services Commission who will all have a presence… *


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## No Trust (26 October 2021)

*111 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


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## No Trust (27 October 2021)

*110 DAYS TILL TUCKER’S TRIAL…*
*😬😬😬*


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## No Trust (27 October 2021)

*Its good to see that the "Murdoch Media", yes that's right... the "Murdoch Media" reported on the Tucker and Cowen litigation from the outset... Usually the sons of former dinosaur State Liberal Party presidents get given a pass... Not in this instance it seems... Good ol Lachlan Murdoch spent some time living in Brisbane and some leisure time on the Gold Coast in the early **nineties** and made some **unlikely** friends... *


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## No Trust (27 October 2021)

*Karma is coming... *









						No Cookies | The Courier Mail
					

No Cookies




					www.couriermail.com.au


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## No Trust (28 October 2021)

*109 DAYS TILL TUCKER’S TRIAL…
😬😬😬*


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## No Trust (28 October 2021)

*PROMISE MADE PROMISE DELIVERED... *


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## No Trust (28 October 2021)




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## No Trust (28 October 2021)




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## No Trust (28 October 2021)

Backdating claims put Raptis directorship in spotlight
					

The veteran Gold Coast developer, accused of tax avoidance in an ATO claim, maintains he has always conducted his affairs legally.




					www.afr.com


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## No Trust (28 October 2021)

*Raptis's directorship of a publicly listed **company** is now clearly at risk... If Raptis did backdate documents like his mate McIvor, as ASIC alleges in sworn affidavits presented to the Federal Court of Australia, then he deserves to get banned by ASIC just like McIvor...  *


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## No Trust (28 October 2021)

*The issue is, if no one makes a complaint, ASIC will do nothing... Having the story gain national **prominence** through the Financial Review puts serious **pressure** on ASIC to actually investigate and remove Raptis as a director. Both ASIC chairs, their media monitors and those who fund ASIC Federally have read the story. This is the only way to get ASIC to do anything, "Media Exposure" is the **blowtorch** to their inactive heels...*


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## No Trust (29 October 2021)

*108 DAYS TILL TUCKER’S TRIAL…*
😬😬😬


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## No Trust (30 October 2021)

*107 DAYS TILL TUCKER’S TRIAL…*
😬😬😬


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## No Trust (31 October 2021)

*106 DAYS TILL TUCKER’S TRIAL…*
😬😬😬


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## No Trust (1 November 2021)

*Oh the irony...



*


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## No Trust (1 November 2021)

Trust me, I'm a lawyer - The Justinian Archive - Justinian: Australian legal magazine. News on lawyers and the law
					

Collapsed Equititrust boss returning to the law ... Money lending - Gold Coast style ... Negligenc...




					justinian.com.au


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## Skate (1 November 2021)

New champion of retirees who lost life savings​The article is about the "gross mismanagement and negligence" of "two former Equititrust employees" and "routine breaches of fiduciary duty" by major law firms. 









						New champion of retirees who lost life savings
					

Mark McIvor reinvents himself as a champion of those hurt by mortgage fund implosion.




					www.smh.com.au
				




Skate.


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## No Trust (1 November 2021)

Skate said:


> New champion of retirees who lost life savings​The article is about the "gross mismanagement and negligence" of "two former Equititrust employees" and "routine breaches of fiduciary duty" by major law firms.
> 
> 
> 
> ...



*Great Article Skate... McIvor's delusion on full display...*


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