Wellington Capital PIF/Octaviar (MFS) PIF

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

This in HeraldSun.com.au today.

Octaviar in liquidation hearings



October 10, 2008 03:03pm

THE directors of beleaguered fund manager Octaviar may be preparing a proposal to trade the company out of its massive debts, a Brisbane court has heard.

The Queensland Supreme Court today delayed a hearing into whether the company should be put into liquidation, to allow the administrators more time to investigate the company's finances.

It will now be heard on December 18, though the administrators will need to hold a meeting of creditors beforehand.

The lawyer representing the Public Trustee, Dominic O'Sullivan, expressed concern the delay could cost creditors money.

Mr O'Sullivan said the company had spent more than $10 million on administration costs since mid-June, a month after the Public Trustee launched proceedings to have the company wound up.

The court heard there was evidence Octaviar's directors were preparing a proposal to take to creditors that the company be allowed to trade its way out of insolvency.

However, Mr O'Sullivan said the Public Trustee would oppose the move.

"The Public Trustee is still very firmly of the view that the best course for creditors is to wind this company up," he said.

--------end of article-------------

 

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar Administration Circular to Employees
by Deloitte
View attachment 24689

 

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar Administration Circular to Creditors
by Deloitte can be downloaded here:
http://www.deloitte.com/dtt/article/0,1002,cid%3D227487,00.html

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

I'd rather JH used her time getting a better rate for our outstanding $9.4M debt. Ignoring any compounding/principle reduction, that 20% is costing us $157K a month. Do we know who the creditor is?

Seems to me that if this NSX conference attracts buyers to the NSX than good for us. Ut if it attracts more listings to compete for the investor dollar, then that's bad for us.

The NSX conference appears to be a promotional event for NSX to encourage companies to use it to raise capital.
NSX listing is the worst possible option for PIF right now. Who's going to want to buy into it ?? People are never going to see their money again.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar Administration Circular to Creditors
by Deloitte can be downloaded here:
http://www.deloitte.com/dtt/article/0,1002,cid%3D227487,00.html

Wonder if JH has found the time to lodge a formal claim ?? If so, I wonder how much ??? The full amount written off our asset values ???

 

[asianmgt]

Re: Octaviar MFS Premium Income Fund PIF

Search for information from the angle that the ASX and the ASIC have established "provident funds" established to compensate shareholders because those agencies have failed to perform their duty sufficiently to protect investors from misleading information made by Directors.

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Search for information from the angle that the ASX and the ASIC have established "provident funds" established to compensate shareholders because those agencies have failed to perform their duty sufficiently to protect investors from misleading information made by Directors.

what does that mean...and how does one do it?

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Suspended redemptions - the full list
October 2, 2008
http://www.maynereport.com/articles/2008/08/28-0958-6879.html

 

[erniel]

Re: Octaviar MFS Premium Income Fund PIF

How much more do we as PIF investors have to endure.
In the GC Bulletin today pictures of michael king at the Elysian polo fields in Cunungra with oysters and champagne.

Forgive the irony, polo is a game for kings (m king) while we the serfs have had our pension money highjacked.
How is all this polo and frivolity being funded?????????

Is it not time now to have either asic or the pif start legal proceedings against king and his fellow directors of mfs to try and recover the missing funds from them personally?

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Erniel - ASIC, in the matter of PIF, have shown themselves to be a disappointing authority. I almost get the feeling that all of us who telephoned them were hearing no more than crocodile tears on the other end.

If they believe that there was nothing wrong with the MFS PIF's operations, surely we are entitled to know the reasons for such a conclusion. The AG shouldn't give up on them!

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Right on Erniel. And our federal institutions are trumpeting how they're working on restoring the total loss of confidence by investors. It seems the ten thousand investors in PIF aren't worth the bother for direct support.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

ASIC pursues KPMG over Westpoint role
13-October-08 by Rebecca Lawson
http://www.wabusinessnews.com.au/en-story/1/67278/ASIC-pursues-KPMG-over-Westpoint-role

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

From today's Australian. Let's not give up hope. Perhaps one day...

http://www.theaustralian.news.com.au/business/story/0,28124,24492618-643,00.html

 

[forest.group]

Re: Octaviar MFS Premium Income Fund PIF

How much control does Wellington Capital have over the sale of the assets
of MFS, as I had in place the purchase of one of the properties, for a sum over
2 million, ready to settle in four weeks, WC wanted finance approvals, and as I was a week late in providing this, they refused to sell the property to us, and will not speak to us, our funds manager spoke to WC as they had the 2 million siting in an account, and as of last Thursday say no they are selling to someone else. Without even an explanation. This 'sucks'.

Margot Locke

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

How much control does Wellington Capital have over the sale of the assets
of MFS, as I had in place the purchase of one of the properties, for a sum over
2 million, ready to settle in four weeks, WC wanted finance approvals, and as I was a week late in providing this, they refused to sell the property to us, and will not speak to us, our funds manager spoke to WC as they had the 2 million siting in an account, and as of last Thursday say no they are selling to someone else. Without even an explanation. This 'sucks'.

Margot Locke

Wellington is RE for the PIF fund. They have no control over the sale of the assets of MFS.

It would appear that as you were late in providing finance approvals they acted in unit holder's best interest and accepted a higher or more reliable offer.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

It’s good to see what ASIC are doing with regard to Westpoint. The link below says Westpoint collapsed in Jan 2006 and that since Nov 2007 AISC has commenced 16 civil actions seeking to recover funds for investors.
ASIC have setup the following link to communicate with Westpoint investors http://www.asic.gov.au/wstpoint/wstpoint.nsf.
Action is being taken against directors, auditors, financial planners, and promoters.

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

There was an article in AFR last week about claims against OCV Ltd increasing to $1.3B. Anyone got a copy?

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

From Business Spectator:

10 Oct,
Octaviar's administrator, Deloitte, has announced that the company's debt level has increased to more than $A1.3 billion. Deloitte partner, John Greig, said he plans to apply to the Supreme Court of Queensland for an extension to the convening period because of the group's complexity

Distributed by News Bites. Copyright 2008 LexisNexis Australia. All Rights Reserved

 

[sak]

Re: Octaviar MFS Premium Income Fund PIF

City Pacific has cited global market volatility as the reason for its decision to postpone the float of its First Mortgage Fund.
Hopefully WC have the good sense to do the same.

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Sak

That is the only logical and sensible option in these conditions

Their are very few buyers on the NSX in good times let alone a world

recession of the magnitude that is predicted over the next few years