Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:
Financial Review 12/12/08 by Lisa Allan
Link at time of upload : http://www.afr.com/home/viewer.aspx...n=property&title=Hopes+of+$341m+from+Octaviar

Key Points:
At least $2.7 billion is owed from the Octaviar collapse.
Shareholders will get nothing from the collapse of the company.
Click to expand...

Surely inter-company loans will not be looked at seriously ?

What is PIF's position when the legal proceedings have not actually "proceeded" and no out of court settlement has been agreed upon ?
How can it be recognised as a debt ?
 
Re: Octaviar MFS Premium Income Fund PIF

Good to see that after the suspension the NSX is showing (albeit a tad) a bit more positiveness.
 
Re: Octaviar MFS Premium Income Fund PIF

What was required was another contender with the same calibre of presentation with a better alternative that was being proposed by WC. Unfortunately, that never happened so we had to gamble on the only RE that materialized.

I wish we had another choice, it is sad we didn't. Maybe we should have done more to find one, and I felt guilty for not trying to do more.

Now I realise why that alternative to challenge WC for the rights to be an RE to our fund was never going to happen. That is because our fund was so badly compromised. It was and still is a basket case.

It will take a lot for it to be anywhere near the fund that we thought we had our money invested in. I am not making excuses for WC, but it it is a huge mess. They no doubt knew that, and so did anyone else that may have done due diligence.

Now looking back on my decision to go with WC, I am not regretful. I feel that based on how bad the state of the fund is, trying to liquidate the fund, even over a 2 year period would yield a very poor result in the current market downturn.

To be honest I think that even JH would be astounded at how difficult the situation is now. I just hope she doesn't quit it, I know others including the MFS previous board would have.

At the end of the day, we are just investors who are involved in an investment vehicle that crashed, and is now barely alive in intensive care. I hope we can live on, but it really is now a day to day proposition.

I hope 2009 will be better than this miserable old year!!!

I bear no grudges to people that in the past I had a differing point of view, and apologise to those that I may have offended at any stage of defending what I thought was (and still believe is for at least myself) the best way of going forward and protecting my investment and maximising my future return ,when there are more favourable market conditions.
 
Re: Wellington Premium Income Fund

Yes, I'd love to hear some news. If anyone knows of anything, it would be much appreciated.
Just thought I'd lengthen this post to 100 characters.:confused:
 
Re: Wellington Premium Income Fund

coppo said:
Yes, I'd love to hear some news. If anyone knows of anything, it would be much appreciated.
Just thought I'd lengthen this post to 100 characters.:confused:
Click to expand...

Yes coppo, we will just have to keep this thread prominent to find the hundreds of people who have perhaps almost given up hope regarding the outcomes of this fund. It would be appreciated if anyone who knows how the fund is tracking could respond.
 
Re: Wellington Premium Income Fund

I stumbled on this site and am thrilled we have a forum to discuss the many issues that is in front of us.

The previous site was really informative, and I hope many investors can be made aware of this site, so that we can continue to be informed.

Let's get the message out there to the many MFS/Octaviar investors who are craving for information.

Michael
 
Re: Wellington Premium Income Fund

If we are going to use this thread I respectfully request all users show consideration and courtesy to each other and leave no cause for elimination of site again. This is a valuable asset and it is a critical time for us all to be constructive and work together towards a common goal and that is win the class action and restore some financial stability to us all.
 
Re: Wellington Premium Income Fund

I totally agree with you that investors should be respectful and to use this forum as a vehicle to obtain information and to share different points of view.

Let us hope that this time that a few don't spoil it for all the others.

I believe that the next relevant date for us is Tuesday 30th June, when Carney's is back in court re: KPMG. If anybody hears anything, please post asap

Spread the word that this forum is up and running.


Michael
 
Re: Wellington Premium Income Fund

charles36 said:
If we are going to use this thread I respectfully request all users show consideration and courtesy to each other and leave no cause for elimination of site again. This is a valuable asset and it is a critical time for us all to be constructive and work together towards a common goal and that is win the class action and restore some financial stability to us all.
Click to expand...
Totally agree Charles and any PIF Unit Holders interested in the Class Action who have not contacted the lawyers previously may do so by contacting
George Hoddle

Solicitor

Carneys Lawyers
Level 5
70 Castlereagh St
SYDNEY NSW 2000

DX 998 Sydney
P: (02) 8226 5555
F: (02) 8226 5556

Regards, Seamisty
 
Re: Wellington Premium Income Fund

Nice to see your posting, Seamisty. Looking forward to some positive posting from you and all the OLD gang.

Michael
 
Re: Wellington Premium Income Fund

atlas1950 said:
Nice to see your posting, Seamisty. Looking forward to some positive posting from you and all the OLD gang.

Michael
Click to expand...
Thanks Michael, As soon as I am able I will post any relevant info re the Class Action. Great to have the opportunity to post on here again! Cheers, Seamisty
 
Re: Wellington Premium Income Fund

Good to see a few "old faces" on here. Trust everyone has voted for their representatives, the voting forms must be in by next Tuesday to be valid.:iamwithst
 
Re: Wellington Premium Income Fund

The moment this thread causes me any problems it will be shut down immediately.

This is the first and last warning that will be given.
 
Re: Wellington Premium Income Fund

I for one want to thank you for allowing us back on. Just hope that the few that caused so much trouble won't spoil it for the rest of us. ASF is a wonderful site, as it allows us to talk to so many other investors, and to try to receive information which is hard to come by. Michael
 
Re: Wellington Premium Income Fund

I am happy to be the lucky 13th to tread this thread of resurrection.
It would help if we all commit ourselves to a professional code of conduct which may reflect to Administrators that we regard our participation as a privilege and not a right.
Perhaps as main points, a code could abide by:
1) brevity of posts
2) have only useful content by way of informing facts and developments
3) forbid development of "arguments" and "opinions".
4) post regular member warnings on forum.
I stress, that these are suggestions only. We all wish to be informed.
Regards to all
 
Re: Wellington Premium Income Fund

Thank you Joe Blow, the message will be delivered loud and clear, frequently.Tjhe fund as I have told you is entering a new ere and it is important that we unite for the common good of us all. This forum is a valuable tool and will be treated as such. Kind regards Charles.
 

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