Wellington Capital PIF/Octaviar (MFS) PIF

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

This one of ours?

http://74.125.153.132/search?q=cach...wellington+capital"&cd=24&hl=en&ct=clnk&gl=au

Could well be Duped,
Maroochydore, QLD $14,109,465 interest rate 11.5% due 30 November 2005

In a later investor update 11th Dec 2008 it was stated 'Fund was mortgagee in possession. External marketing to realise asset undertaken with Realway Real Estate. Part of the asset has been sold and is awaiting settlement.'


Further research:::
Application Details 8/12/2009
Application: REC09/0041
Details Date Lodged: 22/05/2009
Stage Decision Period Commenced
Categories Reconfiguration of a Lot (Code)
Reconfiguration of a Lot - Residential
Properties 30 Trinder Ave, MAROOCHYDORE
30 Trinder Ave, MAROOCHYDORE
30 Trinder Ave, MAROOCHYDORE
30 Trinder Ave, MAROOCHYDORE
30 Trinder Ave, MAROOCHYDORE

People Wellington Capital Limited C/- Ken Hicks & Associates (Applicant)
Ken Hicks & Associates (Consultant)

Events Description Outcome Completed
Is application Properly Made? Yes 22/05/2009
Are External Referrals required? Not Reqd 01/06/2009
Is Acknowledgment Notice Required? Yes 01/06/2009
Acknowledgement Notice Finalised Yes 05/06/2009
Is Information Request Required? Yes 10/06/2009
Is Information Request Extension Required? No 10/06/2009
Information Request Finalised Yes 23/06/2009
Has applicant responded to Information Request? Yes 20/10/2009
Is Public Notification Required? No 05/06/2009
Decision Stage Commenced Yes 21/10/2009
Is an extension required to Decision Stage? Yes 16/11/2009
Is further extension required by agreement? No 07/12/2009
Decision Type Full DA 07/12/2009
Prepare Decision Notice DevPermit 07/12/2009
Update Proclaim - Decision Made Date
Appeal Filed


Assessment Team Planning Assessment Unit
Related Applications No parent applications recorded against this application.
No child applications recorded against this application.

Documents Date Title Description Size Link
25/05/2009 Development Application part 1 of 2 Covering Letter Form 1 Development Application Part A Owners Consent Part F IDAS Assessment Checklist CD Verification 30 Trinder Avenue Maroochydore 8670 KB [View]
25/05/2009 Development Application part 2 of 2 Planning Report Attachment A Code for Reconfiguring a Lot Attachment B Plans Sheets 1-7 30 Trinder Avenue Maroochydore 9000 KB [View]
05/06/2009 Acknowledgment Notice Acknowledgment Notice - 30 Trinder Ave MAROOCHYDORE QLD 4558 63 KB [View]
23/06/2009 Information Request 30 Trinder Avenue Maroochydore - 33 Lot Subdivision - Wellington Capital Limited - Ken Hicks and Associates 82 KB [View]
18/11/2009 Extension of Decision Making Period Letter Extension of Decision Making Period Letter - 30 Trinder Ave MAROOCHYDORE QLD 4558 52 KB [View]


If you require further information please contact Customer Services Unit on 5475 8501

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Quote from GCB article December 8 2009:

"However Mr King objected, saying if ASIC better articulated its case against him he might choose not to proceed down a long and expensive legal path of defending the matter.

This in turn led ASIC lawyers to recommend Mr King, a solicitor who has not practised in about 10 years, seek proper legal advice about any such moves.

Justice Ann Lyons said she could see no prejudice in ordering parties serve and file documents over the next few months, and if Mr King wanted to short-cut the process by formally lodging no defence to the case he was able to do so."

Where is the "I will vigorously defend the matter" that King responded to the media only a few weeks ago. AND King's comments about the wonderful, hard working MFS staff. Obviously ASIC have King on toast! Don't anyone tell him he could very well end up in prison LOL

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

From AFR 10 June 2008

http://calibrecapital.com.au/downloads/newsdocs/Calibre finds strength in adversity.pdf

"Large groups, such as Mirvac Group and Perpetual Trustees, have indicated their interest in establishing opportunistic or vulture style funds."

WOW! Is this the same Perpetual Trustees who sat watching while MFSIM breached and forged ('allegedly'). Now they're looking at profiting from what they could have done something to stop. That's ruthless.

Maybe they're just following Calibre's lead. Afterall, it's chairman is Mark Korda of KordaMentha fame. Hmmmm. Lets talk about inherent conflicts of interest shall we?

I suppose this seems to be acceptable in Australia. After all, our legislators make millions in taxes from cigarrettes and junk food and then takes more taxes from the health care required to clean up the mess.

Sad. Very sad. I guess that's the outcome of a 'that's not my responsibility' culture.

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Quote from AFR article 10 June 08 - !8 months later it looks like WC's strategy is still flawed.

 

[oldjap]

Re: Octaviar MFS Premium Income Fund PIF

I hv being trying to capture the holdings posted by various Investors since JohnH started the ball rolling with his #4596. Not a huge showing but totals have been climbing slowly & I believe are complete.

I compiled a list in Excel on my PC but hv not found the way to transfer it "as a spreadsheet" attachment to this Forum message format. I hv only been able to copy and paste the text below tt is no longer an
Excel spreadsheet.

Holdings in PIF as posted on ASF

Forum Nom de Plume

Units Held​

John H

100,000​

Pixierich

222,000​

K Smith

55,000​

Cookie1

245,000​

Marcom

615,000​

Seamisty

2,180,000​

Selciper

300,000​

Dexter

880,000​

To Trusting

150,000​

Wally 3218

90,000​

Janiss

1,990,000​

Astevo

40,350​

Atlas 1950

323,000​

BABIHUTAN

490,000​

Charles 36

400,000​

Bessie 223

140,000​

Mary Lynch

493,000​

Alan Lowther

1,172,363​

BootsnAll

826,695​

Mgr2118

380,000​

Duped

100,000​

Glendaw

404,000​

Ian1328

290,000​

Coppo [Brett?]

98,000​

17340

100,000​

Hogan

35,000​

pjay

405,000​

Towbar

75,000​

Zeva

100000​

DepressedDad

100000​

Totals to date

12,799,408​

I will be happy to continue to update as & when Investors add the information on this Forum if in some way it helps our collective cause.
Cheers ---------BABIHUTAN

oldjap 497472

 

[ozzy]

Re: Octaviar MFS Premium Income Fund PIF

Also add Ozzy = 150000

 

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

Quote from AFR article 10 June 08 - !8 months later it looks like WC's strategy is still flawed.

Hi, I wonder if you guys have made complaints on specific issues to ASIC?

And if so, have any of the specific complaints (if any) posted on the forum?

There are only a few of us (FMF contributors, as there always seems to be), but we making a start at http://www.moneymagik.com/complaints.php

I think if it's possible that we are able to focus on specific issues then we might stand a better chance.

Also, it's nice to see 'Duped' contribute to the managed fund thread.

Thanks.

 

[loulou2]

Re: Octaviar MFS Premium Income Fund PIF

Please add 119,000 LouLou2.

 

[Towbar]

Re: Octaviar MFS Premium Income Fund PIF

Does anyone know what happened to our Hastings Point asset,This property has diappeared from the latest list of assets"The Point" as it is known locally is almost finished & some units have apparantly been sold

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi, I wonder if you guys have made complaints on specific issues to ASIC?

And if so, have any of the specific complaints (if any) posted on the forum?

There are only a few of us (FMF contributors, as there always seems to be), but we making a start at http://www.moneymagik.com/complaints.php

I think if it's possible that we are able to focus on specific issues then we might stand a better chance.

Also, it's nice to see 'Duped' contribute to the managed fund thread.

Thanks.

Hi mellifuous, I can assure you that every specific OCV/MFS complaint in relation to the PIF has been lodged correctly with ASIC since (in my own case) Mar 2008 and in addition any Wellington Capital complaints have been well documented and forwarded to ASIC as they have occured. I was told by WC staff on the 3rd JUNE 2008 that ASIC was watching the pIF closely and was in constant contact with WC. What investors need clarifying is just how much WC knew in relation to the alledged misconduct by former OCV employees regarding the RBOS bank loan we were left to repay for non existant PIF aquisitions which were backed up by alledged fraudulent documentation!! Where is C Scott? His silence is deafening for someone who alledgedly lost millions as a result of alledged dealings that led to the demise of MFS/OCV thus rendering his remaining 22.4 million shares worthless
or did he make enough from the sale of his $20million shares he off loaded before the:fan and he had to pay a $9 million margin call? I can only hope no stone is left unturned and all dealings leading up to the deminishing value of our PIF unit value is disclosed. There is no doubt in my mind we have been robbed, but the burning question is, what will be done to remedy the situation and how long will it take? seamisty

 

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

Hi mellifuous, I can assure you that every specific OCV/MFS complaint in relation to the PIF has been lodged correctly with ASIC since (in my own case) Mar 2008 and in addition any Wellington Capital complaints have been well documented and forwarded to ASIC as they have occured. I was told by WC staff on the 3rd JUNE 2008 that ASIC was watching the pIF closely and was in constant contact with WC. What investors need clarifying is just how much WC knew in relation to the alledged misconduct by former OCV employees regarding the RBOS bank loan we were left to repay for non existant PIF aquisitions which were backed up by alledged fraudulent documentation!! Where is C Scott? His silence is deafening for someone who alledgedly lost millions as a result of alledged dealings that led to the demise of MFS/OCV thus rendering his remaining 22.4 million shares worthless
or did he make enough from the sale of his $20million shares he off loaded before the:fan and he had to pay a $9 million margin call? I can only hope no stone is left unturned and all dealings leading up to the deminishing value of our PIF unit value is disclosed. There is no doubt in my mind we have been robbed, but the burning question is, what will be done to remedy the situation and how long will it take? seamisty

Good morning Seamisty,

I just think it's a great idea to publish complaints/letters/information on your own website so your members would be able to reference them as they wish.

The trouble with 'threads' is that important issues get swept along with news and comment, and are subsequently lost to both the regular and casual visitors - a website overcomes that problem. I've noticed your postings of your letters get washed away within a day or two.

I'm surprised you guys don't have a website - storm had one very early and I'm sure it is accessed by all storm members from time to time.

I only started mine because I was blocked from Phil Pot's forum, nevertheless, I think it has become a valuable resource.

I also cross-post as much as I can, because it brings issues to the attention of a broader audience which results in input from non-members from 'outside the box' - sometimes a very beneficial exercise

Yes, the $147m - that's going to be an interest matter - It still seems to me that if all or any of that money is recovered then it will go into the fund.

You guys will get your buy back and 3% payment for sure then (if you haven't by that time), but I'm guessing that's all you'll get. Your share/unit price will rise, but if you don't want to sell, then it won't be of any other benefit to you.

Did anyone write to your manager to ask about the tax implications for your members with respect to a Capital (tax deferred) payment and a 'distribution' (taxable) payment? It would be interesting to get your manager's view of just how the listing has changed the relationship between 'unit holders' and the fund from both a legal and taxation perspective.

It it will also be interesting to see if there are implications flowing from whether the 3% (or part thereof) cash payment is a capital payment or distribution.

I wonder if the choice between one or the other is a choice of the best outcome for share/unit holders or for the fund (the manager)?

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Let's not forget that there will be OCV liquidators public hearings apparently during the first half of next year. We might well anticipate cross-examinations of persons who are associated with PIF's woes. This Nov. 2 article by Adam Shwab (Crikey) is worth reading again as a kind of roadmap.

http://www.crikey.com.au/2009/11/02/asic-takes-a-serious-swing-at-mfs/

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Does anyone know what happened to our Hastings Point asset,This property has diappeared from the latest list of assets"The Point" as it is known locally is almost finished & some units have apparantly been sold

The investor update of 30April09 states that asset was 'realised' (sold, refinanced etc) at a loss of $1.341M. Hence it should have dropped off any list of current assets if it has been 'realised'.

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

From the Brisbane Supreme Court website:

Last/Company name First name ACN Party role Representative
ANDERSON DAVID MARK Respondent DIBBSBARKER
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION Applicant Self Represented
HUTCHINGS GUY Respondent
KING MICHAEL CHRISTODOULOU Respondent Self Represented
MANAGED INVESTMENTS LIMITED101634146 Respondent MCCULLOUGH ROBERTSON
OCTAVIAR ADMINISTRATION PTY LIMITED 101069390 Respondent
OCTAVIAR CASTLE PTY LTD 124889381 Respondent
WATTS MARILYN Respondent JAMES CONOMOS LAWYERS
WHITE CRAIG ROBERT Respondent BRIAN BARTLEY & ASSOCIATES

 

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

Hi, I wonder if you guys have made complaints on specific issues to ASIC?

And if so, have any of the specific complaints (if any) posted on the forum?

There are only a few of us (FMF contributors, as there always seems to be), but we making a start at http://www.moneymagik.com/complaints.php

I think if it's possible that we are able to focus on specific issues then we might stand a better chance.

Also, it's nice to see 'Duped' contribute to the managed fund thread.

Thanks.

Good afternoon again,

As some of you may be aware, I see that a Variable Unit Price (VUP) in the FMF as a Clayton's listing (you know, the listing you have when you don't have a listing).

I am also aware that when managers talk about 'distributions' in damaged funds such as the FMF and PIF that they mean payments from the return of our own capital - and it is my opinion that we may be in a position to have to pay tax on our money which has been substantially impaired and has incurred real losses.

In order to be helpful, I have drafted a simple letter that might be of interest to you in order to find out if any tax implications might arise for yourselves in your current predicament.


The letter is only my idea and is easy to modify to your own style if you wish to do so.

Hopefully it canvasses most of the issues that might be of interest to members of the PIF.

Here it is:-

Dear [addressee]
Wellington Capital
as Manager of the [name of fund]

Re: Tax implications with respect to my investment in the W.C. P.I.F. ("the PIF").

Dear [name],

I refer to a letter from your company in which a unit holder was advised, among other things, that "...at this time we have not been provided with guidance in relation to whether the cash payment will be in the form of a capital return or distribution. This guidance will be given closer to the time that a payment is given to unit holders....".

As I do not have any experience with either taxation nor listed trusts. I do not understand exactly how a cash payment that is tax deferred differs from a distribution that is taxable.

I refer to your company's Explanatory Memorandum ("the Memorandum") and its proposal to take over the fund, and in particular to the following three excerpts from the Memorandum disclosed herein.

On page 57, "... NOTES TO THE BALANCE SHEET - ... Cash Payments to Unit holders -The amounts paid to Unit holders for accounting purposes are treated as a financing cost expense. For taxation purposes, these payments continue to represent distributions under the Income Tax Assessment Act. ..." [emphasis is mine]

As I understand it, the fund is highly impaired and is unlikely to recover its $1.00 unit price in the near to mid-term, if at all.

Redemptions are now not possible, as explained on Page 38 of the Memorandum, "... 4.6 No Redemptions - Recent events faced by MFS Limited, which is currently suspended from ASX, resulted in a significant increase in the number of Unit holders in the Fund seeking to redeem their funds. While the Constitution of the Fund currently technically allows for redemptions, the responsible entity has suspended payment on all and any valid withdrawal requests in regard to Units in the Fund for a 360 day period as permitted under the Constitution and is seeking to amend the Constitution to remove Unit holders rights of redemptions as it will be listed on NSX. ..."

The Memorandum states on page 59, "... 6.4 Cash payments - The responsible entity intends to make cash payments to Unit holders totaling 3 cents per Unit with the first payment to be made in October 2008, the second in December 2008 and thereafter quarterly. Due to the significant impairment recognized at 31 May 2008 it is anticipated that the cash distribution will be a capital repayment and tax deferred. See section 9 in relation to taxation issues. ..." [emphasis is mine]

I understand that the fund is highly impaired, and I understand that redemptions are now not possible, so please be kind enough to answer the following questions:-

(A) If a distribution is paid from the PIF to me, will I be required to declare that distribution as income in my annual tax return? (I refer to the note on page 57 'Cash Payments to Unit holders - 'For taxation purposes, these payments continue to represent distributions under the Income Tax Assessment Act')

(B) if a capital payment is made as noted on page 59 of the Memorandum, '6.4 - Cash Payments', the note states that the payment will be a 'capital repayment and tax deferred, therefore (a) (i) what level of tax is deferred? (ii) for how long?, and (iii) how will such a potential tax be offset? and (b) how does it relate to any tax paid by way of a distribution, this is, will one offset the other, or will they cumulate?

(C) Is all of the money being paid to me, by way of either distributions or capital repayments, nothing more than the return of a portion of my original investment? (since the fund is so highly impaired).

(D) Overall, what is the difference from both a legal and an accounting perspective between my investment in the fund (a) before the listing, and (b) after the listing?

(E) What is the source of the guidance you are expecting?

(F) If you do not choose to answer question (E), then is the Australian Tax Office the source of the guidance?



I eagerly await your reply.

Your faithfully,

 

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

If anyone does use the letter or part of it, please note that Question B(b) should include the words 'that is', and not 'this is'.

The two instances of [emphasis is mine] are not needed because the underlining did not carry through to the posting.

Of course, no matter how often I look at a document, I never find all the errors, so I'm sure there are others.

Another question for the manager would be what the manager anticipates would be done with the $147m or part thereof in the event either the manager's action or ASIC's action was to be successful.

I hope these postings are of use to you.

 

[mornaw]

Re: Octaviar MFS Premium Income Fund PIF

Babihutan

Please add

mornaw = 60,000


Thank you, I appreciate your efforts. I appreciate the efforts of all the regular posters I've been following on forums for nearly two years. I appreciate not feeling like I'm a grubby little mushroom ........

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Recent documents filed in the Federal Court for CA hearings on 16 & 18 December 09:

Date Filed Document Title Filed By
10-Dec-2009 Notice of Appearance Michael King
09-Dec-2009 Outline of Submissions Guy Hutchings
03-Dec-2009 Outline of Submissions Michael Hiscock
03-Dec-2009 Outline of Submissions Andrea Waters
02-Dec-2009 Outline of Submissions Wellington Investment Management Ltd
02-Dec-2009 Amended Document Wellington Investment Management Ltd
02-Dec-2009 Affidavit Max Investments (Aust) Pty Ltd
02-Dec-2009 Outline of Submissions John Whateley
02-Dec-2009 Affidavit Max Investments (Aust) Pty Ltd
16-Nov-2009 Notice of Change in Address for Service or Contact Details Ian Zelinski
04-Nov-2009 Affidavit Wellington Investment Management Ltd
02-Nov-2009 Affidavit Wellington Investment Management Ltd
02-Nov-2009 Notice of Motion Wellington Investment Management Ltd
23-Oct-2009 Affidavit Max Investments (Aust) Pty Ltd
23-Oct-2009 Notice of Motion Mansted Enterprises Pty Ltd

Seems Michael King has decided to make an appearance.

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

From todays AGE:

Pensioners 'kidnap and torture' financial adviser
ALLAN HALL, BERLIN
December 10, 2009

CHARGES have been laid against a gang of pensioners who kidnapped and tortured their financial adviser when their fortunes dipped due to the global crisis.

American-born James Amburn, 56, was ambushed outside his home in Speyer, western Germany, bound with masking tape and bundled into a car boot after being bashed in the head with the Zimmer frame of an elderly client.

''It took them quite a while because they ran out of breath,'' said Mr Amburn, who was driven to the Bavarian lakeside home of one of the gang, who lost close to $A3.6 million.

Another couple, retired doctors, joined the kidnappers in the cellar where Mr Amburn was chained and tortured for four days in June.

''The fear of death was indescribable,'' he said. Mr Amburn was rescued when he sent a fax to release funds from a Swiss bank and scribbled a message on it for the receiver to ''call police''.

Police in Germany said the gang - popularly known as the ''OAP Mob'' (old-age pensioners) - had received fan letters since the kidnapping but that ''nothing could excuse'' their violent behaviour.

Two of his kidnappers, Roland Koenig, 74, and Willy Dehmer, 60, attacked Mr Amburn and bundled him into an oversize cardboard box that they wheeled on a trolley to their waiting car.

He was then stuffed in the boot of the silver Audi saloon and driven 480 kilometres to Koenig's home in Bavaria.

They were among five pensioners who said they lost their ''nest eggs'' through Mr Amburn's investment firm Digitalglobalnet.

After he was bundled into a cellar another couple, retired doctors Gerhard and Iris Fell, aged 63 and 66, arrived to assist his kidnappers, who also included Koenig's wife Sieglinde, aged 79.

''I had known these people for 25 years. I had no reason to be afraid,'' Mr Amburn said. ''But as I went into my home I was jumped from the rear and struck. They bound me with masking tape until I looked like a mummy.

''It took them quite a while because they ran out of breath. When they loaded me into the car I thought I was a dead man.''

During his confinement in the unheated cellar, Mr Amburn claims, he was burned with cigarettes, beaten, had two of his ribs broken when he was hit with a chair leg and chained up ''like an animal''.

He says he was fed only two bowls of watery soup during his four days in the dungeon.

''I told them what I had told them before, that due to market conditions, unfortunately it was gone.

''Again and again they threatened to kill me. I never thought I would make it out alive.

''I tried to buy time. I told them that if I sold certain securities in Switzerland they could get their money and for this I had to send a fax to a bank so funds could be transferred.''

The kidnappers agreed, but unbeknown to them, Mr Amburn had scribbled his ''call police'' message on the bottom of the paper. ''Someone at the bank was bright enough to pick up on it.''

Allowed out of the cellar for a cigarette break in the garden while the kidnappers waited on their loot, Mr Amburn attempted to escape over the wall.

In the pouring rain he ran down the street pursued by his captors in the kidnap car.

Several people saw him but Roland Koening shouted: ''He's a burglar!''

He was dragged back to the cellar where he sustained the broken ribs as a ''punishment'' for trying to escape.

Shortly afterwards, the Swiss bank telephoned police in Germany and an armed team of commandos stormed the house.

The kidnappers each face a minimum of five years' jail for illegal hostage taking and grievous bodily harm when their trial begins next year.

Chief public prosecutor Volker Ziegler said: ''They were angry because they invested money in properties in Florida and Kuwaiti funds and he lost it all.

''This was black money - they hadn't declared it to the revenue authorities.''

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Good to see from the "documents filed list" that there's movement taking place. This is inevitably a lengthy process, but I'm sure that at some point we'll see light at the end of a long tunnel.

Just a thought - I wonder if the stats associated with the Advisory Committee election results will ever be shared with us? If not, why not?