Wellington Capital PIF/Octaviar (MFS) PIF

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

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?

Sounds like a great question for Ms. Hutson.

A MFS unit holder has advised me that a copy of the letter I posted on your forum has been sent to Wellington Capital.

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

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

Please Marcom ,do not give Duped any Ideas. We all know what he thinks of his Financial Advisor

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

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?

Willy nilly, we will need to accept the result.
And we need to show the encouragement to the elected representatives to make CONTACT and to show a GENUINE commitments embedded in the Committee charter.
Please; Alana, Bronwyn, Chris, we urgently need communication on a number of matters, foremost of which may be the matter of determining "distribution" issue in the event of successful recovery.
And I feel that Wellington Capital can have an influential and beneficial input if approached by Committee mandated by all of us.
Regards,

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Simgrund - Re the IAC. Do you remember this old song?

I talk to the trees
But they don't listen to me
I talk to the stars
But they never hear me

The breeze hasn't time
To stop, and hear what I say
I talk to them all
In vain

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Simgrund - Re the IAC. Do you remember this old song?

I talk to the trees
But they don't listen to me
I talk to the stars
But they never hear me

The breeze hasn't time
To stop, and hear what I say
I talk to them all
In vain

I feel a bit more like the Spike Milligan version - " I talk to the trees, that's why they put me away.................... etc.,:nuts:

 

[charles36]

Re: Octaviar MFS Premium Income Fund PIF

If the IAC have not had the desire to contact the unit holders I certainly do not need their imput. How can we be confident that they have been duly elected. Where are the numbers, do we even know a ballot was conducted, maybe there was but I sure as hell do not know. Until we have transparency about this issue I totally lack confidence in the IAC and have more faith in the PIF Action Group. The RE steadfastly refuses to cooperate with the class action then how can it be construed she will cooperate with us through the IAC.

 

[Mary Lynch]

Re: Octaviar MFS Premium Income Fund PIF

Ahhhhh!!! At last a glimmer of humour. Yes, I rediscovered it recently too. Not a bad emotion, in fact, with my foot in so many frozen pies, I am thinking it could be my saving grace!!

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

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

Please Marcom ,do not give Duped any Ideas. We all know what he thinks of his Financial Advisor

Not my thing at all.

Having the authorities imprison them in one of their 'cellars' is infinitely more .... appropriate. I just hope that ASIC has what it takes to see it through.

I'm more of a Karma person. But I'm also the kind of person that likes to give Karma a nudge to hurry it along its way.

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Wellington NSX Announcement 10 Jan 2009

"ASIC Proceedings Update
Australian Securities and Investments Commission v Michael King, Craig White, Guy Hutchings, David Anderson, Marilyn Watts, Octaviar Administration Pty Ltd (In Liquidation) Octaviar Castle Pty Ltd and the former responsible entity of the Premium Income Fund

A directions hearing of the proceedings brought by the Australian Securities and Investments Commission was held in the Supreme Court of Queensland on Monday 7 December 2009 before Justice Ann Lyons. Orders as to the orderly conduct of the proceedings were made, including that a defence be filed by the First Respondent, Management Investments Limited being the former responsible entity of the Premium Income Fund, by 30 April 2010.

Further announcements will be made as the proceedings progress."

Was anyone at the hearing who can shed light on the bolded comment above? Looks like WC may have argued that they do not have a case to answer - the Judge obviously thought differently!

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Simgrund - Re the IAC. Do you remember this old song?
I talk to the trees
But they don't listen to me
I talk to the stars
But they never hear me

The breeze hasn't time
To stop, and hear what I say
I talk to them all
In vain

Yes, perhaps. And some more that I keep on mumbling with seething rage:

[[[[ 'Outcast of Nature, man! the wretched thrall
Of bitter-dropping sweat, of sweltry pain,
Of cares that eat away thy heart with gall,
And of the vices, an inhuman train,
That all proceed from savage thirst of gain:
For when hard-hearted Interest first began
To poison earth, Astraea left the plain;
Guile, Violence, and Murder seized on man,
And, for soft milky streams with blood the rivers ran.

Canto I, verse XI, from James Thompson;
"poetical works" circa 1744 ]]]]

You can substitute "Interest" with your own pet dislike.

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

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.'
....

Proposal is to subdivide the remaining 5 lots of 1.6 hectares into 30 lots ranging from 709-354m2 + 3 common areas. Probably a nice spot between the Golf Course and the Beach so the block size seems right.

If the partial sale took a big chunk out of the $14M we might get all our money back.

What do you think? Or are we up for another impairment roasting?

 

[evelyn]

Re: Octaviar MFS Premium Income Fund PIF

Please add evelyn 75900 and evelyn's mother 25000 (ish will check)

I'd expect there may be others like myself who appreciate this forum, the input and huge effort by others, but feel inadequate or unable to contribute!
I really do appreciate and acknowledge this effort. thanks heaps. evelyn

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Good day seamisty,
Can I ask whether it is possible to compile from your and other dossiers a
$ figure of realised PIF assets of the past 12 months?
Perhaps we could question WC why the first distribution is planned in 2010 as we are told in k.smith post #4667 and not sooner if there is an amount ready for distribution.
Thanks,

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

I think I might be able to help with the answer to that simgrund. Because WC racked up nearly $7M in bills last financial year including nearly a Million to that millstone Perpetual and nearly $3M to all those nice, friendly and really really really helpful lawyers.

Hey - why hang out on this negative forum when you can enjoy the company of good looking, pleasant, happy, intelligent and friendly lawyers at the clients' expense. Know why they're happy? Oh dear, now I'm suffering sarcasm on Fridays as well as Mondays.

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

I think I might be able to help with the answer to that simgrund..........................................................Know why they're happy? Oh dear, now I'm suffering sarcasm on Fridays as well as Mondays.

This doesn't help me at all.
What would be the total from PIF asset sales or realisations as is the fad to call them???

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

If we don;t know the total asset sales to date, it can be attributed to the way WC release information to PIF investors. Anybody would think that they were managing a portfolio of highly classified atomic plants.

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

If we don;t know the total asset sales to date, it can be attributed to the way WC release information to PIF investors. Anybody would think that they were managing a portfolio of highly classified atomic plants.

Presumably all will be revealed in the "Investor Update" at the end of this month!!!!:chimney

Incidently they have also stated in an answer (yes! I got one!) to one of my emails that "The committee members - Mr Mangen, Ms Andrejic and Miss Woolford - will provide jus (sic) with information to be included in the next investor update.."

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

...............Incidently they have also stated in an answer (yes! I got one!) to one of my emails that "The committee members - Mr Mangen, Ms Andrejic and Miss Woolford - will provide jus (sic) with information to be included in the next investor update.."

Hopefully there will be a communication plank extended to us along which we can narrow the divide. Thanks John, this helps. Can we all share in the "ANSWER"?

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Hopefully there will be a communication plank extended to us along which we can narrow the divide. Thanks John, this helps. Can we all share in the "ANSWER"?

Hi Simgrund,

Can’t quote it verbatim here as it is covered by the usual limitations.
“The content of this e-mail, including any attachments is a confidential communication between Wellington Capital Limited (or the sender if this email is a private communication) and the intended addressee and is for the sole use of that intended addressee” etc etc
However, it’s probably OK for me to state that after my initial letter and two follow ups, where I complained about the lack of communication both from them and our elected Advisory committee they pointed out that in their April investor update, that updates would be released three times a year, in April, August and December. They also added that The Investor Advisory Committee members would provide them with information for inclusion in the December update.
................... so we should have something in the next couple of weeks. I agree with you that it would be nice to have the opportunity to interact with our IAC members – who knows? After all, Christmas is coming!!!


:wreath

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Hi Simgrund,

Can’t quote it verbatim here as it is covered by the usual limitations.
................... so we should have something in the next couple of weeks. I agree with you that it would be nice to have the opportunity to interact with our IAC members – who knows? After all, Christmas is coming!!!

Thanks, John H. This is a start. I may have had the wrong impression that the contacts with IAC members were a "free exchange" not limited to a WC quota of 3. These interactions with IAC would concentrate on filtering and formulating matters of legitimate concerns expressed by PIF members.
Correct me if I am wrong.
And I wish everybody a " ¡Feliz Navidad!" and beyond.
Cheers, simgrund