Wellington Capital PIF/Octaviar (MFS) PIF
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Ahh.... now I get it
http://www.smh.com.au/news/national...-threat-to-kill/2006/09/24/1159036415551.html
I've got it!
Come up the Windsor Road and let me do a deal for yoooou!
the article says:
Jim Byrnes ... jailed for the deemed supply of heroin, convicted for assaulting a bikie, banned by the Australian Securities and Investments Commission, and labelled a habitual offender by the Roads and Traffic Authority.
Kate McClymont
September 25, 2006
SMH
Off course just a gossip column
I heard today that Anthony Stanton, the general manager of Wellington Capital Funds management resigned 3-4 weeks ago.
I also was told that someone who looked suspiciously like Jenny Hutson was seen at Forest Resort in Creswick today. Maybe if it was, she is trying to round up some good news for investors to include in our next PIF investor update, due at the end of April.
Gosh, how time flies, thats this Friday!!!
Seamisty
I also was told that someone who looked suspiciously like Jenny Hutson was seen at Forest Resort in Creswick today. Maybe if it was, she is trying to round up some good news for investors to include in our next PIF investor update, due at the end of April.
Gosh, how time flies, thats this Friday!!!
Seamisty
seamisty i am quite amazed at your ability to dig up so much information,which in most cases hits the nail on the head,i havent been able to react to the constant collusion from these crooks, which is so obvious from reading your threads in the past months with the excerpts from various papers and court proceedings, seamisty you only know me as flatback, but please accept my admiration and support for the wonderful job you are doing in keeping all of us up to date with the ongoing court proceedings, you and another one or three members have remained constant in your reporting of these goings on, again, thank you for helping to keep us in the loop
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are you for real , talk about stupid , some of you people deserve getting ripped of with your absolout disengenous rude comments .
You have no idea about the cases that could render PIF valueless
you have no idea that Jenny Hudson has confirmed that as RE is entitled to be indemnified out of the fund for any costs and expenses and or damages .
you clearly have no understanding about the rules for continous disclosure .
i know that there is a bid in the wings from a company that has had a lot to do with a number of the borrowers .
they can settle most of the claims at a failry good result , that result does not reduce the writtern down asset values
i know because they engaged me to try and negotiate most of the deals
also to get the action group united and understand the offer thats comming .
to understand all of the important parts of what will be on offer
to understand that if you continue the way things are going that this fund will be a very quickly diminishing asset
so please mind your manners ,
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There is nothing to be gained by being rude to someone who comes to provide you with valuable information.
people who simply use Google news to drag up what is often incorect or exagerated facts that the press may have published at some time or another is simply unhelpfull and niave .
it would seem that some 10500 odd investors have outlayed over 774m dollars .
today at best these assets are now written down to around 230m .
most if not all are property projects that the funder has attempted to sell and failed .
by not finishing the projects the manager ( RE ) fails to unlock the asset value .
the RE is a fund manager , not a developer , not a work out specialist .
They have simply lawyered up every time and spent the funds money ....millions and millions OF YOUR INVESTMENT.
i acted for two borrowers who borrowed over 80million .
this was part funded by OPI .
there is a 70m rip up of your funds .
lets examine Woollongong
i met Anthony Stanton and the builder in Woollongong with a marketer , myself and another guy ..,We had a very wealthy investor interested in buying .
now the site was worth 35m for a cash purchase.
my group offered to lend PIF 20m at 10% non recourse to finish the project sell the units and then pay PIF further funds to take ownership of the Hotel .
the result would have netted PIF 45m
they could not make a decision , did not engage us in sensible discussion , failed to properly achieve the best result for investors .
this is not a fund that requires simple asset managment , it requires a company to take control , get rid of all the claims and secure the properties in such a manner that removes the risk for investors .
not give away all the profit but actuall finish the jobs and then take the finished product to market .
provide some absoloute certainty for investors .
but if some do gooders would prefer to end with nothing and relish in mindless unhelpfull bantor .... then they are not the people who should be relying on
people who simply use Google news to drag up what is often incorect or exagerated facts that the press may have published at some time or another is simply unhelpfull and niave .
it would seem that some 10500 odd investors have outlayed over 774m dollars .
today at best these assets are now written down to around 230m .
most if not all are property projects that the funder has attempted to sell and failed .
by not finishing the projects the manager ( RE ) fails to unlock the asset value .
the RE is a fund manager , not a developer , not a work out specialist .
They have simply lawyered up every time and spent the funds money ....millions and millions OF YOUR INVESTMENT.
i acted for two borrowers who borrowed over 80million .
this was part funded by OPI .
there is a 70m rip up of your funds .
lets examine Woollongong
i met Anthony Stanton and the builder in Woollongong with a marketer , myself and another guy ..,We had a very wealthy investor interested in buying .
now the site was worth 35m for a cash purchase.
my group offered to lend PIF 20m at 10% non recourse to finish the project sell the units and then pay PIF further funds to take ownership of the Hotel .
the result would have netted PIF 45m
they could not make a decision , did not engage us in sensible discussion , failed to properly achieve the best result for investors .
this is not a fund that requires simple asset managment , it requires a company to take control , get rid of all the claims and secure the properties in such a manner that removes the risk for investors .
not give away all the profit but actuall finish the jobs and then take the finished product to market .
provide some absoloute certainty for investors .
but if some do gooders would prefer to end with nothing and relish in mindless unhelpfull bantor .... then they are not the people who should be relying on
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This thread is closed for a day or two while we review the content.
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This thread has now been re-opened.
However, I would like to remind all thread participants about expectations of behaviour. The deliberate bullying, provoking or insulting of other thread participants is prohibited and will not be tolerated.
Also, the ASF Code of Conduct states, "You are forbidden to use Aussie Stock Forums for commercial activity of any kind without receiving prior permission from the administrator." This thread is for general discussion only and anyone with a commercial agenda should leave it at the door.
Also, please do not reproduce entire articles from other websites as to do so is in violation of copyright law. Reproduce a couple of paragraphs only and always include a link to the original source material.
Now, with that said, please carry on.
However, I would like to remind all thread participants about expectations of behaviour. The deliberate bullying, provoking or insulting of other thread participants is prohibited and will not be tolerated.
Also, the ASF Code of Conduct states, "You are forbidden to use Aussie Stock Forums for commercial activity of any kind without receiving prior permission from the administrator." This thread is for general discussion only and anyone with a commercial agenda should leave it at the door.
Also, please do not reproduce entire articles from other websites as to do so is in violation of copyright law. Reproduce a couple of paragraphs only and always include a link to the original source material.
Now, with that said, please carry on.
Thanks Moderators.
Thanks very much to reporter Kate Lahey for doing such a brilliant job of keeping the public up to date on the Bentleys MFS/OCV public examination outcomes.
http://www.smh.com.au/business/i-didnt-know-about-the-money-kercher-20100428-tsfr.html
I didn't know about the money: Kercher
KATE LAHEY
April 29, 2010
Extracted from above article
'Ms Kercher said Guy Hutchings - the chief executive of MFS Investment Management, responsible for the group's Premium Income Fund - seemed stressed in January 2008 and mentioned he was unsure what had happened to loans in the group.
She said only then did she suspect approval processes may not have been followed. She said Craig White, who became chief executive that month, assured her everything was fine.
The court heard evidence of loans being used to help pay the 2007 dividend to shareholders.
It also heard that about November 30, 2007, the day MFS was due to repay a $100 million loan to Fortress Credit Corporation, money moved into the Premium Income Fund from the Royal Bank of Scotland, under a facility that required that money only be used for the fund's purpose.'
Cheers, Seamisty
Thanks very much to reporter Kate Lahey for doing such a brilliant job of keeping the public up to date on the Bentleys MFS/OCV public examination outcomes.
http://www.smh.com.au/business/i-didnt-know-about-the-money-kercher-20100428-tsfr.html
I didn't know about the money: Kercher
KATE LAHEY
April 29, 2010
Extracted from above article
'Ms Kercher said Guy Hutchings - the chief executive of MFS Investment Management, responsible for the group's Premium Income Fund - seemed stressed in January 2008 and mentioned he was unsure what had happened to loans in the group.
She said only then did she suspect approval processes may not have been followed. She said Craig White, who became chief executive that month, assured her everything was fine.
The court heard evidence of loans being used to help pay the 2007 dividend to shareholders.
It also heard that about November 30, 2007, the day MFS was due to repay a $100 million loan to Fortress Credit Corporation, money moved into the Premium Income Fund from the Royal Bank of Scotland, under a facility that required that money only be used for the fund's purpose.'
Cheers, Seamisty
Thank you mr moderator, In future instead of shutting down this site,why not close people who are rude and make false statements
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I don't know whether to laugh or cry.
Bond Uni, founded by and named after Alan Bond, "sentenced to 7 years in prison after pleading guilty to using his controlling interest in Bell Resources to deceptively siphon off AUD$1.2 Billion into the coffers of Bond Corporation" has a lecturer who was in charge of corporate governance at OCV/MFS Ltd/Admin who looks like having performed a similar stunt as Bondie.
She shed tears; but so did Jenny Hutson didn't she? Has Kercher been sitting on this info for the last 2 years while our suffering continued? Does her course include a section on whistle blowing?
From Scott Rochford
http://www.brisbanetimes.com.au/business/kellys-bank-just-keeps-on-giving-20100428-tsff.html
"AFTER THE FALL
The former company secretary of MFS, Kim Kercher, seems to have landed on her feet, two years since the collapse of the Gold Coast financial house. Kercher told a NSW Supreme Court examination by the group's liquidator that she now lectures in accounting and auditing at Bond University. In February 2008, just as MFS was starting to keel over, Kercher was a finalist in the Governance Professional of the Year Awards hosted by Chartered Secretaries Australia."
Bond Uni, founded by and named after Alan Bond, "sentenced to 7 years in prison after pleading guilty to using his controlling interest in Bell Resources to deceptively siphon off AUD$1.2 Billion into the coffers of Bond Corporation" has a lecturer who was in charge of corporate governance at OCV/MFS Ltd/Admin who looks like having performed a similar stunt as Bondie.
She shed tears; but so did Jenny Hutson didn't she? Has Kercher been sitting on this info for the last 2 years while our suffering continued? Does her course include a section on whistle blowing?
From Scott Rochford
http://www.brisbanetimes.com.au/business/kellys-bank-just-keeps-on-giving-20100428-tsff.html
"AFTER THE FALL
The former company secretary of MFS, Kim Kercher, seems to have landed on her feet, two years since the collapse of the Gold Coast financial house. Kercher told a NSW Supreme Court examination by the group's liquidator that she now lectures in accounting and auditing at Bond University. In February 2008, just as MFS was starting to keel over, Kercher was a finalist in the Governance Professional of the Year Awards hosted by Chartered Secretaries Australia."
The same kim Kercher who wrote the following ::
http://epublications.bond.edu.au/cgi/viewcontent.cgi?article=1003&context=cgej
Corporate Social Responsibility: Impact
of globalisation and international
business
Kim Kercher Date of publication: 11 December 2006
Abstract
Extracts from article::
'access to information and media enables the public to be more informed and to easily monitor
corporate activities;
consumers and investors are demonstrating increased interest in supporting responsible business
practices and are demanding more information as to how companies address risks and
opportunities relating to social and environmental issues;
recent high profile corporate collapses have contributed to public mistrust and the demand for
improved corporate governance, accountability and transparency'
The above document was compiled while Ms Kercher was employed at MFS
From The MFS Executive Team - Microsoft PowerPoint - 070821 - The MFS ...
Company Secretary and Chief Governance Officer (Based on Gold Coast)Kim is responsible for the corporate secretarial function of MFS Limited. Kim is also responsible for overseeing all aspects of thegovernance framework and related policies and monitoring compliance with regulatory requirements by MFS Limited and itssubsidiary entities.Prior to joining MFS in 2001, Kim was a manager with KPMG specialising in assurance and advisory services and has more than 15years experience in accounting, compliance, regulatory and financial reporting. Whilst at KPMG Kim performed statutory audit work on a range of different businesses including several listed companies.Kim is a Chartered Accountant and also holds a Bachelor of Business (Accounting major), a Graduate Diploma in Applied CorporateGovernance and a Master of Business Law (Corporate and Commercial
Seamisty
http://epublications.bond.edu.au/cgej/4
..........Don't choke on your shiraz over this one duped!!
........... uh huh ........ Seamisty got there first!!!
..........Don't choke on your shiraz over this one duped!!
........... uh huh ........ Seamisty got there first!!!
LOL JohnH, If yer gonna be a ferret, yer gotta be quick!!!:grinsking Seamisty
lol!............ this link might be useful to anybody who would like to put a face to a name!!
http://media.wotnews.com.au/asxann/00750313.pdf
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I'm wondering if any of those faces end up as a hall-of-famer under fraudsters at http://en.wikipedia.org/wiki/List_of_Australian_criminals . $147Million is a fairly sizeable wad.
I'm a beer drinker.
Seamisty, If indeed the GM of Wellington has departed, perhaps this signals internal tensions. To lose a GM is usually a major event in any orrganisation. Let's watch out for an ad calling for a talented Jack of all trades to take charge. Perhaps somebody from the AG should apply.
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Not a good sign selciper !
In my ongoing quest of researching I occasionally trip over snippets of interest like the following from this link::http://www.multiline.com.au/~johnm/australia/austchron2.htm
The recent crisis at Gold Coast diversified financial and property group MFS trashed the business reputation of Andrew Peacock, who joined in March 2007 as chairman.
He has also been Australia's ambassador to the US.
Before that he spent 29 years in the federal Parliament, including a spell as leader of the Opposition and shadow treasurer.
Another bigwig is Barry Cronin, a solicitor of the Supreme Court of Queensland and the High Court of Australia.
Did Peacock and Cronin realise, as The Australian revealed this week, that MFS was created out of a Gold Coast law firm embroiled in the nationwide solicitors mortgage broking scandal of the late 1990s?
MFS senior executives include Taso Corolis, the chief risk and compliance officer, who joined six months ago after spending 10 years at the financial regulator APRA; Graeme Fowler, the chief financial officer, who spent 15 years at BT Financial Group; and Bill Grounds, the chief executive of property and finance, who was a fomer senior executive at the highly successful Investa Group.
Seamisty
The recent crisis at Gold Coast diversified financial and property group MFS trashed the business reputation of Andrew Peacock, who joined in March 2007 as chairman.
He has also been Australia's ambassador to the US.
Before that he spent 29 years in the federal Parliament, including a spell as leader of the Opposition and shadow treasurer.
Another bigwig is Barry Cronin, a solicitor of the Supreme Court of Queensland and the High Court of Australia.
Did Peacock and Cronin realise, as The Australian revealed this week, that MFS was created out of a Gold Coast law firm embroiled in the nationwide solicitors mortgage broking scandal of the late 1990s?
MFS senior executives include Taso Corolis, the chief risk and compliance officer, who joined six months ago after spending 10 years at the financial regulator APRA; Graeme Fowler, the chief financial officer, who spent 15 years at BT Financial Group; and Bill Grounds, the chief executive of property and finance, who was a fomer senior executive at the highly successful Investa Group.
Seamisty
