Wellington Capital PIF/Octaviar (MFS) PIF
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Welcome back selciper!! Duped I don't think Great Dane posted under another name, I was told that he was not well and sold all his units a long time ago. I think Jadel was in contact with him? I bet if he checks this forum at all he will be saying "I told you so!!!!!" Seamisty
Hi Duped
Great Dame came along to the PIFI AGM recently . He is battling the dreaded big C but is doing quite well at the moment . Informed me he sold his shares on the NSX for between 18 & 20 cents quite some time ago reinvested the money at the market bottom and is now up 50%.
Great Dame came along to the PIFI AGM recently . He is battling the dreaded big C but is doing quite well at the moment . Informed me he sold his shares on the NSX for between 18 & 20 cents quite some time ago reinvested the money at the market bottom and is now up 50%.
Hi Duped
Great Dame came along to the PIFI AGM recently . He is battling the dreaded big C but is doing quite well at the moment . Informed me he sold his shares on the NSX for between 18 & 20 cents quite some time ago reinvested the money at the market bottom and is now up 50%.
Great Dame came along to the PIFI AGM recently . He is battling the dreaded big C but is doing quite well at the moment . Informed me he sold his shares on the NSX for between 18 & 20 cents quite some time ago reinvested the money at the market bottom and is now up 50%.
Great Dame and other Cassandras were right in 2008. A majority of us chose to accept the undertakings made at “tears of joy” roadshows. After all, it seemed inconceivable at the time that not one cent would have come our way by mid-2010. You wonder whether words like credibility and respect have any value nowadays.
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Duped again. Doh!
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I note that Great Dane came through in his posts as a seasoned, multiple investor. So his PIF venture may have been one of many where averages probably went his way.
I suspect that most PIFers were in it for the first time, with adviser's blessings and with the sole purpose of nurturing the deposits already in retirement or till retirement. And for many that date must have been so close.
Good luck and best of health to GD, but let's not venerate those times when NOT ONE SOUL on this thread offered a viable alternative to his constant carping.
You are not alone Duped,
Duoed -
Never again! We must all be on guard to prevent things getting even worse. I notice that our share price has now returned to 8 cents after recently hitting the dizzying heights of 9.2. We seem to be marooned on a skipperless ship without power or maps, floating slowly to nowhere. We have to wait until various hearings resume. In the meantime, none of us is getting younger; I fear that legal fine points might be argued fpr years to come before we see any payments. And we'll wait and wait. It's hard not to be gloomy, but I suppose that there could be unexpected twists that might one day change the outlook to "fairly positive." We certainly deserve a favourable twist or two.
Never again! We must all be on guard to prevent things getting even worse. I notice that our share price has now returned to 8 cents after recently hitting the dizzying heights of 9.2. We seem to be marooned on a skipperless ship without power or maps, floating slowly to nowhere. We have to wait until various hearings resume. In the meantime, none of us is getting younger; I fear that legal fine points might be argued fpr years to come before we see any payments. And we'll wait and wait. It's hard not to be gloomy, but I suppose that there could be unexpected twists that might one day change the outlook to "fairly positive." We certainly deserve a favourable twist or two.
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Yeah. The RE asked us to vote to amend the constitution in 2006 and then in 2008. Around 18 months after both, our prospects were greatly diminished. Based on this track record, whatever further amendments WC propose can't be good for us investors. Does the Maximum Yield Fund hold PIF units (directly or indirectly)?
On a separate matter. The Wholesale Premium Income Fund held over 11% of PIF at 14Aug09. If this is still the case and votes as a block against ALF PIF then the current takeover will fail to reach its 90%. ALF PIF should know this. If so then they'll either need to prevent such a large block voting against the takeover or ALF PIF doesn't care and will be happy to gain control of a much smaller percentage of PIF.
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Why would WC call an EGM? The RE hasn't sought our vote for any of the other decision it has made regarding PIF assets. Maybe WC just wants to put us in the firing line of potential lawsuits from MYF investors or clients.
If WC does call an EGM, can we get motions added to the agenda. I'm sure WC will time everything to make it very difficult.
I imagine the EGM is only for MYF investors or their proxies? My guess is that WC doesn't want to lose the gravy train of MYF management fees, so by getting the majority vote to change the constitution by special resolution (again) to extend the end date of the MYF trust for another two years the 'snouts will be able to stay in the trough'!!! I wonder if Wellington Capital is drawing management fees for the non existant 85 million units and still using the voting power associated with them? PIF could well be dragged into this saga as well!!
Seamisty
Seamisty provided, on May19, this link to the GCB story related to the ALF bid. The always helpful Nick Nicholls broached another subject or two with Hutson. As there was such a kerfuffle at the time over ALF, I found a second reading of this piece interesting enough.
http://www.goldcoast.com.au/article/2009/11/21/160905_gold-coast-business.html
http://www.goldcoast.com.au/article/2009/11/21/160905_gold-coast-business.html
Bearing in mind selciper, that article in the Gold Coast Bulletin by Nick Nichols on the 21st Nov 2009 followed this one published on the 20th Nov 2009 http://www.goldcoast.com.au/article/2009/11/20/160381_gold-coast-business.html Nick Nicholls was contacted and provided with information relating to the auction otherwise PIF investors would never have known that Wellington Capital had previously rejected an offer of $40.5 million AT AUCTION, not AFTER AUCTION as quoted in defense on the 21st Nov. "Although the City Beach hotel-apartment project had found a $40.5 million buyer after auction earlier this year" "This ($38 million deal) represents the best value we can find in the market"
The rejected offer of $40.5 million, AT AUCTION was made on the 7th May 2009, MORE THAN SIX MONTHS PRIOR to the eventual pathetic deal!! Nick Nichols would have had to have kept file notes on those reports. Did Jenny Hutson Of Wellington Capital deliberately mislead Nick Nichols in the article on the 2st Nov??? Wellington Capital NEVER intended for PIF investors to even know about the previous better offer rejected on our behalf. I have posted many times on here in relation to this and well documented evidence has been kept on this particular issue for future reference!!!
Seamisty
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MFS mentioned in today's SMH
http://www.smh.com.au/business/where-are-they-now-20100611-y3j3.html
Regards,
http://www.smh.com.au/business/where-are-they-now-20100611-y3j3.html
Regards,
Another interesting story.
http://www.smh.com.au/business/elderslie-liquidator-targets-hewson-20100611-y3i7.html
http://www.smh.com.au/business/elderslie-liquidator-targets-hewson-20100611-y3i7.html
http://www.smh.com.au/business/mfs-founder-faces-grilling-by-liquidators-20100614-ya80.html
Mr Adams moved to Dubai in mid-2007 to expand the investment group overseas and still lives there. He has not spoken publicly about the collapse of MFS, in 2008, and has since promoted his professional record as one of solid success
http://www.theaustralian.com.au/business/philip-adams-to-face-court/story-e6frg8zx-1225879632504
PUBLIC inquiries will continue this week into the collapse of Gold Coast financial company Octaviar, previously known as MFS. Co-founder Phillip Adams will face a court about financial dealings of the company.
Mr Adams moved to Dubai in mid-2007 to expand the investment group overseas and still lives there. He has not spoken publicly about the collapse of MFS, in 2008, and has since promoted his professional record as one of solid success
http://www.theaustralian.com.au/business/philip-adams-to-face-court/story-e6frg8zx-1225879632504
PUBLIC inquiries will continue this week into the collapse of Gold Coast financial company Octaviar, previously known as MFS. Co-founder Phillip Adams will face a court about financial dealings of the company.
http://www.smh.com.au/business/where-are-they-now-part-iii-20100614-yabk.html
MFS Michael King
TWO years after the collapse of his Gold Coast investment group, Michael King says he has cleared his personal debts and realised some truths.
''I've got negative plans,'' he says. ''I'm never going to be involved in a public company again, never going to be CEO of a big organisation again, and never going to be in financial services again.''
It may be small comfort to the MFS creditors who are owed close to $2.5 billion.
King, 45, says he is living at his Elysian Fields polo estate, which remains for sale. Under a personal insolvency agreement he has struck, whatever the bank doesn't take is to go to creditors.
King and his colleague Phil Adams were lawyers at a Gold Coast law firm in 1999, when they set up MFS as McLaughlin Financial Services. It later became Octaviar.
By May 2007, their combined personal wealth was $370 million, according to BRW.
Within a year, King and Adams had both dropped off the rich list and owed $127 million on margin loans.
MFS was once worth $3.2 billion, but its collapse revealed intercompany loans totalled $1 billion.
King is yet to face examinations into MFS, but says he is looking forward to it.
He is also facing charges in the Queensland Supreme Court, brought by the Australian Securities and Investments Commission, relating to a loan from Royal Bank of Scotland. The loan was meant for the Premium Income Fund, but was allegedly used to repay $100 million to US lender Fortress Credit.
''It's tragic that people lost money,'' King says. ''Some of my best mates lost fortunes, so if you don't think that affects you, you're kidding yourself.''
King says he has ceased all involvement with MFS entities and is now consulting. ''Just general business stuff, nothing to do with financial services or anything like that. It keeps me busy, trying to make a buck.''
MFS Michael King
TWO years after the collapse of his Gold Coast investment group, Michael King says he has cleared his personal debts and realised some truths.
''I've got negative plans,'' he says. ''I'm never going to be involved in a public company again, never going to be CEO of a big organisation again, and never going to be in financial services again.''
It may be small comfort to the MFS creditors who are owed close to $2.5 billion.
King, 45, says he is living at his Elysian Fields polo estate, which remains for sale. Under a personal insolvency agreement he has struck, whatever the bank doesn't take is to go to creditors.
King and his colleague Phil Adams were lawyers at a Gold Coast law firm in 1999, when they set up MFS as McLaughlin Financial Services. It later became Octaviar.
By May 2007, their combined personal wealth was $370 million, according to BRW.
Within a year, King and Adams had both dropped off the rich list and owed $127 million on margin loans.
MFS was once worth $3.2 billion, but its collapse revealed intercompany loans totalled $1 billion.
King is yet to face examinations into MFS, but says he is looking forward to it.
He is also facing charges in the Queensland Supreme Court, brought by the Australian Securities and Investments Commission, relating to a loan from Royal Bank of Scotland. The loan was meant for the Premium Income Fund, but was allegedly used to repay $100 million to US lender Fortress Credit.
''It's tragic that people lost money,'' King says. ''Some of my best mates lost fortunes, so if you don't think that affects you, you're kidding yourself.''
King says he has ceased all involvement with MFS entities and is now consulting. ''Just general business stuff, nothing to do with financial services or anything like that. It keeps me busy, trying to make a buck.''
''I've got negative plans,'' he says. ''I'm never going to be involved in a public company again, never going to be CEO of a big organisation again, and never going to be in financial services again.''
I do not see any sign of personal responsibility or remorse over the destruction of thousands of peoples lives in the PIF in the above statement.
Yes Michael ,hopefully it will be difficult to be the CEO of a " big organisation" looking through the bars of a jail cell.
I do not see any sign of personal responsibility or remorse over the destruction of thousands of peoples lives in the PIF in the above statement.
Yes Michael ,hopefully it will be difficult to be the CEO of a " big organisation" looking through the bars of a jail cell.
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Seems that King is still going to try and cast himself as the underdog - 'just trying to do business etc etc'. My guess is still he'll simply blame banks, short sellers and vulture funds who will all in turn just say they were doing what everyone knows what they do. (Aesop's 'Scorpion and the Frog': "I'm a scorpion; it's my nature.")
Anyone here an artist? Can you draw a cartoon of a pile of cash with Peacock, King, Adams, Anderson, Krecklenberg, Hutchings etc painting a giant target on it?
With ASIC holding their bucket of red paint.
Anyone here an artist? Can you draw a cartoon of a pile of cash with Peacock, King, Adams, Anderson, Krecklenberg, Hutchings etc painting a giant target on it?
With ASIC holding their bucket of red paint.
