Wellington Capital PIF/Octaviar (MFS) PIF

[simgrund]

Some of you may Remember this? :::The Challenges and Opportunities of Islam in the
West: The Case of Australia
3 - 5 March, 2008
Brisbane Convention and Exhibition Centre
Queensland, Australia

Both David Burke and Jenny Hutson were key speakers/gave presentations. I hadn't made the Enneagram/Hutson connection when I first uncovered the info and didn't realise Burke was also involved.

'As Theologians Separate so the Mystics Unite
Mr David Burke, Founding Director, the Australian Institute for Enneagram Studies, the Australian Enneagram Community, and the Brisbane Enneagram Project'
'Islamic Investment - The Opportunities in Australia
Ms Jenny Hutson, Managing Director and Founder of Wellington Capital Limited, a Merchant and Investment bank; Queensland Business Woman of the Year 2007.'
'

It was here that Jenny Hutson presented :: http://www.griffith.edu.au/__data/assets/pdf_file/0017/58310/Hutson.pdf Islamic Investment –
The Opportunities in Australia
Jenny Hutson, Managing Director
Wellington Capital Limited
5 March 2008

I guess it is a lot clearer now that I know Traditional Islamic Sufi teachings are strongly connected with the Enneagram!!

No wonder you always felt that WC was unnecessarily secretive Duped!!

Seamisty

I could, after all these exposures, make some s******ing remarks about being "enneagrammed" into an involuntary "Eriksonian Hypnosis" leading me along with thousands into the quagmire we find ourselves in today.
But voicing the rage would not hit the target. In fact, I am very sad that "impartiality" and "commitment" have been compromised by bias towards "like mindedness" in staff selection.
I would, as you would seamisty, wait for real actions on the ground to bring us justice.
We hope that people fronting our CA are furthest removed from "enneagrammology" in any form, shape or scent.
And seamisty; there are more than 2 following your and others' inputs.
With thanks,
PS. an auto censor is in place as it does not allow "s******ing" from verb "s.n.i.g.g.e.r."

 

[Cookie1]

Seamisty, thank you so very much for all the time and hard work you're putting in to shed some light on our very sad situation. I, for one, read every entry on the PIF blog and am absolutely fascinated at what your research is uncovering. (I never even heard of Enneagram...and there appears to be a whole Enneagram community of them).

Where is this all taking us? and how can we disentangle ourselves from the very obscure web we've been lured into? What kind of people are in charge of our fund? and no wonder we're going no where but downhill. (Rhetorical questions.)

Keep up the good work! I'm in it for the long haul. It does worry me that ALF is buying up units and voting rights...vultures of the worst kind after the pickings.

 

[seamisty]

Seamisty, thank you so very much for all the time and hard work you're putting in to shed some light on our very sad situation. I, for one, read every entry on the PIF blog and am absolutely fascinated at what your research is uncovering. (I never even heard of Enneagram...and there appears to be a whole Enneagram community of them).

Where is this all taking us? and how can we disentangle ourselves from the very obscure web we've been lured into? What kind of people are in charge of our fund? and no wonder we're going no where but downhill. (Rhetorical questions.)

Keep up the good work! I'm in it for the long haul. It does worry me that ALF is buying up units and voting rights...vultures of the worst kind after the pickings.

Its all about researching, collating and compiling Cookie!!! Information and evidence already on hand should the need arise to hand it all over to someone for future reference. It is also about exposing any deceit and informing other unsuspecting investors to be fully aware of the kind of people they are dealing with. People who lack the ability to exercise even just ONE promise successfully and with no transparency. People who go into virtual lock down when the going gets tough.

In relation to those selling out to ALF PIF I hope they are seeking professional advice as to what they will not be getting, ie the full upside of any money if ASIC is successfull in repatriating funds from Octaviar back to the PIF. I sincerely hope that Wellington Capital also do not participate in any upside as well, they certainly do not deserve it. Quite the contrary in my opinion, as I feel they owe us!!!!

Iv'e still got more to come on the enenama, OOPS, I mean enneagram (funny how similar those two words are, the only thing missing from enenama is a G and a R!) but I don't want to bog you all down with it.
Lets see what 'one dollar David' has to say this week in the public examinations!!

Cheers, Seamisty

 

[seamisty]

Remember this article?

Hutson defends PIF Gong sale
Nick Nichols, business editor | November 21st, 2009

Related Links
How the Holiday Inn stacks up against the Sheraton
JENNY Hutson has hosed down Premium Income Fund unitholders' criticism of a $38 million property sale in Wollongong this week.

Although the City Beach hotel-apartment project had found a $40.5 million buyer after auction earlier this year, that deal fell through after a 'very short' due diligence, said Ms Hutson who controls the fund through Wellington Capital.

"This ($38 million deal) represents the best value we can find in the market, having been in discussions up to and beyond the auction date," said Ms Hutson of the sale to Harbour Street Developments.

Ms Hutson also said the deal had been struck at book value, dismissing concerns by some unitholders that the sale would diminish their already-eroded investment in the fund.

"We're not selling anything less than book value. That's been our philosophy."

City Beach is at least five months from completion.

The first phase of construction will deliver 75 apartments, with Ms Hutson hopeful the settlement of those sales will bring the $38 million cash from the sale into the fund.

Well by my calculations 5 months was up up in April this year and the fact hasn't changed that the $40.5 million buyer was at auction not after as was wrongly reported by Nick Nichols in this article who was supplied with evidence of the auction results and has failed to follow up on this.

So here it is, 8 months after Jenny Hutson of Wellington Capital sold this prime PIF asset, forfeiting any possible future growth and relinquishing our right to 1st mortgage status and we still have not seen a cent!! This is another classic example of poor business acumen demonstrated by our responsible entity. To add insult to injury have a look at the cost of staying at this hotel which I think could have been completed for approx $16million. No joint venture, no capital raising, nothing that remotely resembled any type of business expertise we were promised, the complete opposite actually.

Deluxe Room $350 per night

Executive Balcony Room $375 night

Executive Suite $425 night

Chifley Suite $700 night

I must check with another of our assets which was generating a healthy income prior to Wellington Capital have taken control. I did hear that after Wellington Capital sacked existing qualified staff and replaced them with lesser qualified displaced Kooralbyn employees, the income deteriorated dramatically. I will definitely follow up on that, all extra evidence to add to the data base of compelling evidence of an incompetent Responsible Entity.


Seamisty

 

[seamisty]

http://www.smh.com.au/business/mfs-out-by-65m-on-profit-20100719-10hxl.html

MFS out by $65m on profit COLIN KRUGER
July 20, 2010
FAILED Gold Coast financier MFS overstated its pre-tax profit for the 2007 financial year by $65 million, according to the company's liquidators.

A public examination into the collapse of MFS, which is now known as Octaviar, was told the treatment of MFS's investment in hedge fund investor HFA Holdings lead to the overstatement.

According to counsel acting for the liquidators, Adam Bell, the stake in HFA was classified as ''held for trading'', meaning unrealised gains could be recognised in earnings

But the stock was actually held in escrow, so MFS was prevented from selling the stake.

The HFA stake was sold to margin lenders in 2008.

Former MFS chief financial officer David Anderson, who is the sole subject of the public examination this week, told the court he was not sure where the liquidators got the $65 million figure from.

In a previous session, the New South Wales Supreme Court heard how in May 2007, MFS executives engineered a $94 million dividend out of phantom profits.

In the early hours of May 29, 2007, MFS chief executive Michael King emailed his deputy, Craig White, and Mr Anderson saying he wanted to offer investors a 20 ¢-a-share dividend. Mr Anderson replied within hours saying it would require a pre-tax profit of $230 million.

Mr Anderson, who owned 2 million MFS shares at the time, angrily denied he had used loans to pay a dividend the company could not afford.

Mr Anderson denied the proposition from Mr Bell that the company was using short-term financing, like a three-month debt facility from Fortress, to fund long-term commitments.

Source: The Age

 

[seamisty]

http://www.smh.com.au/business/escort-payments-caught-in-asic-net-20100719-10hwk.html
PROJECTIONS

Meanwhile, the ongoing public examination into the collapse of MFS Limited has shed light on some of the nicknames given to deals worked on by the Gold Coast Macquarie wannabe.

The legal representative from Bentleys, the liquidator of MFS (aka Octaviar), quizzed the group's former chief financial officer, David Anderson, on several schemes thought up by the company before its demise. They included Project Polly, Project Luxor, Project Nirvana and Project Utopia.

Sadly, Anderson was unable to recall any of the minute details of the deals. ''I'm amazed at what I see as the inefficiency of the process,'' said Anderson, expressing puzzlement about the questions posed by Adam Bell, SC

 

[Blueboy1]

http://www.9types.com/descr/?type=8
The Asserter (the Eight)

Asserters are direct, self-reliant, self-confident, and protective.

How to Get Along with Me

* Stand up for yourself... and me.
* Be confident, strong, and direct.
* Don't gossip about me or betray my trust.
* Be vulnerable and share your feelings. See and acknowledge my tender, vulnerable side.
* Give me space to be alone.
* Acknowledge the contributions I make, but don't flatter me.
* I often speak in an assertive way. Don't automatically assume it's a personal attack.
* When I scream, curse, and stomp around, try to remember that's just the way I am.

What I Like About Being a Eight

* being independent and self-reliant
* being able to take charge and meet challenges head on
* being courageous, straightforward, and honest
* getting all the enjoyment I can out of life
* supporting, empowering, and protecting those close to me
* upholding just causes

What's Hard About Being a Eight

* overwhelming people with my bluntness; scaring them away when I don't intend to
* being restless and impatient with others' incompetence
* sticking my neck out for people and receiving no appreciation for it
* never forgetting injuries or injustices
* putting too much pressure on myself
* getting high blood pressure when people don't obey the rules or when things don't go right

Eights as Children Often

* are independent; have an inner strength and a fighting spirit
* are sometimes loners
* seize control so they won't be controlled
* figure out others' weaknesses
* attack verbally or physically when provoked
* take charge in the family because they perceive themselves as the strongest, or grow up in difficult or abusive surroundings

Eights as Parents

* are often loyal, caring, involved, and devoted
* are sometimes overprotective
* can be demanding, controlling, and rigid

Seamisty, there seems to be no mention of red jackets anywhere,do you think they may be missing something?

Cheers,
Blueboy1

 

[seamisty]

HMNN, This is off David Burkes AIES website::Type Eight: Lust
Focus of attention: controlling others and their resources through the use of power and aggression; my strengths and my enemies’ weaknesses; right and wrong; injustice; vengeance; controlling others’ behaviour; authoritative; directive; action rather than strategy.

Language: right/wrong; power; strong/weak; justice; remember; control; strengths/weaknesses; my way or the highway; boss; in charge; chain of command; ground zero; rally the troops.

Somatic characteristics: physical characteristics associated with heavy drinking, eating, fighting, working or sex; heavy gait.

http://www.enneagram.com.au/pages/enneagram_passions.htm

The mind boggles Blueboy!!

Seamisty

 

[Blueboy1]

The humour eases the pain!
Blueboy1

 

[seamisty]

I notice McLean legal pty Ltd is named as legal adviser to WELLINGTON CAPITAL in the WC Target Statement. I see Rachel Weeks is a partner of McLean Legal (. That would be the same Rachel Claire Weeks, Director of Queen Street Nominees Pty Ltd, (DLGL Account), a substantial shareholder in G8 Education Limited which I believe is Chris scott's and Jenny Hutson's next empire building exercise.
Lets not forget David Burke (Jenny's VERY close friend I am told?) in the equation. David burke established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies. (AIES)Mr David Burke, M.Ed, B.Ec, Grad.Dip.R.EFounder of the Australian Enneagram Oral Tradition, David Burke is the leading researcher, teacher and writer of the Enneagram in Australia today. He established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies.
David Burke was invited to join the board of the International Enneagram Association oin 2007.
Mar 18 2008 saw David Burke elected to the MFS board with Chris Scott.
David Burke, Jenny Hutson and Chris Scott were all Directors of S8 Property Trust
David Burke has undertaken large scale assessments of personality type at McCullough Robertson Lawyers.
David Burke has consulted in respect of organisational change and management in S8 Limited and University of Queensland’s MBA program
Rachel Weeks is also an enneagram teacher at the same faculty(http://www.enneagram.com.au/pages/teachers.htm#) RACHEL WEEKS was previously also a senior associate with McCullough Robertson, Brisbane.



It gets really interesting from here on. I have done extensive research on the Enneagram and have compiled a heap of info in relation to it and the Wellington Capital/David Burke connection.
It is quite complex and I will just post this link for now for those interested in following up on this very interesting not for profit personality profiling organization /http://www.skepdic.com/enneagr.html

Plenty more to come and trust me, I will reveal it!!

Seamisty

So it appears David Burke will be slumming it here http://www.internationalenneagram.o..._location_and_transportation_information.html next week for the International Enneagram conference where he will be speaking. If you want to attend you can contact Rachel Weeks at rweeks@mcleanlegal.com.au
(Take your credit it card, these not for profit conferences aren't cheap!!)

http://www.enneagram.com/teaching_schedule.html

I assume that would be the same Rachel Weeks who appears to be WC's new legal adviser??? (not to mention recent substantial shareholder at G8 education??)

Be interesting to see if any of David Burkes very close friends/benefactors from Wellington Capital are missing in action from Australia during the conference.

Seamisty

 

[seamisty]

MFS chief retreats on dates COLIN KRUGER
July 21, 2010

FORMER MFS chief financial officer David Anderson had to back-pedal yesterday on emphatic denials he backdated documents in early 2008 before the Gold Coast financier's collapse.

Full Article http://www.smh.com.au/business/mfs-chief-retreats-on-dates-20100720-10jld.html

 

[seamisty]

http://www.smh.com.au/business/perhaps-swift-was-getting-the-cows-in-20100720-10jhd.html
ESCAPE PLANS

More details have emerged on the nicknames given to various schemes devised by the collapsed Gold Coast financial firm MFS Limited. In his latest appearance at the public examination hosted by the liquidator Bentley's, the former chief financial officer of MFS, David Anderson, was quizzed about ''Project Stove''. Anderson told the examination he did not come up with the name of the project, which had been planned to internalise MFS's $1 billion Premium Income Fund into the group.

But he said the name was inspired by the movie The Great Escape, where a stove was used to hide the entrance of one of three escape tunnels from a German prisoner-of-war camp.

Sadly, like many other business schemes involving MFS, it seems no one thought this particular deal through. The tunnel covered by the stove, in the 1963 film, was the first to be discovered by the Germans. The Great Escape also ultimately failed to live up to its name. Only three of the 76 escapees made it to freedom.

 

[Duped]

brisbanebusinessnews.com

http://www.brisbanebusinessnews.com.au/article869/OCTAVIAR%20INVESTORS%20STILL%20UP%20THE%20CREEK.html

"OCTAVIAR INVESTORS STILL UP THE CREEEK
by Matthew Ogg


INVESTORS in Wellington Capital’s Premium Income Fund are unlikely to receive any of the $202 million owed to them by failed Gold Coast financier MFS, says Wellington managing director Jenny Hutson (pictured).


Hutson, whose investment firm bought MFS (now Octaviar) after it went under in 2008, is disappointed’ by reports yesterday that MFS overstated its FY07 pre-tax profit by $65 million.

...
“Their (MFS) pre-tax profit in 2007 included things that weren’t really profit, but were future transactions that had not yet taken place – these uncertain transactions were then booked in the account early to make the company look better,” says Hutson.


“They did it because they wanted and needed it to raise more capital and needed the share price to be higher when they were doing that.


“Wellington took over one of the funds after that collapse in a bid to save it – now I’ve got 10,000 investors who were attracted by what they thought was the success of MFS and with these statements there’s $202 million that probably won’t be distributed to us.”
...' [emphasis added]


I think this quote "there's $202 million that probably won't be distributed to us." gets my vote as the most useless statement of the 21st century.

We all know that we won't get all of it. Which of course is what technically Hutson is quoted as saying. The word 'any' isn't in the Huston quote.

Confused Matthew Ogg though didn't it. So how much of that $202 million DOES she think we could get?

 

[seamisty]

brisbanebusinessnews.com

http://www.brisbanebusinessnews.com.au/article869/OCTAVIAR%20INVESTORS%20STILL%20UP%20THE%20CREEK.html

"OCTAVIAR INVESTORS STILL UP THE CREEEK
by Matthew Ogg


INVESTORS in Wellington Capital’s Premium Income Fund are unlikely to receive any of the $202 million owed to them by failed Gold Coast financier MFS, says Wellington managing director Jenny Hutson (pictured).


Hutson, whose investment firm bought MFS (now Octaviar) after it went under in 2008, is disappointed’ by reports yesterday that MFS overstated its FY07 pre-tax profit by $65 million.

...
“Their (MFS) pre-tax profit in 2007 included things that weren’t really profit, but were future transactions that had not yet taken place – these uncertain transactions were then booked in the account early to make the company look better,” says Hutson.


“They did it because they wanted and needed it to raise more capital and needed the share price to be higher when they were doing that.


“Wellington took over one of the funds after that collapse in a bid to save it – now I’ve got 10,000 investors who were attracted by what they thought was the success of MFS and with these statements there’s $202 million that probably won’t be distributed to us.”
...' [emphasis added]


I think this quote "there's $202 million that probably won't be distributed to us." gets my vote as the most useless statement of the 21st century.

We all know that we won't get all of it. Which of course is what technically Hutson is quoted as saying. The word 'any' isn't in the Huston quote.

Confused Matthew Ogg though didn't it. So how much of that $202 million DOES she think we could get?

Whats an overstated pre tax statement got to do with the fact that PIF was robbed by $147.5 million by previous directors, who were in charge of a company that still owes PIF an additional $50 million from a supposed Support Facility?
'Wellington Capital’s Premium Income Fund are unlikely to receive any of the $202 million owed to them by failed Gold Coast financier MFS, says Wellington managing director Jenny Hutson '

What sort of a brain dead negative statement is that!!!!! What sort of intelligent logic is that? No wonder this fund is going down the gurgler with that callibre of management. So why aren't you out there chasing those responsible to the 'end of the world' Jenny? Are you using this opportunity as some sort of pathetic excuse to divert the blame away from WELLINGTON CAPITAL's lack of expertise and ability to deliver just one prior committment YOU made to those same 10,000 plus investors who were attracted to WC and Jenny Hutson on a ream of advantages that you said you could deliver which would result in a better outcome than liquidation??? Buck passing is not going to work anymore. Wellington Capital bought the PIF did it Jenny? Just how much did WC actually pay for it? Given up have you? Well by all means feel free to resign.

Seamisty

 

[seamisty]

Whats an overstated pre tax statement got to do with the fact that PIF was robbed by $147.5 million by previous directors, who were in charge of a company that still owes PIF an additional $50 million from a supposed Support Facility?
'Wellington Capital’s Premium Income Fund are unlikely to receive any of the $202 million owed to them by failed Gold Coast financier MFS, says Wellington managing director Jenny Hutson '

What sort of a brain dead negative statement is that!!!!! What sort of intelligent logic is that? No wonder this fund is going down the gurgler with that callibre of management. So why aren't you out there chasing those responsible to the 'end of the world' Jenny? Are you using this opportunity as some sort of pathetic excuse to divert the blame away from WELLINGTON CAPITAL's lack of expertise and ability to deliver just one prior committment YOU made to those same 10,000 plus investors who were attracted to WC and Jenny Hutson on a ream of advantages that you said you could deliver which would result in a better outcome than liquidation??? Buck passing is not going to work anymore. Wellington Capital bought the PIF did it Jenny? Just how much did WC actually pay for it? Given up have you? Well by all means feel free to resign.

Seamisty

If the reportor mis interpreted the content supplied by WC a retraction or a correction should be made but in all likelihood won't because its contains more than one error in my opinion and I doubt WC would want all the facts out there!!


Seamisty

 

[Cookie1]

If the reportor mis interpreted the content supplied by WC a retraction or a correction should be made but in all likelihood won't because its contains more than one error in my opinion and I doubt WC would want all the facts out there!!


Seamisty

I don't understand why JH would say the PIF will likely not get anything; it doesn't make sense.

If the PIF is an equal creditor with the other unsecured creditors, then the PIF should get an equal share of whatever is left when the liquidation is finalised...assuming there is anything left after legal fees etc.

Cookie1

 

[selciper]

If Ms Hutson has bad news to deliver, how about telling PIF investors first? Frankly, I am learning to wait patiently for court decisions to be eventually handed down. WC are certainly not reliable prophets.

 

[Cookie1]

If Ms Hutson has bad news to deliver, how about telling PIF investors first? Frankly, I am learning to wait patiently for court decisions to be eventually handed down. WC are certainly not reliable prophets.

If there is bad news re the PIF, the NSX needs to be informed certainly before the press is told about it!

Cookie1

 

[seamisty]

If there is bad news re the PIF, the NSX needs to be informed certainly before the press is told about it!

Cookie1

CookieI think Duped is right and the journalist stuffed up by misconstrung what Hutson said. I think she meant we would not recoup the whole amount owing to us but the whole article is very grey and misleading.
I sent the following to WC but have not received answers to my last 3 or 4 communications. Regardless, they should clarify the article. Seamisty

Dear Ms Hutson and Ms Snow,

After reading the following media articlehttp://www.brisbanebusinessnews.com.au/article869/OCTAVIAR%20INVESTORS%20STILL%20UP%20THE%20CREEK.html[/URL I would like to ask you if Wellington Capital has information in relation to the proposed outcome of the current Octaviar/Mfs public examinations regarding the distribution of remaining Octaviar Funds to creditors?

If you do have access to this extremely important information and are not pre empting the liquidators decision of the current public examination being conducted by Bentley's liquidators, should it not be disclosed to the NSX?
Potential PIF investors and sellers may be influenced by their investment decisions in relation to this Fund if they were aware that they are unlikely to see any Octaviar funds repatriated back to the PIF.

Also would you please explain what possible relevance/bearing does an overstated MFS pre-tax profit statement have in relation to the $147.5million that was misappropriated from the PIF by MFS which was used for unrelated PIF business and an outstanding $50 million Support facility?

 

[wally3218]

brisbanebusinessnews.com

INVESTORS in Wellington Capital’s Premium Income Fund are unlikely to receive any of the $202 million owed to them by failed Gold Coast financier MFS, says Wellington managing director Jenny Hutson (pictured).

Well thats my Christmas in July present, I do hope JH sends me a signed photo for Christmas in December then I can throw darts at that and all the other rubbish she sends out.