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Wellington Capital PIF/Octaviar (MFS) PIF

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Cant vouch for the info but this opinion?link expanded on earlier comments re the development featured in news articles lately... so it doesnt seem to be PIFs but ALF group are reported to be interested in it now?

http://www.cairnsblog.net/2009/08/garrett-told-to-refuse-further-approval.html

according to the link at that time...
"The False Cape property has two mortgages over it with Perpetual Nominees and MFS Pacific Finance. Additionally, there are three caveats lodged over the land, in favour of two other parties, namely Prestige Resort Developments and Fortress Credit Corp.
"From a legal point of view, the property title at this stage is messy," Steven Nowakowski says.
"It has been mortgaged twice, and the three parties holding the caveats, are claiming a legal interest in the property....cont
"We therefore urge [the Minister] to fully revoke your Federal Approval for this development so another suitable use for the site can be investigated," Nowakowski says.
There is a push for a government buy‐back of the False Cape site....cont."

Comments anyone?
 
LTD said:
Cant vouch for the info but this opinion?link expanded on earlier comments re the development featured in news articles lately... so it doesnt seem to be PIFs but ALF group are reported to be interested in it now?

http://www.cairnsblog.net/2009/08/garrett-told-to-refuse-further-approval.html

according to the link at that time...
"The False Cape property has two mortgages over it with Perpetual Nominees and MFS Pacific Finance. Additionally, there are three caveats lodged over the land, in favour of two other parties, namely Prestige Resort Developments and Fortress Credit Corp.
"From a legal point of view, the property title at this stage is messy," Steven Nowakowski says.
"It has been mortgaged twice, and the three parties holding the caveats, are claiming a legal interest in the property....cont
"We therefore urge [the Minister] to fully revoke your Federal Approval for this development so another suitable use for the site can be investigated," Nowakowski says.
There is a push for a government buy‐back of the False Cape site....cont."

Comments anyone?
Click to expand...
LTD That property is now owned by ALF Property 1 Pty Ltd, closely associated to ALF PIF who is currently trying to aquire PIF units with a takeover in mind.


http://www.alfgroupag.com/projects/australia/alf-property-1-pty-ltd.html

Cheers Seamisty
 
I have heard a rumour that Kooralbyn Resort may have either been sold or has an interested party looking at it, can anyone verify please? Seamisty
 
Thanks Ltd. From that article: "the Australian Securities and Investment Commission describing [Byrnes] management of four failed companies as displaying "incompetence (and) a lack of commercial morality"."

Well, to lay silly me "lack of commercial morality" is pretty much well how I would describe the quiet, 11th hour securitisation of the YVE loan after nearly a year of telling the world that the YVE was NOT secured by the charge. But that's OK according to our High Court.

Fair enough. Our courts are entitled to take more of a 'more fool you' and 'stay out of the kitchen if you don't want to get burnt' hardline approach. I.e. the bad cop.

But meanwhile ASIC, the good cop, is luring us to drop our guard and herding us to its AFSL pushers.

It reminds me of that scene in The Dish were Kevin Harrington's character is talking to Sam Neill's character:
You remember that night at my place,
trying to sort out the contract with that fella from NASA?
"What about this? What about that?"
Two hours, and you finally speak.
"Gentlemen, this should be the contract.
"We agree to support the 'Apollo 1 1 ' mission."
That was it - one sentence. They couldn't believe it.
It was a wonderful moment.

Seems that ASIC's mindset is sentimentally stuck in this fanciful, more gentlemanly bygone era. A time when contract clauses were mythically subordinated to 'commercial morality'.

A very interesting read about Equity in Australian courts and Equitable Estoppel is at http://www.lawlink.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/pages/SCO_brereton160307

First line of the Honourable Justice P L G Brereton RFD conclusion is "So long as there is scope for the strict application of rules of law to work injustice, there will be a need for a system of rules to moderate their rigours."

How true that is. Where was the 'rules to moderate' in the High Court on the day it heard about Octaviar? Well Whitelocke K.C. AO has called the decision: 'lamentable'.
 
:confused :HI regarding friday the 29th 1 cent payment, what time can i pick it up? morning or afternoon.i just came out of hospital due to a heart blockage,can i spend it on KFC , MACKDONALD, that way i don't have to wait for the next payment,saving pif some money, lol....
 
targav 8 said:
:confused :HI regarding friday the 29th 1 cent payment, what time can i pick it up? morning or afternoon.i just came out of hospital due to a heart blockage,can i spend it on KFC , MACKDONALD, that way i don't have to wait for the next payment,saving pif some money, lol....
Click to expand...

C'mon targav 8, hang in there for the class action.
Hope you gave Armstrong Registry "pay into" details for the coming few cents.
I hear WC is negotiating with KFC special deals for PIF mob to spend their largesse there.
Cheers,
 
Hi all,

If in the unlikely event that WC will pay us the 1 cent distribution on Friday,do they just mail out the cheque, or what mechanism is there in place for us to be payed????? Does anybody know.

Michael
 
atlas1950 said:
Hi all,

If in the unlikely event that WC will pay us the 1 cent distribution on Friday,do they just mail out the cheque, or what mechanism is there in place for us to be payed????? Does anybody know.

Michael
Click to expand...

Hi Michael,
It is MORE likely than NOT the 1 cent will be paid, imho.
They apparently have the little bundle of joy all spruced up for public outing.
It will go into your nominated account which Armstrong Registry asked you to provide. Check out with them.
Regards,
Ps, keep a lookout in your message box
 
atlas1950 said:
Hi all,

If in the unlikely event that WC will pay us the 1 cent distribution on Friday,do they just mail out the cheque, or what mechanism is there in place for us to be payed????? Does anybody know.

Michael
Click to expand...
Hi Michael and all. Considering Computershare ceased to be the registry services provider at close of business on Friday 23 April 2010
and Armstrong Registry Services Limited was appointed the registry services provider commencing Tuesday 27 April 2010 one would think the 'client login' section would have arrived by now on the Armstrong website, but no, its like our distribution, still coming. Mind you, up to par with the usual standard of imcompetence we have come to expect from anything to do with Wellington Capital!! Bearing in mind Wellington Capital staff were still assuring me PIF investors could still expect some sort of payment prior to Xmas 2008, is it any wonder everyone is so sceptical about getting their first payment of a miserly 1 cent two years after it was originally pledged. In actual fact, if Jenny Hutson had delivered what investors were duped into believing what was promised we should have received around 7.5 cents to date, comprising of part capital, part PIF income! Wellington Capital is sure not high on the list for the 'Best performing Fund of the year award'!! (I also notice Wellington Capital boutique merchant bank hasn't had anything noteworthy to spruick about on their website since they were appointed responsible entity of Premium Income Fund over 2 years ago either!! Doesn't exactly appear a thriving concern either!)
Anyway, unitholders with queries in relation to the investment in the Premium Income Fund can contact the Wellington Hotline on 1300 854 885 or by email investorrelations@newpif.com.au.

Seamisty
 
Hi All,

How do we check out Armstrong Registry and to make sure they have our banking details.
Does anybody have a telephone number, so that we poor suffering investors can ensure we receive payment, if it comes on Friday.

Please advise.

Michael
 
atlas1950 said:
Hi All,

How do we check out Armstrong Registry and to make sure they have our banking details.
Does anybody have a telephone number, so that we poor suffering investors can ensure we receive payment, if it comes on Friday.

Please advise.

Michael
Click to expand...
General security holder enquiries

For all general securityholder enquiries:

p: 07 3231 0050
f: 07 3231 0099
e: registry@armstrongregistries.com.au
 
Seamisty,

Thank you so much for passing on this info. I have just rang Armstrong Registry's and they were adamant that distributions will be paid on Friday.

I also updated my banking details with them to make sure that I receive my distribution on that day.

Can I suggest to everybody to make sure that Armstrong's have all your banking details so that they can pay the monies into your current bank accounts.

When I checked mine, they had my old information, so thank you Seamisty for passing on the relevant telephone numbers so that it could be up dated.


Michael
 
Re the Armstrong registry. Having recently phoned them to check payment details. I found the person dealing with me to be efficient and polite. That person was not of the usual slick WC mould. Of course, as WC haven't allocated a 1300 number to the registry, you are up for the cost of an interstate call if living outside Brisbane.
 
The Bentleys site has been updated regarding examinations:

# Paul Manka - examined
# Mark Korda - examined
# David Anderson (return) - examined
# Mitch Craig - examined (to return in December 2010)

Mitch Craig is the auditor from KPMG who signed off on MFS accounts.
 
marcom said:
In todays Sydney Morning Herald right at the bottom of the main page -
http://www.smh.com.au/- How do they get away with this?

Managed Funds

InvestSMART double your money
How to double your money!!
Click to expand...
And the following was on the page that opened in your link Marcom!! I guess advertising pays better!! Seamisty:::


SMH ETHICS CODE
The values set out in the Herald's first editorial, have guided the paper for more than 170 years. Our most valuable asset is our integrity, and it is this that the code is designed to protect.
 

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