Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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http://www.nsxa.com.au/ftp/news/021723478.PDF
Premium Income Fund
NSX Release: 19 November 2010

Disaster Recovery Plan implementation complete
Following the announcement made to the market yesterday, Wellington Capital Limited advises that the
successful implementation of its disaster recovery plan has been completed.
Managing Director Jenny Hutson said ‘We would like to thank all stakeholders and investors for their
patience during this time. My team would particularly like to thank all of the emergency services personnel
and essential service providers who assisted in the making safe of our premises, and indeed many other
premises in our building during the hours which followed the electrical fault.
We have been advised by our registry services provider, who are located in the same building, that they have
also successfully implemented their disaster recovery plan and are fully operational.’
 
That has to be the quickest reaction ever from WC.
Pity they are not so prompt in letting us know what they are doing with our money!!!
 
Quote:
Originally Posted by selciper
Having read the front page of today's Australian, I come away from it wondering whether the moral framework of this country is falling apart.

http://www.theaustralian.com.au/
then Duped

or ... is being revealed.

Yes and also interesting to skim stories on the same page... I find connections sometimes...as if the writer is following or thinking on one underlying subject ... following a train of thought or just showing the area that they are into...I'll call it sidenews to the central story and theres plenty,imo.
gives another meaning to "being on the same page" imo.

This opinion piece from Rob Stock NZ wont please many PIN holders.
Titled "

" Does continuous disclosure work for everyone? "

http://www.stuff.co.nz/business/money/4358306/Does-continuous-disclosure-work-for-everyone


and this article re C+M developments... MFS involved via Vestar ..demise November 2007 not very well disclosed in Australia,imo.

http://www.stuff.co.nz/business/money/4321668/Capital-Merchant-directors-fail-in-annulment-bid
 
http://business.scoop.co.nz/2010/11/22/opi-pacific-debenture-holders-no-clearer-about-payment/

OPI Pacific debenture holders no clearer about payment
By Paul McBeth

Nov. 22 (BusinessDesk) – Debenture holders of OPI Pacific Finance Ltd. are no clearer about what they will recoup from the failed finance company after the third report from receiver Colin McLoy of PricewaterhouseCoopers.

The lender’s complexity made it “extremely difficult” to estimate a return to secured debenture holders owed $198.4 million. The receiver has a claim worth A$418 million in the liquidation of Australian parent Octaviar Ltd., which agreed to cover losses relating to OPI Pacific loans under a put option.

In total, some 10,800 investors are owed about $256 million, though unsecured creditors are unlikely to get anything. McCloy said the firm, known as MFS Pacific Finance, is also unlikely to claw back anything from its $33.3 million loan book, or $20.9 million owed to subsidiary Opi Pacific Investment Pte due to higher ranking creditors.

“Providing an estimated return to secured debenture holders may also jeopardise any actions currently being exercised by the receivers,” McCloy said in his report. “An estimate of future dividends or the timing of dividends to secured debenture holders cannot be provided at this time.”

OPI’s trustee, Perpetual Trust, called in the receiver in September last year after a Queensland Supreme Court ruling put the parent company into liquidation.

The New Zealand lender convinced investors to let it put off its repayments to investors in May 2008, and had repaid 22.17 cents in the dollar to secured debenture holders before it was placed in receivership.

McCloy said he has passed on the findings of his initial investigation into OPI to the Securities Commission, Serious Fraud Office and Ministry of Economic Development.
 
And some movement in Storm saga:
SMH Business

Macquarie's close Storm links
Stuart Washington
November 22, 2010

A SECRET alliance was forged between Macquarie Bank and the doomed financial planner Storm Financial, explosive documents have revealed.

Revelations about the existence of Macquarie's formal ''alliance document'' with Storm raise fresh questions about the level of the bank's responsibility in the disaster that engulfed the financial planner.

The issue of bank responsibility in Storm's collapse will be aired on Wednesday, when the Australian Securities and Investments Commission makes a statement after almost two years of investigations into the collapse.
Advertisement: Story continues below

Storm, based in Townsville, collapsed in sharp market falls in 2008, with the loss of $3 billion in investments. Its business model was based on borrowing against investors' homes to use as margin loan investments in the stockmarket.

The December 2004 Macquarie document titled "Working in alliance" contrasts with statements made by the bank's chief executive, Richard Sheppard, that there was only an arm's length relationship between the companies.

The 13-page document spells out special conditions extended to Storm by Macquarie's margin lending division. These conditions included a commitment by Macquarie not to communicate with Storm clients unless mutually agreed, and generous margin loan concessions that made the loans more risky.

A spokeswoman for Macquarie said the document was never signed by the parties. She said the principal terms of the relationship had been aired in Macquarie's contributions to a parliamentary inquiry into Storm last year.

The existence of an "alliance document" was not revealed to the parliamentary inquiry. Many of the 1050 Storm investors in Macquarie margin loans have complained they never received a margin call when the market fell sharply in late 2008.

Mr Sheppard has denied there were any systemic issues in Macquarie's response to Storm Financial. The bank has refused to follow the path of other banks in adopting a Storm resolution scheme.

Asked in the inquiry last year whether the relationship with Storm was too close, Mr Sheppard said: ''No, not at all. It was an arm's length relationship. In fact, the primary relationship, of course, is between the client and the financial adviser.''

A solicitor examining a class action against Macquarie in relation to Storm, Stewart Levitt, said his clients' argument was banks had worked with Storm against the customers' interests. ''There was a massive conflict of interest whereby margin lenders' primary alliance was with Storm, not with their customers.'' bolding added

Regards,
 
LTD said:
Good points Seamisty,

Off subject.....
What did Storm specificly invest in?
Was there a problem with their holdings of shares or whatever....
that they wouldnt or couldnt, calculate? or communicate margin calls? I might be on the wrong path asking this, but it might be of some consequence and no-one is considering it...

If strange or bad things happen with your investment why not ask about the 'investment' itself ?....
not just the 'process'...ie stormification and margin lending...? which of course held major potential for loss, too.
Click to expand...

Simgrunds post mentions ---Close Links...were there any? Thats what I thought there must be.

Could the storm model been a 'collection method' for investing in select products/shares/? ie How random were the things Storm bought?
Compare the storm chain concept to owning a chain of advisors
something like Vestar( a chain of financial advisors that act like a tool to funnel funds in a preselected direction) ?...
and in storms case why werent or couldnt the holdings be offloaded/margin called. promptly? Were their investments ? perhaps shares.. halted? or funds frozen? because the stock market was experiencing quite a few prolonged halts to trading etc. that resulted in stock never being traded again.

At least an alliance document has surfaced which starts to make some sense when considering basic human behaviour,imo.ie why advance large margin loans in what seems willy nilly way, in the first place?
To invest willy nilly or was investment directed specifically? ... The latter makes more sense to me.

But
if their investments were totally random...then I am on the wrong track.
 
From todays Business Day SMH 23 November Scott Rochfort

http://www.smh.com.au/business/nowhere-to-hide-from-the-taxman-20101122-1847j.html

OH … REALLY

The Australian Securities and Investments Commission's head corporate grime fighter, Tony D'Aloisio, appears to be on the lookout for an aircraft carrier where he will be able to unfurl a large banner highlighting his recent successes.

After already titling ASIC's 2010 annual report as ''A Year of Achievement'', Mr D is set to replay this message on the speaking circuit.

''Responding to the global financial crisis - the ASIC story'' will be the title of Mr D's speech next week to the Trans-Tasman Business Circle's Chairman's Boardroom Series. The event will be ''off-the-record'' and closed to the media.

LIKE MINDS

Brazilians are not just good at football and putting on a scantily clad festival. The nation's corporate regulator has been given the Tony D'Aloisio gold stamp of approval.

ASIC, in a recent update on its decisions on relief applications, noted how it granted relief to a Brazilian-regulated foreign financial services provider from having to hold a local financial services licence.

''Relief was required for the Brazilian-regulated FFSP's proposed appointment as investment manager of a registered managed investment scheme focused on Latin American-listed securities,'' noted the ASIC report.

The regulator said it was ''satisfied that the Brazilian regulatory regime was sufficiently equivalent to regulation by ASIC''.
 
A class action win for IMF:

Pan legal action settled for $50m
Ellie Harvey SMH
November 24, 2010

A SETTLEMENT, believed to be more than $50 million, has been reached in the Pan Pharmaceuticals class action against the federal government.

The settlement, announced yesterday, brings to a close a string of legal suits since 2003, and is belated vindication for the company's founder, Jim Selim, who died earlier this year after a stroke and battle with leukaemia...


In 2008 Mr Selim received a $50 million settlement from the federal government.

About 165 of Pan's customers, creditors and sponsors joined a class action, led by PharmaCare, seeking their own payments from the government and the TGA, saying they were left $120 million out of pocket by the action taken by authorities. Three other companies ran their own cases alongside it.

The litigation funder, IMF, said if the settlement was approved by the court they would receive $24 million which would generate a profit after overheads but before tax of $17 million.

Litigation funders generally receive about one-third of proceeds of settlement, making the settlement in favour of the class action more than $50 million.

''Any settlement is a compromise from all parties concerned,'' said the executive director of IMF, John Walker.

''[In] this particular dispute, I think everybody involved ought to be happy with the outcome.''

Pan's associates had accused the authorities of negligence and misfeasance of public office and some are claiming for a loss of share value, which lawyers for the TGA said there was no legal authority for.

Mr Walker hoped an application for approval would be before the court before year's end."

http://www.smh.com.au/national/pan-legal-action-settled-for-50m-20101123-185qt.html
 
OFF TOPIC but may interest some. More $1 deals??? Don O'Rorke was previously touted as a 'serious bidder' in the Raptis Sheraton mirage. Jenny Hutson was Chris Mortons lawyer in 2003 when he was managing director of Property Funds Australia (PFA). At some stage Hutson was appointed a non-executive director but retired along with Morton when Mirvac aquired 100% of PFA in Oct 2007. Seamisty





http://www.theaustralian.com.au/bus...t-against-ororke/story-e6frg8zx-1225958832914

QUEENSLAND developer Trinity has written off a $3 million legal suit against Don O'Rorke, saying it wants to focus on its future.

Yesterday's settlement ends a long saga that started with O'Rorke's Consolidated Properties merging with the high-profile Cairns-based Trinity, in what appeared to be a significant development force in the fast-growing Queensland and NSW coastal areas. But the 2006 merger never quite worked, and after an acrimonious split O'Rorke left the board in November 2008. He bought back the original Consolidated Properties business name and started pursuing new projects.

Last year the remainder of the Trinity board split over a $1m "success fee" paid to lobbyist Ross Daley and the share price dived.

Brisbane property identities Brett Heading and Chris Morton now serve as chair and deputy chair.


Trinity had pursued legal action worth $19.8m against its former project partners.

But a statement filed yesterday to the ASX indicated that Trinity would cancel all its securities owned by Mr O'Rorke -- about 12 per cent of the company -- for $1, while Mr O'Rorke would acquire all TDG (formerly Consolidated Properties) for $1.

Mr Heading said the settlement meant "the board has taken the view that for Trinity to confidently move forward it must resolve all outstanding legacy matters so it can focus on its next phase rather than continually being drawn back to the distractions of the past".
 
ASIC lagging as usual re the Storm saga::


Banks face Storm action Stuart Washington
November 26, 2010


THE corporate regulator is expected to take legal action against some of Australia's largest banks over the collapse of Storm Financial, after a breakdown in compensation talks.

Australian Securities and Investments Commission chairman Tony D'Aloisio is due to announce in Melbourne today a hardline stance against banks involved in the disastrous Storm business model.

The regulator's targets could not be confirmed last night. Commonwealth Bank, Bank of Queensland and Macquarie Bank were the largest lenders to Storm investors.

Advertisement: Story continues below About 3000 investors, many of them elderly, lost about $3 billion when Storm's business model of borrowing against houses to invest in the sharemarket fell apart in sharp market falls late in 2008.

A parliamentary inquiry last year heard evidence of irregularities in banks' adherence to prudent banking practices, including in the case of a 30-year-old with a brain injury whose $120,000 in life savings were wiped out by a large margin loan. ASIC's tough stance would represent the first big court action launched by the regulator as a consequence of the 2008 financial crisis.

It would also pit ASIC, with a patchy track record on major litigation, against some of Australia's best-resourced companies and their large legal teams.

Sources said the regulator had opted for litigation after almost six months of commercial negotiations for compensation.

Macquarie Bank would not comment yesterday. Commonwealth Bank and Bank of Queensland said they had not been approached by the corporate regulator about the issue.

Alone among the three, Commonwealth Bank adopted a formal dispute resolution procedure to deal with systemic problems in the way it handled Storm clients.

But it is believed the resolution procedure, which has been much maligned by former Storm investors, was not enough for the bank to avoid ASIC's focus on litigation.

The decision to take court action comes two years after investors were left penniless in Storm's collapse, with ASIC originally due to outline its actions in August last year.

The decision also means the regulator's lengthy negotiations for compensation, launched in March, have been fruitless.

The move to take court action met a muted response from Storm investor Brian Taylor of Sydney, who had been hoping for some form of settlement.

''To hear it's going to litigation doesn't make me crack the champagne cork,'' Mr Taylor said.

''As soon as I hear litigation mentioned, I think, 'How much longer?' ''

http://www.smh.com.au/business/banks-face-storm-action-20101125-1897z.html
 
That new logo's an inspired plan
Scott Rochfort SMH CBD
November 26, 2010
http://www.smh.com.au/business/that-new-logos-an-inspired-plan-20101125-18932.html

Higher standards ... Julie Berry strikes a blow for financial planners. Illustration: John Shakespeare

Investors who have been burnt - or have even lost their life savings - through the collapse of entities such as Westpoint, Storm Financial and Timbercorp can finally rest easy.

As part of its ''journey to inspire community trust and confidence'', the Financial Planning Association unveiled its new logo yesterday.

The rebranding was apparently part of the association's effort ''to signify the higher professional standards of FPA members and distinguish them from non-members''.

Its chairwoman, Julie Berry, also unveiled a new strategic plan at the association's national conference on the Gold Coast yesterday.

''The timing of this move is exactly right. There is a new energy in the air,'' she said, trying to make the event sound like the financial planning equivalent of the Soviets' Prague Spring.

''We urge members to get behind our determination to elevate our industry to a universally respected profession,'' she said in a press release.

There is no word yet if changing the FPA's logo could result in some name changes. For one, will commissions be rebranded as asset management enhancement stipends? Will trailing commissions be rebadged as reciprocal yields?
 
Another one of M Kings cronies bites the dust with missing assets::



'He could charm a hungry dog off a meat truck': the fall of a flamboyant multimillionaire Mark Hawthorne
November 26, 2010

http://www.theage.com.au/business/h...timillionaire-20101125-1895r.html?from=age_sb


Flamboyant multimillionaire Berrnard Roux.
BERNARD Roux has lived a privileged life. His office is located at 101 Collins Street in Melbourne. His preferred mode of transport is a private helicopter, which he used to fly between his properties.

One of them, in Portsea, is next to the home of billionaire Lindsay Fox. The neighbours made such a racket with their helicopters that Portsea resident Kate Baillieu complained to the local council.

Over three weeks in January, 2002, Ms Baillieu counted more than 90 trips in and out of the Fox and Roux residences, including a 7am flight on a Sunday.

Advertisement: Story continues below Until his recent financial woes, Mr Roux owned a Queensland-based polo team Hyde Hill, named after the street in which he lives in Melbourne's outer south-east. Hyde Hill has competed against James Packer's Ellerston polo team over the years.

Damien Johnston, one of Australia's top-ranked polo players, was employed to run the multimillion-dollar stable with more than 100 ponies at Kooralbyn Valley. Hyde Hill is next to Elysian Fields, the multimillion-dollar polo facility once owned by Michael King, the founder of failed investment company MFS.

Mr King, who is burdened with debts of more than $120 million after the $2.5 billion collapse of MFS, is a close friend of Mr Roux.

Now creditors are trying to track down any remnants of that remarkable empire.

In the Federal Magistrates Court, disgruntled investor Marcus Noonan is winding up two of Mr Roux's companies, and has employed investigators to try to track down assets.

Mr Roux has since made his creditors an offer of just $100,000, with Andrew Yeo of Pitcher Partners appointed his official trustee. According to bankruptcy filings prepared by Pitcher Partners, all of that wealth has evaporated. Mr Roux lists his assets at $25 of cash in a bank account, a financed Mercedes-Benz car and a painting worth $15,000, on which he also owes money.

It's not the first time that Mr Roux has been through the process. In 1991 he went bankrupt after paying creditors a few cents in the dollar. He emerged from bankruptcy in 1994.

Records show the next year his brother Phillip Roux transferred the title of a property company called Stockwell Downs, owned by Bernard Roux. The stamp duty paid to the state revenue on that transfer was nil, as the consideration was listed as ''entitled to equity''.

Times are tough, once again, for Bernard Roux and his creditors, but at least this time Mr Roux knows knows exactly where his beloved helicopter is.

After Commonwealth Bank tried to take possession of the chopper, it's now registered to Global Pacific Aerospace, a company that is controlled by Bruce Warner, the project manager of the Hilton resort and the sole director of nearly all of Mr Roux's embattled companies
 
CLASS ACTION NEWS::

IMF and the Class Action applicants have now appointed HWL Ebsworth Lawyers to instruct the barristers in relation to future legal proceedings regarding our case. Carney Lawyers no longer act for the Class Action. PIF unitholders who are participating in the Class Action can expect an update from IMF in the coming weeks.

Seamisty
 
seamisty said:
CLASS ACTION NEWS::

IMF and the Class Action applicants have now appointed HWL Ebsworth Lawyers to instruct the barristers in relation to future legal proceedings regarding our case. Carney Lawyers no longer act for the Class Action. PIF unitholders who are participating in the Class Action can expect an update from IMF in the coming weeks.

Seamisty
Click to expand...

I wonder what that means for us? The HWL Ebsworth profile:

http://www.hwlebsworth.com.au/default.asp?page=/about hwl ebsworth/our+profile
 
seamisty said:
CLASS ACTION NEWS::

IMF and the Class Action applicants have now appointed HWL Ebsworth Lawyers to instruct the barristers in relation to future legal proceedings regarding our case. Carney Lawyers no longer act for the Class Action. PIF unitholders who are participating in the Class Action can expect an update from IMF in the coming weeks.

Seamisty
Click to expand...

Seamisty, Do you know why this change has been made,it appears strange that they would change horses in mid stream.
Blueboy1
 
seamisty said:
Another one of M Kings cronies bites the dust with missing assets::

... " ...After Commonwealth Bank tried to take possession of the chopper, it's now registered to Global Pacific Aerospace, a company that is controlled by Bruce Warner, the project manager of the Hilton resort and the sole director of nearly all of Mr Roux's embattled companies"
Click to expand...

Oh those poor banker and their poor decisions. Well at least they can push the consequences on to their clients and not the poor bankers and their staff and shareholders.


seamisty said:
ASIC lagging as usual re the Storm saga:: ...
Click to expand...

Oh goodie. Hope this goes all the way. ASIC's AFS Licence experiment should go on trial.
 

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