Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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Blueboy1 said:
http://www.goldcoast.com.au/article/2011/05/15/315351_gold-coast-business.html
Article by Nick Nichols, business editor | May 15th, 2011 Gold Coast Business news

Blueboy1
Click to expand...
Well at least Nicky babes from the GCB is consistant!

Quote from the article "A meeting has been called next month seeking unitholders' approval to oust Wellington and install insolvency specialist BRI Ferrier's Castlereagh Capital as responsible entity of the former MFS-controlled fund."

BRI Ferrier may be an insolvency specialist but Castlereagh Capital, a subsiduary of BRI Ferrier offer several services including Investment Management and Financial Advisory http://www.cascap.com.au./ ERR, what has Wellington Capital been doing apart from steadily liquidating our assets?

"Wellington has alleged a letter sent by the suitor to unitholders contained "misleading and deceptive" UMNNN, excuse me, what would you call the Explanatory Memorandum sent to us by Wellington Capital in August 2008? Talk about the pot calling the kettle black, WC is the MASTER of MISLEADING and DECEIVING!!!

Get a grip Nick, and as for "Wellington Capital this week sought interim orders from the Takeovers Panel to reject all acceptances to the bid received by ALF PIF after February 18.The Takeovers Panel has yet to rule on the application." did you not think it prudent to also mention that Brett Heading has been a member of the Takeovers Panel since 1997?

Seamisty
 
Hi all, Attatched are two files relating to G8 Education, the first correspondence is from Cherie Hearts relating to 'misleading information to G8 stakeholders' to the ASX, the second is from the HIGH COURT OF THE REPUBLIC OF
SINGAPORE. Interesting reading. Seamisty
 
atlas1950 said:
The last couple of posts have been really depressing. Come on people, we can do better than this. Surely we have all progressed down the path of justice, since we started all the way back in 07. Lets remain positive. We still have our CA, we may be able to get rid of WC, dribbles of return of capital, and we have IMF backing our case. I strongly believe that they wouldn't be investing there money in our case if they didn't think we had a good chance of winning. IMF have an excellent track record of success, so please, let us remain positive.

I will be away till the end of July, so I will be logging in most days from NY, so please keep up the wonderful work that you are doing.

Michael
Click to expand...

Quite the opposite Michael
I am very positive about WC "dribble" payments and have put them to the best possible use.
Perhaps not exemplary, but what the heck!
Splurge while you can with what you have.
Best to you in NY.
Regards,
 
Blueboy1 said:
http://www.goldcoast.com.au/article/2011/05/15/315351_gold-coast-business.html
Article by Nick Nichols, business editor | May 15th, 2011 Gold Coast Business news

Blueboy1
Click to expand...

Hi I am an avid reader of all the posts on this subject but choose not to post as I don't have the time to research like some of you and therefore have nothing constructive to add. Certainly do appreciate the effort though. My question based on the attached article was the news of a unit holders meeting to oust WC. I have not received or heard of such a meeting as yet. Am I missing something here?? To all I have also sent in my complaint to ASIC. Not sure I did it right but fingers crossed it gets to the right channels.

Regards
 
seamisty said:
Hi all, Attatched are two files relating to G8 Education, the first correspondence is from Cherie Hearts relating to 'misleading information to G8 stakeholders' to the ASX, the second is from the HIGH COURT OF THE REPUBLIC OF
SINGAPORE. Interesting reading. Seamisty
Click to expand...
Those attached Singapore files certainly make for an eye-brow raising read. Highly recommended.
 
seamisty said:
HAHA, those announcements just keep acoming!! (and we are still in a trading halt!) Another one re Kooralbyn:

http://www.nsxa.com.au/ftp/news/021724014.PDF
Click to expand...


Not sure if there is any need to raise a complaint with ASIC regarding the disposal of one of our assets at kooralbyn yet, WC has proven they cant be trusted - it reminds me of another Wollongong.
Me thinks wellington is going full boar at trying to sell as many PIF assets as possible to ensure unitholders get the final 1 cent payment which was promised since 2008. I'm Not sure but doesnt that entitle her to get her 2.7 million in mismanagement fees from the unitholders?

I also wonder how much of a discount the current property will be passed in for.

On a positive note had written confirmation today that those sweet hearts at ASIC are reviewing the capital raising by WC. Just have to wait and see if they ever decide to actually do something about it.
 
selciper said:
Those attached Singapore files certainly make for an eye-brow raising read. Highly recommended.
Click to expand...

I agree Selciper, Seamisty, both make highly recommended reads; this is the type of regulatory reaction that we have been clammouring for since 2008!
ASIC, what on earth have you been doing these last three years?
Nothing, it seems, that is apparent to any investor that I know. Instead all sorts of RE maneuvers have been allowed to take place. The net result is continued depletion what little is left of the funds assets mostly being disbursed for the benefit of the RE & their associated entities.
G 8 has only been on the Singapore scene +/- 6 months and something has in the meantime come under the radar of a number of Singapore Authorities.
BANG....there is no pussy footing around - a court order is put in place pronto for the parties to revert to a status quo pending the outcome of investigations & a High Court action.
This order hurts neither party and protects both ensuring that if there has been any wrong doing the stable door remains bolted, and neither party can take advantage over the other until the legal system determines the facts and a resolution.

Come on ASIC, take a leaf out of the book of a fair and competent jurisdiction & be seen to be doing something to help the plight of many Mums and Dads that are seeing their lifesavings being whittled away. There is still time to close the door - an imminent & unconstitutional Rights issue being a good starting point.
 
seamisty said:
What a flurry of activity coming from Wellington Capital lately. Is JH determined that if WC lose control of the PIF as RE they will make sure there is slim pickings left for their successor? Another contract has miraculously appeared!! Seamisty
http://www.nsxa.com.au/ftp/news/021724013.PDF
Click to expand...

THis is a continuation of the ongoing misleading information that NSX allow as adequate disclosure.

Tells you it above valuation and tells you its above carrying cost.

Doesnt tell what the original loan is.

What a great way to try convince people you are doing well.

Get loan greatly reduced and then achieve price just above this and say gee arent we doing a great job.

Come on NSX and ASIC eneough is enough make them tell investors what the overall shortfall is.
 
Dry Dock Road, Tweed Heads South owed the PIF $8,570,032mill (principal and interest) as at 31 May 2008. Wellington Capital has secured a contract subject to a 45 day finance condition, followed by a 60 day settlement and which will contribute a net $7 million to the Fund on settlement.
I think Kooralbyn owed the PIF approx $40mill.
48 – 52 Carlyle Street, Mackay owed the PIF $1,359,481mill(principal and interest) as at 31 May 2008. The contract for sale is subject to a 90 day finance condition, followed by a 14 day settlement and will
contribute a net $2 million to the Fund on settlement.

I do business a bit differently, I make sure that not only do I not get all interest owing on my loans to other parties, I get interest on the outstanding interest until such times as the debt has been repaid.

It is great to see some old contributors returning to the forum as well as some new ones. Hopefully there will be confirmation of the date etc of the proposed meeting shortly.
Interesting to see what the reason for the Trading Halt is, maybe Wellington Capital are changing the constitution again? Seamisty
 
More BS Arrived in post, on glossy paper with "Important Clarifying Info"JH must be getting worried. The sooner we remove WC the better for all of us:mad:
 
It's interesting to witness the powerful international financial wizard Strauss-Kahn's brilliant career probably smashed to pieces by a personal weakness. It just shows that money isn't everything, and that eventually the law catches up. It should set some Australian minds thinking.
 

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