Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Ian please check your notification box. Thanks, Seamisty
In 2002, when I invested, I believed that I had invested in a industry that had been "cleaned up" by ASIC, and following on from that, trusted that ASIC was a regulator who maintained "cleanliness" in the industry. After all, these schemes were approved by the government for receiving superannuation rollovers from SMSF's... it sure seemed to us at the time as if these schemes carried an endorsement !
There was a lot of publicity about the mortgage fund industry around 2000-2002, both in the media and from ASIC itself, which I believe left many of us investing into Mortgage Trusts like MFSPIF with the perception that ASIC had cleaned up the industry.
http://www.asic.gov.au/asic/asic.ns...into+solicitors+mortgage+schemes?opendocument
''...'We are therefore launching the biggest enquiry of this type ever undertaken by ASIC....''
http://www.asic.gov.au/asic/asic.ns...gage+scheme+investigation+update?opendocument
''...ASIC is also reviewing the policy and regulatory settings for mortgage schemes in general...''
How could the fact that so many of these schemes after the "biggest enquiry of this type ever undertaken by ASIC" have been in the hands of ex-bankrupts and people who had a history with ASIC..and that this information was withheld from the PDS we invested under....how many investors would have invested their life savings and/or their rigorously scutinised SMSF savings IF THEY HAD KNOWN..??
In time, the bank interests rates will be lower, and investors will feel the pressure to look for better returns and the cycle will turn again..
I am already telling my children and grandchildren that all the reforms of the last few years cannot guarantee your capital from enterprising schemers in these schemes.... and that you are ALONE when things go wrong.
And if they are still so minded to invest, make sure that they have a law degree, a degree in financial literacy, and a degree in corporate accounting....because I think that they will need them...
my opinion.
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Hello all,
I made a genuine mistake in an earlier posting by doubting the integrity of the PIF AG. They are a remarkable group indeed with only good intentions for all of us who have lost so much. We have been up against a brick wall with Wellington for the past 3 years, but their mortar is cracking, and on 16th June we will blow their dust away and rebuild with Castlereagh.
I made a genuine mistake in an earlier posting by doubting the integrity of the PIF AG. They are a remarkable group indeed with only good intentions for all of us who have lost so much. We have been up against a brick wall with Wellington for the past 3 years, but their mortar is cracking, and on 16th June we will blow their dust away and rebuild with Castlereagh.
pgbbeme
Disco Stu
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Hi,
I am a small holder of PIF units, to be honest I'd already written this off as just another GFC disaster. I've known about this thread for a while, but there's too much detail for me to worry about my few dollars. I have received papers for the board meeting, both a pink and a yellow version and then today I get a school quality one page flyer telling me not to trust the same posters who are here talking, Seamisty, Breaker and Charles36. One thing I am concerned about is what Ferriers have to do with it. Not a great track record there.
Anyway in a nutshell what should I be doing for this meeting. After today's market I really have bigger fish to fry than this.
I am a small holder of PIF units, to be honest I'd already written this off as just another GFC disaster. I've known about this thread for a while, but there's too much detail for me to worry about my few dollars. I have received papers for the board meeting, both a pink and a yellow version and then today I get a school quality one page flyer telling me not to trust the same posters who are here talking, Seamisty, Breaker and Charles36. One thing I am concerned about is what Ferriers have to do with it. Not a great track record there.
Anyway in a nutshell what should I be doing for this meeting. After today's market I really have bigger fish to fry than this.
Hi pgbbeme, any chance of you scanning and posting a pdf of this leaflet?
To put you in the picture I think you will find that 99% + of readers of this forum vote on the yellow form for "Yes" to all the proposals. (this is my personal estimate, but I doubt that anybody will argue with it.)
Great to see some some new but not unexpected posters on the forum due to the blatant attempt to discredit the voluntary efforts of several PIF unitholders that have worked diligently at their own expense for over 3 years to keep PIF investors fully informed of the status of the PIF. Obviously from the feedback I have received over the last two days I am thankfull that you all recognise this flier for what it is.
Apart from the fact that the flier was intended to deceive, wouldn't one think that after going to the expense of printing and posting that rubbish to approximately 10,500 people they would have identified themselves and left a source for those wishing to join the 'reaction' group to contact them if they were indeed genuine? No, because they are gutless nonny no names.
Why would they expose the identity of others (which is not a closely guarded secret) and cowardly remain anonymous themselves? Because they know that they have used personal details from a confidential register to distribute false and defamatory information to a very large number of PIF unitholders who are disgusted at the trashy content and have brought it the attention of ASIC who is dealing with the matter, as are our lawyers.
I have been told that one undecided voter was so disgusted at the sneaky, underhand attempt to discredit the PIF AG that they immediately voted FOR Castlereagh Capital.
I was asked to post this on behalf of a fellow unitholder:'Just got this **** in the mail today. It makes me sick that whoever is sending this is stooping so low to either get our fund...or more than likely KEEP it in their grubby hands. It's unbelievable, keep spreading the word and post this on the forum. I got two of these so far in plain envelopes with regular 60c stamps so can't trace. PIF reaction group...what ****!!!!
I have to add that this was one of many similar emails, so whatever the ulterior motive was behind the anonymous cowards who sent this, your credibility and motives are highly questionable and appears to working in our favour.
I personally have a police clearance and a working with children clearance because I am an on call court volunteer with the 'victim support and child witness service program'. I take this role very seriously along with my other voluntary committments, one other of which is to keep PIF unitholders fuly informed.
What are your credentials 'reaction' group, do you have any? Seamisty
Apart from the fact that the flier was intended to deceive, wouldn't one think that after going to the expense of printing and posting that rubbish to approximately 10,500 people they would have identified themselves and left a source for those wishing to join the 'reaction' group to contact them if they were indeed genuine? No, because they are gutless nonny no names.
Why would they expose the identity of others (which is not a closely guarded secret) and cowardly remain anonymous themselves? Because they know that they have used personal details from a confidential register to distribute false and defamatory information to a very large number of PIF unitholders who are disgusted at the trashy content and have brought it the attention of ASIC who is dealing with the matter, as are our lawyers.
I have been told that one undecided voter was so disgusted at the sneaky, underhand attempt to discredit the PIF AG that they immediately voted FOR Castlereagh Capital.
I was asked to post this on behalf of a fellow unitholder:'Just got this **** in the mail today. It makes me sick that whoever is sending this is stooping so low to either get our fund...or more than likely KEEP it in their grubby hands. It's unbelievable, keep spreading the word and post this on the forum. I got two of these so far in plain envelopes with regular 60c stamps so can't trace. PIF reaction group...what ****!!!!
I have to add that this was one of many similar emails, so whatever the ulterior motive was behind the anonymous cowards who sent this, your credibility and motives are highly questionable and appears to working in our favour.
I personally have a police clearance and a working with children clearance because I am an on call court volunteer with the 'victim support and child witness service program'. I take this role very seriously along with my other voluntary committments, one other of which is to keep PIF unitholders fuly informed.
What are your credentials 'reaction' group, do you have any? Seamisty
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From the latest WC NSX update:
""Class Action – Federal Court Proceedings NSD 324/009
Wellington Capital Limited in its capacity as Responsible Entity for the Premium Income Fund has entered into a funding agreement with IMF (Australia) Limited (ASX:IMF) in relation to Federal Court Proceedings NSD 324/009...
Application of any proceeds from NSD 324/009
Wellington Capital has entered into the agreement with IMF on behalf of the Premium Income Fund. It has agreed in that capacity that it will as responsible entity convene a Unitholders meeting of the Premium Income Fund within 30 days of receipt of proceeds in finalisation or settlement of the claim. The purpose of the meeting of Unitholders will be to enable the Unitholders in general meeting to consider an amendment to the Constitution of the Premium Income Fund, so that those Unitholders who were members of the Premium Income Fund on 15 October 2008, and remain members at the time of the finalisation or settlement of the claim, are pro-rata the beneficiaries of the proceeds.
Premium Income Fund
NSX Release: 2 June 2011"
Why is WC entitled to enrol with IMF - I thought an RE could not hold shares in the fund. We have been given the legal right to sue in our individual capacity by Federal Court Judge Perim, so why is WC involved at all.
If stealing our funds isn't enough she wants to pilfer our compensation - is there no end to the underhanded behaviour of this bitch!
""Class Action – Federal Court Proceedings NSD 324/009
Wellington Capital Limited in its capacity as Responsible Entity for the Premium Income Fund has entered into a funding agreement with IMF (Australia) Limited (ASX:IMF) in relation to Federal Court Proceedings NSD 324/009...
Application of any proceeds from NSD 324/009
Wellington Capital has entered into the agreement with IMF on behalf of the Premium Income Fund. It has agreed in that capacity that it will as responsible entity convene a Unitholders meeting of the Premium Income Fund within 30 days of receipt of proceeds in finalisation or settlement of the claim. The purpose of the meeting of Unitholders will be to enable the Unitholders in general meeting to consider an amendment to the Constitution of the Premium Income Fund, so that those Unitholders who were members of the Premium Income Fund on 15 October 2008, and remain members at the time of the finalisation or settlement of the claim, are pro-rata the beneficiaries of the proceeds.
Premium Income Fund
NSX Release: 2 June 2011"
Why is WC entitled to enrol with IMF - I thought an RE could not hold shares in the fund. We have been given the legal right to sue in our individual capacity by Federal Court Judge Perim, so why is WC involved at all.
If stealing our funds isn't enough she wants to pilfer our compensation - is there no end to the underhanded behaviour of this bitch!
What gets me Marcom is why, all of a sudden WC is offering PIF unitholders the opportunity to have their say at a meeting to consider an ammendmant and vote on something
Who will be at the meeting to vote, the NEW as yet UNAMED professional and sophisticated investors who would just LOVE to have the opportunity to vote on being included in the spoils!! Was there some kind of sweetner offered to these NEW unitholders that may have indicated they could be included in the divvy up of funds hopefully recovered from OUR Class Action. How would we ever know? Wellington Capital has already demonstrated that they couldn't give a stuff what unitholders wanted previously by taking it upon themselves to change the constitution to allow WC to introduce a placement and rights issue which will dilute the existing unitprice by another 8 cents. WC did this without unitholders consent on the grounds that it was in the best interests of PIF unitholders! Suddenly WC are indicating that they want to give us a chance to vote on something? I'll be voting all right, at the EGM on the 16th June for Castlreagh Capital.What has Wellington Capital got NEW now to offer the Class Action that they have not had previously? Oh yes thats right, some NEW INVESTORS!! How silly of me, does anyone really still think Wellington Capital is doing a good job
Seamisty
Update on BRI Ferrier’s proposal for Castlereagh Capital to be the responsible entity
Wellington has received notification from Castlereagh Capital’s lawyers that its application to vary its licence so that it could potentially become the responsible entity of the Premium Income Fund, which was lodged with ASIC on 18 May 2011, was accepted yesterday, 2 June 2011. The variation is subject to a number of conditions, including the requisite majority of Unitholders in general meeting approving a change
in responsible entity.
http://www.nsxa.com.au/ftp/news/021724068.PDF
Wellington has received notification from Castlereagh Capital’s lawyers that its application to vary its licence so that it could potentially become the responsible entity of the Premium Income Fund, which was lodged with ASIC on 18 May 2011, was accepted yesterday, 2 June 2011. The variation is subject to a number of conditions, including the requisite majority of Unitholders in general meeting approving a change
in responsible entity.
http://www.nsxa.com.au/ftp/news/021724068.PDF
Quote from WC's (aren't those initials appropriate) latest NSX release.
"If you would like to discuss your investment or need
assistance with your proxy form, please contact the
Wellington Hotline on 1300 854 885 (+617 3231 0000) or
by email at investorrelations@newpif.com.au." (my emphasis)
................... Go for it Seamisty, you have been wanting to have this opportunity for a long time!!!
"If you would like to discuss your investment or need
assistance with your proxy form, please contact the
Wellington Hotline on 1300 854 885 (+617 3231 0000) or
by email at investorrelations@newpif.com.au." (my emphasis)
................... Go for it Seamisty, you have been wanting to have this opportunity for a long time!!!
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How is THE BITCH able to use the disclosure mechanism of the NSX to promote her position. AN UTTER DISGRACE NSX!!!!!
If ever there was a reason for unit holders to vote to remove Wellington Capital, this is it. Calling a meeting to discuss who gets the spoils. Why not let the Court decide. Why the drama of having to call a meeting of divided unit holders who have different agendas. VOTE FOR CASTLEREAGH CAPITAL to stop this rot.What gets me Marcom is why, all of a sudden WC is offering PIF unitholders the opportunity to have their say at a meeting to consider an ammendmant and vote on something
What has Wellington Capital got NEW now to offer the Class Action that they have not had previously? Oh yes thats right, some NEW INVESTORS!! How silly of me, does anyone really still think Wellington Capital is doing a good job
Seamisty
Marcom I have questioned the NSX of their competency on several occassions. The most recent being::
Who was in charge of posting extremely confidential information on 10th May 2011 from DLA PIper in relation to the PIN announcement posted on the NSX Re: Wellington Capital PIF/Octaviar (MFS) PIF:
It was also in the public domain on a forum for approximately 9 hours before it was requested to be removed.
The content, containing confidential information has been compromised as the document contained information relating to a proposed EGM to be held in June. I believe as a consequence of that information being revealed prematurely the current Responsible Entity revised the dates of a non-renounceable rights issue which could well have dire consequences to the outcome of voting power which will be called upon in relation to the proposed meeting to replace the current Responsible Entity, Wellington Capital.
What recourse does the NSX offer to those who will be affected by the potential ramifications by this monumental error by the NSX? Please explain. :;
I sent that on the 11th May then again on the 19th May. I am still waiting for a response.
Seamisty
pgbbeme
Disco Stu
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So to recap, I should vote yes to all on the yellow form. Is that the general concensus?
Is that the end of the distributions for a while. Is there any chance that I'll ever see my money.
Is that the end of the distributions for a while. Is there any chance that I'll ever see my money.
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I had thought that the action group was trying to stop the rights issue but am informed by WC that:-
Wellington has not been served with any legal proceedings which would result in allowing ‘the pif action group to stop it’.
Wellington has not been served with any legal proceedings which would result in allowing ‘the pif action group to stop it’.
"All good things come to those who wait."
