I too will be unale to attend and want to wish good luck at the meeting. I will be following the thread from the moment the meeting starts, so if somehow we can get updates as to the progress of the meetings, it would be great.
M
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
I too will be unale to attend and want to wish good luck at the meeting. I will be following the thread from the moment the meeting starts, so if somehow we can get updates as to the progress of the meetings, it would be great.
M
THIS NEED/S TO BE HANDED TO ALL POOR UNINFORMED PEOPLE @ MEETINGYES THEY ARE READEY
There are 3 of us on flight DJ504 from Gold Coast tomorrow at 7:00. Anyone else who wants to share a taxi from Sydney to City (and back?) please respond before 5:45 tomorrow morning (Thursday) - Ideally with mobile number to me privately.
Cheers,
John H.
Cheers,
John H.
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Best wishes for tomorrow. We also are unable to make the meeting. We are in Yangshou a small rural village in central China. We have been posting from a wifi terminal in our $19 a night hotel. We have tried to explain the PIF drama to some of the Chinese people here, who told us that there are plenty of crooks in China just like Australia!
Please post results on the forum as soon as possible. We wiil win!
Please post results on the forum as soon as possible. We wiil win!
Many of us unable to travel will be thinking of you all in Sydney today for the meeting. Best wishes to PIFAG, all investors and Forum posters for the best possible result.
Can anyone keep us all, hanging on the Forum, up to date on the proceedings. cheers Bumblbee
Can anyone keep us all, hanging on the Forum, up to date on the proceedings. cheers Bumblbee
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More on the Equity Trust saga:
Wanted returns? Well, you got them
Scott Rochfort
June 23, 2011
CBD
Comparisons can be odorous ... Alan Joyce. <em>Illustration: John Shakespeare</em>
Comparisons can be odorous ... Alan Joyce. Illustration: John Shakespeare
The Gold Coast fund manager Equititrust has found an innovative way of demonstrating its claim of having ''pioneered unprecedented, industry leading capital protection initiatives for [its] investors''.
In its latest update, Equititrust put a positive spin on the book value of the units in its loss-making flagship mortgage fund stumbling from $1 to 78 ¢.
Investors in the Equititrust Income Fund, rather than earning monthly distributions, discovered from the update that they have been getting capital returns for the past few months.
Advertisement: Story continues below
''Accordingly, as EIF has no income to distribute, the ordinary monthly payments received by investors in the period 2 July 2010 to 29 March 2011 are all partial repayments of capital and, therefore, are not income and will not need to be included in the assessable income in an investor's tax return for the current year,'' said the update.
The latest valuation is from April 30 and does not include the current review of the fund's loan book.
''Operating costs, including future bank interest and the costs incurred in managing the fund, have not been recognised in this calculation and equally further income earned from interest during the realisation process has also not been recognised,'' Equititrust said in relation to its latest valuation.
Equititrust founder Mark McIvor and chief executive David Kennedy quit as directors of the fund last week.
The company, however, has yet to get around to updating its website. ''Established in 1999, the Equititrust Income Fund provides you with excellence in monthly and annual income,'' says a blurb on the site.
''The fund offers you the opportunity to invest in a senior investment position backed by Equititrust's own capital protection investment.''
Read more: http://www.smh.com.au/business/wanted-returns-well-you-got-them-20110622-1gffg.html#ixzz1Q3LlaDdw
Wanted returns? Well, you got them
Scott Rochfort
June 23, 2011
CBD
Comparisons can be odorous ... Alan Joyce. <em>Illustration: John Shakespeare</em>
Comparisons can be odorous ... Alan Joyce. Illustration: John Shakespeare
The Gold Coast fund manager Equititrust has found an innovative way of demonstrating its claim of having ''pioneered unprecedented, industry leading capital protection initiatives for [its] investors''.
In its latest update, Equititrust put a positive spin on the book value of the units in its loss-making flagship mortgage fund stumbling from $1 to 78 ¢.
Investors in the Equititrust Income Fund, rather than earning monthly distributions, discovered from the update that they have been getting capital returns for the past few months.
Advertisement: Story continues below
''Accordingly, as EIF has no income to distribute, the ordinary monthly payments received by investors in the period 2 July 2010 to 29 March 2011 are all partial repayments of capital and, therefore, are not income and will not need to be included in the assessable income in an investor's tax return for the current year,'' said the update.
The latest valuation is from April 30 and does not include the current review of the fund's loan book.
''Operating costs, including future bank interest and the costs incurred in managing the fund, have not been recognised in this calculation and equally further income earned from interest during the realisation process has also not been recognised,'' Equititrust said in relation to its latest valuation.
Equititrust founder Mark McIvor and chief executive David Kennedy quit as directors of the fund last week.
The company, however, has yet to get around to updating its website. ''Established in 1999, the Equititrust Income Fund provides you with excellence in monthly and annual income,'' says a blurb on the site.
''The fund offers you the opportunity to invest in a senior investment position backed by Equititrust's own capital protection investment.''
Read more: http://www.smh.com.au/business/wanted-returns-well-you-got-them-20110622-1gffg.html#ixzz1Q3LlaDdw
My contact, who is at the meeting right now, is emailing me live updates. I am in New York,and as I get emails I will post them immediately to let people now what is happening.
First comment is there is a huge turnout.
So far, so good. Will post as I get more info.
M
Thank you Atlas 1950.
This is fabulous!!...Or meeting in Sydney updates coming via New York!!!
So far so good you say. Good attendance numbers. Lets hope they are waving the right coloured flag (not RED).
Reckon there are lots of folk, like me, hanging on this thread for any information.
Thanks again Atlas 1950...keep it coming.
This is fabulous!!...Or meeting in Sydney updates coming via New York!!!
So far so good you say. Good attendance numbers. Lets hope they are waving the right coloured flag (not RED).
Reckon there are lots of folk, like me, hanging on this thread for any information.
Thanks again Atlas 1950...keep it coming.
We are all on the same team. We have all suffered the same pain with Jenny.
Waiting anxiously for my next email, and will post it immediately.
m
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atlas1950 Thanks, sitting here in front of my laptop in Yangshou, China anxiously awaiting the results that are comming via US!
Message number2 from meeting.
Meeting adjourned till middle of July. Lots of legal discussion. Ferrier very impressive.
Thats all I got for the moment.
m
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As disappointing as that may seem, maybe that gives the fund more chance to sort out legal issues in our favour, BEFORE it is handed over. Hopefully some press now too, given the turn out. Staying positive!
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When I told my Chinese friend about the result he reminded me of the old Chinese proberb about removing corrupt officials. He explained the process is like removing dog sh*t from your boots - it takes alot of messy scrubing to remove the bulk, but then the stench lingers for a long time.
Like many other Pif investors spread across various various parts of the globe I was up very early, 5 a.m. Spanish time, to anxiously check the Forum for results of Meeting.
Adjournment is of course somewhat disappointing but, for those of us so far away could someone please inform more details of how everything actually went ???
Thanks in advance for details.
Adjournment is of course somewhat disappointing but, for those of us so far away could someone please inform more details of how everything actually went ???
Thanks in advance for details.
Here is the latest from Wellington on the NSX
http://www.nsxa.com.au/ftp/news/021724134.PDF
Can someone from the meeting let us all know what happened??
http://www.nsxa.com.au/ftp/news/021724134.PDF
Can someone from the meeting let us all know what happened??
I'm asking unitholders and AG members to Please Question everything you read via the NSX!
Jenny Hutson was invited to sit in at the beginning of the meeting and refused. She did not confront unitholders, Nor did she address Investors and unitholders at the end of the meeting as she had earlier advised and relayed to the chairman as PROMISED.
Numerous phonecalls were made during the meeting asking ms JH to attend and she somehow became unavailable to contact.
Her Staff were advised and somehow they also became unavailable and they all vanished
I dont know how she was locked in a room perhaps she mistakenly locked herself in another room because she had been sought out by many people attending.
The nsx report may need some SERIOUS clarification as to numerous statements.
My daughter who was attending went out and in a few times as did people who had to use the bathroom and waited patiently for hours waiting for ms hutson to attend... plainly she had other places to be.
MAJORITY OF UNITHOLDERS waited until were asked to leave by the venue when the room was required for another function.
Keep reading this forum -
Jenny Hutson was invited to sit in at the beginning of the meeting and refused. She did not confront unitholders, Nor did she address Investors and unitholders at the end of the meeting as she had earlier advised and relayed to the chairman as PROMISED.
Numerous phonecalls were made during the meeting asking ms JH to attend and she somehow became unavailable to contact.
Her Staff were advised and somehow they also became unavailable and they all vanished
I dont know how she was locked in a room perhaps she mistakenly locked herself in another room because she had been sought out by many people attending.
The nsx report may need some SERIOUS clarification as to numerous statements.
My daughter who was attending went out and in a few times as did people who had to use the bathroom and waited patiently for hours waiting for ms hutson to attend... plainly she had other places to be.
MAJORITY OF UNITHOLDERS waited until were asked to leave by the venue when the room was required for another function.
Keep reading this forum -
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But looking at the numbers on the NSX statement it looks like we have lost! Nothing is on the Castleraigh website.
