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Hey Zixo, be fair to us Banana benders! :dunno:
This decision was made by a FEDERAL COURT JUDGE.
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
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Hey Zixo, be fair to us Banana benders! :dunno:
This decision was made by a FEDERAL COURT JUDGE.
................... and I just have a feeling we may be hearing a lot more from him. The irresponsible entity has been remarkably quite after her initial gloat.
LOL..YOU'RE right Boots, I'm still shaking my head too.
But, I'm sure we'll just have to wait for whatever final statements are made.
In the end It's going to be a reflection of the Australian character for right and wrong and the reality of seeing a nation which prides itself in laws and justice which history has proven according to the Premium Income fund, to me, appear non existant.
You know I just have a suspicion as to why Wellington refused to release their proxy forms.
It only dawned on me after seeing comments that Armstrong is the registry and will not release a list of investors to the PIFAG for the purpose of the meeting.
The proxy forms contain the names and addresses on of all unit holders.
It may be that Wellington was trying to keep them secret in order to prevent the list of investors getting released.
It only dawned on me after seeing comments that Armstrong is the registry and will not release a list of investors to the PIFAG for the purpose of the meeting.
The proxy forms contain the names and addresses on of all unit holders.
It may be that Wellington was trying to keep them secret in order to prevent the list of investors getting released.
Charles, Thanks for your feedback. We read the forum every day like so many of us Investors, personally I am with you all the way, what is it that you want the Volunteers to do!!
Thanks MAE, as you may be aware the PIFAG Executive are all enthusiastic volunteers who have identified the injustices that have occurred and continue with monotonous regularity to occur to OUR FUND. If we are to go back to unit holders we need support of like minded unit holders to contact as many persons as possible to explain our position and why it is necessary to remove Wellington Capital. There is no end to the resources of WC. It appears they want to hold onto OUR fund AT ALL COSTS. We do not have funds to pay the likes of Radar Telemarketing Group but we have an abundance of untapped human resources. All we need is for the willing to participate. We will provide all necessary documentation and assistance to the volunteers.
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Will be interesting to see what eventuates from the side issue that popped up at the latest hearing.
WC tried to have a unitholder removed from the court room. As reported in the media WC said this "person had allegedly violated a restraining order. Justice John Dowsett was having none of it and testily noted that police would not be removing anyone from his court." This took place on the first day of the hearing, and on the 3rd day the unitholder asked to address the judge and informed the court that he had been to the police and they confirmed there is no AVO or order of any kind. The judge asked WC if they would like to make an apology and the answer from Ms Hutson via her legal counsel was "No apology, there is an order". The judge commented that he would not take it lightly if there is in fact no order.
WC tried to have a unitholder removed from the court room. As reported in the media WC said this "person had allegedly violated a restraining order. Justice John Dowsett was having none of it and testily noted that police would not be removing anyone from his court." This took place on the first day of the hearing, and on the 3rd day the unitholder asked to address the judge and informed the court that he had been to the police and they confirmed there is no AVO or order of any kind. The judge asked WC if they would like to make an apology and the answer from Ms Hutson via her legal counsel was "No apology, there is an order". The judge commented that he would not take it lightly if there is in fact no order.
Let's just hope this is followed up By Justice Dowsett and there is no order.
From the Australian
Note that ASIC never have Commented......for the last 3 years!
http://www.theaustralian.com.au/bus...-paid-protesters/story-fn91wd6x-1226095570433
Wellington Capital paid extras to stage protest
Andrew Main From:The Australian July 16, 2011 12:00AM
AUSTRALIAN shareholder meetings can be noisy affairs, particularly when people have lost money. But Brisbane-based management company Wellington Capital, which since 2008 has been Responsible Entity or trustee for the embattled MFS-founded Premium Income Fund, has been involved in what in local terms is an unprecedented coincidence.
FUND ALLEGEDLY PAID FOR PROTESTERS AT SHAREHOLDERS MEETINGS
Note that ASIC never have Commented......for the last 3 years!
http://www.theaustralian.com.au/bus...-paid-protesters/story-fn91wd6x-1226095570433
Wellington Capital paid extras to stage protest
Andrew Main From:The Australian July 16, 2011 12:00AM
AUSTRALIAN shareholder meetings can be noisy affairs, particularly when people have lost money. But Brisbane-based management company Wellington Capital, which since 2008 has been Responsible Entity or trustee for the embattled MFS-founded Premium Income Fund, has been involved in what in local terms is an unprecedented coincidence.
FUND ALLEGEDLY PAID FOR PROTESTERS AT SHAREHOLDERS MEETINGS
Managing Director, Jenny Hutson said
‘To sign a contract to host the Victorian PGA Championship at the Novotel Forest Resort Creswick
represents an exciting opportunity to economically benefit both the Fund and residents of the Forest Resort
and greater community. It is pleasing that an excellent result for the Novotel Forest Resort Creswick has
been achieved with a party who intends to promote the Victorian PGA Championship at a premier regional
venue and add value to a great asset.’
http://www.goldcoast.com.au/article/2008/03/26/9292_gold-coast-business.html
MFS pulls out of $16.5m Golf deal
It is understood MFS, which were due to be the naming rights sponsor until 2010, paid $5 million plus GST each year for the contract
‘To sign a contract to host the Victorian PGA Championship at the Novotel Forest Resort Creswick
represents an exciting opportunity to economically benefit both the Fund and residents of the Forest Resort
and greater community. It is pleasing that an excellent result for the Novotel Forest Resort Creswick has
been achieved with a party who intends to promote the Victorian PGA Championship at a premier regional
venue and add value to a great asset.’
http://www.goldcoast.com.au/article/2008/03/26/9292_gold-coast-business.html
MFS pulls out of $16.5m Golf deal
It is understood MFS, which were due to be the naming rights sponsor until 2010, paid $5 million plus GST each year for the contract
Wellington Capital are well aware there is more to come from this RENTA A CROWD saga. I have been informed that there is a serious allegation at present under investigation concerning more shenanigans allegedly perpetrated by a Victorian connection.
On another note, I recall Wellington Capital informing unit holders that she is now co-operating with our lawyers and the litigation funder of the CLASS ACTION. Documents will be provided that hitherto were not in the "possession" of WC. I believe this co-operation has been short lived. Document supply has evaporated. Anyone surprised?
I am reminded of a quote by US President Franklin D Roosevelt when he famously said, "All that is necessary for the triumph of evil is for good men to do nothing." Well my quote is "There are a lot of good men and women unit holders in OUR FUND who are doing something."
Just a reminder to WC, the PIFAG (Inc) are as determined as ever to right the wrongs that have been inflicted upon us.
Yes, Jadel, Justine Buckley, one of the Wellington Capital hotline recruits told me on the day that Wc instructed staff members to distribute bottled water to the 'protestors'. Perhaps the protesters had been asked to be moved on alright, to the WC headquarters doorstep where they were expected!
The following post was made on Aussie Stock Forums on the 22nd Oct by Burnt::
22nd-October-2008 12:25 AM
Burnt
Re: Octaviar MFS Premium Income Fund PIF
Interesting job ad placed by Philip Higson on 15th Sept :-
http://www.ployme.com.au/SearchEmplo...=50&nod=1&pg=3 https://www.aussiestockforums.com/forums/printthread.php?t=10937&pp=20&page=152
I can't actually find the job ad but I can tell you that one of the 3 founders of PloyMe was Rob Wibaux. The PIF external compliance officer is Philip Wibaux. Another company listed on Ployme is Kooralbyn Asset Management, owned by Philip Wibaux and David Burke. David Burke is the Australian founder of the Enneagram and Philip Wibaux is an enneagram teacher.
Great to see some journalists finally linking all these connections and reporting them in the media.
Seamisty
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Great press coverage there. How can any sensible law abiding upstanding honest person read that account & not agree there are dirty dishonest goings on at the top? Even if a Judge doesn't use the first opportunity to seek justice for the people (as he is meant to do), there's NO other interpretation of these facts other than there is criminals at work here.
"The law requires investors to have been registered as holders for at least two days before they can vote their holdings, but any backdating of share registers is regarded as a criminal offence in NSW."
If this Judge isn't interested in this serious criminal offence will another one do their job?? (Not to mention ASIC being forced to do something here eventually or look really ineffective.) Sooner or later I believe so. We live in a civilised society under the rule of law. Politicians write the law & Judges apply it. If backdating share registers is a criminal offence then sooner or later a crime can be proved.
Good evidence to cite to Unit holders in a phone around. Elderly people, the age of my father, believe & are polite to people taking an interest in phoning them. So when WC's paid phlebs phoned him he was all ears to what ever they had to say and foolishly actually believed what grown-ups said to him, not expecting people to lie. If it wasn't for me telling him the truth, he would have been happy to please them.
I agree Charles. We need 100 volunteers to phone 100 investors. Phoning 20 a day for 5 days is nothing to ask of us, after all the hard work done already. Saying a few key things like. YOU HAVEN'T HAD YOUR PROMISED PAYMENTS. THE FUND IS WORTH MUCH LESS. IT HASN'T BEEN RESTORED TO 80% OF IT'S VALUE LIKE OTHER FUNDS, SOLELY BECAUSE OF FRAUDELENT MISMANAGEMENT. And quote the newspaper article.
Count me in for 100 phone calls. I'll private message you Charles & I urge every one here to do the same to ensure a landslide vote next chance we get. And I am confident that this country's laws will be adhered to eventually.
In the meantime, WC & JH's business reputations are beyond saving as more ridiculous lies pour out by the day, repulsing genuine business people. So we are meeting our goals. By continuing to treat us so badly she is DRIVING us to work hard to not only remove her but RUIN her. Let's get phoning!!!!!
"The law requires investors to have been registered as holders for at least two days before they can vote their holdings, but any backdating of share registers is regarded as a criminal offence in NSW."
If this Judge isn't interested in this serious criminal offence will another one do their job?? (Not to mention ASIC being forced to do something here eventually or look really ineffective.) Sooner or later I believe so. We live in a civilised society under the rule of law. Politicians write the law & Judges apply it. If backdating share registers is a criminal offence then sooner or later a crime can be proved.
Good evidence to cite to Unit holders in a phone around. Elderly people, the age of my father, believe & are polite to people taking an interest in phoning them. So when WC's paid phlebs phoned him he was all ears to what ever they had to say and foolishly actually believed what grown-ups said to him, not expecting people to lie. If it wasn't for me telling him the truth, he would have been happy to please them.
I agree Charles. We need 100 volunteers to phone 100 investors. Phoning 20 a day for 5 days is nothing to ask of us, after all the hard work done already. Saying a few key things like. YOU HAVEN'T HAD YOUR PROMISED PAYMENTS. THE FUND IS WORTH MUCH LESS. IT HASN'T BEEN RESTORED TO 80% OF IT'S VALUE LIKE OTHER FUNDS, SOLELY BECAUSE OF FRAUDELENT MISMANAGEMENT. And quote the newspaper article.
Count me in for 100 phone calls. I'll private message you Charles & I urge every one here to do the same to ensure a landslide vote next chance we get. And I am confident that this country's laws will be adhered to eventually.
In the meantime, WC & JH's business reputations are beyond saving as more ridiculous lies pour out by the day, repulsing genuine business people. So we are meeting our goals. By continuing to treat us so badly she is DRIVING us to work hard to not only remove her but RUIN her. Let's get phoning!!!!!
This is the best article I have read on this whole sad affair. ASIC and/or the Court has to take action against Wellington/Hutson.
No mention of what it will cost PIF unitholders to secure the contract to host this prestigious event. No mention as to what it will cost the PIF to bring the golf course up to a world class standard expected to host such an event. $1million, $2million? Will the old fairway mowers need upgrading?
Also isn't the resort expected to provide accommodation and meals free of charge to the competitors for the glory of having their name associated with such an event?
A bit more detail relating to the expenses involved would have been appreciated.
Also with such scathing comments as follows relating to the standard/quality experienced by guests of the Novatel Forest Resort since it has been under Wellington Capital and ACCOR management leads me to believe 'It will never happen'!!!
What happened to The Novotel?”
Reviewed June 21, 2011
Having stayed at The Novotel Creswick in 2008 back when it first opened the experience was absolutely one in a million. 3 years on......it was amazing to see the decline in... well everything.
I am sad to say I would not recommend this place, in fact I would strongly advise you keep driving and don't look back. Hard to believe it was once too good to be true but now......never again.
Just lost my business....”
Reviewed June 16, 2011
Overnight stay at Novotel - this time will be my last. Have used the hotel frequently on business trips I was generally pleased with the overall nature of my stays. However, I do not know what has happened recently but certain elements of their service have seen a drastic decline. Looks like they've changed a lot of their staff recently. The staff used to be friendly. One waiter, although he may have been a supervisor just threw the food on the table and trotted off back to the bar.
“This place looks like it's going broke”
Reviewed April 24, 2011
This is the second time we have stayed at Novotel Forest resort. My wife and I stay about two years ago and it was excellent nice new rooms wonderful food and a golf course just great (even though quite young). After having a great time we decided to bring my wife's sister and her husband for a weekend away together. It was embarrassing we had pumped this place up so much and it has changed so much since our first stay. The food was over priced and so slow and when finally arrived it was substandard. The heating didn't work it was freezing my wife was forced to sleep in her clothes to keep warm. The golf course has just been let go the fairways and overall condition of the course has really gone downhill since our first visit 2 years ago. The whole resort appears to have lost it's shine and the general upkeep of the place has been neglected. I noticed part of the car park had been cordoned off for repairs 2 years ago and it was still there second time round. From a outsider this place looks like it is going broke. Won't be coming back to this place in a hurry it is an embarrassment to the usual good Novotel name.
NEVER AGAIN!!!!!!!!!!!!!!!!”
Reviewed April 11, 2011
For the price, is was a total rip off !!! The beds were SHOCKING and that's putting it polity !!! The beds were soooooooo HARD !!! Eletric blankets are a MUST !!! The pillows were like bricks, we all have sore necks !!! The built in heater, you cannot control it !!! Used other heating & it wasn't even much warmer ...! We asked for room to be cleaned due to having room service for breakfast, it wasn't done !!! Next early arvo they were still there !!! I can't beleive how bad out stay was there !!! NO SERVICE, NO CLEAN towels every day
Very poor”
Reviewed April 6, 2011
We have stayed in Hotels and Motels around the world and this stay would rate
as One of the Worst for a place that is proud to be a smoke free site I belive you need
to re think this I have not seen so many Butts near every door and even on fhe balcony.
Noisy & poor service”
Reviewed June 21, 2011
This was our second stay with the Novotel in Creswick - we gave it a second chance after the last filthy nigthmarish exeperience due to an Accor winter special promising luxurious spa suites.
The food is awful - room service and restaurant both a real let down we ended up escaping to the local pub which was much better and quite cute, the hotel corridoors where covered in lolly wrappers and potato chip crumbs for two days.
The golf course is the only redeeming feature and the town of Creswick itself is very sweet.
In short never again! next time I will be staying at the Peppers in Hepburn. It has also been the final straw in not renewing my accor membership after three years as I would prefer to spend my holiday dollars on better properties and service.
Well theres plenty more where they come from. In view of the fact that David Burke and Jenny Hutson are constantly on site and WC have independant 'Staff' employed there, what is going on?
I hope this Resort will not become another mothballed 'Kooralbyn' worth a fraction of its original value because Wellington Capital is not a competant Property Funds Manager??/
Seamisty
I found the job ad registered with PloyMe, it gives Philip Higson promotions job description as 'leaflet handout and sandwhich board messaging', payment $75.00, address 302 Queen St Brisbane. Surprise Surprise!!(NOT)Isn't that the same address as Wellington Capital?? More untruths/false information being fed to the media by WC? Totally Unacceptable behaviour from a responsible entity:bad:
Seamisty
We should not be mistaken or mislead. The PIF is the mortgagee in possession of most properties, proper details very hard to find in the "mish mash" of reports emanating from WC. Therefore, the PIF is only entitled to receive from any sale of mortgaged properties what is actually owed on the mortgage, plus interests and costs. Any proposed development and expenditure to improve sale prospects will cost the fund interest on borrowed funds and could result in an actual loss. The RE has a responsibility to maintain our asset and act in the interest of all unit holders and where the RE interest conflicts with unit holders interests the unit holders interest takes precedence. Spending money on promoting a Golf Tournament is not an allowable expenditure that I can find, I could be wrong. When you are only the mortgagee in possession why hasn't action been taken to either sell the property or encourage mortgagee to re-finance if possible and pay out the mortgage. Surely three years is enough time, how much more time do WC need to make a decision. We are all aware of MFS Golf Promotion fiascos.
