Wellington Capital PIF/Octaviar (MFS) PIF

[Harald]

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.

How can you be so impatient Charles. JH is acting like the Coles advertising. They bring the price down down down. So JH regards it as good to bring our values down
down down.
To avoid a further downsizing I'm willing to be another investor who joins the hopefully big group of volunteers which will kick out JH.

 

[charles36]

How can you be so impatient Charles. JH is acting like the Coles advertising. They bring the price down down down. So JH regards it as good to bring our values down
down down.
To avoid a further downsizing I'm willing to be another investor who joins the hopefully big group of volunteers which will kick out JH.

Harald, I would have more confidence if I had my units under the control of Coles, at least we would have transparency, a business plan together with directions as to how our objectives will be achieved. But alas, AT THE MOMENT we are stuck with an RE who wants to further dilute our assets to raise capital to allegedly carry out construction work on projects that will not be ready to proceed for many, many months. If then.
I thank you for the offer to volunteer and I would like to take this opportunity of thanking many unit holders who have offered their help. Seamisty has kindly undertaken to keep a list of volunteers and we will be in touch in due course.

 

[JohnH]

Harald, I would have more confidence if I had my units under the control of Coles, at least we would have transparency, a business plan together with directions as to how our objectives will be achieved. But alas, AT THE MOMENT we are stuck with an RE who wants to further dilute our assets to raise capital to allegedly carry out construction work on projects that will not be ready to proceed for many, many months. If then.
I thank you for the offer to volunteer and I would like to take this opportunity of thanking many unit holders who have offered their help. Seamisty has kindly undertaken to keep a list of volunteers and we will be in touch in due course.

I hate telemarketing (that's why I used to employ others to do it for me) but count me in Charles/Seamisty.............. John H.

 

[simgrund]

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.

In tune with your suspicions Sutho81,
It was the crux of JH strategy to claim before Judge Dawsett that "disadvantaged unitholders" (DU's) would have "missed their rights at the meeting";
the very new ones secreted away in Armstrong's Registry held tightly in Jenny's armit for added security.
Our venerated juduciary with rectal straightitude of Judge Dawsett's mindset fall for these frauds time and time again. Oh the poor DU's they wail, but not scratching His Mind just an inch further to ask: who are these DU's and were their details released to PIFAG's legitimate purposes as required by no less venerated ASIC Legislation?

As I said before; WC is OUR employee.
WC aka Jenny Hutson has failed to perform duties assigned to her.
ASIC failed in enforcing Employer/Employee agreement by permitting
illegal clauses in subsequent alterations to agreement.
An Employee enabled to resist its own eviction for criminal behaviour????
Shame on Australian Judiciary for bringing us these miseries!

Regards,

 

[seamisty]

I hate telemarketing (that's why I used to employ others to do it for me) but count me in Charles/Seamisty.............. John H.

Not my favourite pastime either JohnH, but after the first few hundred calls it got easier LOL!!!I actually spoke with some really lovely PIf investors who were genuinely appreciative of my efforts to tell them the truth re the deceptive information and behaviour being delivered by WC staff and others related/associated with WC, backed up with relevant documentation where needed. I was always willing to leave my number with anyone who wanted it, unlike other anonymous cowards working on behalf of WC who don't appear to be able to differentiate between truth and their own greed inspired hallucinations!!!
I still receive calls of support from some of those I originally spoke to (one even from Spain). With what has transpired re rent a crowds and dodgy Armstrong registers, an announcement from Wellington Capital (even though the first one breached the constitution and was canned) relating to another cap raising, a bloody golf tournament contract on a property that is in active litigation with WC who after 2+ years rather than produce 'discovery documents' as ordered by the court WC is happy to delay proceedings time after time at the expense of the PIF (Does WC even have the requested documents???)
So all in all, as time moves along, our telemarketing campaign will get easier, as WC continues to tell 'porkies' to cover their deceitfull behaviour which appears to be unravelling at a fast rate of knots. I am sure even some who were unwitting players in the dodgy dealings are ruing the day they agreed to help out a 'former associate' and are now embarassed at having their name associated with WC???
Thanks to all those who have offered assistance, I will be in touch in due course.
Seamisty

 

[Cookie1]

Attached is an article entitled "Moss faction alleges many Charter Hall failings" from the Weekend Australian Financial Review July 16-17, which may be of interest...especially the last 3 paragraphs:

'Despite the unfavourable odds, many institutional managers remain sympathetic to the dissidents' concerns.
In its document, Moss Capital points out that Charter Hall Group "has persistently pursued a strategy to retain assets under management and fee streams".
It said the trust's board suffers from an "inherent and irreconcilable conflict between its self-interest in maintaining management control ... and its duty to act in the best interest of [the trust's] unit holders".'

 

[MAE]

Not my favourite pastime either JohnH, but after the first few hundred calls it got easier LOL!!!I actually spoke with some really lovely PIf investors who were genuinely appreciative of my efforts to tell them the truth re the deceptive information and behaviour being delivered by WC staff and others related/associated with WC, backed up with relevant documentation where needed. I was always willing to leave my number with anyone who wanted it, unlike other anonymous cowards working on behalf of WC who don't appear to be able to differentiate between truth and their own greed inspired hallucinations!!!
I still receive calls of support from some of those I originally spoke to (one even from Spain). With what has transpired re rent a crowds and dodgy Armstrong registers, an announcement from Wellington Capital (even though the first one breached the constitution and was canned) relating to another cap raising, a bloody golf tournament contract on a property that is in active litigation with WC who after 2+ years rather than produce 'discovery documents' as ordered by the court WC is happy to delay proceedings time after time at the expense of the PIF (Does WC even have the requested documents???)
So all in all, as time moves along, our telemarketing campaign will get easier, as WC continues to tell 'porkies' to cover their deceitfull behaviour which appears to be unravelling at a fast rate of knots. I am sure even some who were unwitting players in the dodgy dealings are ruing the day they agreed to help out a 'former associate' and are now embarassed at having their name associated with WC???
Thanks to all those who have offered assistance, I will be in touch in due course.
Seamisty

Hi Seamisty and Charles

We would like to help out as Volunteers, look forward to hearing from you soon.

 

[seamisty]

Hi Seamisty and Charles

We would like to help out as Volunteers, look forward to hearing from you soon.

Thanks Mae (and others), I have sent you a private message. Seamisty

 

[simgrund]

Comforting (just a little) to read that ASIC are actually showing an interest in what's happening. The point is being reached where I believe that Wellington have become delusional in believing that it's business as usual.

Ha! "Delusional" you say.
That's the kindest sobriquet one can bestow on our Red Terror*.
She is MAD, MAD, MAD!!!. Criminally so.
I am sweating on the 3rd instalment of my dialogue with JH to convince her that a voluntary retirement to Rectum Rectification Facility (apologies for repetition) will be the sanest deed of her wretched corporate panorama.
Join me, selciper and others, in accelerating this process of JH gaining an eternal gratitude of “disgruntled”, “dissident”, “irritated”, “disenchanted” (some of the media terms for PIFers, but none for JH?) counting in the legitimate thousands!
I am off to an early appointment with Centrelink to verify my legitimacy as a beggar.

Regards,

* Robert Conquest wrote "The Great Terror" on the red terror of Stalinist Soviet Union. I see parallels in power grabs.

 

[simgrund]

Attached is an article entitled "Moss faction alleges many Charter Hall failings" from the Weekend Australian Financial Review July 16-17, which may be of interest...especially the last 3 paragraphs:

'Despite the unfavourable odds, many institutional managers remain sympathetic to the dissidents' concerns.
In its document, Moss Capital points out that Charter Hall Group "has persistently pursued a strategy to retain assets under management and fee streams".
It said the trust's board suffers from an "inherent and irreconcilable conflict between its self-interest in maintaining management control ... and its duty to act in the best interest of [the trust's] unit holders".'

Good one Cookie1, must be shouted in the boldest, loudest, deafening; in a word a real FORTISSIMO.

"inherent and irreconcilable conflict between its self-interest in maintaining management control ... and its duty to act in the best interest of [the trust's] unit holders".'

ASIC's and Judge Dowsett's attentions are invited.

Regards

 

[Jadel]

I fully expect WC to engage in a capital raising exercise, to vested interest ,as soon as a judgement is handed down regarding the EGM. . This of course will virtually eliminate any chance we have of ever removing WC.

A private written communication to investors, explaining in full the court decision by Justice Gordon, and subsequent dilution of our assets by any further capital raising, together with details of the rent a crowd shenanigans, could be considered .

Regrettable, my personal experience is that a great number of investors remain, mostly uninformed of these events ,unless they are member of ASF, or happen to buy a newspaper .

Simgrund, Murphys Law ,Anything that can go wrong will go wrong

 

[selciper]

Hi Simgrund - I think that the WC Board are delusional, just as the News Limited bunch have proven to have been suffering from the same malaise. It’s clear that News Limited expected their plots to be forever overlookled. Even up to a few days ago Murdoch deluded himself into believing that this crisis was a matter being well handled. Then the whole thing exploded in his face and has spread like wildfire - years after the initial causes. There’s a lesson there for any who think that they are immune from inevitable challenge.

 

[DepressedDad]

If JH had the votes she posted why would she not welcome a meeting? Why would she move heaven & high water to NOT have one? So the votes she's published have to be fraudalent???? Another crime surely??? In her desperation to cling onto our money, she is committing crimes that ultimately won't be hard to prove. When we do our ring around will we ask which way investors voted so we can double check votes that have come in to check their accuracy?

So instead of making payments to gravely affected investors she's donating our money to upgrade a golf course? Have I got that right?

 

[Sutho81]

I suspect her vote count is from a few proxies held at Armstrong and does not include Computershare.

From what I have been told the total number of votes should = the total number of units in the fund, and her tally does not add up in any direction.

I would be happy to volunteer for a ring around as well.

This cold hearted callous woman running our fund is now trying to stir us up by investing in golf - similar to what MFS did. Surely she is aware of the irony of what her sponsorship of this golf tournament is doing.

 

[DepressedDad]

I suspect her vote count is from a few proxies held at Armstrong and does not include Computershare.

From what I have been told the total number of votes should = the total number of units in the fund, and her tally does not add up in any direction.

I would be happy to volunteer for a ring around as well.

This cold hearted callous woman running our fund is now trying to stir us up by investing in golf - similar to what MFS did. Surely she is aware of the irony of what her sponsorship of this golf tournament is doing.

Maybe she's sees her number's up & she's giving away as much of our money to her friends as quickly as possible.....

 

[thekids]

Maybe she's sees her number's up & she's giving away as much of our money to her friends as quickly as possible.....

This women doesn't do anything that doesn't line her own pocket, we're just not sure right now exactly how it is getting into her pocket

 

[seamisty]

This women doesn't do anything that doesn't line her own pocket, we're just not sure right now exactly how it is getting into her pocket

Well is it any wonder trust for WC actions is long gone? WC only have themselves to blame from their past performances of handling the truth carelessly and trying to implicate all and sundry apart from themselves whenever an honest explanation is called for and cannot be provided by WC themselves.
I am at a loss as to why Wellington Capital find the need to tie up residential lots at Forest Resort on a 12 month settlement contract at highly inflated prices compared to current market value (heavily discounted compared to original values before Wellington Capital took control of Forest resort) which are presently available??? As usual, the whole deal has the now well known WC stench attatched. I will be making further enquiries tomorrow as to how WC has managed to add an approx $700,000 premium above current market value on another long term deal (with unnamed purchasers) which may or may not eventuate but meanwhlie excludes other genuine buyers from purchasing the blocks. Maybe WC need to save their nails to dig themselves out of the deep hole they are in rather than scratching more backs???
Seamisty

 

[Sutho81]

The evil woman hutson certainly knows how to stir us up. I noticed on Wellingtons website today that there is a pictrue of a golden egg amongst white eggs. Perhaps a subtle gloat that she still has our fund!!!

On a serious note, despite the judges ruling, is it possible in theory to start a fresh and call another meeting?

 

[seamisty]

The evil woman hutson certainly knows how to stir us up. I noticed on Wellingtons website today that there is a pictrue of a golden egg amongst white eggs. Perhaps a subtle gloat that she still has our fund!!!

On a serious note, despite the judges ruling, is it possible in theory to start a fresh and call another meeting?

Sutho81 I thought it looked more liked Greedy Humpty Dumpty!!! http://video.google.com/videoplay?docid=-8808921797991466552#

Seamisty

 

[Harald]

The evil woman hutson certainly knows how to stir us up. I noticed on Wellingtons website today that there is a pictrue of a golden egg amongst white eggs. Perhaps a subtle gloat that she still has our fund!!!

On a serious note, despite the judges ruling, is it possible in theory to start a fresh and call another meeting?

I'm absolutely sure that Castlereagh will call another meeting. But I'm afraid that this "Judge" is holding back the proceedings with his very late announcing his reasons
for his castastrophic decision. He will take another 2 weeks to find the reasons for his decision and gives so the advantage to JH to bring our fund further down.
Shouldn't a judge in an Australia High Court have the ability to see the damage he is doing to us investors? Again I'm afraid he just doesn't care.