Charles, I see nothing to respond to here. ASIC has clearly not done anything with the information a number of us have sent them along with the media coverage regarding actors at meetings, multiple registers, etc so to ask someone that has made a failed bid for the fund to assist or to try and lead them into some sort of guilt ridden assistance with no potential compensation is a waste of time in my opinion. WW if you have an offer to make then make it formally through the right channels, otherwise I would suggest to all that no response to any sort of offer on this forum be made. "Put up or shut up" comes to mind with all due respect.
Wellington Capital PIF/Octaviar (MFS) PIF
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Charles, I see nothing to respond to here. ASIC has clearly not done anything with the information a number of us have sent them along with the media coverage regarding actors at meetings, multiple registers, etc so to ask someone that has made a failed bid for the fund to assist or to try and lead them into some sort of guilt ridden assistance with no potential compensation is a waste of time in my opinion. WW if you have an offer to make then make it formally through the right channels, otherwise I would suggest to all that no response to any sort of offer on this forum be made. "Put up or shut up" comes to mind with all due respect.
Go through the proper channels with a serious offer would be a good start. Short of doing that # 8550 is probably a majority view point I suspect
with respect
If and it's a big "if" firstly all being members of the PIF Action Group would be a first start. At least there is a line of communication from where another point of connection could be made for all.
If all posts are kept to the facts and The PIF AG routinely updates all members to prevent the inuendo occuring on this forum than there should be no need but it does make sense to plan for the worst and hope for the best.
I agree as does nearly everyone on the forum with your comments. We badly criticized WC for lack of correspondance early on in the proceedings and rightfully so , however PIF AG andd CC appear to be the only group at this point which can initiate this type of proceeding which I'm sure hoping ) they are in the midst of along with a number of issue's. I would hope though that there main focus is on legally caling an EGM with the correct proceedures as outlined in the judgements so we can all legally remove WC at which point most of these issues will be dealt with after we take back control of the fund. The energy has to be on having the vote to remove the RE first, otherwise we will just be wasting a lot of time and money, some will lose faith, the support base will weaken and when we actually do get an opportunity to vote the numbers will not be there. along with the capital raisings weakening the strength of our vote , this should be our main focus. Call the EGM correctly and legally- take back control and then lets look at the other issues. The PIF AG / CC needs to at least send some notices out without specifics so there remains a level of confidence that things are happening.
This could be well worth following!!
Equititrust trust Limited Class Action
Update - Monday, 11th July 2011
Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited, the responsible entity of embattled mortgage fund Equititrust Income Fund, for breaches of the Corporations Act.
Following a unit holders' meeting held on 20 April 2011, there have been a number of reports in the media relating to Equititrust Limited's financial position, that have lead to significant scrutiny of its management of the Equititrust Income Fund. Despite investigations undertaken by ASIC, Equititrust Limited has failed to adequately resolve the issues identified or address the concerns of individual unit holders.
The recent resignations from the Board of Equititrust Limited of Mark McIvor, the driving force behind the company, and David Kennedy, who remains in the position of CEO, have further heightened the concerns of investors.
http://www.piperalderman.com.au/firm/equititrust-limited-class-action
Equititrust trust Limited Class Action
Update - Monday, 11th July 2011
Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited, the responsible entity of embattled mortgage fund Equititrust Income Fund, for breaches of the Corporations Act.
Following a unit holders' meeting held on 20 April 2011, there have been a number of reports in the media relating to Equititrust Limited's financial position, that have lead to significant scrutiny of its management of the Equititrust Income Fund. Despite investigations undertaken by ASIC, Equititrust Limited has failed to adequately resolve the issues identified or address the concerns of individual unit holders.
The recent resignations from the Board of Equititrust Limited of Mark McIvor, the driving force behind the company, and David Kennedy, who remains in the position of CEO, have further heightened the concerns of investors.
http://www.piperalderman.com.au/firm/equititrust-limited-class-action
It's quite interesting to read the old MFS blurb about its executive 'team.' David Kennedy is given space.
http://media.wotnews.com.au/asxann/00750313.pdf
http://media.wotnews.com.au/asxann/00750313.pdf
A bit more on Equititrust: http://www.smh.com.au/business/class-action-expected-within-weeks-20110807-1ihhc.html
From the above aricle"The company was forced to back down on the claimed independence of another director, David Tucker, admitting ''it may be suggested that Mr Tucker is not an independent director'' as the law firm where he is a partner, Tucker & Cowen Solicitors, is a ''substantial provider'' of legal services to Equititrust".
From the above aricle"The company was forced to back down on the claimed independence of another director, David Tucker, admitting ''it may be suggested that Mr Tucker is not an independent director'' as the law firm where he is a partner, Tucker & Cowen Solicitors, is a ''substantial provider'' of legal services to Equititrust".
elizaman, I am not sure what you mean. I was answering Mr. Wheeler's post when I made that comment. As far as I am concerned that is what i do, deal with facts etc. Regards
Lest we forget::http://www.couriermail.com.au/money...mium-income-fund/story-e6freqox-1225939828971
"Our fund had decreased further in value by approximately $150 million under Wellington's control, with no return to investors and not one single commitment made by them having been delivered," one frustrated investor alleged"Wellington also teamed up with Callianiotis in a joint venture to complete an apartment project at Port Macquarie.
Further cementing ties between the two camps, former Wellington general manager of funds management, lawyer Anthony Stanton, has started working as a manager for two of Callianiotis's other businesses, Tagma Property Consultants and The Geocal Group.
Down in Victoria, Wellington appointed receivers and managers in April last year to take control of the Novotel Forest Resort situated outside Melbourne.
But a subsequent move by Wellington to bankrupt the developers stalled when a counterclaim was filed in court.
It is understood the developers this month will file an amended complaint.
It will apparently seek more than $144 million in damages over Wellington's move to seize the resort even though loan repayments were allegedly $4.3 million ahead at the Hutson said Wellington would be bringing an action to strike out the claim.
"Our fund had decreased further in value by approximately $150 million under Wellington's control, with no return to investors and not one single commitment made by them having been delivered," one frustrated investor alleged"Wellington also teamed up with Callianiotis in a joint venture to complete an apartment project at Port Macquarie.
Further cementing ties between the two camps, former Wellington general manager of funds management, lawyer Anthony Stanton, has started working as a manager for two of Callianiotis's other businesses, Tagma Property Consultants and The Geocal Group.
Down in Victoria, Wellington appointed receivers and managers in April last year to take control of the Novotel Forest Resort situated outside Melbourne.
But a subsequent move by Wellington to bankrupt the developers stalled when a counterclaim was filed in court.
It is understood the developers this month will file an amended complaint.
It will apparently seek more than $144 million in damages over Wellington's move to seize the resort even though loan repayments were allegedly $4.3 million ahead at the Hutson said Wellington would be bringing an action to strike out the claim.
There is a couple of interesting media articles today relating to balmain trilogy and the PFMF:
http://www.goldcoast.com.au/article/2011/08/10/339801_gold-coast-business.html
Nick Nichols, business editor | August 10th, 2011
CITY Pacific founder Phil Sullivan is turning the tables on Balmain Trilogy by backing a move to oust the funds manager as responsible entity of the frozen Pacific First Mortgage Fund.
The assault comes two years after Balmain Trilogy triggered a collapse of City Pacific by seizing control of its flagship fund once valued at $1 billion
http://www.smh.com.au/business/city-pacific-chief-it-wasnt-my-fault-20110809-1ikzo.html
City Pacific chief: It wasn't my fault
Scott Rochfort
August 10, 2011.
The former head of the collapsed Gold Coast property developer City Pacific, Phil Sullivan, has emerged from a three-year hibernation to provide ''unpaid assistance'' to a group of investors seeking to oust the managers of the City Pacific-founded First Mortgage Fund.
In a lengthy posting on the new Protect FMF website, Sullivan has lent his support to the group (which has yet to disclose who its backers are) seeking to dump Balmain Trilogy as the managers.
Here is the link to the letter sent to PFMF unitholders::http://www.protectpfmf.com/wp-content/uploads/2011/08/ProtectPFMF-NoticeToUnitholders.pdf
http://www.goldcoast.com.au/article/2011/08/10/339801_gold-coast-business.html
Nick Nichols, business editor | August 10th, 2011
CITY Pacific founder Phil Sullivan is turning the tables on Balmain Trilogy by backing a move to oust the funds manager as responsible entity of the frozen Pacific First Mortgage Fund.
The assault comes two years after Balmain Trilogy triggered a collapse of City Pacific by seizing control of its flagship fund once valued at $1 billion
http://www.smh.com.au/business/city-pacific-chief-it-wasnt-my-fault-20110809-1ikzo.html
City Pacific chief: It wasn't my fault
Scott Rochfort
August 10, 2011.
The former head of the collapsed Gold Coast property developer City Pacific, Phil Sullivan, has emerged from a three-year hibernation to provide ''unpaid assistance'' to a group of investors seeking to oust the managers of the City Pacific-founded First Mortgage Fund.
In a lengthy posting on the new Protect FMF website, Sullivan has lent his support to the group (which has yet to disclose who its backers are) seeking to dump Balmain Trilogy as the managers.
Here is the link to the letter sent to PFMF unitholders::http://www.protectpfmf.com/wp-content/uploads/2011/08/ProtectPFMF-NoticeToUnitholders.pdf
Apparently a bushfire was brought under control yesterday very close to Kooralbyn resort. (Routley drive)
Large Gold Coast fire contained
9th August 2011
FIRE crews have contained a large blaze that was threatening homes in the Gold Coast hinterland.
The grass fire was travelling towards homes on Muirhead Cl, Routley Dr, Windon Cl and Drynan Pl at Kooralbyn on Tuesday afternoon.
Residents were warned to be prepared to evacuate but about 5.30pm (AEST) the Queensland Fire and Rescue Service (QFRS) lifted the alert, saying fire crews had the blaze under control.
Crews continue to backburn the area and will monitor the fire.
Large Gold Coast fire contained
9th August 2011
FIRE crews have contained a large blaze that was threatening homes in the Gold Coast hinterland.
The grass fire was travelling towards homes on Muirhead Cl, Routley Dr, Windon Cl and Drynan Pl at Kooralbyn on Tuesday afternoon.
Residents were warned to be prepared to evacuate but about 5.30pm (AEST) the Queensland Fire and Rescue Service (QFRS) lifted the alert, saying fire crews had the blaze under control.
Crews continue to backburn the area and will monitor the fire.
Todau's SMH article the Centyo class action. It reminds me that there's a dearth of news about PIF at present. I guess a newsletter will be coning when there's movement that can be revealed. Meanwhile, we're back in the Godot holding pen..
http://www.smh.com.au/business/lapt...estors-case-vs-centro-pwc-20110809-1ikzu.html
http://www.smh.com.au/business/lapt...estors-case-vs-centro-pwc-20110809-1ikzu.html
Hello All,
Seamisty, keep up the good work.
I am a dreaded ex MFS shareholder who has your interests at heart and wish all the unit holders the best of luck...
I thought a few here might be interested in the continuing litigation news re MFS/OCV
and I apologise if you have already seen the news article...
Court deals blow to plans of Octaviar liquidators
Elisabeth Sexton
July 27, 2011.
"THE liquidators of Octaviar have experienced a setback in their plans to sue one of the property and tourism financier's creditors, Fortress Credit Corporation"...cont
http://www.smh.com.au/business/court-deals-blow-to-plans-of-octaviar-liquidators-20110726-1hyj2.html
Seamisty, keep up the good work.
I am a dreaded ex MFS shareholder who has your interests at heart and wish all the unit holders the best of luck...
I thought a few here might be interested in the continuing litigation news re MFS/OCV
and I apologise if you have already seen the news article...
Court deals blow to plans of Octaviar liquidators
Elisabeth Sexton
July 27, 2011.
"THE liquidators of Octaviar have experienced a setback in their plans to sue one of the property and tourism financier's creditors, Fortress Credit Corporation"...cont
http://www.smh.com.au/business/court-deals-blow-to-plans-of-octaviar-liquidators-20110726-1hyj2.html
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This may be a timely familiarisation;
http://www.smh.com.au/money/investing/profile-greg-medcraft-20110809-1ijn0.html
Regards,
http://www.smh.com.au/money/investing/profile-greg-medcraft-20110809-1ijn0.html
Regards,
Hi seamisty and other dedicated posters
i read this site often, but don't nearly have the amazing knowledge on all things PIF as you do. congrats on your efforts so far - we won't die wondering if someone tried to help us, thats for sure
does anyone know if CasCap are taking over the first mortgage fund? I've lost money in PIF and FMF so am wondering if CasCap are coming to rescue us from both of these managers?
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Hmm!
Just as I got myself a souvenir from local op shop: a Kooralbyn Hotel
Resort shirt. Spooky coincidende!?
Beaut yellow thing, short sleeved with embroidered ID.
Adding to treasured collection with Enneagram Book, Sydney Ladies Golf Tournament memorabilia, MFS Platinum membership card, Chritmas '06 luncheon invitation and, of course, the original MFS PDS for Capital Insured Income Fund.
Cheers,
Hi PIFholder, I am not sure wherewe currently stand with CasCap but as far as the PFMF is concerned from what I read in the media the latest contendesr for that Fund,' Protect PFMF' apart from Phil Sullivan wish to remain ANONYMOUS!!! Must be the latest trend?
POWER-LESS
One of the largest unit holders in the City Pacific-founded First Mortgage Fund, Tom Powers, has rejected talk he is involved in a bid to topple the management of the fund.
On Tuesday, the City Pacific founder, Phil Sullivan, lent his support to a group of unnamed investors called Protect PFMF, who are looking to topple Balmain Trilogy as the managers of the fund that once held $900 million in deposits.
''I will not be associated with anything that Phil Sullivan has anything to do with,'' Powers told CBD in his more polite mode.
''If they wanted my support they shouldn't have got Phil Sullivan.''
In a posting on the Protect PFMF site, Sullivan played down his role in the demise of City Pacific. ''The accounting practices that City Pacific was bound by are accepted worldwide as the international standard,'' he said. He made no mention of the mistake in the 2008 preliminary second-half accounts, which contained numerous errors.
http://www.smh.com.au/business/gold...-in-brazil-20110810-1imv9.html?skin=text-only
Another media article relating to PFMF
http://www.theaustralian.com.au/bus...ve-on-the-market/story-fn9656lz-1226112692066
