BCS - BrisConnections Unit Trusts

[JAB_Charity]

Hello Dr Smith,

David,

Can you actually make anything from this now or is it just a question of holding the line and trying to prevent a legal settlement against you ?

In relation to the latter why do you have so many units in your own name ?

In my view, there is still a profit that could be made on the BrisCon holdings of myself and my associated companies.

See this link:

http://www.settlemate.net.au/PrivateAuction/tabid/60/Default.aspx

How Can Units still be for Sale following 8 March 2010 Public Auction?

Follows BrisConnections previous debt-collection practice where the following entities were allowed to pay their Second Instalments months after the 5 June 2009 Public Auction and still retain title to those units:

1. NSW Supreme Court 3866/09 ECLECTIC INVESTMENTS PTY LIMITED $250,000
   
2. QLD Supreme Court 7302/09 BERPAID PTY LTD $495,000

Further, in BrisConnections Writs issued to recover the unpaid Second Instalments BrisCon stated:

IF the plaintiff claims a debt only and you pay that debt, namely [$Amount_Owing], together with [$Total_Interest] for interest compounding monthly in accordance with article 4.7(a) of the Constitutions from 29 April 2009 to [Date_of_Filing] (inclusive) and [$LegalCosts] for legal costs to the plaintiff or its solicitor within the proper time for appearance, this proceeding will come to an end. Notwithstanding the payment, you may have the costs taxed by the court.

I note that on 8 March 2010 BCS units traded on ASX at $1.15 (on low volume) shortly after Public Auction closed with no bids even though there was a reserve price of $1.00 at the Public Auction.

At time of writing BCS units have a bid-ask spread on the ASX of $1.16 bid to $1.30 ask.


That all said, in our view, the conduct of BrisConnections and The Australian newspaper have harmed the potential profit from the Private Auction of our BCSCB units -- a topic on which it would be best for me to make no further comment at this time as litigation on this front is pending.


And yet further:

http://thebcon.wikia.com/wiki/TheBCon_Wiki#Seeking_a_Court_Declaration_.28taking_fight_to_BrisCon.29

Seeking a Court Declaration (taking fight to BrisCon):

1. May help to unscramble the eggs for companies liquidated for non-payment of the Second Instalment
2. Could also give certainty to unitholders that otherwise might still be pursued (up to further 6 years) for the Second Instalment on a "case-by-case basis"

A special Legal Pleadings WIKI has been set up for anonymous posts if people would like to kick around some ideas:

http://thebcon.wikia.com/wiki/TheBCon_Wiki

http://thebcon.wikia.com/wiki/Talk:TheBCon_Wiki

Please Note: a link back to Aussie Stock Forums is included on this site:

http://thebcon.wikia.com/wiki/Relevant_Documents#Aussie_Stock_Forums

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What are the consequences of having so many (788,354) BrisCon "defaulted units" in my own name?

Well, the practicalities stemming from this situation is that I will be able to commence and/or defend legal proceedings in an unfettered way as a litigant in person -- which is a fundamental right under section 78 of the Judiciary Act 1903 (Cth):

http://www.austlii.edu.au/au/legis/cth/consol_act/ja1903112/s78.html

"In every Court exercising federal jurisdiction the parties may appear personally or by such barristers or solicitors as by this Act or the laws and rules regulating the practice of those Courts respectively are permitted to appear therein."

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Regards, David

Disclosure on ownership of defaulted units: 788,354 David C. Barrow; 206,970 SettleMate Pty Ltd; 202,970 DefaMate Pty Ltd

 

[skc]

Looks like BCS is joining RCY in the Toll Road quarters of corporate heavan.

"As previously advised, BrisConnections is reviewing cost and revenue options, and has retained advisers to undertake a review of likely traffic levels in the light of current information," read the statement.

"Brisconnections notes there is significant uncertainty regarding the process and outcome of such formal negotiations.

"As a result, Brisconnections is formally seeking a voluntary suspension of its securities from the ASX."

http://www.couriermail.com.au/busin...rport-link-tunne/story-fnbdkrr9-1226514654552

They actually warned about this process a few weeks ago and if people didn't sell then (albeit at wide spreads) they are probably never see value for their shares again. Hopefully there are not many retail holders still holding this due to the debacle from those partially paid shares.

 

[Julia]

Elizabeth Knight's summary:
http://www.smh.com.au/business/fools-suffering-as-long-hard-road-exacts-its-toll-20121112-298cq.html