BCS - BrisConnections Unit Trusts

freddy2 · 9 April 2009

Re: Someone is accumulating BCSCA

brty said:
Who's interests are the QIC following?? This is certainly not in the interests of investment returns, so it must be some other agenda. Is the QIC a super fund of some sort or just an arm of the Govt??

My exact thoughts when reading the article. No rational investor, which the QIC should be, can justify not trying to get out of paying the future installments since the payments will clearly exceed what is gained in return.

sails · 9 April 2009

Re: Someone is accumulating BCSCA

freddy2 said:
My exact thoughts when reading the article. No rational investor, which the QIC should be, can justify not trying to get out of paying the future installments since the payments will clearly exceed what is gained in return.

Not nice for clients of Qsuper - it's their funds. While this is probably only a few drops from a big bucket, it still seems a very questionable investment. We have some funds with Qsuper - not impressed.

drsmith · 9 April 2009

Re: Someone is accumulating BCSCA

"QIC has a rigorous investment decision-making process to ensure it is independent from undue or improper influences,'' said managing director Doug McTaggart.

We will stand naked in the bay, steadfast and resolute while Macquarie tries desperately to stop the tide going out with a leaky bucket and everyone else runs for the hills.

Absolutely · 9 April 2009

Re: Someone is accumulating BCSCA

brty said:
I'm waiting for the movie about this to come out If this saga was a work of fiction, nobody would bother with it because it is so far fetched.

Macquarie are so desperate for this to continue that they deliberately released a plan knowing that the co-underwriter did not agree, nor would support it, all in an attempt to have the M+D holders vote a certain way.

From today's Age....

Surprise surprise

Who's interests are the QIC following?? This is certainly not in the interests of investment returns, so it must be some other agenda. Is the QIC a super fund of some sort or just an arm of the Govt??

It will be interesting on Tuesday if Bolton gets more than 50% but less than 75%, probably straight back to the courts. Then again, if he gets over 75%, the losers (Macquarie) will probably take it back to the courts.

brty

So Rowe is intimately involved with Briscon, QIC and ASX? Surely there are conflicts of interests going on here, especially given the whole thing has gone pear shaped. He needs to step down IMO.

Sunder · 9 April 2009

Re: Someone is accumulating BCSCA

brty said:
Who's interests are the QIC following?? This is certainly not in the interests of investment returns, so it must be some other agenda. Is the QIC a super fund of some sort or just an arm of the Govt??

What if QIC genuinely believe that the court is likely rule that even if the project is wound down, the call will still be made, to pay outstanding debts? Therefore, getting a long term future return (Which Super funds do aim for), is better than having to take the loss now, with no hope of future return? That would definitely be acting in the interests of their members.

drsmith · 9 April 2009

Re: Someone is accumulating BCSCA

drsmith said:
Not happy with the last week's court decision, Macquarie is back in court trying to stop the wind up resolution being put to unitholders.

http://www.brisbanetimes.com.au/qld-news/qld-court-may-stop-brisconn-vote-20090408-a0eu.html

Macquarie's application has been adjourned till 9am Tuesday morning, one hour before the start of the unitholder meeting.

http://www.news.com.au/couriermail/story/0,23739,25313735-3102,00.html

drsmith · 9 April 2009

Re: Someone is accumulating BCSCA

The following article from The Australian offers some possible insight as to why Macquarie is still fighting tooth and nail to stop Bolton's resolutions being put to shareholders.

http://www.theaustralian.news.com.au/business/story/0,28124,25310917-16941,00.html

Joe Blow · 9 April 2009

Re: BSC - BrisConnections Unit Trusts

The two threads dealing with BrisConnections have now been merged and renamed and relocated to the Stocks A-H forum.

freddy2 · 9 April 2009

Re: Someone is accumulating BCSCA

Sunder said:
What if QIC genuinely believe that the court is likely rule that even if the project is wound down, the call will still be made, to pay outstanding debts?

There is enough doubt over this proposition (see statements by ASIC, DeutscheBank lawyer, Bolton's lawyers) that they should at least test it in court - of course trying to argue that winding up the company does stop future installments. Even the judge in the Bolton case said that investors had every right to try and avoid the payment which the QIC should be doing in the long term best interests of their clients.

sails · 9 April 2009

Re: Someone is accumulating BCSCA

Sunder said:
What if QIC genuinely believe that the court is likely rule that even if the project is wound down, the call will still be made, to pay outstanding debts? Therefore, getting a long term future return (Which Super funds do aim for), is better than having to take the loss now, with no hope of future return? That would definitely be acting in the interests of their members.

If it is such a great investment in it's present form, why would Macquarie sell it off with such gusto? Then they only bought back 8% - possibly to buy voting power and apparently purchased them in a $2 shelf company. From where I sit, it doesn't look like Macquarie see much future in the returns - so why should QIC view it any differently?

Prospector · 9 April 2009

Now the unitholders are in no man's land. If Macquarie and Deutsche Bank have failed to agree to a proposal by the time of the meeting, but are still negotiating, retail holders must decide whether to vote against all the resolutions (which is what Macquarie wants) without knowing whether their defeat would relieve them of any liability to meet the instalment.

Could this just be an elaborate ploy to prevent Bolton from succeeding in his plan to dismantle the company? The retail investors decide not to agree to his proposal, then when the vote is over, Mac simply withdraw from negotiations?

drsmith · 9 April 2009

Re: Someone is accumulating BCSCA

sails said:
If it is such a great investment in it's present form, why would Macquarie sell it off with such gusto? Then they only bought back 8% - possibly to buy voting power and apparently purchased them in a $2 shelf company. From where I sit, it doesn't look like Macquarie see much future in the returns - so why should QIC view it any differently?

QIC could be the Queensland Government's last line of defence before it has to step in with financial support of it's own.

Prospector said:
Could this just be an elaborate ploy to prevent Bolton from succeeding in his plan to dismantle the company? The retail investors decide not to agree to his proposal, then when the vote is over, Mac simply withdraw from negotiations?

Perhaps what's worrying Macquarie most is what might happen if Bolton is successful in removing the responsible entity as according to the above article from The Australian a 50% vote is required for this.

alphaman · 9 April 2009

Re: Someone is accumulating BCSCA

drsmith said:
QIC could be the Queensland Government's last line of defence before it has to step in with financial support of it's own.

i think this is the much more likely scenario. The weight of evidence points to a horribly conflicted QIC.

Sunder · 9 April 2009

Re: Someone is accumulating BCSCA

sails said:
If it is such a great investment in it's present form, why would Macquarie sell it off with such gusto? Then they only bought back 8% - possibly to buy voting power and apparently purchased them in a $2 shelf company. From where I sit, it doesn't look like Macquarie see much future in the returns - so why should QIC view it any differently?

Stop putting words in my mouth. Where did I say it was a great investment?

All I said was given total loss forever, or loss now with a possibility of return in the future, QIC is likely to take the chance, because their investment horizon is longer.

sails · 9 April 2009

Re: Someone is accumulating BCSCA

Sunder said:
Stop putting words in my mouth. Where did I say it was a great investment?....

See in bold below - your quote... My understanding is that "long term future return" or "great investment" could convey a similar general meaning.

Sunder said:
What if QIC genuinely believe that the court is likely rule that even if the project is wound down, the call will still be made, to pay outstanding debts? Therefore, getting a long term future return (Which Super funds do aim for), is better than having to take the loss now, with no hope of future return? That would definitely be acting in the interests of their members.

And in the remainder of my post I was asking why QIC would want these when Macquarie and other institutions want no part of this investment (if the media reports are correct).

drsmith · 9 April 2009

Re: Someone is accumulating BCSCA

QIC will take a chance because it's owned by the Queensland Government and the latter does not want to find itself financing most of the equity for this project.

JAB_Charity · 10 April 2009

BrisConnections charity outcome

BrisConnections (BCSCA) units can be transfered to charity. See, for instance, this charity to donate units: http://www.Barrow.ORG.AU/

Sean K · 10 April 2009

Re: BrisConnections charity outcome

"AB_Charity;419454 - BrisConnections (BCSCA) units can be transfered to charity. See, for instance, this charity to donate units: http://www.Barrow.ORG.AU/"

Huh?

You serious?

jackson8 · 10 April 2009

Re: BrisConnections charity outcome

kennas said:
"AB_Charity;419454 - BrisConnections (BCSCA) units can be transfered to charity. See, for instance, this charity to donate units: http://www.Barrow.ORG.AU/"

Huh?

You serious?

the plot thickens

not sure who to ring to make a movie on this one
stephen king , baz lurhman or maybe ian flemming would be more appropiate.

investorpaul · 10 April 2009

Re: BrisConnections charity outcome

kennas said:
"AB_Charity;419454 - BrisConnections (BCSCA) units can be transfered to charity. See, for instance, this charity to donate units: http://www.Barrow.ORG.AU/"

Huh?

You serious?

That is unbelievable they specifically say they accept Brisconnection shares, they are either mad or believe that no company would ask a Charity to stump up millions of dollars.

BCS - BrisConnections Unit Trusts

freddy2

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