BCS - BrisConnections Unit Trusts

[Mitsimonsta]

From http://www.auda.org.au/news-archive/auda-15042009/

(AuDA controls the .au domain space)

AuDA terminates Australian Style Pty Ltd (t/a Bottle Domains) registrar accreditation

15/Apr/2009

auDA has today terminated the registrar accreditation of Australian Style Pty Ltd trading as Bottle Domains, for a serious breach of its obligations under the Registrar Agreement.

In February 2009, auDA was notified by the Australian Federal Police that there had been a security incident which affected customers of Bottle Domains. Refer to auDA Announcement 10/02/09 .

auDA has since discovered that Bottle Domains was the subject of an earlier security incident in April 2007, which auDA believes may have caused or contributed to the security incident in February 2009.

Bottle Domains failed to notify auDA at the time of the April 2007 security incident, which was a breach of its obligations under the Registrar Agreement.

Information recently provided to auDA by Bottle Domains about the April 2007 incident revealed that it did not reset customer passwords or alert its customers to the possibility that their account information had been accessed by third parties. Bottle Domains also failed to conduct an independent security audit to verify that the security vulnerability had been fixed, and that there was no other unauthorised access to its systems.

“auDA takes security issues very seriously,” said auDA CEO, Chris Disspain. “In our view, Bottle Domains’ failure to deal properly with the security incident in April 2007 demonstrated an alarming disregard of the potential risks to its own customers, and to the overall stability and integrity of the Australian DNS.”

“Given the seriousness of the matter, it is appropriate that auDA terminate Bottle Domains’ registrar accreditation.”

The domain names of Bottle Domains’ customers are NOT at risk. auDA is in the process of contacting all those whose domain name is registered through Bottle Domains to provide them with all the information they need (see Information for people who have registered their domain name through Bottle Domains) .

-ENDS-

Karma is a bitch.

 

[sails]

Not sure whether this question has been asked or answered, but as April 21st is coming real soon (next week), I just have a question regarding the liability.

According to Brisconnections communications, 21 April is date when liability for payment is determined.

As I have already signed an acceptance form to sell my share to a third party, if the transfer has not occurred before 21 April, then I am liable for the $1 call. If the transfer occur after 21 April, does it mean the new owner is not liable, but I am still liable.

IE, if transfer after 21 April, I need to pay $1 but at the same time I don't have any shares anymore.

I would suggest getting legal advice urgently - the answer may depend if there are any conditions to your transfer. Also suggest talking to the person who is prepared to take your units to see what they have to say. Perhaps talk to someone from the Australian Shares Association to see if they can shed any light on the technicalities with so little time left.

All the best with it MeToo - hope it all works out for you. Let us know how you get on.

 

[investorpaul]

Not sure whether this question has been asked or answered, but as April 21st is coming real soon (next week), I just have a question regarding the liability.

According to Brisconnections communications, 21 April is date when liability for payment is determined.

As I have already signed an acceptance form to sell my share to a third party, if the transfer has not occurred before 21 April, then I am liable for the $1 call. If the transfer occur after 21 April, does it mean the new owner is not liable, but I am still liable.

IE, if transfer after 21 April, I need to pay $1 but at the same time I don't have any shares anymore.

Is there any reason why the transfer would not go through by the 21st? When did you sign the acceptance form?

 

[JAB_Charity]

...will the charity be able to pay the $1 per unit instalment on it's 5% holding and if not what will be the fate of the charity ?

Our refrain is still: There are many possible outcomes between now and when the 29 April 2009 liability may crystalise for unitholders on that date (only).

And we also note that if there is any shortfall in meeting the liability on 29 April, then of course the Underwriters will step in to meet the commitment, and there will then be a Public Auction of the forfeited units on or around 4 June 2009 [see ASX 9 Dec 2008 BCSCA announcement Fact Sheet para 18] -- at which time the long-term value of the project may well have improved in line with the views we share with others (including BrisConnections themselves) on the investment fundamentals of the project.

To add to the above questions, were you surprised that you only got 5%? were you making people aware/announcing that you were after their units? if so why dont you think everyone donated them?

It just seems so odd that unit holders have been given a way out, yet havnt taken it. I surpose people who are not up to date with their info or dont use internet forums might not be aware of all the people/groups interested in acquiring units.

We have been working a viral campaign, commencing 7 April 2009 (only 8 days) -- including our presence on this forum.

Informational lags have impeded the spread of our active BCSCA acquisitions -- but momentum is now building. The unitholders who discover us really want to reduce their exposure to the possible downside. We expect this will likely intensify up until the current 22 April 2009 last day to transfer without call liability (the liability of which will then formally crystalise later, as we know, on 29 April for unitholders on the registry at that date).

We continue to actively acquire BrisConnections units by way of share transfer donations.

So if you happen to know of any unitholders who may be interested in donating their BCSCA units to charity, we would appreciate if you might suggest that they visit our website for more information and help us get the word out:

http://www.barrow.org.au/


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

 

[JAB_Charity]

Hello MeToo,

Not sure whether this question has been asked or answered, but as April 21st is coming real soon (next week), I just have a question regarding the liability.

According to Brisconnections communications, 21 April is date when liability for payment is determined.

As I have already signed an acceptance form to sell my share to a third party, if the transfer has not occurred before 21 April, then I am liable for the $1 call. If the transfer occur after 21 April, does it mean the new owner is not liable, but I am still liable.

IE, if transfer after 21 April, I need to pay $1 but at the same time I don't have any shares anymore.

BrisConnections have advised the market on 2 March 2009 that unitholders have until WED 22nd April 2009 for transfers to be registered with the Link share register -- and by extension we add: with any BCSCA instalment call liability arising on the 29 April 2009 being fully transfered with the change of ownership up until the close of that 22 April day.

Link Market Services share register will only accept Originally Signed off-market transfer forms -- no faxes and no scanned emails.

This can lead to some delays as parties that may be in different geographical areas must send the original document to each other for signing and then lodgement with Link.

When our charity receives delivery of an off-market transfer form, we scrutinise the form for completeness (most unitholders send us a draft via email in advance of sending the Original Signed via courier/post).

We then very diligently execute the transfer form immediately for The Julie Anne Barrow Charitable Trust and send the complete Signed Original form to the Link Market Services share register in Sydney.

We also email the donating unitholder with a scanned copy of the fully executed off-market transfer form for their records.

And following this notification we suggest that the donator check the Link share register [1300 554 474] in coming days to ensure that the BCSCA units have in fact been fully transfered.


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

http://www.barrow.org.au/

 

[Absolutely]

Our refrain is still: There are many possible outcomes between now and when the 29 April 2009 liability may crystalise for unitholders on that date (only).

And we also note that if there is any shortfall in meeting the liability on 29 April, then of course the Underwriters will step in to meet the commitment, and there will then be a Public Auction of the forfeited units on or around 4 June 2009 [see ASX 9 Dec 2008 BCSCA announcement Fact Sheet para 18] -- at which time the long-term value of the project may well have improved in line with the views we share with others (including BrisConnections themselves) on the investment fundamentals of the project.



We have been working a viral campaign, commencing 7 April 2009 (only 8 days) -- including our presence on this forum.

Informational lags have impeded the spread of our active BCSCA acquisitions -- but momentum is now building. The unitholders who discover us really want to reduce their exposure to the possible downside. We expect this will likely intensify up until the current 22 April 2009 last day to transfer without call liability (the liability of which will then formally crystalise later, as we know, on 29 April for unitholders on the registry at that date).

We continue to actively acquire BrisConnections units by way of share transfer donations.

So if you happen to know of any unitholders who may be interested in donating their BCSCA units to charity, we would appreciate if you might suggest that they visit our website for more information and help us get the word out:

http://www.barrow.org.au/


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

David,

I don't get it. I just don't get it!

There is very little information about the "Julie Anne Barrow Charitable Trust" on your website. It does not seem to me that this is a long established or well known charity, or one that has a great deal of resources (money). So obviously, you also do not intend paying the future installments and are banking on some other outcome. But I don't see how you are expecting to make money from the arrangement.

Without being rude, I am seriously wondering if you are legitimate.

 

[oldblue]

It seems to be a very high risk strategy to hold these units, unless:

-One has reason to believe that one's voting rights have a value, a la Nicholas Bolton.

-One has reason to believe that unitholders will be excused the obligation of making the further call payments.

 

[JAB_Charity]

Hello Absolutely,

David,

There is very little information about the "Julie Anne Barrow Charitable Trust" on your website. It does not seem to me that this is a long established or well known charity, or one that has a great deal of resources (money). So obviously, you also do not intend paying the future installments and are banking on some other outcome. But I don't see how you are expecting to make money from the arrangement. ...

We are one of about 1,000 Prescribed Private Funds (PPF) in Australia.

For details of these charitable structures please see this link:

http://www.ato.gov.au/nonprofit/content.asp?doc=/content/8724.htm


Aussie Stock Forums has been a good space to communicate our views -- indirectly functioning as a weblog for us with lots of thoughtful intereactions.

And the Google rankings have been very helpful for us to provide information about our interest in acquiring BrisConnections (BCSCA) units by way of share transfer donations.

May I suggest that you and other Forum users search on JAB_Charity and review my previous posts and if there are any particular comments or aspects you would like more information on I could then respond to those queries.

I believe the following link will generate the past JAB_Charity posts:

https://www.aussiestockforums.com/forums/search.php?searchid=1904160


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

http://www.barrow.org.au/

 

[drsmith]

Our refrain is still: There are many possible outcomes between now and when the 29 April 2009 liability may crystalise for unitholders on that date (only).

And we also note that if there is any shortfall in meeting the liability on 29 April, then of course the Underwriters will step in to meet the commitment, and there will then be a Public Auction of the forfeited units on or around 4 June 2009 [see ASX 9 Dec 2008 BCSCA announcement Fact Sheet para 18] -- at which time the long-term value of the project may well have improved in line with the views we share with others (including BrisConnections themselves) on the investment fundamentals of the project.

With regard to any public auction of forfeited units in early June, what are your expectations in terms of auction price per unit and specifically do you expect it to cover all the liability associated with the second instalment ($1.00 per unit or more) ?

 

[nathanblack]

hi JAB_charity,
everytime someone questions your trusts ability to pay the upcoming installment you avoid answering directly. you imply that if you are not the registered holder on april 22 then your not liable and that is your out?

but then you always continue on to say you are and will continue to accumulate donations up to that date.

so which is it? are you looking to divest your stake or accumulate?

if you dont pay the $1 you forfeit your shares = $0 gain (loss of time and fees)

if you do pay the $1 they will trade at under $1, if thats your intention why not buy on market after installment paid(if you believe in long term viability)

i think you have a plan to have a majority stake. for what gain im unsure.

 

[shag]

i havt read the blog but dont people get wacked for this sort of behaviour. like ethics have to come into play somewhere, his move was in the same league as bryers in the blue chip saga.
he would make good hardfill for the project....wouldnt that be something, the old kings cross special, or the sydney runway burial....
im sure mr putin could get a mate to do a job real cheaplike....

 

[Macquack]

I agree with nathanblack and Absolutely and am skeptical of David Barrow's intentions.

Owning 5% means JAB Charity will be up for $19.5 million in the next $1 call, and I doubt they would have that much laying around in the petty cash tin.

So my conclusion is, this is a publicity exercise by David Barrow to promote the JAB Charity.

 

[sails]

I agree with nathanblack and Absolutely and am skeptical of David Barrow's intentions.

Owning 5% means JAB Charity will be up for $19.5 million in the next $1 call, and I doubt they would have that much laying around in the pretty cash tin.

So my conclusion is, this is a publicity exercise by David Barrow to promote the JAB Charity.

Does it matter? JAB Charity (as others before them) are offering a much needed lifeline. Even if the charity can't pay the next instalment, are the underwriters going to be much worse off?

Would you take the lifeline from someone who really wants the shares if it meant avoiding the loss of everything you owned? Your children's and even grandchildren's future? If there are any risks to the current unit holders to accept such a lifeline, wouldn't it have to be a whole lot less than the risks they are currently facing?

We went through this whole same thing of turning everything inside out when Bolton was looking for the gifting of shares + his processing fee. Justice Robson did not see anything legally wrong with the transfers of those shares. What if JAB charity prefer not to disclose their entire business plan publically - is that a problem?

There are still some small investors mixed up in this big boys business where they can get hurt. Isn't it better to let the bigger boys have the units they want and let them do battle with the company?

Just my queries from the outside looking in...

Oh, and doesn't look like Anna Bligh has any intention of helping out the retail investors either according to this article: Queensland refuses BrisConnect bailout

The Queensland Government will not help investors in BrisConnections with a bailout, Premier Anna Bligh says.

 

[Prospector]

So my conclusion is, this is a publicity exercise by David Barrow to promote the JAB Charity.

To whom though? To us few posters who happen to post on an internet forum in a specific thread about BCSCA? I think that seriously overstates the influence of ASF in broader circles of humanitarian purposes. So hardly an effective marketing ploy to advertise your benevolent fund to the www in general.

I dont see it as a publicity exercise in that sense, maybe in terms of having access to BCSCA holders, but nothing more than that really.

I tell you what, if I had held BCSCA I would be down on my knees begging for JAB Charity to take the shares off my hands. Hell, I might just even believe in religion because I would see it as a lifeline. Not that I 'get' why JAB wants these things, but who am I to question their strategies.

 

[Macquack]

To whom though? To us few posters who happen to post on an internet forum in a specific thread about BCSCA? I think that seriously overstates the influence of ASF in broader circles of humanitarian purposes.

I mean publicity in the wider media, not just here at ASF.

JAB Charity has already got media coverage and the big "photo opportunity" will come on judgement day when the charity fails to pay up and the heat will be on the underwriters (Macquarie and Deutsche) whether or not to bankrupt a charity.

 

[sails]

...I tell you what, if I had held BCSCA I would be down on my knees begging for JAB Charity to take the shares off my hands. Hell, I might just even believe in religion because I would see it as a lifeline. Not that I 'get' why JAB wants these things, but who am I to question their strategies.

I totally agree, Prospector. I know if it was me, I would have thrown them at the first life line real fast (with the approval of legal advice to ensure the transfer was legal, of course) and happily paid any processing fees and not begrudged if he made a lot of money with them.

It beats me why the guys on here get so strung up on having to know every little detail of a potential purchaser's strategies. I think it only adds to the confusion and nervousness of any retail unit holders reading this site.

 

[Macquack]

It beats me why the guys on here get so strung up on having to know every little detail of a potential purchaser's strategies. I think it only adds to the confusion and nervousness of any retail unit holders reading this site.

Just having my two bobs worth like you sails.

Reading everybodies angle on this may give insight into potential stategies and outcomes such as predicting what Bolton was really up to before he double crossed his fellow unitholders.

 

[sails]

Just having my two bobs worth like you sails.

Reading everybodies angle on this may give insight into potential stategies and outcomes such as predicting what Bolton was really up to before he double crossed his fellow unitholders.

No problem with the two bobs worth!

I just think there may still be some pretty frightened unit holders who possibly read here - and some of these in-depth discussions might make them afraid to offload their units for fear of getting into more trouble.

Fear can be a terribly crippling thing to thought processes making decision making extremely difficult.

 

[yttrium]

JAB Charity has already got media coverage and the big "photo opportunity" will come on judgement day when the charity fails to pay up and the heat will be on the underwriters (Macquarie and Deutsche) whether or not to bankrupt a charity.

Much too smart for that I think. When you see the train heading for the cliff, do you leave the passengers to their fate or try to get them off? Is Mr Bolton worried by his shareholding? Not yet anyway.

 

[jackson8]

David,

I don't get it. I just don't get it!

There is very little information about the "Julie Anne Barrow Charitable Trust" on your website. It does not seem to me that this is a long established or well known charity, or one that has a great deal of resources (money). So obviously, you also do not intend paying the future installments and are banking on some other outcome. But I don't see how you are expecting to make money from the arrangement.

Without being rude, I am seriously wondering if you are legitimate.

i think that the confusion may be in the lack of understanding of what a
PRESCRIBED PRIVATE FUNDS (PPFs) actually is

http://www.ato.gov.au/nonprofit/content.asp?doc=/content/8724.htm

or this link http://www.ato.gov.au/docs/PPF_glines_v3.rtf


from the above document

26. The purpose of a PPF as stated by the Prime Minister in his press release of 30 March 2001 is to provide businesses, families and individuals with greater flexibility to start (and donate into) their own trust funds for philanthropic purposes. Whilst donations on occasions may be solicited from the public, the primary source of donations must be from the businesses, families and individuals who established the fund. (see Para 4)


i myself have wondered why anyone whether it be a philanthropic fund or anyone else would want to take on the liability of these shares with the upcoming payments due.

i would expect that as a registered PPF with the australian taxation dep. and government the fund would have to provide adequate transparency in its soliciting to the general public