BCS - BrisConnections Unit Trusts

[Absolutely]

Thanks for all the updates Jim and David - nice to hear something other than what the media decides we need to know! :

And from what I read, half of what the media publishes is bollocks anyway!

 

[drsmith]

i just got a call from a jurno , it seems that brisconnections at 4pm agreed to allow the transfer from ASI to the bankrupt to proceed ...opps not bankrupt yet . we will see

Could that be part of the overall vote selling deal to Leighton ?

 

[MeToo]

Good to hear this. Big relief, huh, MeToo?

You bet. As soon as I saw Jim's post on about my units transfer, I logged into my E*Trade and to my relief "not", BCSCA was still there. So tried to ring David on the given number, answering machine. So ring the customer service number at E*Trade. Was told BCSCA still there with no transfer request.

Customer rep will check with David at CHESS department, will ring back. By 3.30pm, good new paperwork was indeed in and will transfer within 15mins. Now 5:50pm, checked E*Trade account, and it is not there anymore.

Was Jim playing some sort of joke for leaving this till the last minute just because I accepted the offer on April 1st.

I like to thank everyone involved in this saga especially this forum for hosting this thread. I am sure without this thread, I wouldn't have known about Jim's BTRL offer. Got to thank the all the partipants of this thread for all your useful comments and insights. Got to thank Jim and Renzie for handling the transfers and answering my emails and calls. And lastly E*Trade boys and girls for handling my inquiries throughout the last two weeks.

 

[sails]

That's great news, MeToo

As bystanders, we can only imagine the degree of difficulty that so many have been through over this issue and some may still be going through. But, hopefully you will sleep well tonight...

 

[cuttlefish]

way to go MeToo - it must be a relief to have them off your hands. It sounds like you're lucky to have Jim and his backers around and then also there is David/JAB_Charity also willing to take a risk to help people out of the situation. Its goinig to be interesting to see where this all leads.

 

[drsmith]

You bet. As soon as I saw Jim's post on about my units transfer, I logged into my E*Trade and to my relief "not", BCSCA was still there. So tried to ring David on the given number, answering machine. So ring the customer service number at E*Trade. Was told BCSCA still there with no transfer request.

Customer rep will check with David at CHESS department, will ring back. By 3.30pm, good new paperwork was indeed in and will transfer within 15mins. Now 5:50pm, checked E*Trade account, and it is not there anymore.

Was Jim playing some sort of joke for leaving this till the last minute just because I accepted the offer on April 1st.

I like to thank everyone involved in this saga especially this forum for hosting this thread. I am sure without this thread, I wouldn't have known about Jim's BTRL offer. Got to thank the all the partipants of this thread for all your useful comments and insights. Got to thank Jim and Renzie for handling the transfers and answering my emails and calls. And lastly E*Trade boys and girls for handling my inquiries throughout the last two weeks.

Out of curiosity, how did you aquire the units in the first place ?
You were obviously was not one of those who purchased a minimum $500 parcel once the unit price had tanked to $0.001.

While I can understand your relief, you had nothing to worry about from the time Macquarie announced it's offer yesterday evening. Either way you were out of the poo.

 

[Prospector]

Great news MeToo. And well done to the saviours! Would love to hear from others who were caught up in the mess!

 

[MeToo]

Out of curiosity, how did you aquire the units in the first place ?
You were obviously was not one of those who purchased a minimum $500 parcel once the unit price had tanked to $0.001.

Acquire it at the start of October when it was 3.5c to 4.0 from memory. At the time, there were numerous articles about tolls roads and how Brisconnections had the most conservative estimates on road traffic. I remember in class years ago, how teacher described toll roads as a money tree (45 years concession). There were also the dividend of 5.95cents.

The road seem like a good project too, as I have experienced the traffic jambs up near the airport when travelling to the northside every morning and afternoon.

I knew about the next $1 instalment as soon as I got Chess holding statement as it shows $1 paid $2 unpaid. At the time I throught it was like the Telstra T3 where if you didn't pay the call, it just lapses and you just lose the units.

Anyway to keep a long story short, didn't really worry until newspapers had the stories about Fang He, the Melbourne housewife. That was when I knew about the $1 call that was enforcable. Around the same time I think that was 5.95c dividend got changed and Macquarie dumped their holdings.

Still thought at the time that was plenty of time sell, then got carried away with work and did not visit this stock till January and found Aussie Stock Forum, but forgot to bookmark it. Then tried to sell the stock on E*Trade online, it wouldn't list, ah too hard, do sell order via phone. Totally forgot about it till March, then keep googling and refound Aussie Stock Forum. This time decided to join the forum and this thread.

While I can understand your relief, you had nothing to worry about from the time Macquarie announced it's offer yesterday evening. Either way you were out of the poo.

When Macquarie announced the offer, on first look it was problem over. But firstly as a condition of the acceptance of the offer by BRTL, there were a section on granting power of attorney that were irrevocable. So if I was to accept the offer by Macquarie, then I would have to get a release from BRTL. (From a laymans point of view, not a lawyer).

Secondly, Jim has stated of looming court action. Would the court action block the offer from completion?

And thirdly, what would have happened if BTRL transfer out my units after the 22nd. Then I can't accept Macquarie offer if I don't hold any shares, but would I be still liable for the $1.00?

At least now I don't have to think or worry about any of these uncertainty. IE anything can happen during the next few weeks.

 

[drsmith]

When Macquarie announced the offer, on first look it was problem over. But firstly as a condition of the acceptance of the offer by BRTL, there were a section on granting power of attorney that were irrevocable. So if I was to accept the offer by Macquarie, then I would have to get a release from BRTL. (From a laymans point of view, not a lawyer).

How would BRTL retain (or obtain) power of attorney over the units after the closing day for transfers had the units not been transferred in time ?

This is perhaps a question Jim can clarify.

Secondly, Jim has stated of looming court action. Would the court action block the offer from completion?

Perhaps another question Jim can clarify.

And thirdly, what would have happened if BTRL transfer out my units after the 22nd. Then I can't accept Macquarie offer if I don't hold any shares, but would I be still liable for the $1.00?

How can BTRL transfer units after the closing day for transfers ?

If they could then how could BTRL take ownership of the units without taking ownership of the instalment liability ?

In relation to the above, is there someting specific in BTRL's transfer conditions ?

Three more questions for Jim.

 

[jumala]

Acquire it at the start of October when it was 3.5c to 4.0 from memory. At the time, there were numerous articles about tolls roads and how Brisconnections had the most conservative estimates on road traffic. I remember in class years ago, how teacher described toll roads as a money tree (45 years concession). There were also the dividend of 5.95cents.

The road seem like a good project too, as I have experienced the traffic jambs up near the airport when travelling to the northside every morning and afternoon.

I knew about the next $1 instalment as soon as I got Chess holding statement as it shows $1 paid $2 unpaid. At the time I throught it was like the Telstra T3 where if you didn't pay the call, it just lapses and you just lose the units.

Anyway to keep a long story short, didn't really worry until newspapers had the stories about Fang He, the Melbourne housewife. That was when I knew about the $1 call that was enforcable. Around the same time I think that was 5.95c dividend got changed and Macquarie dumped their holdings.

Still thought at the time that was plenty of time sell, then got carried away with work and did not visit this stock till January and found Aussie Stock Forum, but forgot to bookmark it. Then tried to sell the stock on E*Trade online, it wouldn't list, ah too hard, do sell order via phone. Totally forgot about it till March, then keep googling and refound Aussie Stock Forum. This time decided to join the forum and this thread.


When Macquarie announced the offer, on first look it was problem over. But firstly as a condition of the acceptance of the offer by BRTL, there were a section on granting power of attorney that were irrevocable. So if I was to accept the offer by Macquarie, then I would have to get a release from BRTL. (From a laymans point of view, not a lawyer).

Secondly, Jim has stated of looming court action. Would the court action block the offer from completion?

And thirdly, what would have happened if BTRL transfer out my units after the 22nd. Then I can't accept Macquarie offer if I don't hold any shares, but would I be still liable for the $1.00?

At least now I don't have to think or worry about any of these uncertainty. IE anything can happen during the next few weeks.

Jim, how come this smell like rotten fish, like not as if "Mee Too" whateva

 

[jumala]

question; did your transfer go thru.. if not, jim / jab now have your units and you still wear the liability for the second $1. not all bad news as you don't have to pay the third $1, as long as your transfer is completed by jan 2010, good lulck

 

[MeToo]

question; did your transfer go thru.. if not, jim / jab now have your units and you still wear the liability for the second $1. not all bad news as you don't have to pay the third $1, as long as your transfer is completed by jan 2010, good lulck

Peace to all, everything is sweet, as stated earlier, everything have been completed.

How would BRTL retain (or obtain) power of attorney over the units after the closing day for transfers had the units not been transferred in time ?

It has always been my understanding, off market transfer can occur any time as long as the registry accepts it. The 22nd is the last day for transfer without incurring the liability, ie there is nothing to say you can't transfer after 22nd.

Then again, I am sure share registries have guidelines that do not allow this to occur. Is that correct?

 

[drsmith]

It has always been my understanding, off market transfer can occur any time as long as the registry accepts it. The 22nd is the last day for transfer without incurring the liability, ie there is nothing to say you can't transfer after 22nd.

Then again, I am sure share registries have guidelines that do not allow this to occur. Is that correct?

Then in that case we are back where we started ie, If the off-market transfer to BTRL was not accepted you would have still been the registered owner of the units and could have accepted Macquarie's offer.

That is unless there is something in BTRL's transfer conditions that states otherwise.

 

[jim Byrnes]

Boys and girls, ladies and Gentleman

I leave you guys alone for five minutes and there are more conspiracy theories …

A number of transfers where problematic

I must say David at e trade was a big help and Fiona at Comsec should not be forgotten

Next week when I get my breath, they will get a small thank you gift as they deserve .

You have no idea how hard it was for some transfers to get processed

Wrong Hin numbers
No details of the sponsoring broker
Wrong sponsoring broker
Get this
ANZ owns E TRADE
Some sellers send me transfer and Hin number and old statement
But didn’t realize that many ETRADE customers where moved to ANZ margin loans in Vic
So transfers where wrong and I had to get ETRADE to get ANZ to process transfer.
That was three trips to etrade and a few calls.

However as you can see by checking the asx announcement we got another 10m registered

Thank god that’s over

Now I can get down to the real issue

Class action.

For the people still registered here are a few facts

Legally you can not contract out of law

This means the corps act overrides, company constitutions and PDS

PDS is in effective if the constitution and the PDS are odds .

Section 4.7 to 4.9 of the respective constitutions says that units not paid for a treated as follows

After 29th BSC can send a default letter specifying the amount payable, interest and costs. This amount is due not before 10 days from issue of the notice.

There is no forfeiter, that’s BS …it’s a boring read but if any one wants the constitution I have them in PDF form

I am to lazy to convert to word doc, but any of you propeller heads want a copy send me an email

I will point you to relevant sections and you can see for yourself.

And …yes you will read it here first.

As soon as we file the claim in the fed court I will scan and cut and past it onto this site.

Any mac bank shareholders beware, the share price of mac bank is likely to be hammered

 

[yttrium]

Why all the stuff about the accuracy of Brisbane's growing population? Surely one of the most questionable aspects of the PDS is the traffic report? This report seems to indicate that there will be about 70 million trips per year. Last year, the Eastern Distributor had 17.4 million trips to raise $73.7 million (source:http://www.transurban.com.au/transurban_online/tu_nav_black.nsf/obj/SHR+08/$file/040.htm). Without considering inflation, were Brisconnection's tollway to have the same traffic volumes as Transurban's CityLink tollway (http://www.citylink.com.au/261.jsp), a tollway more than three times the length running through Melbourne, they could pay off the project's debt over the term of its concession, as well as provide unit holders with a little under 10cents in annual dividends. How Brisconnection's tollway could carry several times the traffic volume of the Eastern Distributor and match the revenue of City Link leaves me totally dumbfounded.

 

[Olli7]

Does any one have any units that they want to get rid of or know anyone. Would like to take up to 10,000. Please let me know cheers Olli

 

[drsmith]

Boys and girls, ladies and Gentleman

I leave you guys alone for five minutes and there are more conspiracy theories …

No conspiracy theories Jim, just trying to understand why MeToo was still unsettled about his situation post the Macquarie offer.

With regard to the group photo for the alternative RE would you like Nicholas Bolton's image to be replaced with that of Williams's cat ?

 

[Olli7]

Bris Connections Units

Does any one have any units that they want to get rid of or know anyone. Would like to take up to 10,000. Please let me know cheers Olli

 

[Macquack]

Firstly, Question for Jimbo - Are you on a quest to sue everybody that is not already a bankrupt?

Secondly, I dont get where you (Jim) or Brisbane Toll Road Link(BTRL) fits in the puzzle of this "class action".

BTRL with 70 million odd units has invested a big $700 plus costs in Brisconnections. You have been fully aware of the further two installments, so what damage has been done to you or your trumped up company?

 

[Julia]

A suggested explanation from Business Spectator re Macquarie's recent actions. (And here I was fondly imagining they had suddenly become endowed with a level of altruism.)

http://www.businessspectator.com.au...ul-exit-pd20090422-RCCEW?OpenDocument&src=kgb