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Equititrust?

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With such catastrophic losses when will see McIvor in the Public Stocks he espoused for other failed fund mangers... Your words Marky boy, looks like they have come back to bite you... Maybe a spot of mediation is called for with the old man on the hill... Karma is a bitch...
 
ASIC

It appears that ASIC have been flooded with complaints about the secret share scam that was to be forced down investor's throats... Good luck with this you idiots I dare you to try and do it now... Putting this scam before investors now is a suicide mission with reputations to be lost... if the administrator wants to protect its reputation it will walk away and do the right thing and leave the winding up to David Whyte... After being finacially raped by Equititrust and McIvor innocent retiree's just want their money back, what's left of it.
 
Re: ASIC: LION and HALL CHADWICK DEAL FAILED

wonderful news - David Whyte , stay with the realisation programme

No Trust said:
It appears that ASIC have been flooded with complaints about the secret share scam that was to be forced down investor's throats... Good luck with this you idiots I dare you to try and do it now... Putting this scam before investors now is a suicide mission with reputations to be lost... if the administrator wants to protect its reputation it will walk away and do the right thing and leave the winding up to David Whyte... After being finacially raped by Equititrust and McIvor innocent retiree's just want their money back, what's left of it.
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ASIC

Considering the level of discontent at this brazen scam and the amount complaints to ASIC, these opportunistic idiots are exposing themselves to an outright beating by the regulator and the courts if the scam is even remotely attempted on innocent retiree's... There is a thing called injunctive relief if needed...

If they think their plan is so good why don't they run it past ASIC ??? Doing the old surreptitious side shuffle wont work... This is a dead duck just as the $50M Capital raising was last year... It will not proceed...
 
David Whyte BDO Australia

David Whyte should be given all the support he requires to wind up the funds and at least return some money to the investors...
 
Mandate

At least David Whyte has a mandate by the courts and ASIC as opposed to the other vampires out to trick the retired and elderly... Give up guys your scam it has well and truly been exposed...
 
Orderly Wind Up

Seriously what is wrong with an orderly wind up by David Whyte, its logical and gives a direct return to investors...

The other idiots have ulterior motives and vested interests in sucking out management fees... As ASICK has pointed out in an earlier post look at the background of the shell they are proposing... Lying Advantage has a direct link to McIvor via Dickie Hickie being on the board and is an absolute conflict of interest, but as the reports by David Whyte show it is clear that McIvor and his cohorts don't even know what a conflict of interest is...
 
House of Cards

Equititrust house of cards tumbles down
Anthony Marx
From:The Courier-Mail
October 24, 2011


485569-cards.jpg
Source: The Courier-Mail

"According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. McIvor's recent stress-induced behaviour was "irrational, ill-conceived, self destructive and dangerous", the email said."


"Tucker alleges McIvor is desperate to recover personal losses in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups."

"By now, it was apparent to me from prior dealings and communications, that McIvor was not capable of exercising good judgment as to what was in the best interests of investors, that he lacked, or misunderstood, good corporate governance, and that he was more interested in seeking to restore his own lost subordinated investments, and prefer his own interests," Tucker alleges."


http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609
 

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Re: House of Cards - thanks for reminding of us of what we are dealing with!!!!

delusional self interested tricksters and charlatans....

No Trust said:
Equititrust house of cards tumbles down
Anthony Marx
From:The Courier-Mail
October 24, 2011


485569-cards.jpg
Source: The Courier-Mail

"According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. McIvor's recent stress-induced behaviour was "irrational, ill-conceived, self destructive and dangerous", the email said."


"Tucker alleges McIvor is desperate to recover personal losses in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups."

"By now, it was apparent to me from prior dealings and communications, that McIvor was not capable of exercising good judgment as to what was in the best interests of investors, that he lacked, or misunderstood, good corporate governance, and that he was more interested in seeking to restore his own lost subordinated investments, and prefer his own interests," Tucker alleges."


http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609
Click to expand...
 

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Reminder

Just a timely reminder of where the share scam is originating...
 
Pull a rabbit out of the hat

Maybe McIvor should consider a new career path instead of White Collar Crime fighter, if he can make $170M disappear then surely his has the skills set of a magician... Smoke and mirrors is the name of the game...
 
Come on guys where are you...

It seems the Share scammers are very very quiet at the moment... Whats wrong? Share scam got exposed??? Whoever is leaking the emails internally is out to expose them all...
 
LION AND VANTAGE AXESS

my guess is that they cannot get re-listed and therefore dont have the $$$$$$$$
 
HALL CHADWICK....

1. this web site gets another plug: http://www.equititrust.com.au/Pdfs/... Reports - 20120323 - Letter to Investors.pdf

2. casting no aspersions, do not lose sight of this SIMPLE fact HALL CHADWICK were appointed by Mark McIvor.

3. go back through this web site and look at the EMAILS and MINUTES re Hall Chadwick, Hickie and McIvor - and then form your own view of 'independence' of the parties.

4. why the need for us to appoint a new R.E, unless there is some game on foot? ASIC have stepped in and appointed credible, independent DAVID WHYTE of BDO to wind up the FUND (EIF) and return money to INVESTORS. Why waste time and money on any other non-ASIC approved proposal?

5. does EIF finish up paying for HALL CHADWICK?

6. go back through this WEB SITE and look at the financial analysis of LION. They are kidding aren't they?

7. Is Mr HONEYMAN - who is presented as being the only independent Director on the EQUITITRUST board - the same HONEYMAN who features on the ASIC website re: superannutaion fund collapses?
 
THE LION DEAL.....

All unit holders in Equititrust must consider the following:
1. David Hickie is a director of Equititrust, the present RE of EIF and is also CEO and director of Lion, an entity that proposes to become (with Hall Chadwick support) the new RE of EIF.
2. If McIvor, as per undertakings, takes no active part in Equititrust then Hickie must by definition be involved in active management of EIF in circumstances where he is promoting his own entity to take over as RE of EIF.
3. Hall Chadwick who are there as independent Administrators on behalf of creditors are openly working with Hickie on a proposal whereby Lion becomes the RE of EIF – this is set out in the Minutes of Equititrust and internal e-mails. That documentation is now with various authorities.
4. Equititrust acknowledges that the unit value has dropped to at least 44 cents per unit. Bear in mind, this figure is provided by the auditors KPMG who up until a year ago had given a clean bill of health to all Equititrust financials and NTA calculations.
5. Also, the NTA estimate of 44 cents does not take into account further decreases in value; asset operating costs; administration costs; property costs such as rates, land tax etc; realisation and agency selling costs. It is speculation, but I think it is safe to assume that 44 cents becomes 22 cents very easily. This is important as you will read further on.
6. Why is Lion promoting itself as the new RE? Under the scheme that they propose, they in fact never pay unit holders back and don’t become responsible to ever pay unit holders back. Presently, as assets are finalised realised (and the banks are paid out) the money must start to go to unit holders. David Whyte and BDO (appointed by court) must do this – they have no choice. Once unit holders become shareholders in Hickie’s entity, they are not entitled to participate in the realisation funds, they are and remain shareholders.
7. So, what rights do the shareholders have and what are these shares about? The internal e-mails show that the shares will be listed on the NSX and must not be traded for one year. In other words, even if there is a market for these shares (doubtful), you cannot do a thing with them for a year. Secondly, they do not become entitled to any dividend until the NTA goes up to 55 cents. If you assume that 44 cents is inflated and more than likely 22 cents, what prospect is there realistically that the shares will ever, in effect, double in value – none. Thirdly, shareholders cannot convert these shares to proper ordinary shares until the NTA hits $5.00! As the EIF is a mortgage fund and not a property owner, there is no opportunity for capital gain. In other words, the best that we could ever be entitled to is the original $1.00 back that we advanced. The NTA can never go to $5.00 unless Hickie does something absolutely magical with the cash while it sits under his control. Highly unlikely!
8. But, Lion and VantageAxess do stand to get management fees and do control, firstly, the mortgage assets and then as they are realised, the cash. They can use that cash for almost anything – go out and do property deals, make profits, make loans to their own entities, anything. We don’t have an entitlement to share in profits until the NTA virtually doubles and if we want to get out, our shares are frozen.
9. This is not just opinion – look what happened when MFS did the same thing with its PIF units which Jenny Hutson listed on the NSX. The units went into free-fall, unit holders are still locked in with no prospect of a market or ever getting out.
10. But why would McIvor be promoting this? Well, clearly he knows that Equititrust is a basket case and he faces a raft of attacks from ASIC, AFP and unit holders. There is a strong argument that if unit holders voluntarily make a decision to switch their units for shares offered to them by David Hickie then, if they subsequently take a loss, McIvor can simply say in his defence that this was our choice – he did not recommend it and he might, effectively, get off the hook. Any claim that we have against his professional indemnity insurer is lost.
11. From Hall Chadwick’s point of view, the Lion deal is a great one. Presently all the unit holders are in effect creditors. Because their position is contingent, they can only vote in a meeting for $1.00 but creditors they remain. If a new RE is appointed and the EIF transfers to it, then Equititrust can be liquidated and everybody’s liability ends at that point. Hall Chadwick can say “Job well done” – McIvor pays them – he is potentially off the hook – David Hickie now has control of tens of millions of dollars at no cost and with no obligation in reality to anybody.
12. Now if you are a 70 plus year old investor/pensioner with all your money tied up in EIF, then any well-presented argument that you might get your money back one day has to be a more beguiling prospect than the harsh reality of winding up the EIF now and distributing funds. The technique being used, however, is the oldest one in the book. We are all vulnerable and desperate. None of us want to believe that we have lost our capital. Any prospect that we might get it back is good. The prospect of having to litigate through Piper Alderman sounds all too hard and complicated with an uncertain outcome. But, don’t lose sight of the fact that the PI insurance in place over the Equititrust directors is probably our strongest asset. Proof of this is the fact that the insurers cancelled the insurance policy as soon as they legally could – they knew that their liability existed and would only get worse. Amanda Banton from Piper Alderman is right on to this and although she only has 39 unit holders supporting her, the best recovery is from the insurance. You can’t put value back into mortgages which the Equititrust board now admit are toxic. Toxic borrowers and toxic loans are and remain just that.
13. Is there an independent alternative? Well, yes there is. Trilogy are prepared to become the RE. The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units. They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected. We still remain entitled to claim any shortfall as damages under the PI insurance. In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
14. Elsewhere on this website I presented some questions to Mr Hickie. Those questions were presented to him in his capacity as a director of Equititrust, the present RE. Not surprisingly, he has not answered them because the answers are self-evident.
15. Unit holders must stand up for themselves. They have been plundered for over 5 years. ASIC and others have material on hand to show that the Equititrust board knew for years that many of the assets were impaired, yet they kept promoting the values to unit holders and new investors. They did nothing. KPMG did nothing. They are all liable and, properly prosecuted, they will pay and we will get recovery.
You cannot ignore the facts. You must not be beguiled by any exotic unit and share swap deal. The rights attached to the shares are onerous. There is no prospect of liquidity. There is no liability on anyone to ever repay capital. We have no realistic entitlement to a dividend. In those circumstances, who in the marketplace would ever buy these shares, so even the limited prospect of market liquidity on a fly-blown NSX listed company would be “Nil”.
It is time to get independent professional advice. You will form the view that winding up the EIF now under a responsible and professional RE makes good sense and you must retain your rights to damages through a solicitor such as Piper Alderman.
This will only become as bad and disastrous as we allow it to become.We are being “handled” by professionals and we must make a stand.
 
WHILE HALL CHADWICK ARE ADDRESSING ISSUES RAISED ON THIS WEB SITE....

let's see if Mr Hickie will answer these questions.....

You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:

Q1: are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.

Q2: under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina to-be-listed NSX entity which you also have a stake in, which has these features:-

i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
iii) conversion to equity when tehe shares get to an NTA of $5;

Q3: Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-

i) given the restrictions that will apply to these shares that you are going to offer us (in Q2 i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?

ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.

Q4: If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?

Q5: As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time - but as a cash surplus builds, the R.E has to hand it over, correct? However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?

Q6: Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing - and teh shares collapsed? Why would we do this?

Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.
 
HALL CHADWICK REPORT dated 23-3-12 on www.equititrust.com.au

the REPORT is addressed to INVESTORS OF EQUITITRUST LIMITED -

arent UNITHOLDERS invetsors in the EIF ???

Isn't David WHYTE in charge of the EIF ?

In what capacity does HALL CHADWICK write to INVESTORS and since when did any of us become investors in the S.S Equititrust Limited???? (Australia's financial Titanic...)

one final thing...... if any INVESTORS wants true information without fear or favour - post your QUERY onto this website - you will be bombarded with a range of material - some good, some bad, some biased, some impartial - you be the judge and form a view....

to seriously rely on one source (appointed by McIvor) as your sole or primary source of information would be foolhardy to say the least.....
 
Re: HALL CHADWICK....

The administrator's reference to this forum in 2 separate reports clearly demonstrates that they DO in fact consider the posts on this site credible... Look at this sites record in exposing the "Truth" over the past year.

The thread has even attracted national media attention yet the people who were banned from this site namely Equititrust / McIvor were the very ones who appointed the administrator so in effect the credibility issue lies squarely with the administrator not this site... We have been fighting these incompetent idiots for well over a year now and yet the administrator who is protecting and working with McIvor comes along and starts to talk about credibility... What a joke...

Come on people are not stupid and we all know in reality how cosy Voluntary Administrators are with those who appointed them, all the declarations of independence are rubbish and are hollow words...

Remember SA
Despite David Whytes protestations about administrators being appointed at Wirrina Cove in SA did the Administrator take the moral high ground and not take the appointment , no they took the moral low ground and took the bucks at the expense of the investors... They were and are beholden to McIvor who is hell bent of causing as much disruption to David Whyte as possible. His tool in this disruption and wasted expense is the Adminstrator... What added value are they offering in SA, absolutely nothing except disruption and doubled expense courtesy of their benefactor McIvor.. The reference by the administrator to this sites credibility which has been a voice of the investors is a pathetic joke and essentially an attack on the innocent retiree investors who wish to have a voice as opposed to the administrator who has no credibility as they make more bucks out of the disaster the longer this mess goes on.

They are charging unnecessary fees on the administration in SA which David Whyte warned against where is the Independence and credibility in that...

Richard Albarran needs to have a close look at his company's credibility and actions in SA before investors are left "all barren"...




kostag said:
1. this web site gets another plug: http://www.equititrust.com.au/Pdfs/... Reports - 20120323 - Letter to Investors.pdf

2. casting no aspersions, do not lose sight of this SIMPLE fact HALL CHADWICK were appointed by Mark McIvor.

3. go back through this web site and look at the EMAILS and MINUTES re Hall Chadwick, Hickie and McIvor - and then form your own view of 'independence' of the parties.

4. why the need for us to appoint a new R.E, unless there is some game on foot? ASIC have stepped in and appointed credible, independent DAVID WHYTE of BDO to wind up the FUND (EIF) and return money to INVESTORS. Why waste time and money on any other non-ASIC approved proposal?

5. does EIF finish up paying for HALL CHADWICK?

6. go back through this WEB SITE and look at the financial analysis of LION. They are kidding aren't they?

7. Is Mr HONEYMAN - who is presented as being the only independent Director on the EQUITITRUST board - the same HONEYMAN who features on the ASIC website re: superannutaion fund collapses?
Click to expand...
 
McIvor's Mates the Administrators

At the meeting you will see that there will be no recommendation for charges or action to be taken against McIvor by the Administrator... There will also be a recommendation to take the Lying Advantage deal...

David Whyte's report to the court, ASIC and investors may have a strikingly different conclusion after the forensic work is done...

Anything that is connected to McIvor stinks and is looked upon with the highest level of distrust...
 
Credibility

In terms of credibility, the "Share Scam" was revealed on this site well before the so called Independent Administrator disclosed anything...

The administrator has been forced to reveal whats going on the background prior to the meeting as a result of this web site's revelations...

You would not have heard about it unless it was revealed on this thread... Remember when Equititrust were trying to suppress that "King Con" was a borrower. It was revealed on this thread and then picked up by the media nationally, pretty credible information courtesy of this site...
 
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