This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Equititrust?

Status
Not open for further replies.
Jump to new
All-Barren? sure is... just talk to Hellier Capital

McIvor must sleep with dogs to attract so many fleas (Ian Lazar's dogs?)... do a www.google.com search on keywords albarran and hellier capital .... say no more!
 
Scam of the highest order

David Whyte has not held back the punches in his damning report on the action of both McIvor and his paid mercenary the Administraitor...

So the game is to change the RE and McIvor can then claim his subordinated investment which was touted as a warranty buffer. Remember the commercials...

The end game as David Whyte reports is a $11.3M to $15.3M return to Equititrust to the detriment of investors...

What a bunch of disgusting animals to even contemplate doing this to investor's but as David Whyte reiterates there is no reason to change the RE and he makes some compelling arguments.

But wait there is more -

The administraitor doing McIvor's bidding has also asked for a $2.8M management fee to be paid which was previously waived by the board as interest was not being paid... Read page 6 of the report.


CONGRATULATIONS TO DAVID WHYTE for outing these crooks...

Let David Whyte do the job as the Supreme Court has again confirmed on the 29th of February 2012 the Court Order is attached to David Whyte's report.

David your doing a great job and investors commend you for it...


http://www.equititrust.com.au/Pdfs/...orts - 20120327 - 3rd Report to Investors.pdf
 
Game Changer

There is no doubt whatsoever that David Whyte has exposed McIvor and his paid mercenaries the Administraitors...

What a scam...

Can you imagine the temerity of the Administraitors in asking for the $2.8M waived management fee to be paid... Their claims of Independence have been flushed down the toilet...

Why haven't they mentioned this in their reports and it has taken David Whyte to expose their behind the scenes claims for the management fee to be paid... If they had any common sense or decency they would never have done McIvor's bidding in this way...

They are not in any way doing anything in the best interests of the investors all they are doing is trying to screw them to McIvor's benefit...

Please get lost and let a decent man (David Whyte) do a decent job...
 
Game Over Administraitor

David Whyte has absolutely thumped them with his report yesterday...

The Administraitor must be copping a hiding from their benefactor McIvor... Maybe another fallout with the delusional Fuher is on the cards. The release of the minutes and emails on this website along with David Whyte's latest report has effectively knee capped these idiots...

What's "All Barren" going to say now??? Ignore the Supreme Court and ignore David Whyte's report and don't read Aussie Stock Forums...

We have predicted it all on this website despite being attacked by McIvor's cohorts now its being confirmed officially by David Whyte.

David Whyte is doing an exemplary job and giving McIvor and his paid mercenary the Administraitor the hiding they well and truly deserve..

The share scam and appointment of a new RE will fail... Why would investors who have ben financially raped by McIvor now commit financial suicide and hand him $15M for losing their life savings.

The Administraitor should be ashamed for being involved in this...
 
ALL INVESTORS MUST COMPLAIN TO ASIC AND THEIR LOCAL MEMBER ABOUT THIS ABUSE

and scandal.

Where is the media right now????

we need more support







 
THE TRICK RE SUBORDINATED INVESTMENT BECOMING PAYABLE etc

shows no INDEPENDENCE at all by the so-called independent external ADMINISTRATORS

they are there for one very clear reason.





 
Failed Plot

McIvor's plot has failed...

David Whytes report has decimated them... How in all seriousness can "All Barren" go to the investors at the meeting next month and recommend that they change the RE so McIvor, who appointed, him can reap 15M to the detriment of ordinary investors...

Liquidate Equititrust and prosecute McIvor and the Administraitor
 
The truth is out there but why isn't any one really looking for it. Here we have a megalomaniac narcissist who is a physiopath dummy spitting autocrat but because the 1400 or so, to quote him "old people " have run out of money, he wants to now try to fleece them out of their health as well. Mcivor the supreme salesman sold a Ponzzi Scheme where he took the money from those that trusted him, predominately hard working " old people " and promised returns backed by property. What they were never told was that this delusional conman was going to leverage their money borrowing millions and using their money as security, then lend it to his cronies. He would lend money to just about any crook because the more he lent the more fees and interest he charged.

Take Harry, a compulsive gambler, what lending committee takes a call from a client at midnight from the gambling floor and approves a further loan facility of a million dollars, oh please. Well this particular client is currently in litigation to get his money back, some $30m from the casino and could very well get $10m back but who is going to get it? Has Mcivor discussed this with his long suffering unit holders.

The truth is Mcivor wants it all back again. He wants to do deals, buy houses and be king again and he won't accept responsibility for his deceitful behaviour. He still considers Equititrust as his private fiefdom and now he is going to Phoniex it into a new vehicle where his cronies get to play again VAX and in doing so he aims to avoid prosecution for what really is a massive fraud perpetrated on good decent people. What is just as disconcerting is that some of you, the wealthier investors are actually helping to further this preposterous and outrageous con. The unit holders action group promoting the positive spin has as its core both Mcivors brothers law and wife together with a prominate unit holder,,, well you can guess who.

Mcivor cant finish us off on his own, so along comes David Hickey who went on Mcivors payroll,, that's right paid for by Mcivor. Now David deny this isn't so, tell the unit holders that you have not invoiced Mcivors entities and received payments. David say it isn't so, say that you have been working with Hall Chadwick to remove the bugs from your proposal so you can become the preferred replacement RE. David tell us, Hall Chadwick considers your proposal the one they will recommend or do we wait a little longer to hear it from them. Is that a crystal ball or what. David tell us you were not in Melbourne with Mark Mcivor for 3days.... over the weekend.

On the 16th of January 2012 Mcivor introduced Hickey to David Whyte, it was no secret to the staff or BDO that Mcivor and Hickey were working on a scheme to rest control of the assets of Equititrust from the bank and receivers and here they are now, ready to take a shot. Not very sophisticated or novel, back the assets into a listed vehicle with no assets, use the properties to capitalise the company then spin some more BULL.... to the investors about dubious assets or companies within companies, so to raise more money.

These lunatics are honestly going to convince you that they can remediate the Equititrust assets. They caused this disaster in the first place and now they are after whats left. They.... are out of money and are currently trading insolvently, at least the entities that are behind this rebirth.. Hickey himself has nothing to speak of and now new cronies are here to join him.

Carbon credits from PNG is going to save what?? Kirk William Roberts is worth a google, how is any business going to be taken seriously with this smelly tale hovering over it. Kirk is up there in the offices of Equititrust with Mcivor but don't worry fellow unit holders, money fom PNG is on its way to payout the NAB and save the TITANS.... Yes you heard right,,,,, save the TITANS.

Now for something sobering....... BDO and David Whyte are acting with propriety which in this day and age is rare enough. They are realising the assets in an orderly and timely way and in the near term will have disposed of the assets and realised fair value in this market:shoot::shoot::shoot: for what really is a crappy bunch of properties. To think the world economy is going to improve in our life time is dreaming, Greece, Italy OMG is the GFC over really. Dump these dogs whilst the goings good then go after the real criminals. Litigation against Mcivor and his fellow criminals will take 5 to 10 years but there will be a payday, we can leave that to the kids, there's probably $36m there in insurance at $6m insurance per criminal I mean directors and a possible $50m claim against KPMG. So why let Mcivor loose to feed off what's left on our bones when we still have enough fight and bite to feed off his.
 
Carbon Credits

Don't worry David Whyte has dealt a death blow to their scam... The Administraitor is backing McIvor 100% that's clear now, so in effect an enemy of the investors...

Prosecuting McIvor needs to be a priority... The "old people" as he calls have nothing to lose and will fight back HARD...
 
HALL CHADWICK: answer please

1. is DAVID WHYTE correct and that if the R.E changes, Equititrust becomes entitled to its $40M "sub-ordinated investmenet (bull****)" and does not 'take the first loss' as it has crapped on about for years?

2. if that is correct, how can you possibly contemplate or support any such move?

3. has any inducement or financial incentive/reward been offerred to you by McIVOR ????


where is that SENATE COMMITTE phone number when you need it?????
 
We are being corralled like sheep, the few remaining are being led to slaughter because we don't have the numbers. The wealthy 50 together with Mcivor already control 51% and with Hall Chadwick's recommendation the move into the Lions mouth is all but done.

If the NAB are paid out either by sales activity of PNG money then the issue remains the court appointed BDO and Whytes continueing duties. If these stooges go to court to remove BDO with the weight of numbers and the support of HALL Chadwick and the CREDITORS which Mcivor will maintain he is a major one then we will all be fleeced. We will not have the integrity of an independent RECEIVER MANAGER to protect us and what's left of our life savings. Honestly why would we wait 3 to 5 years for these snake oil charlatan's to " "remediate" our distressed assets? We can't pay our medical bills now.

And what good are shares to us in a NEWCASTLE LISTED STOCK (NSX) when no one will trade them. Who would want to buy into this disaster at any price? Whatever the artificial price our units swap for they will halve in the first 10 minutes after requoting so 44c becomes 22c or worse. In any event how do we sell them. We re locked in again as I said. Like corralled sheep waiting to be slaughtered.

It's the head of ASIC that unit holders should be targeting in correspondence. We need to know from them what will be there position. In the end it will come down to ASIC and relationships. Either for the people who can't defend them selves or for cronies who know how to use the system and relationships to achieve their self interests.

Will ASIC CONTINUE TO OFFER US PROTECTION HERE? . Being old and grey offers little protection, I've worked that out for myself ....thank you.
 
They will not succeed

Don't fret, McIvor is finished, they have been exposed and won't succeed... There are laws pertaining to minority shareholders and in this instance minority unit holders being ripped off which is what essentially McIvor has is trying to do...

We have not let them continue with their financial rape of elderly retiree's on this thread and we have exposed them at every turn...

ASIC and and senior "Federal Government Authorities" have been alerted to this fraud and when push comes to shove McIvor and his paid mercenary the Administraitor will FAIL just as they did with the 50M capital raising, the the previous share scam mooted by David Kennedy and the 250M Capital Raising by Landsolve... All delusional stress induced fantasies by McIvor...

Investors who were once considered by McIvor as his "family" won't stand around and suffer financial "domestic violence and abuse" ... Beat up on "someone else" but not the weak and elderly investors.. Innocent Elderly Retiree's won't cop it, they will call in the Financial Police...




 
Legal Action

Is there some legal action being prepared???

McIvor should know what a knock out blow is...

Who is going to throw in the white towel...

It is going to be a self inflicted punch???
 
How to Make MONEY

Typically a manager makes money out of the fund's assets, regardless of whether investors win or lose. It's the manager's income stream.

Once things so pear-shaped, investors want their money back, or at least what's left of it. Returning money means a diminishing return for managers, or in the case of EIF with no distributions, no income stream (but how about that $3m in expenses? wow!!!)

It seems a favorite for some managers to separate investors from what remains of their hard-earned by the good ol' switcharoo, the equity swap. This is a achieved by swapping units in the trust/fund for shares in some other entity, typically the management company.

The "carrot" (if you can call it that) is that investors would be able to sell listed shares on the stock exchange in order to liquidate their postion with the fund - an easy way out. The "stick" could be that if the assets are sold up too quickly then the return to investors might be very low.

If investors agree to the good ol' switcharoo then they immediately lose their entitlement to their investment in the fund in place of shares which are only able to traded: in effect, as I see it, investors move from unitholders with a right to redeem (creditors, subject to the fund's constitution) to shareholders without any right to redeem.

Investors might not be able to discern a distinction between the two positions until after switching, and it might be only at that time they realise they're effectively separated themselves from their capital.

A benefit for the manager is the the company is at once, virtually debt free because investors have given up their equity - quite nice for the manager. However this does not necessarily solve the problem for investors.

For example, take a fund which was listed, the MFS (now WC) Premium Income Fund (NSX code PIN) - there was no equity swap, rather the fund was listed. Nevertheless, by this same mechanism, investors have separated themselves from their capital. Was there an advantage to investors?

Here's the link:
http://www.nsxa.com.au/prices_alpha.asp?nsxcode=PIN&coname=%27Premium%20Income%20Fund%27&region=

One will note that the latest 2012 mid-term financials discloses an NTA (net tangible assets, or unit price based on assets attributable to investors) of about $0.24, down from about $0.27 for the previous period ($0.015 was paid back in the period). However, the trade price for a unit hardly changed and continued to trade around $0.06.

So, what do you guys think? about $0.27 or about $0.24 and hardly a shift in the trade price: $0.06/$0.062 - heck, one big spender dug deep at $0.07!!!

So, if your units in the EIF are worth $0.44, you might get $0.10 on the NSX (a rough estimate based on the PIN's performance). I can't see $0.44 being sustained, time to look to the early $0.30s (just a guess). If unit price drops, then so will any list price drop proportionally.

Both funds are damaged so the outcomes are likely to be the same. Furthermore, no income stream is anticipated for unit/share holders!!!!

I don't think that the outcome will be good for you guys anyway, but listing will only draw bottom feeders - and really, who could blame them for taking advantage of the situation?

My view? don't list - don't equity swap - just wind the thing up with a steady hand - get some cash, and stick it in the bank or somewhere you've done some good research on. Otherwise it might just drag on for years with univestors losing more and more as time goes on (eg: PFMF).
 
David Whyte BDO Australia

This is the guy McIvor is petrified of... David Whyte has exposed him and the McIvor appointed Administraitor who is clearly not independent and has witheld information from investors relating to the reinstatement of the subordinated investment.

This is a a good outcome for McIvor but a rip off for investors... McIvor being an incompetent idiot and now a failed businessman should not be rewarded with a $15M windfall for losing $170M of innocent retiree's money...



David Whyte BDO

David Whyte is a "Decent Man" doing a honest job for investors... Let him wind up the two funds as the Supreme Court and ASIC have mandated...
 
Heres the thing, the remaining assets have valuations which really mean nothing. The reality is a valuation today by one valuer will differ from a valuation prepared by another and because valuers are scared of being sued they will er on the conservative unless of course you were seeking a loan from EQUITITRUST. Hence the current litigation against some of the valuers who were, lets say generous in their appraisals. Whats left is crap, the prime assets were sold during King Kennedy's reign so what is the likely outcome from here?.

Well team Dicky would not know the first thing about property I mean does he even own a home or ever built one? Well that actually puts him streets ahead of Mcivor the Terrible who of course knows all. Well I digress, Team Dicky will tell you they have a plan and the
ability to add value to the remaining assets by developing them to their full potential. Their property experts are the original developers of the vary assets now in distress that's right the crooks to consultants ploy, then there is Warwick from the Landsolve debacle and of course Mcivor who won't let go of any asset without his involvement..this is your panel of property experts. Sound familiar?

Again I digress, the point being that the remaining assets stink like fish heads left in the sun, and they want to keep them and develope them in a declining market and at a time when the worlds economies remain poised for more upheavals. Come on, put them to auction and realise the best price today. Every property expert will tell you land is costly to hold and hard to sell. And that this market is as good as it gets so cash up now.

If Whytes plan of asset rationalisation goes to plan a substantial return to investors would have occurred in the third quarter of this year. Unfortunately the twice bankrupted now third time bankrupted developer and Mcivor cronie Quinlivan has all but bankrupted us. His dogs/ properties are so badly positioned and owe so much that the pain there will be huge. These two cons should pack toothbrushes, the big house they will be sharing soon doesn't have a waterfront setting with boating facilities. We should all say a prayer.

Why would we let these shonks slide our assets into their new company to capitalise it for them so they can use our few remaining assets and leverage off them again, raising more money from retiree's like us. Somebody stop them.

The simple truth is we have been ripped off by professionals and we have lost money, their fault and ours for trusting them. With a few notable additions to the line up, the team is back together to do it all again, same bull.... different day. Are we really going to let them do it. I know we are all afraid of loosing money but accept we have, a promise to make it back with these losers is like having another roll of the dice and it won't end well.

The best and fairest game in town is to let BDO get on with the job and then let the authorities get on with theirs, this band of thieves will do time and we will get compensation but just not today.
 
Why We Lose

There is only one value to be trusted, and that's the value of consideration on a binding contract of sale. Trust any other value at your peril.

The only measure of income is cash. Trust accrued income at your peril.

If money is lost in a managed investment fund, here is where most of it is lost:

(1) OVER ESTIMATION OF ACCRUED INCOME - actual losses incurred by way of failure to replace accrued income with cash.
(2) OVER VALUED ASSETS - failure to recover loan shortfalls by way of asset sales (assets over valued to the actual market)

I think that accruals accounting should be outlawed in MIFs - but while the method persists, so does the heightened risk for investors.

As to valuations, what are they? Just educated guesses.

Who bears the risk? yes, you guessed it ---> investors
 
Status
Not open for further replies.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...