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Equititrust?

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Re: Silence Chirp Chirp

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Quite a clever tactic, don't you think? Don't let anyone know the date and venue until the last minute, and don't supply the report to the unit holders until it is almost too late to seek any advice on same!

Bet the meeting is on the 20th (unless he applies to the Court again for another stay), and the report won't get to us until next week!

IS THIS FAIR OR ETHICAL ASIC?????????

IS ANYONE LISTENING????????
 
Re: Silence Chirp Chirp REPUTATIONS ARE ALL WOEFUL

just google any of these characters..... hard to find one who is not in some sort of insolvency or financial disaster..... and they all wnat control of the managment of our money!!!!

ASIC, leave this with David Whyte and let him get on with the job!!!!


 
Would someone post the Explanatory Memorandum and Notice of Meeting relating to this hyped meeting?

No meeting can be held unless it complies with the Corporations Act.

If, among other things, you're not given adequate notice of the time and place of the meeting, then there will simply be no compliant meeting of members. If you haven't had notice, there is no way in Hades that a meeting is able to be held this month.

Thanks.
 
Meeting

That's if a meeting is to be held at all... What's going on in the background, why the silence, has McIvor made the Administraitor's appointment untenable or have they just been caught red handed by David Whyte. ASIC may be a toothless tiger but in this case they have a vested interest in having apointed David Whyte. The stupid idiotic antics being pulled by "All Barren" and McIvor is seen to be undermining the actions to date by ASIC and David Whyte let alone the unessecary extra expense. This is McIvor's scorched earth policy at the expense of innocent elderly investors. To him he doesnt give a damn as long he has his last stand before he goes under and under is where he will go possibly sooner than we think if NAB and Westpac have their way in court.

Come on idiots respond to David Whyte or call the meeting off and resign as administraitor before ASIC FORCES YOU TO...
 




Refer Asic Information sheet 74 - Voluntary Administration. Guide for Creditors ......

".........At least 5 business days notice is required..........."

However, read on to .....the Administrator must act FAIRLY AND IMPARTIALLY...... bit!!

As soon as we have it, we'll let you know, but have already said in previous post what the time frame is likely to be!

The shorter notice time will be to ensure that the least number of unit holders are in a position to turn up!

Is this the acting FAIRLY part???
 
Dodgy Dealings

The Aministraitor has not acted fairly at all... Their actions to date have not been transparent and equitable towards the innocent elderly investors.. The claims for the waived management fee and change in RE have been nothing more than a front for McIvor. David Whyte see's it and even the cyclops Nik Nicholls from the Gold Coast Bulletin now sees it. Blind Freddy sees it... THATS WHY THEY HAVE BEEN SO SILENT they have no answer to give David Whyte...
 

http://www.ey.com/Publication/vwLUAssets/ASIC_info_sheet_74_Voluntary_administration_guide_for_creditors/$FILE/ASIC%20info%20sheet%2074%20Voluntary%20administration%20guide%20for%20creditors.pdf

I can't see where this relates to a change of RE, a matter which seems to me to fall within the confines of the Corporations Act. However, I'm sure I'll be illuminated in the fulness of time by the turn of events.
 
NAB COURT ACTION

What happened at the Supreme Court yesterday? Did the NAB rip Marky boy a new one ? See what happens to miserable souless bullies... They get what they deserve... Not so big and powerful now are we ???? You never were, you were just a delusion in your own mind...
 
I wonder where this elusive GC Bulletin article is? I'd really like to see it. Anyone got an excerpt?

Come on "No Trust", not like you to be so quiet!
 
GC BULLETIN ARTICLE

I had the article read to me over the phone, unfortunately the people did not have a scanner to send it by email. It was in the paper either Thurs or Friday last week and it was damning... Considering Nick Nicholls wrote it and interviewed David Whyte...
 
Have found article on Newstext download but cannot copy and publish due to copyright. Have contacted author asking for copy and his permission to publish.
 
"Fair dealing and other exceptions

The main exceptions to copyright infringement in Australia come under the general heading fair dealing. Fair dealing is comparable to the United States' fair use, is a use of a work specifically recognised as not being a copyright violation. However, unlike fair use, in order to be a fair dealing under Australian law a use must fall within one of range of specific purposes. These purposes vary by type of work, but the possibilities are:
review or criticism
research or study
news-reporting
judicial proceedings or professional legal advice
parody or satire (added by the Copyright Amendment Act 2006)

In order for a certain use to be a fair dealing, it must fall within one of these purposes and must also be 'fair'. What is fair will depend on all the circumstances, including the nature of the work, the nature of the use and the effect of the use on any commercial market for the work.

Fair dealing is not the same as fair use, a term which is generally used in relation to the US's open ended exception, which allows any use (regardless of purpose) as long as it is 'fair'. This has, for example, been interpreted by US courts to allow for reasonable personal use of works, e.g. media-shifting, which would not necessarily be permitted under Australia's fair dealing laws. Australian copyright law does, however, have a number of additional specific exceptions which permit uses which may fall outside of both fair dealing and fair use. For example, a number of exceptions exist which permit specific uses of computer software.

In late 2006, Australia added several 'private copying' exceptions. It is no longer an infringement of copyright to record a broadcast to watch or listen at a more convenient time (s 111), or to make a copy of a sound recording for private and domestic use (e.g., copy onto an iPod) (s 109A), or make a copy of a literary work, magazine, or newspaper article for private use (43C).

Australia also has:
a special division of exceptions applying to computer programs (for interoperability, security testing, normal use);
a special division of exceptions applying to artworks in public places (to allow photography, incidental filming etc.);
statutory (i.e. compulsory) licenses that allow use by schools, universities, and others on payment of a license fee set either by agreement or by the Copyright Tribunal (see below).

Because Australian copyright law recognises temporary copies stored in computer memory as 'reproductions' falling within the copyright owner's exclusive rights, there are also various exceptions for temporary copies made in the ordinary course of use or communication of digital copies of works."

An excerpt from good 'ol Wiki:
http://en.wikipedia.org/wiki/Copyright_law_of_Australia#Fair_dealing_and_other_exceptions
 
So does that mean I can make a copy of my copy I purchased and post it here?
 
I most certainly can't give advice. I'd copy and post it for discussion. Different of course if you went ahead and copied a whole page. If the document is linkable, then a small excerpt and a link would be appropriate. Of course, the appropriate acknowledgements must be made (document title, author, source, date).

One article out of a whole paper is in itself a small but necessary minimium size excerpt (in my view).
 


I had to purchase credits of Newstext, download and then have a copy sent to me. There is a disclaimer stating it cannot be copied and posted to an internet site. I have emailed Mr Nicholls and have asked him to send me a copy that could be posted. Cannot post the link as it is a purchase article. I have read the terms of fair use and cannot determine whether posting would constitute a breach or whether I would be safe. So when in doubt - don't!

It is a well written article - outlining quite clearly what the intentions were. David Whyte sounded positive on the sale of assets.
 
Everything is copyrighted, and then there is the law.

Clearly the purpose of the copying is important. If it was merely to display on a website without comment, then the purpose would not protect the copier.

However, I take the view that if the copy was for the purpose of discussing the article, then the copying is protected. While I maintain that I would copy the article, it is for you to decide for yourself what you must do.

I can't see there is any copyright existing in the words spoken by Mr. Whyte and as such I (personally) would have no difficulty in copying them.

Last resort would always be paraphrasing.

In the end, who among us (other than those on the coast) would have even bought the paper? For the most part (for those not in your fund), the news is passe in any event.
 
Who will pounce

The action is about to hot up this week... Some interesting developments underway with the authorities...
 
Reprinted with kind permission of Gold Coast Bulletin. Article credited to them and Nick Nichols



Gold Coast Bulletin
Edition B - MainSAT 07 APR 2012, Page 111
$15.3m loss fears
in Equititrust plan
By NICK NICHOLS nicholsn@goldcoast.com.au


THE receiver to Equititrust's mortgage funds has questioned the merit of a mooted plan to replace the responsible entity of the funds, Mark McIvor's stricken company Equititrust Ltd.
David Whyte, who was appointed by the Supreme Court in November to oversee the liquidation of the assets, has warned any change could lead to a loss of up to $15.3 million to existing ordinary unitholders of the frozen funds.
The loss would be triggered by the conversion of 40 million subordinated units owned by Equititrust Ltd into ordinary units once a new responsible entity was appointed.
They would rank equally with other units and dilute existing unitholder funds by between $11.3 million and $15.3 million, Mr Whyte said.
Mr Whyte told the Bulletin he was not aware of any plans to replace the responsible entity but he said Equititrust Ltd's voluntary administrator Richard Albarran, of Hall Chadwick, had suggested in February this should occur.
One concerned investor who contacted the Bulletin said he was aware of one proposal for a new responsible entity to step into Equititrust Ltd's shoes which would include a planned capital reconstruction for the funds.
The investor said the plan included a possible listing on the National Stock Exchange, as flagged by Mr McIvor late last year.
The investor, who declined to be named, said it was ``pointless'' replacing the responsible entity at a time when a receiver was in charge of winding down the funds.
Equititrust Ltd has lodged an appeal against Mr Whyte's appointment but that appeal has not progressed.
``I will continue to wind up the funds pursuant to the court order until I am told otherwise,'' Mr Whyte told the Bulletin. Meanwhile, Mr Whyte has given investors hope of receiving another capital repayment in the second half of this year after a solid run of sales achieved since his appointment.
The BDO partner said he was on track to put to bed more than $14 million in asset sales.
In his latest report to unitholders, Mr Whyte said he had finalised $3.1 million in sales, had five contracts worth $4.1 million yet to settle and was waiting on another four contracts totalling $6.7 million to be executed.
While some contracts were unconditional with 30-day settlements, some would not settle until the end of this year.
But Mr Whyte said he was hopeful of issuing an interim distribution to unitholders some time in the second half of this year.
Mr Whyte said investors should also benefit from nine legal actions currently in train against defaulting borrowers with one judgment handed down in early March totalling more than $400,000.
 
It's always the big dream of bringing the fund back to life, but the reality seems to be very different from the dream:

http://www.moneymagik.com/loss_PFMF.jpg

Take the time to draw a graph of your fund's performance and post it on line.

Nothing hits home like the facts.
 
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