Equititrust?

Re: Meeting ???

word75 said:

Led to believe a creditors meeting!!! Maybe a ring a round to the receivers and BDO COULD SHED MORE LIGHT..

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The meeting is April 2oth 2012.Mailing in regards to the meeting were to be sent yesterday.Major Meeting of Creditors.

Received by email from Hallchadwick with my enquiry.

Re: Meeting ???

mandl2415 said:

The meeting is April 2oth 2012.Mailing in regards to the meeting were to be sent yesterday.Major Meeting of Creditors.

Received by email from Hallchadwick with my enquiry.

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Just received the 78 page Report to Creditors from Hallchadwick.

Aye Aye Cap'n - It'll be Cutthroat

http://www.goldcoast.com.au/article/2012/04/13/407275_gold-coast-commercial-property.html

(pss.. so many of these Equititrust issues come up when we're looking around for PFMF issues)

Re: Meeting ???

mandl2415 said:

Just received the 78 page Report to Creditors from Hallchadwick.

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Early important points from the Hall Chadwick Report:

1: "This forthcoming meeting is not being convened to pass a resolution in regards to the replacement of the Company as the responsible entity. Unitholders may complete the form at Annexure F to indicate their preference which will guide the Administrators as to whether any further action is taken with respect to this issue."

2: "As part of the investigations required the Administrators have identified a number of offences with respect to the Corporations Act and also a number of voidable transactions relating to unfair preferences and uncommercial transactions which have been detailed in this report."

As to number 1: sounds like everyone should stampede to the Form and find the option that says "No bloody way". BUT it appears you are dealing with crafty folk. Perhaps take some ( legal) advice on best way to approach that?

As to number 2: sounds like some interesting reading as we work through this report tonight.


these quotes are from page 6. Doubtless much more

ASICK said:

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.

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What they consider adequate notice and what we consider adequate are two different things. No notice in mail today, postman just been at 3pm so for all those unitholders relying on snail mail will like us not receive notice OFFICIALLY until Monday at earliest. Meeting on Friday -Not even five clear business days in my book.

As noted in previous post - shorter notice - less unit holders etc. able to attend.

Oh Yes, very FAIR and totally ethical!!!!!!!!!!! NOT!!!!!!!!!!


H'mmmm!

I was speaking to a meeting of members pursuant to the Corporations Act - not to a meeting of creditors. I'm not convinced that either the administrator or a meeting of creditors is able to change RE at a creditors meeting - however, it's new ground for me, so I look forward to the turn of events.

To my mind, the administrator seems to be saying that he'll suss things out, and if there's a desire for change then he'll take further steps, which I suspect is calling a meeting of members pursuant to the Corporations Act.

Such a meeting may be called by the RE (at the fund's expense), or by holders of 5% of the units on issue (at the holders' expense), or by 100 members at the fund's expense. (you should check these criteria)

An administrator, a receiver, an RE, and investors ---> quite a mix.

I hope that investors are well advised of the issues otherwise ignorance may very well rule the day - there are bound to be a lot of twists and turns coming along.

Re: Meeting ???

mandl2415 said:

Just received the 78 page Report to Creditors from Hallchadwick.

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Well done Hall Chadwick,,,175 pages and you have provided us mostly with what looks like a Home Brand commercial for Lion and VAX, as I said, nothing but snake oil. What crap and you want fees as well. Bugger off and let David Whyte do his job. He is almost there and no extra fees to you. Same rights preserved to sue the bastards, and no dodgy duo playing with our family jewels for the next 3-5 years. As for VAX, isn't it the case that with all the board fire power you are advertising isn't it true you can't raise the money needed to re list. Please you have got to be kidding. Wait to the void able transactions come back and claw MM's payments to you amongst others. Will Hall Chadwick confirm that you will be required to return the payments made to you. I'm sure they have tracked them. Time for some full and transparent disclosure.

Get the Bagyon out these bugs are history. W sit and see this forum light up when every one gets to read this crap on the Equititrust web page. Shame on you Mcivor. Like the X Files, the truth is out there and you have been found out

What a Load of Crap

What a steaming load of crap... When you compare this report to David Whyte's professional report you really have to laugh...

Copying and pasting Piper Alderman's Letter of November 11 2011 is very amateurish... Go back to school guys... You would never get a job at BDO...

No Possible Change in the RE
Effectively though is it acknowledged that the change in the RE has absolutely no chance and that ASIC and the Supreme Court would ultimately have to approve ANY CHANGE... It is also acknowledged that Lying Advantage has no chance.

What is interesting though is the fact that all 3 proposal letters respond by stating that the Administraitor was the one seeking the proposals not the other way around so in effect wasting time and money and racking up fees...

NO Payment for the Adminsitraitor
The Adminsitraitor should not be paid a cent and ALL their fees challenged... NO one needs them, David Whyte is there and it may be a case of applying to the court to get these infectious leeches off the back of retiree investor's.... The Adminsitraitor did not achieve one thing except rack up $600,000 + GST in fees. They have been nothing but a hindrance and waste of money...

They have pushed McIvor's delusional plans along knowing full well that ASIC and the Court will never allow a change in the RE, yet wasted time and money by playing along with Hickie and seeking proposals from Balmain and Trilogy whilst know full well this would never fly. This was a money making exercise for the Administraitor whilst placating their deluded benefactor McIvor... They knew full well from the outset that McIvor was nuts and that they had nothing to lose by playing along and then in the end saying ah....., well....., ASIC and the Court have to approve it.... Its a joke. They knew this from the outset but thought well lets make some money out of it while we can... This has been a disgraceful rip off and all concerned should make a complaint to ASIC to have the Adminsitraitor's made an example of. This was nothing more than OPPORTUNISTIC GREED on their behalf...


It seems an investigation by ASIC into the Administraitor is warranted especially considering the fees that have racked up to date... This is a disgrace and any decent company would never have raped elderly retired investors like this...

PAY THEM NOTHING AND LET THEM GET THEIR FEES FROM MCIVOR WHO APPOINTED THEM


http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Well I've taken the time to read this tripe again and you really do have to laugh. In the Monte Python movie "the holy grail" the King rode through the village (read retirement village) and the poor investors asked "who's that?" the answer came back... The King! How do you know that ,,,, was the question? To which the response was,,,,, he's the only one not covered in S..T. Well Marky Boy seems your throne is gone and you are now back down here with the common people. Time for a reality check.

I was almost speechless at the number of breeches and possible charges you and your complicit cohorts are facing, some of them have got to stick, but using Equititrust as your own private ATM, now even HALL CHADWICK cant cover for you here. Rather than give states evidence, now that's rich, why don't you just give up and accept that you will be giving plenty of evidence but how much of it will be true, now that's another story.

So much reading in the Hall Chadwick tome but cut and pasting wasn't the only dalliance try the Para Phrasing by Hall Chadwick as to the published Mcivor/Equititrust excuse as to why we are in this mess. Yes the GFC and Board Disharmony and " I can't help it, every one else is to blame" it's ALL THERE FAULT!!! Does Mcivor accept any responsibility? He should be paying us SORRY MONEY.

Am I the only one breathless here, have you all read the numbers.... How much was this clown and his subsidiaries paid,,,,if the QLD govt got their hands on that much money they could put the budget into surplus.

But I digress unit holders I am just staggered that to get my head around all this information that has had Hall Chadwick beavering away for month's and Hickie working overtime with the Comedy Club writers I have only 5 days to consider all this and my options.

Well I don't need 5 Days...... simple, tell Hall Chadwick the cheques in the mail, and hang them out as an unsecured creditor, don't go past go, don't get $600k.
And somebody get that $580k back from Mcivor and Guardian. Don't just talk about it, get it back...that would run DAVID WHYTE'S administration for nearly 10 months.

And one last word to Hall Chadwick, you were right to acknowledge Trilogy and Balmain for there reputation and ability to manage such distressed funds though one might have differing opinions. What you have not stressed though you did touch on it, the intended entity wishing to be the new RE will have to display the capacity to do so and that includes having the financial capacity. Has any one seen the balance sheets of any of the Hickie sponsored vehicles in this his preposed alternate RE. Has Hall Chadwick done a due dillegence on them before entertaining this dribble and putting it forward. They did stop short of recommending them did you notice. And for good reason,,,, there is no substance just words. Another con.

Tricky be ready come meeting day mate, be ready to answer the questions yourself, and there will be plenty. Want to hear from you....in a public meeting and see the cut of our cloth before you and your Equititrust stooges are sent packing. And yes we all know the 5% of unitholders calling the meeting are led by Mcivor's family and self interested support crew. You dont have the numbers!! You haven't fooled us or ASIC.

Thanks for posting that link "No Trust". Now I understand what's going on with the administrator and what the plot is.

Thieves

The Administraitor's appointed by McIvor are nothing more than common thieves. Anything to do with McIvor has been catastrophic and now investors are expected to pay for his foray into saving his ass with a new RE that the Administraitor knew was an impossibility.

The Administraitor should not be paid a cent and it's clear that Tucker always had a conflict of interest and should also not be paid and all previous fees recovered.

Let's hope Tucker's house and those of the other directors now go on the chopping block in any legal action.

Piper Alderman

Piper Alderman's stealth is to be commended, rather than rushing off and spending untold amounts on discovery they have been handed the executioners noose on a plate... Watch for action on this front, after they have had time to digest all the information.

In terms of McIvor he is well and truly finished and has been exposed for the crook he really is. He has flown under the radar for many years and used the Public's money to bully anyone he chose to, whilst using the legal system to cover his tracks and outspend innocent victims with deep pocket defense. It's all over now and he not only will be bankrupted, he will be prosecuted and banned by ASIC whilst most likely spending time in jail for the offences outlined by his own Administraitor... What a scumbag...

REPORT - you gotta love these idiots.....

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

REPORT......

look at 10.3.1 - Equititrust paid McIvor - out of our money - almsot $70Million!!!!!!!!

HALL CHADWICK fees.....

did you see the attached bills close to a $1Million - even the Junior filing girl charges $55per hour - $2200 per week - good if you can get your snout into that trough, eh?

Fee Rort

This is a rip off, they should not be paid once cent...

Equititrust Collapse

Let the McIvor pay the fees, this has NOTHING to do with the funds that David Whyte is winding down... If they think they will get paid out of that they have another thing coming...

Delusional Scumbags...

Could someone simplify this for me. Lets say a 'Equititrust for Dummies' version.

Don't understand all the ins and outs....please tolerate my lack of undertanding. After reading the attached report (which no doubt we will recieve on Monday). Who are all thses new players. Who is Lion Advantage, Who are Triology investments? Who are Venture access? ...and why are they all coming into play now? More people trying to drain fees out of a carcass?


Very simplistically as I understand it - Equitirust got themselves in trouble in about 2008-2009. The dealings by some of the board seems to be, shall we say, ..."interesting"....After all the 'interesting' transactions, there appear to many changes in the board of directors. When Equititrust were unable to pay investors dividends - who appointed the administraitor of Allbarron and Hall Chadwick?

What is David Whyte doing? Is he seperate to the Hall Chadwick mob, and if so who is actually make the decisions that count for us investors?

At this meeting on Friday - what are the unit holders meant to vote on? is this a shonky meeting trying to get the investors to agree to this RE thing (that is if I am understading / interpreting what you have all said correctly) will actually not be in our best interests. I thought the administraitor was meant to be there to act in the best interests of the investors?


Few last questions.....if McIvor loaned all this money (the investors funds) how do the banks get paid back first? What happened to the $70 million Equitrust paid themselves? What happened to the loan to Quinleaven? What happened to the Raptis money?

Answer

The best thing is to go back the beginning of this thread, there you will get all the facts and references and links to newspaper articles and updates on the Equititrust Website...

Watch the Airports

Surely the regulator and or the courts need to put some mechanism in place to prevent the McIvor's and previous directors leaving the country... Who knows where they have stashed money...

People who are desperate can easily be tempted jump on a plane and do a runner... If McIvor is fighting for his furniture you know he is fighting for his life... Don't let the bastard escape...