Here's a reason proceedings should be commenced against Mcivor and his minions as soon as possible. In the names of MM HOLDINGS, CPT, MARK MCIVOR, SM CAPITAL, STACEY MCIVOR, JANICE MCIVOR, LPC there are TWENTY SIX (26) properties totalling $59,600,000 that's nearly $60mil that can be traced from public records. Most if these have mortgages on them but a little digging has revealed that some don't. A number of mortgages appear to be Mcivors companies doing related party loans.
It's safe to assume that the banks are already moving on the secured assets, it's more what happens to the surpluses from the sale proceeds that needs to be quarantined. Also the un encumbered assets need to be frozen. The liquidator has the powers to examine these shonks including Lady Stacey and injunct the assets and proceeds of same.
The immediate issue Albarran should address is the return of approx $333k paid to MM HOLDINGS, $250k paid to M MCIVORS GUARDIAN CAPITAL in about Feb of this year. The TRACING OF THESE FUNDS WILL REVEAL WHERE THESE FUNDS ARE HIDING RIGHT NOW. It will also reveal how Racey Stacey was able to move and pay for new digs.
Let's see if the Liquidators can do a better job of investigating these issues that a 70 year old retiree.
As for a quote in the GC Bulletin in which this delusional physciopath supports the liquidation. He apparently looks forward to the investigations that will reveal as to why the funds have had their balance sheets decimated this 2010. Well you WOMBAT, that answer is simple. The value was not in the assets since 2004/2005. It's clear now the lending practices were more than flawed they were deceptive and self serving. VALUATIONS were pumped up, complicity will be revealed during the current court action. And when previous clients are given immunity for their evidence against these career criminals the real extent of Mcivors Autocratic Rule will be disclosed.
In what world does a lender take for example a twice bankrupted and failed developer as a client, accept a valuation on a block of land that lets say is bought for $10mll then lends say 80% of the valuation which has been dubiously instructed and puts the FORWARD VALUATION at something like $80mil. When there is no evidence to support that. What lender would prudently lend 80% of a make believe number then allow the borrower to build all the interest and development costs including EQUITITRUST AND ASSOCIATED COMPANIES fees in as well. Does anybody really wonder how or why the balance sheets were impaired during this period when artificial values are then tested in a rapidly declining market. Is any one suprised that these dud properties in more locations have been less than stellar in the market place.
Does anyone have any doubt as to how Mcivor and THE FAMILY have been able to amass nearly $60mil in property and pay themselves nearly a total of nearly $90mil since 05.
There is no blurred lines here only blurred allegiances. There should be a stampede of investors to any law firm proposing class actions against these people.
Don't forget though their insurance is only $6mil per director per event and the inference of FRAUD I believe let's the insurance company off the hook. I also believe the directors previous insurer knew this which is why the policy was not renewed. Further more I also believe that because claims were not made during the period the directors were insured renders a claim against the insurance void. I'm seeking clarification from legal experts tomorrow and will post later.
