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Equititrust?

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Poverty Pack

From "Luxury Double Bay" abodes to rental accommodation and banks chasing the furniture and paintings... My oh my what will adorn the walls of this rental pad...

Tough titties as they say...
 
Send them something to put on the walls

It might be an idea if investors write to our impoverished duo and send some picture of the people whose lives they have devastated in their pursuit of all things luxury... They may want to create a collage and hang that on their bare walls...
 
Does anyone have their new address on the "Isle of Capri" ?
 
Bankruptcy

Now that all the properties and "dirt" as McIvor like to call it are all gone the banks and creditor's will be suing him for the shortfall... NAB has already started; there will a line to bankrupt McIvor and Racey Stacey...
 
Re: James Hardie's Court Ruling will send shiver to Directors of Equititrust

Recent Court ruling holding the James Hardie's directors accountable for giving misleading information to the shareholders will send shiver to Equititrust Directors. Not only they will face bankruptcy but ASIC will send them to jail as well.
 
Re: James Hardie's Court Ruling will send shiver to Directors of Equititrust

Just Observer said:
Recent Court ruling holding the James Hardie's directors accountable for giving misleading information to the shareholders will send shiver to Equititrust Directors. Not only they will face bankruptcy but ASIC will send them to jail as well.
Click to expand...


Yay!!! Fingers crossed.
 
ASIC cheers High Court ruling on James Hardie

by: Andrew Main
From:The Australian
May 04, 201212:00AM

AUSTRALIAN Securities & Investments Commission chairman Greg Medcraft was calling it a victory for common sense. The High Court's decision to uphold the original verdict on behalf of the regulator against seven non-executive directors of James Hardie over the misleading press release put out by the board in 2001 was also something that should be seared into the minds of company directors.

It was, he said, "a timely reminder to all company directors about their obligation to provide information that is accurate".
 
Look at what McIvor and his band of idiots were trying to hide for years. Look at what Kennedy wrote on this thread; Tucker being a lawyer should have known better, however being a sycophant just went along so long as the director and legal fees were paid. Goddard and Treasure they should all be prosecuted...

Investors were MISLEAD


Just Observer said:
ASIC cheers High Court ruling on James Hardie

by: Andrew Main
From:The Australian
May 04, 201212:00AM

AUSTRALIAN Securities & Investments Commission chairman Greg Medcraft was calling it a victory for common sense. The High Court's decision to uphold the original verdict on behalf of the regulator against seven non-executive directors of James Hardie over the misleading press release put out by the board in 2001 was also something that should be seared into the minds of company directors.

It was, he said, "a timely reminder to all company directors about their obligation to provide information that is accurate".
Click to expand...
 
Pest Control Miffed

Pest Control are miffed at the dramatic reduction in rat numbers in Chevron Island and on Cronin Island... A similar phenomenon has been experienced in Cooper St Double Bay Sydney... Isle of Capri residents on the other hand are calling in the "Pied Piper" :)


280px-Hameln1.jpg

kostag said:
manhole cover number 1 sewer number 1 - with all the other rats
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The liquidator is very quiet at the moment... Whats up ???
 
LONG HARD FIGHT

Emotions run hot when people feel let down or worse. This website has been a wonderful tool as has the general media in allowing material which would more than likely otherwise remained 'buried' to come into the general public gaze.

The downside is that it is too easy for people to get over excited and for a mob mentality to come to the fore. We know that there are 'false posters' in this web site - those who pretend to be against but have other agendas. But they are soon weeded out.

What all posts must ensure is that we eliminate the inclination to be angry and emotional and simply deal with facts as we each know them. Then the data base of knowledge becomes useful to us all. To speculate and or allow the publication of scuttlebutt does not aid the cause; it is not fair to innocent parties who may be affected; and prejudices all the good work that many have done.
Let’s all keep the fight clean and factual. Personally, I have been of the view that the way this site is set up, it allows any aggrieved an immediate right of comment and re-dress. Any posting can soon have an appended comment or rebuttal from anyone.

Therefore, once a posting is made, it can be challenged and correction demanded, in the same public forum. That allows for the free flow of informtion and the opportunity for it to be tested, challenged and if so, retracted.

However, it is not compulsory for the ‘other side’ to rebut and reply. They can simply ignore and this does not then mean that they can be attacked at a personal level, when such attack may simply be a venting of anger rather than based on fact.

This site has brought under scrutiny the accounting and valuation standards of Equititrust; Equititrust’ s insolvency; the ‘quality’ of its major ‘assets’ / loans i.e.: Quinlivin etc; exposed the attempted new capital raisings; revealed the Westpac loan over EIF that even the Board did not know about; the accounting entries to create more units and allow large cash withdrawals, all under the noses of the auditors; exposed the various deals designed to re-ignite the value of the supposed sub-ordinated units and deal with the RE licence to the serious detriment of all investors.
It has done very good work and very much in the public interest.
Let’s look back on what has been achieved with some pride and satisfaction and not allow this web site to become a forum for any personal anger – which some clearly harbour.

The authorities are all over this matter and it is only time that between ASIC, AFP, Amanda Banton and a raft of media that the full story will be told and or dealt with. They use a lot of this material from this site to assist them.

So there is a very genuine public interest aspect to protect here – don’t risk that.

To all - steady as we go!
 
Next Critical Step

It is essential that the authorities now take action on matters detailed in both the receiver David Whyte's report as well as the now liquidators report. McIvor has been named in both and needs to be publicly examined as detailed in the report... This is a simple fact that McIvor cannot run away from. Accounting to the investors...
 
Re: Equititrust: next step: agreed

that is now what should be done - proper legal process underway - our job on this website is now done.
 
Re: Equititrust: next step: agreed

kostag said:
that is now what should be done - proper legal process underway - our job on this website is now done.
Click to expand...

Good morning "Kostag",

I wonder why you think your job here is done?

What do you think will be the upshot?

Could you point me to the latest audited accounts?

And to "No Trust", what brought on this new found focus on facts? I agree with what you say, but it's such a dramatic departure from the norm that I confess that it took me by surprise.

Thanks.
 
Re: Equititrust: next step: Join Class Action.

kostag said:
that is now what should be done - proper legal process underway - our job on this website is now done.
Click to expand...

Today news . Class Action succesfull against Centro and its Auditor.

All investors in Equititrust should take heart and take note of this news. The Centro's directors and its auditor are held accountable for not disclosing short term debts of the company. It has similar ring to the debt/loans concealed by the director(s) of Equititrust. Class action (led by Piper Alderman) seems the logical way for Equitirust's investors to recoup their lossess.


Article from BUSINESS DAY.

Centro settlement worth $200m
Ben Butler, Leonie Wood May 08, 2012

The long-running class action against the directors of failed property group Centro is to settle for $200 million, sources say.
Hearings before Federal Court judge Michelle Gordon started at the beginning of March and were set to run through to the end of June.
• Auditors caught out
• Former boss admits debt shock
• Ex-chief reveals bank fury
Shares of litigation funder IMF, which is backing a claim run by law firm Maurice Blackburn, entered a trading halt this morning, to continue until the earlier of ‘‘an announcement concerning the Centro matter’’ or the start of trade on Thursday morning.
A second claim, run by rival law firm Slater & Gordon, is being heard at the same time.
It is believed a global settlement has been reached that takes in Centro, its directors and auditor PricewaterhouseCoopers, which was added as a cross-respondent by Centro.
Sources said discussions about details of the deal were continuing, but PwC may pay as much as a third of the settlement.
 
Re: Equititrust? DISCLOSURE

Disclosure statement.

For those who is wondering who am I;

I am just an observer to this thread. I am not an investor in Equititrust nor do I have any association whatsoever with Equititrust (either as creditors or failed developer), or Piper Alderman.

My interest and sympathy is with the Investors (especially the Retirees) who have lost millions of dollars investing their life saving with Equititrust.

I have followed this thread (started by Kostag) from the beginning and read all the reports attached in this thread (very informative and details), as well as those available on the web via company website.

My comments posted were not motivated by vengenge, ulterior motive nor promoting Piper Alderman, but purely resulted from my own observations of this threads.
 
Re: Equititrust? How much is left?

With the numbers of Liquidators/Admistrators appointed, including with those appointed by the secured creditors (Banks), I fully agree with Kostag and No Trust assessment, there will be no money left in the company once all the dust has settled.

Bearing in mind, those Liquidators/Administrators appointed by the banks will add their fee on top of the secured loans owed by Equititrust. On top of this, there will be fee payable to Hall Chadwick and David Whyte.

Unfortunately the Liquidators/Admisnistrators are like shark on land and will rip apart the carcass at the smell of blood. To top it of, their fees will be paid even before the Banks (as secured creditors) get their money.

The process to wind up the company may even take years to finalise. Litigation against the directors and its auditor (class action) is the only way to get some money back from their insurance. Unfortunately, litigation is lenghthy process. With Centro class action, it took 3 years.
 
"Just Observer", would you care to compare and contrast the Cento case with any claim/s that might be brought on behalf of the members of the EIF? It seems to me that given the long line of claimants forming outside of the main players' doors, unless the auditors are drawn into a claim, the Centro case doesn't really give rise to anything apart from hope, perhaps even no more than a false hope.
 
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