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Equititrust?

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Audited Financials

It is indeed a travesty that the audited financials have not been completed despite McIvor promising to do so... It all came to nothing and the accounts are still not completed... I have been putting pressure on them for over a year in regard to the audited accounts for which they were very soft in the underbelly, in the end it was their undoing...
 
200,000 Views

Some time over the next day or so, this thread will have recorded 200,000 hits... A testament to the amount of interest this disaster has garnered.

To all the contributors congratulations on a great effort... To all the detractors, stooges, company sycophants, etc read it and weep because you can't hide the truth and free speech is free speech...
 
ASICK said:
Good morning "Brethren", I'm speaking only to the act of converting the ordinary units to subordinated units and nothing more........

The changes in the constitution were made retrospectively with effect from 1 July 2008 and the Responsible Entity’s interest has been presented in the financial statements on this basis. The following fees and returns were paid to Equititrust Limited out of Scheme property during the financial year:
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Oh, My Lord ! ASICK, I read your post and genuinely spat my morning cuppa all over the computer screen. And it takes a lot to catch me by surprise! I'll need most of the weekend just to contemplate just how much you've hit upon there. I was tempted to say you've hit a gold-mine, but you've dug up something much smellier and nastier. Excellent work.

Changes to Constitutions are normally an area that is fraught with rules. Significant changes, or those that affect Member's interest normally have requirements that they be put to vote at a meeting of Members. I cannot see how a retrospective amendment that has such enormous impacts could have been pushed into the Constitution without a formal meeting. It does not matter that McIvor interests may have had enough units to pass a vote on anything they liked; they still should, in all normal circumstances, have had a requirement under the Constitution and the law to call a meeting of members.

And this is just one point you've raised ASICK - that post contains about a dozen, many of equal 'game over' significance'. Nice work!

I mentioned a 'black and midnight' scenario above and the prospect of triple-dipping for payments. ASICK, what you've outlined above makes me fairly certain that this ( and worse ) DID happen. Time for me to drag out a big whiteboard in the garage and start mapping out transactions.

If anyone has copies of the Equititrust Constitutions could they be made available to the members of this forum?
 
Kostag's forensic examination above is most interesting, on page 2 of June 2009 report there is further mention of the transactions Kostag has detailed .

The full report can be read here:
http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf

The following part on page 2 shows the order of the transactions Kostag mentions :

On 28 January 2009 the Scheme’s Constitution was amended enabling subordinated units to be issued. This enabled the Responsible Entity to convert its ordinary units of $42,136,143 to subordinated units on 1 July 2008. The rights attached these units were subordinated to those of other investors.

The Scheme experienced an increase in investor redemption requests during the first four months of the year, being $76,132,933 compared to $46,977,161 for the same period in 2008. There were also delays in the repayment of certain mortgage loans from borrowers. This was largely as a result of the ongoing global credit and liquidity crisis and the introduction of a guarantee of authorised deposit-taking institutions (ADIs) incorporated in Australian which does not apply to the Scheme.

As a consequence of these events the Responsible Entity advised investors in the Scheme on 30 October
2008 that it would commence deferring redemptions for 90 days to enable liquidity of the Scheme to be
managed. On 28 January 2009, electing not to invoke a further 90 and 180 day delay as permitted by the
Scheme’s constitution, the Responsible Entity declared the Scheme to operate as non-liquid.

NB The formattting etc may not be correct due to cut and paste so see the original report for correct details. http://www.equititrust.com.au/Pdfs/EIF_Fin_statement_Jun_30_09.pdf
 
Piper Alderman - Amanda Banton

Piper Alderman have some interesting documentation in regard to the legal advice that was taken in regard to this retrospective amendment... Investor's were taken for a ride in series of side shuffles and smoke and mirrors...

This scam was also part of the reason for the search warrants issued by ASIC when the offices and McIvor's house was raided (as detailed in the Administraitor's report).
 
Liquidation

The Liquidator must be having all sorts of fun at the moment getting a personal financial statement out of McIvor... Like the other Liquidators and Receivers acting for NAB etc the liquidator of Equititrust will also have to issue legal proceedings against McIvor in regard to the transactions highlighted prior to the collapse...
 
I guess it's the truth that investors don't think too much about those Constitutional amendments effected unilaterally by the manager.

It seems to me that investors, in what might be regarded at the time as a fully functioning and well managed fund, are endowed with a pretext that such amendments are "in investors' best interests" and would therefore pay scant attention to them, if at all.

However, in time, and with skepticism moderating that before held pretext, constitutional amendments will most probably be viewed in an altogether different light.

A court of competent jurisdiction is able to nullify unilateral constitutional amendments in certain conditions - I wonder even if an application was made today, whether a court would even give it the time of day given the effluxion of time and the notice given to investors (2009 - 2012)?

If no one else challanged the amendments at the time, then it would have been unlikely investors would have amassed with the common goal of supporting a court action against it, even if alarm had been raised at the time.

The manager holds the upper hand, and if nothing is changed, it always will.
 
THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

WELL DONE TO ALL - IRRESPECTIVE OF WHAT 'SIDE' YOU ARE ON - THIS SITE HAS ENABLED A VERY DETAILED FLOW OF INFORMATION TO TAKE PLACE - AND BOTH 'SIDES' HAVE THE CHANCE TO REFUTE AND DENY..... ITS ALL ABOUT GETTING THE TRUTH OUT THERE.....
 
200,000 Views

Kostag, great work in starting this thread, 200,000 views is quite an achievment...
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

kostag said:
WELL DONE TO ALL - IRRESPECTIVE OF WHAT 'SIDE' YOU ARE ON - THIS SITE HAS ENABLED A VERY DETAILED FLOW OF INFORMATION TO TAKE PLACE - AND BOTH 'SIDES' HAVE THE CHANCE TO REFUTE AND DENY..... ITS ALL ABOUT GETTING THE TRUTH OUT THERE.....
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You guys have been amazing! Without you we would not have been kept so abreast of what has been happening. Really don't know where it all comes from, but mostly you are ahead of everything. It has been occasionally entertaining, but always informative, and that was what we needed.

We thank you, and Kostag, your work is not even nearly done! If you have the will to do it, please keep it coming. Hopefully, the best is yet to come - if we don't get any of our money back, at least let us see justice done in the courts!!!!!!!
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

Mozzi said:
You guys have been amazing! Without you we would not have been kept so abreast of what has been happening. Really don't know where it all comes from, but mostly you are ahead of everything. It has been occasionally entertaining, but always informative, and that was what we needed.

We thank you, and Kostag, your work is not even nearly done! If you have the will to do it, please keep it coming. Hopefully, the best is yet to come - if we don't get any of our money back, at least let us see justice done in the courts!!!!!!!
Click to expand...

Aye...aye. I seconded Mozzi's comment and cannot wait to see justice done to those sharks that walk on land who preyed on innocent victims.

Kostag, No Trust, Asics. Please......keep this posting/thread going until the end.

Any update how many investors have signed up with Piper Alderman?
 
Delayed Reports

The fact that both the Liquidator's report and the Receiver's reports are now delayed seems to put paid to rumours that there is something very big going on the background with McIvor... Is he or is he not cooperating and are both insolvency practitioners at their wits end ???

Investors need to know the status and whether McIvor has provided a personal asset statement, wifey Stacey being a recent director and the subject to legal action by another liquidator should also provide a statement...

The Corporations Law applies to the McIvor's as well and its the job of the liquidator to now enforce it vigorously...
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

The fight for the truth will continue unabated... I am grateful that justice is being done and will continue to be done...

The banks and liquidators have McIvor squarely in their cross hairs... No where to run, no where to hide...

Just Observer said:
Aye...aye. I seconded Mozzi's comment and cannot wait to see justice done to those sharks that walk on land who preyed on innocent victims.

Kostag, No Trust, Asics. Please......keep this posting/thread going until the end.

Any update how many investors have signed up with Piper Alderman?
Click to expand...
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

Anyone can tell me how to check the number of hits on this forum?
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

All you need to do is click forums, then click General Investment and Economics and you will then see Equititrust with a :( face listed and beside you will see the number of views...

Hope that helps :)

Just Observer said:
Anyone can tell me how to check the number of hits on this forum?
Click to expand...
 
Re: THIS THREAD HAS POWERED THROUGH THE 200,000 HITS

No Trust said:
All you need to do is click forums, then click General Investment and Economics and you will then see Equititrust with a :( face listed and beside you will see the number of views...

Hope that helps :)
Click to expand...

No Trust. Ok, thanks. 200,000 hits and still rising. Well done.
 
Mozzi said:
Ten days is more than enough to get out some minutes or a report on the meeting held on the 20th! What are the unitholders who were unable to attend to do - mind read???


Don't Hall Chadwick realise they are just compounding the undertakings which were made and not kept by Equititrust in the first place by their silence. We need them to
stop treating us all like mushrooms - we are sick of being fed bull.....! Follow things up!!!!!!
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YUP! Still counting the days!! The silence is deafening!!

Perhaps a call to ASIC to ask if they think this is reasonable to wait all this time for the meeting report, and what is now to happen..............

Wouldn't do any harm to drop a hint on what they themselves are doing!!! Guess that is too much to hope for!
 
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