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Equititrust?

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Liquidator

The good old liquidator must be having a ball with McIvor at the moment... By chance "All Bran" do you have your mates personal financial statement or will you just let him off the hook again and again and again...
 
Statutory Representation?

"17 May 2012 - "Concerned" (name withheld)

"My thoughts are with those retail investors in Trio Capital tonight.They are not alone. There are thousands and thousands of us who have been decimated in these funds.

So many silent retirees, left alone to accept the loss of our life's savings. Our health has suffered, and our families are effected by what has happened to us. The newsworthiness of our plight has passed by... the press have in the main moved on.

We have been portrayed too often as investors “swimming outside the flags” and "reckless investors" but in truth we are a huge group of ordinary Australians who believed in supporting ourselves in our retirement. We worked and saved .We were guided by rating agencies, auditors reports, media presentations and the prolific advertising from the funds themselves.

We invested in "first mortgages" with an LVR of less than 80%....with an advertised rate of return. Information that could have warned us about the bona fides of the key members of some of these schemes, such as previous bankrupcies and performance records were not disclosed to us (and in some instances are still not)

Since the "GFC", ASIC has canvassed the industry's fund managers to collect information - aimed at change - with a flurry of Consultation Papers and new Regulatory Guides. Investors were not asked to contribute. The imput that forms the laws comes from a percentage of contributors from within the industry itself. Our own fund monies are expended by fund managers to entrench their position in our funds and promote their proposals.

Left alone, we have had little protection against their schemes and strategies to remove us far away from our rights to be treated equally under the Corporations Act. To defend these rights, we have to rely on our own resources, beginning with the financial hurdle to gain contact with fellow investors in our respective funds.

The single, sensible, logical course of action - the suggestion of representation for unitholders in frozen funds by a statutory entity has to date fallen on deaf ears, resulting in much more losses.

We have been left out in the cold too long.""

From:
http://www.moneymagik.com/letters.php/
 
RMA said:
A very interesting article in todays Herald. Best wishes to you all. RMA

http://www.smh.com.au/business/the-scarlet-pimpernel-of-funds-management-20120517-1ysnv.html
Click to expand...

Here's the 30 June 2011 return:
http://www.lmaustralia.com/Downloads/FinancialReports/FMIF_financials_30_06_11.aspx?ext=.pdf

Interest Revenues $35.6m
Cash and Distribution received $5m
(seems Interest Received from Mortgage Loans doesn't seem to be distinguished - Note 12 speaks to Mortgage Interest Receivable of $1.75m, but where is the $$$$ from the $35m??) At a guess, it seems most of the interest was capitalized with very little actual cash received.
Impairments to Mortgage Loans $84.9m
Management Fees $11m
Finance Costs $14.1m
Advisor Commissions (paid to unitholders' investment advisors) $2m
Loss on Foreign Exchange Contracts $1.3m
Legal Expenses $407k
Other Expenses $481.5k

Investors lost $91.7m

3 other funds run by LM have invested $224.3m in the fund. I didn't check to see whether the manager picks up fees in the whole of the four funds.

To my mind, it seems the fund is heading down the tubes straight after you guys.

I only found one RG 45 from 2009 and it indicated most of the loans fall into the 80% - 100% LVR ranges: http://www.lmaustralia.com/downloads/fund_reports/monthly_review_mif.pdf

I'm not surprised about the $84.9m in impairments when in 2009, $122.8m were secured by LVRs of between 90% and 100% - Actually, I'm surprised it took so long to suffer the impairments and that the value is really so low.

I can't image things getting better for them.

In my view, it's just another "train wreck" waiting to materialize.
 
Hey, we've got mail!!! Mr Whyte on site at Equititrust! Just about to read it and find out if we are winning or not! At least he has been the most reliable and consistent of all the "professionals" so far!

Who knows, maybe tomorrow the liquidator's report will arrive - NOT!?
 




Just read it! Of course we are not bloody winning - stupid to even make that comment!

Only people winning are - should we make a list................ 1 to 100!
 
I don't know who's happiest to see the other - the investors in the EIF, or David Whyte.

It must be painful to think of paying a RE like Trilogy to manage the fund on top of your Mr. Whyte's nice little earner.

Over $500k to the receiver, and only $3m in receipts - no asset sales seem have translated into cash in the six month report.

Of course, with receivers appointed to assets, you'll only see advances made by the fund's receiver to distressed loans (about $400k) and some time later, any residue which might come back as receiverships are finalized.

Then there's the $7.9m in land tax and rates outstanding (I would think this would increase over time). And then there's Equititrust Limited floating around out there somewhere with its "reasonable" expenses claim.

Other than rising expenses, there doesn't seem to be too much "movement down at the station" - none of the substantial loans seem to be spoken to yet.

Yes, then there's the claim against the valuer - good luck with that one.

I'll punt for the optimistic side of the estimated return to investors as a maximum.

There's no doubt about it, time really does mean money (for some).
 
ASICK said:
I'll punt for the optimistic side of the estimated return to investors as a maximum.
Click to expand...

I am afraid that '18 cents to 30 cents in the dollar as at April 2012' is Mr Whyte politely saying "You'll get nothing."

This WILL drag out for another 6 months at least.

Remaining investor value will be gone.

While I do not know the properties that remain in the fund, Mr Whyte's efforts to date would suggest that few, if any, of the big properties will come close to realising the value that they were apparently being carried at on the books.
 
I meant the $0.18/unit as being the optimistic value - Since both values are optimistic, I have have termed it "the least optimistic".

The reasons:

1. The PFMF (a similar fund) is reporting continuing losses (reports "values in freefall" and difficulites in finding buying for more expensive assets)

2. Ongoing costs.

3. Potential claims/litigation from Equititrust Limited (in whatever state its in)

4. Potential meeting to appoint a manager (if it's still on foot)

5. Receiver recoveries seem to be on small value assets.

6. Litigation risks.
 
Change of Responsible Entity

Looked what popped up on the National Stock Exchange site:

http://www.nsxa.com.au/ftp/news/021725310.PDF

pages 5 and 6 make interesting reading. Looks like they went and got someone to throw in $500,000. I'd guess that the 'change of Responsible Entity' strategy is still on foot.

Interesting why Hall Chadwick remains so quiet. Do they have a time limit in which to report on meetings held?
 
Re: Change of Responsible Entity


They NEVER let go - it's all about control and making money - no one is interested in investors, only in investors' money: the pot of gold, no matter how big, and all that flows from it.

The sooner investors get out of the fund, the better it will be for them - otherwise the pain just goes on and on and on.

There is NO prudential regulator, but there is some humour in the face of adversity:-
http://www.wealthprofessional.com.a...ay-in-the-life-of-an-asic-officer-129060.aspx
 
Liquidator

The liquidator it seems is having all sorts of fun with McIvor, chasing personal financial statements from him and wifey Stacey...

I have one thing to say to the liquidator, if you do not obtain the personal financial statements don't bother publishing a report... Publish your resignation instead because it will be demanded...

"All Bran" and Co have had ample time to come down hard on McIvor, but have done nothing... Talk is cheap lets see some action for the exorbitant fees...
 
Personal Financial Statement

If you have nothing to hide "Marky Boy" do whats required under the law and provide a personal financial statement to the Liquidator... On the other hand don't it will be a great pleasure for investors to see you dragged before the Supreme Court,ignore the Supreme Court as well and lets see what will happen...

RESPECT THE LAW
 
Whats Going On BEHIND THE SCENES

There seems to be something big going on behind the scenes and "Marky Boy" will not be at all happy with whats about to hit him...
 
SYDNEY MORNING HERALD 17th May 2012

Equititrust class action

Then there’s Equititrust, where Piper Alderman is also working up a class action to recover $100 million in losses and $72 million in “manifestly excessive” payments made to its managers.

The Equititrust RE went into liquidation, having appointed Richard Albarran from Hall Chadwick who now has his licence back after suspension.

The entire sector has been a wipeout, a disgrace, and worse, a disaster which has affected mostly elderly people who needed these savings to fund their twilight years.

Instead of getting returns, they now suffer losses. Billions are gone. The reason they bought in the first place was based on property, “bricks and mortar”, a solid investment, said the promoters.

Few realised then that they were buying high-risk loans to property developers, not to mention loans to associates of their own fund managers.


Read more: http://www.smh.com.au/business/the-...-management-20120517-1ysnv.html#ixzz1vSSVZ08q
 
Liquidator

Has "All Bran" got case of information constipation... Seriously what is going on and why has McIvor not been referred to ASIC and other relevant authorities...
 
Re: SYDNEY MORNING HERALD 17th May 2012

What I am just amazed about with these idiots, McIvor especially, is how they plough money into residential edifices... The thing is, its not their money... In McIvor's case its all lost now and rented abodes await... A new abode may come rent free courtesy of Her Magesty... Sooner rather than later...


 
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