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Equititrust?

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Class Action

It's time for these guys to go down, McIvor was their leader, however Tucker and Kennedy etc all knew what the real story was and perpetuated a rosy picture whilst the company burned...


Investors lose in encounter with King Con
Colin Kruger
Sydney Morning Herald

"One month later the company was explaining it would be unaffected by the collapse of Quinlivan's latest property venture, Croftworth Property, as the EIF held first mortgage over the properties.

This claim would last until the April when the meeting of EIF investors were told a massive writedown on these loans to Quinlivan would single-handedly ensure they would lose money on their collective $200 million investment."

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html


All the directors/idiots were at the helm when the above claims were made to the media, in effect as a board they are all culpable and equally responsible for the lies that were pedalled to both the investors and the Australian Public, hence the class action by Piper Alderman against the directors for breach of the Australian Corporations Law...

The scam early last year to raise a further $50M from the unsuspecting Australian Public considering "everything" the board knew (including the derelict loans to "King Con") as detailed in Colin Kruger's Article above was tantamount to Corporate Crime of the highest order... It’s no wonder ASIC stepped in and stopped what would have been another financial bloodbath at the hands of McIvor and his complicit board of Hear no evil, See no evil, Speak no evil monkey's...


http://www.smh.com.au/business/four...fault-at-equititrust-fund-20110209-1an0h.html
 
Class Action

Let's get these band of idiots in the witness box and have them cross examined by Senior Counsel. Lets see where the truth lies and the lies start...
 
Quarter Million Hits

Testament to the Public Interest in this disaster the thread is well on its way to achieving a Quarter of a Million Hits which is still less than the amount of hits McIvor and his team of former directors will suffer when the class action commences...

Seems some are quite desperate, having to resort to spreading lies and misinformation about the class action proceeding... Of greater worry maybe the former Equititrust employees who are apparently more than keen to provide evidence as to where the skeletons are buried...

Who is the former Equititrust employee raising their hand the highest, keen to provide both evidence in and out of court. Might want to be careful, this individual may get an unsolicited call saying the Class Action is off...

Unfortunately for the culprits of this disaster its definitely going ahead and evidence is emerging from some unlikely sources...

Who said blood was thicker than water ???
 
If hits on the thread were $$$$ then that'd be something to celebrate. The class action sounds interesting, but who is against? and for how much? Even if a claim is able to be sustained, is there $$$$ at the end of the rainbow?

I'm perplexed about paragraph 7 of the receiver's latest communication:
(http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf on page 5)

The receiver says (in part) in relation to "Proof of Debt", "Please note that an investor's claim against Equititrust Limited will be for any shortfall on their investment caused by Equititrust Limited acting as Responsible Entity of the Fund."

Ok, I give up - as Prof. J.S. Miller would say, "Why is it so?" - How do mere losses by an investor amount to a proof of debt against a responsible entity?

It seems to me that a letter to investors from Piper Alderman might have been in order - maybe to give investors assurance - after all, the receiver is doing no more than passing on a message. Sure, it saves the lawyer's money, but it just doesn't have a punch to it.
 


Couple of comments - Unit holders were required to complete "Proof of debt" forms at the Hall Chadwick meeting in May. As they have not even bothered informing anyone of their appointment as "liquidators" on the Equititrust site many of the unit holders remain uninformed as to what their role actually is! Definite lack of communication!

Piper Alderman - very little has been discussed on this site re this potential legal action, and even Piper Alderman's own site has not been updated since 13th February. Again - definite lack of communication - certainly would be more appropriate if they are serious that they communicate with investors directly! The potential for unit holders to be required to pay out good money after bad is enough to worry anyone at this stage. Remember, Piper Alderman were only representing 49 investors at earlier meeting. By the way, the $$$$s at the end of the rainbow were supposed to be being claimed from the insurance company covering the "Company Directors", "Responsible" (and the term is used loosely) Entity, employees of Equititrust etc.

Regarding someone circulating "rumours" that the action will not take place - not all unit holders have been receiving these communications obviously - and would have been a perfect opportunity to lay their cards on the table and say exactly what they are doing, and with whom and under what conditions!

Seems like, with the possible exception of Mr Whyte's reports, the rest of the people involved are treating us like mushrooms - you know the deal "keeping us in the dark and feeding us bull****"!!!
 
One would have to be wondering why the liquidator would ask investors to tender proof of debt since merely as investors there is no debt? The receiver's statement (paragraph 7, page 5) makes no sense at all - actually, I'm surprised it was made at all.

I suppose if the liquidator would have said that each investor should sing "Simon Says", do you think they'd do it?

Okay, I'm only a punter too, but to me, it all seems badly amiss. Investors filling out proofs of debt disclosing the amount of money they've lost in the fund might be thinking there's a chance of personal recovery via the liquidator of Equititrust Limited, when (as far as I'm concerned) that is not going to be the case - again, to my mind, a total waste of time.

Ok on the insurance - at least it's something (in the circumstances).
 
Piper Alderman

Piper Alderman is the only avenue investors have to recover any money from the directors... The action will proceed and investors who are confused about what the action entails should contact Piper Alderman bofore its too late.
 
David Whyte BDO Australia

In terms of consistency David Whyte has been on the ball... Hall Chadwick on the other hand have been a total disgrace. Talk a big game but deliver absolutely no results... They have literally done nothing except perpetuate McIvor's earlier delusions of resurrection from the dead via a stock market listing...

When they came to the realisation of who they were dealing with (deluded idiot) they have been like a deer in the headlights. The stream of fees just didn’t eventuate as they thought and the backlash from investors and this thread about collecting fees from the funds caught them off guard.

Hall Chadwick should be removed and a competent Liquidator put in their place. One that will be consistent, investigate the malfeasance they have identified and communicate with creditors and investors properly.

If they want their fees paid let them talk to their buddy McIvor who appointed them.
 
McIvor - King Con

What should be investigated further is whether McIvor allowed "King Con" to manage any of the assets of either fund. Were there any other JV's or business relationships between McIvor and "King Con" ??? All relevant matters which require further investigation...
 
Auction

Let's see if the "Unhappy Australian" attends the auction of his former abode which the banks repossessed earlier this year... Wifey Stacey might want to bring some Kleenex ... Pity these two never shed a tear for the innocent retiree investors who's life savings they lost...
 
CRONIN ISLAND

this whole deal seems very very suspicious.

No-one is suggesting that FULTON paid the full price are they?

So someone allowed a CONTRACT to be written for an inflated amount knowing that it was inflated.

Then what happended at the settlement?

The Commonwealth Bank handed over $4.5M to someone - presumably the outgoing Mortgagees.

Did Fulton then hand over the balance to someone ? Or did everyone at the settlement just sit there saying 'well, there's a $6.7Million Contract here and only $4.75Million on the table ?".

Sounds like a conspiracy and fraud to me.......

why would FULTON be bothered doing this?

someone was behind this....... probably someone who had some interest in wanting to keep the house and needed a dupe to front on some crazy hare-brained transaction.

It could only happen on the Gold Coast!!!

 
Cronin Island - Island of Deceit

There is something seriously amiss here...
 
Trust

It was interesting to note that the real estate agent handling the sale touted that the property was held in a trust structure immune from the Equititrust debacle...

Read the article below for some further insight as to who was doing the marketing... The property seems like a magnet of some sort to a particular type of individual...


http://www.propertyobserver.com.au/...kollosche-taking-extended-leave/2012031953900
 
McIVOR's house: agent taking 'time out' - you bet he is!

I bet he is!

My experience in life is that coincidences rarely occur. More often than not: well planned conspiracies.

Only Police investigation will unearth what really went on with this obvious 'ramped' sale.

Certainly, on the face of it, someone lodged a fraudulent finance application with CBA and what suckers they were! Who do they employ to vet loans of this size? Idiots! Or did someone "gain" there too?

Then, ofcourse, someone knowingly produced a false contract.

Who signed it on behalf of the Vendors?

What happened at stetlement day in regards to the supposed balance of purchase moneys, that is the amount over the mortgage moneys supplied by the CBA ? Who simply turned a blind eye to what was patently a fraud taking place?

Expect to see much more on this than some agent simply taking 'stress leave'.


Then
 
Re: McIVOR's house: agent taking 'time out' - you bet he is!

This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...
 
SMELL'S LIKE FRAUD ALRIGHT.... but who was behind this one and why ????? ah, ???

no Rhodes Scholars needed on this one....

No Trust said:
This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...
Click to expand...
 
Re: SMELL'S LIKE FRAUD ALRIGHT.... but who was behind this one and why ????? ah, ?

How stupid would one have to be to think this could be pulled off against a major bank...


kostag said:
no Rhodes Scholars needed on this one....
Click to expand...
 
Cronin Island - Island of Deceit

The real question is why is the buyer trying to sell the house in such a hurry... Who else was involved in this little arrangement ???
 
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