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Equititrust?

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EH?? THE NATIONAL BANK caused the collapse of Equititrust ???

this is going to the ridiculous stage.

When is ASIC going to start laying charges around the GOLD COAST?

 
ASIC

ASIC needs to reveal what they took away from the offices of Equititrust and McIvor's home...

The Administraitors report outlines the basis of the warrants and in particular refers to McIvor...

Page 29 par 11.1

http://www.equititrust.com.au/Pdfs/...eports - 20120412 - Circular to Creditors.pdf

Is ASIC sitting back and waiting for the raft of receivers and liquidators to compile their own reports with them prior to taking action?? If ASIC moves too soon, many other matters may surface.

In any event a complaint to ASIC regarding this debacle never hurts and makes them aware that investors have not given up...


kostag said:
this is going to the ridiculous stage.

When is ASIC going to start laying charges around the GOLD COAST?
Click to expand...
 
Investors Not Forgotten

Glad to be of some help to those who have lost so much... The detractors who flittingly come and go have their own agenda's and seem to care more about the idiots who caused this disaster rather than innocent retiree investors who were taken for a ride... They seem to be very quiet lately given the raft of court actions commenced by the banks and receivers. McIvor's interwoven public and private interests are now being unravelled by the banks and insolvency practitioners.

M41 said:
Here here!

Thanks No trust for your constant updates!
Click to expand...
 
Equititrust Ltd v Members of the Equititrust Income Fund

A recent decision in the Supreme Court of Queensland, Equititrust Ltd v Members of the Equititrust Income Fund


"Among factors leading to the determination was the company's history of non-compliance with its statutory obligations, breaches of the conditions of its licence and the evidence pointed to by ASIC (Australian Securities and Investments Commission) in relation to the allegations of misconduct by the current director."


http://www.lexology.com/library/detail.aspx?g=3015903e-6136-47c9-b1ac-d96374ba7d4f
 
Supreme Court - Delusion Pesticide

Its good to see the Supreme Court and ASIC douse an outbreak of delusion...

The full judgement is compelling:

Para 62 of the judgement of Justice Applegarth


"The affidavit of Ms Gentles is a substantial document, and contains material which justified ASIC‘s concern that Mr McIvor may not deal with the assets of the EIF in the best interests of members. The material relied upon by ASIC that supported its concern in this regard included documents that recorded the concerns of the board of the company in September and October 2011 about Mr McIvor‘s conduct. This included the then board‘s view that Mr McIvor ―was responsible for making all of the current problem loans. It also included claims that he had demonstrated extremely poor judgment in recent times (evidenced by emails attached to an affidavit filed in proceedings brought against the company by a borrower that had acquired a unit in the EIF and commenced proceedings to wind up the company). It included the directors‘ view that Mr McIvor had continued to deal on an unauthorised basis with some borrowers. Mr McIvor was said to be in ongoing conflict with the board and senior management and to have made a series of threats against staff."

http://www.buddlefindlay.com/static/legalupdates/9.pdf
 
How Low Will It Go?

The remaining value of an Equititrust IF unit is tightening up:-

26 July 2012 - $0.18 - $0.26 :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
30 August 2012 - $0.17 to $0.25 :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20120726 - 6th Report to Investors.pdf
4 October 2012 - $0.16 to $0.23 :http://equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20121004 - 8th Report to Investors.pdf

And the Receiver's cost was only $924,089.65 (as at 30 September 2012) [cost per hour = a mere $410.80] - nice work if you can get it.
 
Re: How Low Will It Go?

ASICK, you are spot on... How low will it go ??? Most likely as low as Kostag predicted... It really makes me laugh when these failed financier types come on this thread intermittently and attack all and sundry... It seems the latest estimations by David Whyte back what was predicted on this thread yet again...

 
How low are the people who caused this disaster ?

It’s good to see that Piper Alderman still have McIvor and his board of directors in their crosshairs... Investors can now see that their only hope of recovering more money is through the class action...
 
SOUTH AUSTRALIA loan asset

does anyone know anything about a Court case which is running right now in South Australia regarding a company called Wirrina Corporation Pty Ltd which apparently is the company that runs the properties that Equitirust has loaned moneys to.

Cant find details but seems that the loans are in dispute.

I cannot find any reference to this Court dispute in the Receiver's last statement (4th October 2012).

I think it was this loan which is over $40million in one of the Equititrust PDS statements. I think there was reference to a valuation of over $71million.
 
Piper Alderman

It will be interesting to see the pleadings in the Class Action to be lodged by Piper Alderman...
 
Liquidator

What is the Liquidator doing ? Nothing it seems...

Where is the Public Examination of McIvor that was promised...
 
This is how bad its got...



AT 80, master escapologist Arthur Coghlan is coming out of retirement for his most dangerous Houdini act yet.

Mr Coghlan is performing the escape trick to draw attention to the plight of him and other "mum and dad" investors in failed Gold Coast funds manager Equititrust.

The company, founded by controversial merchant banker Mark McIvor, collapsed in February leaving investors millions of dollars out of pocket.


http://www.heraldsun.com.au/news/na...n-sydney-harbour/story-fndo45r1-1226493923809
 
Sponsor

Can anyone think of a good sponsor for Arthur Coghlan ???
 
HOUDINI... there is a far greater illusion

starting a finance fund with over $400Million of assets all under secured 1stM most well under 70% LVR - and then within a few years - all gone!

Vanished into thin air! Wow!

What an act.

Not even the Receivers or authorities can find neither hide nor hair or any of the money.

Was it all a mirage with smoke and mirrors. Was it a sleight of hand?

A far greater stunt than poor old Mr Coughlan will conjure up, that is for sure.

By the way - what qualification does one need to be able to designate oneself as a "merchant banker" - are you self anointed? or under some law or regulation?

or was this nonclemature simply another illusion - lawyer one minute, Merchant banker the next, illusionist and stunt man the next....

roll up for the Magical Mystery tour!!!
 
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