Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
DAVID WHYTE

I think that given the absence of help and limited funds, WHYTE has done a remarkable job workign through the quagmire

he has to get paid - there are many banks etc who would pay him these sort of rates or more - let teh man do his job

ASIC and litigation etc haven't started yet - it has a long way to go

ASICK said:
How about David Whyte? He's been very fortunate because of Equititrust's failure.
Click to expand...
 
Re: DAVID WHYTE

David Whyte is doing a good job as is Piper Alderman in carefully preparing the legal proceedings against McIvor...

kostag said:
I think that given the absence of help and limited funds, WHYTE has done a remarkable job workign through the quagmire

he has to get paid - there are many banks etc who would pay him these sort of rates or more - let teh man do his job

ASIC and litigation etc haven't started yet - it has a long way to go
Click to expand...
 
Litigation

No Trust said:
David Whyte is doing a good job as is Piper Alderman in carefully preparing the legal proceedings against McIvor...
Click to expand...

I hope Piper Alerman do better than IMF did with the former directors of MFS - the claim against the directors discontinued after about three years.

http://www.theaustralian.com.au/bus...ght-in-kpmg-case/story-fn9656lz-1226493150893

"Subject to approval from PIF unitholders and the Federal Court, IMF Australia proposes to discontinue the MFS class action against nine individuals, including MFS founder Michael King, former chief executive Craig White, former director Paul Manka and its former fund manager Guy Hutchings.

"The proposed discontinuance will limit the likely substantial costs of pursuing claims against the relevant respondents in circumstances where any ultimate recovery against them is doubtful because of questions concerning their ability to pay compensation and the existence and extent of insurance cover available to them," a notice issued to unitholders by IMF Australia said."

IMF also funded the public examinations against a number of former directors of City Pacific Limited. As a result of the public examinations it seems IMF did not fund proceedings against a number of the former directors. Trilogy's (as PFMF RE) is off on its own with a claim against the directors.

Phil Sullivan (ex-Citypac CEO) alleges that there's no insurance because a run off policy wasn't maintained by Trilogy (as PFMF RE) - if true, one has to wonder why the claim against the directors, a claim, according to a fund member who phoned IMF, IMF isn't interested in?

Heck, they sued a former director who died two years before the claim was lodged. The claim was discontinued against that director but no mention was made on the solictors' website or on Balmain Trilogy's website.

Statement of Claim (claim lodged 27 April 2012):
http://www.mauriceblackburn.com.au/media/1255813/12.04.27 trilogy soc (sealed).pdf
Media article in relation to the passing of Mr. Trathen (12 July 2010):
http://www.goldcoast.com.au/article/2010/07/12/237561_gold-coast-business.html
Federal Court file - Discontinuance filed on 22 June 2012:
https://www.comcourts.gov.au/file/Federal/P/NSD604/2012/actions

Does anyone see a pattern in suing former directors? If there isn't an insurer or auditor or some deep-pocketed individual, there's not much chance.

Andrew Griffin (of Balmain Trilogy) said at the fund's 1 September 2010 meeting of members that there were claims of "more than $300m, more than enough" (or words to that effect), but only a couple of months later, contributory negligence was spoken to, and the quatum of claims was suddenly reduced to a "hopeful $100m".
http://www.moneymagik.com/twas_300_mil.mp3 (excerpt - Fund Info Session, Sydney, November 2010)

Yes, I know, each of the shattered funds is different from the others, and most members of each fund stay mute in hope of a successful prosecutions against the directors - but to date, optimism has been dashed.

I'm confident that many Equititrust investors are now mute in hope of a successful prosecution of the directors too - but only time will tell if, in regard to unsuccessful claim against directors, Equititrust falls in line between MFS, and I suspect, City Pacific.
 
Liquidator

Chirp, chirp, sound "sound of crickets" the Liquidator Hall Chadwick is doing a good job of keeping quiet and obviously doing nothing... What a disgrace... Where are the public examinations of McIvor as promised by them???

Absolute joke...
 
Wellington Capital

This from ASIC's website on Friday October 12:
" ASIC has commenced proceedings in the Federal Court in Sydney challenging whether Wellington Capital Limited (Wellington) is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF)."

http://www.asic.gov.au/asic/asic.ns...tal’s distribution of ARL shares?opendocument

While tangential to the problem for Equititrust investors, the Wellington moves ( giving investors shares in a new entity, rather than returns of their income/capital from the existing Fund ) are very similar to those Equititrust proposed earlier in this year through the Lion Advantage scheme.

Interesting to note that ASIC doesn't like these kind of sharp moves. And understandable, too.
 
Re: Wellington Capital - ASIC failed

Brethren said:
This from ASIC's website on Friday October 12:
" ASIC has commenced proceedings in the Federal Court in Sydney challenging whether Wellington Capital Limited (Wellington) is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF)."

http://www.asic.gov.au/asic/asic.ns...tal’s distribution of ARL shares?opendocument

While tangential to the problem for Equititrust investors, the Wellington moves ( giving investors shares in a new entity, rather than returns of their income/capital from the existing Fund ) are very similar to those Equititrust proposed earlier in this year through the Lion Advantage scheme.

Interesting to note that ASIC doesn't like these kind of sharp moves. And understandable, too.
Click to expand...

ASIC failed:
http://www.nsxa.com.au/ftp/news/021726100.PDF
 
ASIC -v- McIvor

When is ASIC going to take action against McIvor ??? Possibly when all the receivers file their reports and the evidence is overwhelming...
 
Restaurant Capers

What kind of a senior role can you have at a cafe ??? That’s like a senior role McDonalds...

http://goldcoast.newspaperdirect.co...c551e1b4de9d&pdaffid=qHfizecEaPZkRivSNFZWCQ==


What "Senior" Role did she play here is more important to Equititrust investors. She was a former director of the failed company alongside hubby Marky Boy...

The receiver Robert Hutson certainly thought she had a case to answer and took it to the Supreme Court...

Of note, the Supreme Court file shows no defence or legal representation on her part...

http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=4539/12
 
Rates

Well it takes an honest experienced person to pay things like rates i.e David Whyte... Under McIvor's mismanagement not even the rates on properties were paid... He made sure he was paid and also wanted his super fund to be paid in preference to banks... It shows where his priorities were... Investor's came last in his book...

What a failed loser...

http://www.thechronicle.com.au/news/Toowoomba-Foundry-auction-rates-arrears/1586456/
 
Repossessed House

More controversy on the house the bank repossessed from the McIvor's... Where will it end...
 
Fight over repossession of home

The trial over Westpac's repossession of McIvor's mothers home starts next month... Looks like all and sundry have been subpoenaed to appear as witnesses at the trial. Westpac is not pulling any punches it seems in repossessing the last remaining assets of the McIvor collapse...

The Failed Financier Brigade now has a "Hall of Fame Member"
 
Gone to the Dogs!!!

Plan to move greyhound racing to Mur'bah fails
Troy Kippen
Byron Shire News
22nd Oct 2012

DDN_20-10-2012_NEWS_02_TWE110611dogs9_fct884x544x78_t460.jpg
Greyhound racing will remain at Border Park after plans to move it to Murwillumbah fell through.

"Peter Mitchell, the developer of the greyhound track at Lundberg Dr, South Murwillumbah, said he was no longer involved with the deal.

Landsolve was the entity named on the development application lodged with the Tweed Shire Council on December 23, 2010, acting on the behalf on Mr Mitchell's company Tweed Central.

"Landsolve was never the developer; they acted for my bankers Equititrust," Mr Mitchell said.

"Equititrust made me use Landsolve (for) the deal."

Landsolve is a subsidiary of Equititrust, which went into liquidation in February this year." End Quote


http://www.byronnews.com.au/news/dog-track-plan-takes-a-tumble/1589932/
 
Gone to the Dogs!!!

Looks like McIvor also failed the "bowl lickers" :)
 
Liquidate the Liquidator

What is the liquidator doing ??? Where are the public examinations ??? Useless bunch of blatent money grabbers with no regard for the investors...
 
Hall Chadwick - Liquidator

Has Hall Chadwick the alleged liquidator given up ??

Their handling of this matter as Administrators and now as Liquidators has been an utter disgrace...

What have they archived ??? Absolutely nothing...

Where are the Public Examinations of McIvor and Tucker as promised in their report ???
 
Battle for Mummy's House

The battle for McIvor's mother's house starts in the Supreme Court this month...

This should be interesting viewing, I'm sure the media will be in the Public Gallery reporting on this very interesting court case which involves the inextricably woven web of business dealings between Mcivor's public and private interests...

Conflict of interest is not in these people's dictionaries it seems...

It's good that a judge will finally unravel what Westpac and the Public have wanted to be exposed for some time...
 
Fulton to lose $1m on sale

The controversy continues on the bank repossessed McIvor home on Cronin Island...

Does McIvor actually own a house anymore or is he a poverty pack "renter" now ???

More importantly is there a bank that will lend him money, given his current self made disasters...

http://goldcoast.newspaperdirect.com/epaper/viewer.aspx
 
Status
Not open for further replies.
Top