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Equititrust?

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Bankrupt McIvor

Where is the now bankrupt McIvor hiding and how is the rent being paid ???
 
Re: THE SH-T IS GOING TO HIT THE FAN

Leaving all the personal animosity out of all of this etc, I think the real challenge and issue for David WHYTE and ASIC is and will be simply - THE MONEY TRAIL - where did the money do?

When QUINLIVAN borrowed tens of millions on a property that had been bought for so much less and he somehow got valued to some ridiculous level - somehow - what actually happended to all the money. Who go what?

Did McIvor/Equititrust charge some explosive crazy fee? in other words, gain personally to the obvious detriment fo investors.

Another issue will be 'TIMING'.

Equititrust was able to in theory continue in business since 2008 by PRETENDING to be solvent.

Now, how did it do this?

If it did this by manipulating loans or making dodgy loan deals (such as the Quinlivan loans) and was able therefore to use INVESTOR money - in theory quite legally - but in fact put new money at risk to prop up the old dud book and obligations to banks etc - then this enabled the EQUITITRUST crew to keep ripping their ludicrious managment fees and overheads out of the TRUST (that is INVESTOR MONEY) - which they did.

This is direct personal benefit to the detriment of public investors. PDS statements that supported this conduct become public documents which are/were deliberately false and misleading statements for direct personal gain (and also knowingly false) - I suspect that David Whyte, ASIC, AFP and Amanda Banton are all onto this in different degrees - this is where the game will be intersting.

It has not gone down this path as yet - BUT it will.


No Trust said:
Precisely, David white can't turn Toxic Assets into Gold. McIvor on the other hand turned golden retirement savings of the elderly into crap through dodgey dealings with his mate King Con...

These two bankrupts need to show where the money went... How could so much be lost, something smells funny here... Maybe a closer look is warranted by the police whilst ASIC finalse their proceedings...
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Prosecution

Prosecutions will ensue, bankruptcy is only the beginning...

Where did the money go ???
 
So many unanswered questions... However when the culprits have their asses pinned to a witness box maybe the truth will finally come out... The deluded version that McIvor penned doesn't fool anyone...
 
What is the bankruptcy trustee up to... Lets hope that the trustee will finally get a personal financial statement from McIvor. Something the McIvor appointed Administrator / Liquidator has not been able to do...

The statement will be very interesting reading to many... Time to bare all Marky Boy...
 
Former employees are likely to be subpoenaed in future proceedings... Who knows where the financial skeletons are buried ???

Now where did that money from Ipswich go...

The two bankrupts in arms need to be thoroughly cross examined in court...
 
ASIC

what needs to be focused on is this

Management at Equititrust more than likley knew the crisis in their loan book by late 2008/2009.

Pressure was starting to be applied by external banks who had formed the view that the Equititrust loan book comprised a large percentage of toxic loans.

If Equititrust management had started to apply prudence to the loans, they would have started to provide for losses, particularly on loans that were not paying interest.

But, here's the rub - if they had done this at this stage, they would have not been able to continue to draw down huge loan mangement fees and overheads. Plus take a look at how much much cash was ripped out in 2008/2009.

So, at all cost they had to maintain an air of "business as usual'.

Smokescreen strategies such as the laughable Landsolve initiative, were all a coverup from the main issue.

Equititrust juggled cash between loan assets and ignored the bleeding obvious in terms of values. As capital was repaid, it was used to fund management fees; interest and demands of external banks.

This took place 2008 to 2010.

By then tens of millions of dollars had been swicthed, juggled etc and none of this was to the benefit of unitholders.

Now, if ASIC shows that management and more to the point McIvor was doing this etc and that he knew the true state of the book whilst he was doing this - then you can easily show a) personal benefit, to b) the detriment of investors, and c) knowing that the information avaialable to him etc made his public discloures, false and misleading.
 
McIvor Madness

The charade had to continue so that McIvor could prop up his failing property investments and beachfront / waterfront lifestyle... Come on who needs a pretentious house in Sydney and multiple homes on the Gold Coast... End result bankruptcy...
 
What financial qualifications did McIvor have ???

Did he have any accounting qualifications ?

If not how the hell can you be allowed to run a mortgage fund...
 
More news

Page 12 todays Gold Coast Bulletin more news on the miserable McIvor's...

Look at the receivers sale price and how much debt was loaded on the property... So will Westpac now enforce the personal guarantee and bankrupt McIvor's mother ???

What will the court say about Woodgee St ???

What a sordid state of affairs and this Idiot went spruiking for more money from the public... He set quite an example in his personal life and then he was out to destroy more people with his deplorable financial skills... This idiot should be banned for life for what he has done to innocent retiree investors...
 
Re: More news

anyone got a link to today's GOLD COAST BULLETIN page 12

No Trust said:
Page 12 todays Gold Coast Bulletin more news on the miserable McIvor's...

Look at the receivers sale price and how much debt was loaded on the property... So will Westpac now enforce the personal guarantee and bankrupt McIvor's mother ???

What will the court say about Woodgee St ???

What a sordid state of affairs and this Idiot went spruiking for more money from the public... He set quite an example in his personal life and then he was out to destroy more people with his deplorable financial skills... This idiot should be banned for life for what he has done to innocent retiree investors...
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All directors need to be publicly examined as to when they knew what was going on...
 
Re: Equititrust: CHARGESS?

Word has it that ASIC do want charges after all the effort in raiding the offices and home of McIvor...
The issue has been unravelling the plethora of information coming in from multiple receiverships and receivers who must report to ASIC... More information is flooding in by the day... Charges will be laid by various authorities...

kostag said:
it won't happen.

ASIC wont do it.

By being bankrupted, McIvor cannot operate a company for 3 years. That's all ASIC wanted anyway.
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Re: Equititrust: CHARGES?

kostag said:
it won't happen.

ASIC wont do it.

By being bankrupted, McIvor cannot operate a company for 3 years. That's all ASIC wanted anyway.
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3 years doesn't quite seem right. Should McIvor get the same amount of time as Average Joe who gets bankrupted after he loses his job and can no longer pay his mortgage? McIvor has disposed of hundreds of millions of other people's dollars, along with $100 mil of his own.

Tucker probably did Mark a favour. It all goes away now doesn't it? And in 3 years, he is free and clear of any debts and lawsuits. He doesn't even have to pay his own legal bills now whereas, the investors are still paying ... and paying ... and paying ... and paying ... until there's nothing left. Don't have much faith in ASIC - even if they do charge him and succeed, what are they gonna do - fine him? Pfffft! Yep, feeling a bit bitter this morning.
 
Re: Equititrust: CHARGES?

mate, this is the system
and you have laid out exactly what will happen
go back to one of McIvor's old annual reports where he talks about the public stocks and debtors being pilloried and fruit flung at them.... now might be just the time for the old stocks to be ste up in Gold Coast.

Bonne Chance said:
3 years doesn't quite seem right. Should McIvor get the same amount of time as Average Joe who gets bankrupted after he loses his job and can no longer pay his mortgage? McIvor has disposed of hundreds of millions of other people's dollars, along with $100 mil of his own.

Tucker probably did Mark a favour. It all goes away now doesn't it? And in 3 years, he is free and clear of any debts and lawsuits. He doesn't even have to pay his own legal bills now whereas, the investors are still paying ... and paying ... and paying ... and paying ... until there's nothing left. Don't have much faith in ASIC - even if they do charge him and succeed, what are they gonna do - fine him? Pfffft! Yep, feeling a bit bitter this morning.
Click to expand...
 
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