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Equititrust?

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Re: Equititrust: CHARGESS?

NO TRUST - dont hold your breath - it wont happen.

No Trust said:
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...
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Re: Equititust and Centrelink

If I understand the current situation, Equitrust investors' still face the nasty situation that their 'assets' while frozen, damaged or destroyed still count for Centrelinks' pension means test. Please correct me if I am wrong in this, or my information oudated.

I was just reading a recent Administrators report for Provident Capital and I noted that their Administrator has negotiated agreement from Centrelink that their investments no longer count for means-tests. http://www.ppbadvisory.com/uploads/i284-Notice-to-Debentureholders-3-December-2012.PDF ( second last page of this 4 page report ).

I am no expert in this area - perhaps someone with knowledge would assist readers by explaining why the two cases are treated differently?

Thanks
 
Re: Equititrust: CHARGESS?

Normally I would agree with you, however in this instance there may be quite a surprise in the New Year for McIvor from authorities currently investigating the matter... It's painful to hear your own words played back to you....

kostag said:
NO TRUST - dont hold your breath - it wont happen.
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Re: Equititrust: CHARGES?

Getting McIvor into the stocks could lighten my mood a little and would definitely add to his humiliation. It would likely give us more satisfaction than the justice meted out to date.

Could you organise it Kostag, as a Christmas present for us all? I'll bring the rotten fruit.

kostag said:
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.
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Re: Equititrust: CHARGES?

McIvor advocated the Public Stocks for others and yet he may be the one whose neck could be firmly fastened in one...

Who is paying the rent at the luxury abode whilst retiree investors starve again at Christmas. No income and no pension all due to McIvor and his reckless gambling on King Con...

Bonne Chance said:
Getting McIvor into the stocks could lighten my mood a little and would definitely add to his humiliation. It would likely give us more satisfaction than the justice meted out to date.

Could you organise it Kostag, as a Christmas present for us all? I'll bring the rotten fruit.
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Equititrust

The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous. These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008. Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid. In reality, these investors were getting their own capital back but it was being treated as interest.
The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
However, the position gets worse. They now have a capital loss.
The idiots in the bureaucracy justify this by saying that these investors have the benefit of a capital loss which they can use in the future.
How can a retiree investor, whose capital has been wiped out, ever make a capital profit to use the capital loss?
What the government must do is to bring in a system where they require and insolvency expert to give a declaration as to the date that they believe that the Fund was insolvent. All payments then made from a declared insolvent Fund, are deemed (even if it is retrospectively) to be a partial return of capital. Then investors would be able to amend their Tax Assessments for those years in which they declared receipts as income. They would also be able to retrospectively apply for social benefit.
There has to be some equity in the system. At the moment it stinks.
 
Re: Equititrust

kostag said:
The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous. These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008. Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid. In reality, these investors were getting their own capital back but it was being treated as interest.
The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
However, the position gets worse. They now have a capital loss.
The idiots in the bureaucracy justify this by saying that these investors have the benefit of a capital loss which they can use in the future.
How can a retiree investor, whose capital has been wiped out, ever make a capital profit to use the capital loss?
What the government must do is to bring in a system where they require and insolvency expert to give a declaration as to the date that they believe that the Fund was insolvent. All payments then made from a declared insolvent Fund, are deemed (even if it is retrospectively) to be a partial return of capital. Then investors would be able to amend their Tax Assessments for those years in which they declared receipts as income. They would also be able to retrospectively apply for social benefit.
There has to be some equity in the system. At the moment it stinks.
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Hear, Hear!

Well said Kostag - I, for one, agree with all you say. I particularly agree with your comment in relation to income tax.

Some pointers -- when NOT TO invest in an MIS - http://www.moneymagik.com/why_not.php
 
Re: Equititrust

kostag said:
The whole system with respect to investors (particularly retirees) locked into defunct funds is outrageous. These elderly have no political or financial muscle and are simply raped and pillaged by all and any.
In the case of Equititrust, there seems little doubt that the Fund was insolvent from sometime late in 2008. Despite this, some payments were made to investors to make them feel that the Fund was still solvent and liquid. In reality, these investors were getting their own capital back but it was being treated as interest.
The effect of this was that they were taxed on the interest income and were unable to get social benefit because of their income level.
In reality, they were receiving their own capital back and should never have been taxed and should have, in the ordinary course, be entitled to some social benefits.
However, the position gets worse. They now have a capital loss.
The idiots in the bureaucracy justify this by saying that these investors have the benefit of a capital loss which they can use in the future.
How can a retiree investor, whose capital has been wiped out, ever make a capital profit to use the capital loss?
What the government must do is to bring in a system where they require and insolvency expert to give a declaration as to the date that they believe that the Fund was insolvent. All payments then made from a declared insolvent Fund, are deemed (even if it is retrospectively) to be a partial return of capital. Then investors would be able to amend their Tax Assessments for those years in which they declared receipts as income. They would also be able to retrospectively apply for social benefit.
There has to be some equity in the system. At the moment it stinks.
Click to expand...

SPOT ON, the retiree's who have worked hard all their lives and contributed to this country cannot even get a pension yet an asylum seeker gets an income and a colour tv. Maybe the answer for Equititrust retiree's is to renounce citizenship and then re enter the country illegally by boat. McIvor may even volunteer to captain the boat. Hang on that mightn't be such a good idea as he has history if running ships into the rocks...
 
The miserable McIvor's are in the news again today...

Mark McIvor's mum to lose home


http://www.goldcoast.com.au/article/2012/12/15/443738_crime-and-court-news.html

Even if they bankrupt McIvor's co conspirator otherwise known as his "loving mother" she will be able to get an old age pension as opposed to McIvor's elderly investors who cannot get a pension due to their poisonous investment in Equititrust...

Looks like the McIvor clan may have to pitch a tent somewhere now that all their property has been taken away...

One scandal after another, but wait there's more and the exposure of the McIvor's who have flown under the radar for many years will continue...
 
As predicted when this saga started Westpac knew what they were doing and they could see through the McIvor scam and enforced their rights and will now repossess the home...

McIvor's gifts just keep on giving...

"She was told by independent solicitors that she might go bankrupt and lose her home," he said. He found, therefore, the bank had a right to enforce the mortgage, repossess the home and also seek $9.54 million in outstanding debt.

http://www.goldcoast.com.au/article/2012/12/15/443738_crime-and-court-news.html
 
Talk about a life built on SMOKE and MIRRORS

not only $500M of other peoples' money to squander BUT burnt-up family , friends, potential in-laws - was anyone safe?

How smart was this guy?

You couldn't have a bigger write off even if you stood in QUEEN STREET and handed out money to strangers and asked them to promise to bring it back one day....


No Trust said:
As predicted when this saga started Westpac knew what they were doing and they could see through the McIvor scam and enforced their rights and will now repossess the home...

McIvor's gifts just keep on giving...

"She was told by independent solicitors that she might go bankrupt and lose her home," he said. He found, therefore, the bank had a right to enforce the mortgage, repossess the home and also seek $9.54 million in outstanding debt.

http://www.goldcoast.com.au/article/2012/12/15/443738_crime-and-court-news.html
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What's next ?

Ok, what I don't get is how a bankrupt can afford to be living in a rented mansion on Isle of Capri...
Lets hope the bankruptcy trustee puts an end to this and also looks into the driveway full of European cars...

Disgusting greedy behaviour whilst retiree investors starve at Christmas...

Merry Bankruptcy...
 
Merry McIvor Christmas

Given the latest media revelations about the dysfuctional McIvors the final Christmas get together at mumsies home should be interesting...

Maybe they can all move in together on Isle of Capri :)
 
Re: What's next ?

There's money somewhere. One doesn't have $100 mil in personal assets without having a 'rainy day' account. He knew the writing was on the wall so he had time to establish it and fill it up. Can we get travel itineraries for the last 5 years?

It's just a question of who knows where it is. Come out, come out, whoever you are!

No Trust said:
Ok, what I don't get is how a bankrupt can afford to be living in a rented mansion on Isle of Capri...
Lets hope the bankruptcy trustee puts an end to this and also looks into the driveway full of European cars...

Disgusting greedy behaviour whilst retiree investors starve at Christmas...

Merry Bankruptcy...
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Re: What's next ?

There is money there paying the rent for this luxury lifestyle, the bankruptcy trustee needs to investigate this immediately...

Bonne Chance said:
There's money somewhere. One doesn't have $100 mil in personal assets without having a 'rainy day' account. He knew the writing was on the wall so he had time to establish it and fill it up. Can we get travel itineraries for the last 5 years?

It's just a question of who knows where it is. Come out, come out, whoever you are!
Click to expand...
 
What's next ?

It might be a good idea for people with information about excessive income and luxury lifestyles to contact the bankruptcy trustee... Elderly retiree investors starve at Christmas whilst McIvor kicks back in a luxury mansion...
Disgusting behaviour of the highest order...
 
Gold Coast Bulletin

Gold Coast Bulletin Page 48

Mark Mcivor saga continues

"THE Mark McIvor property serial enters another chapter next month when receivers will try to sell a second major riverfront property associated with the newly bankrupt Equititrust founder.

The property, in Southport’s Korong St, sits on a 1608sq m site that houses an older-style three-bedroom abode.

It was bought through companies MM Holdings and SM Capital in 2005 for $5.7 million. In January a McIvor riverfront home on Cronin Island sold for $6.75 million in a controversial deal."
 
Greed

My oh my the saga just keeps on keeping on for this poverty pack bankrupt...

So this is where investors money went via scalping excessive fees as outlined by Piper Alderman...

And of course newly appointed cafe chick wifey Racey Stacey had her lot protected via a half interest in the property... Lets hope she also plonked down a personal guarantee to the bank like her "favourite" mother in law...
Greed Indeed...
 
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