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Equititrust?

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Re: Carless??

Mozzi said:
:rolleyes:

Rumour has it that Mark McIvor thinks he is so great, he can actually WALK ON THE BROADWATER!!!!
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SO HERE IT IS AT LAST - MR WHYTE'S 10TH REPORT ONLINE NOW!!!!!


DOWN DOWN - PRICES ARE DOWN........................
 
Receivers Report

As predicted on this thread, the return to investors looks like heading towards zero...
If you read the report, it now seems Hall Chadwick are also attempting to claim their fees from the income fund despite promising not to do so... Throw that into the mix, interest charges, receivers fees and dwindling property prices and the figure will be nil. So much for the detractors who said this will never happen...
 
Re: Carless??

Well I guess he could always ring mumsie for a lift...

Karma really is a magnificent leveller...

Bonne Chance said:
Rumour has it, Mark McIvor was last seen WALKING along the Broadwater because his car has been repossessed.
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Re: Receivers Report

No Trust said:
As predicted on this thread, the return to investors looks like heading towards zero...
If you read the report, it now seems Hall Chadwick are also attempting to claim their fees from the income fund despite promising not to do so... Throw that into the mix, interest charges, receivers fees and dwindling property prices and the figure will be nil. So much for the detractors who said this will never happen...
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Is it just me but isn't the issue hidden in the fine print. Even if all the properties are sold by the receivers and every expense paid out in full, from what minuscule sum remains $3,3mil will be deducted and paid into Mcivors superannuation account. That is before unit holders see a cent and you all thought that Mcivor letting himself be bankrupted was the end of it. In Bankruptacy his superannuation is protected and as is the case here, with a self managed super fund he can invest those funds pretty much in any company or shares he wishes. Even one where he is the "silent or de facto " director.

Seems his move was smart after all, so living in Salerno st Isle of Capri is within the budget.

The unanswered question is when he took his money out of his super fund and lent it to the EIF at 15% was it a prescribed investment protected by the bankruptcy act or is it now exposed to his creditors. Then is the question how did so much money go into his super fund presumably paid by Equititrust when Equititrust was possibly insolvent in 2008. Whose money is it really.
 
Re: Receivers Report

word75 said:
Is it just me but isn't the issue hidden in the fine print. Even if all the properties are sold by the receivers and every expense paid out in full, from what minuscule sum remains $3,3mil will be deducted and paid into Mcivors superannuation account. That is before unit holders see a cent and you all thought that Mcivor letting himself be bankrupted was the end of it. In Bankruptacy his superannuation is protected and as is the case here, with a self managed super fund he can invest those funds pretty much in any company or shares he wishes. Even one where he is the "silent or de facto " director.

Seems his move was smart after all, so living in Salerno st Isle of Capri is within the budget.

The unanswered question is when he took his money out of his super fund and lent it to the EIF at 15% was it a prescribed investment protected by the bankruptcy act or is it now exposed to his creditors. Then is the question how did so much money go into his super fund presumably paid by Equititrust when Equititrust was possibly insolvent in 2008. Whose money is it really.
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Law or no law, buggered if the investors superannuation money should take a back seat to his under any circumstances! Think there might be a few challenges to that one!
 
It's good to Colin Kruger from the SMH keeping the spotlight on McIvor...
 
What's Next

It looks like even more controversy is about to emerge...
 
Spilling the beans

Who has been spilling the beans to authorities ???
 
ZERO return

1. return to investors will be NIL as we have predicted for nigh on 2 years
2. McIvor will get his superannuation payout ahead of INVESTOR interests
3. DLA Fox class action will lose traction
4. ASIC will not large any significant charges
5. AFP will do nothing
6. a compromise deal will be done to settle with McIvor appointed Hall Chadwick.

what else does anyone need any help with? :banghead:
 
Re: ZERO return

There may be a few surprises over the coming weeks and months...

Where Kostag is right though and I have fully supported his assessment from the beginning is that the return will be zero...

Just draw a chart of the estimates since David Whyte was appointed and any financial analyst with half a brain will tell you that once the receivers skin this cat and Hall Chadwick take the flesh off the bones there will be nothing left. What I can't understand is why Hall Chadwick lied and said they would not claim fees from the fund... Oh hang on I can understand they are receivers right...



kostag said:
1. return to investors will be NIL as we have predicted for nigh on 2 years
2. McIvor will get his superannuation payout ahead of INVESTOR interests
3. DLA Fox class action will lose traction
4. ASIC will not large any significant charges
5. AFP will do nothing
6. a compromise deal will be done to settle with McIvor appointed Hall Chadwick.

what else does anyone need any help with? :banghead:
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Re: ZERO return

kostag said:
1. return to investors will be NIL as we have predicted for nigh on 2 years
2. McIvor will get his superannuation payout ahead of INVESTOR interests
3. DLA Fox class action will lose traction
4. ASIC will not large any significant charges
5. AFP will do nothing
6. a compromise deal will be done to settle with McIvor appointed Hall Chadwick.

what else does anyone need any help with? :banghead:
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No doubt you are absolutely correct on all points - investors have had no wins so far!

Help? (1) What is DLA Fox action? Is this still to do with Equititrust?

(2) Does anyone know if Piper Alderman are still only working for 39 investors out of the large numbers affected? Doesn't seem to be a very economical proposition for them!
 
Re: ZERO return

SORRY MY MISTAKE NOT DLAPHILLIPS FOX - the class action is PIPER ALDERMAN - my mistake - sorry!!!!!

kostag said:
1. return to investors will be NIL as we have predicted for nigh on 2 years
2. McIvor will get his superannuation payout ahead of INVESTOR interests
3. DLA Fox class action will lose traction
4. ASIC will not large any significant charges
5. AFP will do nothing
6. a compromise deal will be done to settle with McIvor appointed Hall Chadwick.

what else does anyone need any help with? :banghead:
Click to expand...
 
Re: Class Action

No Trust said:
Good to see the class action proceeding... This is just the beginning of this year's proceedings...

http://www.lawyersweekly.com.au/news/pipers-not-planning-class-war
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Sadly No Trust I don't believe there is a class action afoot with Piper Alderman.
I'm reliably informed that 39 investors are not enough to get it started but more importantly Piper Aldermsn are not funded to proceed. You may wish to phone them yourself and see if there is a clear assurance. They have not made a definitive announcement in any forum nor have they shown any appetite to bring even the simplest of claims to kick things off...... which could then allow further particulars and claims to be made.
1400 plus investors have lost their life's savings to a man who has publicly announced that he has made $100million dollars lets o the math.

$500million under management now gone he makes $100million and in the space of a year he claims it's all gone and what's beyond belief is that he is bankrupted, filed his "statement of affairs" and again I'm led to believe no Public Examination is planned as his Trustee is unfunded to proceed to court. So in short nobody is even prepared to fund an examination of the bankrupt under oath.

If that's not enough to wilt our hearts then knowing his millions of super, that's his super not the investors super is protected from his creditors. In fact when he gets hold of it he can deal with it as he wishes with no impediment other than the normal constraints pertaining to self managed super funds. Now he has filed his statement of affairs it's feasible he I'll be discharged in 3 years maybe even less if he annuls his bankruptcy using funds from wherever.

Why don't the investors contact Worrals Qld and offer kick the tin, surly it wouldn't take much money to fund an examination. Sadly the big banks look like being repaid in full so they have no interest in funding such a venture.

BDO have no interest in examining him, it's not their job to chase him or the other directors, only sell the assets and wind up the funds so what's left?

Hall Chadwick have one what since Mcivor appointed them, they can examine him but they won't, and claiming $800k plus just rubs salt in the wound.

Maybe investors should contact either Maurice Blackburn, Slater and Gordon or DC Legal and see if either of these successful class action firms wish to take on these crooks
 
It is as it is.

Word75, I'm not surprised. In many cases a law firm might spruik to get a shoe in the door (so to speak) - gettting a claim up and going is another thing altogether.

Your point about superannuation done no more than aggrevate my tinnitus.

Sometimes truth is harsh - too bloody harsh.

In relation to public examinations - in particular, those held by Trilogy on behalf of the PFMF:
http://www.moneymagik.com/imf_litigation.mp3
(Conversation late 2012 between a fund member and Rodger Bacon of Trilogy Funds Management - dig that Chinese background music)
 
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