Equititrust?

[No Trust]

Deluded

Here we have someone who won't put their money where their mouth is... What on earth does a stupid, idiotic question without any basis about bankruptcy have to do with HALL CHADWICK lying to elderly retiree investors about not claiming fees from the funds...

Does the deluded one deny that they promised to not to take these fees from the funds ???

The quantum of fees is irrelevant to retiree investors, HALL CHADWICK'S statements at 2 meetings is the question. If they have made these statements as confirmed by David Whyte why on earth should investors talk to Hall Chadwick when it is abundantly clear to everyone except the deluded one that these fees are not payable from the funds... Case closed

Unless the deluded one can say that Hall Chadwick did not make these promises or face this specific issue all and sundry can see that he is merely trying to create a smoke screen and put investor's off making complaints to ASIC...

I will stand by David Whyte the (court appointed receiver ) and what he says below about HALL CHADWICKS actions.

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf

 

[No Trust]

Statement From David Whyte

Extract from David Whyte's Report

2.3 Claims by the Liquidators of EL

"I have previousty queried the basis of their claims and their right to claim against the EIF's assets
and bearing in mind:
I was already appointed to wind up the EIF at the time of their appointment and was the
Receiver of the EIF's assets;

The statements made by Richard Albarran at the first meeting of creditors where he
advised lnvestors of the EIF that his costs and expenses would not come out of the Fund;

The Court Order of 29 February 2012 (which the Administrators consented to) and which
clarified the roles of the various insolvency practitioners in order to save the duplication
of costs; and

Richard Albarran's confirmation at the second meeting of creditors that if Hall Chadwick
were appointed Liquidators of EL they would not seek reimbursement of any costs from
the EIF as Liquidators."

http://www.equititrust.com.au/Pdfs/...rts - 20130104 - 10th Report to Investors.pdf

 

[No Trust]

Unethical Behaviour

NO FEES ARE PAYABLE

The behaviour by Hall Chadwick as set out by David Whyte is totally unethical and nothing more than a money grab at the expense of innocent retiree investors...

 

[word75]

Re: Unethical Behaviour

NO FEES ARE PAYABLE

The behaviour by Hall Chadwick as set out by David Whyte is totally unethical and nothing more than a money grab at the expense of innocent retiree investors...

All may not be as it seems....HC may have eyes on a different prize. After all its my understanding that EL as RE and the holder of the licence had no assets or liabilities in its name. It was purely there as Conivors private piggy bank and repository of his proceeds of ....... whatever. This is where he parked the bucks and the vehicle he used for some of his joint ventures. Likely more bucks skimmed off the projects.. anyway I digress.

HC were almost definitely put into funds at the time the LEADER appointed them, but from where, well between $600-800k has not been accounted for says HC, I'm not implying. The issue of duplication has been well covered but what if the real prize HC are after is the $2.8mil of deferred fees that maybe due to EL. This was raised by Mr Whyte earlier in his administration. Technically speaking if HC got their hands on this then maybe the argument can be made that it came from EL and not the funds..again I'm not implying just saying where the dots appear to join up.

Now that might be worth a punt, stay in and run up a huge bill throw some money at a legal challenge and get those bucks. Again I'm not implying. As administrators/liquidators they can reverse transactions done up to 2 years prior to their appointment sometimes longer. Then one might ask where any balance of funds might go after they pay themselves.... The Big Mack has got to be a fair bet. Might be his get out of jail card so to speak. I'm not implying but you have to wonder, after all whats left to do but wonder?

I still think the truth is out there.

 

[No Trust]

Re: Unethical Behaviour

Word 75, I think something stinks, David Whyte (from an actually respectable firm) and the feedback I am getting from investors all can see there is something going here... The fact that this firm did not obtain the financial statements of the directors and then went and spent money on a stupid, idiotic investigation of the scheme proposed by McIvor (who appointed them) to change the RE via his idiotic mate (who has now been banned by ASIC) is testament to whose interests Hall Chadwick were acting for...

I made it abundantly clear that the RE would not be changed and that they would fail, despite "All Bran" publicly stating at one of the meetings that the RE needed to be changed...

I say it now, HALL CHADWICK WILL NOT BE PAID from any fees from the funds at the expense of the innocent elderly investors. McIvor financially raped these poor people and HALL CHADWICK made public statements on 2 occasions they will not claim fees from the funds…

Let’s see what a Supreme Court judge says on the matter particularly when David Whyte (who has been charged to preserve the funds’ assets by the Supreme Court) presents affidavits to the court regarding HALL CHADWICK’S duplicitous behaviour in attempting to deceive the investors.

I urge all investors to make complaints to ASIC and ask them to investigate the actions of Hall Chadwick and seek their intervention in the court proceedings. Hopefully Piper Alderman will also do something and intervene in the proceddings as well.

All may not be as it seems....HC may have eyes on a different prize. After all its my understanding that EL as RE and the holder of the licence had no assets or liabilities in its name. It was purely there as Conivors private piggy bank and repository of his proceeds of ....... whatever. This is where he parked the bucks and the vehicle he used for some of his joint ventures. Likely more bucks skimmed off the projects.. anyway I digress.

HC were almost definitely put into funds at the time the LEADER appointed them, but from where, well between $600-800k has not been accounted for says HC, I'm not implying. The issue of duplication has been well covered but what if the real prize HC are after is the $2.8mil of deferred fees that maybe due to EL. This was raised by Mr Whyte earlier in his administration. Technically speaking if HC got their hands on this then maybe the argument can be made that it came from EL and not the funds..again I'm not implying just saying where the dots appear to join up.

Now that might be worth a punt, stay in and run up a huge bill throw some money at a legal challenge and get those bucks. Again I'm not implying. As administrators/liquidators they can reverse transactions done up to 2 years prior to their appointment sometimes longer. Then one might ask where any balance of funds might go after they pay themselves.... The Big Mack has got to be a fair bet. Might be his get out of jail card so to speak. I'm not implying but you have to wonder, after all whats left to do but wonder?

I still think the truth is out there.

 

[No Trust]

One more bites the dust

As testament to the fact that David Whyte is doing an exemplary job another one of McIvor’s cohorts (Geoff Booth and wifey Helen Mackay) are in a bit of bother in the Supreme Court with their house being repossessed it seems.

Looks like good old Karma has caught up to the skateboarding, board short wearing Geoff Booth who has participated in some unsavoury property activities with his mate McIvor...

To show how pathetically desperate he was to cling on to the property he enlisted the help of none other "Marky Boy" to provide an affidavit on their behalf... One has to laugh at how this was perceived by the court…

On the 30th of January 2013 the freshly minted bankrupt, whose mummy doesn’t like him anymore provided an affidavit of support for his old partner in nefarious property activities…

Back on the skateboard Geoff, times up and David Whyte wants the money back buddy…

KARMA ‘S s a bitch…


http://apps.courts.qld.gov.au/esear...ocation=BRISB&Court=SUPRE&Filenumber=11850/12

 

[No Trust]

One more bites the dust

So McIvor provides an affidavit for Booth but no affidavit for dear ol mumsie, who soon has to vacate her luxurious abode on the hill...

 

[No Trust]

ASIC

Good to see ASIC showing an interest in the fee matter... Lets hope they take action against Hall Chadwick...

 

[No Trust]

Ouch

Looks like someone is getting close to the nerve... It's the old story, don't start fights you can't finish...

 

[Nsw10]

Hi Guys

Just wanted to ask you question. Does anyone know if MS ASIA the company David kennedy works for or owns has purchased the bad debt lent out by Equititrust ??

 

[No Trust]

Klink

I don't really see how this would be possible, given the appointment if a court appointed receiver...
Sycophant's like Kennedy though made some serious statements on this thread which are here for all to read... Remember in his own words... Who selected him ? McIvor of course the Gold Coasts newest Bankrupt...

 

[Goldie101]

Re: One more bites the dust

No Trust, do you think about what you say before you type or does it just flow out?

You say Whyte has done an exemplary job. I am not sure how you know this but this statement is directly contrary to your own ramblings that investor returns will be zero. How can Whyte be doing an exemplary job if investors get nothing back?

 

[word75]

Re: One more bites the dust

No Trust, do you think about what you say before you type or does it just flow out?

You say Whyte has done an exemplary job. I am not sure how you know this but this statement is directly contrary to your own ramblings that investor returns will be zero. How can Whyte be doing an exemplary job if investors get nothing back?

Ordinarily I wouldn't comment on the nonsensical ramblings of others but really Goldie101 how can I hold myself back when you post such ill informed tripe. With No Trust the volume of posts clearly indicates his FEELING of the issues and his intent to push his obvious disdain for the Mcivor Disaster,,, whatever his issues are I think most of the observers on this forum have come to accept his One Eyed View for better or worse it's still keeping the spot light on the mess that is Equititrust.

The reasoning behind some of your posts and questions at best can be explained as naive at worse subversive. I say naive here because no intelligent educated and impartial observer of the Whyte administration would utter such rubbish. WHAT YOU CLEARLY FAIL TO APPRECIATE IS THAT MR WHYTE IS NOT RESPONSIBLE FOR THE QUALITY OF ASSETS HE INHERITED AT THE TIME OF HIS APPOINTMENT. That was Mcivors doing yet we don't see you flaying comments in that direction. Ummmm.....100s of millions of property values clouded in smoke and manipulated with mirrors just evaporated before Mr Whyte was appointed.

You can't make a silk glove fom a sows ear nor can you change a dog of a property into a prestige must have. In short by the time Mr Whyte got there the dogs were all that were left. These ones were wearing inflated valuations on the Equititrust Books and are now being sold for THEIR REAL VALUE, which unfortunately means there I'll be nothing left...An example... The Quinlivan property is being offered for just 12% of its Equititrust Book Value supported of course by legally and independently appointed current valuations.

So yes David Whyte is doing a great job and in the circumstances we should all be grateful. Just because we don't like the news doesn't mean he's not doing a great job. Things could have been so much worse ... Hall ..should I spell it out or you

 

[Goldie101]

Re: One more bites the dust

Word75, your attack on me is not only ill-informed but it demonstrates gross naivety on your part (the very same things you accuse me of).

My participation on this site has (from the very beginning) been about promoting a balanced and accurate view and discouraging others from bullying or defaming people without adequate evidence.

I did not say that Whyte was not doing a good job nor did I say that he was doing a bad one. I don't know enough about what he is doing to make such a call and I suspect neither do you or No Trust. How did you possibly take what I wrote to be a criticism of how Whyte is doing his job? It was nothing of the sort.

The point of my post (and the only point) was to highlight the inconsistency in what No Trust was peddling. On the one hand he says Whyte is doing an exemplary job and on the other he says investors will get nothing. If success is not measured by return to investors how do you measure it? Simple arithmetic shows that it is almost impossible for investors to get a zero return as No Trust (and now you) appear to be peddling. An examination of Whyte's last report makes that pretty plain for one of even average intelligence to see. The question is not whether investors will get a return but rather how much of one they will get.

You comment that I fail to appreciate Whyte is not responsible for the quality of the assets he inherited or that you don't see me flaying comments in McIvors direction. Before making such comments surely you should at least read what I have said previously. For example, a previous post of mine (14 Nov 12) says "McIvor's conduct and shenanigans have cost investors tens (if not hundreds) of millions of dollars - when will he be stopped? Is he ever going to stop blaming everybody other than himself for Equititrust's demise. If he wants to know what caused Equititrust to fail then surely he need look no further than his closest mirror".

Who exactly is it that is ill-informed now?

 

[word75]

Re: One more bites the dust

Word75, your attack on me is not only ill-informed but it demonstrates gross naivety on your part (the very same things you accuse me of).

My participation on this site has (from the very beginning) been about promoting a balanced and accurate view and discouraging others from bullying or defaming people without adequate evidence.

I did not say that Whyte was not doing a good job nor did I say that he was doing a bad one. I don't know enough about what he is doing to make such a call and I suspect neither do you or No Trust. How did you possibly take what I wrote to be a criticism of how Whyte is doing his job? It was nothing of the sort.

The point of my post (and the only point) was to highlight the inconsistency in what No Trust was peddling. On the one hand he says Whyte is doing an exemplary job and on the other he says investors will get nothing. If success is not measured by return to investors how do you measure it? Simple arithmetic shows that it is almost impossible for investors to get a zero return as No Trust (and now you) appear to be peddling. An examination of Whyte's last report makes that pretty plain for one of even average intelligence to see. The question is not whether investors will get a return but rather how much of one they will get.

You comment that I fail to appreciate Whyte is not responsible for the quality of the assets he inherited or that you don't see me flaying comments in McIvors direction. Before making such comments surely you should at least read what I have said previously. For example, a previous post of mine (14 Nov 12) says "McIvor's conduct and shenanigans have cost investors tens (if not hundreds) of millions of dollars - when will he be stopped? Is he ever going to stop blaming everybody other than himself for Equititrust's demise. If he wants to know what caused Equititrust to fail then surely he need look no further than his closest mirror".

Who exactly is it that is ill-informed now?

Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining in the tainted portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns. So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance. The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances.

I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.

 

[Goldie101]

Re: One more bites the dust

Thank you for your clarification Word 75. Your post has shown me of your apparent inability to understand the most basic of concepts. It does not surprise me that you stand by comments that are so palpably wrong.

As I said in my earlier post, I have never questioned Whyte's performance - I don't have enough information to make an assessment of it and nor could you (unless of course you have access to Whyte's confidential reports, valuations etc which are certainly not publicly available). I doubt very much you do. Without such information you could not know what you claim to know.

I note that you also ignore my comment about my previous post but rather stand by what you said (which has been shown by me to be incorrect). You simply got it wrong but are not prepared to acknowledge that.

 

[No Trust]

Re: One more bites the dust

Word 75 you absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.

Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...

Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining in the tainted portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns. So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance. The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances.

I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.

 

[No Trust]

Re: One more bites the dust

Word 75 your absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.

Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...

Unfortunately you. I stand by my comments and offer this in addition. Mr Whyte has examined every asset remaining in the tainted portfolio prudently engaging appropriately qualified experts to report on them, reposition them where necessary and market them to achieve the best result. You would know this if you followed the progress of the individual assets through the marketing campaigns. So many other firms in this field would not have been as diligent or professional. The exemplary results referred to are as a direct result of his guidance. The point being that his measure of success is in the disposal of all assets and the successful winding up of the funds. Whether the return to the investors is 0c or 10c the result is still exemplary in these extreme circumstances.

I suggest you read up, do a little more digging behind the scenes make some calls, then you might be better informed.

 

[Mozzi]

Re: One more bites the dust

Word 75 your absolutely right, what our confused friend here fails to grasp is that David Whyte is doing a good job with the dogs he's been given. Any intelligent person who reads Goldie 's post can see that he is confused... The differential is that David Whyte is doing a job mandated by the court and is ensuring that Hall Chadwick do not charge the retiree investors for fees that they promised on 2 occasions not to charge. His job as a receiver is being executed properly as opposed to the smoke and mirrors being deployed by Hall Chadwick... In addition I believe that David Whyte has never been suspended by ASIC. The fact that Goldie does not want to face is the 2 statements made by "All Bran" about the fees. Look at his posts he runs like hell from this one and pretends it never happened.

Given the rate and amounts at which these assets are being sold, I am sorry to say that the return will be zero. Kostag and I predicted this and unfortunately if firms like Hall Chadwick don't butt out and stop duplicating costs our prediction will come to fruition...

Mr Whyte's ears must have been hurting! His report is online now!

 

[Brethren]

Re: One more bites the dust

Mr Whyte's ears must have been hurting! His report is online now!

Key early points from a quick first-reading of the latest report seem to be:
- investors should be making other investors aware of the letter they can take to Centrelink for SOME relief on that front;
- investors need to be pushing other investors to join the Class Action;
- Mr Whyte might be well advised to hold off his finalisation of the position re McIvor Super Fund and whether it ranks in front of ordinary investors until after the Piper Alderman public examinations. IF Piper know the right questions to ask it really will open the possibility of making a claim that some/all of that +$3million of super is unfair/unjust/reversible payments owed back to the Fund;
- the public gallery ought to be crammed to the rafters for the public examinations and everyone be taking careful notes because more than a few nuggets of valuable info should drop out of those !