Equititrust?

[No Trust]

This is not the first time Tucker has acted like this when taking innocent peoples homes... Looks like the universe has come back with some Karmic force to expose Tucker for what he actually is... Many in the Brisbane Legal Fraternity have known for years...

Lets pray that his home is finally taken from him...

"Do unto others as you would have them do unto you" Matthew 7:12

"He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”.

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said."

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

 

[No Trust]

HYPOCRITES OF THE HIGHEST ORDER CAUGHT ​

This was a deal in the best interests of Tucker and Kennedy, yet they feigned such care for the interests of investors in their affidavits reported on by Anthony Marx of the Courier Mail below. These two were directors and knew the true value of the assets... How many hats can Tucker wear ??? Company Lawyer for Equititrust, Director and now secret buyer of the assets at 10 times below their true value ??? This stinks to high hell...
Tucker and his firm act as insolvency lawyers... After this revelation which receiver / liquidator in his right mind would let Tucker or his firm act in any insolvency matter... This is just not right and I commend the Liquidator's in this instance commencing proceedings...

"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."

+


Anthony Marx, Courier Mail
October 20, 2011
But Equititrust's woes deepened further yesterday when former board member David Tucker filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.

Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments rather than see the fund's assets sold off so money can be returned to 1760 mostly senior investors.

"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the detriment of investors," Mr Tucker wrote in a 44-page affidavit.

"McIvor is not a fit and proper person to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does not appreciate his statutory duties or what is in the best interest of investors. Nor is he committed to a proper and orderly winding up of the funds."

Mr Tucker alleges that the fund should investigate legal action against former directors, including Mr McIvor, over the making and oversight of prior loans which have gone bad. His statement says such a probe, as well as dealing with a potential class action against the fund, will not occur while Mr McIvor is in control.

Mr Tucker is a Brisbane lawyer who was kicked off the board last week by Mr McIvor following changes to the company constitution.

Former chief executive David Kennedy, who also resigned last week along with most of the board and several key senior employees, has filed an affidavit backing up Mr Tucker's case, which will be heard next Thursday.

http://www.couriermail.com.au/busin...fa6459fcb?sv=81420135f64919e9522784c49cbd3ed6

 

[No Trust]

This is what Tucker said about McIvor :

"McIvor is not a fit and proper person to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does not appreciate his statutory duties or what is in the best interest of investors. Nor is he committed to a proper and orderly winding up of the funds."

Did Tucker and Kennedy act in the best interests of investors ??? Their actions do NOT pas the smell TEST... In fact looks like the Sh#t's hit the fan big time...

 

[No Trust]

Looks like Friar Tucker's salacious little deal with Colonel Kennedy is really garnering some interest... I am reliably informed that various authorities are now looking at the deal and why innocent retirees were not the beneficiaries of the "windfall"...

Fingers are being pointed as to who dobbed the miscreants in and there are a few notable suspects. In any event grab your popcorn folks as the back stabbing is about to commence at a furious pace... Expect the liquidator to commence proceedings against Tucker and Kennedy in the near future.

Prosecutors should also have a close examination too...

 

[No Trust]

Its all starting to come together

Hall Chadwick Report to Creditors 1 February 2017

6. Federal Court Examinations
Following the receipt of information from former directors of the Company and certain beneficiaries of the EPF, provided in confidence, I commenced investigations in relation to various transactions. A summary of the key events and action taken to date is listed below:
• AET SPV Management Pty Ltd ("AET") was a joint venture vehicle involving, amongst others, Morgan Stanley Australia Ltd and Balmain NB Commercial Mortgages Ltd. AET acquired the Australian loan book of Bank of Scotland International ("BOSI"). BOSI was a banker to the EPF and was owed approximately $7 million ("the BOSI Debt").

• MS Asia Debt Acquisition Limited was incorporated in Hong Kong in June, 2012. In July, 2012, it acquired the BOSI Debt from AET, together with associated securities.

• I have arranged funding to further investigations into the above and to conduct a claim, should I decide to proceed. The litigation funder is Vannin Capital Operations Limited ("Vannin"). On 1 December, 2016, the Supreme Court of Queensland approved the Liquidators' entry into the litigation funding agreement with Vannin and also the retainer of solicitors, Russells, to continue the investigation of these matters and, subject to further review, to institute legal proceedings in relation to these matters, should I decide to proceed.

• The subject matter of the claims under investigation is highly sensitive. There are also issues of confidentiality and legal professional privilege. The claims are the subject of written opinions from two separate Senior Counsel. Those opinions, and substantial other evidence, were tendered to the Supreme Court of Queensland on the application for approval of the litigation funding agreement and the retainer of Russells. The proceedings in the Supreme Court of Queensland have, for those reasons, been sealed, by order of Justice Burns made on 1 December 2016.

• On 19 January, 2017, the Liquidators succeeded in an application to the Federal Court of Australia for orders for the examination of certain persons in relation to these matters. The application was heard by Justice Greenwood. The court's brief reasons are here: http://www.judgments.fedcourt.gov.au/judgments/Judgmentsfica/sinqle/2017/2017fca 0016

• Creditors and investors will note the following from the judgment:
o In relation to the application under s 5968, the application is supported by an affidavit as required by s 596C(1). Section 596C(2) provides that the affidavit in support of that application "is not available for inspection except so far as the court orders". The statute thus contemplates that the factual circumstances in support of the application under that section will not be publicly disclosed except so far as the Court orders. The affidavit of Mr Russell in support of the application for orders under s 5968 addresses factual matters which seek to establish that each summons is directed to "the corporation's examinable affairs".
o Having regard to s 596C(2), I propose to be circumspect about the factual matters I recite in these reasons going to the question of whether the applicants have demonstrated that each summons concerns an examination about a corporation's examinable affairs.

• His Honour therefore made the following order:-

o Subject to any matters of fact addressed by the Hon Justice Greenwood in reasons for judgment published arising out of the Court's consideration of an application by the applicants filed on 22 December 2016, the contents of the applicant's written outline of submissions dated 18 January 2017 be treated as confidential, pursuant to s 37AF of the Federal Court of Australia Act 1976 (Cth) (the "FCA Act') until further order and not be provided or disclosed to the public except with the leave of a Judge of the Court, having regard to s 37AG(1)(a) of the FCA Act.
• Finally, pursuant to Section 596C of the Act, the affidavit filed in the Federal Court for the orders for examination under Section 596B of the Act is not available for public inspection.
• In conformity with the approach of both Courts, the liquidators are, at this stage, unable to provide any more details of the claims which we are considering.
• The examinations will take place both in Brisbane and Sydney. The dates of the Sydney examinations are set for 8, 14 and 15 March 2017. At the time of writing this report only the first return date for the Brisbane examinations has been set to be held on 22 February 2017. I will inform creditors should further dates be set.
• For reasons of efficiency and economy, we propose to confine the first round of the examinations to certain examinees and also to secure certain documents from various companies, banks etc. Once this first round of examinations is concluded, the Liquidators will give further consideration to the claims under investigation. The Liquidators will then consult with Vannin. I may conduct further examinations either of persons already examined or of other persons, including, possibly, former officers of the Company. I may commence proceedings.
I expect that I will be able to provide more information once the first round of examinations has been concluded, since they will be conducted in public. Please accept the above as notice of the examinations as required by Section 596E of the Act.

http://www.equititrust.com.au/Pdfs/...orts - 20170201 - Report to the Creditors.pdf

 

[No Trust]

These two have a lot of explaining to do...

 

[No Trust]

ASIC Organisational Search which is a public record is interesting reading...

http://www.equititrust.com.au/Pdfs/Notifications/20111119/Affidavit_Ashley_Tiplady_19112011.pdf

 

[No Trust]

Wow, Kostag who started this thread really outlined a harbinger of what was to come with Kennedy, little did we know that company lawyer Friar Tuck would go along for the ride...

I'm an Equititrust investor - historically, all has been good - bit I am hearing some disquieting developements - such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge - same auditors as MFS used - same business model - and even Royal Bank of Scotland loans outstanding/overdue. There was a press write up about a loan to Al Konstaninidis going bad etc - and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.

 

[No Trust]

It appears Tucker is about to go through what he was dishing out to innocent individuals for years... Tucker deserves everything that's about to hit him, unfortunately for him he doesn't realise the extent of it yet.

 

[No Trust]

McIvor's Judgement
Given recent events, WTF was McIvor thinking in having anything to do with these two miscreants ?
Oh that's right birds of a feather... But this time it looks like they'll all get fu##ed together...

 

[No Trust]

Tucker and Kennedy in this candid photo working hard to protect "innocent" elderly retiree investors of Equititrust... Thanks for your valiant efforts guys...

 

[No Trust]

Friar Tuck and Colonel Kennedy
Given Tucker and Kennedy's roles at Equititrust and their Public Declarations of concern for the elderly investors of Equititrust, how on earth could they conceal that assets were being sold at 10 times below true value... TO THEM !!!

The conflicts here are beyond belief. We have the company Lawyer / Director and the CEO entering into a transaction of this nature which on ALL levels is wrong wrong wrong...

 

[No Trust]

What will be interesting to come to light from the Public Examinations, is how much interaction both Tucker and Kennedy had with Bank of Scotland during their tenure at Equititrust..

Both one would assume (in their dealings with Bank of Scotland) would have been acting in "the best interests" of Equititrust and one would also assume in turn in the best interests of investors..

Given their special relationship with the company and in turn their obligations post Receivership / Liquidation a reasonable person would ask how much disclosure was given to the liquidator by both former office holders..

 

[No Trust]

More investigations underway in to the the Bank of Scotland Debt...

 

[No Trust]

Expect some further revelations...

 

[Done With That]

I've been waiting to see when the Bulletin or Courier Mail will print the story of these so-called trusted lawyers ripping off pensioner investors like me ... their readers.

NOTHING!!!

These guys posed as the white knights to save us investors!

I thought McIvor was to blame. Much as I don't like McIvor seems like he was telling the truth about the banks and lawyers manipulating the game and taking all the money including his and leaving us poor bastards with 10 cents on the dollar.

So how will the truth come out if the media won't print the story?

 

[No Trust]

Mmmmmmm this sounds a lot like McIvor to me... Pensioner indeed... LOL

McIvor created this disaster, appointed Kennedy and employed Tucker as his henchman ... Where was his judgement ???

Further as for McIvor telling the truth.... Well this speaks for itself...

"The Australian Securities & Investments Commission said Mr McIvor, of Labrador, had repeatedly broken financial services laws and was “not of good fame or character”."

http://www.theaustralian.com.au/bus...s/news-story/bf662a156221de2805e864263952d31d

McIvor , Tucker and Kennedy the miscreants that they are all have innocent retiree investor's blood on their hands...

I've been waiting to see when the Bulletin or Courier Mail will print the story of these so-called trusted lawyers ripping off pensioner investors like me ... their readers.

NOTHING!!!

These guys posed as the white knights to save us investors!

I thought McIvor was to blame. Much as I don't like McIvor seems like he was telling the truth about the banks and lawyers manipulating the game and taking all the money including his and leaving us poor bastards with 10 cents on the dollar.

So how will the truth come out if the media won't print the story?

 

[Done With That]

You're right. They all have blood on their hands. Sent me to the wall. Not a lot of money perhaps by your standards but it kept me out of Centrelink - then.

People should know about this. But how come the local papers haven't reported what's being uncovered in the McIvor, Kennedy and Tucker bloodbath?

I tried to put it all behind me and get on with life but now it seems we might get something back or am I reading this wrong?

 

[No Trust]

The matter is being reported by the press...

Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’

"The former chief executive and the company lawyer of the Gold Coast’s failed $250 million Equititrust finance group bought key fund assets for $2m when they were worth 10 times that amount, a public examination in Sydney has heard."

"Former Equititrust CEO David Kennedy and Brisbane lawyer David Tucker of Tucker & Cowen Solicitors allegedly bought the outstanding “loan book” of Equititrust for $2m, later allegedly claiming they expected to make a “$26m return” on the deal."

"Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”."

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said.

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

 

[No Trust]

The only guys who got something back are Tucker and Kennedy...
Nice little deal for them at everyone else's expense. McIvor solely to blame for involving those two in Equititrust. His lending to the likes of King Con etc and lack of business acumen to blame for the disaster.