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Equititrust?

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Equititrust - Greyhound Racing

Well, loans to King Con using retiree investors’ money, and now dabbling in Greyhound Racing in Northern New South Wales... It looks like Equititrust has really gone to the dogs..

The cowboys from the Gold Coast just keep on polishing those white shoes don’t they..
 
Interim Financials

STILL NO INTERIM FINANCIALS AS PROMISED
 
Who is the fraudster now Mr Kennedy? Why the sudden drop in Buffetman posts?

Buffettman said:
Thanks Kostag for the info. I wasn't aware that Equitytrust had the same business model as MFS. I didn't even know they had a tourism business nor did I know they were a listed company. Can you please tell me a bit about these? What tourism businesses do they invest in? What is the stock code for Equitytrust? I couldn't find it.

Isn't that Al guy the one who was involved with Paul Keating in the piggery business? Isn't he on criminal charges now for fraud or something?
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Kostag and No Trust.

The loan summary provided to us by Equititrust, in Loan 19, they make reference to the sale of water licences worth 1.75m. This has now fell over and Equititrust has lost its opportunity to sell these to the crown.

ANOTHER LOSS.
 
Re: Interim Financials

There is simply no disclosure which is causing concern among investors.

Equititrust come out with this lovely storey how they will be Liquid in 2011, then shortly after the papers bring to our attention all of these failed loans.

What are we to do?

They simply wont give us the information required to assess the company's ability to continue as a going concern... While at the same time guzzling a "Management Fee" and ridiculous return on the subordinate investment. :banghead:

No Trust said:
STILL NO INTERIM FINANCIALS AS PROMISED
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Re: Equititrust. beware ides of march

I think anyone reading these threads has a pretty good idea what the interim financials must look like. I made a prediction months ago about the Ides of March. I am sticking to that prediction. I think that clearly there is now evidence of King Con Quinlivin receiving large amounts of funds from Equititrust and he and his sons being put in control of other Equititrust lian assets with large amounts of funds being somehow diverted to him
 
What were they thinking

Seriously, what were they thinking when they lent money to King Con... The reason investors are in the quagmire they are now in is a direct result of the appalling lending decisions that were made. Now it is revealed that there is another $10M exposure to another failed Gold Coast Developer and yet Equititrust is not concerned..

It will take years to realise these loans, whilst investor's money is kept hostage. The GFC excuse peddled by Equititrust does not cut it anymore once the truth has been revealed about loans to the ilk of King Con.

This is not what retiree investor's signed up for. Imagine an Equititrust commercial on TV outlining that loans were to be made in the tens of millions of Dollars to King Con..

How many retiree investors would have invested their hard earned retirement money ??

Let’s get the promised Interim Financials and Auditor's report which is due to be lodged with ASIC tomorrow and find out what is really going on.. Self preservation is one thing but people’s future is another. If the situation going forward is financially untenable then reality has to be faced and the fund needs to be wound up..
 
Interim Financials - Promise Not Kept

Below is an extract from a post on this Web Site Thread directly from Equititrust.

16th-February-2011 10:10 PM

(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and will be completed and posted on our website well prior to the ASIC deadline of 16 March 2011;


The PROMISE to post the Interim financials ‘Well prior to the ASIC deadline of 16 March 2011” has not been fulfilled. NOTHING has been posted on the Equititrust Website..


To all investors and stakeholders this broken promise by Equititrust as to the publication of its financial statements is of great concern as it is now clear the company publically states one thing and does another..

Interim Financials please Equititrust..
 
Re: Interim Financials

Becoming liquid in 2011 is akin to Equititrust previously saying the 50M capital raising will go ahead. Look what happened to that when ASIC stepped in and put a stop to that.

But days before that the picture was made out to be rosy and they were even encouraging people to tell their friends to invest.. The Sydney morning Herald Story by Colin Kruger in January shone a spotlight on the issue and deservedly so. ASIC had no choice but to step in and thankfully saved many other investors the misery that current investors now have to endure going into Year 3 of their funds being frozen.

To rub further salt into the wounds of the retiree investors, revelations in the national media of loans to King Con on stagnating development sites; while Equititrust takes hefty management fees for a disaster that it created. To have mismanaged retiree investors’ money on loans of this nature is a SHAMEFUL ACT by Equititrust.



zencorp said:
There is simply no disclosure which is causing concern among investors.

Equititrust come out with this lovely storey how they will be Liquid in 2011, then shortly after the papers bring to our attention all of these failed loans.

What are we to do?

They simply wont give us the information required to assess the company's ability to continue as a going concern... While at the same time guzzling a "Management Fee" and ridiculous return on the subordinate investment. :banghead:
Click to expand...
 
Equitisolve

The question that needs to be put to Equititrust by the Media is whether King Con was actually used by Equititrust in any project management or recovery role on any of its other loan assets.

The business relationship between King Con and Equititrust needs TO BE PUT INTO THE SPOTLIGHT. Maybe the answer is EQITISOLVE..
 
ASIC Deadline Has Passed - No Financials

The ASIC Lodgement date of 16 March has passed and still no interim Financials on the Equititrust Web Site.. Remember their post on this website below:


Equititrust Post on this Thread

16th-February-2011 10:10 PM

"(i) The accounts for EIF are not late as some participants on this site repeatedly state. They are currently being audited and will be completed and posted on our website well prior to the ASIC deadline of 16 March 2011; "

The perception issues are NOT GOOD..

Once again, Equititrust, where are the long overdue promised financials? ASIC we assume has them why has the promise made on this website not been kept?


This is the transparency the new incoming investors in the failed 50M Capital raising would have had to deal with. It’s a good thing ASIC stepped in..
 
Equititrust Crisis

What is precipitating the Non Provision of Interim Financials by Equititrust ?
 
just guessing here folks,

but for any legitimate auditor to sign off anything, they would have to be satisfied they had ALL relevant information laid out for them.

not a steaming crock of u know what
 
Equititrust Crisis

AWG , I think you may be right in terms of the Auditors Report; I guess that they will have to take a serious look this year as to whether Equititrust can continue as a going concern.

The auditors as the media have reported have raised these issues in the previous 2 years. With the recent “previously undisclosed” information about 80% loan defaults and massive loans to King Con; this year seems to be shaping up as an Annus Horribilis of unprecedented proportions.

Issues of liquidity and cash flow going forward must now be matters of critical concern.
 
Re: Equititrust: NATIONAL BANK

does nayone know whether EQUITITRUST has serviced the $3M a month payment to NATIONAL BANK.

One would assume with less than 10% of the loan book servicing interest debt, that there simply would not be the CASH FLOW to fund the covenanted payments to the NAB, and it is perhaps this post report date failure that is giving the AUDITORS some despair.

It is my belief that this is why we have not seen ACCOUNTS published - the whole issue of going concern and solvency.

Plus: I suspect that if there is DEFAULT, that the NAB would not want to be seen as the party to be make the move against EQUITITRUST and therein threaten the return to the INVESTORS who sit behind their security.
 
Re: Equititrust: NATIONAL BANK

kostag said:
... Plus: I suspect that if there is DEFAULT, that the NAB would not want to be seen as the party to be make the move against EQUITITRUST and therein threaten the return to the INVESTORS who sit behind their security.
Click to expand...

I somehow think you won't hold that view next month, however, I hope I'm wrong.
 
Insight Equity or Equititrust Mark II

Is this Equititrust Mark II

Former Equititrust execs in new venture

Colin Kruger
Sydney Morning Herald
March 21, 2011

http://www.smh.com.au/business/former-equititrust-execs-in-new-venture-20110320-1c274.html

Again Colin Kruger shines a spotlight on another Gold coast Mortgage Fund and the Directors former backgrounds!!

The former Equititrust Directors make no mention of their role in approving the loans to King Con whilst they were at Equititrust?? Maybe this is one of the "keenly observed mistakes of others".. ??



Maybe Colin Kruger or the public for that matter may want to ask whether any loans will be made by Insight Equity to Equititrust or whether any other directors or staff from Equititrust will soon be joining Insight Equity?? Interesting as to what the answer may be!!
 
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