Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
SpatialG its finally good to have some teamwork on this thread... Great analysis of the affidavits of David Whyte...

David Whyte needs to come clean as to his involvement with Tucker and Kennedy... If both were providing services to Whyte and BDO while they were hatching their little scheme regarding the Bank of Scotland Debt then this was a gross Conflict of Interest...

Tucker should not have been employed to provide legal services and Whyte knew that, yet he flicked work to a former director and lawyer of the company who was already under a cloud of Conflict of Interest...

Tucker and Kennedy's possible involvement with the Income Funds Assets under Whyte's control needs to be Investigated...

Whyte needs to immediately explain to the investor's of the Equititrust Income Fund what Tucker and Kennedy's involvement was, given what's been unearthed regarding the EPF.

If they have provided legal services, consultancy or in any way dealt with fund assets, the outcomes need to immediately be provided to the investors by way of a statement on the Equititrust Website.

Whyte needs to tell investors whether he knew about Tucker and Kennedy's involvement in MS ASIA and the Bank of Scotland Debt...

If he doesn't, then maybe the Liquidator and Russell's have another front to investigate...

SpatialG said:
So "Tucker" feels that unitholders are technically not creditors...

31. Redemptions from the fund were suspended in about 2008-2009. They have no right - present or contingent - to prove in the insolvency of the company. The unitholders are not creditors within the meaning of Chapter 5 of the Corporations Act.

32. Because the liquidators’ purpose - to pursue a claim for the benefit of the unitholders in the EPF - cannot be characterised as one for the benefit of contributories or creditors, it must be regarded as a purpose foreign to the power to examine. It follows that the examination of Mr Tucker is an abuse of process.

I wonder if he was thinking that when he



"No Trust" I've been reading "David Whyte's" affidavits to the courts seeking endorsement of payment for services and the number of meetings, emails, phone calls, legal proceedings, land transactions etc conducted between Whyte (BDO), Tucker and Kennedy or their associates and employees is remarkable.
See
http://equititrust.com.au/Pdfs/Receiver/Remuneration/2013/Affidavit of David Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
http://equititrust.com.au/Pdfs/Receiver/Remuneration/Affidavit of David Whyte sworn 19 September 2012 Application for Remuneration (Volume 2 of 3).pdf



The following is quoted from financial acquittal contained within David Whyte's sworn affidavit 19 September 2012

The transaction is dated 07/06/2012 "Reviewed/executed agreement with Tucker & Cowen regarding ongoing provision of legal services"
Click to expand...
 
All very good questions SpatialG... again great forensic work...

Seriously WTF is Whyte dealing with Tucker's Superfund??? This sets off alarm bells !!!

Tucker's superfund was an investor in the EIF. Other investors lost their money, yet Tucker was given legal work and obviously paid. Other investors didn't get a chance to work for the receiver and earn an income... Some investors couldn't even get a pension for gods sake...

The fact that Tucker's superfund was an investor should have precluded Tucker from any involvement with the receivership and Whyte...

Please don't tell me that his superfund some how received some form of preferential payment that other investor's didn't...

This transaction needs explaining and Whyte needs to outline how much he paid Tucker in legal fees and how much if anything was paid to Kennedy...

SpatialG said:
I was just reading another David Whyte Affidavit for a claim for payment dated 2/11/2015 and David Whyte has included the following claim for payment dated 11/08/2015;

"Reviewed correspondence from our solicitors and the costs assessor regarding Tucker SF costs and current status of assessment"

This raises a few questions; Firstly, were payments going to Tuckers superannuation fund? Secondly, if this was the case and David Whyte had to review it, why is that a cost that should be borne by creditors of Equititrust? Thirdly, is this indicative of a falling out between Whyte and Tucker?
Click to expand...
 
No Trust said:
SpatialG its finally good to have some teamwork on this thread... Great analysis of the affidavits of David Whyte...

David Whyte needs to come clean as to his involvement with Tucker and Kennedy... If both were providing services to Whyte and BDO while they were hatching their little scheme regarding the Bank of Scotland Debt then this was a gross Conflict of Interest...

Tucker should not have been employed to provide legal services and Whyte knew that, yet he flicked work to a former director and lawyer of the company who was already under a cloud of Conflict of Interest...

Tucker and Kennedy's possible involvement with the Income Funds Assets under Whyte's control needs to be Investigated...

Whyte needs to immediately explain to the investor's of the Equititrust Income Fund what Tucker and Kennedy's involvement was, given what's been unearthed regarding the EPF.

If they have provided legal services, consultancy or in any way dealt with fund assets, the outcomes need to immediately be provided to the investors by way of a statement on the Equititrust Website.

Whyte needs to tell investors whether he knew about Tucker and Kennedy's involvement in MS ASIA and the Bank of Scotland Debt...

If he doesn't, then maybe the Liquidator and Russell's have another front to investigate...
Click to expand...


Your welcome "No Trust" - By the way, did you happen to see the similarities between EquitiTrust and the CEC Group on 60-minutes last night? Same tactics used by CBA in both cases - i.e., extend credit for expansion purposes, then demand repayment within unconscionable time frames. In EquitiTrusts case the demand of CBA for repayment of $90m in May 2008 precipitated the freezing of the EIF in October 2008. Cate Carnell, the Small Business Ombudsman spoke very well on the program last night about unethical, immoral and wrong behaviour by CBA. In the case of CEC Group the results were devastating to the Cairns region in much the same way that the collapse of EquitiTrust was to the Gold Coast.
 
Affidavit of David Whyte 19 September 2012.

5/06/2012
Want,
Andrew

Print out invoices and supporting documentation. begin processing payments to Tucker & Cowen
---------------------------------------------------------------------------------------------------------------

07/06/2012
Somerville,
John

Email to Arthur Taylor re analysis of Tucker & Cowen invoices

http://www.equititrust.com.au/Pdfs/...lication for Remuneration (Volume 2 of 3).pdf
 
No didn't see it, but will make sure I watch it.

In Equititrust's case however, CBA made a call based on a number of factors. The quality of the loan book was one of the factors.

Having a $50M Plus exposure to "King Con" I'm sure didn't endear the risk assessors, nor did having McIvor at the helm of the company whilst he was speculating in property personally and remaining the sole shareholder. The intermingling of McIvor's personal and business interests also raised serious concerns amongst lenders...

SpatialG said:
Your welcome "No Trust" - By the way, did you happen to see the similarities between EquitiTrust and the CEC Group on 60-minutes last night? Same tactics used by CBA in both cases - i.e., extend credit for expansion purposes, then demand repayment within unconscionable time frames. In EquitiTrusts case the demand of CBA for repayment of $90m in May 2008 precipitated the freezing of the EIF in October 2008. Cate Carnell, the Small Business Ombudsman spoke very well on the program last night about unethical, immoral and wrong behaviour by CBA. In the case of CEC Group the results were devastating to the Cairns region in much the same way that the collapse of EquitiTrust was to the Gold Coast.
Click to expand...
 
Further as an unsecured creditor Tucker and Cowan should not have been let near the EIF.

As an investor in the funds via Tucker SF, Tucker should have been precluded for acting in any way for Whyte.

The fact that he was a director and the Company lawyer, should have been the nail in the coffin.

How many layers of conflict of interest was Whyte willing to endure ???

Meanwhile ulterior motives were being executed against the EPF...

Does the analogy "Giving "Dracula" the keys to the blood bank" ring any bells ?

THIS WAS A JOKE
 
No Trust said:
Affidavit of David Whyte 19 September 2012.

5/06/2012
Want,
Andrew

Print out invoices and supporting documentation. begin processing payments to Tucker & Cowen
---------------------------------------------------------------------------------------------------------------

07/06/2012
Somerville,
John

Email to Arthur Taylor re analysis of Tucker & Cowen invoices

http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/Affidavit of David Whyte sworn 19 September 2012 - Application for Remuneration (Volume 2 of 3).pdf
Click to expand...


"No Trust" Ive taken the privilege of doing a search on the word "Tucker" in this single Affidavit of David Whyte and his name David Tucker's name or a representation via "Tucker & Cowen" returns 166 hits.
No Trust said:
Further as an unsecured creditor Tucker and Cowan should not have been let near the EIF.

As an investor in the funds via Tucker SF, Tucker should have been precluded for acting in any way for Whyte.

The fact that he was a director and the Company lawyer, should have been the nail in the coffin.

How many layers of conflict of interest was Whyte willing to endure ???

Meanwhile ulterior motives were being executed against the EPF...

Does the analogy "Giving "Dracula" the keys to the blood bank" ring any bells ?

THIS WAS A JOKE
Click to expand...


A Quick summary to gain an approximate $ value of fees charged by David Whyte and his staff at BDO is as follows;

Remuneration 22 Nov 2011 to 31 August 2012 is $841,000.60
Remuneration 21 Nov 2011 to 31 August 2012 is $837,103.85
Remuneration 01 Sept 2012 to 30 April 2013 is $842,843.10
Remuneration 1 May 2013 to 31 October 2013 is $667,795.70
Remuneration 1 Nov 2013 to 30 April 2014 is $503,435.35
Remuneration 1 May 2014 to 31 January 2015 is $573,226.50
Remuneration 1 Feb to 30 September 2015 is $356,952.20
Remuneration 1 Oct 2015 to 31 October 2016 is $329,503.35
Grand Total = $4,110,860.05

It would be nice to see how much Tucker & Cowen were paid for legal and other services.
 
SpatialG, your work is impressive...

I think Whyte has an obligation to let the investors of the EIF know how much was paid to Tucker and his bosom buddy David Kennedy and what their "full" involvement in the EIF was...

Given their involvement in the EPF and current proceedings on foot, Whyte needs to stop being Tucker's Facebook Buddy and start being a friend of the EPF investors and be transparent about Tucker's total involvement and fees paid to him.

The Tucker SF fees also need to be explained by Whyte...

From what I understand no other investor who lost money in the EPF was offered work by David Whyte and BDO... Why was Tucker ???


SpatialG said:
"No Trust" Ive taken the privilege of doing a search on the word "Tucker" in this single Affidavit of David Whyte and his name David Tucker's name or a representation via "Tucker & Cowen" returns 166 hits.



A Quick summary to gain an approximate $ value of fees charged by David Whyte and his staff at BDO is as follows;

Remuneration 22 Nov 2011 to 31 August 2012 is $841,000.60
Remuneration 21 Nov 2011 to 31 August 2012 is $837,103.85
Remuneration 01 Sept 2012 to 30 April 2013 is $842,843.10
Remuneration 1 May 2013 to 31 October 2013 is $667,795.70
Remuneration 1 Nov 2013 to 30 April 2014 is $503,435.35
Remuneration 1 May 2014 to 31 January 2015 is $573,226.50
Remuneration 1 Feb to 30 September 2015 is $356,952.20
Remuneration 1 Oct 2015 to 31 October 2016 is $329,503.35
Grand Total = $4,110,860.05

It would be nice to see how much Tucker & Cowen were paid for legal and other services.
Click to expand...
 
This sworn Affidavit of David Whyte 31 May 2013 provides some intriguing insights.

On 06/12/2012 $672 was charged by David Whyte for reimbursement out of EIF. "Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same." We now have David Kennedy's name appearing.

On the same day John Somerville charged $552.50 and David Whyte a further $896 for "Meeting with David Tucker regarding outstanding litigation matters against borrowers etc. meeting with Tucker a Cowen regarding Spottiswood proceedings/status of Walsh matter Leading to trial/status of claims against valuer"

I'm going to have to do some cross referencing now to other critical events on the timeline.
 
While continuing to look at the sworn Affidavit of David Whyte 31 May 2013, some questions may need to be asked of John Somerville as well; and the plot thickens with regards David Kennedy and David Tucker.

17.10.12 he charged $85 for "Preparation for meeting with David Tucker and David Kennedy regarding Handley Heights and Resort Corp securities."

17.10.12 Somerville further charged $1020- for "Meeting with David Tucker, David Kennedy and David Whyte regarding various loans and securities including Handley Heights, Resort Corp, Newton, Hardy and Hayes."

17.10.12 David Whyte charged $1624- presumably for attending the same meeting noted as "meeting with Tucker & Cowen and David Kennedy regarding several loan matters/priority positions/realisation of assets."

13.11.12 David Whyte charged $56- to; "reviewed correspondence from David Kennedy in respect of National Resorts loan statements/email Arthur Taylor in respect of same."

15.11.12 David Whyte charged $56- to; "reviewed correspondence from Arthur Taylor in respect of National Resorts loan and information to be provided to David Kennedy."

15.11.12 David Whyte charged a further $112- to; "reviewed correspondence from Arthur Taylor regarding National Resorts loan/sent reply in relation to drafting response to David Kennedy and further information to be provided."

29.11.12 David Whyte charged $168- to; "reviewed correspondence from David Kennedy and comments from Arthur Taylor in respect of National Resorts loan and priorities/fwd to Gadens in respect of cross collateralisation deed."

29.11.12 Interestingly, John Somerville charged $170- for; "Meeting with Dudley Quinlivin regarding guarantee."

06.12.12 David Whyte charged $672- for; "reviewed correspondence and documentation in relation to National Resorts and Handley Heights Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."

19.12.12 David Whyte charged $56- for; "telecon with Arthur Taylor regarding draft letter prepared by Gadens to David Kennedy in respect of National Resorts loan."

19.12.12 David Whyte charged a further $112- for; "reviewed draft letter prepared by Gadens to David Kennedy in respect of National Resorts loans and priority issues."

11.01.13 David Whyte charged $336- for; "Drafted email to David Kennedy in relation to offer for Bowen property/valuation/sent to Gadens for review."

14.01.13 David Whyte charged $56- for; "reviewed email from Gadens in respect of draft email to David Kennedy in respect of sale of Bowen property/valuation of same/amended and sent email to David Kennedy."

14.01.13 David Whyte charged a further $56- for; "reviewed email from David Kennedy regarding offer for Bowen property/fwd to Gadens."

15.01.13 David Whyte charged $112- for; "reviewed correspondence from David Kennedy in relation to sale of Bowen property and priority position/sent response/fwd email to Gadens."

I think the point is very clear about relationship and transactions. There are a further 11 quotes where David Kennedy's name appears but for brevity won't quote them all.

Although, this is an interesting one; 11.04.13 David Whyte "reviewed email from David Kennedy acting on behalf of the EPF/sent response in relation to priority position of National Resorts and Western Lands loans"

I'm uncertain as to how David Kennedy could be acting on behalf of EPF?

Now the plot thickens;

15.04.13 David Whyte charges $168- because he "reviewed note from David Kennedy in relation to dealings with Geoff Booth/contradictions to Mclvor's and Booth's affidavits."

Almost seems like David Whyte has taken sides?
 
So the EPF is now making an appearance in the BDO billing and Affidavit of David Whyte....

The Liquidator and their lawyers Russell's need to ask David Whyte whether Tucker and Kennedy declared their interest in the EPF...

Tucker was earning money hand over fist at all angles... This was a win, win, win, win, win for for him and Kennedy...


https://news.vice.com/story/donald-trump-says-billions




SpatialG said:
This sworn Affidavit of David Whyte 31 May 2013 provides some intriguing insights.

On 06/12/2012 $672 was charged by David Whyte for reimbursement out of EIF. "Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same." We now have David Kennedy's name appearing.

On the same day John Somerville charged $552.50 and David Whyte a further $896 for "Meeting with David Tucker regarding outstanding litigation matters against borrowers etc. meeting with Tucker a Cowen regarding Spottiswood proceedings/status of Walsh matter Leading to trial/status of claims against valuer"

I'm going to have to do some cross referencing now to other critical events on the timeline.
Click to expand...
 
Brilliant work again SpatialG, where have you been all these years :)

You may have provided us the answer as to whether David Whyte knew about MS Asia...

This may be the smoking gun...The Liquidator and Russell's need to look at this...

"Although, this is an interesting one; 11.04.13 David Whyte "reviewed email from David Kennedy acting on behalf of the EPF/sent response in relation to priority position of National Resorts and Western Lands loans""

How on earth could Kennedy be representing the EPF, without disclosure as to a beneficial interest to Whyte as the
Receiver of the EPF.

Yet here they are discussing / negotiating a priority position that would affect the investors of the EIF...


David Whyte has a lot of explaining to do...

Something stinks here...

SpatialG said:
While continuing to look at the sworn Affidavit of David Whyte 31 May 2013, some questions may need to be asked of John Somerville as well; and the plot thickens with regards David Kennedy and David Tucker.

17.10.12 he charged $85 for "Preparation for meeting with David Tucker and David Kennedy regarding Handley Heights and Resort Corp securities."

17.10.12 Somerville further charged $1020- for "Meeting with David Tucker, David Kennedy and David Whyte regarding various loans and securities including Handley Heights, Resort Corp, Newton, Hardy and Hayes."

17.10.12 David Whyte charged $1624- presumably for attending the same meeting noted as "meeting with Tucker & Cowen and David Kennedy regarding several loan matters/priority positions/realisation of assets."

13.11.12 David Whyte charged $56- to; "reviewed correspondence from David Kennedy in respect of National Resorts loan statements/email Arthur Taylor in respect of same."

15.11.12 David Whyte charged $56- to; "reviewed correspondence from Arthur Taylor in respect of National Resorts loan and information to be provided to David Kennedy."

15.11.12 David Whyte charged a further $112- to; "reviewed correspondence from Arthur Taylor regarding National Resorts loan/sent reply in relation to drafting response to David Kennedy and further information to be provided."

29.11.12 David Whyte charged $168- to; "reviewed correspondence from David Kennedy and comments from Arthur Taylor in respect of National Resorts loan and priorities/fwd to Gadens in respect of cross collateralisation deed."

29.11.12 Interestingly, John Somerville charged $170- for; "Meeting with Dudley Quinlivin regarding guarantee."

06.12.12 David Whyte charged $672- for; "reviewed correspondence and documentation in relation to National Resorts and Handley Heights Loans/priority position vis a vis EPF/email David Kennedy, Arthur Taylor and Gadens in relation to same."

19.12.12 David Whyte charged $56- for; "telecon with Arthur Taylor regarding draft letter prepared by Gadens to David Kennedy in respect of National Resorts loan."

19.12.12 David Whyte charged a further $112- for; "reviewed draft letter prepared by Gadens to David Kennedy in respect of National Resorts loans and priority issues."

11.01.13 David Whyte charged $336- for; "Drafted email to David Kennedy in relation to offer for Bowen property/valuation/sent to Gadens for review."

14.01.13 David Whyte charged $56- for; "reviewed email from Gadens in respect of draft email to David Kennedy in respect of sale of Bowen property/valuation of same/amended and sent email to David Kennedy."

14.01.13 David Whyte charged a further $56- for; "reviewed email from David Kennedy regarding offer for Bowen property/fwd to Gadens."

15.01.13 David Whyte charged $112- for; "reviewed correspondence from David Kennedy in relation to sale of Bowen property and priority position/sent response/fwd email to Gadens."

I think the point is very clear about relationship and transactions. There are a further 11 quotes where David Kennedy's name appears but for brevity won't quote them all.

Although, this is an interesting one; 11.04.13 David Whyte "reviewed email from David Kennedy acting on behalf of the EPF/sent response in relation to priority position of National Resorts and Western Lands loans"

I'm uncertain as to how David Kennedy could be acting on behalf of EPF?

Now the plot thickens;

15.04.13 David Whyte charges $168- because he "reviewed note from David Kennedy in relation to dealings with Geoff Booth/contradictions to Mclvor's and Booth's affidavits."

Almost seems like David Whyte has taken sides?
Click to expand...
 
McIvor and Booth are buddies, both deserve what they got.

There does however seem to be partisan divides where retribution and patronage was dished out according to who maintained power at that time.

There seems to have been a diametric shift in that power now and retribution is deservedly flowing the other way...
 
What is certain to me now is that whoever has had a grudge against McIvor or Tucker does not need to do anything, except sit on the sidelines and watch them destroy each other...

What will happen though is that others will be drawn into this vortex... Beware who you do business with...

Get your popcorn everyone, this is going to be a wild ride over the coming months...
 
If Tucker does make good on his threat and does declare bankruptcy, he better be stopped from trying to appoint Worrells and or David Whyte from BDO... :)
 
It's now clear to all, even the blind, that ASIC needs to intervene and investigate the administration of the EPF as well as the David Whyte administered EIF.

Wherever you look Tucker and Kennedy's fingerprints are everywhere... Why ???

They have been treated like ethereal beings with privilege over all Equititrust Investors...

Fiduciary and Statutory Duties didn't apply to Tucker and Kennedy it seems and Worrells and BDO were complicit...

In the dying days of Equititrust Tucker even made an application to the court via his superfund to have a receiver appointed. One that Tucker chose of course not one that the court would appoint...

ASIC intervened and petitioned the court for someone independent. Given this background and the cloud of conflict of interest hanging over his head the two so called insolvency practitioners BDO and Worrells let him and Kennedy run rampant in what's emerged to be a vociferous feeding frenzy of unbridled greed on the carcass of Equititrust and what remained of investors life savings and dreams,whilst the appointed custodians just stood by and watched...

Some custodians ha...
 
Does anyone know if this is the one and same Mr. David Tucker appointed to the Administrative Appeals Tribunal on the 28th of June 2017 by the Attorney General George Brandis?

https://www.attorneygeneral.gov.au/...s-to-the-Administrative-Appeals-Tribunal.aspx

If this were proven to be the case, one would have to question to value of the Attorney General's advisor's........ It's in Australia's best interests that there are two Mr. David Tucker's......associated with the legal profession.
 
David Whyte needs to explain a lot to the EIF investors.

He needs to disclose whether he knew Tucker and Kennedy had a beneficial interest in MS ASIA whilst giving them work on behalf of the EIF.

If he did, the rest will unravel itself. Russell's, I think given their current performance to date will link this to their Public Examination.

I would be surprised if they didn't question Tucker about this at his Public Examination / Humiliation... which will go ahead.

Simple question. Did you advise David Whyte or BDO of your beneficial interest in MS ASIA ? If so, on which date ?

Did David Whyte or BDO identify and outline a conflict of interest to you ?

Maybe the Liquidator's write to David Whyte for clarification on this topic...

David Whyte should be "formally" called to give evidence as well, as it's clear now the two matters are intrinsically interlinked with the same protagonists...

SpatialG said:
I think we know the answer to this "No Trust"? David Whyte perhaps?
Click to expand...
 
Status
Not open for further replies.
Top