Equititrust?

[No Trust]

Equititrust

Well investors have a right to protest.. Equititrust should not be allowed to get away with lending tens of millions of dollars of retiree investor's money on the likes of King Con.

A peaceful protest by investors directly in front of the Equititrust Offices on Chevron Island should get the message across to Equititrust and Ex MFS Management sitting in their offices collecting their salaries and fees while the investors starve..

Whilst the investors are denied their income distributions is it ethical that the people who created this disaster get paid..

Put the investors first and pledge your own assets to pay Investor Redemptions..

 

[ASICK]

The sad reality is that a frozen fund is a manager's delight.

They don't have to please the market and they'll get their management fee anyway.

Investors will want their money back but they'll sign up to any disclaimed promise by the manager in absolute dread of fire sales.

You'll all groan and it'll get you nowhere.

Get a new manager as soon as you can - wind up the fund - and see if you can get some money back through some legal actions.

There is no point dragging yourselves along with the very people who've seemingly failed to serve you well.

The more time you waste talking, the more time you waste (IMO).

 

[No Trust]

Equititrust - Words coming back to bite them

Remember this:

Merchant bank freezes fund redemptions
Shannon Willoughby | November 8th, 2008


http://www.goldcoast.com.au/article/2008/11/08/21461_gold-coast-business.html


The merchant bank, which has more than $363 million on loan to 83 borrowers, has deferred redemptions for 90 days.

"It is simply prudent and in the best interests of the fund to take this step for a short period to properly assess investor sentiment.

"Our income distribution will continue unaffected".



Today McIvor is again promising a 90 day period for the suspension of income distribution payments ??? The last time 90 days was promised in regard to a freeze on Investor Redemptions was in 2008 and the fund is still frozen today!!!

 

[ASICK]

There is only one reason a fund doesn't pay income distributions, and that's when it can't.

My guess is that the bank is very much in control of your fund, and it'll be looking after its interests first.

It's all 'carrot on a stick' stuff - to drag investors along from the present to some time in the future, and then perhaps another carrot on another stick, and so on .... It's all about time, and time for a manager, means money.

It seems that you're all just following the City Pacific Mortgage Fund and MFS (PIF) :-

http://www.smh.com.au/business/city-pacific-extends-freeze-on-fund-20080728-3m9h.html

http://www.goldcoast.com.au/article/2008/01/30/7245_gold-coast-business.html

It's not surprising that such bad news hasn't arrived on the main site yet.

 

[klua]

Re: Equititrust Train Wreck

Is it good news or just throwing Petrol on the fire. NAB who Equititrust were threatening to sue are the key banker to Equititrust. It’s the old adage, you apply pressure here and we will apply pressure there, and hence the position today..

Isnt the position that if Equititrust gets more return on its second mortgage then it has more money to pay out its own loans, including its key banker?

Furthermore if ET had not sought to realise full value of its second mortgage then there would most likely be legal, moral and ethical matters to consider.
Wouldnt investors rightly be critical of ET if it hadnt sought to maximise its return?

On a more sombre note I received my letter today confirming the suspension of interest payments.

 

[zencorp]

Re: Equititrust Train Wreck

On a more sombre note I received my letter today confirming the suspension of interest payments.

These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.

 

[kostag]

A MORTGAGEE SALE OF A LUXURY SYDNEY HOME ISN'T GOOD NEWS, MY FRIEND

another Equititrust complete balls-up..... so much for the LANDSOLVE skill-set - idiots! the market now knows that $8.5M would have bought it. They have bulldozed in - you watch - EDDIE OBIED will buy the property at auction for even less than $8.5M.

EQUITITRUST used a classic PYRAMID structure where they snowballed..... investors funds kept coming in a greater rate than they paid it out and or lost it.....

the end of the ride is when the VALUE is shaken out....

what w ehave out of $260M of assets.... is about $224Million of non-performing loans and of that KING CON is $70M.

How much would you pay for this book?

That is where the problem is - RECEIVERS cannot see a way out within 2 years - the WHOLESALE MARKET wont touch the book.

I predicted a 40-50% WRITE OFF of INVESTORS' CAPITAL - you wait and see!

They crow about "never had an investor loss in 27 years" - not YET......

.

That article appears to me to be a little drop of good news in an ocean of bad news.

Quote The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon will instead be auctioned on May 7 by the National Australia Bank.............

It is understood Equititrust, one of Mr Hakim's lenders, viewed the sale as below the market and was threatening legal action against the NAB, who hold the first mortgage. EndQuote

So on this occasion it appears to me ET is fighting for our money and has helped convince NAB to auction the house. Lets hope the auction raises enough money to repay ET 's (ie our) mortgage.

 

[kostag]

Re: Equititrust Train Wreck: EQUITITRUST is not a BANKER

we all invested when they called themselves MERCHANT BANKERS - ASIC even pulled that sign off the wall......

These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.

 

[ASICK]

Re: Equititrust Train Wreck

These Bankers need to learn how to manage other peoples money. They say they have invested a sum of money in a capital warranty investment - but were did this money come from? It is RETAINED PROFIT from your investments. There is no hurt money in there. Wake up and smell the Coffee David Kennedy - we WANT YOU OUT.

Hi Zencorp, you're aware that the mere fact that investors' income stream has now been cut off will have no effect on the manager's fees, and you'd be aware that it's unlikely that the manager would be willing to give up a nice income stream (in the millions $), so what steps will you intend to take to remove the manager (if any)?

 

[kostag]

Re: Equititrust: HOW MUCH YOU OWED???

I would budget on 50cents in the $1 maximum

You people! Jesus, I have money, my retirement fund invested here. Have been with them before they became Equititrust. Never had any trouble until Krudd decided to guarantee the banks etc. All of a sudden cannot access MY money, had to almost BEG to get some funds released. Cannot give any written answers as yet. Monthly payments expected as usual APRIL 1st (appropiate date). No money, rang and was told what I have already said. I am now in my late seventies an everything looks like turning to ****.
Thanks Mark.

 

[kostag]

Re: Equititrust Train Wreck: GOOD POINT

other than freeze payments to BANKS and INVESTORS, nothing stops EQUITITRUST drawing its fees etc .... and you can bet that it is.... someone should press KOLONEL 'KLINK' KENNEDY to confirm that they are not drawings out funds whilst INVESTORS interest payments are on suspension.......

Hi Zencorp, you're aware that the mere fact that investors' income stream has now been cut off will have no effect on the manager's fees, and you'd be aware that it's unlikely that the manager would be willing to give up a nice income stream (in the millions $), so what steps will you intend to take to remove the manager (if any)?

 

[kostag]

KLINK: isn't 'klink' the sound that two empty vessels make when 'clunked' together?

has a familiar ring to it

other than freeze payments to BANKS and INVESTORS, nothing stops EQUITITRUST drawing its fees etc .... and you can bet that it is.... someone should press KOLONEL 'KLINK' KENNEDY to confirm that they are not drawings out funds whilst INVESTORS interest payments are on suspension.......

 

[zencorp]

Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical.

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 irony of the attacks on Equititrust by the SMH (whose investment performance over the past 3 years has been nothing short of woeful) is not lost upon us. $1 invested in Equititrust in 2007 is still worth $1 with investor returns of approx 25c made during this time.

We have however repaid banks approx $100m and paid redemptions of approx $21m since the deferral commenced, all the while maintaining income distributions in full and on time.

Would we like to state that investors investment is 100% safe? Yes we would but ASIC guidelines restrict us from making such statements. What we can say is that Equititrust would have to lose its entire $40m investment before investors lose one single cent.

LIAR LIAR LIAR - HOW ARE THE DISTRIBUTIONS COMING ALONG NOW DAVID KENNEDY? You must have known at the time of that post the dieing state of the fund but you still tried to mislead the general public into believing the fund was 100% safe.

Where are the Financials as promised?

You are currently revaluing the units in the fund... How much is each unit really worth? 50c? 55c? HOW MUCH have you LOST?

 

[zencorp]

I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks.
In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
A

Are you aware that they are now not paying you income?

 

[No Trust]

Interim Financials - Promise Not Kept

At a minimum, don't the investor's deserve the Interim Financials... The fact that they have been promised by Equititrust and not issued in light of the current developments is an utter disgrace and slap in the face of all investors..

Equititrust and its directors will still collect management fees and salaries and live in Multimillion Dollar Homes whilst letting the investor's starve.

Maybe as a gesture of penance Equititrust can set up a soup kitchen for those retiree investors who will now find it hard to survive. "Equitisoup" or "Let them eat cake"..

 

[kostag]

EQUITITRUST: it's pretty hollow now!

On the back of our 17 years of experience, we're proud to say, "You've earned the equity, we've earned the trust."

and where's the reference to "no investor having suffered a capital loss"

no -

if you cannot get repaid your money when you ask for your money AND you dont get your interest paid each month AND by the Fund's own admission 90% of the loan "book" (or is it a 'comic book') does not pay INTEREST ..... at what point do we say "it's over".

Isn't this another MFS being presided over by the same tag team of the "two Dave's" - Kennedy and Andersen - still gettign their $250K pa plus salaries AT OUR EXPENSE!

and they will just move on - "Oh, Equititrust - yes, I was only there a short while - I didn't make any of the bad loans. All done before me. Terminal case that one....such a shame .."

 

[kostag]

EQUITITRUST: INTEREST being paid out of CAPITAL! SMH 7-4-11

quote in SMH 7-4-11:

''Unfortunately, as part of the review and as a result of the delayed settlements of secured properties, it is necessary to postpone distributions from the funds until we are able to provide investors with a clearer picture of the long-term future of the funds,'' Mr McIvor said.

Have no doubt what this means.

EQUITITRUST through its CEO is admitting that it is because some sales of security property (presumably mortgagee sales) did not occur, that our INTEREST cannot be paid.

Now, that says (logically) that there is insufficent INCOME to meet OUTGOINGS. They are relying on liquidating our underlying SECURITY assets to pay us our INTEREST.

However - are all the salaries being paid? I bet they are being paid and out of our INVESTMENT CAPITAL! not even from INTEREST INCOME and cash flow!

We are NOT GETTING interest and probably have not been for two years. They are selling down the 'fractured' loan 'comic book' and returning us 'peice meal' bits of capital and calling it INTEREST.

You want proof? It's in the very words of the CEO......

Thankyou to COLIN KRUGER for telling us what EQUITITRUST will not admit to.

It has taken a few of us nearly ONE YEAR to finally get to the truth and get this admission. Against false postings on this site tracked back to its protemps CEO KENNEDY etc ... without even a denial other than "someone else accessed my PC" - yeah, that'd be right! ......

So where to now???

 

[kostag]

EQUITITRUST: anyone able to translate DIATRIBE ?

Todays GOLD COAST PRESS:

Mr McIvor said that the company was likely to take a conservative view of unit values in the EPF and the EIF as it reviewed their structure.

Mr McIvor said in response to a reassessment of security values, Equititrust Capital had already substantially written down the value of its $10 million capital protection in the EPF.

A conservative view?? What does that mean? They hitherto, weren't being conservative with our money? Or worse: get ready for a round of value write downs.

Dont forget, unless we have the FUNDS liquidated by a qualified independent EXPERT in such matters, EQUITITRUST can determine the UNIT values - that is HOW MANY CENTS IN THE DOLLAR we get back. What if they say they are now worth 50cents each? What do we 'sheep' do? Just cop it. My BET is still a 40-50cents per $1 write off. I'd like someone from EQUITITRUST release to all investors right now their modelling that shows how their view of the ASSET value is tracking. Where is CHAIRMAN GODDARD? and DAVID TUCKER - with their experience?

Secondly, wasn't the $10M Capital Protection Fund, actually $40M? (so what's happended here!) How 'substantially' can you write down $10M against $260M of loan assets? Presumably, what someone is trying to articulate is that there is no CAPITAL PROTECTION FUND and frankly, as CHOICE MAGAZINE couragously decalred to the WORLD two years ago when they bestowed the "SHONKY AWARD" on all of this (and got sued and attacked for it) - it was at very best a misleading CLAYTON's investment. What's an investment when you dont actually write out the cheque and put your own money in?

 

[kostag]

Re: Equititrust: time to take stock

Never forget : on the 24th June 2010 , BUFFETMAN (who was since outed as being an EQUITITRUST PC) posted this rebuttal on this very WEB SITE:

Re: EquitiTrust?
Kostag,

Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time.
Now, it is these same people , still in control right now. So why would any of us, listen to a single word.

Just go back to page 1 and 2 of this BLOG and look at what we were getting fed!

 

[No Trust]

Equititrust freezes distributions Colin Kruger

Equititrust freezes distributions
Colin Kruger
April 7, 2011


http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html



"Company executives were not available for further comment but hinted that fresh investor funding was needed to meet its debt payment schedule. "The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said."

"Fresh Investor" funding... You have to be kidding.. Ok Fresh Investor's talk to the retiree investors who are now on then bread line because of Equititrust's delusions on gambling their retirement money on King Con. The last attempts by these vampires to get fresh blood was stopped by the "Cross" of Colin Cruger of the Sydney Morning Herald who then forced ASIC to intervene.

Sorry guys but the Australian Public has seen the LIGHT...