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Equititrust?

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Enough is enough said:
Took me a couple of days to read through all the posts...

Does anyone know:

Did a liquidator or receiver etc authorise/approve/allow the MS Asia/Tucker/Kennedy etc purchase of the loan book?

if so, who did?
What was the buying process?
Click to expand...

From para 19 of the judgement in post #4581

"19 ...the Liquidators described the broad details of the transaction whereby MS Asia (the entity mentioned in Mr Russell’s letter of 28 June 2017 above) acquired the BOSI debt, as follows (at paragraph 2):

In July 2102, MS Asia acquired a debt owed by Equititrust to BOSI. The debt was about $6.5 million; MS Asia paid $2 million. [Mr Tucker’s] company, Tuckerloan contributed one third of the price ($666,667); a co-director, Mr Kennedy, contributed the balance ($1,333,333)."

That debt was secured by a mortgage over the the EPF loan book, and that went to MS Asia with the BOSI debt. Technically MS Asia bought the security over the loan book, not the loan book itself, but it probably means the same in terms of where the money goes....
 
Nothingtoadd said:
From para 19 of the judgement in post #4581

"19 ...the Liquidators described the broad details of the transaction whereby MS Asia (the entity mentioned in Mr Russell’s letter of 28 June 2017 above) acquired the BOSI debt, as follows (at paragraph 2): ........
Click to expand...

Thank you for your response....

I still don't get it.

Was the security of the loan book offered to anyone else?
Why did they want to sell it?
Who knew BOS wanted to sell it?
Was there a formal tendering process?
Was the purchase during the time of the liquidation?
If so, what liquidator or receiver allowed this purchase?
Was this done then without any permission?
Did the liquidators and/or receivers know about the purchase at the time?
If they found out about it afterwards, how did they find out about it?

Thank you so much, it's a bit of a steep learning curve.
 
Enough is enough said:
Thank you for your response....

I still don't get it.

Was the security of the loan book offered to anyone else?
Why did they want to sell it?
Who knew BOS wanted to sell it?
Was there a formal tendering process?
Was the purchase during the time of the liquidation?
If so, what liquidator or receiver allowed this purchase?
Was this done then without any permission?
Did the liquidators and/or receivers know about the purchase at the time?
If they found out about it afterwards, how did they find out about it?

Thank you so much, it's a bit of a steep learning curve.
Click to expand...


You seem to be struggling, as we all are, to understand all this.

Here's a thought - why not ask the liquidators or receivers direct to
get answers - we are all waiting with bated breath!
 
Enough is enough said:
Thank you for your response....

I still don't get it.

Was the security of the loan book offered to anyone else?
Why did they want to sell it?
Who knew BOS wanted to sell it?
Was there a formal tendering process?
Was the purchase during the time of the liquidation?
If so, what liquidator or receiver allowed this purchase?
Was this done then without any permission?
Did the liquidators and/or receivers know about the purchase at the time?
If they found out about it afterwards, how did they find out about it?

Thank you so much, it's a bit of a steep learning curve.
Click to expand...

These are made up figures but this is what I think happened:
  • EPF borrowed $6.5m from Bank of Scotland
  • BoS has a right to be repaid $6.5m, plus interest as it accrues, by the EPF, and has a mortgage over the EPF loan portfolio to secure that loan
  • MSA bought BoS' right to be repaid $6.5m, for $2m (30ish c in the dollar) from BoS, and the security.
  • That is a private transaction between MSA and BoS so it does not need the consent of the borrower (which by that time was in liquidation).
  • It looks now like the loan book is worth more than $2m. MSA get to keep that extra, up to the $6.5m. So if they get say $6m out of a loan book they paid $2.5m for then they made a profit of $3.5m and (with hindsight) BoS sold too cheap.
  • BoS would do that just to wrap things up quickly. At the time they were trying to shut down their Australian business and probably knew that they were "discounting" to get a quick sale. They didn't have to advertise or put to tender etc etc because if they sell too cheap it is their loss. My guess is that MSA made a direct approach.
  • David Whyte is receiver of the Income Fund only not the EPF so it is not his business. The liquidators are the liquidators of the whole thing but it doesn't require their agreement because it is a private deal between BoS and MSA.
  • I imagine the liquidators found out out by MSA telling them
These are my guesses based on seeing similar things elsewhere. Someone who knows may correct me but this will be fairly close.
 
Mozzi said:
You seem to be struggling, as we all are, to understand all this.

Here's a thought - why not ask the liquidators or receivers direct to
get answers - we are all waiting with bated breath!
Click to expand...


Our prayers have been answered - just what we needed - we understand that there are
approx. 77 pages to read from Hall Chadwick! Should explain everything!
 
Mozzi said:
Our prayers have been answered - just what we needed - we understand that there are
approx. 77 pages to read from Hall Chadwick! Should explain everything!
Click to expand...
Page 7 of latest report - the "COMMITTEE OF INSPECTION" or the creditors may fix the remuneration to be paid to the liquidators (alarm bells are ringing).
My recollection at one of our first meetings was that Richard Albarran said Hall Chadwick would not seek fees from properties sold. Their fees would be taken from litigation taken against directors and auditors.
My understanding was that the over seas group who are funding the action against McIvor, Steer, KPMG and Co were paying Hall Chadwick on a regular basis, if this is correct how much has been paid already ?
Remember Hall Chadwicks report on the 28th May 2013, they stated they had received a Company Tax refund for $2,240,337.00 where did this money end up ?
I'm sure David Whyte will be at the meeting on the 28th.
 
meridian said:
Page 7 of latest report - the "COMMITTEE OF INSPECTION" or the creditors may fix the remuneration to be paid to the liquidators (alarm bells are ringing).
My recollection at one of our first meetings was that Richard Albarran said Hall Chadwick would not seek fees from properties sold. Their fees would be taken from litigation taken against directors and auditors.
My understanding was that the over seas group who are funding the action against McIvor, Steer, KPMG and Co were paying Hall Chadwick on a regular basis, if this is correct how much has been paid already ?
Remember Hall Chadwicks report on the 28th May 2013, they stated they had received a Company Tax refund for $2,240,337.00 where did this money end up ?
I'm sure David Whyte will be at the meeting on the 28th.
Click to expand...

We think your recollection is correct. We sure hope that someone will be at the meeting looking out for our interests, as we think we are losing the will to live with all this! Money still going out by the thousands, but not any to us. OUR MONEY!
Why is the Committee of Inspection such a secret, aren't they supposed to represent the investors, not rubber stamp at will. We recall that at that meeting of which you speak Amanda Banton and, we think an investor, put up their hands, but it changed later when she opted out. Anyone know - or have you still got your heads down reading the 77 pages!?
 
Mozzi said:
Our prayers have been answered - just what we needed - we understand that there are
approx. 77 pages to read from Hall Chadwick! Should explain everything!
Click to expand...
Ok, 77 pages of details report from Hall Chadwick and the updated report about MS Asia case. But the report mostly contained the attachment listed the liquidator claimed expenses. What about the millions missing from the investors fund that ended up in McIvor superannuation fund? Nothing said about this.
 
Tucker can’t hide behind offshore companies registered in the British Virgin Islands any longer...

Exposing his transactions and who he “cared” for the most, is not only a pleasure it’s an absolute NECESSITY...

He gave ZERO F#cks about innocent retiree investors and innocent borrowers while he mercilessly pursued them.


Mozzi said:
Don't just like it - love it! Keep 'em coming!
Click to expand...
 
Sooooooo, David Tucker thought he’d get away with it................. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha... BUT WAIT..... THERE’S MORE... You know what I’m talking about, don’t you “Davy Boy”...
 
Oh David... Let’s hope your memory gets better, you’re gonna need it... Let’s pray it’s not a manufactured cognitive crisis...

Once the liquidators gain access to the books and records, hopefully after the federal court appeal, I would expect them to apply for an asset freeze of Tucker’s Assets as well as his wife’s. Travel restrictions may also be another tool the liquidators may use to help preserve assets...

The liquidators are attacking on one front, however there is another line of attack on another flank which involves various regulatory and revenue authorities...

Solution:- Memory Pills Maybe...

577D0FC6-CFDA-4137-A04C-85DB1578850B.jpeg
 
Tucker engaged in protracted Lawfare against innocent parties to make a buck off McIvor. He knew exactly what McIvor was up to, he turned a blind eye to McIvors malfeasance then settled scores on his behalf through the courts using deep pocket tactics. The money used was innocent retiree investor’s money, it was never McIvor’s money. Tucker then went in for another feed after bankrupting McIvor however this may have been his last financial feast...
 
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