Equititrust?

[No Trust]

Tucker and Cowan Law Firm - Not only do we sue., we get our asses SUED off !!!

 

[No Trust]

With proceedings against Tucker et al firmly on foot, the discovery processs will be intense. Documents and ownership details will now have to be surrendered to the court.

Of note will be the $250,000 undertaking given to the Supreme Court which was paid into Tucker and Cowan’s Trust Account...

Tucker and Kennedy’s ownership of MS Asia was hidden...

Worrell’s got worried and asked for for security or an undertaking for the damages...

This deceit will be revisited not only by the court but by regulators too...

Did the whole firm know ???

This sh#t sandwich will have to be swallowed by all 5 defendants from Tucker and Cowan...

 

[No Trust]

Memories of my old mate Kostag who started this thread... These lyrics apply equally to Tucker and Cowan and the miscreants who dwell within than corrupt cesspit...

Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinatra

And now the end is near
And so I face the final curtain
Investors ….. I'll say it clear
I'll state my case and avoid the smirk’in…

I've lived a life that's full of bull
I’ve dodged and weaved each tricky back way
And more, much more than this
I did it the sly way…..

Regrets – who gives a f--k
But then again - who’s bothered counting
I did what I had to do
And saw it through and gave you all a damned good mounting….

I planned each dirty deal
Bankrupt borrowers –for which you now pay
And more, much more than this
I did it the sly way

Yes there were times I'm sure you knew
When I ripped off more than I could chew
But through it all when there was doubt
I ate you up and spat you out, I grabbed it all
And I stood tall as I did it the sly way

I've ripped…. I've laughed and sighed
I've had my fill, till my coffers were oozing
And now as your fears collide
I find it all, so amusing

To think I did all that
And may I say not in a shy way
Oh no, oh no, not me
I did it the sly way

For what is a man what has he got
If not your money, then he has not
Done all the things – don’t give a toss
And who cares .... about your loss
The record shows - I took the dough
And did it the sly way

Yes it was the sly way …………

 

[Hombre777]

Interesting to see whether Tucker will be genuinely filleted ! I can’t believe as a legal eagle he did not have his tracks covered !!

 

[Mozzi]

Interesting to see whether Tucker will be genuinely filleted ! I can’t believe as a legal eagle he did not have his tracks covered !!

Remembering who got away with a measly $10,000 fine. Peanuts!
They all have their collective backsides covered!

 

[No Trust]

I would normally agree that they have their asses covered, however the deceit of beneficial ownership by Tucker and Kennedy was effectively exposed which opens up Pandora’s Box not only for Tucker and Kennedy but also for the remainder of the partners of Tucker and Cowan who were effectively engaged in the cover up..

The reputational hurt as well as financial destruction that is about to ensue will be of apocalyptic proportions....

The media coverage of the proceedings alone will stifle any future aspirations of grandiosity.

Question now will be, will Tucker declare bankruptcy as he promised in his affidavit ???

 

[Hombre777]

Whether he declares bankruptcy or not there is clear criminality which needs to be pursued ?

 

[No Trust]

Investigations are underway, as complaints to relevant authorities have been made...

Whether he declares bankruptcy or not there is clear criminality which needs to be pursued ?

 

[No Trust]

It’s astonishing that 5 members of one law firm are now being sued... This is not practicing law, this is something else...

 

[No Trust]

I have a “distinct” feeling that the media will soon be reporting on Tucker’s Annus Horribilis... Tick Tock Tick Tock...

 

[No Trust]

Hi boys...

 

[No Trust]

CITY BEAT
Anthony Marx
Courier Mail
26 July 2018

BIG LEGAL CLAIM a team of Brisbane legal eagles have been hit with an extraordinary lawsuit seeking more than $17.5 million allegedly owing to dudded investors.

The liquidator of failed Gold Coast funds manager Equititrust lodged the claim in Brisbane Supreme Court this month against David Tucker and Richard Cowen (both illustrated), along with three other partners in their law firm Tucker & Cowen.

Former Equititrust CEO David Kennedy, Cowen’s firm TCS Solicitors, Tucker’s company Tuckerloan and related entity MS Asia Debt Acquisition are also named as respondents in the action brought by liquidator Blair Pleash from Hall Chadwick.

Pleash maintains the money right-fully belongs to the unitholders of a collapsed fund once controlled by Equititrust, which fell over in 2012 owing more than $260 million to about 1600 mostly senior investors.

The lawsuit alleges Tucker, Kennedy and a third individual, Neil Howard, used deceptive means and inside knowledge to wrongly acquire the outstanding loan book of the Equititrust Premium Fund for the rock bottom price of just $2 million.

Tucker, a former Equititrust director, along with Kennedy and Howard, set up MS Asia in Hong Kong to buy the loan book and allegedly stood to reap a $14.4 million windfall profit.

The claim says $11.94 million was eventually split among the three gents. Pleash, who has secured funding to pursue the litigation, is also seeking unspecified additional compensation and damages for multiple alleged breaches of fiduciary duty by all the parties.

In addition, court orders have been sought against other figures in the drama, including former Worrells Insolvency executive Michael Peldan and current Worrells operative Chris Cook.

PLANNING TO FIGHT only one of the respondents contacted by City Beat yesterday responded to our request for a statement.

“No claim has been served. In the circumstances it is not appropriate for us to comment,’’ Cowen said.

Kennedy, who is based in Hong Kong, and Peldan could not be reached. Obviously no defence has been lodged yet in the case but Tucker, who just returned from a few weeks of holiday in the UK, has previously denied any wrongdoing.

Indeed, if his comments are anything to go by, he and the others will be fighting it pretty vigorously.

“This matter has not raised it (sic) status beyond nuisance value and I maintain that the liquidators enquiries are misguided, and a waste of time and money,’’ Tucker told City Beat recently.

“The real story here is how much the liquidators are claiming for their fees and how little they have done….They have already claimed $900,000 plus GST but they have actually done very little except recover a tax refund of $2 million-plus.

“They had their hands out for another $1,432,000 but do not actually say what they really did or propose to do. This is just an exercise in fee generation – for lawyers and accountants.’’ Well, it’s pretty clear now what Pleash proposes to do, especially since he’s armed with a mountain of testimony gleaned from public examinations in the Federal Court in Brisbane last year.

Tucker spent five days in the hot seat and acknowledged that his share of profits from MS Asia so far amounted to $3.8 million.

But, in comments that raised more than a few eyebrows, he told the court that he had not received the money and didn’t know where it was being held.

Adding to the intrigue is the fact that solicitor Stephen Russell is representing Pleash and Equititrust in the matter.It’s understood that there’s not a whole lot of love lost between Russell and Tucker, who is now listed as just a consultant at the firm he co-founded in 1998.

 

[No Trust]

Tucker is following in McIvor's path... He just doesn't see it yet... "Davey Boy" may you live in interesting times...

 

[No Trust]

Tucker's face in that Cartoon is priceless... Hands clasped... Looking Pathetic...

 

[No Trust]

Clients of Tucker & Cowan (Sucker & Coward) must be shaking their heads at the latest revelations in the Courier Mail...

 

[No Trust]

More surprises to come in the near future... How is Worrells entangled in this ??? The plot thickens...

 

[Hombre777]

More surprises to come in the near future... How is Worrells entangled in this ??? The plot thickens...

Hope the “near future” is not too faraway!

 

[No Trust]

We are in the future...

Hope the “near future” is not too faraway!

 

[No Trust]

These are not the kind of stories your bankers and financiers outside the law firm want to see...

As McIvor discovered after his media exposure was initiated (your welcome by the way) the money boys sharpened their knives and went for the jugular... This is a serious monetary claim and serious allegations of impropriety have been made by the Liquidator against partners of a law firm... I can tell you one thing, Russells Lawyers and the Liquidators will be getting indemnity insurance in the coming year, Tucker and Cowan AKA Sucker and Coward maybe not. More importantly there is more to come in the near future which will pour petrol on Tuckers Dumster Fire of a year...

Tucker's face in that Cartoon is priceless... Hands clasped... Looking Pathetic...


View attachment 88572

 

[No Trust]

The irony of Tuckers “LEGAL” predicament is not lost on anyone, especially his former legal peers... Note I use the word former... Consultants don’t practice law do they ???

As a lack of insurance was the final nail in the coffin of Equititrust, it may also claim some other legal scalps in the not too distant future... As Tucker alluded to previously there comes a point where one becomes uninsurable...