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Equititrust?

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Given Tucker & Cowan’s obvious conflicts of interest especially that of Tucker himself, David Whyte thought it was ethical to give Tucker & Cowan Equititrust Legal work... What the F#CK...

Yes this is the swamp that most people don’t see...
 
The media attention surrounding Tucker, Kennedy and Tucker & Cowan in “their hometown” Brisbane is an indicator of the public interest now garnered by this scandal.

When your hometown turns on you, you’re not doing something right.

The right thing to do would be to return the money to investors..
 
The receivers report, confirms my suspicions that a confidential settlement has been reached in the litigation against McIvor brother Wayno and KPMG.

The liquidators instigated this Federal Court action with the litigation funders in 2013 and paid substantial security costs into court and won the action.

The insurers didn’t want a 5 week show trial and I’m sure neither did estranged brothers Marky and Wayno... Crossing paths in the witness box would have been awkward to say the least.

Incurring legal costs over a 5 week trial your gonna lose can be sobering for the insurer paying the bills and up went the white flag...


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McIvor’s been raising the white flag so much lately that he’s officially applied for French Citizenship.

The point is the liquidators and the litigation funders had the temerity to see the litigation through and the end result is a return to investors which they never would have received if it were not for the great work of Amanda Banton in lodging the claim against the insurers just before Equititrust collapsed.
Her threat of a class action whilst at Piper Alderman was also the last nail in the coffin of Equititrust as no insurer would touch Equititrust due to impending litigation. Starting to sense a theme here ??? Who else has had insurance troubles of late.

If Tucker, Cowan and Kennedy think they’ll wrangle their way out of the litigation in some way, they’re DEAD WRONG... KPMG tried every trick in the book and failed.

The liquidators have the runs on the board and and are clearly battle hardened when it comes to Equititrust.

This will be painful and prolonged litigation against Tucker, Kennedy and Tucker & Cowan as will the unrelenting National Media Attention..

No Trust said:
Useless receiver David Whyte who doled out work to Tucker and Cowan has presented his April Fools Day Report to investors.

http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20190401 - 34th Update to Investors.pdf
Click to expand...
 
Another week ahead and more twist’s and turns in the MS Asia saga..
 
Tuckers conflicts of interest are catching up on him on a number of fronts...

This miserable miscreant should never have been allowed anywhere near the board of Equititrust as he acted for McIvor personally and his private companies as well... WTF... Where do the conflicts end...

McIvor was warned Tucker would come back and bite him many years back and guess what McIvor did... Nothing...

Whilst Tucker was giving McIvor’s ex wife Racy Stacey travel tips over the phone, he was plotting against her husband...

McIvor was so messed up that he cheated the people who made him money and then had Tucker sue them...

And.......... now in 2019 Tucker is before the Supreme Court of Queensland facing a $17.5 Million Dollar law suit with allegations of breaches of of the Legal Profession Act.

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The liquidator and a number of “others” are on a war footing given the revelations related to the “dirty deal” that Tucker and Kennedy and Tucker and Cowan are enmeshed in..

Expect major announcements soon.

Oh Kennedy, I know your an avid reader and former contributor to this thread...

We’re happy to chip in for your airfare back to Australia. There’ll be a happy reception party waiting for you at the airport.

P.S. Bring the Equititrust Investors money with you... Cash is fine...
 
Just a question for BDO, receivers for Equititrust Income Fund, why is Equititrust being charged for instructing BDO “PRIVATE CLIENTS” regarding BAS lodgements.



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If David Tucker was a director of Equititrust and its former lawyer, as well as the lawyer for McIvor privately and his private companies and then went on the bankrupt McIvor, why was he still doing work on Equititrust matters ?

When Tucker tried to have a receiver appointed to Equititrust, ASIC had to intervene due to the conflict of interest and appointed their own receiver.

Tucker also claimed he was owed $500,000 in legal fees as well as having his superannuation invested in Equititrust.

He was also thrown off the board of Equititrust.

Given these GLARING conflicts Why was Tucker drafting letters and doing legal work for BDO ?

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So here are the facts as detailed in a sworn affidavit, BDO were consulting Tucker and Cowan regarding loan / priority issues between the Equititrust Income Fund and the Equititrust Premium Income Fund of which Tucker was, by now, a beneficial owner of the debt owed by the EPF???

Let’s look at the dates here from indisputable sources:

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https://www.queenslandjudgments.com.au/case/id/321500

David Whytes affidavit covers this period of time.

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http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf

Here is the notation from Whytes affidavit.

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The topic of discussion, the EPF and its priority position in relation to the fund that BDO were (administering on behalf of Equititrust investors the EIF), was of direct relevance to MS Asia and Tucker as owners of the debt owed to the EIF.

To put it into further context Tucker & Cowan were also acting for MS Asia.

This is made indisputably clear by Justice Helen Bowskill in her judgement.

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https://www.queenslandjudgments.com.au/case/id/321500

Given yet another fatally “disqualifying” Conflict of Interest Tucker & Cowan were being given work by BDO and were being paid for it.

The notation from the affidavit is indisputable, “additional payments to Tucker & Cowan”

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Questions that Whyte needs to answer is :

1. Did Tucker & Cowan declare that David Tucker had a beneficial interest in MS Asia.

2. Did Tucker & Cowan declare that they were also acting for MS Asia.

Here are the standards that are very clear cut.

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https://www.qls.com.au/Knowledge_ce...Conflict_of_duties_concerning_current_clients

I’m sure Equititrust investors would like to know if BDO were aware of the fact that Tucker & Cowan were acting for MS Asia and whether they knew Tucker had a beneficial ownership of MS Asia.

Given the controversial relationship that Tucker & Cowan and Tucker himself had with the company prior to its collapse, including the fact that they (bankrupted it’s founder McIvor), if BDO state they didn’t know about this critical conflict of interest, then they have a statutory duty to report the matter to the Qld Law Society and Qld Legal Services Commission.

Given the current litigation on foot by the Liquidators against Tucker & Cowan, Equititrust investors need to know what BDO knew about the conflict and when they became aware of it.
 
It’s all well and good for BDO to point the finger at Liquidator’s Hall Chadwick in report after report, but Hall Chadwick have won their claims against McIvor and other directors in the Federal Court.

They have also launched a $17.5 dollar claim against Tucker & Cowan, Tucker, Kennedy and MS Asia and are pursuing it vigorously as they should.

BDO need to front up and be totally transparent with Equititrust Investors regarding the conflict of interest of Tucker and Cowan and BDO’s dealings with them.

I have challenged BDO to address it in their reports to investors and they have refused to go near it.

Let’s address it once and for all BDO.

Hall Chadwick should also write directly to BDO and confront them about the issue.

Equititrust investors aren’t mushrooms and given the seriousness of the matter before the courts answers must be given...
 
This needs explanation...

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...


http://www.equititrust.com.au/Pdfs/Receiver/Remuneration/2013/Affidavit of David Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
 
This Post outlines a lot of interaction by BDO with Tucker and Kennedy in 2013.

Why was Kennedy acting for the EPF by the way ?

Kennedy resigned as CEO of Equititrust and by that time was a concealed beneficial owner of MS Asia... Tucker attests to the fact that Kennedy was the actual mastermind of the MS Asia deal. Kennedy had a clear conflict of interest.

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...


Here is the sworn affidavit of Whyte provided to the Supreme Court of Queensland detailing these interactions...


http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
 
Ive witnessed the legal and insolvency profession’s standard response when they are criticised.

The standard byline is “baseless and accusatory”...

Let me be very unequivocal here, when you swear multiple affidavits and file them in the Supreme Court of Queensland and they detail the very facts you claim to be baseless and accusatory, well no amount of gaslighting will change what you have sworn to.

If those affidavits come into question at some point in the future, whose problem is that ?


Investors would also appreciate a credit from BDO for this line item.

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This was reported in the Australian by Anthony Klan on 15 March 2017

"Fronting examinations in the Federal Court in Sydney yesterday, retired property developer William Hayes said he had borrowed “about $30m” from Equititrust but his businesses soured and he was unable to repay the debt.

Mr Hayes said he had been contacted by Mr Kennedy and Mr Tucker, who were enforcing outstanding debts, and made to leave his $2m home on Sydney’s northern beaches. He said Mr Tucker, who had flown from Brisbane to Sydney to check the home had been left in an appropriate condition for sale, said he and Mr Kennedy had bought the Equititrust Income Fund loan book and were “looking to wring as much from it as we can”.

“It was galling for me that he would come down and act like a smart arse when he was taking my house from me,” he said."

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d

Keep an eye on this, the liquidators didn’t call Hayes to be publicly examined for nothing...
 
At the outset of the receivership Tucker & Cowan, given their previous controversial relationship with Equititrust and its founder, should have been asked to return all ongoing litigation files and independent solicitors appointed to undertake the work. In essence a clean break to ensure transparency and independence.

David Whyte was appointed by the court on ASIC’s insistence on the basis of independence.

Now we have line entry after line entry of both Tucker & Cowan and the ex CEO David Kennedy working with BDO. Was Kennedy a paid consultant ?

Why was he acting for the EPF. I highly doubt the liquidators Hall Chadwick signed off on this.

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http://www.equititrust.com.au/Pdfs/...d Whyte sworn 31 May 2013 (Volume 2 of 2).pdf
 
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