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Equititrust?

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Buffetman is Equititrust

Kostag, you are very kind in your apologies, as we all know Equitirust is going through a bit of a rough patch at the moment and it is not beyond the bounds of reality that the Ghosts of MFS and the Managing Director are all taking turns on one computer... It could happen...

I wonder if the Private Investigator that they hired took one look at their computers and told them to p#ss off. Maybe he should have been hired to look for the missing Interim Financials...


Equititrust or whoever is in control there NAB, or Bank of Scotland INVESTORS want and DEMMAND the Interim Financials..
 
Perhaps Equititrust investors could hire David Andersons company 'Business Puzzle Solutions Pty Ltd' to solve the 'puzzle' of the missing financials? Seamisty
 
Re: Equititrust: TITANIC - ACCRUAL Vs CASH + apology to DAVID KENNEDY

kostag said:
I AGREE..... but..... the CAPITAL WARRANTY is not real money. ...
Click to expand...

If the warranty was generated from non-cash income (accrued income), then it's probably fair to say that you would be right.

Where is a copy of the fund's constitution?

You raise an interesting point about other fees and charges paid by lenders from your fund. Where such fees paid directly to the manager?
 
Re: Equititrust: FEES AND CHARGES

I suspect that as long as the INTEREST is paid to the INVESTORS that the EQUITITRUST funding model allows them to take the INTEREST SPREAD and any FEES and ESTABLISHMENT COSTS - I dont think that this is an issue that would concern us, as long as we got paid our agreed interest.

ASICK said:
If the warranty was generated from non-cash income (accrued income), then it's probably fair to say that you would be right.

Where is a copy of the fund's constitution?

You raise an interesting point about other fees and charges paid by lenders from your fund. Where such fees paid directly to the manager?
Click to expand...
 
Re: Equititrust: FEES AND CHARGES

kostag said:
I suspect that as long as the INTEREST is paid to the INVESTORS that the EQUITITRUST funding model allows them to take the INTEREST SPREAD and any FEES and ESTABLISHMENT COSTS - I dont think that this is an issue that would concern us, as long as we got paid our agreed interest.
Click to expand...

It's your investment - but it would be interesting to see if the manager is being paid those fees while the loans are non-performing - I guess that source of income would take the sting out of not receiving a management fee (that is, IF no management fee is being charged). Of course, such fees are a nice little earner anyway (if they're being charged).

In the end, if being charged, all those fees come off your capital in the event the fund is losing money. Again, it's your money to lose in such circumstances.

In City Pacific's fund, members voted to amend the constitution to prohibit the manager charging such fees.

I had an interesting thought that if the manager passed management onto another manager, it could protect its capital warranty by having it converted into an Access investment 'ranking equally with other investors'.

But, I'm sure it wouldn't do anything like that - interesting thought though.

PDS, page 18, "... The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access investment ranking equally with other investors. ..." (emphasis added)

http://equititrust.com.au/Pdfs/EIF_Pds_200902.pdf[
 
Interim Financials

At what point does ASIC have to take action for non- lodgement of the Interim Financials.

The auditor's report will be critical in assessing the future. The question is, will it ever see the light of day. I cannot see Equititrust ever moving forward without the release of this information..
 
Re: Interim Financials: GOING CONCERN basis

I can't see them moving forward once they release the "true" financials.....

No Trust said:
At what point does ASIC have to take action for non- lodgement of the Interim Financials.

The auditor's report will be critical in assessing the future. The question is, will it ever see the light of day. I cannot see Equititrust ever moving forward without the release of this information..
Click to expand...
 
Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting... I wonder if they are going to bring the Interim financials??????
 
Re: Equititrust: these are the GOOGLE postings in current order

LOSSES: we are kidding, right?
Equititrust - You've earned the equity, we've earned the trust.Post the global financial crisis, our record speaks for itself. In 17 years we' ve never lost a cent of Equititrust's investors' capital.
www.equititrust.com.au/

we just don't redeem capital nor do we pay interest!

LIQUID? we wish:
Equititrust set to become liquid in 2011
Nick Nichols, business editor | February 25th, 2011

THE frozen Gold Coast-based Equititrust Income Fund is expected to become liquid this year, despite one of its borrowers being placed in the hands of receivers.

The Chevron Island-based funds manager said the appointment of receivers to Croftworth Property Holdings -- a company linked to two-time former bankrupt Dudley Quinlivan -- "was neither unexpected nor caused concern".


CONFLICT OF INTEREST?? ASIC thought so and obviulsy they were right as the proposal was never tried agin:
Equititrust admits funds conflict Colin Kruger
January 10, 2011
.Ads by Google
Buying Property via SuperWealthAdviser.com.au

Get our Free Ebook on Investing in Property using your Super Fund

MORTGAGE fund operator Equititrust faces a conflict of interest as it raises $50 million from new investors to aid a fund which has been frozen for more than two years with $240 million of investor money.

Some of the fresh funds raised were expected to be used to pay distributions to the frozen Equititrust Income Fund (EIF) and redeem unitholders' investment in that fund, the company said.

EIF was an unlisted investment vehicle. It was forced to freeze redemptions in 2008 to prevent mass withdrawals when the government placed a guarantee on bank deposits.






zencorp said:
Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting... I wonder if they are going to bring the Interim financials??????
Click to expand...
 
Re: Equititrust: INVESTOR BRIEFING : LETS HOPE ASIC IS THERE

+ the media

zencorp said:
Is anyone going to the Investor briefing session this coming Wednesday at 10am? Question time should be interesting... I wonder if they are going to bring the Interim financials??????
Click to expand...
 
Investor Briefing

First matter on the agenda should be the Interim Financials...

Second, what on earth were they thinking risking Retiree Investor's Money on King Con, who makes up the bulk of the loan book.

Third, are the loans to NAB and Bank of Scotland in default under the respective loan covenants.

I expect a lot of "angry people"there... Disgusting what Equititrust have done to their Investors whilst the directors have not put their own houses on the line.

Maybe thats what the director's should be asked, will they pledge their own assets including their homes to offset any losses to retiree investors..
 
Interim Financials - The Ultimate Disaster


Equititrust forced to renegotiate NAB loan Colin Kruger

April 11, 2011



http://www.smh.com.au/business/equititrust-forced-to-renegotiate-nab-loan-20110410-1d9da.html

As per my previous post, it looks like the truth has "FINALLY" come out.

Effectively INSOLVENT yet paying itself $4M in Fees... Colin Kruger has again exposed Equititrust and its claims it has investor's interests ahead of itself.

This will create a riot amongst retiree investors who have put their life’s savings into Equititrust. Effectively $4M to Equititrust as a last ditch grab and let the investor's eat cake..

No remorse for the loans to King Con..

NAB put everyone out of their misery and wind them up…
 
Equititcrap

Equiticrap, is effectively what all investors have been fed; that’s the only conclusion that can be made after this morning’s revelations by Colin Kruger..

The Notorious Gold Coast White Shoe Brigade has struck again..

ASSET LOAN
CITY PACIFIC
MFS


The Gold Coast train wreck
Michael West


September 12, 2008


http://www.smh.com.au/business/the-gold-coast-train-wreck-20080912-4f4n.html

“Make no mistake, Raptis is by no means the most precarious of the property developers on the Gold Coast and City Pacific and Asset Loan will not be the only spivvy lenders to fall.”
 
".... The Equititrust Ltd Board has resolved to postpone all distributions (including the April distribution) for the following reasons:
1. Settlement moneys from several asset sales (totaling in excess of $15m) has been delayed for reasons beyond our control;
2. To accelerate repayment of our secured bank debt owed to the NAB;
3. To update valuations of secured properties; and
4. To determine current unit pricing of units in the Fund. ..."

Aren't you all lucky little vegemites - looks like you might get taxable distributions while you potentially suffer capital losses .. welcome to the world of the frozen and defective managed property fund!

Well, I guess since the manager is 'determing the current unit pricings of units', that means you'll all probably make a loss - and as correctly pointed out by 'No Trust' (immediately above), City Pacific wasn't going to be the last.

http://equititrust.com.au/Pdfs/EIF_CD_Investor_distributions_04_April_2011.pdf

Bad luck for investors that the fund went down so quickly - it was just over six months ago when the manager scraped out over $10m in rewards for its subordinated capital warranty - lucky them.

I'm sure your manager will have a scheme for you that you really can't (but really should) resist.
 
Investors May Hit Equititrust With Class Action

Investors may hit Equititrust with class action

Colin Kruger

April 13, 2011


http://www.smh.com.au/business/investors-may-hit-equititrust-with-class-action-20110412-1dcl5.html

Whether the boys at Equititrust put their houses on the line or not, it looks like the LAWYERS are going for them anyway and rightly so...


"The investigation is expected to look at potential claims against EIF's directors for allegedly breaching their statutory and fiduciary duties to the fund."


What would those statutory breaches be guys ??


Apart from the fact that everyone can now see that they are FINISHED it is encouraging to see that someone is coming into bat for the investors who have suffered enough at the hands of the current directors.
 
Investors May Hit Equititrust With Class Action

The Gold Coast White Shoe Brigade strikes again....

So will Equititrust and the Directors now move on to INSIGHT EQUITY a firm set up by McIvor's brother Wayne or will those former directors also get caught up on the current legal imbroglio which is shaping up to be a BIG one..

Will ASIC now also get involved? By the sounds of it, it looks like it will..
 
Re: Investors May Hit Equititrust With Class Action

No Trust said:
The Gold Coast White Shoe Brigade strikes again....

So will Equititrust and the Directors now move on to INSIGHT EQUITY a firm set up by McIvor's brother Wayne or will those former directors also get caught up on the current legal imbroglio which is shaping up to be a BIG one..

Will ASIC now also get involved? By the sounds of it, it looks like it will..
Click to expand...

Is this is the company?

Site looks like its been there forever:
http://www.insightequity.com.au/default2.asp?active_page_id=165

But a search of ASIC records indicates it was born on 28 September 2009:
"... Name INSIGHT EQUITY LTD ACN 139 340 195 ABN 40 139 340 195
Type Australian Public Company, Limited By Shares
Registration Date 28/09/2009
Next Review Date 28/09/2011
Status Registered
Locality of Registered Office Alderley QLD 4051
Jurisdiction Australian Securities & Investments Commission ..."

AFS Licence registered on 5 July 2010 & PDS in use 1 October 2010
"... 01/10/2010 7E3207270 3 FS88A Pds In-Use Notice - By Afs Licensee
22/09/2010 1F0340539 5 484E Change to Company Details Appointment or Cessation of A
05/07/2010 0L0307970 22 FS02 Copy of Afs Licence ..."
 
Re: Interim Financials - The Ultimate Disaster

No Trust said:

Equititrust forced to renegotiate NAB loan Colin Kruger

April 11, 2011



http://www.smh.com.au/business/equititrust-forced-to-renegotiate-nab-loan-20110410-1d9da.html


NAB put everyone out of their misery and wind them up…
Click to expand...


err...I know little of equitrust debts or holdings, but heres my guess how Senior Debt Holders will proceed

hold a dagger to the throat of the wounded victim, whilst defiling it for (capitalised) penalty interest rates, (fat profits to be had at he expense of investors), orderly disposal of quality, secured assets.

When the carcass is drained of equity, they ditch the skeleton in a undeveloped Industrial estate, outback of a swamp in Ipswitch, which coincidentally is where the remaining investments might be located
 
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