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Equititrust?

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It’s amazing how Hall Chadwick managed to get to this point in proceedings with no legal assistance from Tucker & Cowan unlike BDO who doled out work to its mates... For the record when a BDO partner and his wife are friends on Facebook, that’s kinda the modern day definition of friends.

BDO giving work to Tucker & Cowan was not in the best interests of investors as it was clearly a conflict of interest..

http://www.equititrust.com.au/Pdfs/Liquidator/190531 Notice to Creditors and Unitholders.pdf
 
The modern definition of friendship is sending a friend request and accepting...

Do these interactions by BDO and Tucker & Cowan pass the pub test ? A definite no to that...

No Trust said:
A savvy media type, doing some "digging around" has informed me that he has noticed a peculiarity in terms of the relationship between David Whyte and David Tucker. Both seem to be Facebook friends...
So what one may say.., but given the involvement of Tucker sucking off the golden teat of Equititrust for so long and given the current revelations regarding Tucker and Kennedy and the EPF, did David Whyte give Tucker legal work in regard to Equititrust ??? If so what did it involve ? The unravelling of the conflict's of interest is just beginning.

The other peculiarity noted on Facebook by the media type was Tucker's penchant for tight lycra shorts... Something he said is hard to unsee...

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We are the children of an Investor who, like many, lost our inheritances.....we keep getting letters from Hall and Chadwick but so full of legalese I hate to admit I have no idea whats going on?

It seems to me, simplistically, that David Whyte bills and awful lot and gets very little results. Is this a huge lawyers and administrators move just to eat everything up?

What is this latest action designed to do?

Is there any light of any further return?

So sorry to ask.
 
Hi “LisyLoo”, welcome to the thread..

It appears that Hall Chadwick are doing are far better job in terms of pursuing money for investors than BDO. The results are on the board in terms of their willingness to litigate the former directors and auditors.

Their current litigation against former lawyer and director David Tucker, his partner Richard Cowan and former CEO David Kennedy for $17.5M is further evidence they don’t shy away from pursuing those alleged of wrongdoing.

Subject to court approval of the settlement with professional indemnity insurers of KPMG and Equititrust, there will be a further return at some point. How much is yet to be determined, as the settlement agreement is confidential at this stage and suppression of the documents has been requested as part of the court approval of the agreement.

After all the costs and further wrangling with BDO, I wouldn’t hold out much hope of a substantial further return.

In terms of transparency and managing conflicts of interests to date Hall Chadwick have run rings around BDO. I didn’t think so at first, primarily because they were initially appointed as administrators by Mark McIvor, but Hall Chadwick have proven to be on the right side of history in this saga. BDO have on the other hand have been a utter disappointment. Initially I thought they were on the side of investors, however when I discovered they were using Tucker & Cowan I was appalled.

BDO’s use of Tucker & Cowan and then saying it was in the investor’s best interests is a disgrace and slap in the face of every investor.

Facebook showed that both David Whyte and his wife were “Facebook” friends with David Tucker.

There were even meetings where David Tuckers Super fund, which was invested in Equititrust was discussed with BDO and then put into the monthly billing by BDO. How on earth is this acceptable. The billing needs to be independently audited and all inappropriate amounts which were conflicted need to be returned to investors by BDO.

Hope this helps.




LisyLoo said:
We are the children of an Investor who, like many, lost our inheritances.....we keep getting letters from Hall and Chadwick but so full of legalese I hate to admit I have no idea whats going on?

It seems to me, simplistically, that David Whyte bills and awful lot and gets very little results. Is this a huge lawyers and administrators move just to eat everything up?

What is this latest action designed to do?

Is there any light of any further return?

So sorry to ask.
Click to expand...
 
Remember this guy ? McIvor’s stellar new addition to his team...
0F52BBDB-C576-4142-B5ED-FE70247595FF.jpeg
 
No Trust said:
Hi “LisyLoo”, welcome to the thread..

It appears that Hall Chadwick are doing are far better job in terms of pursuing money for investors than BDO. The results are on the board in terms of their willingness to litigate the former directors and auditors.

Their current litigation against former lawyer and director David Tucker, his partner Richard Cowan and former CEO David Kennedy for $17.5M is further evidence they don’t shy away from pursuing those alleged of wrongdoing.

Subject to court approval of the settlement with professional indemnity insurers of KPMG and Equititrust, there will be a further return at some point. How much is yet to be determined, as the settlement agreement is confidential at this stage and suppression of the documents has been requested as part of the court approval of the agreement.

After all the costs and further wrangling with BDO, I wouldn’t hold out much hope of a substantial further return.

In terms of transparency and managing conflicts of interests to date Hall Chadwick have run rings around BDO. I didn’t think so at first, primarily because they were initially appointed as administrators by Mark McIvor, but Hall Chadwick have proven to be on the right side of history in this saga. BDO have on the other hand have been a utter disappointment. Initially I thought they were on the side of investors, however when I discovered they were using Tucker & Cowan I was appalled.

BDO’s use of Tucker & Cowan and then saying it was in the investor’s best interests is a disgrace and slap in the face of every investor.

Facebook showed that both David Whyte and his wife were “Facebook” friends with David Tucker.

There were even meetings where David Tuckers Super fund, which was invested in Equititrust was discussed with BDO and then put into the monthly billing by BDO. How on earth is this acceptable. The billing needs to be independently audited and all inappropriate amounts which were conflicted need to be returned to investors by BDO.

Hope this helps.
Click to expand...



Thanks so much 'No Trust".
You obviously have your head around it much better than we did.
The jargon is very confusing for us.
Our poor Dad must be devastated in heaven and rue the day he ever trusted that scumbag Mark McIvor. I used to say to him - those Christmas hampers are costing a fortune - I wouldn't trust him. We see McIvor and his missus in posh places and know its our money that they are spending. Karma is our only hope.
As for David Whyte and Tucker - even though we didn't understand his letters - it seemed as though he was taking much more he was achieving.
We appreciate all your input and will do our best to remain in the loop so to speak.
 
It appears that Anderson and David Kennedy went from one host and then attached themselves to another...
 
You’re very welcome..

LisyLoo said:
Thanks so much 'No Trust".
You obviously have your head around it much better than we did.
The jargon is very confusing for us.
Our poor Dad must be devastated in heaven and rue the day he ever trusted that scumbag Mark McIvor. I used to say to him - those Christmas hampers are costing a fortune - I wouldn't trust him. We see McIvor and his missus in posh places and know its our money that they are spending. Karma is our only hope.
As for David Whyte and Tucker - even though we didn't understand his letters - it seemed as though he was taking much more he was achieving.
We appreciate all your input and will do our best to remain in the loop so to speak.
Click to expand...
 
The hits just keep on a coming... The Courier Mail Cartoonist Brett Lethbridge never fails to deliver... I’m crying here...
 
It’s just mind bogglingly gobsmacking that both David Anderson and David Kennedy detached themselves from host body MFS / Octaviar and then reattached themselves on to the financial veins of Equititrust, whose life blood was mainly innocent, hard working retiree investors.

Then this happens ??? Seriously WTF... You couldn’t write a movie script... No one would believe it, yet it happened to innocent Equititrust investors...

upload_2019-6-6_16-16-6.jpeg
 
Kostag, the person responsible for this thread, first post was prophetic...

kostag said:
I'm an Equititrust investor - historically, all has been good - bit I am hearing some disquieting developements - such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge - same auditors as MFS used - same business model - and even Royal Bank of Scotland loans outstanding/overdue. There was a press write up about a loan to Al Konstaninidis going bad etc - and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good.
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This really aged well didn’t it... The flying monkeys willing to do anything for a buck never ceases to amaze me...

This included sychophantic employees, who didn’t blink when it came to breaking the law...

McIvor’s monkeys, are now paying a heavy price

upload_2019-6-9_2-29-47.jpeg
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upload_2019-6-9_2-33-57.jpeg
 
The 3rd and 4th Defendants are

David Kennedy and MS Asia

upload_2019-6-18_16-41-58.jpeg
 
So the liquidators have let David Kennedy and MS Asia off the hook.

Has Kennedy turned on Tucker ?

Anything’s possible in this all mighty sh#t fight...

Regardless Tucker and Cowan are still well and truly enmeshed in what appears to be very protracted and nasty litigation...
 
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