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Equititrust?

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Did anyone review the legal fees in any of the previous litigation against McIvor and KPMG ?

The current litigation against Tucker also needs some form of independent review into the quantum of legal expense to date, given the fact that despite years of litigation the creditors and investors have not benefited by “one” single dollar...
 
Are the liquidators justifying their existence through litigation ???
 
If not for the litigation undertaken by the liquidators what else did they have to do ???
 
So the lawyers are mates with the litigation funders and the litigation funders are paying the liquidators... Does anyone see a conflict here ?
 
Huge amount of legal fees being churned up prior to the next hearing on the 10th and 11th of September 2019 as evidenced by the filings a few days ago.

The preparation and finalisation of each of the affidavits consumes many billable hours..

Now remember, the lawyers and the liquidators are billing at either end of this equation... No wonder there is nothing left for the creditors and investors at the end. It will be “perfectly” balanced in favour of the lawyers and Hall Chadwick and there will be nothing left at the conclusion of this round of speculative litigation...

Isn’t it time to provided an accounting on the progressive legal fees paid to date as well as the amount of costs the liquidators now have to pay to Tucker & Cowan as a result of the multiple cost orders against them...


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http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=7399/18
 
Given the multiple costs orders against the liquidators in the Federal and Supreme Courts regarding the Tucker & Cowan litigation - in having to discontinue proceedings against MS Asia and David Kennedy in Hong Kong, having to change senior counsel to replead the proceedings incurring further expense and adverse cost orders, it’s clear the litigation against Tucker & Cowan has well and truly come off the rails and is heading for a cliff... This has turned into a monumental DISASTER...
 
The money the liquidators are burning through must also be on the minds of the litigation funder and it’s clear now that their money is at serious risk in this litigation... Nothing is 100% and the chances of the liquidators winning this action are dwindling by the day and cost orders awarded against them... #DISASTER
 
So many matters rising from the depths of the swamp that was Equititrust and McIvor...

In the process of the shadowy dealings many tracks were not not covered and time it appears has revealed a direct path back to Equititrust / McIvor and his flying monkeys...

Karma has everyone’s address boys...
 
A former Equititrust operative and one of McIvor’s former “flying monkeys” appears to have had the electric shock cables applied to his wedding tackle by the regulator ASIC in investigations currently underway regarding historical misconduct...

Sorry - NOT sorry
 
How are some of McIvor’s flying monkeys still working in the Financial Services industry given their historical misconduct ???

Events currently unfolding may soon put an end to that...

McIvor’s been keeping the bench warm for you guys...

Sorry - NOT sorry
 
Came across a fascinating piece of research on Mark McIvor and Equiitrust. Worth a read to expand ones knowledge of how to make money.

Trust me, I'm a lawyer
Barry Lane • Monday, August 6, 2012
Collapsed Equititrust boss returning to the law ... Money lending - Gold Coast style ... Negligence and breach of duties by Indians, not the Chiefs ... Lawyers know best ... Barry Lane reports
http://justinian.com.au/archive/trust-me-im-a-lawyer.html
 
Yes, it’s a good article Basilio... Being banned for life by ASIC clipped McIvor’s wings forever...

It’s not over yet, ASIC have been drawn back into serious historical FRAUD committed by Equititrust which was concealed by his sychophantic underlings...
 
This lucky fellow has a two day court date in the Supreme Court tomorrow...

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Operatives close to the action say the Oil in the Litigation Pot will be beyond boiling this time..

Stephen Russell appears to be bringing the herbs and spices for the almighty legal feast...

Bon Appétit...
 
For those wishing to engage in a touch of schadenfreude I will save a seat for you in the public gallery...

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The lawyers getting their asses sued off them for getting involved in a clients business is ironic... The client wasn’t a former client either. Tucker & Cowan were milking the golden teate well after the collapse of Equititrust in 2011. Whilst acting for the receiver of the EIF David Whyte of BDO with a “Conflict of Interest”, the MS Asia deal was hatched... WTF... This cannot be denied as it was finally acknowledged by David Whyte in the Courier Mail below ...

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There is obviously a serious ongoing conflict of interest in Worrells role in the MS Asia transactions knowing that both Tucker and Kennedy were the actual beneficial owners.

Tucker’s assertions in the Courier Mail Article that the Liquidators had very little to do may soon change, due to his actions some time ago.

The MS Asia transactions are not the only transactions that are currently unraveling and subject to close scrutiny...



No Trust said:
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.
Click to expand...
 
Worrells were used by Tucker & Cowan to bankrupt McIvor and then used as the front for MS Asia as receivers of the EPF...

Friendly receiver appointments have a way of backfiring on the actual appointors leaving a trail of shrapnel in the asses of those who think playing d#ck games with peoples hard earned retirement savings will never be discovered.
 
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