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Equititrust?

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Piper Alderman Class Action on Website

Piper Alderman now have a page on their Web site dedicated to the Equititrust Class Action. It specifically refers to KING CON


http://www.piperalderman.com.au/firm/equititrust-limited-class-action

[B]"In what appears to be an attempt to further allay investor concerns, Equititrust has called a meeting of unit holders for Wednesday 20 April 2011. One of the many issues likely to be raised by unit holders will be why the EIF's difficult liquidity position has not prevented Equititrust withdrawing $4 million in management fees"[/B]




"Of particular concern is the $70 million of EIF's loans to Croftworth Property, a company that entered external administration with the appointment of receivers in February 2011. The Australian Taxation Office also appears to have grievances with one of EIF's largest debtors, recently slapping a winding up order on Croftworth Property. ASIC has recently expressed concern over the level of disclosure by Equititrust in relation to the EIF."

All investors should read this..


Equititrust on the other hand will tell you to ignore it, just like it tried to tell investors not to read our postings on this web site..
 
Ditching The Skeleton

AWG, as always an amusing, yet spot on assessment of the facts.

It seems that once the banks have finished draining the Equity the Class Action Lawyers will be going for the other wounded victim’s jugular (who thought the only wounds were their reputations) and draining some, if not ALL, the personal assets out of that..

The directors are now squarely in the crosshairs.. It seems that some investors have learnt from the demise of MFS and City Pacific and are taking action now whilst there is still some blood running through the veins…

Any skeletons in the closet guys???
 
Investors May Hit Equititrust With Class Action

The Class Action having the backing of a litigation funder will now give investors another option... An increased return...

Equititrust will not like this new development at ALL.. Instead of eating the cake that Equititrust is forcing down the throats of investors. Investors can now say no thank you..

Mareva Injunctions
In the interim I would not be surprised if the Class Action Lawyers sought Mareva Injunctions against Equititrust and the Directors assets to protect the interests of investors..
 
NAB PENALTY INTEREST

At the investor briefing investors should demand to know how much penalty interest is being paid now to NAB. The amount may shcok you !!!
 
Re: NAB PENALTY INTEREST

No Trust said:
At the investor briefing investors should demand to know how much penalty interest is being paid now to NAB. The amount may shcok you !!!
Click to expand...

I don't think the penalty interest will shock anyone, in fact, I think it'll be the least of your problems.

For a class action to be successful, the claimant needs to prove that liability falls in the hands of an entity/entities with deep pockets - otherwise, it'll be a much ado about nothing.

I have a feeling that the goings-on with the fund will have more twists and turns than a game of 'Snakes & Ladders'.
 
Re: Equititrust: A PARACHUTE ....

My speculation - and be clear that it is only speculation but deisgned to encourage debate and investigation - is that the set up of this FUND last May 2010 was not a coincidence....
 
A fresh New Pair of White Shoes

Well coincidence or not, all directors of Equititrust current and former will now it seems be investigated as per Piper Alderman's advices to the Sydney Morning Herald.

The investor briefing will be an interesting affair!!!

Time to pay the piper..
 
Media Having a Field Day

Sydney Morning Herald

Scott Rochfort
April 13, 2011

CBD

FUND'S FINESSE

"The Gold Coast mortgage fund operator Equititrust should have plenty to share with investors at a briefing next Wednesday.

Less than a week has passed since income distributions were suspended on its two biggest funds, which are also expected to report investor losses sometime soon.

An investor class action is also on the cards.

Our guess is the company founder, Mark McIvor, will not repeat a statement he made last year in another company update: ''Post the global financial crisis our record speaks for itself. In our 17-year history we've never had an investor loss. We're proud to adopt our new slogan, 'You've earned the equity; we've earned the trust'.''


http://www.smh.com.au/business/atlas-road-fees-take-toll-on-shareholders-20110412-1dcn1.html

Scott Rochfort is spot on in his satirical assessment of "Fund’s Finesse" or should it be “Fund’s Incompetence”

The National Media is now poking fun at the Cowboys in White up North. Won’t be long before another amazing investor opportunity from the Gold Coast pops up, Hang on it already has… Equititrust Version 2.0 – Insight Equity same DNA..
 
Equititrust Website

The Equititrust Website is quite peculiar lately, one minute the Interim Financials are posted then they are removed. Another minute there is an update on the loan to NAB and then it is removed.. Strange indeed.. WHAT'S GOING ON???????
 
Lawyers Breathing Down Their Neck - It really is a Troubled Fund

I guess it must not be comfortable for the White Shoe Brigade to have Class Action Lawyers breathing down their necks now.. About time too, investors have had enough of the double talk whilst the "Irresponsible Entity" pockets 4M Dollars of their money.

All of this whilst trying raise another 50M from the unsuspecting public.

Look at the position that NAB is in now, that is the position the new investors would have been in. It is no wonder that ASIC stepped in when it did, they had no choice but to take action..

Smartest move was by Commonwealth Bank, they saw the writing on the wall and took their money and ran, pity the poor retiree investors could not do the same.
 
Re: Lawyers Breathing Down Their Neck - It really is a Troubled Fund


Actually the new capital raising would have been a good bet for the new investors because they would have stood in line ahead of existing investors in your fund.
 
No Betting on Equititrust

Actually "No bet" is a "good bet" on Equititrust.

If investors had put their money in a bank as Choice Magazine had recommended they would not be going through the heartache they are going through now.


Of interest it seems the Equititrust stooges Olman etc have all gone deadly quiet... Must be trying to get their money back.
 
Re: No Betting on Equititrust


I am not, and never have been, an Equititrust stooge. You, on the other hand, are a negative, carping individual with a vindictive streak that is disgusting to observe. While some posters here actually contribute to the debate, nothing you have said is original, and I notice very few direct replies to the drivel you post. Your mindlessness is astounding.
 
Equtitrust Melt Down

Everyone has a right to an opinion and I will stick to mine over yours any day as this site has exposed the truth and the predicament of retiree investors at the hands of Equititrust.

I do recall you said you had an "unfamiliar stirring of confidence about the future of Equitirust in one of your posts.. What now?? Will you back the loans made to King Con and the 4M in fees paid out in the last half year whilst distributions have stopped?? Will you join the class action?? I think we all know the answers in advance..

Good to see your still out there and reading the thread
 
Interest Fron Thin Air

If there is no cake let the investors eat paper

A guess this is why there is class action pending...
 
ASICK said:
There's no cash - if assets can't be sold .. then
Click to expand...

"... EIF held cash funds in excess of $4m as at 8 April 2011 and has sufficient funds to meet its ongoing obligations for the foreseeable future. ..."

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

However, the statement must be taken in context - and that context relates to the fund's obligations to the NAB, not to investors.

It might also be that 'foreseeable' isn't too far into the future.
 
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