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Equititrust?

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McIvor, who is physically now morphing into mummy, seen below accompanied by long suffering sister Janine Pelly...

Good ol Mummy, below bitching about bad son Mark in the Courier Mail, was up to her eye balls in scams with sonny Mark for decades, until the sh#t hit the fan, then she played dumb... The crooks then turned on each other...

Both stole money and property from innocent parties with aplomb...

Now every single property has been taken away from them... Pariah’s in their own city...

They can’t say they weren’t WARNED!!!

Tucker will suffer the same fate through the courts and media.

He was WARNED this would happen too...

A promise made is a promise DELIVERED...

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A simple philosophy in life, don't do dodgy sh#t and you won't be called a criminal all over town...


Tucker Federal Court Public Examination Extract
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This is all looking very ugly and very costly...

The liquidators now have to front up with approximately $2M in Security for Costs payable in 28 days...

If they pay this into court and the matter goes to trial, then Tucker and Cowen are f#cked... If the liquidators choke like they did in the Federal Court proceedings, the litigation was for nothing but the payment of their fees, which the litigation funder has been paying to date... Now that would be an UNEDIFYING RESULT...

http://apps.courts.qld.gov.au/esearching/eDoc.aspx?Location=BRISB&Court=SUPRE&Filenumber=7399/18&edocsno=110263

https://insolvencynewsonline.com.au/equititrust-settlement-inescapably-unedifying/

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Many investors are wanting answers from the liquidators as to whether they will be able to meet the security costs orders, approaching $2M, payable into court...

The further litigation between the liquidators and the receivers is holding up the ability of the Receivers BDO in making a final distribution to EIF investors...

If the current proceedings are nothing more than a fee generation exercise for the liquidators, and a profit making scheme for the liquidation funders, with no ultimate benefit for EPF investors, then the whole litigation must come to an end.

People will die while waiting for a return from the EIF if this litigation is prolonged.

The Liquidators and their lawyers need to update EIF investors as to how long their spat with the receivers in the form of extended litigation will hold up their final payment...

http://www.equititrust.com.au/Pdfs/Receiver/Receivers Reports - 20191023 - 35th Update to Investors.pdf
 
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These are VERY BAD HEADLINES for the Liquidators... Have all the years of litigation and millions spend on legal fees and liquidator expenses all been for nothing ??? Investors need some serious answers NOW !!!

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If the Liquidators have blown the case against Tucker and Cowen, there may very well be a call that that the liquidators pay the costs personally, rather than the company bear the responsibility of the costs...
The agreement with Vannin and (the ability or appetite to vary that agreement) will now be key in the matter proceeding to trial...

In any event the liquidators need to front up to investors ASAP...
 
https://insolvencynewsonline.com.au/lit-funder-vannin-to-cough-up-security-in-cash/

Lit funder Vannin to cough up security in cash

Posted By: Peter Gosnell 9 September 2020
We’re sure Vannin Capital is a successful player in the oft-times lucrative litigation funding space but two insolvency-based bets it’s made in Queensland have proved troublesome.

Little mystery can attach to why bankrolling the general purpose liquidators (GPLs) of Queensland Nickel in litigation involving the company’s former director Clive Palmer hasn’t gone to plan.

Palmer could probably buy Vannin from its parent Fortress Investment Group with what he earns from his iron ore royalties in a few months.

Nor is the Queensland billionaire unaccustomed to litigating in support of his rights.

Despite appearing to have tied up adequate security prior to accepting the appointment initially as administrators of QNI, FTI Consulting’s John Park and Kelly-Anne Trenfield have had a torrid time battling the billionaire in pursuit of claims they’ve identified on behalf of QNI creditors, and what hurts them hurts whoever’s backing them.

But bankrolling the liquidators of failed Queensland property outfit Equititrust has also provided Vannin with reason to wonder if the sunshine state is accursed following a court’s insistence that Vannin pay security for the costs for an application brought by liquidators Richard Albarran and Blair Pleash in cash rather than via Vannin’s preferred option.

In Equititrust Limited v Tucker [2020] QSC 269 we learn that Vannin has insurance cover against its liability for adverse costs orders from AmTrust Europe Limited (AmTrust).

When ordered to put up security for costs for an application brought by Albarran and Pleash, the Equititrust defendants demanded $935,228.05 and $1,058,637.60 in security respectively be paid in cash into the court or the trust account of Albarran and Pleash’s solicitors.

That created a problem for the plaintiffs and their backer. Under the terms of the funding agreement between Vannin and the Hall Chadwick duo there was a maximum available for security for costs for each Equititrust defendant of $670,000.

Vannin proposed that the security be provided by way of deeds of indemnity, executed by AmTrust in favour of the defendants, together with $30,000 cash to be paid into Court to cover any potential enforcement costs against AmTrust in the United Kingdom if that ever became necessary.

Vannin regional managing director Tom McDonald told the court: “this is a matter on which Vannin cannot presently be dogmatic.

“…. if only a small sum was to be provided by way of cash and the lion’s share of any security by way of Deeds of Indemnity, Vannin would be more likely to elect to provide such security, as against an order that all security be given in cash, in which case, Vannin will almost certainly elect not to provide any security,” McDonald said.

“For reasons which I trust I have adequately explained, Vannin much prefers to provide any further security for costs by way of the Deeds of Indemnity.”

The defendants objected to what they declared was an attempt by Albarran and Pleash via their funder “to negotiate with the Court to find out what might be the least amount of variation to the originally non-variable form of AmTrust deed of indemnity to render it an acceptable form of security.

“They objected to that process,” Queensland Supreme Court judge John Bond said.

“They also complained about such a process occurring against the background of what they contended was a lack of transparency concerning the nature of the arrangements as between the plaintiff and Vannin and as between Vannin and AmTrust.

“If I did embark upon a fresh consideration of the question of the form of the security, they developed arguments that the proposed form was still unsatisfactory,” his honour said.

And in the end he agreed. When it’s a choice between cash or an insurer’s promise Queensland’s judge’s appear to prefer the former. Who would’ve thought?
 
The funder Vannin and its solicitors, do realise that Tucker and Cowen may share the same political views as Fatty McF#ck Face Clive Palmer but neither miscreants have large somes of liquid cash at hand...

Tucker and Cowen are hurting badly... The cost of a bank guarantee for Vannin, for the amounts in question, given current borrowing rates, is minuscule...

Tucker and Cowen may yet get an October surprise... If the Funder does lodge a bank guarantee (which is a court approved option under the order by Justice Bond) then Tucker and Cowen will collapse before trial, as they don’t have the liquid funds or stomach for the further reputational loss to persevere until trial...

 
Whichever way the court case goes, there will be PUNISHMENT for all the crooks and fraudsters involved... The court case is a mere sideline to the main event...

The media coverage of the actions of Tucker and Cowen to date, cannot be undone... There’s much more to come...
 
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