Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip

SORRY: found it......

$2,144,754 Management Fee + $2,515,477 Return on Subordinate Investment = $4,660,231.

this was for 6 months , so about $9.2Million per annum - a little more than I thought






Olman said:
You're still getting confused between the EIF and the EPF.
NAB is owed money by the EIF.
BOS is owed money by the EPF.

The EIF has no exposure to the BOS.

I would also like to see a reference to your claim of management fees paid. The best I can come up with in the Financial Reports is around $4.5m a year. Where does your $8m come from?
Click to expand...
 
Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip

kostag said:
SORRY: found it......

$2,144,754 Management Fee + $2,515,477 Return on Subordinate Investment = $4,660,231.

this was for 6 months , so about $9.2Million per annum - a little more than I thought
Click to expand...

It's a wonderful world isn't it? Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?

There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?
 
Re: Equitidisgust

Ahhhh Robbing Peter to pay Paul........
 
Re: Equititrust: takes out at rate of $9.2M per annum while INVESTORS get zip

ASICK said:
It's a wonderful world isn't it? Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?

There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?
Click to expand...

Equititrust could have found the impairments first, in which case they wouldn't have the return on the subordinated investment - I guess Equititrust was just plain lucky.
 
Re: Equititrust: LUCKY, heh?

This is where PIPER ALDERMAN will earn their money - it will not be too hard to identify at what point that EQUITITRUST had reasonable notice re QUINLIVIN and SOUTH AUSTRALIA impairments (isn't that a nice soft word for "absolute write off") .... I saw one media article that referred to QUINLIVIN and I think David Kennedy was quoted as saying that they had been working with Quinlivin's bankers for a year or so etc etc ....

now, if PIPER ALDERMAN can show that EQUITITRUST knew what they were sitting on (leaving aside a raft of legal issues about how did these loans (or rather why?) did these loans get made in the first place) then the timing of what fees and or return that they drew etc becomes very very important .......

I dont think that this is going to be too hard - I would not be surprised to see BOARD MEMBERS resigning pronto!

ASICK said:
It's a wonderful world isn't it? Equititrust Limited could claim $2.5m in returns on its subordinated investment, and then only weeks later the whole fund has incurred massive losses - lucky they got the $2.5m when they did - isn't it?

There's no doubt about it, Equititrust Limited is very lucky with timing - aren't they?
Click to expand...
 
Re: Equititrust: LUCKY, heh?

kostag said:
This is where PIPER ALDERMAN will earn their money - it will not be too hard to identify at what point that EQUITITRUST had reasonable notice re QUINLIVIN and SOUTH AUSTRALIA impairments (isn't that a nice soft word for "absolute write off") .... I saw one media article that referred to QUINLIVIN and I think David Kennedy was quoted as saying that they had been working with Quinlivin's bankers for a year or so etc etc ....

now, if PIPER ALDERMAN can show that EQUITITRUST knew what they were sitting on (leaving aside a raft of legal issues about how did these loans (or rather why?) did these loans get made in the first place) then the timing of what fees and or return that they drew etc becomes very very important .......

I dont think that this is going to be too hard - I would not be surprised to see BOARD MEMBERS resigning pronto!
Click to expand...

It's certainly not unknown for rats to leave sinking ships.
 
The Good Ship MFS

One only has to look back at the good ship MFS to see some of the rats abandoning a sinking ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.
 
Re: Equititrust: new Directors

I dont think that any of us should be too harsh with the new Board. It seems clear that they all joined well after the disastarous loans were granted. They are really only accountable for their conduct once they knew that the 'gig was up'. Now, these people have careers outside of Equititrust, so one must presume (and the Minutes will show this) that they were either laying down the law or getting assurances of some positive action. That said - there is pre-emptive action required and I suspect that these external Board members must now all be on very dangerous territory.

Now, in terms of day to day managament - the company seems to have been run more recently by two ex MFS executives Messrs Anderson and Kennedy - both of whom were close to the helm during the dying dies of that financial "train smash".

Now, eiether they are just dead unlucky when it comes to seeking new employment or else they seek out or are part of these types of activities. That is not for me to judge - I simply don't know.

I am distressed at the level or more the quality of the disclosures on this web-site by Mr Kennedy. I think that the annoucements when taken against the recent events, leave much to be desired. One could form the view that there was simply a policy of mis-information and spin. Certainly, the period of continuing good news, seemed to ahve bene used to drag $4M out of the place in less than 6 months, knowing that such actions would run the business down to less than $300K on hand as at 31-12-10, and presumably knowing that as a likley result, that the NAB would NOT be paid on time, and that more than likley investors would not get paid. And whilst this was going on, an array of new investment offerrings and PDFs were being spruiked and circulated into the market place.

Each of us will form our own view of what happened. But more than that - the Courts (with Piper Alderman's help) will take the action required. I hope.
 
Re: The Good Ship MFS

No Trust said:
One only has to look back at the good ship MFS to see some of the rats abandoning a sinking ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.
Click to expand...
Not to mention No Trust that those very same fat rats, their brothers, sisters and growing entourage of prospective fat cats are being closely monitored from several different perspectives. Jumping ship is a risky business, I'm thinking 'walking the plank' may be a better alternative for some? Or maybe not? Whatever, there have been so many long suffering investors affected by the so called expert decisions made on investors behalf by directors, CEO's, auditors, financial advisors, fund managers etc who thought they had some protection from tax payer funded regulators, (still waiting) that are really pissed off and will continue to make some noise, like yourself. As a MFS/OCV premium income fund investor who has been ripped off, I look forward to the day that those responsible are exposed and publically named and held accountable for their self centered actions that impacted on the lives of so many who trusted their apparent 'corn flake packet' qualifications. (That includes the so called 'senior financial advisor' status attached to early MFS documentation)

You have a long, hard road ahead of you, MFS/OCV premium income investors were not apathetic as some would have you believe, just devoid of alternatives offered at a critical time apart from maybe scaremongering from Wellington Capital who led us to believe that Jenny Hutson was our saviour. We were offered a convincible deal by WC that never eventuated, quite the quantrary. That does not mean that PIF investors remain complacent and do not continue to explore a better alternative. I sincerely hope Equititrust investors do not have to walk the path of Wellington Capital premium income investors!!
Seamisty
 
Re: The Good Ship MFS

No Trust said:
One only has to look back at the good ship MFS to see some of the rats abandoning a sinking ship. But not before they were extremely well fed. Fat rats indeed, however the investors were securely locked in the hull with no escape whilst the ship went down. This time round it seems there is a very hungry cat aboard the good ship Equitirust.
Click to expand...

Arr, me hearties, so it be with the good ship FMF too!
 
Re: The Good Ship MFS

seamisty said:
Not to mention No Trust that those very same fat rats, their brothers, sisters and growing entourage of prospective fat cats are being closely monitored from several different perspectives. Jumping ship is a risky business, I'm thinking 'walking the plank' may be a better alternative for some? Or maybe not? Whatever, there have been so many long suffering investors affected by the so called expert decisions made on investors behalf by directors, CEO's, auditors, financial advisors, fund managers etc who thought they had some protection from tax payer funded regulators, (still waiting) that are really pissed off and will continue to make some noise, like yourself. As a MFS/OCV premium income fund investor who has been ripped off, I look forward to the day that those responsible are exposed and publically named and held accountable for their self centered actions that impacted on the lives of so many who trusted their apparent 'corn flake packet' qualifications. (That includes the so called 'senior financial advisor' status attached to early MFS documentation)

You have a long, hard road ahead of you, MFS/OCV premium income investors were not apathetic as some would have you believe, just devoid of alternatives offered at a critical time apart from maybe scaremongering from Wellington Capital who led us to believe that Jenny Hutson was our saviour. We were offered a convincible deal by WC that never eventuated, quite the quantrary. That does not mean that PIF investors remain complacent and do not continue to explore a better alternative. I sincerely hope Equititrust investors do not have to walk the path of Wellington Capital premium income investors!!
Seamisty
Click to expand...

Your road will be shortened if you 'sink the boot in' as soon as possible.
 
Ship Wreck On Chevron Island

Well it seems that there is well and truly a ship wreck on Chevron Island..
The only issue is that investors on board were not made aware of the impending disaster till well after the King Con "Iceberg" was hit; and yet the directors who steered the ship off course expect the investors to allow them to continue. What the management of EquitiRust haven't come to terms with is that the ship is sinking and they do not have the answers. It is pleasing to hear that there are moves under way to protect the investors from yet ANOTHER Gold Coast Mortgage Fund Melt Down...

If the directors really did care they would be putting their personal assets to auction to help pay for the losses that they have caused. If events keep overtaking the current situation the domino effect may be widespread. Investors need to know the full financial background of the of the entities that hold the shares in Equitititrust..
 
Re: Ship Wreck On Chevron Island: HOW LONG DID THEY KNOW ABOUT QUINLIVIN

from MEDIA I read this was brewing for atleast one year - this is the date that gives all of them some real problems......
No Trust said:
Well it seems that there is well and truly a ship wreck on Chevron Island..
The only issue is that investors on board were not made aware of the impending disaster till well after the King Con "Iceberg" was hit; and yet the directors who steered the ship off course expect the investors to allow them to continue. What the management of EquitiRust haven't come to terms with is that the ship is sinking and they do not have the answers. It is pleasing to hear that there are moves under way to protect the investors from yet ANOTHER Gold Coast Mortgage Fund Melt Down...

If the directors really did care they would be putting their personal assets to auction to help pay for the losses that they have caused. If events keep overtaking the current situation the domino effect may be widespread. Investors need to know the full financial background of the of the entities that hold the shares in Equitititrust..
Click to expand...
 
CLEAR NO BULL**** COMMUNICATION - they still dont get it do they......

read this quote from Mark McIvor - does anyone really understand what he is saying.... current 'structure of funds' ' restricts us' 'facilitating new investment inflows'

quack quack quack

our funds are in such a pathetic shape that we cannot get any new money from any more wood ducks to give us money to make any more disastrous loans (or pay back our old punters!)

What is HBOS doing? I presume that they are about to jump all over this guy



QUOTE care of SMH:


"The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said.

The company's financial accounts last year revealed that one of its financiers, the Bank of Scotland (HBOS Australia), demanded a restructure of its business and merger of the two major funds, in return for an extension of its loan.

The $20 million it owed HBOS at that stage was to become repayable by New Year's Eve last year if the conditions were not met.

Read more: http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html#ixzz1L3ysqtFc
 
Re: CLEAR NO BULL**** COMMUNICATION - they still dont get it do they......

kostag said:
QUOTE care of SMH: "The current structure of the funds restricts us from facilitating new investment inflows which would allow us to pay down the debt in an orderly fashion as we had previously envisaged,'' Mr McIvor's statement said.

The company's financial accounts last year revealed that one of its financiers, the Bank of Scotland (HBOS Australia), demanded a restructure of its business and merger of the two major funds, in return for an extension of its loan.

The $20 million it owed HBOS at that stage was to become repayable by New Year's Eve last year if the conditions were not met.

Read more: http://www.smh.com.au/business/equititrust-freezes-distributions-20110406-1d4ey.html#ixzz1L3ysqtFc
Click to expand...

Desperate times sometimes call for desperate measures -- it's not unknown that a fund manager might go out and seek an 'institutional investor' to buy up mortgages (perhaps at a discount), such mortgages being guaranteed by the fund itself.

The mortgages go off the loan book and it all looks good until one realises it's no more than a shell game to (probably) please the existing bank lender.

Of course fund members pay the price.
 
SELLING LOAN ASSETS AT DISCOUNT

you are 100% correct

I suspect that if EIF simply sold its entire mortgage book to any entity ..... for a discount to get someone to take it on - we could all get left with a carcass.... 100% right ASICK....
ASICK said:
Desperate times sometimes call for desperate measures -- it's not unknown that a fund manager might go out and seek an 'institutional investor' to buy up mortgages (perhaps at a discount), such mortgages being guaranteed by the fund itself.

The mortgages go off the loan book and it all looks good until one realises it's no more than a shell game to (probably) please the existing bank lender.

Of course fund members pay the price.
Click to expand...
 
No Buyers For Loas Assets

There are no buyers for Sub Prime Loan Assets, especially when those assets are in default with legal action pending not only on the recovery of these assets but legal action against the Equititrust itself..

This ship will not be re floated..​


It seems that Equititrust is in the "crosshairs" on a number of fronts at the moment, the question is whether the Legal Action by Piper Alderman will be the only legal action against Equititrust and its management..


INVESTORS NEED BE COMPENSATED​
 
Status
Not open for further replies.
Top