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?
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
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?
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?
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!
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)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.
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.
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
Arr, me hearties, so it be with the good ship FMF too!
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..
what is FMF
City Pacific's First Mortgage Fund
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
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.
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