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Equititrust?

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Re: No Buyers For Loas Assets

Theoretically you are correct, NO TRUST. But there is always a price.

Lets do some crystal ball gazing - EIF sells all the loans for 50% in the $. It gets say $100M in the tank - pays out the BANKS (where I presume someone has given some personal Guarantees) - and with the remaining money - just kepe going - now, aren't we all just UNIT holders? We have to take the BOOK WRITE DOWN? If we decide to take LEGAL ACTION to protect our rights, they have say $80M (of our money) to defend any legal action...... don't we get butchered in all ways?

No Trust said:
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​
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WONDER WE ARE UPSET? LOOK AT WHAT WE WERE ALL GETTING TOLD IN FEB 2011

1. Read about RAPTIS - all repaid etc - now look at recent MEDIA - being sued for over $3M

2. Why did EQUITITRUST borrow from BANKS? To somehow make things better for us???? Shame - we are all on fixed interest.... the spoils go to the shareholders - we get (or are meant to get) the agreed deal. Problem is: Bank gets paid first EQUITITRUST get their fees and subordinated fund return - we get neither CAPITAL or INTEREST.

3. LANDSOLVE: This team of genuises (see point 4) must have cost us money. How? Becuase there is/was only one pot of money. The money came out of EIF and went to Equititrust. Wasn't this our money to start with.

4. THE LOANS: now, we dont have to big too deep to see some real serious bull---- happening. Loan 2: a $75M value BUT the genius crew at EQUITITRUST think it may have dropped as much as 20% - ie: its worth $60M worst case - BUT two months latter - look at what they tell us now - $35M!!! THis is the sort of rigorous analysis and solid advice that you would expect we would be happy to pay for.... they got this one atleast 50% wrong. Bear in mind, Landsolve was there for a year!

5. Loan 3: This is King Con...... yep.... they've done (to use their words) 'considerable homework' ober the past 'twelve months' to form the view that the valuation 'was too high'. So they write the loan down from $56.4M to $48.8M..... we could therefore assume that the property value estbalished a year of further rigorous analysis and work was assessed as being $48.8M+ - but no - two months latter... $25M! another 50% off the pace! Who are these geniuses?

This all happended between February 2011 and April 2011 - two months! No GFC , Banks or Federal Government.... you cannot even blame dodgy Borrowers - these are the assessments of Equititrust based on the rigorous expertise of LANDSOLVE! How could any of us seriously listen to anything that comes from this crew in terms of research! (I AM MERELY QUOTING THEIR OWN PUBLISHED MATERIAL BACK HERE).

6. Loans 19, 20 and 21 are cleverly disguised with the (false) descrption of them being properties 1 hour north of Sydney. They are 1 hour west of Sydney at WINDSOR and are the disastarous loan made to a gentlemen who I should not name here BUT just run GOOGLE on Equititrust and turf frarm and it will all come out. There is a litany of legal issues here and I understand that a colourful Sydney financier has bought a second ranking position which might just in fact be a first ranking mortgage position. NOT KNOWN TO BE FACT but strongly represented to me.

How much further do we need to dig in order to lose all confidence?
 
Trust is Earned Not Taken Advantage Of

There is NO CONFIDENCE whatsoever, this completely evaporated when EquitiRust stopped paying retiree investors. Just look at the disastrous media headlines since January 10 2011..

Yet EquitiRust was attacking people participating in this forum as well as the Sydney Morning Herald for correctly reporting 35M in impairments. Go back to Kennedy's rant on this web site about the Sydney Morning Herald... Colin Kruger was being kind, the impairments are much worse and yet EquitiRust had the temerity to try and cover that up to. This has not been lost on the Retiree Investors who will sink the boot into them at the appropriate time for what they have done.

It would be good to see some of the "directors assets" up for auction soon to pay for this disaster, this may happen in due course whether they like it or not......
 
Re: Trust is Earned Not Taken Advantage Of: DIRECTORS ASSETS AT RISK

I think that the key dates here will be when they (DIRECTORS) were all reasonably aware of the likele and full extent of write downs on the two large loans that they now identify as being the root cause of their problems. I suspect that the problems were known last year (they seem to admit to one year with KING CON) and if during that time they (Equititrust) continued to draw management fees and return on sub-ordinated investment, knowing that more than likely on a reasonable view, all equity was gone - well, I suspect PIPER ALDERMAN will be onto that before you can say.... LEGAL ACTION.

No Trust said:
There is NO CONFIDENCE whatsoever, this completely evaporated when EquitiRust stopped paying retiree investors. Just look at the disastrous media headlines since January 10 2011..

Yet EquitiRust was attacking people participating in this forum as well as the Sydney Morning Herald for correctly reporting 35M in impairments. Go back to Kennedy's rant on this web site about the Sydney Morning Herald... Colin Kruger was being kind, the impairments are much worse and yet EquitiRust had the temerity to try and cover that up to. This has not been lost on the Retiree Investors who will sink the boot into them at the appropriate time for what they have done.

It would be good to see some of the "directors assets" up for auction soon to pay for this disaster, this may happen in due course whether they like it or not......
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ALL QUIET ON THE EQUITITRUST FRONT .... TOO QUIET

any one heard what is going on? This is too quiet, given all that is happening or rather probably not happening. What about BORROWERS etc taking any action etc - can you post details so that we get some information?
 
ASIC: APPLICATION TO APPOINT LIQUIDATOR filed 3-5-11!!!!!

see www.asic.gov.au web site
application lodged today re application to wind up Equititrust - document scanned so cannot see who the parties are
 
Re: Equititrust - Winding Up Application

The Winding Up Application will certainly instil confidence in the investors… It seems as though a Statutory Demand has been made on Equititrust claiming an act of insolvency, it will be of interest who has issued this demand and whether it can be defended in court. This is only the start of many court proceedings against Equititrust, its current and former directors..
 
Re: Equititrust - Winding Up Application

For investors who need some information on the procedural background of an application of this type, the link below explains the process succinctly.



http://www.findlaw.com.au/articles/2239/statutory-demands-and-winding-up-applications-150-.aspx


“Even if you intend to settle after the filing and service of a Winding Up Application, any other creditor of your company can file a Notice of Appearance and make an application to substitute their claim against your company, after you have settled with the party who issued the proceedings, based on the non-compliance with the Statutory Demand.

This process can technically continue until all potential creditors have been paid.

This process will leave your company in a precarious position because of the adverse publicity by having your company named in public records of ASIC, stating “An Application for Winding Up of the Corporation was filed on .../.../... “ and the adverse publicity that will result in an advertisement being placed in a national newspaper advising of the hearing date for the Winding Up.This inconvenience does not end there. You would have incurred substantial legal costs in having representation in relation to substitution by many creditors”.


Equititrust it seems is on the brink...........
 
Re: Equititrust - Winding Up Application: WATCH WHAT HAPPENS THOUGH

This is all our money now being played with BUT someone else has control of it and their number one object now is not to pay us BUT to stay in control - so I bet that you see some sort of settlement done between now and end of the week. In otherwords, even if the claim does not have much merit (and who will ever know in this viper's nest) EQUITITRUST would best simply pay whatever they need to pay to shut this action down and hope that (using our money) that they can keep doing this - have no doubt, in the end it comes out of our money.............that's why there needs to be some other supporting creditor or intervention.....

No Trust said:
For investors who need some information on the procedural background of an application of this type, the link below explains the process succinctly.



http://www.findlaw.com.au/articles/2239/statutory-demands-and-winding-up-applications-150-.aspx


“Even if you intend to settle after the filing and service of a Winding Up Application, any other creditor of your company can file a Notice of Appearance and make an application to substitute their claim against your company, after you have settled with the party who issued the proceedings, based on the non-compliance with the Statutory Demand.

This process can technically continue until all potential creditors have been paid.

This process will leave your company in a precarious position because of the adverse publicity by having your company named in public records of ASIC, stating “An Application for Winding Up of the Corporation was filed on .../.../... “ and the adverse publicity that will result in an advertisement being placed in a national newspaper advising of the hearing date for the Winding Up.This inconvenience does not end there. You would have incurred substantial legal costs in having representation in relation to substitution by many creditors”.


Equititrust it seems is on the brink...........
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EQUITITRUST: did you see on the WEB SITE all staff and manager photoes are gone

only the reduced Board of Directors details appear
 
Re: Equititrust - Liquidation

Investors it seems have been kept in the dark again, one would reasonably presume that Equititrust and its board have known about the winding up application for some time now... This is a life or death matter yet investors are given the mushroom treatment. It now seems clear the canary in the mine has well and truly fallen off its perch...

WHAT NEXT
 
Wind up application adds to catalogue of woes facing Equititrust

Wind up application adds to catalogue of woes facing Equititrust
Colin Kruger
Sydney Morning Herald

4 May 2011


"A COURT application has been made to wind up the Gold Coast mortgage fund operator Equititrust, adding to a list of woes for the company that faces a potential class action by investors and is at the mercy of its banks".


http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


If Equititrust thought it had any chances of survival and some sympathy from investor's its weekly "Nightmare Headlines" like this that have sealed its fate.

There will be more legal proceedings against both the company and the directors in the not too distant future. If this continues its not a matter of if Equititrust will collapse but when...............



EQUITITRUST - INVESTORS HAVE HAD A GUTFUL​
 
COMMERCIAL TERROISM AND CYBERSMEAR ATTACKS.....

this is all sounding like an adventure novel not a financial services business... but what does this quote from the SMH 4-5-11 mean:-


EIF said that while the bank had not waived its rights under the facility, it had ''agreed to not take further action in relation to them''.



Read more: http://www.smh.com.au/business/wind...equititrust-20110503-1e6na.html#ixzz1LK0QVHp6

now, if you agree not to do anything, when you can, I agree, you have waived your rights..... BUT if you agree that I am not going to do anything today BUT I reserve rights that means you can, may, might, will do something tomorrow and you have NOT waived your rights at all..... - am I missing something? Doesn't this mean that the Bank really hasn't agreed NOT to do anything (sorry about the double negative) but that just that they are not going to do anything today.

Re: the Court case reported today - dont know what the case is about - may have no merits at all - BUT the fact is that some Judge somewhere must have formed a strong enough view that there was sufficent merit in an argument about insolvency to allow this notice to be filed in Court and at ASIC. The insolvency question being dealt with in open Court which allows other creditors to jump up is goign to be the test here.

If not, I could simply serve some scurrilous demand on BHP for example for say $2million. They dont owe it, they say they have lots of money, but I say that they do owe it and I file some scurrilous application at ASIC. I don't think that the system is so silly.

One last thing that does concern me (and follows on from my posting yesterday) and should conncern all investors is when David Kennedy says that EIF hold money and can pay this amount many times over etc - well, in fact, 'they' don't actually hold lots of money, they actually hold our money and the Banks money right now and in any event - what is this claim all about? If it has enough 'legs' to get passed a Judge and get filed at ASIC is it just one of any number of claims waiting out there which are presumably not recorded in the latest EIF results?
 
Re: Equititrust - Winding Up Application

To give some clarification to Equititrust investors and "other" interested parties it seems that Equititrust had some serious concerns about this matter getting into the public realm as it has the potential to cause serious damage and concern.. As posted earlier this is what Kennedy says in today's paper.

Quote
"Mr Kennedy said Equititrust advised RSH's solicitors it would be making an application for an injunction to restrain them from advertising and notifying ASIC of the application, but RSH filed anyway. ''The case is a clear abuse of process and is simply commercial terrorism,'' he said."
End Quote


http://www.smh.com.au/business/wind...f-woes-facing-equititrust-20110503-1e6na.html


It has taken some digging however the order issued by the court yesterday (Extracted Below from Federal Court Records) gives you some insight into the lengths Equititrust has gone to keep this under wraps, however it seems the call from Colin Kruger of the Sydney Morning Herald to Kennedy last night has let the cat out of the bag and all is now in the open.. This follows on from Kostag's ASIC revelations yesterday afternoon on this website.

Of Note:

• A search of the Federal Court Registry only names the Plaintiff in this matter, Equititrust is not mentioned.


• Despite what Kennedy says in the paper today it was Justice Emmett who ordered that the Plaintiff give Written Notice to ASIC by 10.30am this morning. This was done yesterday afternoon after the order was made.


• If you want any further evidence of the fact that Equititrust wanted to keep this hidden from its investors and the public look at 3 (a), (b) and (c) of the order.

So it seems that despite trying to keep this under wraps as outlined in the order, Equititrust have had to reveal to the media that there is a winding up application before the courts. Its pretty hard to conceal when investors and the media are keeping a constant eye on the ASIC website..


ORDER OF THE FEDERAL COURT AS EXTRACTED FROM FEDERAL COURT RECORDS​


https://www.comcourts.gov.au/file/Federal/P/NSD558/2011/actions


IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY
GENERAL DIVISION
No: (P)NSD558/2011



RURAL SECURITY HOLDINGS PTY LTD
Plaintiff

EQUITITRUST LIMITED
Defendant

ORDER

JUDGE:
Justice Emmett
DATE OF ORDER:
3 May 2011
WHERE MADE:
Sydney


THE COURT ORDERS THAT:

1. As soon as practicable, but no later than 10.30am on 4 May 2011, the plaintiff give written notice to the Australian Securities and Investments Commission (the Commission) of the filing of the defendant’s notice of motion dated 3 May 2011 (the Notice of Motion), together with a request that such written notice be associated with the notice lodged with the Commission on behalf of the plaintiff on 3 May 2011 under s 465A(a) of the Corporations Act 2001 (Cth).
2. No later than 4pm on 4 May 2011, the parties to the Notice of Motion file and serve any further affidavits on which they intend to rely on the hearing of the motion.
3. Upon the defendant giving the usual undertaking as to damages, the plaintiff be restrained from:
(a) publishing any advertisement or notice in respect of the plaintiff’s winding up application;
(b) otherwise publishing to any person, save for its legal advisors, in any form, the fact of the making of the winding up application; or
(c) otherwise communicating, save to its legal advisors, in any form, the substance of the winding up application.
4. The motion be listed for hearing at not before 10.15am on Friday, 6 May 2011.


Date that entry is stamped:



Deputy District Registrar
 
who is RURAL SECURITY HOLDINGS and what is the matter about???

anyone know what this is about and who is really behind it? is it a bona fide claim? if it is: is the contingency detailed in latest financial accounts?
 
For all interested parties, this is the order that this will play out..


As extracted from the Federal Court Registry .


Federal Court of Australia, New South Wales Registry


03-May-2011 14:15 Interlocutory Hearing Justice Emmett Court No. 1, Level 21, Court No. 6, Level 6


06-May-2011 10:15 Notice of Motion Justice Emmett Court No. 1, Level 21


10-Jun-2011 9:30 First Directions NSW Registrar Court Room 18B

As the affidavits relating to the Notice of Motion have to be filed in the Federal Court by
4pm this afternoon, a search of the register tomorrow will make for interesting reading and shed some further light on the proceedings..

I'm sure that investors will be keen to know what folly their money is now being spent on. It seems that Equititrust will now have to employ an army of lawyers to defend itself.. How long can Equititrust defend the indefensible??
 
Re: Equititrust? claim valid or not?

when someone is on the ropes, often all sorts of hare-brained claims can emerge.... at this stage, we dont know whether this claim is real or simply an opportunistic grab.... it's best we all wait and see.... the Courts are not run by fools..........
No Trust said:
For all interested parties, this is the order that this will play out..


As extracted from the Federal Court Registry .


Federal Court of Australia, New South Wales Registry


03-May-2011 14:15 Interlocutory Hearing Justice Emmett Court No. 1, Level 21, Court No. 6, Level 6


06-May-2011 10:15 Notice of Motion Justice Emmett Court No. 1, Level 21


10-Jun-2011 9:30 First Directions NSW Registrar Court Room 18B

As the affidavits relating to the Notice of Motion have to be filed in the Federal Court by
4pm this afternoon, a search of the register tomorrow will make for interesting reading and shed some further light on the proceedings..

I'm sure that investors will be keen to know what folly their money is now being spent on. It seems that Equititrust will now have to employ an army of lawyers to defend itself.. How long can Equititrust defend the indefensible??
Click to expand...
 
Re: Equititrust - Winding Up Application

Whatever the claim, be it valid or not, investors have a right to know what is going on, this is all being played out with their money..
 
INTERESTING ANALYSIS

Quote from EQUITITRUST:


Equititrust blamed delayed property sales settlements for the need to stop paying income distributions for the forseeable future and reported a $12.3 million loss for the half-year ending December 31.
Read more: http://www.smh.com.au/business/wind...equititrust-20110503-1e6na.html#ixzz1LQaqKtm0

Property settlements are a return of loan capital - OUR CAPITAL - I would have thought that the business cannot pay its investors their INTEREST because it lost $12.3M (with more to come) .... I am not sure whether the recent massive loss revelations about King Con and South Australia, have been factored into the loss of $12.3M, or whether that is more bad news to come!
 
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