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Equititrust?

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EQUITITRUST CAN'T PAY YOU BACK - NOW THEY'LL MAKE SURE THAT THEY DONT'T HAVE TO

http://www.brisbanetimes.com.au/business/equititrust-seeks-shareissue-solution-20110509-1efqs.html

A share swap? How novel? Why are we surprised. We picked this stunt months ago.

Take a look at the characters though. David KENNEDY CEO at MFS - fund fails - equity/investment swap! Take a look at that beauty - its had a stellar run.

Now - Equititrust. More moves than a cut snake and finally after all their manouvres - we are going to get stuck with shares! Then no-one has to pay us back. The shares will not be listed - so we just sit and wait and wait for what??? THis is NOW beyond a joke.

I will tell you one thing to watch and I have bene 100% right so far..... the major backer/shareholder in EQUITITRUST bragged at one time about a $70M investment in the fund...... there is some speculation whether that was ever a cash investment or not (more on that one later) BUT I am told in the recent LAZAR led Court action, that Mr McIvor gave an undertaking in Court not to draw on a $15M loan account.

Now, does this mean that over the past year that there have been withdrawals and or sideways movement of assets and loans etc to reduce the loan from $70M to $15M. If so, PIPER ALDERMAN - watch this space!!!!
 
Re: Transcript on Quinlivan - Personal References for King Con From McIvor and Haney

You really have to say EXTRAORDINARY......

He said the evidence he had heard about Mr Quinlivan’s chequered business history did not change his mind about the desirability of retaining Mr Quinlivan in a management role at the Quinlivan group.

We accept the evidence of Mr McIvor that the failure of companies in the Quinlivan group would have very serious ramifications for the group’s financiers. That might in turn have serious implications for those who deposited funds with the financiers. We note a number of the group companies have already been placed in external administration and continue to experience financial problems that may yet cause the group to fail regardless of any decision we make.







No Trust said:
Investors of Equititrust need only read the Decision and Reasons for Decision of The Administrative Appeals Tribunal to get an insight into the cosy relationship Equititrust had with King Con. It is a complete and utter joke and a slap in the face of Retiree Investors who trusted Equititrust. It’s the usual incestuous Gold Coast Train Wreck. READ THIS and then have a good think about your future with this sinking ship...

Its no wonder that there is a class action underway.........


Quote
"Mr Haney’s evidence was effectively a character reference for Mr Quinlivan. The evidence of Mr McIvor, the chief executive officer of Equititrust, was more useful on the question of public interest. Equititrust was Mr Quinlivan’s principal financier. At the time of the hearing, the group companies owed around $63 million to Equititrust. We were told determined but so far unsuccessful efforts had been made to obtain alternative sources of finance at lower interest than that offered by Equititrust. If that refinancing does not occur in a timely way and the Quinlivan group subsequently collapses, Equititrust would be exposed to potentially significant losses. Mr McIvor agreed with Mr Haney’s view that Mr Quinlivan’s role in the group was an important ingredient in any success it has had or will enjoy. Mr McIvor said that Mr Quinlivan’s disqualification would make the group less attractive as a financing proposition. It would also constitute an event of default although there is no guarantee that the financiers would act against the group in those circumstances.

Mr McIvor agreed the success of the current development projects was very important to Equititrust. He said that success would be much harder to achieve in the absence of Mr Quinlivan’s special skills in property development. He said the evidence he had heard about Mr Quinlivan’s chequered business history did not change his mind about the desirability of retaining Mr Quinlivan in a management role at the Quinlivan group.

We accept the evidence of Mr McIvor that the failure of companies in the Quinlivan group would have very serious ramifications for the group’s financiers. That might in turn have serious implications for those who deposited funds with the financiers. We note a number of the group companies have already been placed in external administration and continue to experience financial problems that may yet cause the group to fail regardless of any decision we make.

We accept Messrs Haney and McIvor believe Mr Quinlivan’s continued involvement in the group would assist the successful completion of the developments. While we have expressed our concerns about his management skills, it appears his skills in the development and marketing of property are highly regarded. We accept it would be difficult to replace him in a timely way.


We have been mindful of the interests of the financiers while we have conducted these proceedings. Mr Quinlivan has remained involved in the management of the group companies (albeit under the careful watch of an accountant familiar with the group’s operations) throughout the hearing process and during the period in which we have deliberated. Mr Quinlivan and his financiers have had ample time to find fresh sources of funding or to make other arrangements to deal with the possibility of an adverse outcome. They could have found new management personnel or liquidated assets or obtained further security. While we must have regard to their interests, it is also incumbent upon the financiers to look out for themselves and their depositors. End Quote

Well its clear that EquitiRust was not looking out for its depositors in any way...

http://www.austlii.edu.au/au/cases/cth/AATA/2010/113.html
Click to expand...
 
Re: Equititrust BUT THEY DONT PROPOSE TO EVEN LIST THE SHARES, so where's the EXIT ??

kostag said:
we are all in locked in forever....
Click to expand...

You will be - unless you can go against your instincts and accept losses by getting rid of the fund's assets.
 
Convenient Name Change Wont Fool Anyone

One really has to laugh, as the National Media have picked up and had a field day with today, the NAME CHANGE will not fool anyone.

To try and disguise the disaster they have created they have followed in the same footsteps as MFS in renaming the sinking ship Trust Capital Group. People will still know it is the disaster called Equititrust. Just as Octaviar didn’t fool anyone into believing it was not the shipwrecked MFS this not so original plan will fail as well...

On a further note in the summary of the investor briefing posted on the EquitiRust Website McIvor states "I have never observed a market as opportune as the next several years". Is this guy completely delusional, under his guardianship he has lost tens of millions of dollars of retirees money and then he keeps on making statements about opportunities , but what are those opportunities?? To take further risks on the likes of King Con and multiple bankrupts with innocent retiree investors’ money... He has not dug himself out of the current hole and wont without massive losses yet he has the temerity to talk about opportunities....... , sorry but the gig is up. This is a sunken ship and the latest scam is an exercise in keeping Equititrust and the founder afloat..

INVESTORS WON’T FALL FOR THE CURRENT SHARE SCAM FROM A COMPANY THAT HAS COST MANY INNOCENT PEOPLE THEIR RETIRMENT​
 
Re: Equititrust: EXTRACT QUOTE FROM THEIR OWN WEB SITE

A ring of precisely cut stone is fitted together. Then a rope is wrapped around the stones as tightly as possible. The force of the rope causes the reaction of the stones to shift inward and closer together, making a tighter and more secure bond

I think that when EQUITITRUST came up with this image for their branding that they were perhaps thinking of us investors and our b--ls!
 
The Rope May Strangle Someone

Just as the rope has been wrapped tight around investors, the very same rope may eventually be the end of EquitiRust and its management if investors have something to do with it...
 
Re: Equititrust: wow , how good it this - a share equity swap!


Equititrust has told investors in its loss-making Equititrust Income Fund (EIF) and Equititrust Premium Fund that there are no plans to publicly list the company in which it will be issuing shares, Trust Capital Group.

A listing would allow unit holders to finally exit EIF, which has frozen redemptions since 2008 and is no longer paying an income distribution.



Read more: http://www.brisbanetimes.com.au/bus...ue-solution-20110509-1efqs.html#ixzz1LwLb8ZWE


wow! how good a deal is this.... look at how happy the ex-Kennedy MFS/Octaviar investors are with their listed shares!

1. we will be no longer unit holders - so we have no right to our money back
2. there is then no amount that our 'equity' is worth - shares are worth what some other moron might pay.
3. it will not be not publicly listed - so no market for them
4. we have no no right to a return of capital or a dividend (wow, Mark hasn't this got you off the hook!)
5. and , wait for it, who is the new Board going to be? lets guess - Mark 'no trust' McIvor, David 'Kolonel Klink' Kennedy.... Craig 'there is no' Treasure..... who else?

the name is BILLY not SILLY......

you have got to be kidding haven't you?

If these guys can't make it in real estate or finance - they should take up writing fairytales....

Ian Lazar's takeover deal will even look attractive compared to this proposal!
 
Whats around the corner

There may be some "interesting developments" in the not too distant future... The question is..... will EquitiRust be ready for them ??? This time I think not...
 
Re: Equititrust: wow , how good it this - a share equity swap!

kostag said:
...
3. it will not be not publicly listed - so no market for them
...
Click to expand...


You got it! The central issue is that you would isolate yourselves from your investment.

If you have a look at the MFS PIF, market price was about $0.09 while the NTA per unit is $0.34. Listed or not listed, who would give a good price for a unit/share with no income and poor prospects? I don't believe any of this is about what investors get, it's about prolonging the life of the fund and the manager's income stream.

Don't you think that your comment quoted above would just be the perfect reason a manager might give to list shares (if converted from units)?

When a manager speaks of concern for those poor struggling investors, it's a warning to all investors to have a really good look at the entire strategy in order to see who the real beneficiary is.

For me, I haven't seen a case yet that hasn't been heavily biased in favour of the manager.
 
Independent Legal and Financial Advice

I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam.

You can imagine what the analysts will say in their advices to the investors. It is encouraging to see that there will be independent assessments on EquitiRust's future other than the crap being peddled at the moment.

Of further note investors are concerned about effectively going into business with an individual without knowing anything about his personal financial position and how this has been affected by the melt down. When one grinds it down the investors are being asked to go into business with McIvor, the same guy who approved the disaster loans to King Con..... Investors only need to look back at the 50M Capital Raising to see the lack of transparency in terms of not disclosing that 80% plus of the loans would go into default...
 
COURT TRANSCRIPT

does anyone have access to the COURT TRANSCRIPT from the recent RHS (Lazar) Vs Equititrust case?

Interested to see submissions made by parties on the question of solvency?

Material provided under OATH would be accurate etc and may give us all some valuable insights.
 
Re: Independent Legal and Financial Advice

who informed of this??? warning: any aggrieved party who took shares etc in a swap probably loses any rights that they may have in relation to the UNITS etc that they hold in terms of loss etc .....
No Trust said:
I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam.

You can imagine what the analysts will say in their advices to the investors. It is encouraging to see that there will be independent assessments on EquitiRust's future other than the crap being peddled at the moment.

Of further note investors are concerned about effectively going into business with an individual without knowing anything about his personal financial position and how this has been affected by the melt down. When one grinds it down the investors are being asked to go into business with McIvor, the same guy who approved the disaster loans to King Con..... Investors only need to look back at the 50M Capital Raising to see the lack of transparency in terms of not disclosing that 80% plus of the loans would go into default...
Click to expand...
 
Be fully Informed

If investors do swap their units for shares they are taking shares in a worthless company that not one Australian bank will continue to fund once the current loans are paid out. If the banks want out what is that telling investors?

I urge all investors to go back to the choice article on Equititrust and review the warnings and assess what position they are in today as a result of Equtitrust's recklessness with their money…

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

CHOICE Verdict

"If safety for a 6–24 month investment term is what you’re looking for, you’d be a lot safer with your money in a bank. Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s."

"For example, at the time of writing, Bank of Queensland was paying a special 8.45 percent pa on six-month term deposits, just 0.05 percent less than Equititrust’s rate for a six month deposit of between $10,000 and $99,999. Even if you invested $100,000 for a year with Equititrust, the present rate you’d get (9.25 percent) is less than 1 percent better than the best bank deposit rates. A one percent difference on a $100,000investment is only worth $1000 extra interest over a year."

The writing was on the wall...​
 
Re: Independent Legal and Financial Advice

No Trust said:
I have been informed that there will be a push to give investors independent legal and financial advice to enable them to make an informed decision on the share swap or otherwise known as share scam. ... .
Click to expand...

Take the time to sit in on a personal injuries case down the Supreme Court one day. You'll see expert reports - one for the plaintiff - one for the defendant: The plaintiff's expert supports the plaintiff. The defendant's expert supports the defendant.

We shouldn't be suprised by that - it's the way of the world.

Would you be surprised if the manager's expert supports the manager's proposal? I wouldn't. After all, would the manager give you an expert report which slams the proposal anymore than a plaintiff would turn up in court with an expert report which slams his/her personal injuries claim?

If you want real protection, pay for your own expert report.
 
CHOICE MAGAZINE rang the warning bell and none of us chose to hear it

their analysis was 100% on the money, wasn't it?

No Trust said:
If investors do swap their units for shares they are taking shares in a worthless company that not one Australian bank will continue to fund once the current loans are paid out. If the banks want out what is that telling investors?

I urge all investors to go back to the choice article on Equititrust and review the warnings and assess what position they are in today as a result of Equtitrust's recklessness with their money…

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

CHOICE Verdict

"If safety for a 6–24 month investment term is what you’re looking for, you’d be a lot safer with your money in a bank. Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s."

"For example, at the time of writing, Bank of Queensland was paying a special 8.45 percent pa on six-month term deposits, just 0.05 percent less than Equititrust’s rate for a six month deposit of between $10,000 and $99,999. Even if you invested $100,000 for a year with Equititrust, the present rate you’d get (9.25 percent) is less than 1 percent better than the best bank deposit rates. A one percent difference on a $100,000investment is only worth $1000 extra interest over a year."

The writing was on the wall...​
Click to expand...
 
JUNE 2010 - POSTING BY BUFFETMAN .......

Re: EquitiTrust?
Kostag,

Mate I think you might be confused. I rang Equitytrust today and spoke to their investor guy (I think it was Ron or something) and he told me that they have no tourism business nor are they listed. He also said they owe no money to Royal Bank of Scotland.

Are you confusing them with someone else? He also said that the owner of the business has invested about $70m of his own money in the funds and that he has voluntarily subrogated it such that other investors get paid before him (for interest and capital).

Would be most interested in your views on this as I also have a fair bit invested with them and am very happy with them to date - interest always paid in full and on time.
well we all finally learned - YES had a major asset/write down looming in some SA resort project which Landsolve was running; they do owe Bank of Scotland stacks; who said they were listed? but, yes, they are goign to do a share swap etc on some basis now; and finally - the "owner has $70M of his own money" invested - GREAT NEWS - we will all be onto that in a hurry, wont we....... Interest paid on time? Capital available? scorecard Nil out of 5.
 
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