Re: Letter Taken of Equititrust Web Site this Morning NO STILL THERE /.......
no, no change of heart .....
no, no change of heart .....
Equititrust?
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No Trust
JUSTICE IS COMING...
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Piper Alderman - Removal of Equititrust as Manager
It will be interesting to see what Piper Alderman will announce today...
The investor anger over the mismanagement of their life savings is snowballing...
A new manager as Colin Kruger writes today in the SMH is essential to shed light on the "King Con Scandal"... Equititrust and the so called independent Board will not investigate itself.
It will be interesting to see what Piper Alderman will announce today...
The investor anger over the mismanagement of their life savings is snowballing...
A new manager as Colin Kruger writes today in the SMH is essential to shed light on the "King Con Scandal"... Equititrust and the so called independent Board will not investigate itself.
PIPERALDERMAN: where did the $70M loaned to Quinlivan go?
it sure wasn't use on the security property......
for a Lender to allow such monumental diversion of advanced funds away from the security asset is a disgrace and almost un-precedented.
it sure wasn't use on the security property......
for a Lender to allow such monumental diversion of advanced funds away from the security asset is a disgrace and almost un-precedented.
No Trust
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Public Examination
It’s quite simple, to get to the bottom of the "King Con" Scandal both McIvor and King Con need to be publicly examined. Transparency of this nature is what innocent retiree investors who have lost tens of millions of dollars, want, and will get...
It’s quite simple, to get to the bottom of the "King Con" Scandal both McIvor and King Con need to be publicly examined. Transparency of this nature is what innocent retiree investors who have lost tens of millions of dollars, want, and will get...
No Trust
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Deckchairs Ahoy
DECKCHAIRS AHOY
Colin Kruger
June 16, 2011
Quote
"Meanwhile, the deckchairs continue to get shuffled at flailing mortgage fund operator, Equititrust.
Company founder, Mark McIvor and the company's chief spruiker David Kennedy, have stepped down from the board of its Equititrust's moribund flagship fund - the Equititrust Income Fund.
Equititrust says it us ''unaware of any other fund manager who has installed a totally independent board to the RE [responsible entity] of the fund''. Apparently this will help ''ensure proper corporate governance where there could be the possibility of a conflict of interest''.
Hmmm, now where o' where could there possibly be a conflict of interest?
''Mark is fully supportive of the restructured board and is excited about communicating directly with investors as to opportunities that may be available as they are formalised,'' the statement then goes onto say.
Equititrust provided no mention of the special independent guidance that has apparently been provided behind the scenes by the Australian Securities and Investments Commission (ASIC).
Now all they need to do is work out how much is left from the $200 million invested by retirees in the EIF and when they will get their money returned."End Quote
http://www.smh.com.au/business/watchdogs-last-bark-recollects-his-bites-20110615-1g3oe.html
Conflict Within a Conflict
It just goes from bad to worse, when their own statements contradict themselves. It didn't take Colin Kruger long to pick up on it, did it!!
So McIvor steps down due to a conflict of interest and then they state he "is excited about communicating directly with investors as to opportunities that may be available as they are formalised ,''
Frankly investors have had a gutful of McIvor and don’t want to hear his BS, or see his face on any more stupid, delusional commercials for things that do not even exist. It may be cathartic for him do these fantasy commercials whilst the ship is sinking, however innocent retiree investors deal in reality. The reality of not being able to pay for daily living expenses whilst he lives in Multi Million Dollar Mansions. The same goes for the 3 stooges he planted on the board.
One would think that ASIC would restrict McIvor from communicating with investors completely given the self acknowledged Conflict of Interest…
DECKCHAIRS AHOY
Colin Kruger
June 16, 2011
Quote
"Meanwhile, the deckchairs continue to get shuffled at flailing mortgage fund operator, Equititrust.
Company founder, Mark McIvor and the company's chief spruiker David Kennedy, have stepped down from the board of its Equititrust's moribund flagship fund - the Equititrust Income Fund.
Equititrust says it us ''unaware of any other fund manager who has installed a totally independent board to the RE [responsible entity] of the fund''. Apparently this will help ''ensure proper corporate governance where there could be the possibility of a conflict of interest''.
Hmmm, now where o' where could there possibly be a conflict of interest?
''Mark is fully supportive of the restructured board and is excited about communicating directly with investors as to opportunities that may be available as they are formalised,'' the statement then goes onto say.
Equititrust provided no mention of the special independent guidance that has apparently been provided behind the scenes by the Australian Securities and Investments Commission (ASIC).
Now all they need to do is work out how much is left from the $200 million invested by retirees in the EIF and when they will get their money returned."End Quote
http://www.smh.com.au/business/watchdogs-last-bark-recollects-his-bites-20110615-1g3oe.html
Conflict Within a Conflict
It just goes from bad to worse, when their own statements contradict themselves. It didn't take Colin Kruger long to pick up on it, did it!!
So McIvor steps down due to a conflict of interest and then they state he "is excited about communicating directly with investors as to opportunities that may be available as they are formalised ,''
Frankly investors have had a gutful of McIvor and don’t want to hear his BS, or see his face on any more stupid, delusional commercials for things that do not even exist. It may be cathartic for him do these fantasy commercials whilst the ship is sinking, however innocent retiree investors deal in reality. The reality of not being able to pay for daily living expenses whilst he lives in Multi Million Dollar Mansions. The same goes for the 3 stooges he planted on the board.
One would think that ASIC would restrict McIvor from communicating with investors completely given the self acknowledged Conflict of Interest…
PROBLEMS GOING FORWARD....
these are my opinions only and are not supported by anything other my own assessment of what is taking place and my analaysis of published material:-
1. Given that there is now a new fund trying to start up at Equititrust headquarters under the CEOmanship of Mark McIvor - Landsolve Capital Partners - (see Ian Maurice YOUTUBE interview posted earlier on this site) - using the same staff, same phone numbers, same address - these are presumably overheads and services being funded somehow by the EIF (our money) - that must stop BUT however, and more significantly, are any loan assets or funds being transferred across from EIF to Landsolve on any basis? THIS IS WHERE THERE IS AN ENORNMOUS CONFLICT and why McIvor ought not be allowed access to the EIF investors.
2. Loan recovery: given that David Kennedy has bene employed and enjoyed the largesse of McIvor - and one must presume remains close - dont they share offices? - how can he remain as CEO of EIF etc - that aside, if McIvor is not there and Kennedy has a conflict of interest (atleast on the face of it) who is :- liasing with the Banks who hold the charge over all our assets and get repaid before us; are loan assets being 'butchered' just to get rid of the Banks etc ; who is overseeing this realisation process? Once the assets are sold off etc , we have very little recourse. Once assets are gone, that is it, they are gone!
This place needs an independent RECEIVER in place now.
No disrespect to the 'independent Board' - they may be just that - however, I understand that David Tucker is a close adviser and confidante of Mark McIvor. I do not know the connection of Craig Treasure to McIvor - however we must ask, have any companies of his entities borrowed from EIF ? Mr Goddard - again, any connection with McIvor? other than arm's legth and professional. If there is - it may not be an issue, but it should be disclosed.
Well done again to colin kluger of SMH.
I still predict - as I have done since early 2011- that $1 units will get drip fed/rep[aid to no more than 60cents in the dollar. Anyone lodging a 2011 tax return ought get advice from PIPER ALDERMAN as to whether the amounts they received in 2010/11 are interest or in reality repaymnet of one's own capital.
Legal talk around is that the Lazar-led RHS claim over the Windsor turf assets is about to heat up again. Lazar has led some remarkable actions against recalcitrant Mortgagees in the past - starting with the now famous Nauru loans issues. These actions are not going to stop.
these are my opinions only and are not supported by anything other my own assessment of what is taking place and my analaysis of published material:-
1. Given that there is now a new fund trying to start up at Equititrust headquarters under the CEOmanship of Mark McIvor - Landsolve Capital Partners - (see Ian Maurice YOUTUBE interview posted earlier on this site) - using the same staff, same phone numbers, same address - these are presumably overheads and services being funded somehow by the EIF (our money) - that must stop BUT however, and more significantly, are any loan assets or funds being transferred across from EIF to Landsolve on any basis? THIS IS WHERE THERE IS AN ENORNMOUS CONFLICT and why McIvor ought not be allowed access to the EIF investors.
2. Loan recovery: given that David Kennedy has bene employed and enjoyed the largesse of McIvor - and one must presume remains close - dont they share offices? - how can he remain as CEO of EIF etc - that aside, if McIvor is not there and Kennedy has a conflict of interest (atleast on the face of it) who is :- liasing with the Banks who hold the charge over all our assets and get repaid before us; are loan assets being 'butchered' just to get rid of the Banks etc ; who is overseeing this realisation process? Once the assets are sold off etc , we have very little recourse. Once assets are gone, that is it, they are gone!
This place needs an independent RECEIVER in place now.
No disrespect to the 'independent Board' - they may be just that - however, I understand that David Tucker is a close adviser and confidante of Mark McIvor. I do not know the connection of Craig Treasure to McIvor - however we must ask, have any companies of his entities borrowed from EIF ? Mr Goddard - again, any connection with McIvor? other than arm's legth and professional. If there is - it may not be an issue, but it should be disclosed.
Well done again to colin kluger of SMH.
I still predict - as I have done since early 2011- that $1 units will get drip fed/rep[aid to no more than 60cents in the dollar. Anyone lodging a 2011 tax return ought get advice from PIPER ALDERMAN as to whether the amounts they received in 2010/11 are interest or in reality repaymnet of one's own capital.
Legal talk around is that the Lazar-led RHS claim over the Windsor turf assets is about to heat up again. Lazar has led some remarkable actions against recalcitrant Mortgagees in the past - starting with the now famous Nauru loans issues. These actions are not going to stop.
Re: Equititrust: 60 cents in the dollar MAX
the longer the ship takes to go down - a) the more we wood duck invetsors have to get used to the loss and therein are less likley to take action - we just give up...... and b) the longer teh time: the greater the costs of realisation..... MY EXPERIENCE is you cut and run when the place is rotten, it ain't going to get any better..... time will not cure anything.......
the longer the ship takes to go down - a) the more we wood duck invetsors have to get used to the loss and therein are less likley to take action - we just give up...... and b) the longer teh time: the greater the costs of realisation..... MY EXPERIENCE is you cut and run when the place is rotten, it ain't going to get any better..... time will not cure anything.......
ROMAN ARCHES aside, they just dont get it , do they?
Nick Nicholls of the Gold Coast Bulletin led today with an article that describes in geneal terms McIvor out of the Board room.....
Nick - that's our fear! He is only out of the Board - but what remains in the Board room are his own appointees..... and he sits in the next office door to these guys - same phones, same telephones, same IT guys, same support staff, same mantra and same model.... setting upa what is in effect a rival model....
maybe out of the Board room BUT not out of the tea room, the accounts office, or anywhere else....
this is NOT independence, it is a joke and one that we are all paying for......
ASIC! give us a break!!
Nick Nicholls of the Gold Coast Bulletin led today with an article that describes in geneal terms McIvor out of the Board room.....
Nick - that's our fear! He is only out of the Board - but what remains in the Board room are his own appointees..... and he sits in the next office door to these guys - same phones, same telephones, same IT guys, same support staff, same mantra and same model.... setting upa what is in effect a rival model....
maybe out of the Board room BUT not out of the tea room, the accounts office, or anywhere else....
this is NOT independence, it is a joke and one that we are all paying for......
ASIC! give us a break!!
No Trust
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Sinking Ship
To the dismay of investor's, McIvor is still running the ship one way or another as Colin Kruger alluded to in his Article yesterday. Why hadn’t McIvor resigned earlier, one would assume this conflict had existed for quite some time, or did ASIC have a hand in this as well.. This kind of deception by Equititrust is playing into the hands of the lawyers. I think that the lawyers have given Equititrust enough rope to hang themselves and will pull the noose soon.
Once there is a campaign to oust the manager the domino effect starts...
To the dismay of investor's, McIvor is still running the ship one way or another as Colin Kruger alluded to in his Article yesterday. Why hadn’t McIvor resigned earlier, one would assume this conflict had existed for quite some time, or did ASIC have a hand in this as well.. This kind of deception by Equititrust is playing into the hands of the lawyers. I think that the lawyers have given Equititrust enough rope to hang themselves and will pull the noose soon.
Once there is a campaign to oust the manager the domino effect starts...
Re: Sinking Ship
To be fair, once the Board new a restructure would not fly, and they would need to wind fund up etc and McIvor was off building and promoting MiniMark Version 2, there was a conflict at that point. Those three Board members have a thankless task ahead and are sitting ducks. Probably now victims like all of us. I also suspect that ASIC had a greater hand in this. Anyhow its clearly a mess and has to be dealt with by independent third parties.
To be fair, once the Board new a restructure would not fly, and they would need to wind fund up etc and McIvor was off building and promoting MiniMark Version 2, there was a conflict at that point. Those three Board members have a thankless task ahead and are sitting ducks. Probably now victims like all of us. I also suspect that ASIC had a greater hand in this. Anyhow its clearly a mess and has to be dealt with by independent third parties.
If Equititrust Limited isn't permitted to make money from running the fund, then don't you guys think it's the end of Equititrust as manager? - if it doesn't have the requisite liquidity in the company, ASIC will stip the company of its AFSL.
Is your fund in its death throes?
Is your fund in its death throes?
No Trust
JUSTICE IS COMING...
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Amended Constitution
Is anyone aware of an amendment to the deed of constitution in 2009 granting Equititrust 40M subordinated units in the fund in lieu of non-payment of management / performance fees due to the fund being frozen in 2008? Apparently this was made retrospective to 2008.
To rub further salt into the wound apparently Equititrust's lawyers McCulloch Robertson sanctioned this with an advice saying that this was “not going to be detrimental to investors”...
Why were investors’ not made aware of this????? Why were investors not given independent legal advice on this critical change??? Wasn't the advice from the company's own lawyers a HUGE conflict of interest particularly if investors were kept in the dark.
It’s definitely time for investors to kick these incompetent self interested idiots out, install a new manager and start an inquiry as to what happened behind the scenes of this very murky affair...
I encourage all investors to contact Piper Alderman and join the class action as soon as possible..
Is anyone aware of an amendment to the deed of constitution in 2009 granting Equititrust 40M subordinated units in the fund in lieu of non-payment of management / performance fees due to the fund being frozen in 2008? Apparently this was made retrospective to 2008.
To rub further salt into the wound apparently Equititrust's lawyers McCulloch Robertson sanctioned this with an advice saying that this was “not going to be detrimental to investors”...
Why were investors’ not made aware of this????? Why were investors not given independent legal advice on this critical change??? Wasn't the advice from the company's own lawyers a HUGE conflict of interest particularly if investors were kept in the dark.
It’s definitely time for investors to kick these incompetent self interested idiots out, install a new manager and start an inquiry as to what happened behind the scenes of this very murky affair...
I encourage all investors to contact Piper Alderman and join the class action as soon as possible..
"No Trust", first cab off the rank should be a complaint to ASIC about the manager's unilateral constitutional amendment.
Secondly, your solicitor should obtain the registry from the fund manager and write to all investors - no point trying to contact investors via this forum.
Secondly, your solicitor should obtain the registry from the fund manager and write to all investors - no point trying to contact investors via this forum.
No Trust
JUSTICE IS COMING...
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Amended Constitution
The revelations about this "unilateral constitutional amendment" are mind blowing... It just goes from bad to worse. On the face of it, unless I am missing something, it seems that interest was also paid on the subordinated units that the fund awarded itself...
Why was this hidden from investors and how the hell could ASIC let this one slip through the net? It’s no wonder that ASIC are now apparently taking further action behind the scenes…
I believe the registry has been obtained by the lawyers and all members will be written to in the coming weeks..
This is becoming a scandal of monumental proportions…
The revelations about this "unilateral constitutional amendment" are mind blowing... It just goes from bad to worse. On the face of it, unless I am missing something, it seems that interest was also paid on the subordinated units that the fund awarded itself...
Why was this hidden from investors and how the hell could ASIC let this one slip through the net? It’s no wonder that ASIC are now apparently taking further action behind the scenes…
I believe the registry has been obtained by the lawyers and all members will be written to in the coming weeks..
This is becoming a scandal of monumental proportions…
SUB-ORDINATED UNITS: extra $40M
is this how McIvor can still spruik he has $35M of his own family money in the EIF? By getting free $40M units - in other words he has plundered ever single dollar out of the place???
is this how McIvor can still spruik he has $35M of his own family money in the EIF? By getting free $40M units - in other words he has plundered ever single dollar out of the place???
One big QUESTION for Messrs McIvor and Quinlivan? WHERE DID ALL THE MONEY GO?
In the next little while, there will be lots of questions and lots of blame.... one real question that might impact on our return is simply - where did all the money go?
Q1: How much did Quinlivan pay for Ipswich property? did he disclose purchase price to EIF when applying for the loan?
Q2: Who instructed the Valuer?
Q3: What cash flow/ability to service the Equititrust loan was provided and checked?
Q4: Once Equititrust started to ladle out the $60M plus against this 'secuirty' - where did the money go? and if not directly to the project and or its development - then why not?
Q5: What advances were made against this secuirty were made to Quinlivan related entities after they stopped/were unable to pay interest to EIF?
In my view, the answers to the above will determine whether or not this is going to be to AUSTRALIA what Bernie Madooff and Ponzi were to the USA.
It will allow the tracing of cash flows and assets held by third parties which we will be able to 'have a go at'......
ASIC
PIPER ALDERMANN
NATIONAL BANK
BANK OF SCOTLAND
JOHN GODDARD
DAVID TUCKER
CRAIG TREASURE
COLIN KLUGER - SMH
one of you please - just ask the QUESTIONS !!!
In the next little while, there will be lots of questions and lots of blame.... one real question that might impact on our return is simply - where did all the money go?
Q1: How much did Quinlivan pay for Ipswich property? did he disclose purchase price to EIF when applying for the loan?
Q2: Who instructed the Valuer?
Q3: What cash flow/ability to service the Equititrust loan was provided and checked?
Q4: Once Equititrust started to ladle out the $60M plus against this 'secuirty' - where did the money go? and if not directly to the project and or its development - then why not?
Q5: What advances were made against this secuirty were made to Quinlivan related entities after they stopped/were unable to pay interest to EIF?
In my view, the answers to the above will determine whether or not this is going to be to AUSTRALIA what Bernie Madooff and Ponzi were to the USA.
It will allow the tracing of cash flows and assets held by third parties which we will be able to 'have a go at'......
ASIC
PIPER ALDERMANN
NATIONAL BANK
BANK OF SCOTLAND
JOHN GODDARD
DAVID TUCKER
CRAIG TREASURE
COLIN KLUGER - SMH
one of you please - just ask the QUESTIONS !!!
No Trust
JUSTICE IS COMING...
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Questions will be asked...
Colin Kruger and Piper Alderman will definitely ask questions, ASIC may if pushed; the others have a conflict of interest and will do nothing to rock the boat...
An independent inquiry as to where the money went and how “King Con” secured such massive loans to the detriment of retiree investors is now essential…
Colin Kruger and Piper Alderman will definitely ask questions, ASIC may if pushed; the others have a conflict of interest and will do nothing to rock the boat...
An independent inquiry as to where the money went and how “King Con” secured such massive loans to the detriment of retiree investors is now essential…
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