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Equititrust?

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Happy 1 Year Anniversary

Kostag, Happy 1 Year Anniversary for yesterday, on starting this thread. Even though EquitiRust & Co despises it and tried to mislead the public with deceptive postings, it has been an invaluable tool for investors and the media alike, and boy a lot has been revealed in one year... Good Work mate...
 
YES - one year ago today - we could smell rotting fish and we knew something

had to be done to start to bring issues to the fore....... seems to have worked...... and almost to the day, one would have to say, we have come close to finalisation of this saga........

No Trust said:
Kostag, Happy 1 Year Anniversary for yesterday, on starting this thread. Even though EquitiRust & Co despises it and tried to mislead the public with deceptive postings, it has been an invaluable tool for investors and the media alike, and boy a lot has been revealed in one year... Good Work mate...
Click to expand...
 
King Con

Yes Rotten Fish indeed... I do recall Equititrust denying the loans to King Con in one of their deceptive posts. I think they may be learning the power of the internet and that spreading misinformation will soon be pounced upon.

As the National Media have exposed this is a company which has absolutely no concern for the average investor. Their mate “King Con” ranked ahead of them and McIvor even decided to write him a nice reference when ASIC was banning him for 5 Years. Idiotic incompetence of the highest order resulting in tens of millions of dollars of losses for innocent retiree investors.

When faced with the realities of what they have done to investors they continue a delusional charade. This is something which the Sydney Morning Herald picked up on a few days ago. Imagine spruiking their capital protection credentials on their website whilst thousands of investors go without an income in their twilight years. The founder then rubs more salt into their wounds by making stupid, delusional and idiotic videos spruiking yet another fund raising venture whilst the train wreck of the last venture is still smouldering.

Equititrust must pay dearly for what they have done to innocent retiree investors. Walking over their backs and enjoying luxurious multimillion Dollar Riverfront and Beachfront lifestyles is only going to enrage investors further. What has McIvor done personally to mitigate these losses… Nothing… This may change in the not too distant future when all participants will be taken to account for their involvement in the management of Equititrust..

In the meantime there will be an unrelentless campaign put in place to get to the bottom of all the “King Con” loan scandal… If Equititrust think that they can sweep this little indiscretion under the carpet they have another thing coming.

It is also good to see more and more investors becoming proactive and contacting Piper Alderman in regard to the removal of Equititrust as manager as well as the class action. Those who haven’t contacted them yet should do so as soon as possible to protect their rights…
 
KPMG: open letter

it is worth noting that an open letter to Mr Steer - the auditor at KPMG - (David Kennedy's old stomping ground) - also auditors for among others teh failed MFS Fund- regarding the infamous disclosures (or lack thereof) in NOte 4 in the 2008/09 accouts of EIF, remains un-answered.

It will take Piper Alderman to get into this aspect, perhaps.
 
Valuations -Updated or Not

The revaluation of the units related to valuations only up to 30 April as reported in the SMH. What about the most current valuations which have been withheld from investors. A loan by loan breakdown of each valuation is required. Don't hold your breath for this transparency.. How much is actually going to be written down on the King Con loans. Investors need to be given a full breakdown of each valuation.
Should be an interesting few months ahead when these cowboys will finally be brought to account, that includes the directors who nurtured and maintained the special relationship with "King Con"...
 
OPERATION OF THE EIF DAY TO DAY

has anyone been to Chevron Island recently?

Who is actually on-site running the operation?

I have been told that Mr Mc Ivor is overseas.

We know that David Kennedy is relatively new, so his knowledge of the loans must be somewhat limited.

We know that long time Directors, Wayne McIvor and Mr Haney, jumped ship early last year.

The web site now has no details of any senior personnel. It used to be re-assuringly awash with the bios of industry luminaries from such august bodies as BHP, Sunland etc...... presumably they all jumped ship for safer climes.....we have lost the benefit of their skill and experience.....

We know that the rival Insight Capital has snared some former senior Equititrust staffers. Lucky them!

David Andersen has not been mentioned in any recent despatches, so presumably we have lost the benefit of his valuable 'MFS management' expertise and insights.

Ian Maurice seems to have opended the door on new video comedy careers for others.....

So, who is left running the place?

The Board are non-Executive - so they are not doing the day to day grunt ...... and in any event, they were only snared in the last 7 or 8 months......so how much could they have gleaned in their non-exec, non-conflicted roles.....

so who is looking after our $200M plus of Funds?

The recent attempt at a valuation of unit disclosure (posted on the web site 20-6-11) was not even signed , so whoever crafted that 'wonder' of forensic analysis and property valuation insight, was not prepared to sign it.....maybe it was a last act as they bolted for the 'exit' sign.....

so again, we are left to ask, who is running the shop?

Someone is going to tell me that Dudley Quinlivan has taken the helm.

No, seriously, I think that 'we' should be told who runs the place......

in this instance, silence is not golden......
 
Headless Chicken

Well it would be reassuring to hear that McIvor has not gone overseas shortly after resigning... Coincidently resigning the same day as Colin Kruger's expose on McIvor's involvement in the "King Con" Loan Scandal. It’s bad enough to be starting another venture and posting videos on the net whilst investors' suffer, but going overseas on a holiday... I hope this isn’t true...
 
"KING CON MONEY GONE" loan scandal - Australia's 'Bernie Madoff'

the classic PONZI scheme - sucking in new investor funds - to fund repayment of the old money.....

whilst paying interest to investors, then ....... just before June 2011, tell the Investors ....'dont spend that money too quick - it wasn't your interest, it was your own capital back....' nice one......
 
Inquiry and Forensic Accounting Essential

As a result of the issues raised in Colin Kruger's Expose of the "King Con Scandal" on the 13th of this month, a full inquiry and appointment of forensic accountants is essential in regard to how tens of millions of dollars of retiree investor's money was squandered on McIvor's buddy. No matter how much spin they put on it, the stench of this avoidable scandal will remain for life.. Good luck trying to ever raise another dollar from the Australian Public...

The Game is Over EquitiRust
​
 
anyone heard what Mark McMadoff or Kolonel Klink Kennedy

Are up to? all seems to have gone silent
 
Champagne Lifestyles for Some

Whilst Innocent Retiree Investors have been thrown on the scrapheap by Equititrust, the founder having now quit, continues his luxurious Multimillion Dollar Beachfront and Waterfront Lifestyle whilst making delusional videos to further upset investors ... How about selling some of those assets to pay for the losses incurred by retiree investors on the “King Con “ gamble..

Now if the same thing had happened to the founder's money what course of action do you think he would be pursing right now???

All private assets of the directors should be subject to a Mareva Injunction ASAP…

INVESTIGATE THE “KING CON” SCANDAL​
 
Re: Champagne Lifestyles for Some

what is the financial position of the exceutive Directors? BY my reckoning on the public avaialable material in y/e 30-6-09, MM Holdings or parties associated may have withdrawn as much as $40M whilst in period to 31-12-10 seems to be around $12M.

No Trust said:
Whilst Innocent Retiree Investors have been thrown on the scrapheap by Equititrust, the founder having now quit, continues his luxurious Multimillion Dollar Beachfront and Waterfront Lifestyle whilst making delusional videos to further upset investors ... How about selling some of those assets to pay for the losses incurred by retiree investors on the “King Con “ gamble..

Now if the same thing had happened to the founder's money what course of action do you think he would be pursing right now???

All private assets of the directors should be subject to a Mareva Injunction ASAP…

INVESTIGATE THE “KING CON” SCANDAL​
Click to expand...
 
House of Cards

One must remember that this is basically a one man show... No one knows what financial obligations MM Holdings has, do they... This has been a game of smoke and mirrors at the expense of investors hard earned retirement savings. Look at the deception in regard to "King Con", as reported by Colin Kruger of the SMH, "King Con" was the largest borrower yet investors did not know about the reckless lending..

Effectively an investment in EquitiRust was an investment in McIvor INC... Not such a good investment it seems, but don't worry investors will be given another "opportunity " soon.. Just look out for some delusional videos on You Tube, it’s a pity that ASIC don’t approve delusional schemes...
 
McIvor's Landsolve turns white knight to Equititrust

McIvor's Landsolve turns white knight to Equititrust

Colin Kruger
Sydney Morning Herald
July 4, 2011



AILING Gold Coast mortgage fund operator, Equititrust, appears to have found a novel solution to the cash crisis that has left its flagship fund at the mercy of its bankers.
Equititrust stands to be the beneficiary of a $200 million raising by a company that is so closely aligned it shares Equititrust's address, telephone number, and founder, Mark McIvor.

The McIvor-founded Landsolve Partners, which describes itself as a ''multi-disciplined finance and property funds management group'', plans to raise $200 million via the Landsolve Capital Solutions Fund.


''Our objective is to enable investors to 'live life to the fullest', through higher yield,'' Mr McIvor says in the marketing blurb for Landsolve. ''The Landsolve Capital Solutions Fund aims to provide investors with competitive monthly income, together with capital stability,'' it says in the document.

The information memorandum for the Landsolve fund reports that investors' money will be invested in ''loans to managed investment schemes, including those managed by the trustee, the licensee …'' - a reference to Landsolve Partners and Equititrust respectively.

Landsolve does not hold an Australian financial services licence, so Equititrust will also handle applications for the Landsolve fund, mind the money, and issue units on Landsolve's behalf.

Earlier this year, the Australian Securities and Investments Commission (ASIC) forced Equititrust to scuttle plans to raise $50 million to effectively bail out its flagship Equititrust Income Fund (EIF).

ASIC was concerned about potential conflicts of interest with Equititrust representing investors on both sides of the loan.

EIF was one of $20 billion worth of investment schemes forced to freeze redemptions in 2008 after the government guaranteed bank deposits during the financial crisis.

Just weeks ago, Equititrust reported that Mr McIvor had resigned from its board in recognition that there could be a future ''conflict of interest'' for the company acting as manager of the $240 million EIF, as well as advancing business proposals to investors.

''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,'' Equititrust said at the time.

David Kennedy, who also stepped down from Equititrust's board, remains chief executive of the company and reports to the ''independent board of directors'', Equititrust says. Neither Mr McIvor or Mr Kennedy was available for comment.

The Equititrust fund has yet to disclose the extent of the loss to investors, who are no longer receiving income and have not been able to redeem their investment for more than two years.

Mr McIvor is managing director of Landsolve Partners and is also on the company's board. Landsolve's $200 million raising is targeting wholesale investors, with a minimum investment of $50,000. This removes disclosure requirements that would be necessary if it were appealing to retail investors, as was the case for Equititrust's EIF.

Landsolve is also open to using debt to inflate the fund's returns, despite Mr McIvor being part of the management team at Equititrust that got burnt using similar leverage on EIF.

Mr McIvor was part of the team that blamed the withdrawal of bank support for the continuing freeze on redemptions. More recently, income distributions to investors were stopped in order to pay down bank debt, which had priority.

Bank debt is one of several issues that led Equititrust's auditor to state in the company's 2010 financial accounts that there was uncertainty regarding the group's continuation as a going concern.


http://www.smh.com.au/business/mciv...ite-knight-to-equititrust-20110703-1gxf4.html
 
From Delusion To Insanity

It’s clear that Colin Kruger is not fooled by this latest stunt by McIvor and neither is the rest of Australia. One read through the Article in this morning’s paper demonstrates the utter desperation and death throws that this mob are in...

McIvor and Kennedy would not comment because they know this is an utter joke and will fail in the same manner as the 50m Capital Raising earlier this year. Who at ASIC would allow this to fly. The smouldering heap of the Equititrust train wreck has not even been cleaned up and fatalities counted and yet these people are going to be let loose on the unsuspecting Australia Public??? I don’t think so...

At least Colin Kruger has alerted the Australian Public to the latest scam...

Remember this:

50 Million Capital Raising Failed ASIC Intervention

Share Swap Failed Suspected ASIC Intervention

200 Million Capital Raising Failed Urgent ASIC Intervention and Protection of the Australian Public
 
Lands Of Plenty

Lands of Plenty

Scott Rochfort
Sydney Morning Herald
July 4, 2011

CBD%20lead%20Mark%20McIvor-420x0.jpg
Overarching principle ... Equitrust founder Mark McIvor.

The founder of the Gold Coast financial concern Equititrust, Mark McIvor, really does appear to be living up to the latest Charles Darwin quote he is promoting as part of his new venture. ''Logic will take you from A to B. Imagination will take you everywhere.''

Despite Equititrust's flagship mortgage fund hitting choppy waters recently by having to write down the value of its units by 22 per cent, McIvor is a lot more bullish about his new company, Landsolve Partners Limited.

''Our hallmark skill is providing income solutions. Our objective is to enable investors to 'live life to the fullest' through higher yield,'' McIvor said in the offer document, which is trying to raise up to $200 million for the Landsolve Capital Solutions Fund.

''The global financial crisis has proven the investment market carries uncertainty. It is imperative your capital achieves an optimum return.''

The Landsolve fund, aside from making loans to developers, might also ''make loans or invest in other management investment schemes'' that are run by Landsolve or its related parties (aka Equititrust).

One wonders if this could include the struggling Equititrust Income Fund, which is required to repay a $25 million facility to the National Australia Bank next month.

Landsolve has also inherited Equititrust's Roman voussoir arch logo. ''The Roman voussoir arch was a breakthrough in structural stability. Combined with pozzolan concrete, it was one of the sturdiest methods of construction the world had ever seen,'' the Equititrust website says.


http://www.brisbanetimes.com.au/bus...lies-in-face-of-adversity-20110703-1gxdy.html
 
National Laughing Stock

It seems that Equititrust and McIvor are again the laughing stock of the National Media and the Australian Financial Industry...

Scott Rochfort's cartoon with McIvor lying over an arch is eye watering stuff.. It’s a pity the tears coming out of Equititrust investor’s eyes are not as a result of laughter but tears of misery whilst their retirement is ruined as a result of the reckless management of their money by Equititrust. Remember “King Con”…

It’s clear from the equally humorous article that the Sydney Morning Herald thinks the plans are delusional as well.. "Mark McIvor, really does appear to be living up to the latest Charles Darwin quote he is promoting as part of his new venture. ''Logic will take you from A to B. Imagination will take you everywhere.''

Let there be a stop these delusional idiotic plans. ASIC will you allow this kind of disgusting charade to continue??? This is the same conflict of interest as in January this year under a different guise!!! The attempted recycling of the Equititrust Financial Services License is a disgrace of monumental proportions.. Why not wait for Landsolve to get its FSL??? Mmmmm desperate times call for desperate measures I guess.. Last throw of the dice hey guys???

Equititrust/Landsolve should be required to put the same warnings on the PDS as cigarette manufacturers. In this case it should read “Dangerous or fatal to your financial health”... And “May risk your money on King Con and not tell you about it until the money is lost”


Congratulations to the Sydney Morning Herald for exposing these incompetent idiots nationally, let’s hope more investors do not get sucked in to the latest scam..


SOMEONE PLEASE STOP THESE COWBOYS BEFORE THEY HURT MORE INNOCENT PEOPLE
 
Insanity In The Extreme

So on top of "enabling investors to 'live life to the fullest" Landsolve not having a Financial Services License will leave the minding and management of the money to Equititrust... INSANITY IN THE EXTREME How is McIvor and Co enabling Equititrust investors to live life to the fullest by starving them of income and delivering tens of millions of dollars of losses. Innocent retiree investor's lives have been ruined by Equititrust. Throw away lines like this should be banned by ASIC as they are clearly deceptive and contrary to the truth...


Equititrust is on its knees and at the mercy of its bankers as well as in the crosshairs of an Investor Class Action. I am sure investors in this new scam of a fund will find comfort in this delusional scenario... Might as well give Dracula the keys to the Blood Bank… Who in their right mind would invest in this delusional fund???

How can this be allowed to proceed whilst the losses in Equititrust have not even been tallied and an inquiry has not been held into the “King Con” loan Scandal…

This really does look like a last roll of the dice before Equititrust Collapses.

ASIC needs to put an end to this farce immediately...
 
Remember The Investors Thrown on The Scrapheap

images


McIvor and Equititrust have forgotten these people.. It’s quite a telling picture of concerned Retiree Investors from the 'Investor Briefing"..

Quite simple, fix your first mess before wasting more money on an idiotic plan that will fail just like the doomed 50M Capital Raising and the Share Swap. What’s next a JV with "King Con" ??
 
Remember Us

[video]http://media.watoday.com.au/business/businessday/investors-fear-their-super-is-gone-2318091.html[/video]

Remember Us - Sort out our mess and give us our lives back...
 
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