Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
LATEST MEDIA EXPOSE

1. does anyone have a copy of the IM for the Ladnsolve raising? If so, where can we see a copy?

2. Clearly, the new structure proposes to use the 'sophisticated investor' route - that is, side step ASIC regulations. Raise up to $200M and then feed moneys across to Equititrust. NAB gets paid out etc and then Landsolve steps into NAB shoes within EIF - probably at a higher rate etc and then again to the disadvantage of existing investors. In fact, what is stopping EIF borrowing $50M from Landsolve? Pay Landsolve more big fees and high interest again ahead of Investor rights. EIF then starts to pay huge fees and sub-ordinated interest to MM Holdings again? It has happended before - why not now?

3. Using this borrowed money, Investors in EIF start to see some money flow - so we are all then beguiled into thinking maybe all is OK.....

4. We stop asking questions and demanding an explanation from Directors or the Auditors KPMG (Mr Steer) about Note 4 to the 2009 Financial accounts...... ie: was the issue of another 40,000,000 of sub-ordinated units actually paid for by McIvor in cash or was it a 'present' ???

5. Landsolve is as related to EIF as one's left and right hand share the same mind. ASIC cannot just sit and let this happen. EIF should be repaying debt and winding itself down or handing over the reigns to someone who knows what they are doing...... not spending our time 'morphing' and re-birthing itself...... bringing a new layer of 'sophisticated investors' simply confuses the EIF investors

The truth behind the resignations; the Ian Maurice videos; now, the media-leaked $200M raising...... it all becomes clear...........

ASIC, Piper Aldermann - enough is enough.....
 
I am sorry, But did the so called "Investors" in this scheme believe it was Zero risk.
 
Risk ??? How about King Con !!!

Nothing is zero risk but recklessly gambling tens of millions of dollars of innocent retiree investor's money on "King Con" is a certain risk and this is what these incompetent, delusional cowboys from the Gold Coast did...

Now they have upped the ante and are going for broke - $200M… This will fail, apart from ASIC intervention, no one is that bloody stupid to invest in this scam given the precarious financial stability of EquitiRust… This is simply another game of smoke and mirrors (which everyone can see through) to try and circumvent EquitiRust being removed as manager.

I urge all investors to contact Piper Alderman Solicitors in Sydney and join the class action to protect their rights.
 
What Are The losses

So let’s get this right..., new investors in the Landsolve-McIvor Delusional Fund are expected to put money into something that will be channelled into, yep you guessed it Equittrust which has undeclared losses and incomplete financials.

We were all told there would be losses but how much are these losses???

These are the same desperate tactics as in January this year when they tried to raise 50M. At the time EquitiRust were hiding massive impairments of the loans as well as a loan book that would be 80% in default, let alone the special super cosy relationship with none other than "King Con". It’s no wonder that ASIC had to step in.

In a similar vein how can money be channelled into a collapsing fund and then the same collapsing fund be given the authority to manage the unsuspecting investor's money. This is a scam of monumental proportions as well as a clear cut conflict of interest in the same league as earlier this year. The fact that McIvor resigned is ridiculous as the Sydney Morning Herald outlined this morning, it is not fooling anyone... Same address, same phone numbers, same founder same stupid bloody arch... Come on...

Complaints need to be made to ASIC and your local MP to bring this matter before State and Federal Parliament before more innocent retirees lives are ruined …. An investigative report on a national current affairs program would not hurt either…
 
Re: Risk ??? How about King Con !!!

No Trust said:
Nothing is zero risk but recklessly gambling tens of millions of dollars of innocent retiree investor's money on "King Con" is a certain risk and this is what these incompetent, delusional cowboys from the Gold Coast did...

.
Click to expand...

Maybe it was the "Investors" who were delusional cowboys, Betting the farm and Banking on returns that were higher than bank interest while failing to accept the fact that their must be higher risk involved.
 
you raise a good question.

I think that the issue/s is/are (or rather one of many)

Q1: did the RE adopt the usual prudent lending guidelines and I think we all now know that they did NOT.

Q2: once they knew that the Valuations on certain large loans were doubtful - what did they do?

Q3: in terms of honest dealings etc - what is the explanation re Note 4 in the 2009 Financial accounts - ie: we believed that the stakeholders had a real $40M plus in the game - did they ???







Tysonboss1 said:
I am sorry, But did the so called "Investors" in this scheme believe it was Zero risk.
Click to expand...
 
kostag said:
Q1: did the RE adopt the usual prudent lending guidelines and I think we all now know that they did NOT.

???
Click to expand...

The whole system is built around low quality loans, If the borrower fit inside "prudent lending guidelines" they would have sourced cheaper finance from a Bank.

When you are lending money at higher rates than bank rates to speculative businesses ventures, you have to expect there is a chance for big profit but also an equal chance for big loss.
 
Risk is Risk a Scam is a Scam

The level of non-disclosure here is unprecedented and when we take the level of reckless lending into account it is no longer an issue of risk but one of extreme negligence...
 
Re: Risk is Risk a Scam is a Scam

No Trust said:
The level of non-disclosure here is unprecedented and when we take the level of reckless lending into account it is no longer an issue of risk but one of extreme negligence...
Click to expand...

Yes there was negligence I aggree, But it was from the "Investors" who piled large amounts of their networth into this speculative lending operation with complete disregard for all the established investments principles ie, understanding the operation/business your investing in, understanding the form of security you are buying, applying a Margin of safty, diversification etc.etc.

If any one investment blows up and it wipes you out or makes you uncomfortable I say "Cry me a river" because you have brought it on yourself.
 
Re: Risk is Risk a Scam is a Scam

wer will all agree to disagree I think...... you are seriously suggesting that an investor in Australian, delaling with appropriately licensed entities who seem to have flagrantly abused obligations (and more than likely the law) are somehow to blame because they lent the money and if they hadn't lent the money, then none of this nasty stuff could have happended? - wow! Good luck in whatever field of endeavour you are in.

Why don't blame the bullet makers for the murders , the tyre makers for thecar accidents....and how about the coal miners who cause all the pollution. where does it stop.......

I think we must just leave this one to Piper Alderman, the Courts and ASIC to sort out

Tysonboss1 said:
Yes there was negligence I aggree, But it was from the "Investors" who piled large amounts of their networth into this speculative lending operation with complete disregard for all the established investments principles ie, understanding the operation/business your investing in, understanding the form of security you are buying, applying a Margin of safty, diversification etc.etc.

If any one investment blows up and it wipes you out or makes you uncomfortable I say "Cry me a river" because you have brought it on yourself.
Click to expand...
 
ah? no - that is why a FUND MANAGER says - we check out all BORROWERS, we only lend to say 70% LVR, and we only use proper INDEPENDENT VALUATIONS, and like any normal cautious LENDER 'we only lend to the lower of a % of purchase price or valuation'....we do some due diligence on our borrowers...... .. NOT: "give us your money, we will use any fly blown valuation that can be dreamt up, dont care how they can pay the interest or how they will ever pay us back, dont care if the borrower is a known duder, thrice bankrupt - just dont care.....good luck .." -

sorry my friend, no-one had the right or obligation to assume blatantly reckless lending practices were the order of the day.......

Tysonboss1 said:
The whole system is built around low quality loans, If the borrower fit inside "prudent lending guidelines" they would have sourced cheaper finance from a Bank.

When you are lending money at higher rates than bank rates to speculative businesses ventures, you have to expect there is a chance for big profit but also an equal chance for big loss.
Click to expand...
 
BUFFETMAN June 2010

lets not forget this posting which this web site's convenors identified as coming from a PC shared by David Kennedy and BUFFETMAN..... still trying to track down "Ron or something"......(note: the quaint mis-spelling of Equititrust's name) - still looking for that $70M too :-

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.
 
kostag said:
ah? no - that is why a FUND MANAGER says - we check out all BORROWERS, we only lend to say 70% LVR, and we only use proper INDEPENDENT VALUATIONS, and like any normal cautious LENDER 'we only lend to the lower of a % of purchase price or valuation'....we do some due diligence on our borrowers...... .. NOT: "give us your money, we will use any fly blown valuation that can be dreamt up, dont care how they can pay the interest or how they will ever pay us back, dont care if the borrower is a known duder, thrice bankrupt - just dont care.....good luck .." -

sorry my friend, no-one had the right or obligation to assume blatantly reckless lending practices were the order of the day.......
Click to expand...

I take it that the "investors" were hoping to gain a higher return than bank interest and hence put their capital into equititrust.

I might be silly, But would that not suggest that the loans which were to fund those higher returns, were paying higher interest than a bank might otherwise charge.

and if the borrower were to be in the market for an equititrust high interest loan would that not suggest they have been shunned by the traditional lenders and is probably a risker investment.
 
Re: Risk is Risk a Scam is a Scam

kostag said:
wer will all agree to disagree I think...... you are seriously suggesting that an investor in Australian, delaling with appropriately licensed entities who seem to have flagrantly abused obligations (and more than likely the law) are somehow to blame because they lent the money and if they hadn't lent the money, then none of this nasty stuff could have happended? - wow! Good luck in whatever field of endeavour you are in.

Why don't blame the bullet makers for the murders , the tyre makers for thecar accidents....and how about the coal miners who cause all the pollution. where does it stop.......

I think we must just leave this one to Piper Alderman, the Courts and ASIC to sort out
Click to expand...

Yes they are to blame because they threw caution to the wind and put large amounts of their capital into this one operation, if they had of limited there exposure to say 2% - 5% of their funds then offcourse they would be peeved, and could still take part in the class action but still afford to buy potatoes.
 
Potato Farming Anyone ?

Tyson, everyone is entitled to a viewpoint, however the mere mention of "potatoes" may spur the imaginative juices now flowing at EquitiRust / McIvor INC and be the catalyst for a potato farming venture. "King Con" potatoes anyone ? Guaranteed to grow with McIvor fertilizer..
 
Where have the Annual Reviews gone ??

It seems the annual reviews have been taken down from the EquitiRust Web Site..

McIvor also promised one for last year but I guess "King Con" was not available for an interview...

images
 
LANDSOLVE : more drivel and untruths

for 18months anyone looking at the EQUITITRUST web site was fed drivel about the power of partnership and how through its subsidiary, Landsolve, all would be well. Now, if Landsolve is a subsidiary, isn't it supposed to be under the control of its parent company - EQUITITRUST LIMITED - where we have Messrs Goddard, Turner and Treasure presiding? Now, if that is true and this is what teh web site has been telling us - then is it the case that despite assurances of no conlfict etc, that a subsidiary of EQUITITRUST (Landsolve) is now out in the market raising funds and claiming to under the control of McIVOR - who must logically be answering to the Board of his parent company?

Is the new proposal that a subsidiary of EQUITITRUST (Landsolve) is now trying to raise $200M from 'sophisticated investors' (I guess Landsolve is hoping that they are not so sophisticated as to be abele to use a COMPUTER and acess teh web and see what a stellar job their team has done already) at $50K a pop - and then that moeny is going to flicked across the table to the parent company ....... NOW ASIC stopped EQUITITRUST in January 2011 from pulling a similiar stunt - how could they now stand by now and allow an ameaturish attempt to circumvent their intervention succeed?

Excuse me - I am so confused. Only on the Gold Coast - thank God! Must be a combination of the bright sunshine and saltwater.......

The website quote was: Landsolve is our subsidiary partner company providing multi-discipline property and funds management expertise. Our team's skills span across: ...
 
Actual Losses and Valuations on a Loan by Loan Basis

It is essential that investors receive the facts, valuations on a loan by loan basis need to be given to all investors as well as a "realistic" estimate of the losses. Why is this information being withheld by Equititrust? Is it that bad?

Without giving full disclosure and audited end of year Financials to current and incoming investors how on earth can they go spruiking for further funds via Landsolve...

Sounds like an act of desperation similar to January's attempt to raise 50M. Luckily for investors ASIC stepped in and put a stop to it..

Financials guys where are they, we know you are about to make a loss but how BIG is it ???

TRYING TO RAISE MONEY WITHOUT FINANCIALS, DELUSIONAL...
​
 
Status
Not open for further replies.
Top