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Equititrust?

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Re: Equititrust: what is the real value here?

http://www.equititrust.com.au/Pdfs/Disclosures/EIF Unit Value - 20 June 2011.pdf

would be nice if one of the highly credentialled non-exec Directors was prepared to stand up and sign off on this missive!

great isn't it?

they finally drop a bomb shell! McIvor jumps ship and does his now infamous Ian Maurice video announcement re LANDSOLVE and leaves it to the three stooges to drop this un-named un-signed capital loss bombshell on us. They hasten to point out that the loss will be greater because the values are at 30-4-11 and they have to deduct costs and overheads etc - and ofcourse, we are all left in the blind as to what they are!

Nice one ASIC!

I am still confident of my Feb 2011 prediction of 50cents in the $..... we'll see
 
50 Cents in the Dollar may optimistic

As Colin Kruger highlighted the incompetent management at EquititRust were spruiking the "King Con" loans were not going to cause a loss and then suddenly in April low and behold the truth came out...

Currently investors are having information withheld. The capital losses are calculated on old valuations and if the capital loss is calculated on the current valuations then 50 Cents in the Dollar may look optimistic...
 
Re: 50 Cents in the Dollar may optimistic

NOTRUST, I suspect that you may prove to be right - I am only pointing out that in FEB 2011, when EIF was still spruiking something close to $1.20 in the $1, I came out and did an analysis and predicted a write down to 50cents in the $1..... and I think that I am goign to be very veyr close.

Maybe, Landsolve can offer me a job as a Valuer. My only condition, I would need to be paid in cash and eh, sorry, in advance please.

The truth is and it will come out - that EIF knew of valuation stress in 2009 pretty much across the Board and did not disclose it the Investors - because the minute that they annouced a shortfall in the EIF all the moneytaps would be turned off......

they needed to keep raising new money like any Ponzi scheme and kept a lid on this for as long as they could.

Piper Alderman have an easy job of it really - subpoena each of teh top say 20 loans in terms of internal Memoranda between then key staff and Management, perhaps even make contact with Borrowers etc - once they have their hands on that material, I have no doubt that PDS statmenets will be shown to be completely misleading documents and then Piper Alderman can call on ASIC to assist.

The RE of the EIF etc probbaly has some type of PI insurance - this may cover a claim if it focuses along these lines

Plus, obvioulsy, Directors' assets and teh downstreaming of cash and the sideways shuffle of assets and loans ought be looked at closley.

Representations by EIF to its own bankers - NAB and Bank of Scotland would probably also un-ravel and reveal some juicy material as well...

A very shabby affair and one that would do old Mr Ponzi proud.........

No Trust said:
As Colin Kruger highlighted the incompetent management at EquititRust were spruiking the "King Con" loans were not going to cause a loss and then suddenly in April low and behold the truth came out...

Currently investors are having information withheld. The capital losses are calculated on old valuations and if the capital loss is calculated on the current valuations then 50 Cents in the Dollar may look optimistic...
Click to expand...
 
Valuations - Bank Default

If EquitiRust have nothing to hide then release the valuations so that both current and incoming investors know how big the losses really are.

In terms of the banking facilities it is clear that EquitiRust is in default, however what is the default interest being charged and will the default be further exacerbated by non-payment of the loan next month... i.e will the bank appoint a receiver if it is not paid out. The investors have again been told nothing and are being treated like fools by an incompetent orginisation which is "one step away from the boneyard"...

This farce must come to an end...
 
Re: NAB Loan - Bank of Scotland Loan

No Trust said:
Will the NAB Loan be paid off in the next few weeks as promised or will there be another default... In terms of the Bank of Scotland Loan what is happening there?? ]
Click to expand...

Doesnt the EIF only have a loan from NAB and no loan from Bank of Scotland?

However the Premium Fund or even Equittrust itself may have a loan from Bank of Scotland, not sure.
 
Valuations - Bank Default

Both the loans to the EIF and the PIF are now of major concern as they both relate to Equititrust. If Equititrust won't update their investors as to the status, then investors may have to resort to contacting the banks themselves to try and find out what the status is.

Investors are having information withheld from them... Simple as that…

General statements about the value of their investment minus costs is crap, tell the investors how much default interest is being paid and whether the loans will be repaid as was promised or will another promise be broken and the loans go into default... necessitating the appointment of a receiver..

No one knows where the investor's stand any longer...​
 
Re: Equititrust: Bank loans

as invetsors in EIF we are in fact the 'bank customer'.

The EIF has a loan from NAB in Brisbane. I am trying to get the phone number BUT it will be head office - commercial finance.

The PIF has a facility with BOSIAL which is Bank of Scotland International Australia Limited - again based in Brisbane.

A call to eiether of these entities from concerned investors might shake the tree a little.
 
Equititrust Disaster

Equititrust is not communicating with investors in an effective manner and is typical of past behaviour of covering up losses and the "true" financial state of the fund..

What is the status of the bank loans and WILL THE BANKS BE REPAID...
 
Directors Assets - Is There Financial Stress

What is the status of the Directors Assets, particularly those assets connected to the founder Mark McIvor... With a class action pending which has declared directors are in the firing line for potential breaches of the Corporations Law the status of the director's assets is paramount in terms of potential damages.

Due to the inextricable link between Equititrust - McIvor - MM Holdings Pty Ltd - Personal Assets it would be interesting to explore whether the assets or the overall financial position of McIvor are under stress due to Equititrust's Financial Woes...
 
No Loan Loan Book Status Updates - What Nightmare Awaits...

There have been no valuations disclosed to investors so that they can calculate their "real" losses and no update on whether the Banks will be repaid as promised...

Investors have ultimately paid for these valuations but Equititrust withholds the information while it sinks... What Nightmare will they spring on investors next ???????
 
Re: Equititrust: CROFTSWORTH QUINLIVIN AND IPSWICH

there are going to be some interesting developments this coming week with Dudley Quinlvin and the Ipswich loan - the single largest "asset" of the EIF ..... the truth is going to finally come out...... I stake my reputation on this one..... I believe that the biggest loan "assets" will all have a story to tell and this is going to un-ravel and - outcome will not be good for any of us BUT at least authorities will in my view be forced to act
 
Multiple Investigations

There seems to be "Multiple Investigations" underway into Equititrust and its "previous directors" apart from the Piper Alderman Investigation... Those Investigations seem to have been yielding some serious results...

If there is nothing to hide why don't they simply release a full accounting of the "disbursements" on the "King Con" Loans... This is most likely a job for the forensic accountants...
...........................................................................................................................

There may have been reason Equititrust didn't want their mate to be banned by ASIC and subsequently expedite his collapse.. A receiver / liquidator would have access to all the books and records including the loans from Equititrust... Now by law, a receiver / Liquidator has to report any breaches of the Corporations Law to ASIC and or the concerned authorities...

Has something untoward been discovered in this incestuous and convoluted relationship that may be.... a bit ..... err.....irregular... If it has the investors need to know the truth once and for all...
 
QUINLIVAN: bankrupt?

I am reliably told that Dudley Quinlivan voluntarily declared bankruptcy today and will soon reveal all ....... trying to do an ITSA register search which I will do and report on this web site
 
EQUITITRUST: Quinlivan mortgagee: invetsor named JEANS

I am told relaibly that a big EIF investor (over $15M) has gotten tied up in the Quinlivan security and therein very big losses and more is soon to follow from a legal persepective.....
 
Dirty Deals Done Dirt Cheap

It seems that a number of large investors have now engaged private investigators to get to the bottom of the "King Con" loans... There seems to be more to the Jeans connection than meets the eye, in any event it seems that some of the bigger hitters who have taken a bath with Equititrust are now hitting back hard..
 
"Jeans" Investor

Does anyone have any more information on the "Jeans" investor and who he is ?

If 15M of this investor's money was connected to the "King Con" Loans then I am not surprised they are out for blood... It will be interesting what legal recourse will be sought... From the previous "Annual Reviews" now removed from the Equititrust Website a number of other prominent Gold Coast Businessmen were investors in EquitiRust...

Don't think McIvor is a popular boy on the Gold Coast or for that matter in Australia...
 
Supporting Creditor of a dear old mate.......

Equititrust were a supporting creditor to the Bankrupcty Application of Dudley "King Con" Quinlivan which was adjourned yesterday.. He may have nothing to lose anymore and decide to fight back in his own way and take down EquitiRust / McIvor with him... Looking like a bad soap opera with innocent retiree investors money flushed down the toilet...

There is speculation that this whole matter is just about to blow up, investors can look forward to some interesting reading / headlines in the not too distant future...
 
Vendetta's

Whilst personal vendetta's are being settled between "King Con" / Equititrust / McIvor investors are kept in the dark and lose more of their hard earned retirement money whilst this idiotic folly continues..

The financial score needs to be settled with McIvor who got the investors into this mess with his mate "King Con" in the first place... Wonder how he would feel if he wasn’t able to pay for his daily needs... Well McIvor that is the position your investor’s are now in.
Meditate on that...
 
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