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Equititrust Removed as Custodian of the EIF

Equititrust Removed as Custodian of the EIF


1 August 2011

http://www.equititrust.com.au/Pdfs/EIF_Custodian_ and_Directors_01_Aug_2011.pdf


Looks like there is a lot more going on behind the scenes that investors are being told..

Read the last paragraph about "litigation" and make up your own mind, is there more litigation from investors pending that is precipitating this warning ???
 
Equititrust Disaster

What is going on ???

Investors need to get on the phone to Piper Alderman... Enough is enough...

The last paragraph of the update all but admits defeat...........................................
 
Re: Equititrust Removed as Custodian of the EIF

No Trust said:
Equititrust Removed as Custodian of the EIF

Read the last paragraph about "litigation" and make up your own mind, is there more litigation from investors pending that is precipitating this warning ???
Click to expand...


That paragraph at the end of page one is referring to litigation between EIF and the Borrowers and/or the Borrower's guarantors. I dont see any reference to litigation between EIF and investors.

The increase in litigation is only to be expected as EIF seek to recover our money from defaulting borrowers.
 
Investors Fight Back

Investors were also told that they were not going to suffer losses on the "King Con" Loans, their money was 100% safe etc etc... The point is, behind every one of their "announcements” there is a monster lurking in the shadows...

You just need to refer to the Sydney Morning Herald Article by Colin Kruger to see clear cut examples of this...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
 
Financials - How Big are the Losses

When will investors see the financials this time ?? How big are the losses and at what discount are the properties being sold just to appease the repayment of the NAB Loan. Investors are being kept in the dark again…
 
Board Independence

In light of the current announcement, is the Equititrust Board truly independent or is there now an even greater conflict of interest...

If each board member was required to give a sworn declaration of independence how many could provide this??? The board is now well and truly stacked with McIvor's friends / stooges... This feeble charade of resigning and then appointing mates is not fooling the Australian public nor the Australian Media... Maybe "King Con" will be given a consulting role as it seems McIvor was never concerned about his past business practices as the ASIC judgement and Colin Kruger Article on June 13 clearly outlined...


http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
 
Re: Equititrust: new move for RE from BALMAIN-TRILOGY ...

does anyone have any fufther infortaion on move by TRILOGY to take on the RE work on EIF? and oust Equititrust Ltd?
 
Re: Equititrust: PIPER ALDERMAN

with the information that PIPER ALDERMAN has obtained from some of the largest investors in the EIF and othe rmaterial from the two largest borrowers from the EIF, this class action and the outcome will be a no-brainer...... watch this space!

any advance on my prediction of 50cents in the $1 which was so loudly poo-pooed only 8 months ago!
 
ACCOUNTS: there will be no financials until a new RE is in place....

no-one except a new broom will be prepared to put their name to new ACCOUNTS. The old guard could not fess up to such a dramatic turn around in figures - a new broom can simply tell it like it is without fear or favour. We wont like the news but atleast we will finally get the real story.......
 
Where there is smoke there is fire...

For a litigation funder to bankroll the legal action against both Equititrust and McIvor and other directors is an indication of the due diligence done on the merits of the claim.. There is a lot more beneath the surface to this scadal than meets the eye.. The lodgement of the statement of claim will give the innocent investors an insight into where and how their money was squandered...
 
McIvors Home on the Chopping Block

It seems the financial pressure of the Equititrust disaster is hitting McIvor hard and deservedly so... Now he can feel some pain for the mess he created with his buddy "King Con" ... Ordinary investors have no income to buy food whilst he lives a champagne lifestyle... Let's see how much he gives back to the investors from the sale proceeds.. I think it's more likely that Piper Alderman will need to issue a mareva injunction over his assets until an independent receiver can step into Equititrust...
 
What's the next asset to fall

It would appear that McIvor Inc / MM Holdings / MM Properties and Equititrust are inextricably linked. Equititrust on the verge of collapse may have already set off the first domino resulting in the surprise announcement of the sale of McIvor's primary residence. Have the banks had something to do with this?? There is a lot going on in the background that investors are not aware of.. Coincidence I think not..

The market on the Gold Coast for luxury property is diabolical at the moment.. Added to this ,McIvor's philosophy with property was to squirrel it away and never sell it instead use it as collateral to buy other property.. Has this collateral been called in or has the curse of Cronin Island which took down his neighbor Mathew Perrin struck again...
 
SALE OF McIVOR HOME

this sale could be simply a part of a process that he is initiating to pay back moneys that may be owed by him and his family to Equititrust. I suspect that the Board have by now and finally all seen the writing on the wall..... when is the new RE taking over the EIF ????
 
EQUITITRUST and SHAKESPEARE HANEY

a Mr Haney was on EQUITITRUST Board until May last year - and teh financial aco****s showed some form of cross investment between their fund and EIF - see COURIER MAIL 17-8-11 - they have hit the bricks as well!!! The GOLD COAST is living up to its well earned reputation ..........
 
Birds of a Feather

Birds of a "Feather Fail Together"
 
Board Independence

The Courier Mail article makes a mockery of the independence of David Tucker and Equititrust being forced to admit this on an update on their website.. This matter was immediately raised on this thread the moment Tucker was appointed. Well it seems the private investigators have unearthed another interesting fact. David Jackson is also apparently a provider of legal services to McIvor / Equititrust as well as a frequent dinner party guest at Mcivor's home. Where is the independence in this??? It seems that McIvor is only looking out for his interests and legal problems. Investors come last in this equation. The class action will finally end this joke of an operation which has cost innocent people their retirement. The Class Action will target McIvor directly and where he is is most vulnerable, his very cosy relationship with the King of all Con's. Bankruptcy may be the least of McIvors problems if this Pandora's box is opened...
 
Massive Loss

Look at the loss in the Shakespeare and Haney Fund in the article below and you start to get an insight into what Equititrust investors are in for. These guys lent to the same developers including King Con... As Colin Kruger highlighted in the SMH it's no wonder Equititrust won't release the updated valuations. It's going to be much much worse than expected. Now even if McIvor is found to be personably liable and in breach of his directors duties and he is bankrupted that will not be enough to cover the catastrophic losses that are likely to be incurred. It is paramount that these valuations are released as soon as possible as it seems the likely amounts will be similar the Shakey and Hakey Fund which is now well and truly dead and buried.

http://www.couriermail.com.au/ipad/...kes-on-the-world/story-fn6ck2gb-1226116253868
 
50cents in the dollar

I predicted this in Jan 2011 - and just about everyone scoffed..... watch this space!
 
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