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Equititrust?

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Catastrophic Losses

The return will most likely be less than 50 cents in the Dollar, the market is tanking further and the assets that Equititrust lent on are ALL subprime... The judgement of McIvor in making these loans needs to be thoroughly examined.. What was he thinking... Well he now has a class action to think about and all of his assets being attacked and rightly so.. For every action there is a reaction and now investors will finally get an opportunity to sink the boot into McIvor and his cronies.
Time to start living in the shoes of the investors and getting rid of the Waterfront and Beachfront Mansions...
 
Re: 50% of Loan Value

yipeee!!! in all his zeal to brag about how 'he' is paying back the National Bank what this moron does not understand is that this is at the cost of the INVESTORS - in this instance - 'we' have loaned $8M+ - the property is flogged for $4M - so 'we' take a $4M or 50% hit on our funds - BUT all the money raised by this 'sale' all goes to the NATIONAL BANK - so 'we' get belted two ways - we take a 50% write off and we dont even get the 50cents!!!!!

We can now all understand why the NATIONAL BANK has not moved on the EIF - they would not want to be seen doing this dirty work to innocent investors and retirees - better to squeeze KOLONEL KLINK and get him to do the dirty work - and leave us with the crumbs off the side board.....

we will never know whether this property could have realised more - all we do know is that the National Bank was squeezing - so EIF butchers the asset to pay the bank back and sheet the loss home to us.....

on second thoughts, I take back the reference to 'morons' - 'we' are the morons..........



No Trust said:
And the hits just keep on coming...
Nice work McIvor / EquitiRust with performance like this Landsolve and Trust Mutual are destined to go down the same road as EquitiRust...

http://www.goldcoast.com.au/article/2011/08/18/342035_gold-coast-business.html
Click to expand...
 
Suicide Pass

When the going gets tough apply the pressure and see where the cracks appear... McIvor has thrown a suicide pass to his paid cronies and gone into the proverbial fetal position whilst ignoring the reality and gravity of what his decisions have cost innocent retiree investors. In the meantime he goes on an idiotic and delusional fantasy of making videos for Landsolve... Colin Kruger of the SMH has relentlessly reported on this running joke and thankfully has saved many other investors the same fate of the innocent Equititrust investors...
 
Re: Equititrust: I think the strategy is smarter than that....

the Niecon sale reveals all.... the nuber one job is to get rid of the NAB - the NAB would have pressed for the Board changes - Equititrust have shown that they will drop assets etc to get cash in - look the at recent sale at 50% of what is owed..... unitholders take teh full brunt of that loss.... so NAB gets paid out - now, whether the loss to EIF is 50% or 75% - who cares? we lose BUT what are we doing about it.... unless ASIC moves, the old Board all step back in and off they go again..... Ian Maurice had better get his camera warmed up - eh, Ian, use a vaseline lens this please..... those pained expressions as you were interviewing was off=putting to say the least
 
Re: Equititrust: I think the strategy is smarter than that....

kostag said:
the Niecon sale reveals all.... the nuber one job is to get rid of the NAB - the NAB would have pressed for the Board changes - Equititrust have shown that they will drop assets etc to get cash in - look the at recent sale at 50% of what is owed..... unitholders take teh full brunt of that loss.... so NAB gets paid out - now, whether the loss to EIF is 50% or 75% - who cares? [/I]
Click to expand...

If you read the article in full you will read that there is other collateral for this loan. When the other collateral is realised then this should reduce or clear the loss on this loan.
 
Collateral ???????? or Bulls**t

In terms of collateral the same thing was said in regard to the "King Con" Loans... Look at the result there... As reported by Colin Kruger Equititrust concealed the losses up until April whilst maintaining a front that there would be no loss... So when Equititrust mention they have other collateral investors have no reason whatsoever to believe their lies.......
 
Re: 50% of Loan Value

kostag said:
yipeee!!! in all his zeal to brag about how 'he' is paying back the National Bank what this moron does not understand is that this is at the cost of the INVESTORS - in this instance - 'we' have loaned $8M+ - the property is flogged for $4M - so 'we' take a $4M or 50% hit on our funds - BUT all the money raised by this 'sale' all goes to the NATIONAL BANK - so 'we' get belted two ways - we take a 50% write off and we dont even get the 50cents!!!!!
.
Click to expand...

Actually we have not been belted two ways since that 50cents you refer to has been received and re-paid to NAB reduce our debt.

But we have still taken a 4M one way belting (unless the other collateral can reduce the 4m not recovered in the sale). Not happy at all with this.
 
Debt is not the investors debt

The debt is not the investors debt it is Equititrust's / McIvor debt...
If McIvor stuffed up the leverage of the fund as well as who he lent to, then he should pay. Ultimately the buck stops with him... The question is how much does he owe on his personal assets. Are the banks forcing the sale of his home on Cronin Island.. It seems a sale in the current environment is madness unless you are utterly desperate.. This may ultimately prove to be the case given Equititrust's dire straights...
 
No more EquitiRust

With nightmare write downs on a daily basis how does McIvor think he will get Landsolve and Trust Mutual going.... Delusional in the extreme... It is clear he cannot resolve the mess he has created with Equititrust yet he wants to convince new investors to back him... Not in this lifetime...
 
Incompetent Idiots of the "HIGHEST ORDER"

Read the article below and weep... This is what you get when McIvor does some business with one of his mates (King Con) at the expense of innocent retiree investors who he was meant to protect... So now on top of the daily nightmare losses on property sales investors have to endure 0.44 cents in the Dollar on an 80 Million Dollar loss. To top it off Equititrust is an unsecured creditor... It's no bloody wonder that McIvor is about to get his pants sued off him. He better look at selling his other waterfront and beachfront mansions to pay for this foray with his mate...
INVESTORS WILL NEVER FORGIVE YOU FOR THIS



http://www.couriermail.com.au/news/city-beat-little-or-nothing/story-e6freomx-1226121512000
 
Fire or Guilt Sale

Jonathon Chancellor does not hold back in this article in outlining the background to the sale of McIvor's home... Besieged is an understatent given recent developments...
The photos do give an insight the luxury he is living in whilst his investors starve in their old age... Do the right thing Mark and pay for your mistakes... Tip the proceeds into the Equititrust pot as your mate Dudley's offer of 0.44 Cents in the Dollar on 80 Million of losses is going to ruin the lives of many of your investors...


http://www.propertyobserver.com.au/...-popov-designed-gold-coast-home/2011081651176
 
Conflict of Interest

I am sure the new board will back their old mate Dudley's Part X but what does that mean for investors, Piper Alderman should step in an seek an injunction preventing Equititrust from voting on the Part X as there is an inherent conflict of interest as the board is clearly not independent and are simply puppets of McIvor. The legal ramifications in terms of cross claims need to be carefully considered and for this paltry return Quinlivan is better off Bankrupt. Why should Equititrust investors eat crumbs whilst Quinlivan and McIvor eat cake and live in multimillion Dollar mansions. ASIC needs to become aware of this as McIvor may proffer another reference for his dear old mate Dudley... Well at least they have something in common, they are good at losing other people's hard earned money...
 
What was McIvor Thinking ????????????????????????????????????????

What was McIvor thinking ..... Whist professing to be the custodian of innocent retiree investor's money, in one foul swoop he loses 80 Million Dollars that investors entrusted in him. The warnings in Parliament were there about "King Con", the media articles were numerous yet as Colin Kruger reported in the Sydney Morning Herald McIvor wrote a reference for his dear old mate when ASIC was banning him as a director... End result from this foray is misery for investors on an unprecedented scale.

Seriously WHAT WAS HE THINKING????????


The Article below was another harbinger of things to come:

Over-hype in the housing market

by Anthony Marx
The Courier-Mail
September 08, 2007



http://www.couriermail.com.au/news/over-hype-in-the-market/story-e6freow6-1111114367065
 
ASIC - King Con High Court Appeal Fails

While ASIC were forced to take action, what did EquititRust do??? They provided references to "King Con" and exposed innocent retiree investors to an 80 Million Dollar loss. This money is now unsecured and at the mercy of an offer from King Con of 0.4 cents in the dollar...


11-181MR High Court dismisses Quinlivan application to appeal

Tuesday 23 August 2011


http://www.asic.gov.au/asic/asic.ns... Quinlivan application to appeal?opendocument
 
Hiding The Financials Again

As usual the "Gold Coast Cowboys" who gambled your money on "King Con " and lost "80 Million Dollars" of investor's money are withholding the end of year financials... Come on,.. if Landsolve is about to invest 250 Million in a sinking ship, it would only be fair to see the CATASTROPHIC financials of Equititrust. Well I guess if they are not forthcoming soon the Class Action by Piper Alderman against Equititrust and McIvor in the next few weeks will soon sort that out...
It will be nice to see McIvor and Dudley “King Con” Quinlivan vigorously cross examined in the witness box… The public gallery will be packed…
 
Re: Equititrust: I think the strategy is smarter than that....

are you actually believing Kolonel Klink Kennedy who gets rolled out when teh going gets tough..... what otehr collateral..... anyone who knows lending knows that the first mortgage you get is as good as it ever gets.....

klua said:
If you read the article in full you will read that there is other collateral for this loan. When the other collateral is realised then this should reduce or clear the loss on this loan.
Click to expand...
 
McIvor Desperately Selling His Assets

Not only is the S.S. Equititrust sinking below the waterline day by day, it seems its Captain and Architect of the amazing loan deal with "King Con" is as well...

The article by Courier Mail journalist Mitch Gaynor below gives an indication of the financial distress that that good ol' Captain McIvor is now in...

CITY BEAT:
Mitch Gaynor
From:The Courier-MailAugust 27, 201112:00AM

PROPERTY OFFLOAD

The man who made fund manager Equititrust a household name - well, not quite - Mark McIvor looks to be deleveraging as rapidly as the fund itself.

While the frozen fund is in the thick of its own nightmare, McIvor has been placing a few of his properties on the market in quick succession.

The jewel in the crown is his luxury waterfront Surfers Paradise home which he bought for $1 million under a company name.

He is also selling a property at Palm Beach and, according to records, recently offloaded a Southport address for $1 million.

To give some idea of the derelict state of the local property market, McIvor bought the property for exactly the same amount in 2003.

Not to fear, though. Apparently there are still a couple of properties that haven't yet hit the market.


http://www.couriermail.com.au/news/city-beat-sally-spending-up/story-e6freomx-1226123161672
 
McIvor Desperately Selling His Assets

The article above gives some indication of the diabolical state of the property market on the Gold Coast and yet good ol' Captain McIvor, after having run Equititrust and its investor's into the rocks now has to bail out himself, and seems in a "real hurry"... It will be interesting to see if he will take 50% of the value on his own home just like investors are having to endure on the fire sale of assets in the Equititrust Fund which he captained then deserted when the going got too tough... Instead he concentrated on making delusional videos for Landsolve with Ian Maurice... Joke joke joke

I suspect that there is a lot more going on in the background to McIvor's financial woes and that if assets are not realised the banks will be moving on those assets themselves... With no more fat income coming in the way of exorbitant fees bled from innocent retiree investors and a major class action about to commence targeting McIvor and Equititrust, there will be more McIvor assets sales to come in the weeks and months ahead...


Don’t think McIvor will garner much sympathy from anyone for his current predicament... well except from his dear old mate "King Con" who his already on the other side...
 
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