Equititrust?

[kostag]

MERIDIEN: a shameless cash grab by McIvor - classic PONZI from Mark 'Madoff' McIvor

when you read the PDF a big chunk of raised moneys was being applied to clear existing debt - in other words - grab new money under a new lending name and apply a big chunk of that to the old lender - (who just happens to be you) - pay higher rate if interest and use the new money to service old debt and meet working capital needs - a classic Ponzi scheme.....

EquitiRust / McIvor knew they were up Sh#t Creek with "King Con" and then tried to raise 50M from innocent new investors and failed miserably due to ASIC intervention...

They also knew Meridien were up the same creek and then decided to spin it off as the Meridien Landsolve Opportunity Fund to new investors and failed miserably again... Did ASIC have a hand???

EquitiRust have known the mess they had created for years but hid it from investors, this was set out in Colin Kruger's damming article.. The reasons were many but one was to keep the income stream running in the way of management fees which the Piper Alderman class action will now attack. The fees then went back one way or another to McIvor and or his companies in turn supporting a totally unnecessary "egotistic" luxury private property empire, which seems to now be crumbling before everyone’s eyes...

GREED IS NOT GOOD - ESPECIALLY WHEN INVESTORS ARE STARVING IN THEIR OLD AGE

 

[No Trust]

Dying Days of EquitiRust

A lot of the desperate measures employed by Equititrust in its dying days were precipitated by the fact that extremely reckless decisions were made with retiree’s investors’ money... Loans to mates with highly dubious valuations... The "King Con" Scandal is a prime example of this... Then when that money was flushed down the toilet McIvor came to the market cap in hand looking for more money from "fresh" investors. Thank god ASIC and the media put a stop this before further innocent investors were hurt...

 

[No Trust]

Wirrina Cove

Wirrina back on market

GIUSEPPE TAURIELLO
From: AdelaideNow
September 13, 2011 10:14AM


"In 2008, Wirrina Cove was independently valued at $75 million.

However in an Equititrust investor briefing in May, the company said it had received a $34 million offer for the property, pending due diligence.

With negotiations falling through, Knight Frank has now been appointed to sell the 50ha property"

http://www.adelaidenow.com.au/busin...a-back-on-market/story-e6fredel-1226135529762




Even at $34M no one wants to buy toxic assets in South Australia with a troubled history... It’s no wonder considering the state of EquitiRust at the moment... McIvor has abandoned ship and left the running to a bunch of inexperienced lawyers with no expertise in property...

Now if you were a buyer and half way through due diligence the founder of the company your dealing with quits, what are you going to think??? Then he appoints Directors who are lawyers??????????? You have got to be kidding!!!!!!!!!!!

The buyers have walked away as they know that they can get this property at a reduced price given the way the so called new directors are running the place. This aborted sale happened on their watch whilst McIvor gave up...

Any incoming buyer given the current state of EquitiRust will now offer much less as this sale has not proceeded or will wait to deal with a receiver, which seems more likely…

AT WHAT PRICE WILL THIS PROPERTY SELL FOR NOW????? IDIOTS

 

[ASICK]

Re: MERIDIEN: a shameless cash grab by McIvor - classic PONZI from Mark 'Madoff' Mc

when you read the PDF a big chunk of raised moneys was being applied to clear existing debt - in other words - grab new money under a new lending name and apply a big chunk of that to the old lender - (who just happens to be you) - pay higher rate if interest and use the new money to service old debt and meet working capital needs - a classic Ponzi scheme.....

Holders of REAL first mortgages have REAL power - they're able to force sales which would clearly be embarassing to some fund managers - there's no other choice but to go begging for new money (probably at a higher rate) when push comes to shove. The CBA shoved City Pacific and the fund ended up with Fortress - oh what fun ... and boy, the CPFMF lost a heap of money down at Pacific Beach (Broadbeach).

What a mess so many of these funds are in, and what is the government doing? absolutely nothing!

 

[No Trust]

What is the government doing ???

Your right ASICK, what is the government doing??? Nothing at all...
McIvor / EquitiRust were going along their merry way and if it were not for the Sydney Morning Herald - Colin Kruger and lately the Courier Mail - Mitch Gaynor plus this thread they might have just gotten away with it. ASIC only stepped in when it was already in the media, apart from that they are nothing more than a toothless tiger... EquitiRust can expect much more scrutiny though in the weeks to come...

 

[klua]

have a look at this article and see what it claims ASIC did for the investors:
http://www.theage.com.au/business/when-firms-go-bust-asic-goes-missing-20100912-156y3.html

I hope we end up getting better treatment.

 

[Olman]

Re: IAN LAZAR and Jim Byrnes....

some of you might have heard that IAN LAZAR fellow on the radio recently when his dogs were kidnapped. He seems quite a sensible guy and is one person who is initiating legal actions against EQUITITRUST. Maybe the TV MEDIA can get an interview with him as well. This may bring some truth out.

The same Ian Lazar mentioned in the Age article referred to by KLUA .... I don't know about getting truth from this source. I note Jim Byrnes also gets another unsavoury mention in the article.

I wouldn't put much faith in any of the character references posted on this thread.

The relevant quote from the Age:
"Documents filed with ASIC and to creditors reveal that liquidator Armstrong Wily was paid an estimated $1.6 million in fees between 2005 and September 2008 and law firm Nikolaidis & Company was paid $2.1 million at September 29, 2007. HLBC, a company related to Ian Lazar, the man behind the schemes (who changed his name from Ian Rogut in the late 1990s after he went bankrupt following the collapse of his company R&B Diamonds), received $1 million. A mystery litigation funder was paid $3.1 million in commission, and fees were paid to big Jim Byrnes, a notorious standover man, who was also hired by the liquidator to collect debts. Nothing was left for creditors."

Read more: http://www.theage.com.au/business/w...oes-missing-20100912-156y3.html#ixzz1XybfSn61

 

[No Trust]

Character References

In terms of character references, the previous ones given to Equititrust and its management and founder on this thread have proven to be utterly deceptive and misleading given the revelations unearthed over the last 6 months.. Similarities to a reference given my McIvor to his mate "King Con"... Same old "Gold Coast" Cowboys...

Let’s see what BullSh#t awaits investors at the so called "Investor Briefing"... many investors are wondering whether McIvor will have the gall to turn up... If he does he is definitely going to get the wrath of investors who he was meant to protect...

 

[No Trust]

You Lay with Dogs, You Wake Up With Flees

8177/11 QUINLIVAN -V- EQUITITRUST LIMITED

You have got to be kidding... The Affidavit material of conversations between former best mates "McIvor" and "King Con" should be compelling reading...

Looks like Equititrust is being hit from all sides, how many legal actions can they sustain and how many millions will be spent on this farce. Why did "McIvor" ever do business with "King Con"???????? Now look at the mess he has got innocent investors into... More legal work for his mates and so called independent directors Tucker and Jackson... It seems that the legal actions will be the demise of Equititrust, why should investors pay for this negligence??? This is why Equititrust has to be removed as manager of the fund as soon as possible...

http://www.courts.qld.gov.au/esearc...Location=BRISB&Court=SUPRE&Filenumber=8177/11

 

[No Trust]

Quinlivan Part X

It will be interesting to see what comes of the Part X application by "King Con"...

 

[kostag]

QUINLIVAN AND McIVOR

QUINLIVAN was a patsy for McIVOR.... EQUITITRUST drew large amounts against securities of other BORROWERS and forced those BORROWERS to engage QUINLIVAN as the PROJECT MANAGER - this enabled McIVOR to soak up the EQUITY (or the paper rubbish equity) on any secuirty that he held - syphon the money out of the EIF , conduit it through QUINLIVAN....do some SPLIT on the cash . there are atleast two large securities that this happended on and will come out in the forthcoming proceedings..... you can bet that there will be more MORTGAGORS just like QUINLIVAN who will come out of the woodwork and dispute the debts and amounts owing..... any new RE is goign to have their hands full.... and I reckon that a final payout getting down around 35cents in the $ is looking more like it..... I can see a lynch mob forming for the 23rd SEPT 'investor' (read that to mean VICTIM) 'briefing' (read that to mean SNOWJOB) ...

8177/11 QUINLIVAN -V- EQUITITRUST LIMITED

You have got to be kidding... The Affidavit material of conversations between former best mates "McIvor" and "King Con" should be compelling reading...

Looks like Equititrust is being hit from all sides, how many legal actions can they sustain and how many millions will be spent on this farce. Why did "McIvor" ever do business with "King Con"???????? Now look at the mess he has got innocent investors into... More legal work for his mates and so called independent directors Tucker and Jackson... It seems that the legal actions will be the demise of Equititrust, why should investors pay for this negligence??? This is why Equititrust has to be removed as manager of the fund as soon as possible...

http://www.courts.qld.gov.au/esearc...Location=BRISB&Court=SUPRE&Filenumber=8177/11

 

[No Trust]

Quinlivan bankrupted for failing to pay $49m

Quinlivan bankrupted for failing to pay $49m

Anthony Klan
The Australian
September 16, 2011




"GOLD Coast property developer Dudley Quinlivan has been bankrupted after failing to pay a $49 million debt to a struggling mortgage fund.

The Queensland Federal Court sentenced the bankruptcy yesterday after action by mortgage fund Equititrust, also based on the Gold Coast.

Mr Quinlivan's property empire has been struggling for the past three years and many of his companies have been wound up by creditors and the Australian Taxation Office.

Equititrust, which holds about $200m on behalf of 1600 retail investors, had lent Mr Quinlivan's businesses $49m to build a housing development at Ipswich, west of Brisbane.

Mr Quinlivan said he would seek to appeal the bankruptcy ruling and had lodged a claim for $108m against Equititrust for "false and misleading conduct".

He said he had offered the mortgage fund a $40m settlement, which he said had been rejected by Equititrust.

"I made them an offer of $40m from one of the world's richest men and the offer came with a bank statement which showed (the person) had $8 billion."

Mr Quinlivan said he had met that man recently in Berlin.

Mr Quinlivan has a colourful past on the Gold Coast and was once accused in the Queensland parliament as being involved in property marketeering scams.

Equititrust was unavailable to comment last night.

The struggling mortgage fund, which has been frozen to withdrawals since 2008, announced in May that it would cut distributions and reduce the value of units held in the fund.

It said then that it owed $25m to the National Australia Bank.

Equititrust has a similar business model to the failed former MFS and City Pacific mortgage funds, which borrowed money from unsophisticated "mum and dad" investors then on lent those funds to property developers." End Quote

http://www.theaustralian.com.au/bus...iling-to-pay-49m/story-fn9656lz-1226138264554



The last paragraph by Anthony Klan says it all...

"McIvor" who knew better than to deal with "King Con" got the innocent retiree investors into this catastrophic disaster can now pay for this mess or go the same way as his mate "King Con"... The latter is more likely it seems and Dudley is only warming the bench for "McIvor" by the looks of things...

 

[kostag]

EQUITITRUST units: any for sale

there are various parties calling around trying to buy even just one unit in the Equititrust EIF - I imagine in order to get legal standing etc. Anyone out there got a UNIT that they want to sell? Probably worth about 35cents each BUT I think that anyone could offload just one for an opportunistic return of say $1,000.

Anyone interested ??? - please post on this site - so that contact can be made.

 

[kostag]

EQUITITRUST ASIC registered charges

there is a charge to a BANK - I think it is WESTPAC and I think that it relates to PRIVATE not CORPORATE facilities.....


ASIC REGISTER as at today's date:
Date Number Pages Description
26/08/2011 027621512 Not Imaged 312A Notification of Discharge
28/07/2011 7E3844445 2 484E Change to Company Details Appointment or Cessation of A
15/06/2011 7E3737048 2 484E Change to Company Details Appointment or Cessation of A
09/05/2011 027527066 3 519C Notification of Dismissal of Application For Winding Up
03/05/2011 027211980 3 519G Notification of Application to Wind Up Company Under S.
27/04/2011 0L0309086 23 FS02 Copy of Afs Licence

 

[No Trust]

Class Action

As the class action gets underway, the revelations to date will seem benign compared to what's coming... There may even be an investigation of dealings going back some time which in effect exposed investors to undue risk... As Anthony Klan reported today the investors were mum and dad investors who were not sophisticated but it seems severely taken advantage of... Full credit to Anthony Klan who has previously reported on Equititrust / McIvor, it's good to see more reporting from him on this scandal...

 

[kostag]

EQUITITRUST GUARDIAN ACPITAL TRUST MUTUAL MAIN STREET

This week end revelations have been awash.....

The MERIDIEN loan once touted as the bets deal since sliced bread for us EIF wood ducks has turned ferrel.

Watch what happens with MERIDIEN directors and particularly ROSSELL McCART in coming weeks. NOt a happy chappy.

Wait for developments from the new side line INVESTMENT BANK - GUARDIAN CAPITAL - under the CEO ship of Mark McIvor.

Watch for Director fall out between the new independent Board of EQUITITRUST - who know they have been sold a pup - and the old Guard. Investors are going to be very pleasantly surprised to see that the INDEPEDENTS who we did not think would look after us - are in fact 100% fighjting (a losing battle) for us.

Wait to see a mooted deal between old Captain Mark 'Madoff' McIvor and Koloenl Klink Kennedy with another investment house simply falls into a pile of doggy dooo.

Watch for moves afoot by WESTPAC bank against luxury homes in order to collect on guarantees and allgetaions of fictitious sales contracts.

A very very interesting week coming up.

Watch this FRIDAY's EIF 'INVESTOR BRIEFING' - will be worth attending for entertainment value alone.....

 

[No Trust]

McIvor Desperation Sale

Cronin Island home passed in at Auction... Very low bids and lack of interest... Buyers know this is a desperation sale. Don't think this sale will cover the bank loan on the property. People are not stupid to not know what is going on in the background...

 

[kostag]

McIVOR McCART ...... it goes on and on and on

early September 2011, Captian Mark 'Madoff' McIvor was spruiking to anyone who could be bothered to listen to his ozygen-robbing rantings that he . Mainstreet, Kolonel Klink, Russell MCart were forming the community based solution to all the world's post GFC woes (God help us!) - GUARDIAN CAPITAL PARTNERS brand - all part of that Ian Maurice spruiked TRUST MUTUAL with poor old Matt Corkin wheeled out into public for a video slap stick version of dumd and dumber..... the reality is that David Tucker has stepped up to the plate to be counted and inititiated legal actions against Meridien directors to halt all this lunacy.....

McCart is no fool - watch what Dudder Dudley has done .... counter sued - well, watch what the Meridien boys do....they are smart and funded ...... oh, what a tangled web we weave when first we practice to deceive.... it is going to get very very hot around the Courts in Brisbane - with the CRONIN ISLAND auction sale fall over... don't expect WESTPAC to hang around and expect MM Holdings cop their wrath any day soon...

this recent press article lines it up.....

THREE multimillionaire developers are being pursued for their family homes in a $13 million lawsuit lodged in the Queensland Supreme Court this week.

Meridien directors Russell McCart, Paul Barrett and David Roberts are being sued by Gold Coast mortgage fund Equititrust for $10 million plus interest and costs after the collapse of Meridien's Airlie Beach development a fortnight ago.

Equititrust's claim, lodged on Wednesday, alleges four Meridien companies and their three directors failed to fully repay a $10 million loan made in 2008.

According to Equititrust, it was granted a charge over assets owned by both Meridien Marinas Pty Ltd and Meridien Marinas Abel Point Pty Ltd.

Both those companies were placed in receivership by the Bank of Scotland late in August.

Equititrust is now seeking the balance of the loan plus interest and costs.

It is also pursuing luxury properties owned by the directors in Brisbane and the Gold Coast. They are alleged to have taken out directors' guarantees against the loan.

A third claim is for possession of the Abel Point marina and Port of Airlie project.

Separately, Equititrust, through its Landsolve subsidiary, was also looking to raise $10 million from investors to invest in a separate "Meridien Landsolve Opportunity Fund".

Late last year investors were wooed with a 10.25 per cent per annum return for a loan to Meridien's Port Douglas projects.

Equititrust's latest legal fight raises further questions over the fate of the frozen fund.

Earlier this year investors copped a large capital loss after the write-down of a host of assets owned by the fund.

The fund managers have also become increasingly litigious against developers who have defaulted on loans.

As reported by The Courier-Mail, Equititrust is embroiled in several Supreme Court cases against high-profile developers including former rugby league star Jarrod McCracken and the Hayes family.

The frozen fund is also owed about $80 million from twice-bankrupt businessman Dudley Quinlivan.

Quinlivan is seeking to avoid another bankruptcy by getting creditors, owed about $113 million, to agree to a Part X deal.

But in that scenario Equititrust would only receive 0.44c in the dollar.

Investors will be updated on the present state of play when the board holds a briefing to be held on September 23 at the Royal Pines Resort on the Gold Coast.

 

[kostag]

EQUITITRUST new business and machinations

in trying to set up Landsolve, Trust Mutual, Guardian Capital Partners ...and reek further commercial havoc on the community .. a lesson that ought be learnt by all is that he who seeks revenge ought to first dig two graves....

 

[No Trust]

Pay Day That Didn't Happen

Cronin Island property passed in
Nick Todd
Gold Coast Bulletin
September 19 2011

"IT was meant to be the payday that would save a family and maybe save a Gold Coast business -- but it ended in tears." End Quote


"The result disappointed the McIvor family - reducing Mr McIvor's wife Stacey to tears - who've been forced to liquidate assets to help draw down on Equititrust's $125 million debt, which has almost been repaid." End Quote


Well Stacey McIvor may be crying over the sale of their family home but investors in her husbands shipwreck EquitiRust cannot pay their daily food bills and have no income in their retirement... Let alone the massive capital losses that they will incur... So the tears over the sale of an ostentatious, pretentious multimillion dollar home will not garner much sympathy from people who's lives have been ruined at the hands of Equititrust and their dealings with "King Con"

Finally the Gold Coast Bulletin reports accurately on this issue...








http://www.goldcoast.com.au/article/2011/09/19/350555_gold-coast-news.html