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Equititrust?

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Re: Equititrust....next prediction

Expect....
1. Very heavy ASIC intervention
2. Borrower revolt and cross claims which will see loan book destruction... the Rise and Revenge of the Reptiles
3. Despite best efforts to conduct independent role David Tucker will be 'attacked' and 'garotted '
4. collapse of the Revenge Bank concept as all parties run for cover
5. Media revelations are nigh.....
 
For any Equititrust investors see the attached re a proposed Class Action
 

Attachments

  • letter.pdf
    186.4 KB · Views: 23
Piper Alderman

With massive legal action against Equititrust and McIvor now a certainty!!!
The question is how long will his personal companies last, given the banks have lost their patience… With Equititrust on the way down the gurgler the totally unnecessary luxury beachfront and riverfront mansions may soon have “Mortgagee Sale” stickers on them..

If the so called borrower Reptiles are fighting back, McIvor has no idea how hard the Innocent Retiree Investors will fight back for gambling their retirement on “King Con”…

More tears to come on Cronin Island...
 
IF PEOPLE HAD FESSED UP IN HONESTY A YEAR OR TWO AGO.....

so much of this heartache could have been avoided...... delusional conduct by some has magnified losses and costs and brought about heartache and misery to all.....
 
Re: IF PEOPLE HAD FESSED UP IN HONESTY A YEAR OR TWO AGO.....

kostag said:
so much of this heartache could have been avoided...... delusional conduct by some has magnified losses and costs and brought about heartache and misery to all.....
Click to expand...

Among other things, you've got undisclosed valuations and that wonderful accruals accounting system.

Take a look at the table under the Heading "Advantages and disadvantages of cash vs accrual accounting methods" at: http://knol.google.com/k/nowmaster-accounting/what-are-the-advantages-and/y2cary3n6mng/50#

In particular note (under the heading "Disadvantages"):

"•financial reports do not represent the true financial position and performance of the business
•this method does not comply with the accounting concept of the matching principle"

As I understand it, every managed fund that's gone down has gone down because of this marvellous accounting invention and valuations which do not reflect the real value of the properties held by the funds.

The accrued income is disclosed for all to see, but for few to understand.

So many funds were bloated with accrued interest, but because its an accepted accounting method, nothing was said by the auditors.

Sure, we'll get the money. Yes, we will. Sorry, we didn't get the money. Sorry the loans are now impaired. Sorry, the fund has now made a loss. Oh look, the security assets aren't worth as much as we thought they were. Opps, more losses. Sorry.

Directors resign. Investors lose.

How many more funds out there are propped up by accrued interest and overvalued assets?


...
 
Re: Notification To Wind Up Equititrust

No Trust said:
03/10/2011
027770829 519G Notification of Application to Wind Up Company


http://www.search.asic.gov.au/cgi-bin/gns030c


IS THIS THE END ???
Click to expand...

These sorts of appications are tactics to put pressure on a company. All a defendant company has to do is to show evidence there's no debt, then the application has no merits. As I understand it, if the debt does exist, then the company must repay the debt to defeat the application.
 
Winding Up Application

This may be the case if a Statutory Demand is issued, however I believe the basis of the claim here is different and is being instigated by a unit holder of the fund..

All will be clearer once on the first court date, however Piper Alderman devote a whole paragraph to the action in their letter to investors which indicates that the claim may have some merits..

Equititrust and McIvor have made too many enemies to be able to survive much longer and as you can see from the recent resignations the first sign of a sinking ship are the rats running up the ropes to the safety of shore…
 
Re: Winding Up Application


Yes, the directors of Citypac evacuated ship too ... heaps of accrued interest ... valuations which didn't come up to scratch ... same story .. replete with externalizing blame.

I can't read from the solicitor's letter of 5 October 2011 that Lazaar's claim might have some merits. In fact, the letter doesn't speak to the substance of the claim, but it does speak to perceived benefits for investors if ASIC was to appoint a new manager.

Remember any new manager/administrator won't be limited by the constitutional limitation of the no distribution/no fee clause in your fund's constitution/PDS - in that regard, no is going to do it for nothing - $$$$$$$ - so be careful for what you wish for.

Lazaar didn't fare well on 5 May 2011 (http://www.theage.com.au/business/judge-dismisses-windup-claim-against-equititrust-20110508-1ee7k.html?skin=text-only)(Background ,http://www.equititrust.com.au/Pdfs/Disclosures/WindingUpApplication.pdf) and it's my guess he'll fare less well this time.

Since the legal activity relates to the fund, then my guess is that it's YOUR money that's being whittled away.

As I understand it, Equititrust is no longer entitled to draw a management fee (and certainly no more benefit from it's now depleted subordinated investment). Clearly there must be some other motive for Equititrust to remain manager of the fund as there's no future chance of an income stream.

I don't know just how the subordinated investment works, but could it be that if Equititrust is ousted, that the subordinated investment converts to an ordinary investment? A conversion would really put the cat amongst the pigeons by decimating the fund. (The fact that the subordinated investment offsets loss may not mean that it changes characteristic, subject to Equititrust Limited remaining manager of the fund.).

Of course, only my opinion.
 
Re: Equititrust: ASICK, ASIC, Lazar and other matters

Lets be brutally frank - all the legal shinanigans etc are all costing only US (the investors) money and we have little if any re-dress. MM Holdings and McIvor drew out millions and millions , well after the fund was in fact insolvent etc, and Piper Alderman will easily show that both the King Con assets at Ipswich and the South Australian assets were hopelessly over valued and they knew this to be the case long before they ever disclosed it. That lines McIvor up for a class action against all his personal assets. If the bulk of his 'wealth' is really tied up in the EIF - and the EIF is financially rooted - how does this help us? ASIC charges against him will be cold comfort.

Lazar: whether he is a good guy, bad guy, who cares? He is at least flushing this mess out into the public arena, as are the SMH and AFR.

Meridien: have been un-leashed and I suspect that McIvor has really woken a sleeping dragon with these guys.

Quinlivan: who knows - but certainly now that he has turned anti-EIF, we might learn the truth about what the deal was with the EIF and where all the money went.

It is going to un-ravel as a real mess and we will be lucky to see 44cents in the dollar - we have been plundered with tax on interest which was really principal return; we will take a non-deductible capital hit of at least another 56cents in the $.... everyone will simply walk away and we will be the only true victims, with nowhere to go.....

How is this fair?
 
Equititrust: expect some explosive media revelations this week

there has been lots of direct contact between borrowers, potential partners in new structures, litigation flying between EIF and Borrowewrs and vice a versa; allegations of huge fee gouging by former advisers etc; issues of at wnat point should the tap have been turned off and who knew what; cross collateralised debt to leadings banks without disclosure to Board, auditors and ASIC...... a lot of this has been in the making for over 18months.....

dont expect ASIC to do nothing.....
 
There will be serious ramifications

This disaster wholly and Solely created by McIvor has manifested into an all consuming abyss.. If Equititrust was in ANY way guaranteeing McIvor's personal property empire without disclosure then there will be Serious Ramifications... Innocent retiree investors did not sign up for this...

McIvor's ridiculous and (slap in the face to investors) multi million Dollar Cronin Island mansion still unsold...
 
Mistaken identity at Big Jim's nuptials

Mistaken identity at Big Jim's nuptials

Scott Rochfort
October 10 2011

Speculation that the no-longer banned company director Jim Byrnes could be preparing a takeover bid for the "struggling Gold Coast finance concern Equititrust Capital" has stirred memories of an event that occurred nearly two decades ago.

That was Byrnes's wedding to the leggy entertainer Jackie Love. CBD received numerous calls last week alleging the best man at the glitzy event was the founder of Equititrust, Mark McIvor.

But after digging through a trove of newspaper and magazine clippings in the Herald archives, CBD found evidence that the best man was actually the Kenny G resembling fashion designer Klarenz (who also designed Love's wedding dress).

''No, it wasn't love at first sight for me,'' a clearly smitten Love said in the exclusive interview with Woman's Day, which included pictures of the glitzy wedding and of the loving couple with the best man.

Byrnes said in the interview: ''I love her dearly and I have only one goal in life now - to be a good husband and father.''

The ceremony held at Vaucluse House had 60 guests and a horse-drawn carriage.

Love's Klarenz-designed wedding outfit was a ''body-hugging silk organza off-the-shoulder gown, lavishly encrusted with seed pearls and sequins and boasting a seven-metre train''.

Equititrust's McIvor did attend the wedding, but only as a guest.

http://www.smh.com.au/business/mist...ms-nuptials-20111009-1lfsd.html#ixzz1aMqq7uwR
 
David Kennedy Has No Clue

Kennedy's response to the Courier Mail is a classic case of having absolutely no clue...

Piper Alderman has enough evidence to commence the class action and to obtain litigation funding... Why would they be revealing all the evidence to the defendant...

Piper Alderman do not have concerns, they have serious claims and evidence of breaches of the Corporations Law by directors...

The next thing Kennedy will be saying is that the loans to "King Con" were a good thing...

Hey David Retiree Investors whose "LIVES" Equititrust has ruined have a message for you... GET LOST and hope you have enjoyed your fat salary for nothing while investors starve... Same goes for your delusional friend McIvor who got everyone into this disaster in the first place...
 
Re: Equititrust: David 'I know nuthink' Kennedy

dont have any doubts here - he is simply a paid stooge - look at his Stellar perfomance at MFS in the dying days at that other cowboy oufit.... MFS ...... then when ASIC stepped in etc - we get the 'I knew nothing' - dont think ASIC will be so stupid this time folks
 
EQUITITRYST ....WHO WILL BE NEXT TO FEEL THE CHOP

Expect to see moves on the Board .... it is unlikely David Tucker will be able to maintain independence much longer... my prediction us .... and i have been spot on for 18months.... is board will change again very soon .....
 
EQUITITRYST: public company or public joke?

dont expect certain Directors to last too much longer.... as independent directors try to do their jobs they will fall foul etc of the controllers - and expect more deck chairs to be swapped on the Titanic.....
 
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