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Singapore firm agrees to back Equititrust suit

Singapore firm agrees to back Equititrust suit

Colin Kruger
Sydney Morning Herald
October 11 2011



"SINGAPORE'S International Litigation Partners has agreed to fund a potential class action against Equititrust amid growing signs of turmoil at the Gold Coast mortgage fund operator"



"Adding to the turmoil at Equititrust is news that a newly appointed director, David JS Jackson, QC, has resigned as director two months after joining the company's board. No explanation for the resignation was offered in a brief statement from the company"

"A further company update yesterday confirmed that founder Mark McIvor is no longer involved in the company at any level.

A company statement said while Mr McIvor remained the sole shareholder of Equititrust, as well as a creditor and a unitholder in the Equititrust Income Fund, ''Mr McIvor is not involved in managing fund assets, recovering outstanding loans or otherwise involved in the management of the company or the funds''."

"His actions while managing the company are likely to be central to any class action."


http://www.smh.com.au/business/singapore-firm-agrees-to-back-equititrust-suit-20111010-1lhfm.html


So now even Equititrust is distancing itself from McIvor... What is going on in the background to warrant such an unusual statement...

There are some damming revelations about to be revealed in the near future...
 
No Financials

Yet again these idiots have to be reminded that it would be useful to investors to have the End of Year Financials...

They have to be pushed at every turn for basic financial information...

Come on Kennedy as a parting gift to all the investors and in consideration of your FAT Pay Packet which was taken from the life savings of retiree investors please provide us the "END" of Year Financials... That is if any auditor will sign off on them...

PS Good Riddance and Karma is a B#tch...
 
they do protest too much

Anyone who knows the ego and personalities knows that the shambles us still being 'run' from the Chevronbunker by Mad Max...... Kolonel Klink Kennedy will go the way of Rudolph Hess .... while the deluded Fuhrer will attempt to re seize public control. Revenge Bank plans fall apart as partners and key players turn out to be double agents. ASIC gets into gear and attacks with resolve. Reptile borrowers gasping for oxygen steel up , consolidate and lead one last attack which spells the end. laughable indigenous initiatives collapse as they pay for their own lunch..... rolling pins fly about the head... credible but illinformed Generals struggle to find a face saving orderly retreat.... this could be turned into TV series
 
and Kostag, a series sure to be replicated over and over again elsewhere.

the real problem is that the formula is so darn easy to implement: just knock up a scheme and advertise. we investors are endowed with a special understanding of how our fund's work, it's called "20-20 hindsight": a post-disaster in-depth understanding.

Does anyone know what happened at the investor meetings Equititrust Limited was supposed to have conducted?
 
Never to raise money again

Well it may be easy to start up a scheme, but Equititrust and more importantly McIvor will NEVER raise another dollar from retiree investors...

Equititrust will not make it to New Year’s Eve...

The damming revelations intertwining both personal and business relationships are yet to come... Now this will make a soap opera which writer’s couldn’t conjure up...
 
Good morning No Trust.

It's interesting that you think that way.

History isn't strewn with the financial carcases of management, rather of investors: a fact that all of us who invested in a defective managed fund know all too well.

Seldom (if at all?) are individuals banned from management of companies for life - but even so, when there's a will, there's a way of getting around even short term bans: family, friends, etc. - management thru proxy.
 
Aside from any management failures,

Unfortunately this sort of problem will proliferate in the situation of de-leveraging.

I take no joy, as it will hurt most of us down the track if things turn sour with asset prices.
 
Re: Equititrust: good point AWG..... it is like we all have a death wish......

too true....

awg said:
Aside from any management failures,

Unfortunately this sort of problem will proliferate in the situation of de-leveraging.

I take no joy, as it will hurt most of us down the track if things turn sour with asset prices.
Click to expand...
 
EQUITITRYST: the Game the whole family can play.....

lets run a little competiton on this web site.... lets see who can get it right......

Q1: Which Director will fall next ???

a) Goddard
b) Tucker
c) TReasure

Q2: When the first independent accounting is done on the EIF, will the per unit value be:

a) 80 cents to $1
b) 60 cents to 80 cents
c) 40 cents to 60 cents
d) under 40 cents

Q3: ASIC will lay charges against someone in relation to EIF within:-

a) six months
b) 6 - 12 months
c) over 12 months
d) never.

Q4: Major borrowers (ie: anyone owing over say $10M) will litigate (succesfully) against EIF et anors and get substantial damages and or offset/reductions in amounts alleged to be owing by EIF?

a) Yes/No

Q5: There will be other substantial and undisclosed liabilities of the RE and or EIF which will emerge with resulting action against either Auditors and or then officers?

a) Yes/No
 
Re: EQUITITRYST: the Game the whole family can play.....

If its true McIvor has exposed Equititrust assets to his personal loans from Westpac, then don't the directors have a duty to sue McIvor straght away or at the least begin talks with Westpac about how to go against him if the bank already owns him?

Maybe they should all resign! Must be why Jackson QC did!

Also, how can McIvor say he no longer has any say at all in his company and has resigned, but then try to assure investors he is their helping them all the way, reputation more important than money etc? Is he involved or not involved? I dont get it. He could still be a shadow director and under a duty to sue himself, which sure is a funny state of affairs, unless your an investor. :confused:
 
Re: Equititrust? Mark McIvor a shadow director....

no! surely not - who is suggesting that ????
 
So McIvor is saying one thing and the company another...

The reality is McIvor made the statements at the Investor Briefing about his ongoing involvement... Its as simple as that... So either he is delusional or he is really in control. What's the truth? Well he is totally in control and pulling the strings in the background. Tucker is beholden to him and acting and has acted for McIvor personally and is also acting for Equititrust. Where is the independence in this... An independent check of the phone records between them will reveal what's really going on...
David Jackson had no choice but to quit even though McIvor is a dear old mate. If Tucker quits his legal fees which are substantial are at risk. Investors are not being served by this idiotic charade which is not transparent and lacks any form of proper corporate governance... This is why this charade must stop because as long as McIvor's stooges are on the board a proper and independent investigation including a full forensic analysis will not occur. McIvor is still well and truly in control reaking havoc and taking out his revenge on borrowers whilst investors suffer and hear mixed messages about his involvement at the investor briefing then totally contradictory statements on the company website in a matter of weeks. Control has to be taken away from Equititrust / McIvor and an independent entity appointed to uncover the truth... David Tucker should also take his responsibilities as a lawyer seriously as did David Jackson QC and immediately quit if there is a clear and unequivocal conflict of interest.
 
ASIC and other Authorities

ASIC and a number of other authorities have been contacted in regard to an investigation of this matter...
 
Re: Equititrust: what a difference a week makes

:banghead::banghead:Well, well, well…… what a difference a week makes in Paradise…. Chevron Island has been a veritable hive of commercial activity and entrepreneurial creativity this week….. Unfortunately none of it helps EIF investors one iota.
1. David Tucker gone from the Board. However he is very far from over and out. What secrets can he reveal I wonder?
2. Kolonel Klink Kennedy - despite serving as the loyal fall guy - has been given the ‘garotte’ - can you imagine what he will spill? After copping the heat and investor vitriol.....
3. Respected director, Chairman John Goddard, as decided that reputational risk is just too great chairing the cowboy outfit and will jump ship this week
4. Delusional ‘Mad Max’ will seize control again this coming week
5. Indigenous brothers have been honoured to bless hallowed ground in a delusional alliance that will go down the toilet as ‘believers’ see the folly of it all. More than rolling pins will fly.
6. Revenge Bank will come back and bite the instigators where the Sun does not shine.
7. ASIC is at breaking point……
8. Respected developers - Meridien - steel up their legal resolve and coupled with Tucker revelations will accelerate their actions
9. Watch Lazar - he has just started to fight. His naming in Parliament under the gutless protection of privilege has fired him up. He has served up round one and more will follow. He will get support from surprising places and will become the final nail that will bring this all to a screeching halt. The Windsor asset will be lost to EIF.
10. Don’t rule out Quinlivan - he may have been named King Con (again under Parliamentary privilege) but may yet prove to be another gorilla in the room. Coupled with Lazar and Meridien, his actions will also prove to be terminal. He is not a man to be screwed over and that is how he is felling right now. Watch also for deals being cut on his assets - personal home, Bundall sites etc.
11. Also: watch for allegations of EIF assets doing the old sideways shuffle and popping up in Landsolve. Westpac Bank will have to move as truthful disclosures are finally made.
12. See the Australian Financial Review today – 2 Articles - Ben Wilmot ‘Equititrust winds up flagship’ and the next page The Prince ‘Ian (Lazar) returns serve in set Two’
:banghead:
 
Lazar launches counter-attack in the Senate

Lazar launches counter-attack in the Senate

Scott Rochfort
Sydney Morning Herald
October 17 2011



BITTER RIVALS

"Lazar also took advantage of parliamentary privilege by alleging that the defamatory information about him had been supplied to the senator by the founder of the stricken Gold Coast finance company Equititrust, Mark McIvor.

''I am currently engaged in long-running litigation with Equititrust,'' Lazar said in his response. ''Mr McIvor has adopted the strategy of raking up disaffected persons with whom I have done business and then having Senator Williams do his dirty work for him under the cover of parliamentary privilege.''


http://www.smh.com.au/business/lazar-launches-counterattack-in-the-senate-20111016-1lrgj.html
 
Full Credit To You Kostag

Kostag full credit to you in terms of firstly starting this thread and secondly on supplying very accurate information on what is ACTUALLY going on behind the scenes...

At least innocent retiree investors are getting the facts on this growing disaster as and when they are being played out... McIvor has it seems made enemies with everyone including his only brother and sister and now his lawyer... who will now act for Equititrust in the multitude of legal claims... It seems McIvor has resolved to take everyone down with him in a Jim Jones style Mass Corporate Suicide...



Mark the Corporate Grim Reaper has arrived at the door of Equititrust.... Open your eyes...
 
New CEO Appointed

A new CEO has been appointed to Equititrust... Crisis meeting currently underway...

Like Elvis McIvor has apparently left the buidling... with strings firmly attached to the new CEO or soon to be known as the "Chief Executed Officer"

ASIC has no choice but to move before McIvor wreaks more havoc...
 
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