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Re: Equititrust: would all passengers on SS TITANIC DECK A swap with DECK B please...

1. Kennedy out - after MFS even the Kolonel could not take another hit like this dousy!
2. Tucker out - after valiant attempts to do his job as an 'independent' - he was 'garotted' in the night..... and missiled out of the place..... he is not a man to be tifled with - so couple his extensive legal expertise with that of David Roberts of Meridien fame and expect to see some fur fly soon.
3. McIvor back as CEO
- well, say no more. Like Mark Twain - annoucements of Mad Max's demise are premature it seems.
then....
4. Goddard - how much reputational risk can one take?
 
MUSICAL DECK CHAIRS AT THE S.S EQUITITRYST AS MAD MAX TAKES BACK CONTROL

He's back !

Wow! This place just gets better, doesn’t it?

1. Mad Max has, we are all told, no part of management any more but ousts so-called independent Directors. How does this work?

2. The remaining independents - Goddard and Treasure - jump ship.

3. Some character called Harvey Powell - whom the Equititrust web site does not even show as being a Director as yet - is staying on but Harvey Parker (another brand new Director whom is not posted on the web site) has jumped ship as well, already!

4. Troy Bingham has stepped up as CEO and as a Director.

Who are these guys???

This place is becoming very Third Reich- like isn’t it? As the delusional Mein Fuhrer plays ‘pass the parcel’ with the Directors and the leadership role.

Clearly this place is completely out of control.

ASIC - please put this place out of its misery!!!
 
Equititrust exodus as executives exit

Equititrust exodus as executives exit

Anthony Marx
The Courier-Mail
October 18 2011


128428-exit.jpg


TROUBLED Gold Coast fund manager Equititrust has suffered another shake-up at the top, with the chief executive and a majority of board members stepping down.

Former chief executive David Kennedy said he had "ceased to act as CEO by mutual agreement" with the company's founder and sole shareholder, Mark McIvor.

Non-executive chairman John Goddard and director Craig Treasure, both of whom were appointed only last October, have also resigned. Board member Warwick Powell has decided to stay after taking up the post last week.

The board departures, effective yesterday, follow last week's removal of director David Tucker and the resignation of newly-appointed director Harvey Parker.

The exodus is understood to have stemmed from anger over Mr McIvor's changes to the company constitution to oust Mr Tucker, who came aboard only last September.

The two men are believed to have clashed over the direction of the company's floundering $159 million Income Fund, which has been frozen for three years and will be wound up.

"They chose to step down after Mark sought to remove David Tucker," a source close to the company said.

Mr McIvor refused to comment yesterday but it is believed that he has appointed Troy Bingham as new chief executive and brought in two new board replacements.

Mr Kennedy had previously announced his intention to leave in December after two years at the helm.

"It hasn't been an easy two years but I went in there to try to help and I think I got pretty close. I'm looking forward to other things," Mr Kennedy said yesterday.

Mr McIvor launched the Chevron Island-based company in 1993 and served as managing director until he resigned in mid-June.

Since then, there has been persistent speculation that he was seeking a return to the board or greater control over day-to-day operations.

As of yesterday, however, it is believed Mr McIvor had not re-joined the board.

The Income Fund, which was launched in 1999, was once valued at $260 million but its net asset value has plunged after a series of bad loans to property developers.

One investor has launched Federal Court proceedings to have the fund liquidated and Equititrust also faces a potential class action lawsuit by disgruntled unit holders.

They have had no distributions since April and are expected to claw back just 78 cents out of every dollar they put in.

http://www.couriermail.com.au/busin...-executives-exit/story-e6freqmx-1226169136374
 
McIvor Has Officially Lost the PLOT !!!!!

How long will ASIC let this madman continue while Innocent Retiree Investors suffer...


This delusional egomaniacal control freak has to be stopped as he never really resigned … The resignation of the whole board is testimony to that… Does McIvor have any more friends or family left ???? It would be interesting to be a fly on the wall at “Bunker McIvor" on Cronin Island… What’s going on behind those walls is anybody’s guess… But given the current track record it does not look promising…

Apparently the Switchboard at Equititrust has been jammed with panicked investors fearing the imminent collapse of the company and Equititrust employee's now fearing the worst at any day are sending their CV's out looking for new jobs...

It looks like Equititrust is now well and truly on the precipice of the Abyss...
 
Re: Equititrust: TROY BINGHAM

Is this our new CEO ??

Troy Bingham quits Blaze
| October 1st, 2008



THE Gold Coast Blaze have lost their first three matches this season and now their general manager in Troy Bingham, who has quit the club.

THE Gold Coast Blaze have lost their first three matches this season and now their general manager in Troy Bingham, who has quit the club.

The South African-born professional soccer player-turned businessman, who has helped the Blaze secure two major sponsors this season, resigned from his post at the end of last week.
 
Re: McIvor Has Officially Lost the PLOT !!!!!

I suspect it will be more than rolling pins around the head at Cronin Island right now - with all the defections, information is leaking out of Mad Max's bunker like a sieve...... the place is finished.



No Trust said:
How long will ASIC let this madman continue while Innocent Retiree Investors suffer...


This delusional egomaniacal control freak has to be stopped as he never really resigned … The resignation of the whole board is testimony to that… Does McIvor have any more friends or family left ???? It would be interesting to be a fly on the wall at “Bunker McIvor" on Cronin Island… What’s going on behind those walls is anybody’s guess… But given the current track record it does not look promising…

Apparently the Switchboard at Equititrust has been jammed with panicked investors fearing the imminent collapse of the company and Equititrust employee's now fearing the worst at any day are sending their CV's out looking for new jobs...

It looks like Equititrust is now well and truly on the precipice of the Abyss...
Click to expand...
 
Re: Equititrust: Warwick Powell - is this one of our new men....

The Australian

Branch-stackers lobby for Wayne Swan's pet project by: Andrew Fraser From: The Australian May 15, 2009 12:00AM Increase Text SizeDecrease Text SizePrintEmail Share
Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these?.TWO men expelled from the ALP for branch-stacking have emerged as the chief lobbyists for the project the federal Government has promoted as a suitable candidate for "Rudd Bank" funds.
Austcorp, which last week called in administrators, is the developer behind the Brisbane high-rise residential tower "Vision".

Wayne Swan said earlier this year that Vision was "just the right project" to receive government funding through Rudd Bank, which was established to take lending positions in commercial property ventures where foreign or other smaller banks refused to roll over their share of syndicated loans.

The Queensland register of lobbyists shows that Austcorp has been using as its chief lobbyist a company called Urban Analytics Australia Property Advisory Pty Ltd, which is owned by former ALP identities Lee Bermingham, his sister Catherine Bermingham and Warwick Powell. Mr Powell and Mr Bermingham were prominent activists in the AWU faction of the Queensland ALP in the early 1990s, a time when the now federal Treasurer, also a member of the AWU faction, was state secretary of the Queensland ALP.
 
Troy Bingham and Warwick Powell - Ahhh dont these idiots read the paper

So Troy Bingham and Warwick Powell want to suck some blood from the retiree investors as well... Good luck guys, you have just become the enemy of very very pissed off Retiree Investors whose lives Equititrust has basically ruined...

What are these guys deaf dumb and blind and don’t read the papers Harvey parker jumped after one board meeting and John Goddard couldn’t take the risk to his reputation any longer...

Word of advice guys make a phone call to all the other enemies McIvor has made and get the real picture, this includes his own BROTHER and SISTER who he is now suing....


EQUITITRUST'S COLLAPSE IS A FOREGONE CONCLUSION with media articles like this on a daily basis...
 
Re: Equititrust: house of straw

when professionals such as Harvey Parker and David Jackson jump ship after one peek inside the 'box of tricks' (or is it a deck of cards / house of straw) it says it all in my view.....
 
revolving door

I heard that they have fitted a revolving door in the Equititrust board room.... when a new Director fills out his consent to act as a director he signs a resignation at the same time ...saves on paperwork
 
EQUITITRUST: its computers cant keep up with the Director and Board changes!

you gotta feel sorry for the Equititrust IT boys..... the Board has now suffered more changes than I have received Equititrust Interest cheques..... this morning I made a routine sweep of the www.equititrust.com.au web site to see who fell at the hands of Mad Max overnight and it looks like the Equititrust web site has finally groaned to a halt under the weight of changes.....

Oops! This link appears to be broken.
Suggestions:
•Access a cached copy of www.*equititrust.*com.*au/*board.*html
•Go to www.*equititrust.*com.*au
•Search on Google:

there have been so many chops and changes, it might be easier for Mad Max to release a daily list of who is NOT on the Equititrust Board for the next day or so, rather than try and publish who is on the Board.....

all we need is a rodeo on Chevron Island and we have a complete cowboy outfit! :p:
 
Re Revolving Door

McIvor has also installed a revolving door at his bunker on Cronin Island , family and friends have gone through one side and out the other... Who is next through the door at Bunker McIvor.... The rolling pins are a fly'n.....

It seems someone's "grandiose lifestyle" at the expense of retiree investors is about to come to an end...
 
Saddle Up

The rodeo has been going for a while inside Equititrust"s offices on Chevron Island... A number of cowboys have tried to ride the bull but it keeps bucking them off... There is one delusional cowboy who would like to get back on the bull but unfortunately he has a monkey on his back and can’t seem to shake it off...... McIvor that monkey is the retiree investors that are about the sue those cowboy boots right off you for gambling our life savings on the other biggest cowboy on the Gold Coast "King Con"...


The Rodeo will be over soon...
 
so much for a company that provides itself on disclosure... where is it??? where is the website update???? website overload....
 
I wonder if TUCKER is GOING to STRIKE revenge on Madmax???? Is this a battle the investors want to be in the middle of.... I think not... :banghead:
 
Legal Action

So what will happen with all the legal action against the borrowers now... Tucker was undertaking that legal work... It leaves investors in a total mess.. Both Tucker and McIvor are absolute IDIOTS... Tucker should be struck off as a solicitor for acting in a clear position of conflict... QLD legal services will be investigating his actions in the not too distant future... If you are a lawyer stick to being a lawyer... Investors will now have to bear the brunt of the costs in changing firms... Nice work Tucker / McIvor...
 
THE MAD MAX BUNKER ON CHEVRON ISLAND???

one thing that has not come up (yet) - who owns the office building? If owned by Mad Max - you can bet that the EIF is paying some inflated rental - and if the EIF wants to quit the lease, what penalty will they be forced to pay?

another un-commercial transaction subsidised by the oridnary Mum and Dad investors!

Who is controlling the EIF chequebook and who decides what pays what and to whom? Someone has to stand up to be counted!
 
Re: Legal Action

NO TRUST - your criticism of TUCKER might be a bit rough - I suspect that he may have bene fighting a losing battle against Mad Max and facing the 'garotte' had to fight for survival.....

I think that most actions will be sheeted home to Mad Max.....

you dont blame the whole German nation for the Fuhrer's lunancy..... even Kolonel 'I know nuthink' Kennedy seems to have finally stood up to be counted and got the garotte as his reward..... now because of his foray at teh helm of MFS, ASIC may not be so kind and understanding, I suspect that w ehave deluded misled casualties at all levels.....

watch how quickly everyone jumps the fence and squeals!



No Trust said:
So what will happen with all the legal action against the borrowers now... Tucker was undertaking that legal work... It leaves investors in a total mess.. Both Tucker and McIvor are absolute IDIOTS... Tucker should be struck off as a solicitor for acting in a clear position of conflict... QLD legal services will be investigating his actions in the not too distant future... If you are a lawyer stick to being a lawyer... Investors will now have to bear the brunt of the costs in changing firms... Nice work Tucker / McIvor...
Click to expand...
 
Udated to the website http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_19_10_2011.pdf with no official letter head. Looks like a dogs breakfast. Someone has email that person what to write and they have forgotten to take out the " " between paragraphs. Another stooge to be added to the Board - this one Paul Vincent. He is apparently a partner at Vincents Chartered Accountants in Brisbane - one of his specialties - criminal matters... maybe here to help Madmax.... :confused::confused::confused:
 
Tucker should not have been a director

It's very simple Tucker was in the wrong to act as director whilst in a position of conflict which the then board had to admit via a statement on the website... So absolutely no sympathy for him, he got what he deserved. In terms of Vincent informed sources advise he has acted for McIvor previously in forensic matters... So where on earth is the independence in this... Are these guys so separate for work that they will take anything on. Sure wind down the fund but with independence and a proper forensic investigation.
 
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