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Equititrust?

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ASIC may have a different view

Here is a challenge to the new board... Issue a statutory declaration of independence to say they have never had an association with either McIvor or Equititrust.... None of the new Stooges can say that so in effect delusional McIvor is still pulling the strings... Look what happened to the last board when they didn't do what McIvor said... They ALL resigned including the CEO... So ASIC may take a different view of this charade... In fact calls have already been made to senior ASIC officials to make them aware of the conflicts and to demand an end to this financial rape of Retiree Investors. The crappy statement on the website talks about debt reduction but not about the ruination of retiree investors at the hands of McIvor whilst loaning tens of millions of dollars to "King Con"... Note to the new board stop the spin, it's all been heard before... INVESTORS WANT DELUSIONAL MCIVOR OUT AND A TOTALLY INDEPENDENT MANGER PUT IN SO THE " REAL STORY CAN COME OUT" Equititrust and McIvor are hiding a lot of sins.... By the way where are the Financials and what will now happen to Tucker & Coward in terms of legal representation of Equititrust matters....
Don't hold your breath for answers
 
Madmax sighted at the Equititrust bunker this morning - really? How's that independence going... I have it from a good source that the bunker is currently being raided by ASIC.... Hopefully they reveal the truth... :confused::confused::confused:
 
End looms for Equitrust after police raids

The long-running saga of Gold Coast mortgage fund operator Equititrust may finally be ending after the Australian Federal Police and the corporate regulator conducted a series of raids on the company this morning.
BusinessDay has received confirmation the raids on company premises took place, but Equititrust, and the Australian Securities and Investments Commission (ASIC), would not comment when contacted.
It is understood that the raids relate to ongoing investigations by ASIC and the Federal Police.

The news will surprise few, with Equititrust bouncing from one crisis to the next since it was forced to freeze redemptions on $250 million worth of investor funds three years ago. It was only this year that the company admitted to questionable loans and investor losses.
Signs of trouble accelerated in recent months, with a revolving door of executives and directors being appointed and stepping down.
Just this week chief executive David Kennedy stepped down ahead of schedule, while recently appointed chairman, John Goddard, and director, Craig Treasure, also resigned.
David JS Jackson QC also resigned this month having just been appointed, while Equititrust issued a statement saying founder Mark McIvor had no continuing role with the company.
Further trouble is brewing with law firm Piper Alderman preparing a class action against the company on behalf of investors.
The law firm has said its potential claims against Equititrust include ''misleading and deceptive conduct, breach of trust, breach of fiduciary duties as trustee and breaches of the Corporations Act in relation to the managed investment schemes provisions''.
Questions remain about how much investors have lost on questionable loans to the likes of Dudley Quinlivan. An estimated $70 million of the fund's money was lent to Quinlivan, aka "King Con", on a project which purported to be worth $82 million. Equititrust said the asset may be worth as little as $20 million.
Quinlivan's history offered plenty of reasons for caution. Nearly a decade has passed since he was described as the "King Con of Queensland" in the state's parliament over allegations his real estate empire was based on "marketeering", a high-pressure sales tactic involving the marketing of Gold Coast properties to small investors.


Read more: http://www.smh.com.au/business/end-...olice-raids-20111020-1m9l1.html#ixzz1bI7T6176
Read more: http://www.smh.com.au/business/end-...olice-raids-20111020-1m9l1.html#ixzz1bI7OoZEV
 
A NEW CORPORATE RECORD..

1. New Directors greeted by a Police raid on their first day. Nice!
2. Management fees ripped out, well after loan book toxic; directors playing in the revolving door; valuations toxic and known for years to be so; inflated loan asset values; Auditors running for cover; round robins of funds between some Mortgages and Borrowers; side deals and fees; Borrowers now suing EIF ............ it all had to come to an end.

Now : value my estimate was 44cents per unit - just revised to 28cents per unit.
 
Re: A NEW CORPORATE RECORD..

kostag said:
1. New Directors greeted by a Police raid on their first day. Nice!
2. Management fees ripped out, well after loan book toxic; directors playing in the revolving door; valuations toxic and known for years to be so; inflated loan asset values; Auditors running for cover; round robins of funds between some Mortgages and Borrowers; side deals and fees; Borrowers now suing EIF ............ it all had to come to an end.

Now : value my estimate was 44cents per unit - just revised to 28cents per unit.
Click to expand...

Hi Kostag,

I would have been surprised if your fund was worth more than $0.50/unit (going on past examples).

I'm pleased that your fund will at least be resolved (whatever the outcome will be).

I wish all of you the best outcome in the following windup and litigation.

Regards.

PS. unless your fund ends up with a manager who convinces members to leave their money in the fund in order to recover loss. There is a real tendancy for some to see damaged funds as an opportunity for an ongoing income source - be careful.
 
Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinatra

And now the end is near
And so I face the final curtain
Investors ….. I'll say it clear
I'll state my case and avoid the smirk’in…

I've lived a life that's full of bull
I’ve dodged and weaved each tricky back way
And more, much more than this
I did it the sly way…..

Regrets – who gives a f--k
But then again - who’s bothered counting
I did what I had to do
And saw it through and gave you all a damned good mounting….

I planned each dirty deal
Bankrupt borrowers –for which you now pay
And more, much more than this
I did it the sly way

Yes there were times I'm sure you knew
When I ripped off more than I could chew
But through it all when there was doubt
I ate you up and spat you out, I grabbed it all
And I stood tall as I did it the sly way

I've ripped…. I've laughed and sighed
I've had my fill, till my coffers were oozing
And now as your fears collide
I find it all, so amusing

To think I did all that
And may I say not in a shy way
Oh no, oh no, not me
I did it the sly way

For what is a man what has he got
If not your money, then he has not
Done all the things – don’t give a toss
And who cares .... about your loss
The record shows - I took the dough
And did it the sly way

Yes it was the sly way …………
 
Re: Equititrust: CHAIRMAN GODDARD has filed an affidavit

in support of TUCKER's winding up application

EQUITITRUST are all idiots.

They congratulate GODDARD on their web site

John GODDARD has stepped up and sworn an affidavit to support the winding up

Cant EQUITITRUST get anything right






zencorp said:
BREAKING NEWS:

David Tucker has lodge an application to wind up Equititrust. Maybe he is not to bad after all - go Tucker! :):):):):) Eat Madmax alive.

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9534/11
Click to expand...
 
Re: A NEW CORPORATE RECORD..

it will be under 30cents

ASICK said:
Hi Kostag,

I would have been surprised if your fund was worth more than $0.50/unit (going on past examples).

I'm pleased that your fund will at least be resolved (whatever the outcome will be).

I wish all of you the best outcome in the following windup and litigation.

Regards.

PS. unless your fund ends up with a manager who convinces members to leave their money in the fund in order to recover loss. There is a real tendancy for some to see damaged funds as an opportunity for an ongoing income source - be careful.
Click to expand...
 
Re: Equititrust: we should hit 80,000 blogs on thsi website overnight!!!

from a slow start and a relentless battle - we finally have proven our worth and attained viral traction.
 
KOSTAG

Kostag full credit to you for starting this thread and to your unrelenting efforts to expose these crooked bastards...

I jumped on board a while after you started this thread and even though we were attacked and this thread even made the national press we persisted and have now been proven RIGHT...

Great working with you mate.... :)
 
More Shocking Revelations to Come

There will be even more revelations which some parties have been sitting on for many years which will come out in the National Press in the near future... Everything that has been seen to date will be NOTHING... This will shake McIvor and his family to their very CORE... Mark never thought this would come into the public eye but now it will and INVESTORS will be mortified to discover the character of the man who was REALLY managing their money... It’s the stuff even a script writer could not come up with...

McIvor's best case scenario is Bankruptcy.... After the Police raid this morning this may be a pipe dream as charges loom...
 
Goodbye Mark.....

Federal police, ASIC raid embattled fund manager Equititrust
Anthony Marx
The Courier-Mail
October 21 2011

328218-mark-mcivor.jpg
UNDER ATTACK: Equititrust's Mark McIvor. Source: Supplied

THE corporate watchdog raided the Gold Coast office of embattled fund manager Equititrust yesterday morning as it revoked the company's financial services licence.

The Australian Securities and Investments Commission and members of the Australian Federal Police executed search warrants at the Chevron Island-based firm, hauling away boxes of documents, computers and other records as staff were sent home.

The surprise move followed ASIC's decision just hours earlier to cancel Equititrust's licence, meaning it can no longer offer financial advice or accept investments.

An ASIC spokesman said yesterday he "was not in a position to comment on operational matters".
Click to expand...

More: http://www.couriermail.com.au/busin...raid-equititrust/story-e6freqmx-1226172406007
 
Travel Ban

We will see McIvor front up to the Federal court very soon... A travel ban will also come into effect stopping him from leaving the country...

Then next step will be the collapse of his personal companies and assets as the banks will move in now and take possession of the family home on Cronin Island and other assets.

So it seems the rolling pins will really be flying in the soon to be repossessed McIvor Bunker... Let’s hope he doesn’t take it out on his family again... and start suing his dear wife Stacey for her assets which she is holding on his behalf...
 
Re: Travel Ban

I think even the 'flys on the wall' have sworn affidavits for ASIC......

what Mad Max does not realise is that all his delusional dreams which he was sharing with past borrowers and new partners in the Revenge Bank were all being shared by them - everyone was laughing (probably not the right word) ...just leading him on...... even I have been getting some of this information directly.

Parties soon saw that 'desperate to do a deal at any cost' meant just that. Investors were a minor inconvienence. As he ranted about garotting Tucker and taking people's oxygen etc.... rolling pins about the head...... lunch with the brothers...... everyone was sharing the rants. Delusional deal with JB in Sydney and the underwriting of attacks in I.L - which I suspect gauranteed his downfall... he woke a sleeping giant who was not going to go away - and didn't ....dogs missing, Parliamentary privilege.... it has all come back in spades. Coupled witha very committed and principled ASIC officer who was not going to be bluffed.

All this information finished up with ASIC who were left with no choice and then took very decisive action.

Just wait and see what WESTPAC do next. Waitfor the revelations about personal borrowings and use of EIF equity and assets to support those borrowings.

Wait for Court action after action as EIF is stuck with deals that McIvor made with Borrowers etc - never recorded - which will see what the EIF and auditors all think are good assets, just flush down the toilet.....

As predicted in Feb 2011 , this will be Australia's 'Bernie Madoff' .............. watch for a mini-series. Chris Skase, Brian Connell..... and Equititrust used to lambast the integrity of MFS and CitiPacific?

to be fair to Tucker, Goddard, Treasure and poor old Kolonel Klink - they finally stepped up in the Fuhrer Bunker.... good on them.... I take back all teh nasty stuff, you finally did what you had to do. if they had not made this call, ASIC would not have had what they needed to be able to take decisive action.

The new Board?

Boys, dont get the seats warm - simply pack up the last few archive boxes and flick the light switch on the way out the door. It is over.

and now, the end is near
as I face the final curtain....


Investors: well I reckon we are looking at a protracted disaster - counter suits by all big Borrowers - expect massive write downs on Ipswich, Bundall, Wirrina, Windsor Turf Farm. Meridien Marinas and Murwillimbah.... EIF units which were spruiked at $1:20 - dropped to 80cnets, then 44cents - I reckon 28cents.

No Trust said:
We will see McIvor front up to the Federal court very soon... A travel ban will also come into effect stopping him from leaving the country...

Then next step will be the collapse of his personal companies and assets as the banks will move in now and take possession of the family home on Cronin Island and other assets.

So it seems the rolling pins will really be flying in the soon to be repossessed McIvor Bunker... Let’s hope he doesn’t take it out on his family again... and start suing his dear wife Stacey for her assets which she is holding on his behalf...
Click to expand...
 
every body sing....

And now the end is near
And so I face the final curtain
Investors ….. I'll say it clear
I'll state my case and avoid the smirk’in…

I've lived a life that's full of bull
I’ve dodged and weaved each tricky back way
And more, much more than this
I did it the sly way…..

Regrets – who gives a f--k
But then again - who’s bothered counting
I did what I had to do
And saw it through and gave you all a damned good mounting….

I planned each dirty deal
Bankrupt borrowers –for which you now pay
And more, much more than this
I did it the sly way

Yes there were times I'm sure you knew
When I ripped off more than I could chew
But through it all when there was doubt
I ate you up and spat you out, I grabbed it all
And I stood tall as I did it the sly way

I've ripped…. I've laughed and sighed
I've had my fill, till my coffers were oozing
And now as your fears collide
I find it all, so amusing

To think I did all that
And may I say not in a shy way
Oh no, oh no, not me
I did it the sly way

For what is a man what has he got
If not your money, then he has not
Done all the things – don’t give a toss
And who cares .... about your loss
The record shows - I took the dough
And did it the sly way

Yes it was the sly way …………
 
EQUITITRYST..... lets update the game , we only posted this 2 weeks ago!!!! AND LOOK

LOOKED HOW GOOD WE SCORED....
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 ??? ALL GONE
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 LOOKING LIKE THE RESULT
Q3: ASIC will lay charges against someone in relation to EIF within:-

a) six months WOW - WE GOT THAT RIGHTb) 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 UNDERWAY

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? ALREADY HAPPENING

a) Yes/No
 
Hey guys, you shouldn't take all the credit. You couldn't have done it without the antics of the cast down at Equititrust Limited. Any half-reasonable manager could have pushed the fund along for years, just like one pushes a wheelbarrow, with you guys kicking and screaming in it.

This exceprt really surprises me - "... while the absence of an adequate database of property assets "may have impacted on decision making". ..."

One would wonder whether they even gave one iota of a hoot about investors.

Very sad - your fund is not the first, and I'm guessing it won't be the last. The system is wide-open for abuse. Yes, the "Corporate Undertaker" has arrived, but only to pick through debris and take away the bodies.

Don't underestimate the power of assets in a spouse's name, especially after a divorce - there are some very famous cases on point.

Hopefully there'll be others with deep pockets whose corporate hands might be burnt on this one.

Don't think it'll stop the BIG fees, because it won't - it's the nature of the beast. In fact, the more vulnerable one is, the more others seem to take advantage.
 
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