Equititrust?

[kostag]

Re: OLMAN of Northern Territory

I guess the EGOS are inflated for good reason..... the various pro-active parties on this web site have mounted an aggressive campaign to unearth the truth. They were blocked at every turn and had to deal with a raft of false PDS statements made by EIF.

There were even a range of false blogs issued by parties found to be inside EQUITITRUST pretending to be happy investors who were able to acess very positive material. In time, this web site 'outed' them.

Now, at this stage, with AFP and ASIC mounting raids; a range of BORROWERS who Mad Max refers to as Reptiles BUT were once his close mates etc un-leashing legal actions; and BANKS about to appoint RECEIVERS , it is hard to see much positive outcome for INVESTORS, which is why this all started - BUT what we do know is this - is that teh lies have all stopped and reality is what we now must face and deal with.... not delusional rantings and un-truths.

The information that is coming out from proposed partners in the REVENGE BANK is that Mad Max was moving our EIF assets into some delusional land development fund - to put some value into his sub-ordinated investment. It will come out that this was all to the detriment of EIF unit holders.....

I think the battle was worth it - but it is too early to tell.

in the face of the extreme egotism displayed here, there isn't much to say ...

I wonder about the class action. In regard to possible costs associated with any recoveries, is it worth pursuing? Without wishing to breach confidence, does anyone else have any thoughts on this?

 

[zencorp]

The Directions for the Ian Lazar Case v Equititrust have been brought forward too tomorrow (25/10/2011). I find it funny that Equititrust has lodged a Form 4 - Notice to Defend and TUCKER & COWEN is the Solicitors on file for Equititrust.

Hmmm. Makes me feel that the claim brought by Tucker is just one of their internal games to try and mislead the public. On one hand you are defending Equititrust and on the other you are suing???? make up your mind Tucker.

https://www.comcourts.gov.au/file/Federal/P/NSD1614/2011/actions

 

[kostag]

Re: Goodbye Mark.....

Atleast in this staged photo, Mad Max is looking at the camera unlike the delusional Ian Maurice video ....

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

 

[kostag]

Re: Requiem..... to the tune of "My Way" acknowledgments and apologies to Frank Sinat

Everybody 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 …………

 

[No Trust]

Equititrust house of cards tumbles down

Equititrust house of cards tumbles down

Anthony Marx
The Courier-Mail
October 24, 2011





THE email landed like a hand grenade in a living room.

"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were stunned by the threat. It prompted McIvor's long-time friend, David Jackson QC, to resign as a director and then-chief executive David Kennedy to respond by email that day.

According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. McIvor's recent stress-induced behaviour was "irrational, ill-conceived, self destructive and dangerous", the email said.



McIvor, who launched the company in 1993 and remains the sole shareholder, had stepped down three months earlier from the board.

He still wanted to find new strategic partners and real estate opportunities to resurrect and restructure the firm's moribund $159 million Income Fund, which has been frozen since October 2008 and stopped paying distributions in April, according to the documents. McIvor even talked about launching new investment vehicles.

But, the documents state that with the fund suffering massive losses because of bad loans, the board remained focused on winding it down, selling assets and returning money to mostly elderly investors who had made it clear they wanted to get their cash back. A $66 million Premium Fund is also shutting down.

The emails are included in a Supreme Court application filed last week by former board member David Tucker, who wants an outside expert - insolvency practitioner David Clout - to preside over the funds' orderly dismantling.

Tucker alleges McIvor is desperate to recover personal losses in the Income Fund through a series of new deals and is not "a fit and proper person" to oversee the windups.

The court documents, including Tucker's 44-page affidavit provides a rare glimpse inside an apparently dysfunctional company at war with itself. It chronicles in painful detail the unraveling of the working relationship between McIvor and his chief executive and board as the corporate climate grows increasingly poisonous.

"McIvor seemed to lose interest in the board resolutions, namely to recover loans and pay money back to investors, but rather seemed to become more and more focused on his new strategy and vision," Tucker alleges.

The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, according to Tucker's affidavit.

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609

 

[No Trust]

Undisclosed Westpac Loan

With revelations like this coming out on a daily basis it’s no wonder the Federal Police are now involved...

I am gobsmacked by these revelations of undisclosed loans in the tens of millions and payments to personal superannuation in the millions ahead of repayments to the banks... It is clear McIvor was out of control and didn't care about retiree investors...

Releasing borrowers from personal guarantees, what was he thinking ???

Disgusting unethical behaviour...

 

[kostag]

MM Holdings and EIF borrowers

Wait for revelations of deals between EIF borrowers and MM Holdings; McIvor's plans with Greg Hannah and Main Street Investments group; Landsolve and the indigenous 'bruvvas' as he liked ti call them.

This is going ti get a lot spiceier.

 

[kostag]

Re: Undisclosed Westpac Loan

This is going to get a whole lot worse.... the media are right onto this .... thus mad dog can be no where public funds and never allowed to do this again borrowers must be encouraged to step forward just like the Board have and reveal all

well done FINALLY to the Board for having the guts to come forward

With revelations like this coming out on a daily basis it’s no wonder the Federal Police are now involved...

I am gobsmacked by these revelations of undisclosed loans in the tens of millions and payments to personal superannuation in the millions ahead of repayments to the banks... It is clear McIvor was out of control and didn't care about retiree investors...

Releasing borrowers from personal guarantees, what was he thinking ???

Disgusting unethical behaviour...

 

[No Trust]

Undisclosed Westpac Loan

Retiree Investors now sit further behind the banks with 24M in loans to Westpac... What else has McIvor been hiding...


The dominos will soon start to fall and Westpac will pull the pin on its own grenade. Expect to see mortgagee in possession signs across all of McIvor's personal properties... McIvor has brought shame upon The Gold Coast, misled investors and disrepute to his family...

Don’t be surprised to see the divorce lawyers in action soon...

 

[zencorp]

Madmax also owes about 25m to the BOQ. Hope he has the assets to support that + westpac 24m + NAB 11m - and all the others we dont know about.

Bankruptcy.

 

[kostag]

ofcourse there are no assets - it will be our assets 'rogered' again by Mad Madoff ......

Madmax also owes about 25m to the BOQ. Hope he has the assets to support that + westpac 24m + NAB 11m - and all the others we dont know about.

Bankruptcy.

 

[kostag]

CHOICE MAGAZINE rang the warning bell and none of us chose to hear it

in 2008 CHOICE MAGAZINE courageously awarded the SHONKY LENDER award to EQUITITRUST regarding the dodgy sub-ordinated guarantee.... well Mad Max unleashed with usual venom and fury and threatened to sue everyone....(seems to be the way he does business...) use our money to sue anyone and everyone!

congrats! CHOICE - didn't you get it right!

I see that your 2011 SHONKY Awards just annouced today!

 

[kostag]

we will be lucky if the final wash-up yields $60M to pay secured debt - ie: investors $1:20 - > $1:00 -> 80cents ---> 44cents -----> NIL !!!!!

I say that if we already had our $$$$ in the EIF and then these banks all jumped in and took our security, how can they rank ahead of us???

If they saw there was trouble BUT didn't care and just knew that they could grab fees and gouge income to our detriment - how can we get pushed ot the back of the bus?

what dirty deals are there in the EIF re:-

a) rent to McIvor on the Chevron Island business
b) his super and other entitlements coming out of our money !!!!

ofcourse there are no assets - it will be our assets 'rogered' again by Mad Madoff ......

 

[klua]

Re: Undisclosed Westpac Loan

Retiree Investors now sit further behind the banks with 24M in loans to Westpac... What else has McIvor been hiding...
.

From my reading of the Courier Mail it appears the Westpac loan is to Equititrust (the company owned by MM) and not to EIF (the Equititrust Income Fund where our money is).

If this is the case and then our money is not behind the Westpac loan.

 

[zencorp]

Re: Undisclosed Westpac Loan

From my reading of the Courier Mail it appears the Westpac loan is to Equititrust (the company owned by MM) and not to EIF (the Equititrust Income Fund where our money is).

If this is the case and then our money is not behind the Westpac loan.

Correct. But Equititrust LTD is also the Trustee of the EIF and the EPIF - and, given that Equitirust itself is just a fee collector and has no real assets, the EIF and the EPIF are the only security available.

 

[klua]

Re: Undisclosed Westpac Loan

Correct. But Equititrust LTD is also the Trustee of the EIF and the EPIF - and, given that Equitirust itself is just a fee collector and has no real assets, the EIF and the EPIF are the only security available.

My understanding is that assets held on trust are not the assets of a trustee, they are the assets of the beneficiary and can not be taken by a creditor of the trustee. ( unless the assets were pledged by the trust). Ask a lawyer for confirmation of this since as is just my understanding.

 

[zencorp]

Re: Undisclosed Westpac Loan

My understanding is that assets held on trust are not the assets of a trustee, they are the assets of the beneficiary and can not be taken by a creditor of the trustee. ( unless the assets were pledged by the trust). Ask a lawyer for confirmation of this since as is just my understanding.

You are correct in your analysis - however, only time will tell if its Equititrust in its own capacity or whether or not its in its capacity as trustee for any one of the funds.

The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them.....

Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....

 

[zencorp]

AND IT BEGINS.

ASIC VS EQUITITRUST


http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=9694/11

Let the games begin

 

[kostag]

Re: Undisclosed Westpac Loan

you are both right BUT who knows what Mad Max has done???

Certainly, it was enough to spook Kolonel Klink.....

there is something dodgy going on....

You are correct in your analysis - however, only time will tell if its Equititrust in its own capacity or whether or not its in its capacity as trustee for any one of the funds.

The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them.....

Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....

 

[klua]

Re: Undisclosed Westpac Loan

The reason why I say this is that Tucker said in his affidavit "without disclosure to investors". You would only need to disclose something where it would affect them.....

Maybe they should post on their website a copy of the credit facility deed and guarantee to put all our minds at ease....

The Courier Mail says:
The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, according to Tucker's affidavit.

So the CM is saying it wasnt disclosed to the Equititrust board rather than not disclosed to the investors.

I am with you on the website post to put our minds at ease.