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Equititrust Disaster

Except it isn't...

Watch for more developments...
 
ASIC moves to freeze Equititrust Income Fund

ASIC moves to freeze Equititrust Income Fund
Anthony Marx
The Courier-Mail
October 27 2011


469399-equititrust-investors.jpg


THE corporate watchdog has taken legal action to freeze Equititrust's floundering Income Fund and prohibit the embattled Gold Coast firm from dispensing financial products or services, according to court documents.

The Australian Securities and Investments Commission filed documents in Queensland Supreme Court late Tuesday for an injunction against Equititrust. It follows a raid by ASIC and Australian Federal Police on Equititrust's office last week.

Court documents state ASIC's case will be heard this morning in conjunction with an application by former Equititrust board member David Tucker, who is seeking the appointment of insolvency expert David Clout to wind up the $159 million Income Fund.

Mr Tucker alleges in court documents filed in support of his application that the intervention is needed because Mark McIvor - Equititrust's founder and sole shareholder - wants to restructure and revitalise the fund rather than follow the previous board's decision to wind it up to return money to more than 1700 investors.

Court documents filed by ASIC say it has intervened in Mr Tucker's case and wants both matters to be heard together.

But the documents also claim ASIC litigation counsel Hugh Copley said in a letter to Mr Tucker this week that he would oppose the appointment of Mr Clout and ask the court to bring in an alternative.

The court documents allege Mr Clout has previously been appointed as a receiver over Equititrust-related entities and Mr Copley said the appointee "should be seen to be independent of all interested parties".

Mr Copley said ASIC did not support or oppose Mr Tucker's application but "considers it in the best interests" of investors for the fund to be wound up.

Neither Equititrust CEO Troy Bingham nor Mr McIvor returned calls yesterday.


http://www.couriermail.com.au/business/asic-moves-on-equititrust/story-e6freqmx-1226177813334
 
Sorry no one is stupid

Sorry Equititrust it is not business as usual... the hard drives are not coming back and let all the delusions stop once and for all... Equititrust its all over...
 
ASIC HAS HAD ENOUGH...

ASIC has drawn the line in the sand... No more delusional games with investor's money... ... ... ... ... If an INDEPENDENT receiver is not appointed today to return investor's money then ASIC has left innocent retiree investors's at the mercy of McIvor who could not get it right up until now... How will he ever get it right in the future???
 
Curiously no one seems to have commented on the S601NC Wind Up Notice that Equititrust sent to EIF investors this week.
 
No one has commented due to the fact that the whole board has resigned and Equititrust / McIvor have NO CLUE what they are doing... This company as the Courier Mail has reported is AT WAR with itself...



klua said:
Curiously no one seems to have commented on the S601NC Wind Up Notice that Equititrust sent to EIF investors this week.
Click to expand...
 
Re: Equititrust: BOARD ROOM CAPERS

if you read the PDS etc that lists the Board etc changes etc..... it is a joke.... in one case - a Diretcor joins one day and is gone the next....

this must be a world record....

what did he see that made him jump ship in less than 24hours!

How can anyone argue that a Board of newbies can in anyway be a viable choice to wind up and oversee the company.

Insanity!

Have no doubt - Mad Max is grooming for a return shot!
 
Now, what was that clause in the PDS?

That's right, here it is"... The Benchmark Rate is the distribution rate that must be paid to investors before Equititrust is entitled to be paid its management fees. The Benchmark Rate is in effect the monthly performance hurdle which must be achieved before management fees may be paid to Equititrust. ..." (PDS, Benchmark 6)

And, another one bites the dust. Who's willing to hazard a guess at how much it's going to cost to wind up your fund?

It sure as hell isn't going to be done for nothing. :banghead:

As for ASIC, I'll be surprised if they do anything that'll be of value to members of the EIF, but there's no harm living in hope. I do wish that I'm wrong.
 
Word on the street is that ASIC got an Injunction against Equititrust - they can only spend 3k a week on expenses. Looks to me like they have done well in preserving the Assets of the fund!!

Should be in the papers tomorrow.
 
Injunction

If that is the case, then it really is the end for Equititrust...

Most of the staff will have to be dismissed...
 
No Spending Money

It looks like McIvor will have no more spending money for idiotic folly...

He will probably now sue the guy who conducted the smoke ceremony...
 
If this is true well done ASIC

The nightmare of money waste and excess may be at an end

zencorp said:
Word on the street is that ASIC got an Injunction against Equititrust - they can only spend 3k a week on expenses. Looks to me like they have done well in preserving the Assets of the fund!!

Should be in the papers tomorrow.
Click to expand...
 
Re: No Spending Money

There's only one thing Mad Mark 'Madoff' McIvor will be smoking now....

The 'Brothers' should be thanking the spirits for keeping Mad Max away from trousering their funds

i cannot wait till a proper forensic is done on the money trail

it is all still to be revealed....


f
No Trust said:
It looks like McIvor will have no more spending money for idiotic folly...

He will probably now sue the guy who conducted the smoke ceremony...
Click to expand...
 
it really couldn't happen to a nicer ......

When u see how he rode rough shod over borrowers; ripped off investors; tore up other peoples money; bullied and threatened.... you start ti believe that maybe there is some karma.... everyone has turned in him and the world as he knew it is at an end ...i say FANTASTIC
 
Got what he deserved

McIvor got what he well and truly deserved...
 
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