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Equititrust?

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borrowers

In one case a borrower and his wife failed and they lost everything.... McIvor then proceeded to bankrupt them with nothing to gain.... when asked WHY? He replied BECAUSE I CAN.

The couple divorced.

McIvor replied They were stealing my oxygen.

He is now going to week the wrath of so many that he has hurt.
 
I confess I'm perplexed by the goings-on by Equititrust's executive and it's only shareholder, but from what I read, McIvor seems completely comfortable with the outcome. As Pauline H. might say, "Please explain?".
 
EQUITITRUST WIND UP

I might be a simple fool - however two things stand out to me....

1. if it is all over and out and everyone it seems are committed to a course of winding the EIF up etc, why is McIvor fighting so hard with multiple Board changes and court hearings to stay in charge?;

2. if ASIC won on the issue of very limited moneys being available to Equititrust Ltd and they have no rights to negotiate anything, why have a brand new 3 man Board presiding over the process, when clearly they have no idea of the loan book in any form, and are also clearly Mad Max sycophants - all of this is at some cost, when we could all get someone completely independent of the ilk of say Neil Cussons from Deloittes, to act without fear or favour.

If there is no secret agenda, this strikes me as being the most sensible approach. Equititrust Ltd and its new Board, no matter how well intentioned, can offer nothing to this process other than additonal cost; in-experience; and the constant threat of Mad Max intervention.

ASIC - you have the power here to ensure transparency and independence. Please act.

Mad Madoff cannot be let anywhere near the cheque book!
 
BOARD AND McIVOR get them out of the place!!!

read the last line of this PDS - they remain focused on repaying the Banks....

I say STUFF THE BANKS ..... how did they get in ahead of our secured position. Some of us had our money in EIF well before the Banks. But Mad Max in his mad lust for supremacy etc had to grow his loan book - NOT to help us BUT to grow his own fees etc. We never stood to gain from this just got pushed into second ranking posotion while Mad Max lined the pockets of old cronies like Quinlivan and Meridien. (then it seems when it suitred him was about to let Meridien off the hook, so that he could befriend them inot his delusional Revenge Bank)

He did this by BORROWING from the BANKS and pushing us into second ranking slot. The only reason we now take a loss is because the BANK are getting 100cents in the $ - no talk of them taking a hit, is there? Why not? They were in it up to their necks.

We didnt get asked whether or not this could happen BUT we wear the costs and losses now in the tens of millions and the Banks record multi billion dollar profits and McIvor pansies around in the gym of his multi million dollar bunker.

The BOARD is still focused on the BANKS - good for them - idiots - we are the stakeholders - we have no voice and we will COP the FULL LOSS.

So how can this reckless idiot be left anywhere near CONTROL?

No amount of bulls--t and spin can change this reality.

It is what he did; we were never consulted; we never agreed; we now wear the loss; and he betrayed the trust that we bestowed.

Massive fees were paid well after the UNITS were under par in value - a clear and direct breach of the CONSTITUTION.

He knew valuations were falwed atelast very soon after most loans were done BUT took no action just milked teh fatted cow. Our cow!

He drew HUGE SUMS out of EIF in 2008-2009-2010 as the movement in the SUB-ORDINATED INVESTMENT UNIT account notes to the Financial Statements show how.

The AUDITORS just collected their massive fees - which we also paid - and did a Kolonel Klink on us.

Yet we still suffer whilst he has his cronies lurking around the Board room.

I want him out!!!!

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_26_10_2011_Bank_Debt.pdf
 
Much much worse

McIvor has done much much worse than this and taken innocemt peoples homes... This will hit the press in the near future... Aweful human being...
Gold Coast Gaddafi... Goodbye Mark
 
Re: Equititrust : MEDIA

the MEDIA and CHOICE MAGAZINE (and this web site) have done a wonderful job exposing this viper's nest

without them and their exposes , EIF would still be out their raising money and paying huge fees to support the opulent Maddoff-esque lifestyle....
 
THE DESTRUCTION OF LIVES AND HOMES will reverb around the Nation for years

the havoc wreaked by EQUITITRUST on innocent lives must never be forgottoen.... the MEDIA needs to talk to INVESTORS and BORROWERS and get the whole story.... it needs to be told.


kostag said:
the MEDIA and CHOICE MAGAZINE (and this web site) have done a wonderful job exposing this viper's nest

without them and their exposes , EIF would still be out their raising money and paying huge fees to support the opulent Maddoff-esque lifestyle....
Click to expand...
 
Has anyone any information on the Lazar case?
There was something about it in the Equititrust disclosure but it has gone now.
 
Re: Equititrust and Ian Lazar: a long way from over my friends....

Lazar case is not dismissed - it is returnable in less than 2 weeks

was adjourned by consent of all parties to give Equititrust time to file necessary reports

another lie - the PDS disclosure is false.... but why are we surprised.
This matter is a long way from over.

Expect to see NEIL CUSSENS and DELOITTES appointed next week.

Attention: Equititrust Board members .... farewell drinks this afternoon in the Board room and please, turn the lights off on the way out the door.

klua said:
Has anyone any information on the Lazar case?
There was something about it in the Equititrust disclosure but it has gone now.
Click to expand...
 
klua said:
Has anyone any information on the Lazar case?
There was something about it in the Equititrust disclosure but it has gone now.
Click to expand...

Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:

Mr Ian Lazar
Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
Fund and seek other orders. The matter was dismissed by the Federal Court on
Thursday 26 October 2011, with costs reserved.
 
Olman said:
Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:

Mr Ian Lazar
Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
Fund and seek other orders. The matter was dismissed by the Federal Court on
Thursday 26 October 2011, with costs reserved.
Click to expand...

Well that was a lie - its still in court!!!!
 
Re: Equititrust: thanks OLMAN I did not have the retained copy - another EIF bit of b

more bulls--t from the Spinnmeisters of Chevron Island

Thank god ASIC have 'taken their oxygen'.

Olman said:
Here's the bit about Lazar that was removed in the Equititrust PDS update yesterday:

Mr Ian Lazar
Mr Lazar brought action to wind-up Equititrust Limited and the Equititrust Income
Fund and seek other orders. The matter was dismissed by the Federal Court on
Thursday 26 October 2011, with costs reserved.
Click to expand...
 
Re: Equititrust: what about potential mother in law Ms Bee JEANS

wait till her story comes out - ripped off for millions of dollars - and I understand all involves the Dudders Duddles Quinlivan raping of the EIF fund.... and where did all that money go???? we know where it came from, but where did it finish up
 
MAD MAX ..... it's 'grossly inappropriate....

whatever Tucker and Lazar motives might be - why do you think that the notices have finally been sent to UNITHOLDERS?? only because of their action.

I say : well done Ian and David for having the guts to take action!

When the SMSs and EMAILs from Mad Madoff sent to the likes of tTucker, Kennedy, Hannah and the boys come out ranting about 'garotte', 'Revenge Bank, 'reptiles' the rolling pin the 'brothers' - we will all see that our fund and our assets were all being rolled into a REVENGE BANK with tehe sole purpose of Mad Max re-building a new operation to get his sub-ordinated investment back - now ASIC and Piper Alderman get to ensure that the fund is rolled up, losses crystallised, cash out flows all traced over the years by a proper forensic team and the shortfall is then pursued against the perpetrators

Piper Alderman have the numbers and I would expect to see Neil Cussens in place any day soon and TRILOGY in the wings to take over the shell if any investor wnats a second go.

McIvor is gone and out.


COURIER MAIL:
Outside court, Mr McIvor said it was "grossly inappropriate" for Mr Tucker to have mounted the case.
 
ASIC

McIvor is completely out of control on a personal and business level. This has been confirmed by his closest friends and family. So how on earth can he be left in control of the fund in a direct or indirect way. Total independence will occur with the appointment of a liquidator to the fund. Equititrust is debt laden and cannot survive without any fee income. It has also lost it's FSL... this farce cannot seriously continue, look at their track record to date, they cannot even prepare the financials what hope is there for the future..

Added to this are the financial and very serious legal problems facing McIvor.... this is not an environment that investors should be exposed to... independent liquidation of the fund is the only equitable way forward...
 
Further Developments

In terms of track record, McIvor appointed the previous board and heralded their credentials.... This all went up in smoke so how are the investors to trust his judgment with a totally new board with no property experience???

McIvor was also the one who made the bad loans and caused the losses... Remember his infamous deal with "King Con"... Come on ASIC seriously this is like giving Dracula the keys to the "Blood Bank" and letting his junior vampires do the dirty work...

ASIC will have failed if it lets this farce go on any longer...
 
Legal Representation

In terms of all the matters that Tucker was handling on behalf of fund, who will now represent the firm in those action? I am sure that the files will not be returned until the legal bills are paid in full... So where does this farce leave investors??? It leaves them in a detrimental position as a result of McIvor's bad judgement... The conflict of interest in appointing Tucker as a director was highlighted by me on this thread a long time ago. The threat of McIvor interference was also highlighed yet ASIC did nothing untilforced to... How is that protecting investors??? Now we have another bunch of inexperienced sycophants without files or hard drives proclaiming that "they" believe that they are the best placed to liquidate the fund... Come on this is a joke of epic proportions... This is coming from the guys who have lost tens of millions of doallrs of innocent retiree investors money on bad loans to "King Con" and have had their offices raided by ASIC and the Federal Police as well as had their FSL cancelled. In their announcement last week Equitiflop is stating that they want McIvor back as the Licencee of the company. What delusional McIvor hasn't come to grips with yet is the fact that there is no Licence... Its over.

Its very simple McIvor you do not deserve to be the custodian of public money any longer... Walk away from Equititrust and let rational competent people fix your unforgivable mistakes. We hear "King Con" needs some company leave the people who's lives you have destoyed alone...
 
WAITING GAME

CITY BEAT: Ron homes in on a mansion

James McCullough
The Courier-Mail
September 20 2011



WAITING GAME

McIvor, meanwhile, is none too happy with his long-time lender the National Australia Bank.



The founder of troubled mortgage lender Equititrust says he was forced to sell his family home to help repay a line of credit with the NAB he had whittled down from $150 million to about $15 million.

"When I first went to the NAB 28 years ago, I had two surfboards and a VW," he reckons.

Like other Goldy lenders, Equititrust got into strife in the GFC and investor funds have been frozen. Many no doubt weren't overly chuffed to hear the company had loaned tens of millions of their money to controversial property marketeer Dudley Quinlivan - the man once famously dubbed "King Con" in State Parliament.

Equititrust recently tipped Quinlivan into bankruptcy - for his third time. The never-say-die businessman has responded with a $108 million counter-lawsuit, alleging Equititrust pulled the rug from under one of his developments at Ipswich.

Stacey McIvor was reduced to tears after the failed auction but hubby Mark reckons he can afford to wait for a buyer "who appreciates what (the mansion) has to offer", and things could be worse - the McIvors own two other homes on Cronin Island.


http://www.couriermail.com.au/ipad/city-beat-ron-homes-in-on-mansion/story-fn6ck2gb-1226141147589
 
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