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Attacking his patient bankers NAB

McIvor who wants control back goes on a tirade about his bank which by all accounts has been more than patient... Is this the kind of guy you want in control with all his personal financial problems...

McIvor's personal financial problems are intertwined with his interests in Equititrust, which makes his involvement and that of his stooges untenable... The current board will fail as did the other board...

Equititrust is a sunken ship... The only matter now is who will salvage the wreckage...
 
Nicole Perrin joyous, but Stacey McIvor distraught in Cronin Island home dramas

Nicole Perrin joyous, but Stacey McIvor distraught in Cronin Island home dramas

By Jonathan Chancellor
Tuesday, 20 September 2011

Meanwhile the luxury Gold Coast abode of the recently resigned managing director of besieged Equititrust, Mark McIvor (pictured above), was passed in at weekend auction on a $4.9 million bid, well short of the wanted figure and reportedly $1.6 million beneath its most recent valuation.

After the two-storey riverfront home designed by Sydney-based architect Alex Popov was passed in the auction attendees noted McIvor's wife Stacey was in tears.

"It's a demonstration of a hard market given it is well below replacement cost," Mark McIvor told the local press.

"We are not in a hurry and we prefer to sell it to someone who appreciates what it has to offer, it is a magnificent home."

It’s one of the 33 properties on the island located just two kilometres inland from the coast.

McIvor, now managing director of Landsolve Partners, built the house on the $1 million block, which he bought in 1994.

The island’s highest sale was $8 million in 2004, when an older-style house on 2,300 square metres was sold.

Equititrust, which became known for using a Roman voussoir arch as its marketing logo to suggest structural stability, was among the many unlisted mortgage funds to take a battering following the 2008 financial crisis.

In April 2011 Equititrust confirmed it had stopped paying income distributions to unit holders in two funds housing more than $300 million worth of assets as it accelerated its debt repayments to its banks.

Equititrust investors have been through hell with their money frozen for more than three years, with interest payments stopped and the value of their units substantially devalue, and with no end in sight. Lawyers Piper Alderman continues to investigate the merits of a unit holder class action against Equititrust Limited.

http://www.propertyobserver.com.au/...ht-in-cronin-island-home-dramas/2011092051617
 
Fee Grab

How much was the last fee grab, before Equititrust was forced to revalue its assets... Valuations which investors have not seen... Absolute disgrace...

Equititrust was not entitled to the fees it pilfered from the fund... McIvor knew this and so did the then board...

What will happen to the Westpac loan that McIvor took?? Equititrust received no benefit yets its assets were used as collateral...

National Media Outlets are working on some new information which will make for interesting reading...
 
More Massive Impairments on the way...

It seems the reason the accounts were not finalised is the further impairments as at 30 June 2011 which have been intentionally withheld. Why were these FURTHER losses not revealed to investors???

Now they are saying there is likely to be more post 30 June ... Why the constant lies ? Why the constant deception ?

Expect further massive losses and the value of the unit price fall through the floor...

To top it off these incompetent "idiots" say they are best placed to wind down the fund.. Its no wonder ASIC is taking further action... McIvor and his new stooges will not last once the new revelations are handed over to ASIC...

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_31_10_2011.pdf
 
Curbs on Equititrust

Curbs on Equititrust
Sydney Morning Herald
November 2, 2011



THE Australian Securities and Investments Commission has placed extraordinary curbs on Equititrust and is launching a hearing into alleged breaches of the Gold Coast mortgage fund operator's financial services licence.

Equititrust has confirmed that audits of its much-delayed financial accounts reveal further losses on $250 million worth of investors' funds. Questionable loans, which led to the losses, have only come to light this year when the company was forced to stop income payments to investors and interest payments to some of its banks.

http://www.smh.com.au/business/curbs-on-equititrust-20111101-1mtu9.html
 
Good Morning Equititrust

Good Morning Equititrust... WAKE UP AND SMELL THE COFFEE !!!!

Has McIvor told the current board everything or are there some surprises ??? Me thinks not and those "crucial revelations" are on their way to ASIC well in advance of the November 21 hearing...

The current board has been set up just like the last and with articles like the one above in the National Press it really is time to wake up and smell the coffee...

One thing is for certain though, McIvor will never raise a cent from the Australian Public again... He could have very easily informed investors of this disaster 3 years ago rather than feathering his own nest...
 
Bitter infighting and as the press have reported a company at war with itself...

Never before have I seen such restrictions put on an owner for interference with a company board. It seems where there is smoke there is fire and McIvor made the previous boards positions untenable...

Then this joke of an outfit claims it can still manage the fund... Next thing delusional McIvor will be making more videos about raising more money whilst Equititrust burns... Oh hang on, that wont happen because Equititrust does not have a FSL anymore... Thanks to ASIC's belated intervention...
 
I notice Trilogy came up:-

http://www.trilogyfunds.com.au/site/assets/files/Healthcare Annual Report 2010 (Website) V2.pdf (see the unit price drop to $0.50 on page 8)

and

http://www.trilogyfunds.com.au/site/index.php?id=23
In accordance with the PDS cash distributions for the Trilogy HealthCare REIT have ceased effective 1 June 2010 due to the property commencing the development stage of the project.

The 2011 return was filed on the 03.10.11 but has not yet been posted on the website.
http://www.search.asic.gov.au/cgi-bin/gns030c?acn=127_026_251&juris=9&hdtext=ARSN&srchsrc=1
 
Re: Equititrust: WHO WRITES THEIR SPIN???

they sound like they are all full of disclosure and co-operation!

FACT: They were POLICE raided!
FACT: ASIC shut them down and removed computers and files
FACT: various parties have copies of McIvor SMSs and EMAILS re Greg Hannah, Mainstreet Investments Group, Russell McCart, 'garotting' David Tucker - so this pretending of not being a ghost Director is just so much twaddle!

ASIC know, the Police know, some of us know and soon the world will know what has really been going on here!


No Trust said:
Bitter infighting and as the press have reported a company at war with itself...

Never before have I seen such restrictions put on an owner for interference with a company board. It seems where there is smoke there is fire and McIvor made the previous boards positions untenable...

Then this joke of an outfit claims it can still manage the fund... Next thing delusional McIvor will be making more videos about raising more money whilst Equititrust burns... Oh hang on, that wont happen because Equititrust does not have a FSL anymore... Thanks to ASIC's belated intervention...
Click to expand...
 
Does the new board know what has REALLY been going on ? I don't think so... Are these guys so desperate for work that they will risk their professional reputations... More importantly they have absolutely no Property Experience... How is this meant to serve investors???
 
IMO, I don't think 'property experience' is necessary because they're managers. A good manager is one who acts in investors' best interests, and I'd put that qualification before property experience any old day. If the board is professional, at arms' length, and acts both on good advice and in your best interests, then what more could you ask for? So far, hasn't it been the ones with the (supposed) property experience who have let you down? Look for board members who are able to show successful outcomes from past engagements, and you'll be doing the best you can (IMO).
 
Well no actually the previous board had no property experience either... It is assumed that the board will be professional, at arms length etc. In addition to this it is critical to have someone with property experience as the loan assets are all property and in this case sub prime...

A combination of skills and good judgment is necessary here and something that McIvor and the previous board did not have... McIvor only resigned in June and up until then he was running the show single handedly so for him to totally blame the board which he installed and has now resigned is a bit of a joke... The blame falls squarely back on McIvor...

Imagine not lodging the financials with ASIC, if this is how seriously they take corporate governance imagine how seriously they take the administration of the fund and investor's interests... Any company that fails to lodge financials SHOULD have its FSL taken away as well as the MANAGEMENT of the Fund... McIvor pulled a parachute on the investors to go and run delusional LANDSOLVE however this little trick did not work and ultimately he and his band of stooges failed miserably and subsequently he has got his just deserts...

Don't think McIvor will be make any more stupid delusional commercials in a hurry. His time may have been spent more constructively on the overdue financials of Equititrust rather than on some idiotic folly trying to recover his personal losses. McIvor had a conflict of interest from the beginning and investors were not fully informed of it. The Choice Article and Dodgy Award hit the nail right on the head.

It is the manner in which McIvor acted in the midst of the crisis which will finally bring him down. He left the helm to try and save his own ass rather than protect the investors. This is why he will be sued in the Class Action and his personal assets attacked. In the meantime the banks will start taking action over all of the private McIvor assets including those held by his wife if the transactions were not at arms length. In turn any proceeds will be subject to mareva injunctions and payments of money into court for the benefit of investors. For those who have not contacted Piper Alderman the current events will I think precipitate the need to do so.

The current board will of course discourage you to do so, however so did the useless previous board of stooges.. Let's see them respond to the class action on their web site, they have been very quiet to date on this issue after ASIC has squeezed McIvor and Equititrust by the balls...
 
Recent sweep of the Equititrust website shows they have removed the latest Disclosure Statement!! What's wrong? another mistake..
 
Equititrust is a mistake of epic proportions. If you can't get a simple Disclosure Statement right well how can you run a fund... These guys are inexperienced idiots who go from one disaster to another. The lies in regard to the Ian Lazar matter is another example. When reprimanded they had to admit to the lie...
 
Bank Default

Equititrust is in default of all it's loans shouldn't there be disclosure on this critical issue. How much default interest is bring paid to NAB and BOS...
 
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