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Re: Bank Default

No Trust said:
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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For what it's worth, IMO, the amount of default interest isn't the critical issue - the critical issue is the further impairments to the fund's loans. You may recall my postings about 'timing is everything' - you'll note with clarity how the manager was able to remove substantial funds (by various means) from the fund immediately prior to the shock revelations of substantial impairments. These are the issues, and they are critical. Reminds me of how ants are so busy before rain: managers might move money or amend PDSs or amend constitutions - these busy times very well might be our warnings of 'bad weather ahead'.

Yes, timing IS everything, and ants are ALWAYS busy before the deluge.
 
Movement Of Funds

ASICK you are absolutely correct... Where did this money go??? How about some answers McIvor??? Did this money head over to your private companies to support your decadent lifestyle... How many Multimillion Dollar houses can you live in ???

This is a disgrace and a clear example of greed on behalf of McIvor...
 
Re: Bank Default

ASICK said:
For what it's worth, IMO, the amount of default interest isn't the critical issue - the critical issue is the further impairments to the fund's loans. .
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I also could not agree more.

I think we as investors should have been advised of the possibility of these further impairments much earlier.
 
QUESTIONS

1. once the EIF loan book was impaired - McIvor could not take fees - but he did - millions and millions. When did he really know that the loan book was impaired. I say the evidence will take us back into mid 2009

2. when his mate Dudders Dudley got $45M+ - what was that money trail? how much crept back into McIvor coffers?

3. what assets/mortgages have inter-changed between EIF and the EPF?

4. what is the story about the un-disclosed joint borrowing by Equititrust and McIvor re Westpac loan? It was not disclosed to BOARD or in AUDIT REPORT - so what is the charge for misleading financial figures and deceiving Board, Bankers, Auditors, ASIC etc?

5. what credits and or amounts have gone from EIF to McIvor regarding rental on building and or lease termination; severance pay and superannuation payments; any compensation re the very very questionable sub-ordinated investment.

6. what deals were done with HAYES and QUINLIVAN and what moneys were paid to them to manage EIF assets such as WINDSOR TURF FARM and WIRRINA GOLF COURSE.

7. what issues / incident ignited KENNEDY, SID SUPER, DAVID KENNEDY, DAVID JACKSON, JOHN GODDARD, POWELL and TREASURE all to jump ship and re-sign?

8. given all the above - why doesn't EIF get a freezing order on McIVOR assets? isn't he a flight risk?

McIVOR used to brag about coming into business with two surfboards and an old VW. I am happy with that - I will pay for 2 old boards and a clapped out old VW and send him packing.....
 
How about Equititrust Limited's alleged impairment plugging of EIF loans? If it is the case, would it be a serious matter of non-disclosure? Was a complaint made to ASIC?
 
ADVISING ASIC

I agree ONCE McIvor can be shown that he had reasonable cause to believe that loans and values were impaired, he simply could not touch the POT$$$$ any more - but he knew as far back as Sept 2009 and that evidence has been sent to ASIC

ASICK said:
How about Equititrust Limited's alleged impairment plugging of EIF loans? If it is the case, would it be a serious matter of non-disclosure? Was a complaint made to ASIC?
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How would you have reacted if you were told in 2009 (or whenever) if you were told immediately that the manger was plugging holes in fund loans? (that is, loans were failing and the manager was making good the shortfall from OUTSIDE of the EIF - as I understand it).

Do you think you might have been, at least, concerned?

Or, do you think you would have said "Thanks for your concern"?
 
it is a lot worse than this my friend.... when he knew that a lot of his loan book was r--ted - he got the Aussie banks to step in - now in a classic PONZI manouvre of which Bernie Madoff would have been proud - he gave these same new lenders security which ranked ahead of all of us investors - and then used that money to plug the holes and also to pay us our "interest' which was in reality returning some of our own capital, whch we then had to pay tax on.....

ASICK said:
How would you have reacted if you were told in 2009 (or whenever) if you were told immediately that the manger was plugging holes in fund loans? (that is, loans were failing and the manager was making good the shortfall from OUTSIDE of the EIF - as I understand it).

Do you think you might have been, at least, concerned?

Or, do you think you would have said "Thanks for your concern"?
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IDIOTS: see page 61 AFR today

Ben Wilmot of the AFR is right on the job - those idiots at Equititrust think that ASIC will return their licence and that they can remedy their financial shortfall breaches - idiots! What do they do about WESTPAC loan? Idiots!
 
Seems Trilogy is so proud of their REIT Healthcare fund that they took all information about the fund off their website. Last count unit price was $0.50 and no income stream to investors. Financials lodged 3 Octobter 2011, but not disclosed online. (I posted the link to that fund on this thread earlier in the week)

I notice you complained about Equititrust removing the latest announcement from the site which I note has been returned: (http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011.pdf)

Let's hope Trilogy decide to bring back all the info about their fund so you'll be able to better judge their performance.

I guess that's better than the Trilogy Dee Why project - ZERO returned. You'll have to ask them about it, nothing published on the Trilogy website about that either.

oh.. well, such is the risk investors take.
 
Disclosure Statement

The Disclosure Statement has been returned minus any reference to the Ian Lazar action...

It seems Equititrust's lies have been exposed again.. Also if McIvor is not in any way involved why is he still talking to the media, bagging the old directors???

He is also talking to his old mate Nick Nichols from the Gold Coast Bulletin who is writing articles devoid of truth and is as delusional as his mate McIvor.. In one article the raid by ASIC was described as "mischief making"... Is he for real... Nick Nichols is not an objective reporter and should also understand that a lot of Equititrust Investors who have been ripped off by McIvor are Gold Coast Bulletin Readers... Sure support the Gold Coast but don't write stories that are fed to you by your mates. Nick Nichols is a disgrace and a poor imitation of an objective journalist... He epitomizes the worst of the White Shoe Brigade which still remains on the Gold Coast. No wonder the city is regarded as a joke both domestically and internationally...
 
Legal Action and Recovery

Equititrust has given no answers on the ongoing legal action against defaulting borrowers...
Tucker was representing Equititrust in all the actions and now with the bust up between him and McIvor it seems all actions have come to a halt jeopardizing investor's interests even further...
The conflict of interest was outlined by me on this thread a long time back and yet McIvor at the time endorsed and encouraged it. This time bomb was predicted and McIvor did not care where he was leading Equititrust. It seems his attitude of "If I am going down, everyone will go down with me" has further endangered Innocent Retiree investors interests.

With further massive impairments (which have been hidden from banks and investors) on the way, what if anything will be left for unit holders. The controversy and daily headlines does not auger well for the sale of toxic assets in an already depressed market. McIvor's idiotic and selfish antics have ruined innocent peoples lives..
 
Re: Legal Action and Recovery: EIF UNIT VALUE will get under 40cents

write offs will exceed $100M

you read it first here.....

No Trust said:
Equititrust has given no answers on the ongoing legal action against defaulting borrowers...
Tucker was representing Equititrust in all the actions and now with the bust up between him and McIvor it seems all actions have come to a halt jeopardizing investor's interests even further...
The conflict of interest was outlined by me on this thread a long time back and yet McIvor at the time endorsed and encouraged it. This time bomb was predicted and McIvor did not care where he was leading Equititrust. It seems his attitude of "If I am going down, everyone will go down with me" has further endangered Innocent Retiree investors interests.

With further massive impairments (which have been hidden from banks and investors) on the way, what if anything will be left for unit holders. The controversy and daily headlines does not auger well for the sale of toxic assets in an already depressed market. McIvor's idiotic and selfish antics have ruined innocent peoples lives..
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Re: Equititrust: HOW DOES TRILOGY FIT IN TO ALL OF THIS ????

lets hope not !!!!!

ASICK said:
Seems Trilogy is so proud of their REIT Healthcare fund that they took all information about the fund off their website. Last count unit price was $0.50 and no income stream to investors. Financials lodged 3 Octobter 2011, but not disclosed online. (I posted the link to that fund on this thread earlier in the week)

I notice you complained about Equititrust removing the latest announcement from the site which I note has been returned: (http://equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011.pdf)

Let's hope Trilogy decide to bring back all the info about their fund so you'll be able to better judge their performance.

I guess that's better than the Trilogy Dee Why project - ZERO returned. You'll have to ask them about it, nothing published on the Trilogy website about that either.

oh.. well, such is the risk investors take.
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Re: Disclosure Statement NICK NICHOLS is not regarded as credible amongst his peers

he has one big CYCLOPS eye in the middle of his forehead and that is all PRO MAD MARK MADOFF.....

Come on Nick..... beat yourself up a bit - how about a true expose? go and talk to Bea Jeans (she is right on your patch) about her multi million dollar hit ???

No Trust said:
The Disclosure Statement has been returned minus any reference to the Ian Lazar action...

It seems Equititrust's lies have been exposed again.. Also if McIvor is not in any way involved why is he still talking to the media, bagging the old directors???

He is also talking to his old mate Nick Nichols from the Gold Coast Bulletin who is writing articles devoid of truth and is as delusional as his mate McIvor.. In one article the raid by ASIC was described as "mischief making"... Is he for real... Nick Nichols is not an objective reporter and should also understand that a lot of Equititrust Investors who have been ripped off by McIvor are Gold Coast Bulletin Readers... Sure support the Gold Coast but don't write stories that are fed to you by your mates. Nick Nichols is a disgrace and a poor imitation of an objective journalist... He epitomizes the worst of the White Shoe Brigade which still remains on the Gold Coast. No wonder the city is regarded as a joke both domestically and internationally...
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WE HAVE NOW PASSED 90,000 HITS !!!!

by this time next week we might HIT the magic 100,000!!!

with such a slow start 14 months ago - a few of us have led the charge....

well done

Justice has almost prevailed
 
I don't have any confidence in Nichols either. Michael West & Scott Rochfort of the SMH are the terriers who'll dig deep to get to the gist of things.
 
Nick "the Dick" Nichols

If Nichols keeps up his creative writing at the behest of McIvor he might soon be looking for a job... The contributors to this thread have exposed McIvor, it wont be too hard to expose Nichols either...

For too long the journalists of the Gold Coast Bulletin have been too closely linked to the development industry. Does Nichols give a Sh#t about the tens of millions of dollars lost by elderly Gold Coast investors?? I don't think so!

The management of QLD Newspapers should be looking into this... In fact lets do this, any investor upset and insulted by Nichols reporting should make a complaint to QLD Newspapers about his conduct and obviously cosy relationship with McIvor...

Nick get your hand off it, or we will...
 
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