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Equititrust?

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Re: WE HAVE NOW PASSED 90,000 HITS !!!!

Good work Kostag, the thread definitely has momentum now... We were the lone soldiers and now it seems the rest of Australia has taken note of what we have to say...

As long as ASIC and The Federal Police are reading this thread I am satisfied. My (very reliable sources) inform me that both parties are avid readers.

kostag said:
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
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Re: Equititrust BRETT at AFR has been on the case too

it is EXPOSE time

ASICK said:
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.
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COSY DEALS done dirt cheap.....

what will emerge will be asset securities held by McIvor in side companies; loan proceeds and fees part diverted ; taking an interest in security assets in MM Holdings etc..... knowing that valuations and security interests were false and or overstated whilst continuing to publish money-inducing PDSs.

Misleading auditors and fellow Directors (Westpac loan) and valuation evidence.

Does anyone think for a moment that anyone let QUINLIVAN walk out of the room with $45M + ??? Give old Dudders immunity and wait and see what he might be able to tell..... it will be a Pandora's box of plunder and pillage....
 
LAZAR

and what side deals does LAZAR know about?

give him immunity and get him talking.

and what about the people tied up with the Warrana assets. They have bene quiet. What stories might they be able to tell?
 
Scam of all Scams

The biggest scam was the 50M Capital Raising in January remember... McIvor knew what was going on and wanted to scam more innocent retiree's... Luckily Colin Kruger of the SMH stepped up to the plate and forced ASIC to act. Remember that conflict of interest which McIvor was promoting... Where would that money have gone, another mansion on Cronin Island ?
 
Re: Scam of all Scams PDS FRAUD

the PDSs put out on this FUND plus the MERIDIEN LANDSOLVE one were both FRAUDULENT.... dont you worrk, ASIC is right onto this.

You could PLUG more holes in these PDSs than IAN MAURICE has hair plugs .....

No Trust said:
The biggest scam was the 50M Capital Raising in January remember... McIvor knew what was going on and wanted to scam more innocent retiree's... Luckily Colin Kruger of the SMH stepped up to the plate and forced ASIC to act. Remember that conflict of interest which McIvor was promoting... Where would that money have gone, another mansion on Cronin Island ?
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Legal Action and Recovery

Outstanding Financials
I have previously alerted investors in regard to the outstanding financials on this thread and the ramifications of Equititrust not completing them. But did anyone at EquitiRust listen?? NO. It seems that if the financials were completed the results would have been a lack of net asset backing for the fund.

Legal Action
The next looming disaster and something these incompetent idiots are being very quiet over is the legal action commenced against borrowers. Tucker was representing Equititrust in ALL the actions and now it seems everything has come to a standstill after McIvor and Tucker fell out.. WHAT WILL HAPPEN NOW ? This idiotic conflict of interest will cost the investors many millions of dollars in having to appoint new lawyers while Tucker tries to protect the Goose who laid his Golden egg... Mark my words Tucker is not a friend of Equititrust investors, he is only out to make money on them. If he really cared he would not have put investor's in this position and jeopardised their retirement future even further . Remember he has been paid 100 cents in the dollar for all his fees. Investors will be lucky to get 20 cents in the dollar..
These two egomaniacal idiots will have cost the investors millions of dollars before this ends. Both McIvor and Tucker should be restrained from any further involvement in the fund. The legal actions should be transferred to a new law firm and Tucker should not be paid for his legal fees and should in fact refund them as he was in a CLEAR AND UNEQUIVOCAL position of conflict. Any cost in the transfer of the files should be borne by Tucker... What is ASIC going to about this... This is a critical matter and investors should not be held ransom by Tucker in not releasing the files. But who will Tucker release them to??? They should only be released to ASIC as the current board appointed by McIvor is not to be trusted. Those files will also have some interesting file notes, that is if they have not been shredded. ASIC needs to get a hold of those files ASAP. If Tucker will not release the files then ASIC should get the Legal Services Commission involved about his actions in acting in a position of conflict and apply to the court to have the files released. If this is not done expeditiously the defendants will have a clear advantage and in most cases apply to court to have the matters dismissed due to a lack of representation on the plaintiff's side.

Senior Legal Counsel spoken to in Sydney have confirmed that the current position is untenable and the fact that Tucker acted in a position of conflict over so many matters affecting investors ; EXTRAORDINARY and unheard of... But hey it’s the Gold Coast these cowboys thought they could get away with anything...

Tucker and McIvor's personal vendetta's are costing innocent people their lives... The presents that Tucker and McIvor buy this Christmas will be paid for from the sweat and blood of innocent investors.

Nice work idiots...
 
The Dominos Have Started To Fall - Banks Call In Their loans - Unit Value Massacre

The banks have started to call in their loans...

Look at this developing disaster just announced on the company website.

http://www.equititrust.com.au/Pdfs/...ment_04_11_2011 - Bank Debt and Insurance.pdf

So Equititrust has had default notices served by Westpac and Bank of QLD for loans which were for McIvor's benefit only...

McIvor has really outdone himself here...

So what impact will this now have on on investors... Do they now have to line up behind Westpac and Bank of QLD ???

If Equititrust has received default notices McIvor and his entities will have received them as well... So the Domino's have started to fall... The next will be the notices of Mortgagee In Possession. What a disgraceful mess...

This will create a riot and I will not be surprised to see people protesting in front of McIvor's mansion on Cronin Island whilst he enjoys his champagne lifestyle and luxury cars...


To throw a bit more fuel on the fire EquitRust have also revised their unit price.... Are you ready for it............. 58 Cents in the Dollar and this is just an estimation and subject to further running costs. No mention of the millions that will be incurred to change lawyers to recover monies...
To rub further salt into the wound of innocent investors not even an APOLOGY this time. At least Kennedy had the courtesy to apologise for the losses in his announcement last time.

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011 - Unit Value.pdf

How on earth is Equititrust expected to keep their FSL license whilst the banks have called in their loans. A new manager will have to be appointed by ASIC as it seems Equititrust is about to be tipped into receivership...

The ASIC hearing on the 21st of November will be interesting... It seems that ASIC will be preparing the gallows for the Gold Coast Cowboys...
 
I guess it's a silly question, but where does Equititrust Limited find its' authority to draw a fee to manage the fund? Isn't the deal, no income distribution, no management fee? Sure, fund expenses (other than management) are one thing but management fees?

"Ongoing operating costs, including future bank interest and the costs incurred in managing the EIF, have not been recognised in this calculation and equally further income earned from interest during the realization process has also not been recognised;"
http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011 - Unit Value.pdf

Could it be that Equititrust Limited doesn't have the authority to pay itself a fee? More particularly, no fee to cover directors' fees.

Unaudited $0.58 unit price (plus returned capital) is probably going to be closer to $0.45 (plus return) when it's audited. I hope I'm wrong, but the auditors always seem to be much stricter about valuations and the like.

At least you guys were lucky to get the 2011 year in as a capital return and NOT as income distributions (remember, I warned you about capital being returned as income distributions because I've seen that happen before).

However, if I were you, I'd be looking to get a group together and put a case to the tax office for a credit on your tax for the previous year too (that's if you paid tax).

Just a thought.
 
Good point ASICK, what are the management fees and how much are the directors being paid ??? How much were the other useless board members paid which oversaw further write downs in the unit price???

Remember Tucker was being paid legal fees was he also being paid a director's fee???

I am sure all of these points will come across at the ASIC hearing... I will make sure they do...

With default notices issued, Equititrust is now on the verge of collapse...
 
Re: The Dominos Have Started To Fall - Banks Call In Their loans - Unit Value Massa

complete IDIOTS.....

1. Equititrust call it a bank 'request' - I'd say a 'demand' - idiots - STOP YOUR LIES!!!!

2. UNIT VALUE: I preictated no more than 44cents on this web site when they were saying all was well - then they slashed to 88cnets - now another whopping 30cents - INVESTORS, we wont get 44cents - why? because overheads and costs keep running up..... somewhere in the 38-42 cent range

This MORON McIVOR still raves about his property and lending skill set ..... my kids could make loans to strangers on a street corner and probably recover better than 58cents in the dollar !!!!

IDIOTS. They deserve to be - and will be - in gaol.




No Trust said:
The banks have started to call in their loans...

Look at this developing disaster just announced on the company website.

http://www.equititrust.com.au/Pdfs/...ment_04_11_2011 - Bank Debt and Insurance.pdf

So Equititrust has had default notices served by Westpac and Bank of QLD for loans which were for McIvor's benefit only...

McIvor has really outdone himself here...

So what impact will this now have on on investors... Do they now have to line up behind Westpac and Bank of QLD ???

If Equititrust has received default notices McIvor and his entities will have received them as well... So the Domino's have started to fall... The next will be the notices of Mortgagee In Possession. What a disgraceful mess...

This will create a riot and I will not be surprised to see people protesting in front of McIvor's mansion on Cronin Island whilst he enjoys his champagne lifestyle and luxury cars...


To throw a bit more fuel on the fire EquitRust have also revised their unit price.... Are you ready for it............. 58 Cents in the Dollar and this is just an estimation and subject to further running costs. No mention of the millions that will be incurred to change lawyers to recover monies...
To rub further salt into the wound of innocent investors not even an APOLOGY this time. At least Kennedy had the courtesy to apologise for the losses in his announcement last time.

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_03_11_2011 - Unit Value.pdf

How on earth is Equititrust expected to keep their FSL license whilst the banks have called in their loans. A new manager will have to be appointed by ASIC as it seems Equititrust is about to be tipped into receivership...

The ASIC hearing on the 21st of November will be interesting... It seems that ASIC will be preparing the gallows for the Gold Coast Cowboys...
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EQUITITRUST UNIT REVALUATION as at 5-11-11 36cents

as at 5-11-11, using the 'data' from EIF web site, best likley estimate as at 5-11-11 is 36cents per unit.

This is based on assumption of 6 months winding up.

Any more disclosures etc, the figure just keeps dropping. :mad::mad:
 
The Dominos Have Started To Fall - Banks Call In Their loans - Unit Value Massacre

Kostag, you are at best "optimistic" at 36 cents and I say this because the winding up will take up to 3 to 5 years. Tucker has previously alluded to this and it is squarely based on the toxic loans to King Con and the legal action against borrowers. The likely amount will be sub 25 cents in the Dollar. There will be another announcement once an independent party takes over. These guys are liar's look at the impairment amount they have been sitting on. They were so scared to reveal it that that they didn't even lodge their own end of year financials with ASIC... Insane isn't it but unfortunately true. So the figures they have now given are another farce to try and keep their FSL nothing more. The real impairment is much much worse especially when some of the other things McIvor has been hiding come out... Then everyone will say oh sorry he didnt tell us about this just like the 24M Loan from Westpac. This only came out recently..
Borrowers who can will now use the delay and deep pocket defense mechanism to drag this out and then reach some sort of settlement. Look at Lazar he is doing it now and it is costing a fortune. Others will follow suit namely Meridien... The whole "King Con " site in Ipswich has to be re approved and redeveloped to a lower plot ratio meaning much less revenue. It then has to be sold and that will not be an easy task. The board has to come clean as to whether the figures used for the unit revaluation are at fire sale figures or figures used by McIvor to delusionally develop the site in some way via Landsolve or one of his other deluded entities...

Equititrust Receivership in matter of weeks
It is fair to say that Equititrust will be placed in either receivership or liquidation in the coming month after the demand notices from the banks expire, then a new manager will have to be appointed by ASIC or ASIC may move on the 21st of November faced with absolutely no other alternative. Then the fees will really start to rack up especially in terms of the legal costs in recovering delinquent loans. New lawyers will and have to be appointed to act in the best interests of investors. Further the publicity surrounding this disaster will further diminish the value of the properties as no one in their right mind will pay full value for these toxic assets.. Some of the assets like Ipswich will cost more to recover than they are worth. In some cases it will be better to walk away from the asset than to try for some sort of recovery. "King Con" wont front up with any money.. The key now is that Equititrust be let adrift and the management of both funds be given to a responsible entity which will undertake a forensic analysis and recover money from McIvor. Remember the millions taken in management fees and return on subordinated investment...

McIvor even wanted to take $3M by way of a payment to his super fund ahead of NAB... Nice guy uh, really cares about his investors doesn't he...
 
Where are all these geniuses

:eek:Where are all these geniuses now, especially the likes of incompetent Tim James who was meant to be in charge of lending management.

Also read McIvor's opening comment in the 07/08 Annual Review about purported legitimate fund managers and his views on the introduction of Public Stocks as punishment for those responsible for investor losses...

Hey Mark if the offer is still open we would all LOVE to see you in public stocks as punishment for your actions... In fact I think not only have these words come back to bite you on the ar*e you will experience much much worse than public stocks in the coming months...

McIvor continues that the company comits to a continual refining of its lending skill set... Yeah continual lending to his mate "King con" and lending on worthless projects...

Lets see if McIvor has the cheque book open to pay out Westpac and Bank of Queensland... Dont think dear ol McIvor has the reddies to pay out anyone...

Maybe the Public Stocks should be set up on Thomas Drive in front of the Equititrust Office in full view of incoming traffic...

If McIvor is a man of his word he will comit to the public stocks

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf
 
Annual Review 07 / 08 - Page 4

You will laugh out loud when you look at the Annual Review below ,Page 4 shows an illustration of Public Stocks and then a lecture on good management of funds by McIvor as well as noting other company failures. McIvor then goes on to preach about the Camel Approach to good Funds Management

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf

Camel
1. Capital
2. Asset quality
3. Management
4. Earnings
5. Liquidity

The delusional one as we will refer to him, has failed in each and every component of the Camel Acronym. One may conclude that McIvor's camel is well and truly rooted...

ASIC has discovered that McIvor has actually been practicing the Donkey Approach to Funds Management

Donkey

1. Don't care about my investors
2. Only care about myself and my luxury lifestyle
3. No interest payments or return of capital
4. "King Con" is a good bet
5. Equity?? Whats that again???
6. You always point the finger of blame on someone else.


Now Mark going on what you have preached if you are a man of your word isn't it time that you were put into the Public Stocks... Only going on your words in a publicly available document...

When are you available ? Investors are ready for you anytime mate!!!!!!!!!!!!!!!
 
Re: Annual Review CAMEL APPROACH numbered 3. 4 and 5

Look at these three......

3. Management
4. Earnings
5. Liquidity

Now, see what McIvor said at the INVESTOR LYNCHING in defence of the KING CON debacle - basically, they only looked at the asset and to be able to ensure that they could hurt the BORROWER more than BORROWER oculd hurt them....

well, ASIC - McIVOR is on record stating the LENDING CRITERIA including 3. , 4., and 5. At what point is his conduct DECEPTIVE, MISLEADING, CRIMINAL and DECEPTIVE ?????

Look at KING CON:

1. Managament: Twice Bankrupt and named in Parliament as KING CON and a serial DUDDER

2. Earnings: where are King Con's filed statutory reports, Mark? Even the TAX OFFICE wound up some of his companies.

3. Liquidity: a static un-approved vacant land holding in IPSWICH, you MORON.

Good work, you fool - 3 WRONG out of 5. Nice score card. Come on ASIC - we were all misled. He states his lending criteria BUT this was all just marketing hype and rubbish.


No Trust said:
You will laugh out loud when you look at the Annual Review below ,Page 4 shows an illustration of Public Stocks and then a lecture on good management of funds by McIvor as well as noting other company failures. McIvor then goes on to preach about the Camel Approach to good Funds Management

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf

Camel
1. Capital
2. Asset quality
3. Management
4. Earnings
5. Liquidity

The delusional one as we will refer to him, has failed in each and every component of the Camel Acronym. One may conclude that McIvor's camel is well and truly rooted...

ASIC has discovered that McIvor has actually been practicing the Donkey Approach to Funds Management

Donkey

1. Don't care about my investors
2. Only care about myself and my luxury lifestyle
3. No interest payments or return of capital
4. "King Con" is a good bet
5. Equity?? Whats that again???
6. You always point the finger of blame on someone else.


Now Mark going on what you have preached if you are a man of your word isn't it time that you were put into the Public Stocks... Only going on your words in a publicly available document...

When are you available ? Investors are ready for you anytime mate!!!!!!!!!!!!!!!
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MAD McIVOR's GUIDE TO LENDING - the D.O.N.K.E.Y

all credit to NOTRUST this one is beautiful and ASIC should take note....

Donkey
1. Don't care about my investors
2. Only care about myself and my luxury lifestyle
3. No interest payments or return of capital
4. "King Con" is a good bet
5. Equity?? Whats that again???
6. You always point the finger of blame on someone else.
 
ANNUAL REVIEW 2007/2008 see PAGE 3 TONY BAWDEN

hey, Nick Nicholls - why don't you ring TONY BAWDEN and see how his EQUITITRUST investment is going? want to get an update on his glowing reference in the 2007/2008 report page 3??
 
ON RISK AND FALLEN FUND MANAGERS.... see page 4 of the 2007/2008 REVIEW

ah memories, you gotta luv em.

Bridgecorp, Westpoint, Fincorp, ACR - Bernie Madoff, Citi Pacific..... Mad Madoff McIvor - ooops! how did that one slip in ?? it wasn't me - it was that damned GFC, no, we dont have the luxury that banks have - we dont check our borrowers, hell no, we just aim to hurt them harder than they hurt us (what the f---?)

well, let me get out my templated lending slide rule - the DONKEY !!!
well EQUITITRUST will slip into the annals of HISTORY - if it runs as a run out scheme over 3-5 years etc - INVESTORS will get close to NIL..... you watch.....

now, I do love the use of the STOCKS.... and in recent english history the BRANDING on the FOREHEAD of "D" for DEBTOR
 
McIvor's new book - "Fund Management on My DONKEY"

McIvor often refers to Warren Buffet, now McIvor can offer up his own investment philosphy in his new book "Fund Management on My DONKEY" (under the supervision of ASIC).

"King Con" otherwise known as the "Magician" for his inate ability to make tens of millions of dollars disappear has written the foreward to the book.. Make sure this gem is under your christmas tree...
 
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