No Trust
JUSTICE IS COMING...
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Re: ON RISK AND FALLEN FUND MANAGERS.... see page 4 of the 2007/2008 REVIEW
Or maybe D for Donkey
Or maybe D for Donkey
Equititrust?
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No Trust
JUSTICE IS COMING...
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Loan Default Admissions
It seems that since ASIC have become involved the level of disclosure has MIRACULOUSLY increased... I think ASIC will be very interested in the Demand Notices send by Westpac and Bank Of Queensland...
It seems that since ASIC have become involved the level of disclosure has MIRACULOUSLY increased... I think ASIC will be very interested in the Demand Notices send by Westpac and Bank Of Queensland...
No Trust
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Nick "the Dick" Nichols
Why doesn't Nick Nichols write an article on the predicament facing the retiree investors? Many of the innocent investors reside on the Gold Coast. Or will he just write another idiotic article and say that Westpac and Bank of Queensland are mischief makers taking action at the behest of disgruntled borrowers. WAKE UP NICK its time to stop being a Dick and write an honest story facing your readers.
Don't Hold your breath...
Why doesn't Nick Nichols write an article on the predicament facing the retiree investors? Many of the innocent investors reside on the Gold Coast. Or will he just write another idiotic article and say that Westpac and Bank of Queensland are mischief makers taking action at the behest of disgruntled borrowers. WAKE UP NICK its time to stop being a Dick and write an honest story facing your readers.
Don't Hold your breath...
My point? If you rely solely on the media, then your knowledge WILL be limited. It's best to share information as widely as possible. The media reports only what it wants to report, but sometimes it's very, very helpful as it's been for your case.
Here's another good example:-
http://www.smh.com.au/business/bonu...-single-job-20100830-1431p.html#ixzz1QskYkZQy
Notice the words "grubby" and "obscene"?
Re: Equititrust: TRILOGY: anothermob of shonks - see the cavalier letter advising of
100% write off !!!!!! IDIOTS !!!!!
100% write off !!!!!! IDIOTS !!!!!
TRILOGY - another dubious mob.... NIGEL CHAMIER
this DIRECTOR is also chairman of the failed PARIDIAN fund mob where shareholders some $20Million of them also have sufferred a 100% write off!!!! No mention of that in his the CV on the TRILOGY site......
Nigel Chamier
Independent Non-Executive Director
Nigel is a non-executive independent Director of Trilogy Funds Management Limited and Chairman of NAC Investments (Qld) Pty Ltd. Nigel is also a Director of Scimitar Marine Pty Ltd and is the Honorary Consul for Sweden. He was elected President of the Queensland Division of the property Council of Australia from 1985 to 1986 and was awarded a Medal in the Order of Australia for services to real estate and the property industry in 1994. In June 2008 Nigel was also awarded the Royal Order of the Polar Star for Services to Sweden. Nigel was with Jones Lang LaSalle from 1972 to 1992, latterly as joint Managing Director in Queensland and proprietor of the firm in the Pacific region. In 2001 he retired after serving for nine years as Chairman of the Office of Economic Development for the City of Brisbane Limited. Nigel was also previously a Director of the City of Brisbane Airport Corporation.
this DIRECTOR is also chairman of the failed PARIDIAN fund mob where shareholders some $20Million of them also have sufferred a 100% write off!!!! No mention of that in his the CV on the TRILOGY site......
Nigel Chamier
Independent Non-Executive Director
Nigel is a non-executive independent Director of Trilogy Funds Management Limited and Chairman of NAC Investments (Qld) Pty Ltd. Nigel is also a Director of Scimitar Marine Pty Ltd and is the Honorary Consul for Sweden. He was elected President of the Queensland Division of the property Council of Australia from 1985 to 1986 and was awarded a Medal in the Order of Australia for services to real estate and the property industry in 1994. In June 2008 Nigel was also awarded the Royal Order of the Polar Star for Services to Sweden. Nigel was with Jones Lang LaSalle from 1972 to 1992, latterly as joint Managing Director in Queensland and proprietor of the firm in the Pacific region. In 2001 he retired after serving for nine years as Chairman of the Office of Economic Development for the City of Brisbane Limited. Nigel was also previously a Director of the City of Brisbane Airport Corporation.
I'm one of the unlucky investors in the City Pacific Fund and we've been at it for a couple of years longer than you guys.
My website is http://www.moneymagik.com/
My website is http://www.moneymagik.com/
PHIL RYAN and McCARTHY DURIE RYAN AND NEIL was a financial bloodbath
how do these same names come up time and time again???
ASIC !!!!!!!
how do these same names come up time and time again???
ASIC !!!!!!!
That's been the subject of many a conversation over the last couple of years. The reason I come to this thread is because I could see what was going to happen. One doesn't need crystal balls: the signs are there.
When these funds fall apart, in my opinion, there's normally a mess, and what I regard as first rate managers won't touch them - some of the managers who seek to take over these funds are taking advantage of the vulnerability of the investors in the damaged funds (vulnerability brought about the shock of loss of so much of their respective investments).
Now, you mightn't see it, but you're vulnerable right now. You hate Equititurst Limited et al so much that you'll jump into bed (so to speak) with any manager because you figure that you can't be worse off, but believe me, that just might not be the case.
Trilogy (along with the Balmain) came to members of the fund as a dynamic duo, although we knew about Ryan and were reluctant to vote for BT, Citypac's behavior with its' related party loans and the massive fee it was charging forced us to vote for the dynamic duo. We didn't know about the Dee Why project at that time.
It didn't take long for me to gain an absolute distrust of BT. In September 2010 they brought members of the fund together for a meeting. The Explanatory Memorandum and so-called "Expert" report are found on BalmainTrilogy's site (under "news" dated about 2 August 2010)
We resisted it and BT lost the day. Michael Pascoe wrote the article I posted here re:"grubby" and "obscene".
To get away from Citypac, we voted for the dynamic duo because we felt we had no other choice because we couldn't get together (as members) even on the most simple thing. We should have pooled some money, went to the court, and sought a wind-up other with a court-appointed manager, but we didn't.
The duo came to us and told us they'd release their 'strategy', and one year later, they relelased it. It was, in my opinion, the greediest grab I could imagine. The terms were so skewed in the manager's favour that it was ridiculous.
Take a look thru the "PFMF Coffee Club" forum (I'm about the only poster - it's my forum) and take a look thru http://www.moneymagik.com/ and you'll see what's gone on.
Among other things I would say is that you MUST read and UNDERSTAND any proposal put to you as members of your fund. Never let emotion bias decision making.
An informed membership is a protected membership.
An emotional membership is vulnerable to the approaches of even malintents.
It's been somewhat painful to watch this forum over time, but sadly the outcome was predictable.
Just learn as much as you can, and you'll do the best that's possible (remember, we've been at this since the CPFMF froze in March 2008).
What took three years for us has taken less than a year for you. We've learnt a lot, just as you all will.
When these funds fall apart, in my opinion, there's normally a mess, and what I regard as first rate managers won't touch them - some of the managers who seek to take over these funds are taking advantage of the vulnerability of the investors in the damaged funds (vulnerability brought about the shock of loss of so much of their respective investments).
Now, you mightn't see it, but you're vulnerable right now. You hate Equititurst Limited et al so much that you'll jump into bed (so to speak) with any manager because you figure that you can't be worse off, but believe me, that just might not be the case.
Trilogy (along with the Balmain) came to members of the fund as a dynamic duo, although we knew about Ryan and were reluctant to vote for BT, Citypac's behavior with its' related party loans and the massive fee it was charging forced us to vote for the dynamic duo. We didn't know about the Dee Why project at that time.
It didn't take long for me to gain an absolute distrust of BT. In September 2010 they brought members of the fund together for a meeting. The Explanatory Memorandum and so-called "Expert" report are found on BalmainTrilogy's site (under "news" dated about 2 August 2010)
We resisted it and BT lost the day. Michael Pascoe wrote the article I posted here re:"grubby" and "obscene".
To get away from Citypac, we voted for the dynamic duo because we felt we had no other choice because we couldn't get together (as members) even on the most simple thing. We should have pooled some money, went to the court, and sought a wind-up other with a court-appointed manager, but we didn't.
The duo came to us and told us they'd release their 'strategy', and one year later, they relelased it. It was, in my opinion, the greediest grab I could imagine. The terms were so skewed in the manager's favour that it was ridiculous.
Take a look thru the "PFMF Coffee Club" forum (I'm about the only poster - it's my forum) and take a look thru http://www.moneymagik.com/ and you'll see what's gone on.
Among other things I would say is that you MUST read and UNDERSTAND any proposal put to you as members of your fund. Never let emotion bias decision making.
An informed membership is a protected membership.
An emotional membership is vulnerable to the approaches of even malintents.
It's been somewhat painful to watch this forum over time, but sadly the outcome was predictable.
Just learn as much as you can, and you'll do the best that's possible (remember, we've been at this since the CPFMF froze in March 2008).
What took three years for us has taken less than a year for you. We've learnt a lot, just as you all will.
No Trust
JUSTICE IS COMING...
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Court Appointed Manager
ASICK I totally agree with you, even though there is emotion, level heads need to prevail. That is why a Court / ASIC appointed receiver / manager is essential to wind down the fund and conduct an investigation.
A forensic analysis of McIvor's behind the scenes activities will not occur unless there is an independent receiver. McIvor and Tucker need to be moved as far away from this fund as possible and they have both not served investors well.
ASICK I totally agree with you, even though there is emotion, level heads need to prevail. That is why a Court / ASIC appointed receiver / manager is essential to wind down the fund and conduct an investigation.
A forensic analysis of McIvor's behind the scenes activities will not occur unless there is an independent receiver. McIvor and Tucker need to be moved as far away from this fund as possible and they have both not served investors well.
No Trust
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Legal Action and Recovery
Here is a challenge to the NEW BOARD issue a statement on what is going on with Tucker and the Files.
Listen can you hear the chirping of crickets....
Thats all you will get... They are stuck at the moment and can't move against any borrower.
Here is a challenge to the NEW BOARD issue a statement on what is going on with Tucker and the Files.
Listen can you hear the chirping of crickets....
Thats all you will get... They are stuck at the moment and can't move against any borrower.You'll find it invaluable to obtain a copy of the members' registry. I would recommend that you don't leave it to the last minute to try to get in contact with each other.
We've found that in the event of a meeting being called, that you'll be behind the eight ball trying to compete with a mail out backed up by a well-oiled call centre.
I think it's important to convey your concerns to other members as soon as possible, and in doing so you'll be 'breaking the ice' and building credibility, something that you won't be able to do if you respond during the "heat" generated after a meeting has been called: I know that the WC PIF action group had this problem as we did in the PFMF.
Members of forums must not assume that non-forum members are as well informed - in fact, a letter from fellow investors comes as quite a shock, especially when it comes unexpectedly.
You have to follow the PPPP principle, Prior Preparation Prevents (a) Poor Performance (modified somewhat due to the public nature of this forum), and you can do that by putting together an account, getting some donations from members, getting the registry, putting together a mailout inviting members to join the forum and telling them about your concerns.
What path you choose to follow is a matter for yourselves, but believe me, after a meeting is called, time is more than 'of the essence'. You can bet that the entity calling the meeting will be phoning members to encourage them to support the manager with their proxy.
If you want to be succesful, don't get caught flat-footed. Chat will not achieve anything unless it accompanies action.
We've found that in the event of a meeting being called, that you'll be behind the eight ball trying to compete with a mail out backed up by a well-oiled call centre.
I think it's important to convey your concerns to other members as soon as possible, and in doing so you'll be 'breaking the ice' and building credibility, something that you won't be able to do if you respond during the "heat" generated after a meeting has been called: I know that the WC PIF action group had this problem as we did in the PFMF.
Members of forums must not assume that non-forum members are as well informed - in fact, a letter from fellow investors comes as quite a shock, especially when it comes unexpectedly.
You have to follow the PPPP principle, Prior Preparation Prevents (a) Poor Performance (modified somewhat due to the public nature of this forum), and you can do that by putting together an account, getting some donations from members, getting the registry, putting together a mailout inviting members to join the forum and telling them about your concerns.
What path you choose to follow is a matter for yourselves, but believe me, after a meeting is called, time is more than 'of the essence'. You can bet that the entity calling the meeting will be phoning members to encourage them to support the manager with their proxy.
If you want to be succesful, don't get caught flat-footed. Chat will not achieve anything unless it accompanies action.
No Trust
JUSTICE IS COMING...
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Good point ASICK
NTA PER UNIT:
well, EQUITITRUST will never give us any meaningful data, so this is my calculation assuming an intense 6 months and then a reduced windup over say 5 years; with some very solid property writedowns on the two mainly talked about projects. No allowance made for Westpac, Bank of Qlsd, ASIC issues, litigation, Mad Dog's superannuation claims.
Sales and legal recovery costs estimate might be too high BUT cut it in half - only has an affect of $2.5M on the overall result - cents in the dollar!
No allowance made for BORROWER led litigation by Meridien, Quinlivan or Lazar. If one of them gets up, that will knock a hole in the place!
See how close we finish up to this result :-
Fund assets $137,560,354
less: NAB $15,500,000
$122,060,354
less: Creditors $4,714,360
Net Value (calculated by Equititrust) $117,345,994
less: further write downs
Asset EIF value (guess) HK assessment Write down
general write down on other assets $5,000,000
South Australia $35,000,000 $5,000,000 $30,000,000
Ipswich $25,000,000 $5,000,000 $20,000,000 $55,000,000 less: likely on going costs
monthly running $100,000 per month 6 $600,000
monthly running $50,000 per month 54 $2,700,000
interest 8% per cent 12 $16,290,788
Sales and legal - recovery 4% collection on $137,560,354 $5,502,414 $25,093,203
NTA: $37,252,791
Units on issue $203,634,856
Value: per unit $0.18
well, EQUITITRUST will never give us any meaningful data, so this is my calculation assuming an intense 6 months and then a reduced windup over say 5 years; with some very solid property writedowns on the two mainly talked about projects. No allowance made for Westpac, Bank of Qlsd, ASIC issues, litigation, Mad Dog's superannuation claims.
Sales and legal recovery costs estimate might be too high BUT cut it in half - only has an affect of $2.5M on the overall result - cents in the dollar!
No allowance made for BORROWER led litigation by Meridien, Quinlivan or Lazar. If one of them gets up, that will knock a hole in the place!
See how close we finish up to this result :-
Fund assets $137,560,354
less: NAB $15,500,000
$122,060,354
less: Creditors $4,714,360
Net Value (calculated by Equititrust) $117,345,994
less: further write downs
Asset EIF value (guess) HK assessment Write down
general write down on other assets $5,000,000
South Australia $35,000,000 $5,000,000 $30,000,000
Ipswich $25,000,000 $5,000,000 $20,000,000 $55,000,000 less: likely on going costs
monthly running $100,000 per month 6 $600,000
monthly running $50,000 per month 54 $2,700,000
interest 8% per cent 12 $16,290,788
Sales and legal - recovery 4% collection on $137,560,354 $5,502,414 $25,093,203
NTA: $37,252,791
Units on issue $203,634,856
Value: per unit $0.18
No Trust
JUSTICE IS COMING...
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Sad but, it looks like this will be the most likely result..
There is a lot more hidden that has not been revealed. Look how long it took the previous board to discover the undisclosed Westpac loan. Why did McIvor hide this from the board ?
What impact will the default notices from Westpac and Bank of QLD now have on Investors... The gig is now up for McIvor as he used his "so called units" in the fund as collateral for these loans. The latest announcement on the website now shows that value as nil. So the banks, after reading the latest headlines of Federal Police and ASIC raids finally pulled the pin. Look at Commonwealth Bank, They extended the payment till December and are now demanding payment immediately. Its no wonder the previous board quit...
There is a lot more hidden that has not been revealed. Look how long it took the previous board to discover the undisclosed Westpac loan. Why did McIvor hide this from the board ?
What impact will the default notices from Westpac and Bank of QLD now have on Investors... The gig is now up for McIvor as he used his "so called units" in the fund as collateral for these loans. The latest announcement on the website now shows that value as nil. So the banks, after reading the latest headlines of Federal Police and ASIC raids finally pulled the pin. Look at Commonwealth Bank, They extended the payment till December and are now demanding payment immediately. Its no wonder the previous board quit...
No Trust
JUSTICE IS COMING...
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Thompson Reuters Warning on Equititrust
FindLaw Australia
http://www.findlaw.com.au/news/6294/asic-obtains-orders-against-equititrust-limited-.aspx
FindLaw Australia
http://www.findlaw.com.au/news/6294/asic-obtains-orders-against-equititrust-limited-.aspx
Re: Thompson Reuters Warning on Equititrust OMG !!!!!!
just gets worse! lurching from one disaster to the next !!!
just gets worse! lurching from one disaster to the next !!!
EQUITITRUST: new Board and CEO
I hope that EIF is not paying for this lot.
They weren't around when the loans were done
Tucker has all the files and is sacked - so who is chasing what?
I suspect the BORROWERS will be telling us what we will be getting paid!!!!!
They have no property skill set
the SS 'Titanic' Equititrust unde rthe former control of Captian Mad Dog 'Madoff' McIvor is lurching on the reef
and we investors are all cowering down in the 3rd class desks whilkst we tap out "S.O.S" to ASIC and Fraud squad!!
I hope that EIF is not paying for this lot.
They weren't around when the loans were done
Tucker has all the files and is sacked - so who is chasing what?
I suspect the BORROWERS will be telling us what we will be getting paid!!!!!
They have no property skill set
the SS 'Titanic' Equititrust unde rthe former control of Captian Mad Dog 'Madoff' McIvor is lurching on the reef
and we investors are all cowering down in the 3rd class desks whilkst we tap out "S.O.S" to ASIC and Fraud squad!!
No Trust
JUSTICE IS COMING...
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ASIC INTERVENTION
When Thompson Reuters issues warnings to Lawyers across Australia imagine the credit risk warnings the banks have received. It’s no wonder that Westpac, Bank of Queensland and Commonwealth have issued demand notices...
It would be interesting to actually get a credit report on Equititrust , McIvor and his entities (which are so inextricably intertwined) prior to the ASIC hearing. This will be compelling evidence as to whether Equititrust keeps its FSL.
In my opinion the most compelling reasons Equititrust should lose their license is the Colin Kruger Article on the 13th of June. McIvor resigned from Equititrust the day after…
http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
McIvor knew there was going to be Massive Losses at least a year prior if not more yet he delayed valuations and took massive fees which he knew he was not entitled to. This fact alone and whilst there is a both a Federal Police and ASIC investigation underway leaves ASIC with no choice. The cancellation of Equititrust's License is the only prudent thing to do whilst there are all these unanswered questions.
Investors have lost a lot and in each turn Equititrust keeps on losing tens of millions of dollars whilst hiding the truth. They knew about these losses at the last investor briefing and intentionally did not disclose them.
Their last chance has been squandered by conflicts of interest, undisclosed loans, undisclosed losses, board infighting, daily nightmare media articles and former directors disclosure of McIvor's greedy antics in wanting to interfere in the loan covenants of his mates by releasing them of their personal guarantees and paying $3M into his own Super Fund ahead of NAB and investors... If ASIC allows this continue there will be a riot, enough is enough...
Colin Kruger's Article 13 June 2011 below sums up the case for Equititrust's License cancellation, events since this article was published leave no doubt as to what ASIC must do to protect innocent retiree investors... Anything less will undermine the premise of Investor protection by the regulator...
A lot of eyes will be focussed on how ASIC handles this on the 21st of November.
http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
When Thompson Reuters issues warnings to Lawyers across Australia imagine the credit risk warnings the banks have received. It’s no wonder that Westpac, Bank of Queensland and Commonwealth have issued demand notices...
It would be interesting to actually get a credit report on Equititrust , McIvor and his entities (which are so inextricably intertwined) prior to the ASIC hearing. This will be compelling evidence as to whether Equititrust keeps its FSL.
In my opinion the most compelling reasons Equititrust should lose their license is the Colin Kruger Article on the 13th of June. McIvor resigned from Equititrust the day after…
http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
McIvor knew there was going to be Massive Losses at least a year prior if not more yet he delayed valuations and took massive fees which he knew he was not entitled to. This fact alone and whilst there is a both a Federal Police and ASIC investigation underway leaves ASIC with no choice. The cancellation of Equititrust's License is the only prudent thing to do whilst there are all these unanswered questions.
Investors have lost a lot and in each turn Equititrust keeps on losing tens of millions of dollars whilst hiding the truth. They knew about these losses at the last investor briefing and intentionally did not disclose them.
Their last chance has been squandered by conflicts of interest, undisclosed loans, undisclosed losses, board infighting, daily nightmare media articles and former directors disclosure of McIvor's greedy antics in wanting to interfere in the loan covenants of his mates by releasing them of their personal guarantees and paying $3M into his own Super Fund ahead of NAB and investors... If ASIC allows this continue there will be a riot, enough is enough...
Colin Kruger's Article 13 June 2011 below sums up the case for Equititrust's License cancellation, events since this article was published leave no doubt as to what ASIC must do to protect innocent retiree investors... Anything less will undermine the premise of Investor protection by the regulator...
A lot of eyes will be focussed on how ASIC handles this on the 21st of November.
http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html
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