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Westpac owed millions by Equititrust

Westpac owed millions by Equititrust
Colin Kruger
Sydney Morning Herald
November 7, 2011


THE financial position of Gold Coast mortgage fund operator Equititrust Ltd has become even more precarious, after Westpac was revealed to be among the list of creditors with a debt of up to $24 million.

In a release to investors late on Friday, Equititrust reported that Bank of Queensland is also seeking the repayment of loans that had not previously been disclosed by the company. Equititrust, which has experienced a complete turnover of its board this year, did not say how much is owed, but Westpac is understood to be owed as much as $24 million by Equititrust's sole shareholder, Mark McIvor

Read more: http://www.smh.com.au/business/west...equititrust-20111106-1n1z4.html#ixzz1cvuinsgK
 
Undisclosed loans

The above article and the malfeasance on behalf of McIvor that it outlines is another compelling reason why Equititrust should have its license cancelled and McIvor charged in regard to this critical non disclosure...

Colin Kruger goes on to say:

"It is not clear from the two separate statements from Equititrust whether EIF unit holders face further losses from the Westpac and Bank of Queensland loans, which are understood to be secured against the assets of Equititrust Ltd, which acts as manager of the fund."

Westpac-200x0.jpg
Westpac ... owed up to $24 million by Equititrust. Photo: Glenn Hunt

Read more: http://www.smh.com.au/business/west...equititrust-20111106-1n1z4.html#ixzz1cw1QDcJr


What is the position Equititrust ??? Investors have to suffer further loss as a result of McIvor's undisclosed loans... This is a disgrace of monumental proportions and evidence of a company off the rails. If Colin Kruger can't decipher what the impact will be from the latest revelations and demand notices from the banks how are investors meant to interpret this...

Equititrust is basically creating an untenable situation where investors will soon charge the offices of Equititrust looking for answers.

The company and its new stooge directors who issue half-baked announcements may soon have to brace themselves for protests at the front door of their offices and if need be a physical protest lock out of the premises until proper answers are given to investors...

Some investors are becoming so distressed that the above scenario will become a reality very soon unless answers are given in the next few days...

Investors are encouraged to call the office full of idiots on Chevron Island and ask for an answer on this LATEST BOMESHELL...

ASIC take note... Equititrust needs to be SHUT DOWN
 
Leading Story

This is the leading story in the business section of the Sydney Morning Hearld...
 
Westpac non disclosure.... yet another fraud

To hold an AFS licence with ASIC the Company declares and must maintain a certain Net Tangible Asset position. Clearly Equititrust never met this position and indemnity which we relied on simply do not exist... This is a fraud and whoever concealed this from auditors should be charged.... every set of financial reports is false....
 
Net Asset Backing

It is now clear that the funds were financially raped through management fees and returns on an "illusionary subordinated investment" which were not payable due to the concealment of impairments for a number of years...

McIvor's legacy is debt, destruction and disillusionment while he rode away on his DONKEY saddle bags full of millions of dollars of cash... Where is that cash now???

Isn't it time to return the cash McIvor ?
 
Stringent Loan Impairement Testing

Read Page 10 of the Annual Review - Financial Management Report by Sid Super.

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

It outlines that Equititrust undertook "Stringent Loan Impairment Testing" on an annual basis. IS THIS A JOKE?

If they did, lets see evidence of it or better yet why doesn't Sid Super appear at the ASIC License Hearing on the 21st and explain himself. All these guys are in a lot of trouble.

When the class action starts then the fun will really begin and all the secrets will come out. Watching McIvor squirm in the witness box trying to explain his utter incompetence and or greed will be compelling viewing.
 
Re: Stringent Loan Impairement Testing SID SUPER

good POINT ..... Sid Super was held out as an appropriately skilled accountant and undertook, in his words, rigorous review - he is an officer of the company - we were all comforted by and relied on his integirty and qualifications and assurances etc - he should be called to answer too!!! they all got well paid BY US - we now demand an accounting!

No Trust said:
Read Page 10 of the Annual Review - Financial Management Report by Sid Super.

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

It outlines that Equititrust undertook "Stringent Loan Impairment Testing" on an annual basis. IS THIS A JOKE?

If they did, lets see evidence of it or better yet why doesn't Sid Super appear at the ASIC License Hearing on the 21st and explain himself. All these guys are in a lot of trouble.

When the class action starts then the fun will really begin and all the secrets will come out. Watching McIvor squirm in the witness box trying to explain his utter incompetence and or greed will be compelling viewing.
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Re: Equititrust: TIM JAMES Director of Lending

TIM JAMES you got paid well by US - we wnat him in before ASIC as well - what did he say to the loans to KING CON and WIRRINA - if he did not yell and squeal - why not?????
 
Tim James - Incompetent Idiot

Tim James is apparently a Valuer ?? After his incompetent efforts at Equititrust and the loss of tens of millions of dollars of retirees investors money not only should he be struck of as a valuer for doing McIvor's dirty bidding he will be unemplyable as a result of his negligence at Equititrust. If you see wrong being done as an officer of the company you have a duty to report this to the relevant authorities not sit back collect a fat salary for keeping quiet whilst retiree investors get financially raped. Well Timbo investors will ensure you are also in the witness box alonside your co conspirator McIvor..
Does this incompetent idiot still work there ?
 
Re: Tim James - Incompetent Idiot: he has gone too!!!!

watch how all these rats who enjoyed the largesse provided by our money etc all now turn on Mein Fuhrer as they all try to cut deals to escape the wrath of the prosecutions which must follow this raping of millions of dollars...... they will all be 'innocent' - we all knew nothing!!!!! I say - charge the lot of them.....

No Trust said:
Tim James is apparently a Valuer ?? After his incompetent efforts at Equititrust and the loss of tens of millions of dollars of retirees investors money not only should he be struck of as a valuer for doing McIvor's dirty bidding he will be unemplyable as a result of his negligence at Equititrust. If you see wrong being done as an officer of the company you have a duty to report this to the relevant authorities not sit back collect a fat salary for keeping quiet whilst retiree investors get financially raped. Well Timbo investors will ensure you are also in the witness box alonside your co conspirator McIvor..
Does this incompetent idiot still work there ?
Click to expand...
 
Re: Tim James - Incompetent Idiot: he has gone too!!!!

As company officers if they aided and abetted McIvor they will all be charged along with him. Sid Super, Tim James, and former director Wayne McIvor. Imagine the secrets that Wayne can reveal.. ASIC should offer Wayne immunity from prosecution and get all the information on the dirty and illegal deals that took place. informed sources advise that this is not the first time a complaint has been made to the Police. Finally they have acted...

The previous bunch of miscreant directors are also guilty in allowing management fees to be paid to McIvor / Equititrust. Tucker Goddard etc are also responsible for this mess let's not forget that. They did not do anything whatsoever to protect the investors. Their feeble efforts in their last days mean nothing. They had over a year to put an end to this rape of retiree investors. The former directors say they didn't know about the Westpac loans yet how hard did they try to get this information??? Not very hard it seems as an officers of the company they should have demanded all the financials. Did they do that. No, they just sat back did nothing and collected their directors fees whilst elderly Australian retiree's got raped... Let's see all the former directors cross examined before a court and then we will see how competent these idiots were.




kostag said:
watch how all these rats who enjoyed the largesse provided by our money etc all now turn on Mein Fuhrer as they all try to cut deals to escape the wrath of the prosecutions which must follow this raping of millions of dollars...... they will all be 'innocent' - we all knew nothing!!!!! I say - charge the lot of them.....
Click to expand...
 
all officers of EQUITITRUST are culpable

ASIC and the Banks will show no mercy.

Didn't the Media and the boys at SMH and Choice Magazine get this one right.

No Trust said:
As company officers if they aided and abetted McIvor they will all be charged along with him. Sid Super, Tim James, and former director Wayne McIvor. Imagine the secrets that Wayne can reveal.. ASIC should offer Wayne immunity from prosecution and get all the information on the dirty and illegal deals that took place. informed sources advise that this is not the first time a complaint has been made to the Police. Finally they have acted...

The previous bunch of miscreant directors are also guilty in allowing management fees to be paid to McIvor / Equititrust. Tucker Goddard etc are also responsible for this mess let's not forget that. They did not do anything whatsoever to protect the investors. Their feeble efforts in their last days mean nothing. They had over a year to put an end to this rape of retiree investors. The former directors say they didn't know about the Westpac loans yet how hard did they try to get this information??? Not very hard it seems as an officers of the company they should have demanded all the financials. Did they do that. No, they just sat back did nothing and collected their directors fees whilst elderly Australian retiree's got raped... Let's see all the former directors cross examined before a court and then we will see how competent these idiots were.
Click to expand...
 
Re: all officers of EQUITITRUST are culpable

They sure did didn't they... but so did we. Remember the days when we were attacked on this website by all the Equititrust sycophants... One even had the temerity to say that he had a good feeling about the future of Equititrust early on in the year... Joke, joke, joke...
They were even trying to deny the loans to "King Con" via false postings on this thread.

Now the banks have called their loans there is not much to say is there...

Expect to see removals vans and "protesters" at 1 Southern Cross Dr, Cronin Island soon. At least McIvor could set up a soup kitchen for all the retiree's he has ruined...

kostag said:
ASIC and the Banks will show no mercy.

Didn't the Media and the boys at SMH and Choice Magazine get this one right.
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The Fund Trilogy Took From View

Trilogy REIT Healthcare fund:-

UNIT PRICE $0.18

Property purchased for $8.1m in December 2007.

Now valued at $4.1m

Bank facility $3.38m

Rent receipts $703.5k (but NOW, no tennants)

Unbelieveable
 
Re: The Fund Trilogy Took From View: GOOD OLD PHIL RYAN STRIKES AGAIN

this is not his first foray into funds (mis) management business

ASICK said:
Trilogy REIT Healthcare fund:-

UNIT PRICE $0.18

Property purchased for $8.1m in December 2007.

Now valued at $4.1m

Bank facility $3.38m

Rent receipts $703.5k (but NOW, no tennants)

Unbelieveable
Click to expand...
 
Class Action Notice

Case Summary:
According to the claims, Equititrust Limited ("Equititrust") and its directors violated section 236 of the Corporations Act of Australia. Equititrust was the responsible entity and Manager of the Income Fund and the Premium Fund. The claims are likely to allege misleading and deceptive conduct, breach of trust, breach of fiduciary duties as trustee and breaches of the Corporations Act in relation to the managed investment scheme provisions.

http://gmi.rbcdexia.com/rt/GSS.nsf/...6D0157336F7E55A585257936004A86A2?opendocument
 
It's Time for Investors to Strike Back

For investors who have not joined the class action, it might be time to consider calling Piper Alderman. The announcements from Equititrust and daily headlines in the national Media in regard to catastrophic losses and disunity within the company are horrendous. The Westpac, Bank Of QLD and Commonwealth bank demands to Equititrust for payment of loans it indicative of a company out of control.

Control your own destiny or someone else will... What is EquitRust offering except misery... In their last disclosure of massive impairments there was not even an apology just basically take it and lump it, we don't care announcement...
 
What are the advantages oppossed to disadvantages of joing the class action?

Mark McIvor has always prided himself by doing the right thing by his mainly retiree investors.I'd like to suggest that he relinquish all of his unit holdings he has in MM Holdings to spread the heavy losses of the minority investors.How many multi million dollar homes does one require?He could still live a oppulent lifestyle by doing this,however the losse's incurred of innocent investors live's will change in all aspects.
 
Class Action

It comes down to basics:

Joining the Class Action = Some Hope of recovering Losses


Not Joining the Class Action = No hope of recovering any Losses


In terms of McIvor relinquishing any of his assets, he will not do this voluntarily... The class action will however target these assets which Management Fees from Equititrust have been funding...

His own home on Cronin Island is held in a Trust to protect it against legal claims. However pressure from the NAB forced the sale. McIvor admitted this and it was reported in the Courier Mail... So the question is how much debt is there against these assets and how will the Westpac and Bank of QLD loans affect the two Income Funds. No word from Equititrust as to how this will impact retiree investors...
 
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