Equititrust?

[klua]

If the average person deceived another in whom trust was held to manage their monies they would be held liable and convicted.The way the law works at times is just so wrong.To take a 50 percent loss on a investment,then to have to pay a minimum of 40 percent to a litigation firm to PROVE there was deceptive on goings ?
And now a QLD Supreme Court application against the Members of the Equititrust Income Fund and the Members of the Equititrust Priority Class income Fund.?


http://apps.courts.qld.gov.au/esearc...umber=10478/11

Bloody Hell now Eqititrust Limited is commencing an action against the funds!
Does anyone have any details?

 

[mandl2415]

Could it be that because the loans called in by Westpac and BOQ are by Equititrust,if Equititrust goes into default,the banks can take receivership.? Perhaps action is being taken against the members of the funds in supposed non payment of management fees which subsequently put Equititrust behind the eight ball ,so to speak.?
Another legal tactic to escape the law of deception?

 

[zencorp]

Some of the links u guys have posted are broken. HERE is the LINK to the CURRENT ACTION.

http://apps.courts.qld.gov.au/esearching/FileDetails.aspx?Location=BRISB&Court=SUPRE&Filenumber=10478/11

 

[zencorp]

Its being heard this MONDAY. WHO is DEFENDING the FUNDS????????

How does the RE Bring an Application against the funds where they have no means to defend???

Why isnt Equititrust filing an action against Mark Mclivor and MM Holdings???

 

[klua]

Could it be that because the loans called in by Westpac and BOQ are by Equititrust,if Equititrust goes into default,the banks can take receivership.? Perhaps action is being taken against the members of the funds in supposed non payment of management fees which subsequently put Equititrust behind the eight ball ,so to speak.?
Another legal tactic to escape the law of deception?

Strange that the action is against:
"THE MEMBERS OF HTE EQUITITRUST INCOME FUND " and
"THE EQUITITRUST PRIORITY CLASS INCOME FUND"

Why is the fund being sued in one case and the members of the fund being sued in the other case?

 

[Charles Darwin]

Just an interested bystander, I am not an investor.. Could they be trying to appoint the directors to windup the funds?

ASIC wouldn't let this happen, now would they?

 

[mandl2415]

Suffice to say they'll be no Christmas Hampers from them this year! Ha

 

[No Trust]

Thanks as always for your interest Olman, however I do not care to explain on what basis I make these claims as I am under no duty to report to you as you are under no duty to report to me under the terms of this thread. My views are my views and if you don't like them well..... tough...!!! In terms of any proposed legal action, independent Legal Advice is best given by an independent lawyer; its what any Judge or magistrate would advise...

For Historical Purposes

Posted by Olman 5th-February-2011 12:42 PM Post #76

"Too late? I don't think so. I personally feel the unfamiliar stirrings of an uncharacteristic (for me) optimism about the future with Equititrust.

On another level, I have a sneaking admiration for Mark McIvor's stance. Who says the world has to operate according to the dictates of the media? It’s an unfortunate fact that media power can be directed against any perceived opposition, and Mark McIvor has laid himself open to the possibility, but it’s rather refreshing to see principle triumph over pragmatism for a change."
_________________________________________________

Is there any other ulterior motive to discourage investors from joining the class action ?

It seems that Equititrust have not procrastinated and have launched proceedings against unit holders...

FOR THOSE INVESTORS WHO HAVE NOT CONTACTED PIPER ALDERMAN MY SUGGESTION IS TO CONTACT THEM ASAP as the litigation against you by Equititrust has started...

Not only have they lost half your money, they are now spending your money to sue you... Nice bunch of Bastards these guys are...

How is ASIC allowing this under the resitrictions put on them...

"Legal Experts"?? Mark McIvor is a lawyer, isn't he? I don't think the lawyer qualification necessarily makes one an expert - see the reference posted by ASICK recently - http://www.bransgroves.com.au/litigation/mercedes-holdings-pty-ltd-v-waters-no-3-2011-fca-236.html - for another example of professional incompetence.

This forum is available for anyone to comment; lawyers, investors or otherwise. To presume that a lawyer's comments are all that is worthy of consideration smacks of arrogant elitism to me.

I personally prefer a range of discussion from diverse sources and encourage non-lawyers to continue to express themselves. Such expression does not necessarily lead to a victim mentality, but hopefully to a more reasonable and rounded understanding of all aspects of the matter.

You speak a lot on behalf of other people - "A lot of investors who have decided to join the class action have determined that this is the best option out there and doing nothing will get you nothing.." and "The majority of investors are in favour of a negotiated group discount..." being two recent examples. Would you care to explain on what basis you make these claims on behalf of others?

 

[No Trust]

Klua, thanks for your interest, however the internet being what it is I am under no obligation to report personal financial details or otherwise on a public forum. If you chose to then that is entirely up to you.

So do you have money invested in EIF?
Your earliest posts would suggest not.

 

[No Trust]

Application

The Application is being heard on the same day as the ASIC hearing on the 21st and may be a peremptory strike against Unit Holders whilst they have the capacity to do so...

What is amazing about these despicable bastards is that they have not issued anything in the form of disclosure on the company web site to keep investors informed. Imagine what innocent elderly investors are thinking now...

Disgusting behaviour of the highest order

 

[No Trust]

ASIC

Under the ASIC ORDERS Equititrust were restrained from commencing any further legal action... How was this allowed to happen? Has McIvor completely lost it ?

 

[nuffie]

It's all over

Guys, first time poster, long time watcher.

This means they have given up. McIvor (and the board) have acknowledged there is no saving the management of the fund. They don't have the NTA, and their directors insurance lasts until Monday at which stage the directors can get sued personally without cover. Have a look at this

http://www.equititrust.com.au/Pdfs/Notifications/20111116/Affidavit_Paul_Vincent_sworn_151111.pdf

So they are seeking an alternate RE (which meets NTA needs etc) to step in and wind it up - which is the order they are seeking next week.

There will no doubt be a whopping reduction in declared NTA at some stage under the new RE.

They would be unlikely to have sought this without the various bank's consent - although you never know. In all likelihood Equitrust Ltd itself will also be sunk shortly, so a class action against it is useless, although the directors might still be on the hook. but McIvor will be very much out.

Who the new RE is will be interesting - but mcivor would be stupid to have anything to do with it.

 

[No Trust]

Who's brilliant idea was this ?

 

[klua]

How is ASIC allowing this under the resitrictions put on them...

Exactly.
Its a matter that should be raised with ASIC asap.

 

[ASICK]

Equititrust Limited is seeking an ex-parte order and is running its' application without counsel (lack of $$$?). The judge will be very wary of whatever the application is. Interesting times ahead. I wonder if they're seeking $$$$ from the fund because right now (as I undertand it), they can't draw management fees?

 

[No Trust]

Re: It's all over

Very good information Nuffie it seems the game is well and truly up. When you read through the affidavit it is clear that this is a last ditch attempt for control by McIvor's stooges. Imagine saying oh, trust us we know what we are doing but can't get insurance and are basically insolvent and ahhh will get back to you in regard to a responsible entity... The temerity of these idiots is incredible... These stooges all have a Conflict of Interest and have had prior business dealings with McIvor. Expect ASIC intervention in the proceedings on the 21st.

It's time for a fresh start and whether its ASIC or more likely the banks enforcing their security some form of Liquidator / Receiver will be appointed next week.
ASIC will not be told what to do from a bunch of incompetents and neither will the banks

Guys, first time poster, long time watcher.

This means they have given up. McIvor (and the board) have acknowledged there is no saving the management of the fund. They don't have the NTA, and their directors insurance lasts until Monday at which stage the directors can get sued personally without cover. Have a look at this

http://www.equititrust.com.au/Pdfs/Notifications/20111116/Affidavit_Paul_Vincent_sworn_151111.pdf

So they are seeking an alternate RE (which meets NTA needs etc) to step in and wind it up - which is the order they are seeking next week.

There will no doubt be a whopping reduction in declared NTA at some stage under the new RE.

They would be unlikely to have sought this without the various bank's consent - although you never know. In all likelihood Equitrust Ltd itself will also be sunk shortly, so a class action against it is useless, although the directors might still be on the hook. but McIvor will be very much out.

Who the new RE is will be interesting - but mcivor would be stupid to have anything to do with it.

 

[klua]

Re: It's all over

Guys, first time poster, long time watcher.
Have a look at this

http://www.equititrust.com.au/Pdfs/Notifications/20111116/Affidavit_Paul_Vincent_sworn_151111.pdf

So they are seeking an alternate RE (which meets NTA needs etc) to step in and wind it up - which is the order they are seeking next week.

Who the new RE is will be interesting - but mcivor would be stupid to have anything to do with it.

Thanks for that post Nuffie.
So Equititrust Limited isnt suing the funds, thats a relief.
Pity info about the action wasnt posted before as it would have saved some heartache.

 

[No Trust]

It's All Over

Click on the PDS link in Nuffies post and all is explained in the detailed affidavit.. Including the admission that the banks and ASIC are likely to appoint provisional Liquidators and Receivers

Wherever Nuffie got this information its right on the ball...

 

[No Trust]

These idiots have never kept investors properly informed and now they are telling everyone what's in their best interests... Are they insane why would ASIC give them another chance to screw things up even more and allow them to chose a Responsible Entity when they can't even manage their own company and insurance cover.

I have never in my time seen such a desperate attempt ? The court will see through this as will ASIC. To allow this idiots to continue would be a travesty of justice of the highest order.. There is no concern for investors just pure greed and self interest...

Equititrust is dead

 

[ASICK]

Temporary? Shouldn't Equititrust move out of the way and arrange for another manager to be appointed (by way of a meeting of members, or court order) to wind up the fund?