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Equititrust?

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Exactly, they have F#cked up everything and now in a last ditch attempt want to retain control via a transplanted "temporary" RE. They have to joking right. who on earth would allow this to fly. Westpac and Bank of QLD will move on Equititrust soon after the 21st.

Yet no word from these idiots on how McIvor's personal loans will affect investors and they still want to manage investors interests... This is a joke...

ASICK said:
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?
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Ex Parte Application

It seems that this may of gone to court yesterday by the looks of it to seek permission to advise the investors of the proposed scam via newspapers and a notice on the company website...

It will be interesting to see what ASIC will say as this application was made without them being notified i.e Ex Parte.

If ASIC had known about the application I am sure it would have been opposed as the notice period is inadequate for investors to make an informed decision. If Equititrust have allowed the situation to deteriorate to this point why the hell should they be given any more chances to play games with the lives of retiree investors. ASIC must step in and do something and not allow this idiotic last grab at control to continue. This is jumping from one sinking ship to another with investors tied to their backs as hostages... This is not in the investors best interests it is a last roll of the dice by McIvor and his stooges...

Of interest Equititrust are using Gold Coast Criminal Lawyers Nyst and Co
Quite fitting isn't it...

THESE IDIOTS HAVE TO BE STOPPED IMMEDIATELY
 
Troubled firm Equititrust looks to wind up two of its funds

Troubled firm Equititrust looks to wind up two of its funds

Anthony Marx
The Courier-Mail
November 17 2011


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FUNDS TO CLOSE: Equititrust will seek winding-up orders from the Queensland Supreme Court on Monday.


BELEAGUERED fund manager Equititrust will seek court orders on Monday to wind up two of its funds and have a temporary group of managers appointed to oversee the process.

The Gold Coast company said yesterday that Queensland Supreme Court approval of the scheme would mean a planned investor meeting to wind up the frozen $117 million Income Fund would no longer need to proceed.

Equititrust chairman Jeff McDermid said the company was "faced with a number of obstacles", including a likely lack of insurance after Monday, which would breach its financial services licence.

http://www.couriermail.com.au/business/troubled-firm-looks-for-ways-out/story-fn7kjcme-1226197266733
 

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Piper Alderman - Amanda Banton

"But lawyer Amanda Banton, who has threatened a class action against the company, said this week the appointment of an independent liquidator would be preferable because it would preserve any litigation rights against company directors, auditors or other relevant parties."

"She said the company would have no incentive to investigate itself if it was responsible for the wind-up."

http://www.couriermail.com.au/business/troubled-firm-looks-for-ways-out/story-fn7kjcme-1226197266733
 
Independence is Key

Amanda Banton is correct in that why is control trying to be throttled by a failed company which will most likely be placed into liquidation next week... Oh thats right to protect the founder Mark McIvor who appointed all these stooges...

These guys have links back to McIvor and the auditor and will never expose their dear old comrades will they. THEY ALL HAVE A CONFLICT OF INTEREST...

If ASIC is in any way acting in the interests of investors and has any sense of corporate governance and transparency will intervene in this action and have an Independent Liquidator appointed with no links back to the previous board...

It is incomprehensible that these shameless idiots who have run a company into the ground and lost tens upon tens of millions of dollars of innocent retiree's investors money still want to maintain control and keep investors hostage.

There are any number of INDEPENDENT liquidators which can do the job fairly and without favour or any links to McIvor. McIvor needs to be investigated and I hope that Piper Alderman make submissions to the court on behalf of the investors who have already signed up for the Class Action for the appointment of TOTALLY INDEPENDENT LIQUIDATORS...

These Donkey's have made an application to the court for Monday the 21st and in their affidavit cannot name a "Temporary Responsible Entity"...

ASIC must act now and FINALLY put an end to this by the appointment of a INDEPENDENT LIQUIDATOR on Monday...
 
ASIC Court Action 12 December 2012

It seems that ASIC is preparing for an application against Equititrust on the 12th of December.


http://apps.courts.qld.gov.au/esear...Location=BRISB&Court=SUPRE&Filenumber=9694/11


Its seems that this application may have to moved forward to the 21st of November to coincide with Equititrust's psychotic suicidal application to reappoint themselves under a different guise whilst Equititrust burns...
 
Today's Gold Coast Bulletin has an article on page 33 regarding the Equititrust Limited application.
 
The article as usual is not online... Is it a typical parochial Gold Coast Bulletin beat up whilst ignoring the facts ?
 
Legal Action and Recovery

No comment on the Equitiflop website about the legal actions on foot... What is going on??? Is there a dispute with Tucker now ???
 
No Financials or Proper Estimate of Losses

I need to highlight a very important fact... These incompetent idiots have still not prepared or lodged the end of year financials which is a breach of the FSL. THAT IS A FACT ACKNOWLEDGED BY THEM. They have most likely lost close to $100M if not more. THAT IS A FACT ACKNOWLEDGED BY THEM

Now they still want to retain control of the fund not giving investors a voice via a meeting. The new board was bad but these idiots have been infected with the same delusional virus that McIvor is stricken with.

Investors have not been given a proper accounting of the losses that will be incurred nor have simple procedures like preparing the financials been followed. These guys are as bad "King Con".

Birds of a feather flock together...
 
The application, including supporting material is on the Equititrust HOMEPAGE.

NYST LAWYERS ARE ACTING FOR Equititrust.
 
THIS COULD BE THE BIGGEST SCAM OUT THERE:

The issue in relation to the reconversion of subordinated units in EIF and EPF is the potential for a reconversion of 40,000,000 sub-ordinated units in EIF held by Equititrust Limited in its own right. If this happens it may diminish the EIF unit price by approximately 20%

WHAT THIS MEANS IS IF THEY ACHIEVE TO GET A NEW RE APPOINTED - EQUITITRUST HAS A POTENTIAL CLAIM TO HAVE ITS 40M WORTH OF SUBORDINATED UNITS REINSTATED.
 
mostly I don't have a clue, but sometimes I get warm .. post #1031, last paragraph,
"... I don't know just how the subordinated investment works, but could it be that if Equititrust is ousted, that the subordinated investment converts to an ordinary investment? A conversion would really put the cat amongst the pigeons by decimating the fund. (The fact that the subordinated investment offsets loss may not mean that it changes characteristic, subject to Equititrust Limited remaining manager of the fund.). ..."


again, be careful what you wish for .. on the other hand, if there's litigation against Equititrust, then the $40m would become a target for a claim if the amount was converted. Depends on the percentage split with the litigation. Six of one, half a dozen of the other?
 
zencorp said:
THIS COULD BE THE BIGGEST SCAM OUT THERE:

The issue in relation to the reconversion of subordinated units in EIF and EPF is the potential for a reconversion of 40,000,000 sub-ordinated units in EIF held by Equititrust Limited in its own right. If this happens it may diminish the EIF unit price by approximately 20%

WHAT THIS MEANS IS IF THEY ACHIEVE TO GET A NEW RE APPOINTED - EQUITITRUST HAS A POTENTIAL CLAIM TO HAVE ITS 40M WORTH OF SUBORDINATED UNITS REINSTATED.
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Zencorp I just read this in a letter from Equititrust dated 16 November 2011.

As i see it the question then is if EL can reconvert its shares because of its own request for a new RE and its own potential non-compliance with ASIC .
 
klua said:
Zencorp I just read this in a letter from Equititrust dated 16 November 2011.

As i see it the question then is if EL can reconvert its shares because of its own request for a new RE and its own potential non-compliance with ASIC .
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It says in the PDS:
"The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access
investment ranking equally with other investor."

I understand that to say - basically - if Equititrust is removed, doesnt matter how, the units will be reconverted.

This is just a plot to save 40m of Mark's personal money - he has his own cowboys in there - he appointed them - this is a ploy by him to rip us all off!!! This is probably how he intends to repay Westpac and BOQ..... :banghead::banghead::banghead::banghead:

They need to be kicked out and a Liquidator appointed to Equititrust to ensure that they dont get away with this!!!!!!!!
 
Furthermore, I have it on good advice that Nick Combis and Vincent already do work for Equititrust. Similar to how David Clout (Liquidator) does work for Equititrust and ASIC Stepped in as a result in the Tucker Case. This is an OBVIOUS conflict of interest.

Trying to rape and pillage the funds for fees and also save Mark's bacon by trying to recover the 40m.

If they are so concerned about insurance, they should quit and a Liquidator appointed.
 
zencorp said:
It says in the PDS:
"The Capital Warranty Investment remains for so long as Equititrust remains the responsible entity of the Fund. In the event Equititrust ceases to be the responsible entity, then (subject to any Fund financier requirements) the Capital Warranty Investment automatically converts to an Access
investment ranking equally with other investor."

I understand that to say - basically - if Equititrust is removed, doesnt matter how, the units will be reconverted.

This is just a plot to save 40m of Mark's personal money - he has his own cowboys in there - he appointed them - this is a ploy by him to rip us all off!!! This is probably how he intends to repay Westpac and BOQ..... :banghead::banghead::banghead::banghead:

They need to be kicked out and a Liquidator appointed to Equititrust to ensure that they dont get away with this!!!!!!!!
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The clause hasn't been challenged yet - it might not be as bad as you think - I think a court may find that the clause was expected to operate only if the Equititrust was voted out, but would not operate in the circumstances you find yourselves in.

I really don't think a court would uphold the clause to allow the manager to cause massive losses in the fund, and recover its' suborindated investment merely by giving up its' managership of the fund.

As I understand it, clauses have to have a practical affect - generally contractual clauses will be interpreted contra proferentem.

If the clause is interpreted as meaning the intention of the subordinated investment was to offset loss, with conversion only possible if Equititrust is voted out at a meeting of members, then the $40m is safe.

Don't worry too much until the "fat lady sings".
 
Did I hear right?.. Was there a late court hearing today in Sydney re Equititrust... ASIC may have attended as an interested party.. If true , Wonder what that was all about.

On another matter, they must be long long odds to get the required insurance cover as per their licence requirements.. What cover do they need?.. Is it a multiple of 10 of their current cover?.. Surely liquidator appointment is odds on for Mondays hearing...
 
Charles Darwin said:
Did I hear right?.. Was there a late court hearing today in Sydney re Equititrust... ASIC may have attended as an interested party.. If true , Wonder what that was all about.

On another matter, they must be long long odds to get the required insurance cover as per their licence requirements.. What cover do they need?.. Is it a multiple of 10 of their current cover?.. Surely liquidator appointment is odds on for Mondays hearing...
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Ian Lazar's application to wind up Equititrust was to be heard in the Federal Court in Sydney this afternoon.
 
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