Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
100,000 views

100,000 hits on this thread, thanks to Kostag for staring this thread to expose these crooks...
 
Legal Action and Recovery

Open Question to EquitiRust ??? What is happening to the legal actions on foot?
 
From yesterdays hearing ...
"2. ORDERS that the proceeding stand over to 4.15 pm on 21 November 2011."

Probably no coincidence that insurance expires 4.00 pm 21 November 2011.
 
With the lazar Case - looks like Piper Alderman has joined in with two supporting creditors.

Lazar is seeking the appointment of a Provisional liquidator - which will preserve the value in the Funds without us running the risk of Marky Boy trying to reconvert his 40m worth of Units.
 
Urgent action required by Piper Alderman.

"We require your urgent assistance to call a meeting of members by close of business today.

Please contact any unitholder you may know, who may not already be in contact with us, and ask them to contact us immediately so that we can submit a meeting request form on their behalf."

Contact details: Amanda Banton
t +61 2 9253 9929 | m +61 424 156 859 | f +61 2 9253 9900
abanton@piperalderman.com.au | www.piperalderman.com.au
 
Re: Equititrust RE-CONVERT SUB-ORD UNITS

He is a slippery as a cut snake old Madog Madoff McIvor....

however I take us all back to notes in the 2009-2010 accounts when it looks to me like good old marky boy issued $40M of units in exchange for giving up some rights etc - I think McCullough Robertson gave some advice on this one - in other words non-cash issue and I suspect if a forensic accoutant takes a real close look the new units issued will be invalid and although he will try to screw us all - we will block this move.....

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 .
Click to expand...
 
I wonder if DAVID KENNEDY has sharpened up his Valuations skills since this comment:

(viii) Zencorp’s comments about valuations are ill-informed and without basis. If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).

On 31 January this year???? It seems to me like you were the one that had no idea what you were talking about. :confused::confused::confused:
 
JOBS FOR THE BOYS!!! gets those snouts in the trough before it is all gone!

just go with the flow here.....

1. Mr Vincent was appointed as a Director of Equititrust Limited by maddog McIvor
2. Mr Vincent has given an affidavit that supports the winding up of the EIF etc
3. He wants this done by an internal process rather than the risk of the appointment of external insolvency practitioners (refer to Equititrust web iste where all these annoucements are made);
4. The internal process that he proposes is a committee comprising existing Director and Mark 'Madoff' McIvor appointee McDiarmid; Mr Vincent and a Mr Nick Combis.
5. Mr Vincent is a partner of Vincents - an insolvency firm.
6. Mr Combis is Mr Vincent's partner in the firm of Vincents.
7. If they are partners in an insolvency firm etc and are doing this job, wont they be charging normal professional rates to do this job, along with all their staff?
8. Wont they be clearly CONFLICTED - being appointed as Directors by Madoff McIVOR and then appointing themselves as the new COMMITTEE to oversee the 3-5 year wind down of EIF assets.
9. In this regard and no inferences implied or stated - isn't there a very serious conflict of interest here and how hard will they go after the McIVORS as they sneak out of the Gold Coast?

Call me suspicious, call me naive - hello. you have got to be f-c-ing kidding, aren't you?
UNITHOLDERS - correct, we need an insolvency firm in there - the current BOARD atleast acknowledges that much. If we are going to pay VINCENTS full rates, then lets get a majorfirm with 100% no ties to the BANKS involved or Maddog McIvor.....and also the goegraphic focus to handle assets in NSW, South Australia, Victoria and all over Qlsd!:confused:

lets ensure that all BORROWERS are pursued; MM Holdings are pursued; any dodgy deals between McIvor, Borrowers, MM Holdings and EIF funds are exposed and dealt with fully; the issue of the $40M of sub-ordinated units and their conversion to ordinary units is fully turned inside out and prosecuted fully.:(

Stop the FINANCIAL RAPE!!! :mad:

ASIC, please !!!!! :banghead:
 
VALUATIONS - we picked it on this web site!!!

we told this moron , loan by loan, the likley write offs!!!

we are almost spot on and we didn't charge them a thing

I will make you this prediction....

dodgy side deals (by MM) will emerge
these deals with be with ALL major loans
Borrowers aren't fools - you wait till you see their cross actions and they will be fully funded and they will probably win....
word around the town is that actions are pending re: Quinlivan/Ipswich; Meridien; Lazar; Warrina South Australia - which will see these loan 'assets' implode and virtually dissappear
City predictions are that after 2-3 years of litigation and 3-5 years of realisation , that this 'prime' book of first mortgage loans will yield a NIL net return and a gross return well south of $50M. :banghead:




zencorp said:
I wonder if DAVID KENNEDY has sharpened up his Valuations skills since this comment:

(viii) Zencorp’s comments about valuations are ill-informed and without basis. If anybody seriously suggests that the property market in Australia has dropped 40% across the board over the past 12-18 months then they simply do not know what they are talking about (particularly when much work has been done by our Landsolve team during this time improving the values of security properties).

On 31 January this year???? It seems to me like you were the one that had no idea what you were talking about. :confused::confused::confused:
Click to expand...
 
Piper Alderman

It seems that Piper Alderman has taken a proactive approach on behalf of investors and they should be commended for that, as it seems no one else has come up to the plate.

Conflict of Interest
Vincent and Combis have acted for Equititrust and McIvor in a personal capacity and WILL NOT investigate "McIvor's actions" creative accounting / non disclosure and gross malfeasance..

Vincent and Combis and the board appointed by McIvor have a clear and unequivocal CONFLICT OF INTEREST.

This is a last ditch attempt by McIvor to cover his ass in terms of the dodgey dealings that have occurred nothing more. What better way than to have your mates oversee the process and as Kostag so aptly puts it McIvor is as slippery as a cut snake.

Its time to finally cut the snakes head off on Monday... McIvor has only served his own interests whilst he has financially raped elderly retiree investors.

Hang your bloody head in shame McIvor
 
Copy of the Federal Court Order

No: (P)NSD1614/2011
Federal Court of Australia
District Registry: New South Wales
Division: General


IAN DAVID LAZAR
Plaintiff

EQUITITRUST LTD ACN 061 383 944
Defendant

DIANNE BANCROFT and another named in the schedule
Supporting Creditors



ORDER

JUDGE:
Justice Yates
DATE OF ORDER:
17 November 2011
WHERE MADE:
Sydney


THE COURT:

1.GRANTS leave to the plaintiff to file an interlocutory process seeking the appointment of a provisional liquidator to the defendant, such interlocutory process to be returnable before Yates J at 4.15 pm on 21 November 2011.

2.ORDERS that the proceeding stand over to 4.15 pm on 21 November 2011.

Date that entry is stamped:


Deputy District Registrar


Schedule
No: (P)NSD1614/2011
Federal Court of Australia
District Registry: New South Wales
Division: General
Supporting Creditor: HAROLD BANCROFT
 
Provisional Liquidator

It seems the Federal Court has stood this over until Monday to allow ASIC to do what it has to do in terms of this mess.

I cannot see how ASIC will allow Equititrust stooges to manage the wind down of the two funds . Its inconceivable form a point of law that former directors of an insolvent Responsible Entity will be rebirthed into another committee via a "Temporary" Responsible Entity" (that cannot be named)to manage the funds which have been decimated by the same group of individuals.. Due Process and Common Sense will not allow this travesty of justice to occurr...

Note to Vincent and Combis investors do not want you as they know you are both working for McIvor... Get your hands off it guys, you are kidding yourselves... You will both be without a job come Monday, adiós amigos...
PS Give McIvor our sympathies
 
WINDING IT UP: we need INDEPENDENCE.....

http://www.vincents.com.au/people.html

Paul Vincent reads well enough - but, he is a McIvor appointee and is proposing himself (and through him, his firm) to oversee the winding up and (we hope) pursue his friend and appointor, Mad Dog McIvor.

Mr Vincent - I am sure that you do good work - but we have had enough of all of this - even a perceived conflict of interest is one conflict too much! :banghead:
 
LITIGATION LIST: keep all of these in your mind....

1. Taking a 3-5 year windup view, the EIF return will be virtually NIL.

The Premium wholesale fund which the Board themselves now write down to 14 cents per dollar Unit and which the delusional McIvor still rants about backing into some ASX shell is almost already a complete write off.
The ONLY hope of any recovery is whatever the Directors have been able to squirrel away and I suspect that Piper Alderman have now formed that view.

2. Litigation: now this baby is like a festering sore - waiting to ‘explode’ as it were. Tucker - rightly or wrongly - jumped ship, but he has a handle on these matters. So what do the Board do? Ladle these matters out to new lawyers who will charge a fortune to get up to speed? More losses.
But how many matters does this ‘basket case’ Equititrust have on the go? Well, lets rely on the all research that we have done; Court lists; email gossip etc.
It’s quite a list:-
1. Lazar’s wife, Viktoria - Castlecrag Nominees
2. Shirley Hayes
3. Papdopoulos – bankruptcy
4. Resort Corp matters
5. Samtay GroupManttan - recovery matter
6. Summer Hill Estate
7. Phil Franks
8. GAMP Developments
9. Willaire Pty Ltd
10. Kristo Demain
11. R M Walsh Holdings
12. Checkling Pty Ltd
13. Quinlivan Group
14. Rural Security Holdings
15. Graham Hayes
16. Harry Katsakas - 16 Queensland Ave, Broadbeach
17. Claims by BOSIAL
18. Claims by Westpac
19. Claims by National Bank
20. Corymbia Estates - suing the Valuers
21. Capital Finance dispute
22. ASIC - Federal Court
23. Lazar - Federal Court
24. Cosmos Properties
25. Crackers Corporation - Jarrod McCracken
26. Michael Mantton
27. Meridian Marinas
28. Cavallo Trading
29. Johannah Quinlivan – insurance matter
30. Rosea Pty Ltd
31. Winsor Turf Pty Ltd
32. Cameron David
33. Filmlock Pty Ltd
34. ICA Toowoomba Foundry Pty Ltd
35. SLIM Pty Limited
36. GS and GB Nominees Pty Ltd
37. A & T Promotions Pty Ltd
38. Action against MM Holdings Pty Ltd and Mark McIvor

3. Finally in the next 7-10days expect some big announcement. I don’t think that it will be in reality good news BUT something big is going to break. Watch this web site.

4. The Insolvency industry around Sydney are all fighting their way into Piper Alderman’s door to somehow get the job of Liquidator. That is where the money is, I am afraid. No-one is talking seriously now about any recovery for anyone. That is fact. Now, Director Paul VINCENT, appointed by Mark McIvor, has put his and his partner (in VINCENTS) Nick Combis' names forward to wind up the scheme!!!!
 
New Affidavit on Equititrust Web Site - Compelling Reading

Vincent the delusional idiot has now sworn an Affidavit as at the 18th of November and it is compelling reading as it includes the letter sent to Equititrust and the Directors from Piper Alderman on the 11th of November 2011. IT IS GRIPPING STUFF and outlines the fraud committed on the investors and makes demand on the return of some $72,000,000 on behalf of investors... Eye watering stuff

http://www.equititrust.com.au/Pdfs/Notifications/20111118/Affidavit_Paul_Vincent_sworn_18112011.pdf

In the same Affidavit Vincent "the idiot" states they have been negotiating with Stacks Managed investments to take over as "Temporary" Responsible Entity of the fund at $150,000 per month as they were the last ones interested into doing it. As at 5.30pm this afternoon Stacks withdrew and said they would not get involved YET this "idiot Vincent" still swears an Affidavit including Stack's company details KNOWING they won’t do it and says if they reconsider by Monday that this is the best option for investors... Has McIvor INFECTED Vincent with delusion... I have never read such a bigger pile of Bulls#t in my life...

It gets better..

He then goes on to say that due to the disharmony and animosity between the previous board members referring to Tucker's Affidavit that it be in the "best Interest" that if all else fails to appoint an insolvency practitioner independent of and not proposed by the the former board members.

Wait "idiot" then comes in with a clanger..

He then Proposes that if a replacement responsible Entity is not found by the 21st of November that Brad Hellen of Pilot Partners in Brisbane be appointed and wait for it.... an "Independent" Provisional Liquidator...

The catch is

I am reliably informed that Pilot partners have acted for McIvor and his private companies in the past namely in 2005

This is another SCAM and last ditch attempt to maintain control. WHAT RIGHT does this idiot stooge of McIvor's have to dictate which Liquidator will be appointed???

Vincent will regret swearing this affidavit as it REAK's of hypocrisy and DOUBLE standards. On the one hand he says the former directors should not propose anyone as a Liquidator as it is a conflict of interest yet he, who was appointed by McIvor as one of his stooges and is soon to become a former director as of Monday Afternoon now proposes Pilot Partners as an Independent Insolvency firm... Well Vincent you "Idiot" I am sure I speak on behalf of all intelligent investors F#ck Off and go and see a psychiatrist if you seriously think this will fly... Issue a statutory declaration that Pilot Partners have never been involved in any matters related to McIvor... You can’t do that you idiot as you very well know that they have a connection to McIvor via his private companies so WHY on earth would you even ATTEMPT to pull the wool over the eyes of The Court, ASIC and more importantly the Investors...


The Independent Liquidator will and should be appointed by The Queensland Supreme Court in conjunction with ASIC.

A word of warning to Pilot Partners, take note from Stacks and dont get involved, if you do issue a consent knowing full well that you have a conflict of interest due to having acted for McIvor's Private companies previously then documentation will be provided to ASIC, the Supreme Court and the Media to expose this conflict of Interest.

Think twice before doing something unethical...
 
Status
Not open for further replies.
Top