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Equititrust?

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Kostag and No Trust (oh, and Charles too), you guys seem to have the inside run here - what do you think will happen to the subordinated units if a liquidator is appointed?

I forgot, if fraud is found, any insurance will be wiped out.

And, what if liable directors have no exposed assets? What is the value of a class action?

Just some thoughts.
 
1. sub-ordinated units were NOT validly issued BUT cash was drawn in the same year - the CAPITAL account is in fact in DEBIT.

2. the deficit state of the EIF is a reality - what is also a reality is that each of the DIRECTORS will have some personal assets and these will be attacked, adding to the very very diminished pot.

NOw, this may not be FAIR as no doubt most if not all were duped by Mad Dog McIvor etc - as he bluffed us all - BUT unfortunately, we are all over 21years of age and we must rise and fall on our actions or in-actions.






ASICK said:
Kostag and No Trust (oh, and Charles too), you guys seem to have the inside run here - what do you think will happen to the subordinated units if a liquidator is appointed?

I forgot, if fraud is found, any insurance will be wiped out.

And, what if liable directors have no exposed assets? What is the value of a class action?

Just some thoughts.
Click to expand...
 
Stacks

Stacks obviously have some principles and that is to be commended... I think that after looking at the whole situation and most likely the letter from Piper Alderman Stacks realised that this fraudulent mess was not something they wanted their good name associated with...

The stance that Stack's has taken will not be forgotton...
 
Directors Assets

All of the directors have their personal assets on the chopping block... In the case of McIvor you will see orders in the coming weeks freezing his bank accounts and orders requiring the proceeds of asset sales paid into to court to preserve the assets for creditors... He is going to be bogged down with this for many many years to come...

That is unless the delusional one goes out and tries to start another fund. However it is safe to say that McIvor's reputation in business is finished ...

Less than 24 Hours till D Day
 
Equititrust Collapse

It seems the Equititrust building on Chevron Island has just moved off its foundations, is it about to collapse into the abyss...
 
Meanwhile

Meanwhile the architects of this disaster McIvor and "King Con" are furiously working on a rescue plan over coffee at the "Bunker" at 1 Southern Cross Drive... Or is McIvor getting advice on hiding assets prior to bankruptcy... The latter is the more likely scenario...

Rolling Pins will be flying at 1 Southern Cross Dr today, domestic bliss at its finest...

No lavish holidays for a while and time to hand over the passports...
 
Get Ready

Get Ready for a Media Field day tomorrow, the court proceedings will be awesome to watch as Nyst (Dog ate my Homework) Lawyers bumble their way through a lost cause...
 
ok guys, you're having fun, but how much was the entry ticket?

And, you're right - no one wants to touch it.

It's a house of cards falling apart before our very eyes.

Unbelieveable!
 
ASICK you have summed it up, the locks are about to be changed at Equititrust come 4.00pm tomorrow as the liquidators move in...

McIvor's personal property empire build on the backs of innocent retirees will then start to crumble as the Mortgagee notices come flying in the door at 1 Southern Cross Dr.

What is mind boggling though is the rort on investors over the years as outlined in Piper Alderman"s letter on the 11th of November... Its disgusting and downright fraudulent...

McIvor's grab for cash in the dying days is a crime... If you look at the video I posted above Kennedy admits to the fact that current valuations on the properties had not been done... They had not been done for a reason and that reason was that McIvor and Kennedy and the rest of the board including Tucker knew that there were impairments to the tune of tens of millions of dollars. If revealed the exorbitant management fees would not have been payable... this is an outright fraud as the basic principle in fund management is to have current valuations on all assets.

As the letter from PA sets out, McIvor and the directors especially Sid Super knew about the losses in 2008 yet kept them hidden so more fees could be rorted and siphoned out to McIvor so he and his wife could buy more multi million dollar properties and have a lavish lifestyle. Stacey McIvor worked at Equititrust alongside McIvor and being a lawyer she knew what was going on but cast a blind eye to all of the rorting and prioritized her own lavish lifestyle regardless of the fate of innocent elderly retirees who look like they have lost the lot...

Let them eat cake... "The McIvors"

How can they show their faces on the Gold Coast
 
It has Started - Equititrust court decision looms

Equititrust court decision looms
Colin Kruger
Sydney Morning Herald
November 21 2011

AFTER a tumultuous year, the future of Gold Coast mortgage fund operator Equititrust is expected to be decided today.

The most likely scenario is the appointment of liquidators and receivers at the company, which faces a class action and an ongoing investigation by the securities regulator.

http://www.smh.com.au/business/equititrust-court-decision-looms-20111120-1npar.html
 
And The Walls Start Crumbling Down

Wait there may be hope!! McIvor and Quinlivan have started a new Irresponsible Entity to take over Equititrust its called McConmen Investments, backed by Substantial Delusion and Malfeasance. This unholy union is guaranteeing investors that the "Very Reputable" founders will both have substantial Multimillion Dollar Riverfront Homes by the end of the schemes demise, following on from the hugely successful DONKEY Principle of funds Management that McIvor pioneered at EquitiRust. :)


Donkey

1. Don't care about my investors
2. Only care about myself and my luxury lifestyle
3. No interest payments or return of capital
4. King Con" is a good bet
5. Equity?? Whats that again???
6. You always point the finger of blame on someone else.
 
Public Stocks

If Equititrust is placed in Liquidation today with over 150M + in losses isn't it time that McIvor was put into those Public Stocks he wanted reintroduced for negligent fraudulent fund managers ?

The stocks are waiting for McIvor at the Supreme court today... Don't be surprised if there are some arrests in the coming weeks... ASIC and the Federal Police now have an armory of information...
 
DELOITTES Neil Cussens

in the event that this firm gets appointed today, my file on the shonky SUBORDINATED UNITS issue will be delivered to him - that will deal a swift killer blow to that issue.....
 
Re: Public Stocks and CHARGES

from what you say, it seems inevitable that charges must get laid.

No Trust said:
If Equititrust is placed in Liquidation today with over 150M + in losses isn't it time that McIvor was put into those Public Stocks he wanted reintroduced for negligent fraudulent fund managers ?

The stocks are waiting for McIvor at the Supreme court today... Don't be surprised if there are some arrests in the coming weeks... ASIC and the Federal Police now have an armory of information...
Click to expand...
 
THIS WEB SITE AND ITS FOLLOWERS - 103,000 and climbing daily!!

from very humble beginnings in JUne last year, this BLOG now gets over a 1,000 hits a day and growing!

CHOICE MAGAZINE started this, then Kruger and the SMH, Ian Lazar etc and this BLOG have all worked relentlessly to expose this train crash in progress. :D
 
ASIC Hearing

What everyone has overlooked is whether the ASIC hearing into the cancellation of Equititrust's License will still run today.

Will ASIC be represented at the Supreme court today to prevent the appointment of McIvor's preferrred liquidator Pilot Partners.
 
9 Hours and Counting Till the end of Equititrust

Whilst the count down goes on, everything else by this decrepit mob has been left to rot. The legal actions to recover money from borrowers remain in tatters without legal representation and McIvor makes veiled threats via his puppet Vincent "the idiot" that he will covert 40M of nothing into something... Dear old McIvor these threats may work against your poor brother, sister, wife etc but no one else is scared of you... You have been exposed for who you are , you have operated under the radar for far too long and now you have been exposed. Unfortunately a little too late for the innocent retiree investors you have financially raped with you buddy "King Con"...

A fitting end to a decrepit fraudulent company
 
Re: ASIC Hearing

No Trust said:
What everyone has overlooked is whether the ASIC hearing into the cancellation of Equititrust's License will still run today.

Will ASIC be represented at the Supreme court today to prevent the appointment of McIvor's preferrred liquidator Pilot Partners.
Click to expand...

Long odds on, they will be there.
 
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