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Mortgagee in Possession

Westpac was the first domino to fall, the other banks will now act to enforce their securities over assets.. Feeding frenzy on the carcass it now seems...

The Bunker has fallen into enemy hands...

One note of caution is that McIvor has a past relationship with Hutson and Korda Mentha... This may by now be fractured... So interesting times ahead...

Banks are really not showing any mercy are they...
 
Financial Services License - Suspension

The order officially suspending the EquitiRust FSL is on the ASIC website... About time this mob were incapacitated...
 
RE: EQUITITRUST DIRECTOR CHANGES - YET AGAIN

Not surprising to see that today Equititrust Limited has had yet another Directorship change.

As per ASIC Records 20/12/2011 File No. 7E4173170 a Form 484E hange to Company Details Appointment or Cessation of A Director/s was filed electronically.

It will be interesting to see the pending results of a search to see "what new Goons" have taken the place of the last ones!

Well done Mark McIvor in managing your company Equititrust Limited for the betterment of Shareholders (you) and Unit Holders in your "fiduciary" care! a term you bandied around freely in your reference to others, but never adhered to yourself.

Have a nice Christmas where ever you are hiding!

The Spectre
 
Corporate regulator suspends Equititrust's financial services licence

Corporate regulator suspends Equititrust's financial services licence

Anthony Marx
The CourierMail
December 20 2011

469399-equititrust-investors.jpg
NO MORE: Equititrust wont be able to attract new investors after corporate regulator freezes financial services licence. Source: The Courier-Mail


"EMBATTLED fund manager Equititrust suffered another body blow yesterday when the corporate regulator announced it had suspended the company's financial services licence for 12 months.

The long-expected move by the Australian Securities and Investments Commission means the Gold Coast company cannot offer financial advice or accept investments.


ASIC said the company had breached a number of conditions of its licence, including a failure to maintain at least $5 million in net tangible assets or lodge audited financial statements. The company also failed to file compliance plan audits for the last financial year.


http://www.couriermail.com.au/busin...services-licence/story-fn7kjcme-1226226632236
 

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Merry Christmas

It seems that the Courier Mail and Anthony Marx are not letting this disaster disappear from Media attention and have delivered a fitting Christmas present to McIvor who is not willing to talk to the media...

The article details the various bank defaults as well...

The delusional plans of raising 250M etc via Landsolve have been exposed as a farce...

Equititrust will not survive, ASIC's license cancellation was the knockout blow that all investors have been waiting for...
 
Re: EQUITITRUST DIRECTOR CHANGES - YET AGAIN

We have learned from searches that STACY McIVOR resigned from EQUITITRUST LIMITED on the below date as per ASIC records.

This now leaves Mark McIvor and Ross Honeyman as the remaining Directors. Equititrust Limited is a unlisted Public Company and as such requires as per the Corporations Act, at very least three (3) Directors at given time which moeans that Equititrust Limited in NON COMPLIANT with the Corporations Act until they add one more Director or the next "Bunny" to the slaughter.

What next and why has ASIC not intervened into this debacle even further!

******************

SPECTRE said:
Not surprising to see that today Equititrust Limited has had yet another Directorship change.

As per ASIC Records 20/12/2011 File No. 7E4173170 a Form 484E hange to Company Details Appointment or Cessation of A Director/s was filed electronically.

It will be interesting to see the pending results of a search to see "what new Goons" have taken the place of the last ones!

Well done Mark McIvor in managing your company Equititrust Limited for the betterment of Shareholders (you) and Unit Holders in your "fiduciary" care! a term you bandied around freely in your reference to others, but never adhered to yourself.

Have a nice Christmas where ever you are hiding!

The Spectre
Click to expand...
 
Re: Equititrust Overpaid Directors and Consultants

It is outrageous to now learn and many questions no beg anaswers as to why the RECEIVER to Equititrust Limited, being Mr David Whyte of BDO Australia has engaged the Directors and CEO of Equititrust to as has been learned; "wind down the Unit Trust Funds".

It appears that;

Mark McIvor as Director - Remmuneration unknown
Ross Honeyman as Director - Remmuneration - $2,000 per week - $8,000 per month (previusly Banned by ASIC)
Troy Bingham as CEO and his offsider "Trish" - $350 and $200 per hour respectively.
Cameron Davies as Consultant and EX BORROWER bankrupted by ETL and Annulled by Mark McIvor - $15,000 per month

To support this information, this document says;

From: Troy Bingham [mailto:troybingham@bigpond.com]
Sent: Saturday, 17 September 2011 7:45 AM
To: Mark Mclvor
Subject: commercials

Hi Mark

Thanks for yesterday. As discussed we are excited by the opportunity and I believe we can add enormous value to the process. I charge myself out at $300 an hour and Trish at $200 an hour for strategic work and $150 an hour for account management. I anticipate that this will become a very time consuming project. I am also conscious of you cash constraints over the next 6-10 weeks so would propose the following.

engage IdeaWrx (Troy and Trish) on $15,000 a month for the next two and half months to the end of November. At that stage we can sit down and see how far the overall plan has progressed and what level of involvement you want us to play. All marketing and travel and other associated production costs will be over and above this. The balance of September will be billed at $7500 and will need to be paid next week. Trish will set up an office on your premises and will work from their as much as is required. She will dedicate next week to ensuring that we meet the Friday deadline for the investor presentations.

Mark I am open to discussing trade exchange on property etc as well. I am around today to meet if required between 12 and 3.

Regards

Troy

********************
By way of the above confirmation of how these "consultants" are being over paid, the QUESTION to both the RECEIVER and ASIC is WHY?

Why does the RECEIVER need to engage these Consultants who are all connected to Equititrust Limited and led by MARK McIVOR. They state that it may take some "YEARS" to "wind down" the ETL Funds and they joke about their securing "FEE REVENUE" over that extended period of time, let alone that THEY and particular Mark McIvor are RESPONSIBLE for the state of the ETL Funds now find themselves in.

The appointment of these ETL Consultants is akin to the placement of a Drug Addict being placed in charge of a Pharmacy or an Alcholic being left in charge of a Brewery; no good can come of this for ANY Unitholder or Creditor into the future other than those in receipt of the fees.

THIS WHOLE MATTER IS A TRAVESTY AND A SLUR ON THE AUTHOTITIES AND THEIR APPARENT DISREGARD FOR UNITHOLDERS AND CREDITORS. THEIR FOCAL POINT BEING, ONE MARK McIVOR WHO IS BEING ALLOWED TO REGAIN AN OFFICE POSITION IN ETL AND IS ACTING WITH THE BLESSING OF THE RECEIVER TO WIND UP FUNDS THAT HE HAS BEEN RESPONSIBLE FOR THEIR STATE OF DISREPAIR THROUGH HIS GRAVE MISMANAGEMENT.

That About Covers That........ Will The Receiver Pay Unitholders Over The Next Years To Come?
 
Oh no "NOT" again

Is there trouble in Paradise, not good when wifey resigns from her post...

This is all academic anyway, as the Courier Mail article outlines above the banks are about to take control... maybe this has precipitated the resignation... Where there is smoke there is fire...

SPECTRE said:
We have learned from searches that STACY McIVOR resigned from EQUITITRUST LIMITED on the below date as per ASIC records.

This now leaves Mark McIvor and Ross Honeyman as the remaining Directors. Equititrust Limited is a unlisted Public Company and as such requires as per the Corporations Act, at very least three (3) Directors at given time which moeans that Equititrust Limited in NON COMPLIANT with the Corporations Act until they add one more Director or the next "Bunny" to the slaughter.

What next and why has ASIC not intervened into this debacle even further!

******************
Click to expand...
 
MM HOLDINGS RECEIVERSHIP

Don't you find it strange that on the SAME DAY Stacey cry-baby Mcivor resigned from Equititrust that MM HOLDINGS HAD 5 FORM 505As NOTIFICATION OF APPOINTMENT OF RECEIVER LODGED.......

There is no coming back from that Mark - you're done. :)
 
DOWNWARD TREND

CITY BEAT
James McCullough
The Courier-Mail
December 23 2011


DOWNWARD TREND

The fortunes of embattled Gold Coast businessman Mark McIvor continue to nosedive.

In the latest blow, Westpac has appointed KordaMentha as receivers and managers over about eight properties owned by companies associated with McIvor.

Among them are the Chevron Island headquarters of his struggling funds management firm Equititrust, as well as Gold Coast homes occupied by his mother and sister. The bank plans to sell the properties to recover $24 million-odd in loans.

Meanwhile, Equititrust has been effectively knee-capped after ASIC this week suspended the company's financial services licence for a year.

Equititrust was already in the process of a court-ordered wind-up of two of its three funds and faces the prospect of a class action lawsuit by disgruntled investors.

http://www.couriermail.com.au/ipad/city-beat-horizon-beckons-for-molloy/story-fn6ck2gb-1226228825079
 
Receivership

Well it seems that Zencorp may be right, Westpac having had enough has delivered its own body blow and appointed receivers just prior to Christmas and it seems the Courier Mail is also right on top of things, reporting on this unfolding collapse.

Westpac was the first domino, the next will be NAB, Bank of QLD, Commonwealth and BOS.

When one bank moves the others soon follow to enforce their security...
 
Confirmation of Receivers Appointed by Westpac and Director Resignation

Confirmation of Receivers Appointed by Westpac and Director Resignation

Read this and have a laugh... This is really looking like a sorry and desperate lot.

Stacey McIvor resigns and does a runner from the company leaving only two directors when 3 are required for an unlisted public company. Now knowing what a mess this will cause when your own wife resigns and jumps a sinking ship its analogous to a dead canary at the bottom of the cage isn't it...

The funniest bit though is the comment that they are looking for another director... We predicted that Stacey would be the next to resign and yet again we were right.


For a bit of comical relief read this:


http://www.equititrust.com.au/Pdfs/...ment_22_12_2011 - Update on Recent Events.pdf
 
Talk is Cheap

Now for the real laugh... Read this Year End Message from McIvor to Investors.

After today's disclosure regarding the unit price and Westpac Receivers it should actually read:

"The End" Message from Mark McIvor

The comments about mistakes not being repeated and dwelt upon is a sick joke... Investors lives have been ruined and this idiot talks about not dwelling on his own mistakes... Delusional

Read this and see how cheap talk really is:

http://www.equititrust.com.au/Pdfs/2011 Year End Investor Message.pdf
 
EQUITITRUST IN RECEIVERSHIP

Extracted from ASIC's database at AEST 22:10:12 on 22/12/2011

Name M.M. HOLDINGS PTY. LTD.
ACN 010 602 507
ABN 73 010 602 507

Type
Australian Proprietary Company, Limited By Shares
Registration Date 10/10/1985
Next Review Date 10/10/2012

Status

** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **

Locality of Registered Office Surfers Paradise QLD 4217
Jurisdiction
Australian Securities & Investments Commission


Previous State QLD
Previous Number 85B06307K


These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.

Date Number Pages Description
20/12/2011 7E4175319 2 505A Notification of Appointment of Receiver
20/12/2011 7E4175313 2 505A Notification of Appointment of Receiver
20/12/2011 7E4175307 2 505A Notification of Appointment of Receiver
 
isn't my 25cents maximum GROSS with a NIL net value looking close

have NO DOUBT - final NET value per unit will be NIL!

No Trust said:
To rub further salt into investor's wounds EquitiRust now delivers this Christmas Present to investors... Are you ready for it.... 44 cents in the Dollar and this does not include running costs and receivers fees... So the figure is now in a vortex downwards. Each time it is revised it is a horror story...


http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_12_2011 - EIF Unit Value.pdf
Click to expand...
 
he just cant see it can he?

his Churchillian pontifications are like flatulence in the breeze.... Mark, you steal our oxygen mate!

if he had the strength of character to repalce 'we' with 'I' and 'our' with 'my' - then his latest PDF rant might be one small step for the man....

but in his delusional bran snap - he still sees the results his gross mismanagemet as some by-product of the GFC, rather than the end result of a raft of negligent, and (as ASIC will show) improper,self-interested practices......



No Trust said:
Now for the real laugh... Read this Year End Message from McIvor to Investors.

After today's disclosure regarding the unit price and Westpac Receivers it should actually read:

"The End" Message from Mark McIvor

The comments about mistakes not being repeated and dwelt upon is a sick joke... Investors lives have been ruined and this idiot talks about not dwelling on his own mistakes... Delusional

Read this and see how cheap talk really is:

http://www.equititrust.com.au/Pdfs/2011 Year End Investor Message.pdf
Click to expand...
 
they keep lying....

44cents - rubbish!!!!

NIL will be the figure - they know it..... why not come clean.

KPMG: come on!!!!

you can all run, but you cant hide.



No Trust said:
To rub further salt into investor's wounds EquitiRust now delivers this Christmas Present to investors... Are you ready for it.... 44 cents in the Dollar and this does not include running costs and receivers fees... So the figure is now in a vortex downwards. Each time it is revised it is a horror story...


http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_22_12_2011 - EIF Unit Value.pdf
Click to expand...
 
if McIVOR has prior professional dealings with KORDA MENTHA, I dont think that they c

dont think that they can act....

this needs independence...

No Trust said:
Westpac was the first domino to fall, the other banks will now act to enforce their securities over assets.. Feeding frenzy on the carcass it now seems...

The Bunker has fallen into enemy hands...

One note of caution is that McIvor has a past relationship with Hutson and Korda Mentha... This may by now be fractured... So interesting times ahead...

Banks are really not showing any mercy are they...
Click to expand...
 
The Fuhrer's XMAS message....

go to www.equititrust.com.au and you just gotta read this guy and his end of year rant.

He just doesn't get it, does he. We made bad choices, wrong decisions, hindsight, foresight .... the man is deranged.

Simply - we entrusted him with our money - he was supposed to make first mortgage secured loans to about 70% and charge above bank rates and take a fee and give us a fair share.

By the reckoning of his own auditors - we are now down under 50cents.... so if we only loaned 70% of the 100% - in terms of actual percentage of value - even now by his own deranged admissions, we have to be under 30%.... how anyone can keep a striaght face and blame a 70% value drop on the evil forces of the major banks and the GFC makes me laugh.

Anyone of us could have almost just bucketed our money out into the street and got a better return.

These morons talk about re-building....all we want is to get as far away from Chevron Island as can be done and as soon as we can.....

Let the lawyers attack the PI insurance of the Board, the RE and the Auditors....

Hope ASIC and the AFP lay the appropriate criminal charges and under 'proceeds of crime' laws , seize and recover whatever can be grabbed....

re-building and learning from the mistakes of the past?? are you nuts?

Get into a Government re-training scheme and get a real job.
 
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