Equititrust?

[SPECTRE]

Re: welcome to this site, CROOKBUSTER

KOSTAG,

What “side deals” can you, KOSTAG, even be referring to regarding “Schipper, MainStreet and the list goes on....” and what could he even be “privy to” by “direct reference” in any event ?

The only “deals”, as referred to in ASIC enquiries, that were ever in play with the person and Company referred to were BOTH deals regarding “straight forward” Property Contracts that were entered into in good faith by their related respective Companies for such Properties that are now “Under Receivership” by Korda Mentha on behalf of the Westpac Bank and hence were “unable” to complete until Korda Mentha sorts out where matters lie regarding these and the other six properties under their Receivership. There is no question of any “side deals” rather apparently substantial Legal Action pending by the “purchasers” regarding these transactions..........what KOSTAG, another “smoke screen” BY or on behalf of Mark McIvor ??

The only “side deals” it appears that took place and under Investigation are Loans and Property Deals conducted by Mark McIvor on his own behalf for HIS Property Portfolio and utilising ETL in the process.......this forum should deal with “true facts” and the Web Master needs to take a close look in this regard, otherwise litigation would be flying by aggrieved parties no doubt !!

if your allegations about MAINSTREET GROUP are correct..... a) in terms of their dealings with EIF etc - they all seem to be in good company, BUT b) on another note - doesn't it give a wonderful continuing insight into who McIvor will deal with - no background checking etc.... commit the EIF etc into deals and ventures - delusional REVENGE BANKS..... failed MFS executives allowed near the tiller (or was it TILL?) .....

I am told that McIvor maintained until recently close relationships with JIM BYRNES and IAN LAZAR....

King CON Quinlivan.....

the list of lunancy and misjudgements, goes on and on!

and in his Xmas message - his HOLINESS regales us all with the lessons learned (out of our money and at our expense) , and the new future for the company!

Delusional!

 

[kostag]

Re: welcome to this site, CROOKBUSTER

I think you need to re-read your posting SPECTRE.

There is no suggestion of any improper dealing by MAINSTREET (If I suggets that in any way - which I deny) I withdraw such imputtation. My personal suspicion is that Mr HANNAN was misled. Not been the only one!

With respect to other BORROWERS who may have been prevailed upon to enetr into arrangments with benefits flowing to parties other than EIF or potentially to parties other than EIF etc - again, there is no suggestion that BORROWERS conspired to do this BUT have no doubt SPECTRE there are some instances where this appreared to have occuured - often to the detriment of the BORROWERS as well - and YES, SPECTRE, I understand 100% that ASIC is onto this line.

Finally, I have no association with EIF or McIVOR.

To suggest that I am a smokescreen with regard to this scandal - you'd best go back and read the last 18months of POSTINGS.

Clearly, the POSTINGS are made by a range of parties with a range of AGENDAS - Borrowers, Legitimate investors, professional RIVALS, disgruntled former staff and or officers etc.

BUT does it matter? The raids and action by AFP and ASIC and the actions by Receivers, Banks and others all seem to have vindictated some comments, from time to time, which most of us might agree were a bit strong.

BUT FOR CLARITY: ANY SUGGESTION OF WRONG DOING BY ANY BORROWER ALLEGED OR IMPLIED IS ABSOLUTELY WITHDRAWN AND I SAY WAS NOT STATED IN MY POSTING. NOR WAS IT INTENDED - I UNRESERVEDLY APOLOGISE FOR THAT.

The MATERIAL that I have on hand is now with ASIC. I suspect most other bona fide 'posters' onto this site have done the same with their material.

FACT:

1. Investors have not been paid interest for how long?
2. AFS licence pulled.
3. Admitted write down of INVESTOR UNIT CAPITAL is atleast to 44% - I predict (yes, my calculation - so sue me) is that it will finish being NIL.
4. Sub-ordinated units allocation and redemption and ability to draw fees etc during 2010 and 2011 was absolutely on the nose.
5. LOAN SECURITIES and their VALUE are not and were not (in some cases) as represented under PDS' to invetsors.
6. ERRONEOUS VALUATIONS were known to atleast one BOARD member from late 2009 - but PDS' into early 2011 were still issued with those false values. Did the two biggest exposures: Ipswich and South Australia property values seriously collapse in early 2010? We will let the correspondence and ancillary material on this one do our talking!
7. Contrary to PDS disclosures regarding the net asset position of EQUITITRUST, there were liabilities not disclosed to the BOARD and more than likely AUDITORS which, if they were, would have resulted in ASIC pulling the AFS licence more than likely atleast a year sooner (WESTPAC and collateralised security for loans to MM Holdings - how much $20M plus ?).

SPECTRE, I dont know how much more factual material your need? If you have set out to discredit the TRUTH, you have a way to go yet.

I'll sleep pretty safely tonight.

KOSTAG,

What “side deals” can you, KOSTAG, even be referring to regarding “Schipper, MainStreet and the list goes on....” and what could he even be “privy to” by “direct reference” in any event ?

The only “deals”, as referred to in ASIC enquiries, that were ever in play with the person and Company referred to were BOTH deals regarding “straight forward” Property Contracts that were entered into in good faith by their related respective Companies for such Properties that are now “Under Receivership” by Korda Mentha on behalf of the Westpac Bank and hence were “unable” to complete until Korda Mentha sorts out where matters lie regarding these and the other six properties under their Receivership. There is no question of any “side deals” rather apparently substantial Legal Action pending by the “purchasers” regarding these transactions..........what KOSTAG, another “smoke screen” BY or on behalf of Mark McIvor ??

The only “side deals” it appears that took place and under Investigation are Loans and Property Deals conducted by Mark McIvor on his own behalf for HIS Property Portfolio and utilising ETL in the process.......this forum should deal with “true facts” and the Web Master needs to take a close look in this regard, otherwise litigation would be flying by aggrieved parties no doubt !!

 

[No Trust]

Litigation

What has happened to the litigation against defaulting borrowers that Tucker was undertaking ?? The receiver will soon have to make an announcement on this and the wind down of the funds in receivership...

More importantly has Tucker been paid for legal services undertaken for the company whilst he was also a director... I am sure the receiver will be having a close look at this matter.

Independence is an undervalued commodity...

 

[No Trust]

Equtitrust Melt Down

It is clear from the action by Westpac in appointing receivers to MM Holdings that the banks have lost patience and are moving to enforce their security..

In terms of Equititrust there are defaults with NAB, Commonwealth, Bank of QLD and Bank of Scotland... This has been acknowledged by Equititrust on their website, the question now is which bank will move next and how will this affect investors interests... Vincent in his affidavit alluded to this as some of the borrowing was cross collateralised to the income funds...

Investors have been advised just prior to Christmas that nearly 60% of their money has been flushed down the toilet with more hits to come from receiver’s fees and running costs…

Where will it end…

 

[No Trust]

End of Year Financials

The hallmark of a good company is prudent management and its ability to meet its obligations. Now when a company cannot even finalise its end of year accounts that speaks volumes as to its management. When ASIC has to step in and appoint receivers due to non lodgment of accounts (a statutory obligation) and the lack of net tangible assets that tells you that Equititrust cannot control its own destiny. When a company cannot control its own destiny someone else will..
This will be the hallmark for Equititrust and its management throughout 2012...
Expect more intervention from the banks and regulators as the ASIC investigation gathers pace...

 

[zencorp]

ANOTHER RECEIVER/MANAGER APPOINTED.

Looks like the domino is falling. A receiver AND MANAGER was appointed over MM Holdings a day after Westpac appointed.....

Extracted from ASIC's database at AEST 18:31:10 on 04/01/2012
Name M.M. HOLDINGS PTY. LTD.
ACN 010 602 507
ABN 73 010 602 507

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
21/12/2011 027916217 504B Notification of Appointment of a Receiver And Manager
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
20/12/2011 7E4175305 2 505A Notification of Appointment of Receiver
20/12/2011 7E4175302 2 505A Notification of Appointment of Receiver

 

[No Trust]

Receivers Managers

Yeah, whats up with that... Seems like more action on the insolvency front...

 

[No Trust]

ASIC Enforcement - Directors

ASIC surely has to take action in regard to the lack of 3 directors on the Equititrust Board... Since wifey stacey resigned the company is in breach... ASIC must act as it did when the financials were not and are still not completed...

 

[No Trust]

Financials

Equititrust must stop hiding the truth from investors and the regulators and produce the end of year financials which are 6 months overdue...

The Australian Taxation Office should also take a close look at Equititrust and its directors in light of the Federal Police and ASIC raids...

 

[No Trust]

Equititrust Office

In light of the MM Holdings Receivership what will now happen to the Equititrust Office ??? Will the receiver review the lease currently in place with EquitiRust ???
Watch for developments on this front in the coming weeks... Will make for interesting reading...

 

[No Trust]

Financials Not Completed

Maybe this is why the financials have not been completed... McIvor had no time to complete the Equititrust Financials yet had time to screw around with this... Its a joke isn't it ???

How about using some of that money to pay back innocent retiree investors money...
The delusion continues... Its no wonder ASIC appointed receivers...


"Embattled Equititrust founder Mark McIvor is believed to have links to the company behind the application."

http://www.goldcoast.com.au/article/2012/01/07/379995_gold-coast-news.html

 

[No Trust]

Expect more sensational media coverage in the coming weeks related to the incidents outlined in Anthony Marx's Article below... The truth that was withheld for so long is finally coming out...


Equititrust house of cards tumbles down

Anthony Marx
The Courier-Mail
October 24 2011





THE email landed like a hand grenade in a living room.

"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were stunned by the threat. It prompted McIvor's long-time friend, David Jackson QC, to resign as a director and then-chief executive David Kennedy to respond by email that day.

According to the court documents Kennedy told McIvor that he was responsible for much of the company's problems and had now lost the support of everybody inside the organisation. McIvor's recent stress-induced behaviour was "irrational, ill-conceived, self destructive and dangerous", the email said.

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609

 

[No Trust]

The Warnings were there... Choice Magazine set out the risks

The Shonky Award given to Equititrust back in 2008 was not for nothing...

"If safety for a 6–24 month investment term is what you’re looking for, you’d be a lot safer with your money in a bank. Banks are prudentially regulated, and some of their term deposit rates are almost as good as Equititrust’s. "

http://www.choice.com.au/reviews-an...products/a-warranty-for-your-investments.aspx

 

[No Trust]

This Should be looked at !!!

ASIC needs to look at this...


Frozen funds still raising money, say auditors

Anthony Klan
The Australian
March 02, 2010

"The auditors of Equititrust, which holds about $270m of investor funds, raised concerns about the group's stability in late 2008 and again in October last year."

"Despite the continuing freeze and the stability concerns raised by KPMG, Equititrust has continued raising funds under a prospectus issued in February last year. Equititrust managing director Mark McIvor did not return calls yesterday but has previously said the fund is in a healthy position and offers a "capital warranty investment" whereby the management would incur the first $40m of any potential losses." End Quote

http://www.theaustralian.com.au/bus...ney-say-auditors/story-e6frg8zx-1225835823806

So through the course of 2008 and 2009 new funds were being raised from unwary investors. Valuations were not updated and the impairments which were in the tens of millions if not more were not disclosed. How could the auditors allow the audits to be undertaken without updated valuations, how did Equititrust fudge this...

The basic premise of a fund is the underlying asset base... If valuations were undertaken in 2008 and 2009 this whole sorry saga would have come to an end then. Instead the regulators and the auditors have basically allowed more innocent investors to lose their life's savings...

Canceling Equititrust's License is too little too late... Innocent Retiree's have lost their money and future whilst the founder continues to live in multiple Multimillion dollar mansions...

Is it just me or can anyone else see something wrong with this disgusting greed...

 

[SPECTRE]

Re: WHO IS REALY IN CONTROL OF EQUITITRUST - THE RECEIVER OR MARK McIVOR

Who is really in control of Equititrust and its remaining Fund’s assets? This question really begs an answer now from both ASIC as well as the appointed Receiver!

On the 15th January 2012 at 7:15pm on that Sunday night, a single office light was observed in “The Bunker”, being the Equititrust Building at 65-67 Thomas Drive, Chevron Island. Upon closer inspection and inquiry, our informants states, that a lone “silver haired” male sat at what was once Mark McIvor’s office on the second floor at the front of the building. This male was later identified as Mark McIvor himself. There were no other persons present on the total second floor. There were no other vehicles parked behind the building on in front of it. At 10:00pm, this male, identified as mark McIvor, was still in the abovementioned office well into that late Sunday evening.

So what was Mark McIvor up to?

1. Why is Mark McIvor allowed access to the ETL office afterhours and alone?
2. Was the Receiver aware of his presence?
3. Did the Receiver provide him with an office and keys?
4. Has the Burglar Alarm codes been changed by the Receiver?
5. What files was Mark McIvor accessing? Why was he accessing them?
6. What changes, copies, adjustments did he make and for what reasons?
6. Does ASIC know that Mark McIvor has access to ETL records?
7. Does anyone know that McIvor has afterhours solo access to the building?
7. Why is the Receiver not more prudent in his dealings and control over Mark McIvor's access to the ETL building and records?

Any reasonable person would believe that Mark McIvor is the problem here, not the solution, so how is this person allowed unsupervised access to Fund records and the Equititrust office.

“Something is really rotten on Chevron Island!”

 

[No Trust]

Receiver David Whyte BDO

Seriously..., what measures is the receiver taking to protect the interests of investors...

With it FSL cancelled, why is Equititrust even writing to investors on its website...

The letters to the investors posted just prior to Christmas were a sorry joke...

 

[No Trust]

Financials - How Big are the Losses

Hi EquitiRust any chance the financials will ever be completed or is there more losses to hide...

And to think this mob were trying to raise a further 50M from investors last year... ASIC finally acted and put a stop to that...

 

[No Trust]

Equititrust Office

The Equititrust office is owned by Westpac Bank... The receivers will now deal with the property on behalf of the bank... MM Holdings is in receivership and McIvor one would assume is busy filling out the statement of affairs sent by the receiver...

 

[No Trust]

Will the 3rd Director please stand up...

Where is EquitiRust's 3rd director, its high time ASIC did something about this...

Every other company in Australia has to comply by the law, it seems EquitiRust just seems to do what it wants and then gets thumped by the regulator... Its no wonder all its funds are in receivership and its FSL has been cancelled with management like this...

Gold Coast Cowboys ride again...

 

[No Trust]

Further Bank Action

With EquitiRust acknowledging defaults with multiple banks expect further action by the remaining banks on the recovery / receivership front...

The receivers / liquidators are rubbing their hands at the little gold mine EquititRust has created for them...