Australian (ASX) Stock Market Forum

Equititrust?

Status
Not open for further replies.
Jump to new
Audited Financials

Where are the "promised" audited financials ??? Are the auditors coughing and spluttering about the magnitude of the losses??? What will they say about material uncertainty this year???
WILL THE FINANCIALS EVER MATERIALISE ???
 
CEO

Who will be the next CEO of Equititrust Ronald McDonald or the Hamburgler? The way they are going through them it might be wise to get recyclable ones in the future... Appointing and dumping so MANY CEO's and sycophant directors is an indication of the "calibre" of management prior to the collapse...

Is there anyone left in the now "Mortgagee in Possession" office building on Chevron Island???

Mortgagee in Possession signs will be coming up soon...
 
Who is Running the Show

David Whyte the receiver should make an immediate statement as to who is running the show after his revelations regarding the sacking of the CEO by McIvor... The perception is that things are in disarray and McIvor is interfering with the duties of the receiver and as a direct result incurring massive costs. This has a huge impact on investors who really don't know what is going on.
 
Re: Who is Running the Show

No Trust said:
David Whyte the receiver should make an immediate statement as to who is running the show after his revelations regarding the sacking of the CEO by McIvor... The perception is that things are in disarray and McIvor is interfering with the duties of the receiver and as a direct result incurring massive costs. This has a huge impact on investors who really don't know what is going on.
Click to expand...

This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated. :banghead::banghead::banghead:
 
WIRRINA RESORT AND CONVENTION CENTRE PTY LIMITED

This SOUTH AUSTRALIAN PROJECT is subject to substantial write downs and controversy. Although the property is an asset of the EIF, I am told that McIvor appointed HALL CHADWICK as Administrators of the company. I understand that this was without EIF Receiver, David Whyte's, knowledge or consent.



No Trust said:
This is a joke right ??
Click to expand...
 
LYIN ADVANTAGE

should work out real well...

zencorp said:
This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated. :banghead::banghead::banghead:
Click to expand...
 
Re: Who is Running the Show

this guy seems OK: http://www.asx.com.au/asxpdf/20080319/pdf/3184cd7n9fym83.pdf

The trick is though as soon as INVESTORS take LISTED shares for their UNITS - the loss is crystallised at their election and they lose any rights through ASIC or a class ction.

Anyone who is approached - no matter how beguiling the offer - ought contact Amanda Banton at Piper Alderman.

If you want to know how this could end up - just take a look at Wellington Capital listed on the NSX.


zencorp said:
This new Director David Hickie apparently has another company called Lion Advantage LTD. Word on the street is he is trying to take over the funds. IF this happens, then Equititrust's subordinate investment will be reinstated. :banghead::banghead::banghead:
Click to expand...
 
What a shocker for the Investors, you can pretty much guarentee this money wasting to drag on like grim death, it just seems like outright criminal thievery to me.

Just with white collars on..if you missappropriate OPM, such as Centrelink fraud, falsely claiming say $30,000 will land you in jail

I can totally understand why my previously mentioned acquaintance seems anxious to avoid formal dispute resolution..he has been through plenty though.

Was going to suggest this gent, who had a high profile "debt recovery" division.

Seems though, that as off this week, he has his own problems

http://www.heraldsun.com.au/news/mo...over-3m-tax-bill/story-fn7x8me2-1226258858103

I can attest that locally a very formidable motorcycle club had a company that did debt recovery. I dont know whether they still do, the debt needed to be legally recoverable
 
Re: WIRRINA RESORT AND CONVENTION CENTRE PTY LIMITED

So basically ASIC and the receiver David Whyte are toothless tigers allowing McIvor to do what he wants... This whole joke is going play well into the hands of Piper Alderman and the new Director will not last. Maybe the new director is having second thoughts already...

In terms of having the subordinated investment reinstated McIvor is seriously delusional if he thinks that will happen.

The media I am sure will be taking a closer look at the director and his association with EquitiFlop... This sunken ship will never be refloated...

kostag said:
This SOUTH AUSTRALIAN PROJECT is subject to substantial write downs and controversy. Although the property is an asset of the EIF, I am told that McIvor appointed HALL CHADWICK as Administrators of the company. I understand that this was without EIF Receiver, David Whyte's, knowledge or consent.
Click to expand...
 
Re: Who is Running the Show

kostag said:
this guy seems OK: http://www.asx.com.au/asxpdf/20080319/pdf/3184cd7n9fym83.pdf

The trick is though as soon as INVESTORS take LISTED shares for their UNITS - the loss is crystallised at their election and they lose any rights through ASIC or a class ction.

Anyone who is approached - no matter how beguiling the offer - ought contact Amanda Banton at Piper Alderman.

If you want to know how this could end up - just take a look at Wellington Capital listed on the NSX.
Click to expand...

Hi folks!

Seems you're all struggling on (as we ALL are).

Putting aside the pitfalls of accepting an equity swap (which I certainly wouldn't if I was an investor in EIF), why would you say that your losses aren't recoverable via a class action?

..
 
Piper Alderman - Amanda Banton

The losses are definitely recoverable via the class action... The biggest impediment to McIvor has been Amanda Banton in that the class action that she is running has hamstrung Equititrust in not being able to get insurance. It has also been the last straw for all the banks... There is NO moving forward for Equititrust whilst this class action is on foot. A dodgy Equity swap with Lion Advantage or otherwise will never eventuate, investors are not that stupid. McIvor and Hickie may think that bludgeoning investors into submission financially and thinking there is no other option will NOT work as the fast footed Amanda Banton has demonstrated.

The best option for investors who have not signed up for the class action is to contact Piper Alderman and have them outline the claim against Equititrust and McIvor.

In any event, once this and many other actions commence, McIvor will have his ass firmly glued to a chair in the witness box at the Supreme Court for months if not years on end... Quite a distraction from running any form of business in anyone's eyes...
 
Cronin Island Bunker Sold

The Cronin Island Bunker has been sold, to who and for how much ??? How about throwing some money back at the Investors... Its always a concern when it is reported that it has been "sold to parties well known to the family" ... A bit of investigation is needed on this front...

"The home is one of two understood to have sold in recent days on Cronin Island, the Gold Coast's most exclusive address.

The second, held by Equititrust founder Mark McIvor, was bid to $4.9 million at auction in September in a three-party tussle that included mobile-phone industry entrepreneur Ron Bakir.

Property industry sources say the home has sold to parties well known to the McIvor family, but marketing agent Michael Kollosche, of Ray White Broadbeach, declined to comment."


http://www.goldcoast.com.au/article/2012/02/09/389045_gold-coast-real-estate.html#comment
 
Audited Financials

Where are the Audited Financials ??? Still nothing, despite promises... What an absolute joke... Has the auditor got a case of the death wobbles ? Hard to sign off on fantasy financials...
 
Wirrina Resort

Epic Internal fight between the Receiver and McIvor ???

The correct link to this story is below

http://www.indaily.com.au/default.aspx?iid=59291#folio=001

Good spotting by Kostag, as it outlines what is going on behind the scenes with this toxic asset with receivers being appointed last Friday. However there seems to be some machinations going on in the background with the resorts general manager stating "That things are changing by the minute and we are taking steps to pull it back out of the hands of Administrators"

So it seems speculation that McIvor acted unilaterally without the court appointed receiver's approval or knwledge may have some truth behind it.

If this is the case and the receiver David Whyte has to incur enormous costs on legal fees trying to sort this mess out then there is only one solution and we all know that it means that McIvor MUST GO... If there is interference with the sacking of the CEO without approval of the receiver (which has been confirmed) this is taking it to another level and both ASIC and the Receiver David Whyte must put an end to this once and for all.

This illogical fight for power is decimating the already battered interests of investors... The investors are not a furnace upon which to fuel someone's ego. This has all the hallMARK's of a scorched earth policy...
 
THIS IS A DISGRACEFUL ABUSE OF PROPER PROCESS

and a slap in the face for all the work that Rceivers and others have done to try and put an end to this disgraceful episode of Australia's fianncial history...

one can only feel sorry for teh job that David Whyte has in front of him....

each day must be a new nightmare......

No Trust said:
Epic Internal fight between the Receiver and McIvor ???

The correct link to this story is below

http://www.indaily.com.au/default.aspx?iid=59291#folio=001

Good spotting by Kostag, as it outlines what is going on behind the scenes with this toxic asset with receivers being appointed last Friday. However there seems to be some machinations going on in the background with the resorts general manager stating "That things are changing by the minute and we are taking steps to pull it back out of the hands of Administrators"

So it seems speculation that McIvor acted unilaterally without the court appointed receiver's approval or knwledge may have some truth behind it.

If this is the case and the receiver David Whyte has to incur enormous costs on legal fees trying to sort this mess out then there is only one solution and we all know that it means that McIvor MUST GO... If there is interference with the sacking of the CEO without approval of the receiver (which has been confirmed) this is taking it to another level and both ASIC and the Receiver David Whyte must put an end to this once and for all.

This illogical fight for power is decimating the already battered interests of investors... The investors are not a furnace upon which to fuel someone's ego. This has all the hallMARK's of a scorched earth policy...
Click to expand...
 
David Whyte BDO Australia

Imagine having to deal with this nonsense, sympathies go out to David Whyte... He may now have an inkling for what he is in for...
 
Repercussions

David Whyte has to take the matter back to the Supreme Court with ASIC in haste and put the matter before the same judge who appointed the receiver and have McIvor banned from dealing with the fund assets. That judge got to read the Goddard, Kennedy and Tucker Affidavits so has a good understanding of what went on prior to the collapse... Remember these were old mates who could not take it any more... ASIC were asking for independence and the judge agreed, what we have now is akin to the reinstatement of a dictator...

There is no turning back now and the receiver must act decisively or lose confidence of all of the investors... If the receiver is undermined at every turn what chance have investors got of ever getting a cent back... This has to STOP as investors are not hostages to the whims of some idiotic power struggle which has all to do with ego and nothing else... McIvor has to come to grips with the fact that he is no longer in control, the receiver is...
 
ASIC

The further uncertainty that has developed over the last week warrants formal complaint to ASIC. I encourage all investors and creditors to contact ASIC and the receiver David Whyte and register their formal complaint and ask for an immediate statement as to who is "really in control". This infighting and uncertainty will further devalue the assets in terms of perception with prospective buyers. Remember under the previous mismanagement $167M was written off last year.
 
DISASTERS LOOMING ALONG....

everything has gone very quite..... does anyone know what is happening with these assets:-

1. Meridien Marinas
2. South Australia golf course and resort
3. Quinlivan Ipswich
4. Windsor Turf Farm

so much of the possible return to investors comes from these 'assets' - I suspect that they are not going to be readily realisable.
 
Status
Not open for further replies.
Top