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Equititrust?

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Highly Toxic Assets

All these assets are highly toxic and should never have been exposed to innocent retiree investors funds. Previous projections were in the vicinity of 3 to 5 years to clean things up. Unfortunately these rotting corpses don't attract buyers with the reddies; even the flies are giving these assets a miss.

What is happening to the legal action and recovery that Tucker was running? The receiver was particularly quiet on this front.

David Whyte needs to firstly confirm that he is actually in control of the funds. A decisive statement from him in this regard is needed ASAP before he loses all credibility and is perceived to be unduly profiting from the turmoil. It's quite simple, if McIvor is interfering he should get ASIC involved, get rid of McIvor and get on with it... If this is not done and the games continue what conclusion will investors come to. This is not a game to be played at their expense.
 
Financials Not Completed

Not even a hint of the overdue "audited" financials on the horizon. Maybe ASIC will finally loosen the stool and alleviate this chronic case of dislosure constipation...

Are the audited accounts going to suggest that Equititrust be sent on a one way ticket to the bone yard ??? :horse:
 
Re: Highly Toxic Assets

4 years $150,000 per month = $1.8M per annum = $7.2M
plus costs of sale
plus costs of holding.


Assets left in 4.5 years ????

NIL

No Trust said:
All these assets are highly toxic and should never have been exposed to innocent retiree investors funds. Previous projections were in the vicinity of 3 to 5 years to clean things up. Unfortunately these rotting corpses don't attract buyers with the reddies; even the flies are giving these assets a miss.

What is happening to the legal action and recovery that Tucker was running? The receiver was particularly quiet on this front.

David Whyte needs to firstly confirm that he is actually in control of the funds. A decisive statement from him in this regard is needed ASAP before he loses all credibility and is perceived to be unduly profiting from the turmoil. It's quite simple, if McIvor is interfering he should get ASIC involved, get rid of McIvor and get on with it... If this is not done and the games continue what conclusion will investors come to. This is not a game to be played at their expense.
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Re: Financials Not Completed

AUDITORS suspect they will be sued.....

these ACCOUNTS will be the 'come clean' version.....

No Trust said:
Not even a hint of the overdue "audited" financials on the horizon. Maybe ASIC will finally loosen the stool and alleviate this chronic case of dislosure constipation...

Are the audited accounts going to suggest that Equititrust be sent on a one way ticket to the bone yard ??? :horse:
Click to expand...
 
Auditors

How could the auditors get it this wrong ??? I would not be surprised if they are joined as defendants in the class action... To have such a massive discrepancy and valuations not updated on an annual basis is unforgivable but not surprising from the "cowboy" Gold Coast.

The pressure needs to be stepped up for the "well overdue" Audited Financials. Why is this being hidden from the investors. There is something very suspicious about all this...
 
Receivers Appointed by Westpac

Will Equititrust now be evicted from the Chevron Island headquarters given that Westpac have appointed receivers and will be selling the building as Mortgagee in Possesssion. The wind down of the funds does not require that much office space given that there is only a skeleton staff required. Surely there could be more cost efficient office space available for this purpose. David Whyte the receiver of the Funds needs to look at this.
 
Re: Auditors: loan verification

the question for the auditors to deal with will be with so many large loans in dispute by the Borrowers, what verification did they do of each loan as at each balance date? I am told by one party that as a Borrower he was never written to by the Auditors to do any verification of the amount claimed to be owed..... if this is the case across the board, this would leave any auditor very very vulnerable and exposed - the good news is that Piper Alderman would also attack this aspect under any class action and this would give another source of recovery - ie: Auditors' PI insurance




No Trust said:
How could the auditors get it this wrong ??? I would not be surprised if they are joined as defendants in the class action... To have such a massive discrepancy and valuations not updated on an annual basis is unforgivable but not surprising from the "cowboy" Gold Coast.

The pressure needs to be stepped up for the "well overdue" Audited Financials. Why is this being hidden from the investors. There is something very suspicious about all this...
Click to expand...
 
Audited Financials

Seems to be a common theme... A Prominent Media Orginisation is currently speaking to a number of borrowers... Lets hope they get to the bottom of this...

In addition to this look at the 07 / 08 Annual Review below and the relationship with Tod Gillespie from Herron Todd White... Maybe Piper Alderman should be speaking to him and his company about the valuations they undertook on behalf of EquitiRust...

I am sure Herron Todd White want to have everyone forget about this little association mentioned in the Annual Review... Sad sad incestuous Gold Coast Cowboys...

http://www.equititrust.com.au/Pdfs/Annual_Reviews/07_08_equititrust_review.pdf
 
KPMG

KPMG must be having some "real trouble" getting these financials finalised. Or are they having problems agreeing on the figures with a certain someone... Surely ASIC has to take some action to ensure the investors are given the numbers warts and all. It is scandalous that McIvor has allowed this to occur, maybe if he wasn't so busy making delusional video's with Ian Maurice last year he would have had time to ensure the basics of running a company were adhered to...

WHERE ARE THE AUDITED FINANCIALS EQUITIRUST ?????????????????????????
 
Audited Accounts

Do the illustrious directors of Equititrust realise that the release of the audited accounts equates to a death sentence in Financial terms. Never trust a company that can't give you basic financial information.

Be even more suspicious when they promise accounts by a certain date and do not deliver on their own overdue deadlines. This clown like behaviour is a joke, let's hope ASIC is taking note and bans those responsible for this disaster.
 
Name EQUITITRUST LIMITED
ACN
061 383 944
ABN
74 061 383 944
Type Australian Public Company, Limited By Shares
Registration Date 18/08/1993
Next Review Date 18/08/2012
Status ** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office Surfers Paradise QLD 4217
Jurisdiction Australian Securities & Investments Commission

Former Name(s) EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

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
15/02/2012 7E4277681 2 505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)
31/01/2012 7E4245817 2 484E Change to Company Details Appointment or Cessation of A
Company Officeholder
20/12/2011 7E4173170 2 484E Change to Company Details Appointment or Cessation of A
Company Officeholder
 
Administrator Appointed - Equititrust is Dead

It looks like the audited financials were the death knell of Equititrust... The question now is who appointed the Administrator, was it one of the banks, ASIC or McIvor trying to stave of creditors, whichever way Equititrust is dead and may it rot in hell for eternity...
 
Statement

Now more than ever a Statement from David Whyte is required. Now that Equititrust in the hands of an external administrator what impact will this have on the investors considering the issues of the subordinated investment, claims by McIvor's superannuation fund and McIvor's conflict and recalcitrance with receiver David Whyte.

Investors need to know whether McIvor has appointed the administrator to again thwart the receiver...

INVESTOR'S NEED TO KNOW WHAT IS GOING ON...
 
Looks like Equititrust tipped into insolvency

Looks like insolvency was the cause of the demise of Equititrust, a fitting end to a miserable mob only good at stealing innocent retiree investors lives...


CORPORATIONS ACT 2001 - SECT 436A
Company may appoint administrator if board thinks it is or will become insolvent
(1) A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:

(a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and

(b) an administrator of the company should be appointed.
 
Running on Empty

It looks like receiver David Whyte's cost cutting has starved the now dead Equititrust of its illegitimate life blood... When you review his report he outlines how expenditure actually went up to $6M when Equititrust were no longer allowed to collect its management fee. An actual increase over the $4M odd management fee previously collected, what a joke, $167M in losses to June 30 2011 and expenditure had jumped. For what??? Funding someone's luxurious lifestyle whilst Innocent retiree investors rot.

This had to come to an end and now Equititrust is in the same dodgy spivvy club as Gold Coast failures MFS, City Pacific and Asset Loan... Quite an embarrassing collapse for its founder...

Seriously what was McIvor thinking bringing in the old MFS boys, it was not a good Omen and a seriously bad judgement call.

However some pundits are saying that this collapse also had something to do with the founder's personal Karma. The universe is actually quite perfect, every action has a reaction. The collapse was chiselled in stone some time back... Innocent people sometimes don't have to fight back, the universe settles those injustices for them over time.
 
CLASS ACTION TO COMMENCE IN COMING WEEKS

Equititrust Limited Class Action

Update - Monday, 13th February 2012

Piper Alderman is currently finalising the pleadings to commence a class action against Equititrust Limited ("the Company") and a number of its directors. The Court documents are expected to be filed in the coming weeks.


http://www.piperalderman.com.au/firm/equititrust-limited-class-action
 
When it rains it pours

My oh my, when it rains it pours and it seems McIvor and his former directors are about to get a drenching in the coming weeks... Followed by a legal tsunami of claims against them... This is serious stuff... Hope they have the reddies for the lawyers, this is going to be expensive... Bit different now that, public money cannot be used for legal expenses, and legal thuggery...

One week the company goes bust, and the next a massive class action is commenced... get your popcorn, the fireworks are about to start...

To add to the entertainment, it seems a "major media outlet" has been sniffing around and are covertly interviewing former employee's, investors and borrowers for a "behind the scenes" look at this monumental disaster... Reports to date don't paint a pretty picture. Lets hope the "follicially faded one" accepts his request for an interview on camera...
 
Testimony

Can you imagine the Testimony that that will be given by former Equititrust insider's (dodged a bullet)Kennedy,(not so brotherly) Wayne McIvor,(Tuck into some legal fees) Tucker, (The Godfather) Goddard, (not so super) Sid Super and (treasure hunter) Craig Treasure... Resembles a line up from the usual suspects.

Piper Alderman must have been looking on in awe as events unfolded and their evidence just came flooding in over the past few months... This will be one of the most entertaining court cases in recent memory. If all those involved didn't like the media spot light to date, they better prepare themselves for a media flood light when this all starts...

Investors will finally get to fight back...
 
Insolvent Trading ??

It is clear from former director Paul Vincent's affidavit that creditor's were owed in excess of $900,000 and that default notices by various banks were issued to Equititrust in its own right. In any assessment of the facts it is clear that the company could not pay its debts as and when they fell due yet continued to trade... ???INSOLVENT TRADING in anyone's books...
 
50M Capital Raising - Concealment of Losses

50M Capital Raising

It was only 12 months ago that EquitiRust were trying to raise a further 50M from the unsuspecting Australian Public. Remember no interim financials were completed at the time and knowledge of the massive impairments were obviously known as far back as 2008.

Piper Alderman Claim

(refer to Piper Alderman’s Claim in their letter to Equititrust). Para 6.3, 6.4, 6.5, 6.6, 6.7, 6.8.

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

Some 6 months after the announcement of the 50M capital raising, year-end 2011,$167,000,000 of impairments were unveiled... This does not add up. The position could not deteriorate to such an extent in such a short period of time... Things were being covered up in a big way and investors were being kept in the dark.

Board Knowledge

Apart from the Piper Alderman Class action about to commence in a few weeks, it seems the board of directors at the time of the 50M capital raising need to answer a few questions. There should be both an ASIC and Federal Police inquiry into the conduct of the board at the time of the capital raising. (Maybe this is going on now, after the ASIC and Federal Police raids late last year) It is incomprehensible that the board did not know what was going on, and if they plead they didn't, well quite frankly that is no defence under the law. It is a director’s legal obligation to be fully informed of the financial position of the company... Being a director carries serious legal obligations and is even more onerous when public money is involved under a managed investment scheme. Colin Kruger alluded in his article on June 13 2011.

"Nearly a year after this judgment was handed down, the Quinlivan Group was on the verge of collapse. EIF investors still had no inkling of their loan to ''King Con'' and Equititrust was still crowing about how investors' funds were intact and income distributions were being maintained.

''We consider our reputation for capital protection to be our single most important asset,'' Equititrust said in a communication to investors in January this year. ''We have come through the GFC. Your capital is intact.''

An attempt to raise another $50 million from investors ultimately failed when ASIC expressed concerns about the plan which would have refinanced EIF's debt and funded its distribution payments."


http://www.smh.com.au/business/inve...th-king-con-20110612-1fz9d.html#ixzz1mioqs5yV

How could they make statements well into 2011 that investors capital was intact and then only a short time later announce catastrophic losses of $167M ??? Its no wonder the board are named in the class action proceedings... Answers need to be given to both the investors and regulators...

On the eve of the Class Action Commencement, the directors named in the Piper Alderman Class Action have a lot of explaining to do and may rue the day they ever got involved with Equititrust as do the devestated investors...
 
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