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Equititrust?

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Well and truly FINISHED

Finished indeed, David Whyte as a receiver has an obligation to report this behaviour to ASIC.

As for Tucker Equititrust on its website confirmed his conflict of interest. If there is a clear and unequivocal conflict of interest legal fees are not payable. More importantly he was a mate of McIvor's and was being fed all the work. Why was this work not tendered out to a few firms for competitive pricing... This whole incestuous saga reeks of self interest at the expense of investor's.

The fees should be audited, the investors ultimately paid the bills...

 
Not as green as his lettuce...

David Whyte's report is excellent and gives some telling insights.... BUT lets not forget this....
1. McIvor is a property lawyer and financier of over 25years experience;
2. it is ludicrous to suggest that McIvor was mistaken that a subsdiary of a subsidiary of the EIF might somehow not be an asset of, or under the control of, EIF and David Whyte.
3. David Whyte is too kind in accepting some genuine error.
4. But, let's scratch a bit deeper - what was the real motive here? and why did David Tucker feel so concerned about this Wirrina asset that he took steps to appoint David Clout to the same asset?

It is just not good enough - these legal machinations are all costing money and are disruptive to the orderly course of asset realisations.

ASIC, we are sick of this.



 
Incompetent

I don't think David Whyte is being kind when he states that McIvor did not fully understand the legal and funding arrangements. I think he is highlighting how little he knew about this asset and maybe gives an insight into how this disaster was created and ecsaerbated...
 
Breach of Duty

Where David Whyte mentions McIvor trying to dictate the terms of a sale with the proceeds going to the PIF in complete defiance of the security and entitlement of the EIF to receive all proceeds, he clearly outlines to McIvor in correspondence that this was a breach of duty and a conflict of interest. Investors can now clearly see what was really going on with their money.

The claim by McIvor for Management Fees of $2.8M is the biggest joke... David Whyte and the staff at BDO must have been shaking their heads in what they had to deal with...

My sympathies go out to him and wish him the best in cleaning up after McIvor... It wont be an easy job...
 
BDO Report

It looks as though the "follically faded one" doesn't like the taste of his own medicine... Having appointed receivers to many innocent parties over the years, one would assume he would have been prepared for his day of reckoning...

I think he realises now how painful it is to lose the lot and be kicked out of his own business... In his case though the receivership was warranted on all fronts...

His lack of cooperation with the receiver is a slap in the face of investors and I think that David Whyte is a straight shooter who will take McIvor to task and refer him to ASIC for the behaviour to date...

McIvor spitting the dummy does not impress anyone and it will only get him into more trouble with the regulator and have him categorised as an unfit person to hold any form of FSL in the future... The penalties for non cooperation with a receiver are stiff and I will not be surprised if he does the same to Ferrier Hodgson... The remedy as always is to drag him off to court for a Public Examination, which in this case is a certainty given the sums involved in the losses...
 
HATE TO KNOW WHAT THIS IS COSTING:

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
17/02/2012 7E4283313 11 507F Report as to Affairs From Controller Under S.429(2)(C)
17/02/2012 7E4283307 11 507F Report as to Affairs From Controller Under S.429(2)(C)
14/02/2012 7E4273608 12 507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012 7E4273594 12 507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012 7E4273570 12 507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
14/02/2012 7E4273531 12 507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
02/02/2012 7E4253590 2 555 Notification of Receiver Extending Time to Submit Report
02/02/2012 7E4253361 3 555 Notification of Receiver Extending Time to Submit Report
25/01/2012 7E4236554 3 555 Notification of Receiver Extending Time to Submit Report
24/01/2012 7E4232786 3 505B Notification of Appointment of Receiver And Manager
20/01/2012 028026734 4 504B Notification of Appointment of a Receiver And Manager
21/12/2011 027916217 8 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
02/12/2011 7E4131475 2 505L Notification of Receiver Manager Ceasing to Act
02/12/2011 7E4131466 9 524P Presentation of Accounts & Statement Final Accounts Of
Receiver & Manager
02/12/2011 7E4131445 11 507G Report as to Affairs From Managing Controller Who Is Also A
Receiver/manager
01/12/2011 7E4129850 2 505B Notification of Appointment of Receiver And Manager
01/12/2011 027902845 4 504B Notification of Appointment of a Receiver And Manager
 
Interesting Reading

The receiver's reports from Korda Mentha will also make for interesting reading if David Whyte's report is anything to go by. Has McIvor been cooperating with them??? Whichever way it goes Westoac will sue McIvor personally for any shortfall under personal guarantees... If the current asset valuations are anything to go by this seems a certainty in the current marketplace. It could not be a worse time to have a fire sale of assets. Or is is "KARMA"
 
This is just the start

This is just the start of the media attention on McIvor.

When googling just type in the key words Equititrust - Collapse - McIvor and the stories will come up...
 
ANOTHER RECEIVER HAS BEEN APPOINTED

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
22/02/2012 028033519 Not Imaged 504B Notification of Appointment of a Receiver And Manager
20/02/2012 7E4286099 2 505B Notification of Appointment of Receiver And Manager
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)
 
Idiot.

 
Kennedy

Zencorp, that just makes me laugh... Kennedy will not be laughing when this is thrown in his face in court... The fact is they lost badly and we won in exposing these guys and what was going on behind the scenes... I'm sure Piper Alderman have scrolled through this thread and taken notes of false and misleading statements like this... Remember the doosy when Kennedy said that he would like to say investors funds were intact but ASIC prevented him from doing so... What did he have to back that up. He said it in on a public forum but it was completely and utterly false... Colin Kruger put paid to that in his damning article on the 13th of June 2011. A few days later McIvor resigned... All of this will come out in court. It has not ended for these guys it has just started and investors will make them pay for their actions...
 
Read This and Weep / Laugh

Read this load of crap below and laugh... The "Administrator's Report" is still calling for a meeting despite the fact that another receiver (Mcgrath Nicol) has been appointed by Bank of Scotland. That’s 3 receivers and 1 Administrator appointed by McIvor trying to save his ass...

When you read through the report it’s a joke; talk of a deed of arrangement which effectively means a haircut for investors whilst negating their right to sue Equititrust / McIvor in the Class Action... So in effect for losing $167M of money to date plus more to come, investors are expected to reward McIvor and Equititrust with a lifeline for their foray with "King Con" etc...

The Administrators have their hand on it if they think investors and the Australian Public are this stupid. They preface their report with an insincere statement saying how important investors are too them. This is all about McIvor and his personal interests not the investors. The administrators were appointed by him, David Whyte was appointed by ASIC and the Supreme court...

David Whytes Report - Independent and Credible

Read David Whyte's report to get a real picture of what was going on... He is truly independent and working under a court order not McIvor's order. The administrators will say that they are not but in reality their report is prefaced with "making an arrangement with investors / creditors" and to "deal with the company and its affairs to maximise the chance of the company continuing in existence..." Who will that benefit??? Not the investors but it will benefit McIvor...

A clear message needs to be sent to the Administrator's, INNOCENT RETIREE INVESTORS HAVE BEEN FINANCIALLY RAPED... $167M + has been lost to date and as a result of this poisonous investment innocent retirees cannot even collect a pension and they now have the audacity to ask for their support to resurrect a decrepit, incompetent, insolvent and morally reprehensible company...

Word of Advice

Word of advice for the administrator from the investors, don’t rub further salt into the wound, don’t ask for their support to resurrect McIvor's empire whilst he is trying to reinstate $2.8M in management fees already agreed to be waived and claim superannuation benefits... Move straight on to the liquidation and forget the tricks investors have been fed enough crap for too long...

Piper Alderman
Contact Piper Alderman regarding this and your rights under a Class Action rather than give away your rights... Equititrust is dead as a door nail and the old deed of arrangement trick won’t work . All this is about is getting control of any surplus money that is left after paying off the banks and their receivers, then reinstating management fees and expenses that David Whyte has put an end to…

Even in the midst of all of this, they are still interested in getting control of the money after the banks are paid out and resurrecting Equititrust... Disgusting


http://www.equititrust.com.au/Pdfs/... Reports - 20120223 - Letter to Investors.pdf
 
Have they Not Learnt

The Administrator will soon learn that, the investors who have been FINANCIALLY RAPED by Equititrust are a formidable force as is this thread... The great thing about freedom of speech and the Internet is the ability to expose an injustice as it occurs and the Administrator is trying to perpetrate an injustice on investors in favour of resurrecting Equititrust and McIvor... It Won't happen...

The only reason to attend the meeting is to bring protest placards and rip McIvor and his accomplices the Administrators a new one...

The push to have investors vote may be driven by the need to have a sufficient quorum to have their measures to resurrect the company passed.

IT WOULD BE WISER TO GET INDEPENDENT LEGAL ADVICE before voting on anything, Piper Alderman should be contacted and hopefully they will issue and statement and attend the Administrators meeting and set things straight...

More imporatntly why doesn't McIvor tip in some of the proceeds of his assets sales into the pot... Don't hold your breath...
 
Aussie Stock Forums Critical

If it wasn't for Kostag and Aussie Stock Forums a lot of other people would have been hurt. Kostag you were right from the beginning...
 
Quite an Appropriate Analogy

If you want an analogy of the battle with Equititrust and McIvor on this thread over the past year, then have a look at the link below... Who is still standing and who is knocked out... We won and McIvor and Equititrust lost in suppressing free speech and hiding corporate skulduggery of innocent retiree investors... The truth will be pursued relentlessly... We're not finished yet.

http://wwos.ninemsn.com.au/video.aspx?uuid=478DECD4-A530-4A02-A2BE-83123DA93C0E
 
Oh Kennedy First MFS now this

Remember this:

We won't let him forget...

"Over the past two years, Equititrust has reduced bank debt from $155m to $44m and anticipates having this fully extinguished in the next 6 months. We can then start the process of repaying investors who want there money back.

Regards
David Kennedy
 
Read this steaming load of crap from the spin masters... What do they have to say for themselves now...

"The irony of the attacks on Equititrust by the SMH (whose investment performance over the past 3 years has been nothing short of woeful) is not lost upon us. $1 invested in Equititrust in 2007 is still worth $1 with investor returns of approx 25c made during this time. $1 invested in Fairfax in 2007 would now be worth 41c (and that's after dividends). That's correct, an investor in Equititrust would be more than three times better off than a Fairfax investor. In the circumstances one cannot help but note the hypocrisy of their attacks."

Equititrust Post #153 Page 8 of this thread
 
Re: Equititrust: CHOICE MAGAZINE GOT IT RIGHT

In the end , INVESTORS will get NIL per dollar - when you consider that EIF was supposedly a first mortgage fund, a loss of that scale really takes some doing..... gee my Fairfax shares are looking pretty good.... frankly, so too are my Lehmman Bros shares! Move over Bernie Madoff - you have a new contender for the title.....



 
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