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Equititrust?

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more from POST 153 page 8....

dont you love this quote straight from EQUITITRUST......

Would we like to state that investors investment is 100% safe? Yes we would but ASIC guidelines restrict us from making such statements. What we can say is that Equititrust would have to lose its entire $40m investment before investors lose one single cent. Such commitment to protecting investors is unheard of in the Australian mortgage fund industry.

Its unheard of in the Australian finance community alright and hopefully will never be heard of again!!
 
INVESTORS asked to consider an ADMINSTRATOR...

given thereputation of many of the players, wouldn't we want a DECLARATION OF INDEPENDENCE from HALL CHADWICK.

If this is just anotehr cosy engagement by McIVOR through connections of his, why would we risk the chance of this?

More delays, more costs etc.
 
Trust

Who would trust anything connected or appointed by Equititrust / McIvor again...

These guys have to realise that investors are not stupid, they have another option and thats the Class Action being run by Piper Alderman. The next thing the Administrators will be telling you is that they want McIvor's legal fees paid for in the class action.

Investors have only lost with anything to do with McIvor / Equititrust why should any deal with the Administrators be any diffferent... McIvor appointed them and no matter what is said about independence we all know how it really works in the murky insolvency world. The administrators get paid their full fees and will then ask investors to take a haircut. Only trust the administrators if they get the same haircut say 2 cents in the dollar for their fees. i.e. the same haircut that will most probably be asked of the investors.

Let David Whyte sell the assets and and make distributions to the investors, ASIC should intervene and not allow investors to be manipulated by an administrator which lacks independence. Any court would agree on the matter of independence given the circumstances surrounding the appointment of David Whyte from BDO. Prior to his appointment every man and his dog including Tucker wanted their own receiver appointed... ASIC and the Supreme Court saw through the facade and appointed an independent receiver in David Whyte from BDO.


Further The administrator is caught up in the controversy surrounding the appointment in Wirrina Resort in SA which David Whyte counselled against. If anything the administrators are already whittling away at investors money on this unnecessary appointment which was instigated by McIvor for no other reason than to aggravate David Whyte the court appointed receiver. Just read David Whyte's report below and that will explain everything...

http://www.equititrust.com.au/Pdfs/...orts - 20120221 - 2nd Report to Investors.pdf
 
Subordinated investment

The next thing the Administrators will be petitioning for is the reinstatement of the Subordinated Investment of 40M and 2.8M Managment Fee to Equititrust. Dont think David Whyte will allow that to happen...
 
ANOTHER RECEIVER MANAGER APPOINTED

Name EQUITITRUST LIMITED
ACN
061 383 944
ABN
74 061 383 944

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 028016776 Not Imaged 505B Notification of Appointment of Receiver And Manager
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)
 
So thats 4 receivers 1 administrator and a partridge in a pear tree...
 
Feast or famine

When it rains, it pours and it looks like it is hailing receivers on McIvor's head at the
moment... Karma? Or just deserts...
 
Re: Equititrust: top tier firms

we have major firms of the ilk of Ferrier Hodgson, Korda Mentha, BDO , now in place - why would we accept a second tier firm of administrators appointed by McIvor to look after investors' best interests?
 
Its all about transparency, the Administrators want to talk about resurrecting the company but investors sill do not have the audited accounts that McIvor promised. Its a joke.
 
Re: Equititrust: this company can never be allowed to trade

it is in windup mode.....

McIvor's plan would be to re-instate the rubbish "sub-ordinated invetsment" etc and rank alongside all investors for a pro-rata grab at the spoils....



No Trust said:
Its all about transparency, the Administrators want to talk about resurrecting the company but investors sill do not have the audited accounts that McIvor promised. Its a joke.
Click to expand...
 
Receiver City

What a train wreck... The receivers and administrators will mop up any remaining funds after asset sales leaving investors with nothing... Investors cannot wait until Piper Alderman gets it's hands on McIvor and his band of stooges... Let's see if McIvor has the guts to turn up to the creditors meetings... The investors reception will be hostile to say the least... His previous pontifications added up to nothing..
 
Mareva Injunctions

Mareva Injunctions are essential now, and I am sure they are high on the order of agenda with Piper Alderman and all of the receivers except the Administrators that McIvor appointed..

In situations like this it is not uncommon to have court orders monitoring travel as well...

The paperwork that McIvor must be filling out now in terms of Statement's of Affairs must be insane... Question is whether he is cooperating with them or conducting himself in the same manner as he did with David Whyte...

The next bomb shell will be the commencement of the Class Action in the next few weeks...
 
CLASS ACTIONS must now start in earnest..

cannot lose the upper hand in this matter now.... every single thing that we have been told has been borne out to be untrue....

 
Administrators Meeting

Investors have seen through the McIvor appointed administrators motives to resurrect the company... Most investors spoken to are boycotting the meeting and are leaving it to Piper Alderman who I am sure will be attending... Question will be, will the follicley faded delusional one be there to front up to the creditors...
 
Administrator's Meeting

McIvor having to front up the creditor's and Media this morning will not make breakfast at the Cronin Bunker a cheerful place...

Whilst some having been living a multi million dollar Luxury Lifestyle Equititrust Investors have had to live a nightmare every waking day...

To the former custodian of investor's money, welcome aboard the nightmare train, investors have been warming a seat for you for some time... First Stop Piper Alderman and then The Supreme Court...
 
New Information

Expect some explosive new revelations over the coming weeks... The fact that McIvor no longer has control of Equititrust has opened the flood gates...
 
Tucker Legal Fees

What's happened to all the legal action against defaulting borrowers ??? Are Tuckers fees to be audited ??? Have the files been taken away from Tucker by the receiver ???
 
Gold Coast Bulletin

As usual McIvor's mate and sycophant Nick Nicols of the Gold Coast Bulletin has not printed one story since the collapse of EquitiRust. The story has particular relevance to the Gold Coast with $167M of investor losses and many of the investors originating from the Gold Coast...

The fact that Westpac appointed receivers to the personal assets of McIvor also did not raise an eye brow... Yet when a minor story breaks he is quick to report on the misery of others... How about reporting on the misery inflicted on the lives of many Gold Coasters by Equititrust and McIvor...

Nicols is a sorry excuse for a journalist and its no wonder he has never risen in the ranks to be employed by a serious publication in a major capital, hopefully he will be turfed out of the Bulletin as well for this bias and protection of one of his dear old buddies... Its no wonder the Gold Coast has such a crap reputation and is a haven for shady characters... Idiots like Nicols protect them, maybe if the investors stumped up for a few free lunches their plight may get some column space in the dear old Bulletin...

SHAME GOLD COAST BULLETIN
 
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