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Equititrust?

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Knee capped

The fact that Piper Alderman are now on the creditors committee is a strong signal that there is no more tolerance for games or interference from McIvor... This move has sidelined McIvor, he does not have any more influence or control...
 
Re: Knee capped... it is time for action

no more talk....



No Trust said:
The fact that Piper Alderman are now on the creditors committee is a strong signal that there is no more tolerance for games or interference from McIvor... This move has sidelined McIvor, he does not have any more influence or control...
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Heard that Ms Banton was only acting on behalf of 39 investors at that meeting. Thought there would have been more participants!:
 
Piper Alderman

Amanda only acts for those participating in the class action. She can't help those who won't help themselves...
 
Re: Equititrust: IT IS TERIIBLE

there are 1600 investors - if MS BANTON only has instrctions from 39 investors, what do the other 1,561 think is going to happen? Magic? Mark McIvor is going to sell persoanl assets and put in money? its all gone now!

Her claim will be against PI insurers for her clients - everyone else misses out.

If you have not contacted PIPER ALDERMANN SYDNEY - do it now!!!!



Mozzi said:
Heard that Ms Banton was only acting on behalf of 39 investors at that meeting. Thought there would have been more participants!:
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How did KPMG get it sooooo wrong ??? Did they get infected with the Gold Coast Cowboy Disease...
 
Considering the scale of losses, shouldn't there be some action by the regulator in terms of disqualification of some of the directors. Not cooperating with a receiver for one is a punishable offence... How about ASIC take some action against McIvor and set an example in terms of governing the proper conduct of directors. McIvor's actions in thumbing his nose at David Whyte a court and ASIC appointed receiver is an utter disgrace and shows total disregard for investors interests...

This recalcitrance needs to be punished and an example set. In any event this conduct won't bode well for him in the class action...
 
unit holders watch out!

there is some deal afoot where hall chadwick and directors are working up a scheme where Lion and other companies associated with David Hickie will take over control of EIF... desperate unit holders will be offerred to swap their units for some complicated shares in some NSX listed entity. once any of us fall for this trick we lose our class action rights for losses. why? because we will have chosen to take these shares. there will be no market for the shares and the price will soon be cents.... just look at what happened to MFS investors when they fell for the same 'con' with NSX listed Wellington PIF. Be very careful... you have all been warned.
 
Re: unit holders watch out!

Its basically a scam, Equititrust is a failed company as are those who ran it into the ground.

Why would investors trust McIvor any longer ??? Just look at receiver David Whyte's last report to see what he has been up to. Reinstating 2.8M in management fees etc is a disgusting joke...

All those supporting this share offering are vultures picking on the bones of retiree investors nothing more. As I have predicting on this forum on many occasions THIS WILL FAIL... DON'T FALL FOR IT... MAKE THOSE WHO LOST YOUR MONEY PAY...

Talk to Piper Alderman that your best bet... They are moving in the right direction...

McIvor is still living in multi million dollar luxury mansions whilst investors starve... Why should investors fund his lifestyle whilst he has lost $167M plus of their blood seat and tears... Putting someone this delusional back in control is madness which ASIC should stop...



kostag said:
there is some deal afoot where hall chadwick and directors are working up a scheme where Lion and other companies associated with David Hickie will take over control of EIF... desperate unit holders will be offerred to swap their units for some complicated shares in some NSX listed entity. once any of us fall for this trick we lose our class action rights for losses. why? because we will have chosen to take these shares. there will be no market for the shares and the price will soon be cents.... just look at what happened to MFS investors when they fell for the same 'con' with NSX listed Wellington PIF. Be very careful... you have all been warned.
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UNIT HOLDERS - dont fall for this one!!!!!! look at MFS !!!!!

UNIT HOLDERS
DON’T BE THIS STUPID!



Media and ASIC where are you?
Let me tell you what is going on right now and the disaster that all unit holders face.
Right now there is a whole range of Receivers and External Administrators appointed. Admittedly, having so many is an unnecessary cost but what it does ensure is that there is pressure on to realise all mortgage assets and once that is done, moneys must be distributed to unit holders.
Now, that means that losses are crystallised – that is, we will only get a proportionate share of what they collect. In reality, we can’t expect anything more or less – can we?
We are however entitled to bring action against the directors and any other party associated with the company for our losses in damages and ASIC can take appropriate action.
What MFS did (another failed fund) was that they sold their unit holders across into an NSX listed entity – this meant that unit holders agreed to take a listed security in place of their units.
Unit holders are of course direct creditors in the fund but once you become a shareholder, you are an owner just like the directors and shareholder. In effect, you cannot sue yourself for losses – can you?
Now, on Day 1 this all looks very good. For example, you have been given a $1 share for every $1 invested – there are promises of dividends – you are also told that at any stage there is liquidity (you put your shares on the market and sell them).
But remember the following:
(a) If the assets are impaired and in reality will never reach full value, why would there ever be a profit over and above the share issue price and, in fact, why would not the market mark the shares down to their true value?
(b) What liquidity would there be? Who in their right mind would want to buy a share (unless it was at a massive discount) in an NSX listed vehicle which holds impaired assets? The simple answer is (as the MFS unit holders found out and which is well documented on this website) – no one will.
So who is behind this idea and why? The directors know that if all unit holders voluntarily make the decision to take shares in place of their units, then those unit holders cannot claim losses simply because they made the decision to take shares in place of units.
Other than further potential charges, the biggest charge that ASIC can drive home then evaporate. Amanda Banton (Piper Alderman) doesn’t have any damages to pursue against PI insurers etc – unit holders are effectively on their own, and all the directors are off the hook.
But it actually gets worse.
The new responsible entity – even if they are the best guys in the world – has no obligation to distribute funds realised or, in fact, any pressure to realise funds at all. Unit holders who would otherwise be entitled to demand that assets be sold, converted into cash which is then distributed, sit there as shareholders.
Even if the new RE are the most responsible people in the world, they can draw down the money, re-invest, take the fund on a whole new journey and we unit holders (now shareholders) have no choice in the matter at all.
So what is this proposal that is coming about?
1. Getting directors off the hook.
2. Purporting to provide unit holders with liquidity when in fact none will exist.
3. Taking away unit holders’ rights to quantify damage and bring an action.
This proposal will simply introduce a new layer of ownership; overheads; supposed skill sets etc and more costs for another group who will try and make the best out of a poor group of assets.
You must seek independent financial advice and probably contact Amanda Banton at Piper Alderman.
Be very, very careful.
 
OH BOY!!!! dont fall for this one!!!!

1. Some outfit called LION is taking over as RE
2. Some outfit called VentureAxess will relist on the National Stock Exchange and will offer all UNITHOLDERS one of its non-trading special class shares at 44 cents each for each unit in EIF.
3. These shares will be REDEEMABLE CONVERTIBLE PREFERENCE shares and cannot be traded for at least a year
4. We don’t get a dividend until the NTA goes up to 55 cents – that’s 20% more! And we cannot convert until the NTA goes to $5!!!! Yeah, like that will ever happen!
5. Great stuff . We lose our unit holder rights; we cant trade these little pearls !!!; we don’t get a dividend; and there will be little if any market in a year or so through which we might trade. Who would buy a share from us without real prospects of even a dividend!!
There is a copy of a Board minute dated 13th February 2012 which sets all of this ‘carve up’ out.
Don’t be beguiled by this one.
 
Re: OH BOY!!!! dont fall for this one!!!!

kostag said:
1. Some outfit called LION is taking over as RE
2. Some outfit called VentureAxess will relist on the National Stock Exchange and will offer all UNITHOLDERS one of its non-trading special class shares at 44 cents each for each unit in EIF.
3. These shares will be REDEEMABLE CONVERTIBLE PREFERENCE shares and cannot be traded for at least a year
4. We don’t get a dividend until the NTA goes up to 55 cents – that’s 20% more! And we cannot convert until the NTA goes to $5!!!! Yeah, like that will ever happen!
5. Great stuff . We lose our unit holder rights; we cant trade these little pearls !!!; we don’t get a dividend; and there will be little if any market in a year or so through which we might trade. Who would buy a share from us without real prospects of even a dividend!!
There is a copy of a Board minute dated 13th February 2012 which sets all of this ‘carve up’ out.
Don’t be beguiled by this one.
Click to expand...

Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
 
Re: OH BOY!!!! dont fall for this one!!!!

there is a copy circulating as I understand with ASIC, media and various parties - I received a copy by EMAIL - I presume a lot of people have seen it.

Amongst other things it notes that Mark McIvor is going to become a specialist white collar crime lawyer and do some re-education training..... classic self serving stuff.

A pscyhiatrist would have a field day analysing the thoughts of whoever wrote the Minute!

LION and VANTAGEAXESS will have their hands full trying to jam this "proposal" past UNIT HOLDERS - one only has to look at the MFS / Octaviar/ Jenny HUTSON/ PIF / NSX disaster to know where this "deal" is heading.....

ps: why would you start relying on the EQUITITRUST website for the release of meaningful data?

pps: what's the weather like in Darwin, Olman?

Olman said:
Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
Click to expand...
 
Re: OH BOY!!!! dont fall for this one!!!!

Olman, have you met with McIvor face to face recently...

Olman said:
Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
Click to expand...
 
Re: OH BOY!!!! dont fall for this one!!!!

yes I am told Antony Marx will be publishing a copy




Olman said:
Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
Click to expand...
 
Smoke and Mirrors

It would be interesting to confirm whether McIvor is still posting on this site under an assumed name. Buffetman and Ozab etc were outed as being deceitful Equititrust stooges... Buffetman being an interesting name considering the fact that McIvor often quoted him... :) This crap is not fooling anyone...

When the Piper Alderman Class action starts, it will be interesting to get the culprits, Kennedy, McIvor etc in the witness box, under oath, and get the truth on the deceitful posting on this web site...

It will come out...

It's amazing how a name can give a lot away...
 
Mansion Sold !!!!! What about the investors

Ex-Equititrust boss Mark McIvor secures bullish $6.75 million for Popov-designed Gold Coast home: Title Tattle

Jonathan Chancellor
Thursday 08 March 2012


"At its auction Stacey McIvor, the wife of merchant banker and property investor Mark McIvor, wept when the five-bedroom riverfront home drew a top bid of $4.55 million."


"McIvor, who founded the Gold Coast's own merchant bank, Equititrust, in 1993, also owns two other houses on the island. They cost $3.6 million in 2002 and $1.7 million in 2003."

http://www.propertyobserver.com.au/title-tattle/mark-mcivor-secures-bullish-result


How much of that will go to paying off retiree investors??? Zero

Let them eat cake, while the McIvor's move into a choice of either two more luxury mansions on the Island...

Investors get $167M in losses, no income and cannot claim a pension whilst the perpetrators of this collapse live it up and rub salt into the wound of innocent retiree investors...

Disgusting
 
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