Equititrust?
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Re: OH BOY!!!! dont fall for this one!!!!
I have never met with McIvor face to face. Have you? Why do you ask?
I have never met with McIvor face to face. Have you? Why do you ask?
Re: OH BOY!!!! dont fall for this one!!!!
Thanks for the info. Who relies on the Equititrust website? I check it out, amongst other sources, but I can't say I rely on it.
The weather in Darwin is fine with a chance of a thundery shower or two, according to the Bureau of Meteorology website.
I can't give you a personal observation because it's dark outside.
Thanks for the info. Who relies on the Equititrust website? I check it out, amongst other sources, but I can't say I rely on it.
The weather in Darwin is fine with a chance of a thundery shower or two, according to the Bureau of Meteorology website.
I can't give you a personal observation because it's dark outside.
Re: Mansion Sold !!!!! What about the investors
Thought you would have enjoyed reading the latest on the circular to creditors from Hall Chadwick (on the equititrust site) but you seem to have all got into another area now???????
Thought you would have enjoyed reading the latest on the circular to creditors from Hall Chadwick (on the equititrust site) but you seem to have all got into another area now???????
PROPER DISCLOSURE: Hall Chadwick and David Hickie
aren't UNIT HOLDERS entitled to know and believe that the existing RE and its advisers and Directors are acting in their best interests, rather than UNITHOLDERS being regarded as just another external 'creditor' to be expeditioulsy silenced and dealt with?
I think that David HICKIE who still resides on the Board etc and therein has access to raft of material about EIF etc and its assets, weaknesses etc - in fact more information than any INVESTOR / UNITHOLDER can access, ought be required to make a proper and public disclosure as to his interests and the purported involvmenet by LION and the soon to re-list NSX shell VANTAGE etc.
If, as may well be the case, the previous Board were reckless, inept or worse..... and this can be shown to have caused losses that well seem to be in the order of $170M atleast.... and therein, more than likley, there would be bonafide (as yet, untested) claims against McIVOR and or PI insurers .... and HICKIE may therefore (on a reasoanble view) be working co-operatively with them (the old guard) in order to get their support to his self serving LION-VANTAGE deal and get it across the line etc..... and he is therein not pursuing those former officers (McIvor) as an independent Board ought be doing.
Now, the same applies to HALL CHADWICK. Have they been wheeled in by McIvor for the sole purpose of giving what might appear to be independent support to the LION/VANTAGE scheme, which smoke screens and blind sides, the obvious massive claims that still lie dormant?
Hall Chadwick's statutory purpose is to act in best interests of CREDITORS and the unitholders are owed money and by definition are CREDITORS.
If the RE acted negligently (and Hall Chadwick would have to form that view after staring down the barrel of $170M losses) then HALL CHADWICK, acting in best interests of all creditors, rather than perhaps the very narrow interest of the main cuplrit, ought be attacking , not serving as a compliant conduit for the LION/VANTAGE deal.
EMAIL traffic (between Hickie, Equititrust board and Hall Chadwick parties) leaked to various parties by others, reveals the exploration of this 'swap worthless shares for UNITS in EIF at a massive write down' deal ..... the benefits to UNITHOLDERS are illusory - the benefits to those truly culpable are massive.
ASIC should not allow this type of 'David Tweed' concocted deal to hoodwink UNITHOLDERS be put to anyone without massive discloures and independent reporting and recommendation.
No-one will recommend this proposed deal.
Shame!
aren't UNIT HOLDERS entitled to know and believe that the existing RE and its advisers and Directors are acting in their best interests, rather than UNITHOLDERS being regarded as just another external 'creditor' to be expeditioulsy silenced and dealt with?
I think that David HICKIE who still resides on the Board etc and therein has access to raft of material about EIF etc and its assets, weaknesses etc - in fact more information than any INVESTOR / UNITHOLDER can access, ought be required to make a proper and public disclosure as to his interests and the purported involvmenet by LION and the soon to re-list NSX shell VANTAGE etc.
If, as may well be the case, the previous Board were reckless, inept or worse..... and this can be shown to have caused losses that well seem to be in the order of $170M atleast.... and therein, more than likley, there would be bonafide (as yet, untested) claims against McIVOR and or PI insurers .... and HICKIE may therefore (on a reasoanble view) be working co-operatively with them (the old guard) in order to get their support to his self serving LION-VANTAGE deal and get it across the line etc..... and he is therein not pursuing those former officers (McIvor) as an independent Board ought be doing.
Now, the same applies to HALL CHADWICK. Have they been wheeled in by McIvor for the sole purpose of giving what might appear to be independent support to the LION/VANTAGE scheme, which smoke screens and blind sides, the obvious massive claims that still lie dormant?
Hall Chadwick's statutory purpose is to act in best interests of CREDITORS and the unitholders are owed money and by definition are CREDITORS.
If the RE acted negligently (and Hall Chadwick would have to form that view after staring down the barrel of $170M losses) then HALL CHADWICK, acting in best interests of all creditors, rather than perhaps the very narrow interest of the main cuplrit, ought be attacking , not serving as a compliant conduit for the LION/VANTAGE deal.
EMAIL traffic (between Hickie, Equititrust board and Hall Chadwick parties) leaked to various parties by others, reveals the exploration of this 'swap worthless shares for UNITS in EIF at a massive write down' deal ..... the benefits to UNITHOLDERS are illusory - the benefits to those truly culpable are massive.
ASIC should not allow this type of 'David Tweed' concocted deal to hoodwink UNITHOLDERS be put to anyone without massive discloures and independent reporting and recommendation.
No-one will recommend this proposed deal.
Shame!
Re: OH BOY!!!! dont fall for this one!!!!
sometimes we need to look within, Olman of Darwin.
sometimes we need to look within, Olman of Darwin.
Re: OH BOY!!!! dont fall for this one!!!!
Indeed, Kostag of Nowhere. It seems that similar posting infractions in the past have slipped from your memory. There was nothing inflammatory in my post.
Indeed, Kostag of Nowhere. It seems that similar posting infractions in the past have slipped from your memory. There was nothing inflammatory in my post.
No Trust
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Equititrust Disaster
This is a stalling tactic, because they know that Equititrust is a lost cause...
Applying to the court for an extension of the next meeting until May is a joke. McIvor is pulling the strings of the Administrator and wasting the investors money for his own attempt at survival, nothing more.
It's very simple, whilst the Class action is on foot no one will insure them... ASIC has alleged Breaches of the Act and without insurance the game is over.
What is disgusting an appalling about all of this is whilst David Whyte the court and ASIC appointed receiver is winding up the funds in the investor's best interests, the Administrator is not necessary at all and is only acting in McIvor's best interests not the investors.
They also talk about getting the audited financials completed!!! McIvor promised them and never delivered and now now they want an extension... This is a joke of epic proportions.The court should not allow an extension on the basis that the administrator was appointed by McIvor the idiot who was responsible for completing the financials and never did... Instead he made delusional constipated videos for Landsolve with Ian Maurice and now wants an extension via his Stooge Administrator...
ADMINISTRAITOR is only about making a buck out of this and protecting McIvor's ass...
How much is this going to cost investors???
http://www.equititrust.com.au/Pdfs/... Reports - 20120309 - Letter to Investors.pdf
This is a stalling tactic, because they know that Equititrust is a lost cause...
Applying to the court for an extension of the next meeting until May is a joke. McIvor is pulling the strings of the Administrator and wasting the investors money for his own attempt at survival, nothing more.
It's very simple, whilst the Class action is on foot no one will insure them... ASIC has alleged Breaches of the Act and without insurance the game is over.
What is disgusting an appalling about all of this is whilst David Whyte the court and ASIC appointed receiver is winding up the funds in the investor's best interests, the Administrator is not necessary at all and is only acting in McIvor's best interests not the investors.
They also talk about getting the audited financials completed!!! McIvor promised them and never delivered and now now they want an extension... This is a joke of epic proportions.The court should not allow an extension on the basis that the administrator was appointed by McIvor the idiot who was responsible for completing the financials and never did... Instead he made delusional constipated videos for Landsolve with Ian Maurice and now wants an extension via his Stooge Administrator...
ADMINISTRAITOR is only about making a buck out of this and protecting McIvor's ass...
How much is this going to cost investors???
http://www.equititrust.com.au/Pdfs/... Reports - 20120309 - Letter to Investors.pdf
No Trust
JUSTICE IS COMING...
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Re: OH BOY!!!! dont fall for this one!!!!
Post # 55 by Olman on this thread
"Now, to avoid a punch up on the board, I think I'll go and register under another username...."
This is a direct quote from this thread which can be checked...
Post # 55 by Olman on this thread
"Now, to avoid a punch up on the board, I think I'll go and register under another username...."
This is a direct quote from this thread which can be checked...
Appreciate you guys sharing the information you are acquiring, not getting much from the cast of thousands! The silence is deafening! Also thought Hall Chadwick would work in our best interests - how naive was that? Looks like they are just stalling for time.
As for the scheme - wouldn't touch that one with a 10 ft pole, but can see poor unit holders taking it up as "something is better than nothing" particularly the 1561 unit holders who are too old, too poor, too nervous or just plain "over it" and have decided not to participate in the class action.
This could then be a done deed at the next meeting! (Mid May if they get court approval) if this is the plan they are putting forward then!
God help us - one thing is for sure no one else is - certainly not the Courts and Asic!
As for the scheme - wouldn't touch that one with a 10 ft pole, but can see poor unit holders taking it up as "something is better than nothing" particularly the 1561 unit holders who are too old, too poor, too nervous or just plain "over it" and have decided not to participate in the class action.
This could then be a done deed at the next meeting! (Mid May if they get court approval) if this is the plan they are putting forward then!
God help us - one thing is for sure no one else is - certainly not the Courts and Asic!
Re: OH BOY!!!! dont fall for this one!!!!
Yep, I posted that comment. It was a tongue-in-cheek poke at the unabated slanging match on this thread at that time, and at the interchangeability and remarkable similarity in context and syntax of posts between two of you here, but it was obviously lost on you.
I still exist under the same username as then - this can also be checked. If I was going to duplicate myself under another name, against ASF policy, it would be stupid to advertise it. The administrators have taken action against such practices, and have also issued infractions against false accusations of same by other posters. This is all old news, available to anyone who cares to re-visit the past posts.
So what's your current gripe about my previous post?
Yep, I posted that comment. It was a tongue-in-cheek poke at the unabated slanging match on this thread at that time, and at the interchangeability and remarkable similarity in context and syntax of posts between two of you here, but it was obviously lost on you.
I still exist under the same username as then - this can also be checked. If I was going to duplicate myself under another name, against ASF policy, it would be stupid to advertise it. The administrators have taken action against such practices, and have also issued infractions against false accusations of same by other posters. This is all old news, available to anyone who cares to re-visit the past posts.
So what's your current gripe about my previous post?
No Trust
JUSTICE IS COMING...
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Equititrust Collapse
Thanks for that clarification "olman", much appreciated
Being such a supporter of EquitiRust in the past what's your take on the proposed deed of Company Arrangement ??? Don't you think investors are better of pursuing the Class Action...
Your input is always valued...
Thanks for that clarification "olman", much appreciated
Being such a supporter of EquitiRust in the past what's your take on the proposed deed of Company Arrangement ??? Don't you think investors are better of pursuing the Class Action...
Your input is always valued...
THE GAME IS THIS....
1. David Hickie/ LION/ Vantage put a proposal to take over as RE of EIF
2. Hall Chadwick as administrators of EQUITITRUST make the impartial decision to go along with this , it being in the "best interests of unit holders"
3. EQUITITRUST then slips into LIQUIDATION.
4. Piper Alderman does their best against liquidated shell and PI insurers who fight and fight until the money runs out.
5. VANTAGE puts a hare-brained proposal to UNITHOLDERS to cop some exotic valueless, cant be sold, wont ever get a dividend style share swap for their UNITS in EIF
6. in desperation, some UNITHOLDERS will grab at this (care: look at NSX shell of Wellington Capital which did the same swap on MFS units) and in so doing - lose any rights for damages etc - and will slowly watch their 'investment' continue to freefall from $1 -> 44cents -> a few cents .......
BE VERY VERY CAREFUL!!!!!
1. David Hickie/ LION/ Vantage put a proposal to take over as RE of EIF
2. Hall Chadwick as administrators of EQUITITRUST make the impartial decision to go along with this , it being in the "best interests of unit holders"
3. EQUITITRUST then slips into LIQUIDATION.
4. Piper Alderman does their best against liquidated shell and PI insurers who fight and fight until the money runs out.
5. VANTAGE puts a hare-brained proposal to UNITHOLDERS to cop some exotic valueless, cant be sold, wont ever get a dividend style share swap for their UNITS in EIF
6. in desperation, some UNITHOLDERS will grab at this (care: look at NSX shell of Wellington Capital which did the same swap on MFS units) and in so doing - lose any rights for damages etc - and will slowly watch their 'investment' continue to freefall from $1 -> 44cents -> a few cents .......
BE VERY VERY CAREFUL!!!!!
No Trust
JUSTICE IS COMING...
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Scam
The share swap is a scam... ASIC needs to intervene in this Rort on investors and allow the funds to be wound up by David Whyte the only independent party who was court and ASIC appointed. ASIC NEEDS TO STEP IN and intervene in the Administrators court application for an extension as it does not in any way serve investors or the winding up of the two funds. This is a blatant interference in David Whyte's work. What was the purpose of his appointment by ASIC and the court if this crap is being pushed on investors by the same guy who caused this disaster. Don't be fooled McIvor is pulling the strings behind the scenes and the Administrator is no friend of the investors...
ASIC needs to step in and put a stop to this and make submissions to the court against the extension of time. Its a waste of money and an abuse of the long suffering investors...
The share swap is a scam... ASIC needs to intervene in this Rort on investors and allow the funds to be wound up by David Whyte the only independent party who was court and ASIC appointed. ASIC NEEDS TO STEP IN and intervene in the Administrators court application for an extension as it does not in any way serve investors or the winding up of the two funds. This is a blatant interference in David Whyte's work. What was the purpose of his appointment by ASIC and the court if this crap is being pushed on investors by the same guy who caused this disaster. Don't be fooled McIvor is pulling the strings behind the scenes and the Administrator is no friend of the investors...
ASIC needs to step in and put a stop to this and make submissions to the court against the extension of time. Its a waste of money and an abuse of the long suffering investors...
Re: Equititrust Collapse
Yeah, I see the value of my input from the responses by you and Kostag to my innocuous post yesterday: Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
The class action is clearly the only way to deal with this issue for investors. There is now more than enough evidence that we're involved in a lawyers' picnic and the funds will be practically worthless after all the action dies away.
Thanks for that clarification "olman", much appreciated
Being such a supporter of EquitiRust in the past what's your take on the proposed deed of Company Arrangement ??? Don't you think investors are better of pursuing the Class Action...
Your input is always valued...
Yeah, I see the value of my input from the responses by you and Kostag to my innocuous post yesterday: Is this minute of 13 Feb 2012 available to investors in the funds? There is no entry for that date on the Equititrust site.
The class action is clearly the only way to deal with this issue for investors. There is now more than enough evidence that we're involved in a lawyers' picnic and the funds will be practically worthless after all the action dies away.
Re: Equititrust Collapse
Olman, are you trying to blame the lawyers for the 'worthless' funds? surely we can all agree that McIvor has done an extraordinary job in losing over 75% of first mortgage funds. this effort makes michael king and MFS look competent.
Olman, are you trying to blame the lawyers for the 'worthless' funds? surely we can all agree that McIvor has done an extraordinary job in losing over 75% of first mortgage funds. this effort makes michael king and MFS look competent.
No Trust
JUSTICE IS COMING...
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McIvor is to Blame
The blame lays squarely at McIvor's feet... He was the sole shareholder and final decision maker on all of the dud loans to his mates like "King Con" ...
What is interesting now is if McIvor is found to be behind the disingenuous share swap which in effect is shown to be working against the interests of creditor's and investors then there is a conflict of interest in what the court has ordered to be done on behalf of investor's. This is a direct challenge and interference to David Whytes court and ASIC appointed duties as well as an unnecessary distraction and huge waste of money... Its clear the company with $170M worth of losses on behalf of investors needs to be liquidated. Asking for extensions of time for matters that McIvor should have attended to for well over a year with his band of sycophant directors is appalling and SHOULD NOT BE GRANTED.
It's clear that the administrators can now see there is no hope and their only option is to LIQUIDATE THE COMPANY.
This is nothing more than a rehash of Landsolve, Trust Mutual and other crap pedalled by McIvor except its now under the guise of an Administrator who is meant to add credibility to this delusion... DON'T BE FOOLED
Lets hope ASIC and Piper Alderman oppose the extension of time in court and the company is put into immediate liquidation...
The blame lays squarely at McIvor's feet... He was the sole shareholder and final decision maker on all of the dud loans to his mates like "King Con" ...
What is interesting now is if McIvor is found to be behind the disingenuous share swap which in effect is shown to be working against the interests of creditor's and investors then there is a conflict of interest in what the court has ordered to be done on behalf of investor's. This is a direct challenge and interference to David Whytes court and ASIC appointed duties as well as an unnecessary distraction and huge waste of money... Its clear the company with $170M worth of losses on behalf of investors needs to be liquidated. Asking for extensions of time for matters that McIvor should have attended to for well over a year with his band of sycophant directors is appalling and SHOULD NOT BE GRANTED.
It's clear that the administrators can now see there is no hope and their only option is to LIQUIDATE THE COMPANY.
This is nothing more than a rehash of Landsolve, Trust Mutual and other crap pedalled by McIvor except its now under the guise of an Administrator who is meant to add credibility to this delusion... DON'T BE FOOLED
Lets hope ASIC and Piper Alderman oppose the extension of time in court and the company is put into immediate liquidation...
QUESTIONS FOR EQUITITRUST DIRECTOR, DAVID HICKIE:
You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:
Q1: are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.
Q2: under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina to-be-listed NSX entity which you also have a stake in, which has these features:-
i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
iii) conversion to equity when tehe shares get to an NTA of $5;
Q3: Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-
i) given the restrictions that will apply to these shares that you are going to offer us (in Q2 i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?
ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.
Q4: If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?
Q5: As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time - but as a cash surplus builds, the R.E has to hand it over, correct? However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?
Q6: Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing - and teh shares collapsed? Why would we do this?
Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.
You owe EIF unit holders and transaparency, as you are a Director of the R.E of the EIF:
Q1: are you promoting a scheme to Hall Chadwick (who are supposedly independent administrators) by which a company in which you are a shareholder and CEO, Lion Vanatge, will become the R.E of the EIF.
Q2: under this plan that you are eiether (Y/N) formulating, is it proposed that RATHER THAN BEING REPAID, the EIF unit holders will be offered shares ina to-be-listed NSX entity which you also have a stake in, which has these features:-
i) shares will be offered on the basis of a 44cent share for each $1 EIF unit;
ii) no dividend to any shareholders until shares reach 55cents in market value/NTA;
iii) conversion to equity when tehe shares get to an NTA of $5;
Q3: Given that you are both supposedly a Director of the R.E and therein looking after our (unit holders) interests and given that you hold an AFSL licence, so therefore presumably you are qualified to give investmenet advice:-
i) given the restrictions that will apply to these shares that you are going to offer us (in Q2 i) ii) and ii) above) what market and or liquidity would there be for us to sell our shares and get our money back albeit, at even a greater loss?
ii) is it true that you are going to propose that these shares will have a one year no trade escow, so that even if we wanted to sell them, we cannot for atleast a year.
Q4: If it be proven that in fact McIvor (and perhaps other Board members of the R.E) were reckless, and therein we unit holders would/may otherwise have a right to sue them and or their PI insurers, is it not the case, that if we 'voluntarily' take the LION/HICKIE share swap offer in place of our units in the EIF, that we would more than likley lose any rights to sue them? Correct?
Q5: As it stands now, as the EIF pays out the Banks and then starts to relaise through sale of the final assets, the EIF and its R.E must start to pay those proceeds to the EIF unit holders, correct? Now, this process may take time - but as a cash surplus builds, the R.E has to hand it over, correct? However, is it not true that if we allow LION to become the R.E under your control and we take the share swap offer for our UNITS in some LION/VANTAGEAXESS structure, that as funds are relaised by the R.E and accumulated, you will NOT hand over any funds to us, in fact our only way of getting our money out is to hope that the NSX listed company has a sufficent market for their severely restricted and impaired shares, that some members of the PUBLIC will want to buy our shares off us and pay us out?
Q6: Finally, how does your scheme really offer us any better propsect than say the MFS/PIF/Wellington/JennyHutson NSX listed vehcile which did the same thing - and teh shares collapsed? Why would we do this?
Come on, the EIF is paying you. Tell us the truth. Put the answers in writing on this website.
Re: Equititrust Collapse
I'm not blaming the lawyers. There is no doubt that McIvor is the architect of the destruction. (I'm not blaming architects, either...). However, the reality of the present position is that there are a whole raft of legal and financial interests involved in EQT, and regardless of their integrity, whatever they do is steadily cutting away at any value the funds have left. The class action by Piper Alderman appears to be the only realistic avenue for investors to claw back any of their capital.
I'm not blaming the lawyers. There is no doubt that McIvor is the architect of the destruction. (I'm not blaming architects, either...). However, the reality of the present position is that there are a whole raft of legal and financial interests involved in EQT, and regardless of their integrity, whatever they do is steadily cutting away at any value the funds have left. The class action by Piper Alderman appears to be the only realistic avenue for investors to claw back any of their capital.
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