Equititrust?

[kostag]

Re: Equititrust Collapse: oh, if it were that simple.

I think that ASIC and others have gathered and are gathering from Borrowers and other records evidence of collusion between McIvor and Bororwers (in some cases) with moneys diverted and benefits accruing to McIvor oustide of the R.E or the EIF and reckless disregard (at best) re values and securities taken etc.....

this matter will go well beyond a simple "I thought that I was making good loans BUT the values all collapsed post-GFC".

What was KPMG shown and given to do its audits?

What notice did McIvor have of impaired values and when did he know? and he did he then continue to conduct himself....

right through to what is he trying to do now with LION etc .....

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.

 

[No Trust]

Auditors

The auditors are culpable... What is amazing though is McIvor and Hickie's plan for the investors yet the financials were never completed as promised by them. This share swap crap will FAIL as did the 50M Capital Raising last year. Forensic accountants need to brought in to investigate ALL of McIvor's dealings. Trying to whitewash everyone and stiching the investors up won't work. The MEDIA put a stop tothat last year and will do the very same with this ridiculous scam... Good try buy no one is that stupid to very trust McIvor or his stooges again.

ITS OVER FACE THE FACTS and let David Whyte do his job and return some money to the investors as the court and ASIC have ordered.

 

[No Trust]

Financials Not Completed

Directors who don't complete financials, lose $170M of innocent retiree investors funds and lend money to "King Con" should not have another crack at the retirees they have financially raped by offering them worthless shares...

ASIC needs to protect unsophisticated retiree investors from being ripped off by the culprit of this despicable disaster...

Why doesn't McIvor throw some of his own properties into a pot and divided that into shares for the investors??? He keeps the good stuff for himself and offers the investors toxic assets. Maybe he is hoping a lot of the retiree investors will die and that will get them off his back...

The share swap is a scam, lobby your local MP and make approaches to Wayne Swan's office regarding this to ensure ASIC and the relevant authorities intervene...

It seems that this Share Crap is being forced on desperate people when there is a court and ASIC appointed mechanism to wind up the funds via the receiver David Whyte...

Its time to get these vampires away from other people's money

 

[No Trust]

More Receivers - This must be a Record

Another receiver was appointed to MM Holdings on the 1st of March as per ASIC records.

This will make the whole link to Equititrust quite interesting as the banks move in and receivers investigate inter company loans etc...

It looks as though McIvor intermingled his own personal interests with that of Equititrust and ultimately the investors...

This will take years to unravel and who knows what the outcome will be of investigations by the banks, receiver's, ASIC and the Federal Police...


This is even more reason to reject the share scam whilst this dark cloud hangs over McIvor's intertwined dealings with his own personal companies and that of Equititrust. No one knows what the impact will be on investors in the two funds...

So how on earth can they even suggest a share swap whilst this disaster is still unfolding. Its delusional in the extreme to expect investors to fall for this crap, the TRUST is gone guys... No Equity No Trust

 

[kostag]

UNIT HOLDERS: time to think and get advice.

All unit holders in Equititrust must consider the following:
1. David Hickie is a director of Equititrust, the present RE of EIF and is also CEO and director of Lion, an entity that proposes to become (with Hall Chadwick support) the new RE of EIF.
2. If McIvor, as per undertakings, takes no active part in Equititrust then Hickie must by definition be involved in active management of EIF in circumstances where he is promoting his own entity to take over as RE of EIF.
3. Hall Chadwick who are there as independent Administrators on behalf of creditors are openly working with Hickie on a proposal whereby Lion becomes the RE of EIF – this is set out in the Minutes of Equititrust and internal e-mails. That documentation is now with various authorities.
4. Equititrust acknowledges that the unit value has dropped to at least 44 cents per unit. Bear in mind, this figure is provided by the auditors KPMG who up until a year ago had given a clean bill of health to all Equititrust financials and NTA calculations.
5. Also, the NTA estimate of 44 cents does not take into account further decreases in value; asset operating costs; administration costs; property costs such as rates, land tax etc; realisation and agency selling costs. It is speculation, but I think it is safe to assume that 44 cents becomes 22 cents very easily. This is important as you will read further on.
6. Why is Lion promoting itself as the new RE? Under the scheme that they propose, they in fact never pay unit holders back and don’t become responsible to ever pay unit holders back. Presently, as assets are finalised realised (and the banks are paid out) the money must start to go to unit holders. David Whyte and BDO (appointed by court) must do this – they have no choice. Once unit holders become shareholders in Hickie’s entity, they are not entitled to participate in the realisation funds, they are and remain shareholders.
7. So, what rights do the shareholders have and what are these shares about? The internal e-mails show that the shares will be listed on the NSX and must not be traded for one year. In other words, even if there is a market for these shares (doubtful), you cannot do a thing with them for a year. Secondly, they do not become entitled to any dividend until the NTA goes up to 55 cents. If you assume that 44 cents is inflated and more than likely 22 cents, what prospect is there realistically that the shares will ever, in effect, double in value – none. Thirdly, shareholders cannot convert these shares to proper ordinary shares until the NTA hits $5.00! As the EIF is a mortgage fund and not a property owner, there is no opportunity for capital gain. In other words, the best that we could ever be entitled to is the original $1.00 back that we advanced. The NTA can never go to $5.00 unless Hickie does something absolutely magical with the cash while it sits under his control. Highly unlikely!
8. But, Lion and VantageAxess do stand to get management fees and do control, firstly, the mortgage assets and then as they are realised, the cash. They can use that cash for almost anything – go out and do property deals, make profits, make loans to their own entities, anything. We don’t have an entitlement to share in profits until the NTA virtually doubles and if we want to get out, our shares are frozen.
9. This is not just opinion – look what happened when MFS did the same thing with its PIF units which Jenny Hutson listed on the NSX. The units went into free-fall, unit holders are still locked in with no prospect of a market or ever getting out.
10. But why would McIvor be promoting this? Well, clearly he knows that Equititrust is a basket case and he faces a raft of attacks from ASIC, AFP and unit holders. There is a strong argument that if unit holders voluntarily make a decision to switch their units for shares offered to them by David Hickie then, if they subsequently take a loss, McIvor can simply say in his defence that this was our choice – he did not recommend it and he might, effectively, get off the hook. Any claim that we have against his professional indemnity insurer is lost.
11. From Hall Chadwick’s point of view, the Lion deal is a great one. Presently all the unit holders are in effect creditors. Because their position is contingent, they can only vote in a meeting for $1.00 but creditors they remain. If a new RE is appointed and the EIF transfers to it, then Equititrust can be liquidated and everybody’s liability ends at that point. Hall Chadwick can say “Job well done” – McIvor pays them – he is potentially off the hook – David Hickie now has control of tens of millions of dollars at no cost and with no obligation in reality to anybody.
12. Now if you are a 70 plus year old investor/pensioner with all your money tied up in EIF, then any well-presented argument that you might get your money back one day has to be a more beguiling prospect than the harsh reality of winding up the EIF now and distributing funds. The technique being used, however, is the oldest one in the book. We are all vulnerable and desperate. None of us want to believe that we have lost our capital. Any prospect that we might get it back is good. The prospect of having to litigate through Piper Alderman sounds all too hard and complicated with an uncertain outcome. But, don’t lose sight of the fact that the PI insurance in place over the Equititrust directors is probably our strongest asset. Proof of this is the fact that the insurers cancelled the insurance policy as soon as they legally could – they knew that their liability existed and would only get worse. Amanda Banton from Piper Alderman is right on to this and although she only has 39 unit holders supporting her, the best recovery is from the insurance. You can’t put value back into mortgages which the Equititrust board now admit are toxic. Toxic borrowers and toxic loans are and remain just that.
13. Is there an independent alternative? Well, yes there is. Trilogy are prepared to become the RE. The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units. They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected. We still remain entitled to claim any shortfall as damages under the PI insurance. In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
14. Elsewhere on this website I presented some questions to Mr Hickie. Those questions were presented to him in his capacity as a director of Equititrust, the present RE. Not surprisingly, he has not answered them because the answers are self-evident.
15. Unit holders must stand up for themselves. They have been plundered for over 5 years. ASIC and others have material on hand to show that the Equititrust board knew for years that many of the assets were impaired, yet they kept promoting the values to unit holders and new investors. They did nothing. KPMG did nothing. They are all liable and, properly prosecuted, they will pay and we will get recovery.
You cannot ignore the facts. You must not be beguiled by any exotic unit and share swap deal. The rights attached to the shares are onerous. There is no prospect of liquidity. There is no liability on anyone to ever repay capital. We have no realistic entitlement to a dividend. In those circumstances, who in the marketplace would ever buy these shares, so even the limited prospect of market liquidity on a fly-blown NSX listed company would be “Nil”.
It is time to get independent professional advice. You will form the view that winding up the EIF now under a responsible and professional RE makes good sense and you must retain your rights to damages through a solicitor such as Piper Alderman.
This will only become as bad and disastrous as we allow it to become. We re being “handled” by professionals and we must make a stand.

 

[No Trust]

Kostag's post above is a convincing argument for investors to think before they jump into an idiotic share scam pedalled by the people who lost investors money. We know we can't trust McIvor and who David Hickie anyway??? He is been around for 5 minutes no one knows who he is except he is mates with McIvor. His attempts will fail as he will soon discover.

It's a good thing that the documentation relating to this scam has now been provided to the relevant authorities for investigation.

 

[kostag]

BUT WILL ANYONE DO ANYTHING TO PROTECT THE OLDER UNIT HOLDERS???

they are the very vulnerable ones.....

Kostag's post above is a convincing argument for investors to think before they jump into an idiotic share scam pedalled by the people who lost investors money. We know we can't trust McIvor and who David Hickie anyway??? He is been around for 5 minutes no one knows who he is except he is mates with McIvor. His attempts will fail as he will soon discover.

It's a good thing that the documentation relating to this scam has now been provided to the relevant authorities for investigation.

 

[No Trust]

Response

Don't expect a reply from Hickie or McIvor, Equititrust's past record is to post under false names on this thread hoping to spread misinformation... Luckily Aussie Stock forums caught their scam and suspended them...

It would be interesting to see what Kennedy will have to say about that under oath in court... Not only did they not tell investors what was going on,they also spread misinformation as to the status of the funds on this thread... They may all live to regret posting falsities on this thread as I am sure this will also be part of the Class Action proceddings... The reason for the aggression against this thread at the time was the $50M Capital Raising Scam they then tried to perpetrate against the Australian Public last January. Imagine if that went ahead.... THE MIND BOGGLES yet McIvor had the temerity to push it on more Innocent retiree investors... Has he no shame whatsoever ???

The public was alerted to the scam on this thread, but the most credit has to go to Colin Kruger of the Sydney Morning Herald who exposed them in the press and pushed ASIC to take action...

 

[No Trust]

What Next

Expect more fireworks in the coming weeks... Media Attention on the Financial Rape of innocent elderly retiree's is growing...

Pity McIvor is afraid of facing the media, maybe they will have to track him down and put a camera and microphone in his face when he least expects it...

There is also talk amongst investors of holding a peaceful protest BBQ in the Cronin Island "Public" Park" in front of the 3 luxury McIvor mansions in the street...

Sounds like a good idea, maybe it should be a monthly get together to remind those responsible that the investors are still alive and kicking and are actually human beings not names on paper whose lives are worthless...

Nothing like a nudge of the conscience to remind someone to do the right thing...

One snag or two ?

 

[kostag]

MEDIA: a TV expose

I understand that one of the TV Networks has been interviewing and getting undercover footage.... plenty of good 'friends' with lots of strories to tell - even family members.... recent events have given them even more material.... in this continuing saga - whether it helps anyone get their money back is another issue

Expect more fireworks in the coming weeks... Media Attention on the Financial Rape of innocent elderly retiree's is growing...

Pity McIvor is afraid of facing the media, maybe they will have to track him down and put a camera and microphone in his face when he least expects it...

There is also talk amongst investors of holding a peaceful protest BBQ in the Cronin Island "Public" Park" in front of the 3 luxury McIvor mansions in the street...

Sounds like a good idea, maybe it should be a monthly get together to remind those responsible that the investors are still alive and kicking and are actually human beings not names on paper whose lives are worthless...

Nothing like a nudge of the conscience to remind someone to do the right thing...

One snag or two ?

 

[kostag]

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.

 

[No Trust]

"There was a little Dickie named Hickie who with his mate McIvor the conniver tried to flick some worthless shares to investors."

"But it didn't take too long for everyone to realize they were nothing more than financial molesters"

 

[ASICK]

Re: UNIT HOLDERS: time to think and get advice.

All unit holders in Equititrust must consider the following:
...
13. Is there an independent alternative? Well, yes there is. Trilogy are prepared to become the RE. The advantage of Trilogy is that they are experienced mortgage managers but, more importantly, they are not promoting some exotic share swap for units. They will manage and realise the mortgage assets and, under the EIF constitution, will return capital to unit holders as collected. We still remain entitled to claim any shortfall as damages under the PI insurance. In other words, a win/win – we get money progressively sooner than later and still stand to get all our money back.
...

Good luck on this one, but maybe you might care to ask Trilogy:

1. What was the unit price on redemption for units in Trilogy's mezzanine fund at Dee Why in Sydney? (originally $1.00 per unit)

2. What is the current unit price for units in Trilogy's Healthcare REIT fund at Crows Nest in Sydney (as at 30 June 2011, unit price was $0.18 (originally $1.00 per unit) and the property is up for sale without a tenant.

3. How about the PFMF? (Citypac's old fund) - In three years members have received only $0.06 ($0.01 in the current fiscal year). Check out all the promises - and as at the 30 June 2011, the fund lost a further 25% of its' value during Trilogy's management - with more losses disclosed and even more foreshadowed.

Yep .. good luck with Trilogy.

 

[kostag]

Re: UNIT HOLDERS: time to think and get advice : BUT HICKIE AND LION ????

how independent are they ???

Good luck on this one, but maybe you might care to ask Trilogy:

1. What was the unit price on redemption for units in Trilogy's mezzanine fund at Dee Why in Sydney? (originally $1.00 per unit)

2. What is the current unit price for units in Trilogy's Healthcare REIT fund at Crows Nest in Sydney (as at 30 June 2011, unit price was $0.18 (originally $1.00 per unit) and the property is up for sale without a tenant.

3. How about the PFMF? (Citypac's old fund) - In three years members have received only $0.06 ($0.01 in the current fiscal year). Check out all the promises - and as at the 30 June 2011, the fund lost a further 25% of its' value during Trilogy's management - with more losses disclosed and even more foreshadowed.

Yep .. good luck with Trilogy.

 

[kostag]

BOARD MINUTE says it all

this MINUTE really says it alll

 

[kostag]

EMAILS confirmation of the deal mooted...

you want these shares???

 

[No Trust]

Re: BOARD MINUTE says it all

My oh my, "give states evidence to prosecute those reponsible"... So is McIvor implying giving evidence against himself ??? This is a joke right ?

The wording and structure of the minutes are appalling, dodgey minute dodgey intentions...

this MINUTE really says it all

 

[No Trust]

McIvor Led Action Group ?????????????????????????????

The action group proposed to be formed by McIvor is a scam whereby he wants to use his units in the fund to change the manager and hand all this on a plate to Lion Advantage...

Surely ASIC has to step in and intervene on behalf of investors... The proposal by McIvor to not seek a AFSL for 3 years means there is something brewing with ASIC. Its kind of a quasi undertaking before ASIC take action. In this instance ASIC will take action regardless of his insincere statements in the company minute...

 

[kostag]

Re: Equititrust: Leading an action group against himself

any shrink will tell you that in the very advanced stages of delusional behaviour, the perpetrator sees himself as the victim.....

going 'state's evidence' - against himself? someone else has done all of this - use my knowledge to help get them??? a specialist white collar crime lawyer? a delusional grab for respectability.....

if there weren't hundreds of millions lost - this would all almost be funny....

 

[ASICK]

Re: EMAILS confirmation of the deal mooted...

you want these shares???

The best I can say is "hahahaha" ...

same old story .. and the beat goes on ..

how much would be shares be worth? see PIF and note the current value of the fund and the market value (NSX).

If I was an investor in your fund (which I am not), I certainly wouldn't give the deal the time of day.

As to Trilogy, If it were me, I'd be looking to find an RE who hasn't made losses - Trilogy's certainly made enough of them.