LM Investment Management - Lack of confidence
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Re: Piper Alderman
Has the FMIF really lent to the MPF, I wasn't aware of it? If it has then that is another worry. Do you have the details?
Has the FMIF really lent to the MPF, I wasn't aware of it? If it has then that is another worry. Do you have the details?
Re: Piper Alderman
I said, "I'm stunned why investors should have found anything of concern in Piper Alderman's spruik given that it's the FMIF that's lent to the MPF, and not the other way around -"
It was a test to see if you were paying attention Mysteryman .. (no it wasn't .. it was an error)
The LMFMIF has lent (as first mortgagee) to third parties behind which the MPF has lend (as second mortgagee).
Although the effect is the same, the LMFMIF did not lend to the LM MPF.
Thanks for pointing that out.
I said, "I'm stunned why investors should have found anything of concern in Piper Alderman's spruik given that it's the FMIF that's lent to the MPF, and not the other way around -"
It was a test to see if you were paying attention Mysteryman .. (no it wasn't .. it was an error)
The LMFMIF has lent (as first mortgagee) to third parties behind which the MPF has lend (as second mortgagee).
Although the effect is the same, the LMFMIF did not lend to the LM MPF.
Thanks for pointing that out.
No Trust
JUSTICE IS COMING...
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Front Page of today's Gold Coast Bulletin... Is Quentin Tod from the Bulletin losing his marbles???
"A beachfront mansion made possible by greedy investors" ... So in Quentin Tod's eyes it was the investors fault that Drake built a multimillion dollar beachfront mansion to fuel his ego... What an interesting Gold Coast way of looking at it...
"A beachfront mansion made possible by greedy investors" ... So in Quentin Tod's eyes it was the investors fault that Drake built a multimillion dollar beachfront mansion to fuel his ego... What an interesting Gold Coast way of looking at it...
Avarice
An excerpt from a further email from Piper Alderman to an LM MPF investor, "Trilogy, who is the RE of the LM Wholesale Fund has consented to be a Trustee of the Performance Fund. They are not eligible to be appointed a Court Appointed Receiver of the Performance Fund. In this regard you will need to consider the potential conflicts that may arise as between the Performance Fund and the Wholesale Fund (and potentially the Income Fund). A copy of Trilogy’s consent is attached."
Piper Alderman didn't see fit to disclose Trilogy's failures to investors:
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
So much for full and frank disclosure!
Not likely when driven by self-interest.
An excerpt from a further email from Piper Alderman to an LM MPF investor, "Trilogy, who is the RE of the LM Wholesale Fund has consented to be a Trustee of the Performance Fund. They are not eligible to be appointed a Court Appointed Receiver of the Performance Fund. In this regard you will need to consider the potential conflicts that may arise as between the Performance Fund and the Wholesale Fund (and potentially the Income Fund). A copy of Trilogy’s consent is attached."
Piper Alderman didn't see fit to disclose Trilogy's failures to investors:
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
So much for full and frank disclosure!
Not likely when driven by self-interest.
I agree with you No Trust. I thought it was particularly cruel. Since when is going to a financial planner to help with the decision on where to invest your money greedy. Even though I am not one, I feel he owes LM investors an apology.
No Trust
JUSTICE IS COMING...
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Quentin Tod should not be writing any more, they put him out to pasture once and should do so for good after his latest effort. Any intelligent person reading this article across Australia will have to question Tod's state of mind in writing something like this let alone the editor allowing it to be published. Maybe a eye should be cast on Tod and his ever so close relationship with Gold Coast Developers over the years...
No Trust
JUSTICE IS COMING...
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Has anyone ever shone a light on Tod's greed over the years, maybe he just doesn't want that to come out... Time for everything as they say...
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I'm not surprised. Could you tell me where this was reported.
ASICK MYSTERYMAN the affadivit - Raymond Bruce supporting Trilogy is on the PA website
Friends !
Thanks Rodent .. my friend hasn't been wrong to date - I would have been surprised if he was wrong about Trilogy and PA - wow, what a pair !!
It shouldn't surprise LM members that interest in what's going on with LM funds has broadened in these past weeks.
Should I be surprised if Raymond Bruce didn't disclose any of Trilogy's failures?
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
no .. I wouldn't be surprised if he didn't - after all, he lives in NZ !
Thanks Rodent .. my friend hasn't been wrong to date - I would have been surprised if he was wrong about Trilogy and PA - wow, what a pair !!
It shouldn't surprise LM members that interest in what's going on with LM funds has broadened in these past weeks.
Should I be surprised if Raymond Bruce didn't disclose any of Trilogy's failures?
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
no .. I wouldn't be surprised if he didn't - after all, he lives in NZ !
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Just noticed that Trilogy have at long last managed to update their stagnant website!
But no, there is no news for the unit holders in the WFMIF who have now had Trilogy as RE for 5 months and would like to have some news about what is happening to their fund and what progress is being made to sort out all the problems in it. No news on latest valuation of fund. No financial statement produced for 30th June 2012. What happened to us being kept regularly informed. Well I guess they forgot about all that once they became RE.
But they have managed to stir themselves now there is the possibility of more funds up for grabs and added to the website with an 'Investor update' and 'Why appoint Trilogy as RE'.
I thought I might at least get some sort news about the languishing WFMIF in the 'Investor Update' but oh dear, no mention of us. I must stop this habit of expecting any information and just keep on paying the fees and expenses!
But no, there is no news for the unit holders in the WFMIF who have now had Trilogy as RE for 5 months and would like to have some news about what is happening to their fund and what progress is being made to sort out all the problems in it. No news on latest valuation of fund. No financial statement produced for 30th June 2012. What happened to us being kept regularly informed. Well I guess they forgot about all that once they became RE.
But they have managed to stir themselves now there is the possibility of more funds up for grabs and added to the website with an 'Investor update' and 'Why appoint Trilogy as RE'.
I thought I might at least get some sort news about the languishing WFMIF in the 'Investor Update' but oh dear, no mention of us. I must stop this habit of expecting any information and just keep on paying the fees and expenses!
Thanks to all for posting these updates re. the Piper Alderman and Trilogy move to try and take over the FMIF.
What can investors who are unhappy with this do to block this move .. ? File an Affidavit opposing a Trilogy takeover, to counter the one already filed in favour of the takeover ?
Welcome any thoughts. Regards.
What can investors who are unhappy with this do to block this move .. ? File an Affidavit opposing a Trilogy takeover, to counter the one already filed in favour of the takeover ?
Welcome any thoughts. Regards.
hahahaha
Mysterman, be careful, readers'll think you and I are one !!!!!
Now, it didn't take long to get a handle on Trilogy, did it?
:iagree:
"Battle Royale"
Perhaps you could contact FTI and express support/concern.
I couldn't imagine FTI not testing any affidavit supporting Trilogy.
Some suggested questions might be:
"Do you know about Trilogy's Heathcare REIT?"
"Do you know about investor losses in that fund?"
"Did you know that investors lost all of their capital?"
http://moneymagik.com/analysis_REIT.php
"Do you know about Trilogy's PMMFF?"
"Do you know about investor losses in that fund?"
"Do you know that investors lost all of their capital?"
http://moneymagik.com/more_on_Trilogy_PMMFF.php
"Do you know about Trilogy's performance in its Pacific First Mortgage Fund"?
"Do you know that under Trilogy, the Pacific First Mortgage Fund lost 56% of its value?"
http://moneymagik.com/info_letter_re_pacific_first_mortgage_fund.pdf
"Do you know about Philip Ashley Ryan's breach of trust?"
http://moneymagik.com/trilogy1.php
and on it goes ... and there's heaps more questions ... heaps !!!
I'd say it'd be great fun to cross-examine the evidence.
At a guess, I think it's going to be a "battle royale", if it's not, then FTI deserves to lose.
Perhaps you could contact FTI and express support/concern.
I couldn't imagine FTI not testing any affidavit supporting Trilogy.
Some suggested questions might be:
"Do you know about Trilogy's Heathcare REIT?"
"Do you know about investor losses in that fund?"
"Did you know that investors lost all of their capital?"
http://moneymagik.com/analysis_REIT.php
"Do you know about Trilogy's PMMFF?"
"Do you know about investor losses in that fund?"
"Do you know that investors lost all of their capital?"
http://moneymagik.com/more_on_Trilogy_PMMFF.php
"Do you know about Trilogy's performance in its Pacific First Mortgage Fund"?
"Do you know that under Trilogy, the Pacific First Mortgage Fund lost 56% of its value?"
http://moneymagik.com/info_letter_re_pacific_first_mortgage_fund.pdf
"Do you know about Philip Ashley Ryan's breach of trust?"
http://moneymagik.com/trilogy1.php
and on it goes ... and there's heaps more questions ... heaps !!!
I'd say it'd be great fun to cross-examine the evidence.
At a guess, I think it's going to be a "battle royale", if it's not, then FTI deserves to lose.
The Affidavit
The Bruce affidavit speaks to factual issues relating to the fund, but apart from disclosing Trilogy is the manager of the wholesale fund, says nothing about Trilogy's failures in other funds, especially nothing in relation to Trilogy's poor performance as manager of the Pacific First Mortgage Fund.
http://www.piperalderman.com.au/firm/lm-investment-class-action
But then, I'd find it hard to believe someone would depose to not being concerning about Ryan's breach of trust and the losses in the PMMFF, Healthcare REIT (even the ANZ bank lost), and Pacific First Mortgage Funds.
There's so many other issues that one would have to ignore in order to support Trilogy:
http://moneymagik.com/info_letter_re_pacific_first_mortgage_fund.pdf
The plain is obviously to keep it simple and don't talk about Trilogy - hush ! nothing about Trilogy.
The Bruce affidavit speaks to factual issues relating to the fund, but apart from disclosing Trilogy is the manager of the wholesale fund, says nothing about Trilogy's failures in other funds, especially nothing in relation to Trilogy's poor performance as manager of the Pacific First Mortgage Fund.
http://www.piperalderman.com.au/firm/lm-investment-class-action
But then, I'd find it hard to believe someone would depose to not being concerning about Ryan's breach of trust and the losses in the PMMFF, Healthcare REIT (even the ANZ bank lost), and Pacific First Mortgage Funds.
There's so many other issues that one would have to ignore in order to support Trilogy:
http://moneymagik.com/info_letter_re_pacific_first_mortgage_fund.pdf
The plain is obviously to keep it simple and don't talk about Trilogy - hush ! nothing about Trilogy.
Class Actions: Interent Tensions
"Class actions can provide access to justice for a large number of consumers who may otherwise have difficulty in resolving disputes.
But there is also an inherent tension in these types of schemes between the interests of the funders, liquidators, lawyers and participating members."
http://www.investordaily.com.au/cps...A3D9633-FD4F6BEB&rdeCOQ=SID-0A3D9632-0338F168
members of LM funds ought to start thinking about the "inherent tension" - it might mean to a lot of money to them.
correction to the last paragraph of my previous post: "plain" = "plan"
"Class actions can provide access to justice for a large number of consumers who may otherwise have difficulty in resolving disputes.
But there is also an inherent tension in these types of schemes between the interests of the funders, liquidators, lawyers and participating members."
http://www.investordaily.com.au/cps...A3D9633-FD4F6BEB&rdeCOQ=SID-0A3D9632-0338F168
members of LM funds ought to start thinking about the "inherent tension" - it might mean to a lot of money to them.
correction to the last paragraph of my previous post: "plain" = "plan"
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