Incidently - JH or WC as RE cannot put the Fund into liquidation. It is a Unit Holder decision.[/QUOte, Thats correct. They will have to resume redemptions and as the fund cannot do that, it will be forced to sell the assets to pay the redemptions due by Mar 2009 with an estimated unit value of 14 cents.
May be we should all get serious and take a hard look at what JH is offering I am sorry to say it is nothing May be a vote No No No vote is our only option and see what happens I do not see any money from JH guarantee to arrive unless you do what I say and pass go or you lose all How can they decide to shut down the PIF they only just got it I think a NO NO NO is our only option this your money or was until JH decided it was hers
WC will not be liquidating the fund, as such, they will be forced to sell existing assets to pay all redemptions by Mar2009 which is what will be forced on them by way of a n n n vote.They are not making any threats, simply complying by the rules if investors choose to take their estimated 14 cents per unit as opposed to the continuation of the PIF. Please state the alternative outcomes if there is in fact any.Undisclosed plans and opinions just won't convince me I am afraid. Surely with so much support out there from those willing to take unsubstanciated promises someone, anyone, must have something more than we can call a egm(at our own expense)to make some resolutions? Or maybe not.seamistyHi Waleroo, you are absolutely correct ! (and well stated Newwtrader and Dexter).
Don't anyone be fooled by the scare tactics and threats issued by WC and reinforced by scaremongers here about "WC walking away" or "14c recovery on liquidation".
We as unit holders have rights and protections under the Corporations Act.
Sect.601FJ prevents an RE from just walking away from a fund. It is not possible.
Sect.601NC states that if the RE moves to liquidate the fund, members have the right to call a members meeting and vote on any extraordinary resolutions members propose about the winding up of the scheme.
Look at the facts.
Hmnnn, has the PIFI got a scheme organised to generate some up front cash to the unit holders in desperate financial circumstances. Or will they just have to wait 12 months or more to receive their estimated 14cents per unit full stop. They must have something up their sleeve to convince unit holders to forego the estimated distribution prior to xmas from WC. Perhaps their legal beagles have negotiated a really good deal with OCV which will deliver our long awaited support facility?Or not.Come on guys, anything, convince me, put up or shut up.SeamistyUnder the Funds Constitution, unit holders have the ability to trade units between themselves. Quite a few unit holders indicated at the July forums (and on this thread) that they would be interested in purchasing other unit holders units and many others (who are desperate for their money back) indicated that they wanted to sell.
If JH was genuinely concerned about the plight of unit holders in desperate financial circumstances, and was genuinely committed to acting in their best interests, why have WC not provided unit holders with information to facilitate the process of transferring units between members.
She talks to the press about how the buy back scheme she proposes will give these desperate people 'a couple of grand' that they could really use. She didn't mention though that it would be paid sometime in the next 12 months.
If she did something about helping members transfer units between themselves, these people would have that couple of grand (and more) in their pockets NOW !!!!!
With your logic, Burnt, I can now go to any media outlet, tell them I represent the PIFI, ask them to relay to an Australia wide audience that the PIFI supports Jenny Hutson and Wellington Capital and strongly urge all PIF unitholders to vote YES YES YES on all resolutions, mention PIFI about 3 or 4 times and just add how the PIFI membership are really looking forward to the 3c distribution before Christmas and just throw in that we absolutely positively DO NOT want to go into any possibility of any wind up of the fund run by a pack of raw, ill prepared, cowboys, without even the slightest hint of what our returns could be and not even a any chance of a backup RE manager ready to go if the current RE takes her bat and WC and goes home. An then of course I should think nothing of it when you complain to me that your PIFI members from all over Australia ring you in horror asking you to explain what on earth is going on.
I'm sure you'd get over that Burnt, wouldn't you now?
At least in the AG we have never asked anyone for $100 upfront for a scratchies chance at only the possibility of something.
We as the AG have done whatever we could to extract as much for the PIF investor out of WC without the fund falling into a heap because of excessive investor demand from a severely abused and battered fund before it can get back on its feet
The objective of the PIF AG has always been to be attentive to the desires of the main body of the members of the AG and what they want. That we have done and their main desire has been to give WC and Jenny Huston a fair go.
That is something you PIFI guys I perceive are loathe to do, you have an agenda and stuff what the majority think and if the lot of us are dragged down the poop hole with you if it collapses in a heap, you can say, Oh well, we had a lawyer and lots of objectives didn't we. To bad we kept everything secret till the last minute with you PIF investors, we thought we'd just drop it on you right in the middle of the half finished investor vote for WC.
Retraction and apology in the AFR and an apology on this ASF site please!
BTW I have given up nearly 4 months of my life at great cost to me in this venture and never received a cent and if anyone offered me money to sway what I thought was in the best interests of the PIF AG members I'd tell them where to go.
WC will not be liquidating the fund, as such, they will be forced to sell existing assets to pay all redemptions by Mar2009 which is what will be forced on them by way of a n n n vote.They are not making any threats, simply complying by the rules if investors choose to take their estimated 14 cents per unit as opposed to the continuation of the PIF. Please state the alternative outcomes if there is in fact any.Undisclosed plans and opinions just won't convince me I am afraid. Surely with so much support out there from those willing to take unsubstanciated promises someone, anyone, must have something more than we can call a egm(at our own expense)to make some resolutions? Or maybe not.seamisty
Hmnnn, has the PIFI got a scheme organised to generate some up front cash to the unit holders in desperate financial circumstances. Or will they just have to wait 12 months or more to receive their estimated 14cents per unit full stop. They must have something up their sleeve to convince unit holders to forego the estimated distribution prior to xmas from WC. Perhaps their legal beagles have negotiated a really good deal with OCV which will deliver our long awaited support facility?Or not.Come on guys, anything, convince me, put up or shut up.Seamisty
Hi All There is a good read in the Gold Coast Bulletin today You can read it all on the web Enjoy your read Cheers / Dane //
Good morning sugar3157, Well I think todays article just confirms what I have been saying, the PIFI are only concerned with winding up the Fund in the hope of possibly achieving a maximum return of 45 cents per unit!!!!Quote from the article:The fund is said to be valued at 45c a unit as a going concern.Hi Seamisty,,, what impact do you think the GCB is going to make on the vote now?.....I did have a bit of hope of seeing some of my money back before this last weeks trouble.....@#$%!
The aritcle appears to have done a vanishing act! I will re post it:::::Wellington faces its WaterlooNick NicholsHi Seamisty,,, what impact do you think the GCB is going to make on the vote now?.....I did have a bit of hope of seeing some of my money back before this last weeks trouble.....@#$%!
G'day Great Doom!Hi All There is a good read in the Gold Coast Bulletin today You can read it all on the web Enjoy your read Cheers / Dane //
According to the Constitution,
All loan establishment fees go to WC
All loan rollover fees go to WC
All penalty interest go to WC
All losses go to the PIF.
This is as ugly as a hat full of arseholes.
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