Wellington Capital PIF/Octaviar (MFS) PIF

Re: Octaviar MFS Premium Income Fund PIF

Javier said:

From today's SMH:
http://business.smh.com.au/packers-snow-pitch-still-on-the-slopes-20080610-2oli.html

Interesting to note,
But Arctic has yet to reach a final deal with Premium Income Fund on acquiring its debt, nor has it obtained all the information it needs from Octaviar to assess the position of the responsible entity which manages LLA and [COLOR="Red.[/COLOR]

Does that mean the fund PIF is also looking to take control of LLA if Arctic does not come up with a great deal for PIF?? Gee I wish we were better informed, we are just second guessing news articles..soooo frustrating!!![/QUOTE]

When I read that I thought, nah! they couldn't mean OPIF, they mean Arctic, but no, it says, "which the [COLOR="red"]fund [/COLOR]is also looking to take control of" - looks like it just might be that the OPIF is interested in LLA. If this is correct, then does this mean WC is interested in LLA? Another question on the list!

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Re: Octaviar MFS Premium Income Fund PIF

UPDATE 6

WE ARE NOW 85 COMMITTED INVESTORS IN THE ACTION GROUP

Nearly there people!

It's amazing the individual activity out there from Action Group members. I mean what I'm getting from emails to me - the forum should give you 20% of the idea.

It encourages me greatly!

Re: Octaviar MFS Premium Income Fund PIF

Hi everyone,

Great to see what you are doing here, as I am another who has been frustrated with OCV and have inested in the PIF.

Breaker1, ive registered with the action group and look forward to helping in any way that I can.

Thanks.

Re: Octaviar MFS Premium Income Fund PIF

hi breaker1, count me in as one of the 100

Re: Octaviar MFS Premium Income Fund PIF

Link to a short biography of J. Hutson.

http://www.qbr.com.au/wib/winners.html

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker 1,
please could you include me in your action group re OPIF.

I feel we are running out of time and need to call for a meeting with the management , board and trustees of the PIF as soon as possible.
thanks for all the input.
erniel

Re: Octaviar MFS Premium Income Fund PIF

hi, we also have money tied up in this company that we were counting on getting on the 31ts may.....
where do i sign up for the action group. any support would be appreciated as our so-called "finance man" keeps sugar coating everything and we have no idea what to do next.

Re: Octaviar MFS Premium Income Fund PIF

Just a thought! Where does Perpetual figure in all this? Are they not the Trustees of the PIF?:

Re: Octaviar MFS Premium Income Fund PIF

Anyone wanting to register for the action group can do so through breaker1 via breaker1@aapt.net.au

Re: Octaviar MFS Premium Income Fund PIF

zixo said:

Its Ironic that funds being held in trust for City Pacifics mortgage fund (which is the equivalent to The Premium Income fund only less diversified) are being held By the Queensland Public Trustee whom now are actively trying to liquidate Octaviar.

City Pacific only conducted due dilligence earlier this year. One Wonders if QPT are being nudged a little to see if a firesale can pull CP out of their mess.

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Mate i'm not sure whats going on at all but i'm sure interested in joining the action group ( how do i get involved i also look like losing a fair sum here ).

Re: Octaviar MFS Premium Income Fund PIF

The way I see it, is that if the PIF management can keep your money for 360 days, then that is what they will do, because they can use your money to make more money to keep their mansions and jobs.

Please put yourself in their position and you will see, that is what will happen. Also we might not get back $1.00 to $1.00, as once again that is in the PDS, and is another way to keep more of your money.

We must have our meeting ASAP. Is there 100 yet?

Lets get an Agenda together, which I can do if everyone agrees.

Where should this meeting take place? I live in Queensland and I think a lot
of investors are here as well.

Re: Octaviar MFS Premium Income Fund PIF

John H, Perpetual Nominees Limited are the appointed Custodian of the PIF. They are an independant organisation responsible for holding the financial assets of the Fund. Sounds good doesn't it? Unfortunately it appears they were only there to send out distributions on behalf of the PIF. At all times they were only acting on direct instructions from the Responsible Entity(RE)! A far cry from what I was led to believe, I was told on many occasions from my contact at OCV that all assets of the Fund were held independantly by Perpetual. Wrong Wrong Wrong, just another huge misleading piece of worthless information dished out from the King regime to make it sound safe and secure. We sure were suckered!!! Akernst, I think Breaker is working on an agenda on behalf of the AG. Welcome all new members and thankyou for your support. I think we are close to the 100 needed and there will hopefully be some more media coverage in tomorrows Bulletin. Regards, Seamisty

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty ......... much as I thought!

Re: Octaviar MFS Premium Income Fund PIF

When this PIF mess first started to unfold, I was told over the phone many times that Perpetual were the "custodians" of my money. So, they said, I should feel comforted by that fact. Fact? If Perpetual aren't our custodians, the PIF CEO must make a statement immediately in writing. Perpetual need to explain too.

Re: Octaviar MFS Premium Income Fund PIF

Ok so from this AFR
1 Wellington has exercised the call option and is officially the RE for PIF..no Octaviar anymore, so all corro will now be communicated via JH @ WC

2 There is $690 mil of our funds in there, which we will not get all of it, how much has that eroded via deals done by OCV and JH since taking over (ie taking haircuts on refinancing borrowers and GEO and other bad loans will be revealed 7 Jul..we hope!

3 Her plan of action listing on the NSX..I have no idea if this is a good idea, it might be, we need to listen to what she has planned, BUT, we need to keep going to create our action group, form a committee so that when the fund's position is revealed early next month, you will see other parties that will hopefully offer us better alternatives

Essentially, we have to be in a position to be able to hear ALL expressions of interest from other consortiums, funds or RE's. Jenny must give us the best option to get all or most of our funds back as fast as possible AND get quick and maximum distributions.

Fear not we do have a valuable asset that in the right hands can use our fund as a basis to build on and give it value, we just have to see what is offered. Hear all, trust NOONE and don't be fooled by the fact this fund will allow the RE to make $$$ from us, people don't take on headaches like the current PIF for the love of it.

Folks we must power on and take control of our own destiny, we have been screwed over, but together we can be a poerful unit that WILL be heard!!

Re: Octaviar MFS Premium Income Fund PIF

selciper said:

When this PIF mess first started to unfold, I was told over the phone many times that Perpetual were the "custodians" of my money. So, they said, I should feel comforted by that fact. Fact? If Perpetual aren't our custodians, the PIF CEO must make a statement immediately in writing. Perpetual need to explain too.

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My understanding of PNL's role is they act like Swiss Banks used to, they hand over the assets when the owner or their legal representative demands it, no questions asked, even if the owner is a well known sought after criminal.

PNL has to do whatever an authorised Officer of the legal RE asks them to do. They certainly don't perform the role of ASIC, ASX etc etc claim to do and check that the RE isn't breaking any laws or if e.g. a transaction will put the PIF in breach of its constitution. I suspect they're not even obligated to check if a new entity broke any laws in acquiring the rights to the RE.

I could be wrong.

Re: Octaviar MFS Premium Income Fund PIF

beaker 1 Akernst

As the Action Group is nearing 100 it's time to focus on just what we want and what we have to do. Akernst has kindly volunteered to draft an agenda, but looking at the Corporations Act section there are a number of things that need to be done to call an EGM - see attached Section 252B (this is only 2 pages and there is more in Division 2G2 - like 20 pages if you are interested) Breaker 1 I have emailed the complete Division to you.

IS THERE A LAWYER IN THE HOUSE? Surely on averages there must be at least one lawyer in a Group of 100! We need a little guidance so that we can maximise the opportunity.

What do we want:

* Information on the current balance of the fund and current investors equity ie cents per $1 unit - preferably by Lonsec the independent research company that regularly assesses managed funds or Price Waterhouse Coopers that WELLINGTON Capital will be relying on
* Details of the loans the fund has outstanding - including repayment schedule and likelihood of repayment
* Details of the income expected from all other classes of investments including fixed and asset backed investments and their maturity dates and prospects of repayment
* Current cash amount held by the PIF and projected cashflows
* A firm date for the recommencement of distributions to investors and a guarantee that there will be sufficient cash reserves to meet monthly distributions and the details of how this is to be achived
* A projection of the investor unit value (cents per $1) at the expiration of the 360 days freeze on redemptions
* An assessment of the capacity of the PIF To meet all redemption requests as at 22 January 2009 on the expiry of the 360 day freeze
* Details of the RE's proposed reporting to investors and the frequency and means of such reporting - which should include a webboard for investors direct access to RE staff for information etc
* An assurance that the current RE will provide ASIC with any relevant information about any possible breaches of the Corporations Act, Managed Investments and other relevant legislation by the previous RE

These can be made into formal Motions by wording as -

"That the Responsible Entity undertakes to provide Investors with ...."
But it would be better to have someone with more knowledge of the law to do it properly.

Re: Octaviar MFS Premium Income Fund PIF

Tuart has given me the contact details of a very experienced lawyer in Sydney, that is in the know on these type of cases and has represented investors in this type of situation. I have not contacted her as yet with fees etc., we should now start thinking about each of us making a contribution to get a fund going. I can find out fee structure and what it would take to get things rolling, maybe then I can get an account number for her firm and when she gets what's required she will start the action?? Your thoughts...

Re: Octaviar MFS Premium Income Fund PIF

Just read Javier's info and looking at the figures quoted in JH AFR article ie 10,300 investors with a average investment of $70,000 = $721 million of Investor funds. The current balance quoted by JH is $690 million. Therefore the current investor equity is 690/721 = 95.7c in the $ or a 4.3% current loss with JH's comment that not all of the $690 will be recoverable

Re: Octaviar MFS Premium Income Fund PIF

Javier, I spoke with a lawyer in regards to this a couple of months ago and was advised that it would be very expensive at this stage until such times as ASIC had made enquiries and determined the areas of misconduct and made applicable rulings where neccessary. I then contacted ASIC and they assured me they are conducting an extensive investigation as a result of being inundated with complaints from investors from both OCV and the PIF. I agree though we will definitely need some legal representation at some stage. Regards, Seamisty