Wellington Capital PIF/Octaviar (MFS) PIF

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

A senior staffer at Wellington has advised me in writing that WC is determined to make the first payment of 1.5c by the end of this October and the second by 24 December.

I pointed out to them that PIF investors need reliability in payments to plan their budgets.

Further, that they will be in touch with me in relation to the taxation statement query as to whether a new statement will have to be sent out. When I receive it, I will pass it on, probably Monday next week, hopefully.

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Hi Demodocus -

Hard to imagine that any investor such as yourself would misinterpret the info you heard and then passed on to us. All very odd. We'll know fairly soon, but today's WC email to Seamisty reads rather like a Board minute that could have been written weeks ago. As Dora implies, it's a pretty thin paragraph. I certainly do hope that the distribution is on track.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

A senior staffer at Wellington has advised me in writing that WC is determined to make the first payment of 1.5c by the end of this October and the second by 24 December.

I pointed out to them that PIF investors need reliability in payments to plan their budgets.

Further, that they will be in touch with me in relation to the taxation statement query as to whether a new statement will have to be sent out. When I receive it, I will pass it on, probably Monday next week, hopefully.

Thanks for confirming that Breaker. It's a shame that some would prefer for the 1st payment not to go ahead as scheduled so that they would have some extra ammunition to fire at WC. Regards, Seamisty

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Thanks for confirming that Breaker. It's a shame that some would prefer for the 1st payment not to go ahead as scheduled so that they would have some extra ammunition to fire at WC. Regards, Seamisty

What a strange comment. Who on earth would prefer not to receive a payment ???
What some of us would prefer is that any statements made by WC are consistent and made to all unit holders not just a preferred few. What we would also prefer is to hear words such as "guaranteed", "definately", "absolutely", "unconditionally" etc. Not the words from the PR manual - "planning", intending", "determined", "hoping" etc.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

A senior staffer at Wellington has advised me in writing that WC is determined to make the first payment of 1.5c by the end of this October and the second by 24 December.

I pointed out to them that PIF investors need reliability in payments to plan their budgets.

Further, that they will be in touch with me in relation to the taxation statement query as to whether a new statement will have to be sent out. When I receive it, I will pass it on, probably Monday next week, hopefully.

I agree Burnt. WC saying at this late stage before a payment is due that they are determined to pay it is rather concerning. I would have expected to see WC saying in yesterdays Invester Update we are delighted to inform you all unit holders will be receiving 1.5 cents on Oct 31st. But nothing. Not even a hopeful statement.

Anyone know how the bank debt is going? The last I read the $9.5 mill debt was due end of Nov at 20%.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

...
In regard to the 30 minute Trading Halt on the NSX this morning, the claim is being made by several investors in the wholesale premium income fund. This fund had a 24hr redemption clause (wish I had known that was available) and was instigated as a result of the collapse in share price of OCV. The outcome will not be known any time soon, WC see it as another hiccup which will be dealt with accordingly. Fortunately, legal issues are their forte!! Regards, Seamisty

If Seamisty is saying the claim was an 'at call' investment with a 24hr redemption clause and the NSX announcement is saying the investor lodged a redemption request on the 21 January then I'd say we've got a problem. The fund wasn't frozen until 29 January!

Interesting how the announcement doesn't include this vital bit of info assuming the inside info that Seamisty has shared is true. The claim just says “This was shortly prior to the suspension of redemptions." 8 days before the freeze on a 24hr redeemable investment isn’t that short

 

[like2ski]

Re: Octaviar MFS Premium Income Fund PIF

What a strange comment. Who on earth would prefer not to receive a payment ???
What some of us would prefer is that any statements made by WC are consistent and made to all unit holders not just a preferred few. What we would also prefer is to hear words such as "guaranteed", "definately", "absolutely", "unconditionally" etc. Not the words from the PR manual - "planning", intending", "determined", "hoping" etc.

Strange comment indeed??? is seamisty for real???

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Strange comment indeed??? is seamisty for real???

Well my 'inside info' was hot of the hotline this morning!! :grinskingSeamisty

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Strange comment indeed??? is seamisty for real???

Seamisty is definitely for real, which is more than I can say for a lot of you on here!

Why do you have to be so damn negative all the time - If Wellington managed to boost the current prices by 10% (e.g.) you would all probably cry that it should be 20%!!!

Would any of you be prepared to state categorically that the ASX will be 5000 by this time next year??? Of course not! You might cautiously be "planning", intending", "determined", "hoping" etc." but you would certainly not use phrases like ""guaranteed", "definately" (sic), "absolutely", "unconditionally" etc.

As I said, "Get Real" - I know that many "City Pacific" investors would love to have JH as their RE.
I am also glad to see that the last posting by “Demodicus” has rightly been removed. He has obviously taken Alcinous's advice, and put away his harping.

 

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty is definitely for real, which is more than I can say for a lot of you on here!

Why do you have to be so damn negative all the time - If Wellington managed to boost the current prices by 10% (e.g.) you would all probably cry that it should be 20%!!!

Would any of you be prepared to state categorically that the ASX will be 5000 by this time next year??? Of course not! You might cautiously be "planning", intending", "determined", "hoping" etc." but you would certainly not use phrases like ""guaranteed", "definately" (sic), "absolutely", "unconditionally" etc.

As I said, "Get Real" - I know that many "City Pacific" investors would love to have JH as their RE.
I am also glad to see that the last posting by “Demodicus” has rightly been removed. He has obviously taken Alcinous's advice, and put away his harping.

Now, now John, don't be so harsh on the children... make sure they wash their hands before they come to the table... and in some cases, their mouths as well... Perhaps we'll ask Aunt Jennie over to read them some bedtime stories... I'm sure they'll enjoy that! (SIC)

Boy, am I enjoying this!
Rance

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

http://www.theaustralian.news.com.au/story/0,25197,24542645-20501,00.html

"Moody's CEO Raymond McDaniel insisted to committee members that Moody's ratings were not influenced by the bottom line."

These guys are deluded. Unbelievable. Still trying to get away with "Move along, nothing to see here". If the influence of these individuals isn't quickly severed, we're all in for a long long long haul before confidence can be restored IMO.

The ship is riddled with rot to the point that the mast has flopped over the onto deck and this git is such a prat that he thinks we're stupid enough to still buy his 'nothing wrong with this ship' drivel.

Why does it always end up having to take a revolution for these twits to be removed? Simply because they never concede.

Pink Floyd 1982:
"take all your overgrown infants away somewhere
and build them a home
a little place of their own
the fletcher memorial home for incurable tyrants and kings
and they can appear to themselves every day
on closed circuit t.v.
to make sure they're still real
it's the only connection they feel
.
.
.
did they expect us to treat them with any respect
they can polish their medals and sharpen their smiles,
and amuse themselves playing games for a while
boom boom, bang bang, lie down you're dead
safe in the permanent gaze of a cold glass eye
with their favourite toys
they'll be good girls and boys
in the fletcher memorial home for colonial
wasters of life and limb "
http://www.azlyrics.com/lyrics/pinkfloyd/thefletchermemorialhome.html



Moody's knew of risk to credit ratings quality

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Aaron Lucchetti, Judith Burns | October 24, 2008

THE chief executive of Moody's told directors last year that the push by the credit ratings agency to increase profitability posed a "risk" to the quality of the ratings process, according to an internal document released yesterday.

A five-hour hearing by the US House Oversight and Government Reform Committee included a string of emails and other documents that showed in unflattering detail how far Moody's and Standard & Poor's, which dominate the business of rating debt securities, went to accommodate bond issuers that generated giant fees for the two firms during the housing boom.

While both firms have shaken up their management ranks, tightened conflict of interest rules and made other sweeping changes in hopes of restoring their credibility, lawmakers were sceptical that those moves would be enough. "The story of the credit ratings agencies is a story of colossal failure," said Henry Waxman, chairman of the House committee.

Moody's CEO Raymond McDaniel insisted to committee members that Moody's ratings were not influenced by the bottom line. But company documents suggested that he and other Moody's executives were torn between maintaining the integrity of the ratings process and easing standards in an effort to win more business.

"Analysts and managing directors are continually 'pitched' by bankers, issuers, investors -- all with reasonable arguments -- whose views can colour credit judgment, sometimes improving it, at other times degrading it (we 'drink the kool-aid')," the CEO wrote in a presentation for directors in October last year, according to a document released by the committee. "Coupled with strong internal emphasis on market share and margin focus, this does constitute a 'risk' to ratings quality."

Another document underscored the tension and anxiety expressed by some Moody's employees as sub-prime mortgage-related securities awarded top ratings by the firm were staggered by ballooning delinquencies. Billions of dollars worth of mortgage-backed securities were sold to investors on the premise that the securities weresafe under most market conditions.

"It seems to me that we had blinders on and never questioned the information we were given," an unidentified Moody's employee wrote as part of a survey after a September 2007 town hall meeting. "Combined, these errors make us look either incompetent at credit analysis, or like we sold our soul to the devil for revenue, or a little bit of both."

A separate email forwarded by Brian Clarkson, former president of Moody's Investors Service, showed that the firm competed fiercely to outdo its rivals. Mr Clarkson's aggressive push to win business was the subject of a page-one article in The Wall Street Journal in April.

At S&P, one employee wrote in an instant-message exchange: "By the way -- that deal is ridiculous." A colleague replied: "It could be structured by cows and we would rate it."

Deven Sharma, president of S&P, said the language was "inappropriate" but showed that the firm encouraged analysts to raise concerns. The Securities and Exchange Commission examined the exchange and found no misconduct, he added.

The latest revelations are likely to fuel efforts to rein in the industry and improve its reliability. The SEC will consider new rules as soon as next month.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty is definitely for real, which is more than I can say for a lot of you on here!

Why do you have to be so damn negative all the time - If Wellington managed to boost the current prices by 10% (e.g.) you would all probably cry that it should be 20%!!!

Would any of you be prepared to state categorically that the ASX will be 5000 by this time next year??? Of course not! You might cautiously be "planning", intending", "determined", "hoping" etc." but you would certainly not use phrases like ""guaranteed", "definately" (sic), "absolutely", "unconditionally" etc.

As I said, "Get Real" - I know that many "City Pacific" investors would love to have JH as their RE.
I am also glad to see that the last posting by “Demodicus” has rightly been removed. He has obviously taken Alcinous's advice, and put away his harping.

Dear John,
If you are going to make critisisms of comments made, perhaps you should first make sure you understand the context in which they are made. Discussion has been had on whether or not the cash payment "promised" for October is actually going to be paid. What's your opinion ?
Is it "definitely" going to be paid ?
Let's "Get Real" - we're all going to find out how real in a few days.
As far as current prices go, apart from the dummy trade at 45c (totalling $900 less fee), the only action so far has been a drop in price offered from 15c to 10c.
Where's the positives John?
Cheers

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Now, now John, don't be so harsh on the children... make sure they wash their hands before they come to the table... and in some cases, their mouths as well... Perhaps we'll ask Aunt Jennie over to read them some bedtime stories... I'm sure they'll enjoy that! (SIC)

Boy, am I enjoying this!
Rance

lol............ what a good idea, if she read them Chicken Little they would disbelieve it, and start thinking positively.

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Dear John,
If you are going to make critisisms of comments made, perhaps you should first make sure you understand the context in which they are made. Discussion has been had on whether or not the cash payment "promised" for October is actually going to be paid. What's your opinion ?
Is it "definitely" going to be paid ?
Let's "Get Real" - we're all going to find out how real in a few days.
Cheers

I have no reason to believe it will not be paid!! So next week somebody is going to have the opportunity to say "It I told you so"!!! - or "Sorry!!"

 

[like2ski]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty is definitely for real, which is more than I can say for a lot of you on here!

Why do you have to be so damn negative all the time - If Wellington managed to boost the current prices by 10% (e.g.) you would all probably cry that it should be 20%!!!

Would any of you be prepared to state categorically that the ASX will be 5000 by this time next year??? Of course not! You might cautiously be "planning", intending", "determined", "hoping" etc." but you would certainly not use phrases like ""guaranteed", "definately" (sic), "absolutely", "unconditionally" etc.

As I said, "Get Real" - I know that many "City Pacific" investors would love to have JH as their RE.
I am also glad to see that the last posting by “Demodicus” has rightly been removed. He has obviously taken Alcinous's advice, and put away his harping.

Hi John H,

I am really surprised at you as well, your example is not applicable and is like comparing chalk and cheese. No one here is asking anyone to state categorically what the ASX 200 will be this time next year!!(although if we took a stab we'd be probably more accurate than trying to predict WC's intentions?? LOL...) but, we sure are entitled to know with certainty, at the eleventh hour i.e. one week prior to the due date if we are going to receive a payment or not!!! Words like "definitely" "guaranteed" etc are certainly applicable and expected?? In fact all unit holders and the NSX should have been clearly notified well before now.
I am just wondering to whom your term "get real" should apply.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

I have no reason to believe it will not be paid!! So next week somebody is going to have the opportunity to say "It I told you so"!!! - or "Sorry!!"

Dear John,
Why do you have to lower the discussion to an argument between unit holders. If the payment is made next week - then that's great for all of us !!
A unit holder reported what he was told by WC staff - that the payment would not be paid. Another unit holder reported what they were told by WC - that they are determined to pay it. The fact of the matter is that until we actually see the money, we are still left guessing.
Let's all keep our fingers crossed and stop attacking. The only comments made questioning what information WC have given out, have been made against WC not being explicit in their intention - not against any individual unit holders. Why do you have to be so nasty to people in the same boat as you ?
I'm sick of seeing the WC believers constantly personally attack anyone that questions things.

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty is definitely for real, which is more than I can say for a lot of you on here!
As I said, "Get Real" - I know that many "City Pacific" investors would love to have JH as their RE.
I am also glad to see that the last posting by “Demodicus” has rightly been removed. He has obviously taken Alcinous's advice, and put away his harping.

Dear John H

Still waiting for response a while back on long term investments.

Interesting comments on real world, by unreal people.

City Pacific investors have a real action group like PIFI, not a RE fan club like PIF AG.

We note the complain button has again been removed from the forum - are the facts getting too hot to handle for some.

Interesting times again with .10 c on offer, it is sure to hot up more.

Bugger, I should have sold some at .15 c.


Splitpin

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Dear John H

Still waiting for response a while back on long term investments.

Interesting comments on real world, by unreal people.

City Pacific investors have a real action group like PIFI, not a RE fan club like PIF AG.

We note the complain button has again been removed from the forum - are the facts getting too hot to handle for some.

Interesting times again with .10 c on offer, it is sure to hot up more.

Bugger, I should have sold some at .15 c.


Splitpin

Dear Splitpin,

I think you answered your own question with post #2968.

In my original post, I stated that I felt sorry for those who had "parked" their money for a short period. By this I meant on call or up to 6 months. I believed that most had invested for income - they certainly hadn't done for growth! My own investment was for 2 years, and all being well I would have rolled it over. That I would call "long-term"!

The complain button? .. somebody (not me) must have complained about Demodicus, as his abusive post has been removed.

Cheers,

John H

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Dear John H

Still waiting for response a while back on long term investments.

Interesting comments on real world, by unreal people.

City Pacific investors have a real action group like PIFI, not a RE fan club like PIF AG.

We note the complain button has again been removed from the forum - are the facts getting too hot to handle for some.

Interesting times again with .10 c on offer, it is sure to hot up more.

Bugger, I should have sold some at .15 c.


Splitpin

Hi Splitpin, Anyone reading this forum sure wouldn't be encouraged to invest in units in the PIF!!! The constant negativity (along with market sentiment) will do nothing but push buyers away and unit values down. I could be tempted to pay you 15 cents for your units if you are serious?or not? But being the astute business woman that I am (and with having my own personal, direct line to JH as has been suggested), I would insist on the deal being done prior to the end of OCT, just in case we get our divvies LOL!!!! Cheers, Seamisty

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Hi Splitpin, But being the astute business woman that I am (and with having my own personal, direct line to JH as has been suggested), Seamisty

Seamisty

How could any of us be astute with our investments dropping from $1-00 to $-10 on offer.

I trust big brother Kev 747 acts to put stability back into all of this.

Regards


Splitpin