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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

breaker1 said:
Just listening to the 5 o'clock news - Wayne Swan was being pressured into giving investors in funds greater access to their frozen monies. Something like access to $20,000 or half their investment over 1 year, but I might have got that wrong.
...
Click to expand...
ASIC media release from yesterday with details on withdrawals from frozen funds for hardship...
08-214 ASIC facilitates withdrawals from frozen funds
Friday 31 October 2008
http://www.asic.gov.au/asic/asic.ns...es+withdrawals+from+frozen+funds?openDocument

I’m thinking this no longer applies to the PIF now that it’s listed. I suppose if anyone contacts ASIC now they will be told to sell on the NSX. The rules for hardship are mentioned in the media release and an ASIC contact number for people wanting to apply.

I wonder what allowed WC to pay out hardship cases in the past as this article says it was not possible to pay hardship cases before they changed the law yesterday.
 
Re: Octaviar MFS Premium Income Fund PIF

I have a question for those who voted yes.....

With the benefit of hindsight........if you were to vote again, would you change your vote.

I suspect that the majority on here would say no, as they appear entrenched in their view that there was no other option.

But still curiosity makes me ask
 
Re: Octaviar MFS Premium Income Fund PIF

breaker1 said:
J
But the good thing about all this, is, that we are not a lone fund crying out in the wilderness anymore!
Click to expand...

Breaker, we are lonely because we are one of the only funds not currently paying a distribution.
 
Re: Octaviar MFS Premium Income Fund PIF

communique said:
Breaker, we are lonely because we are one of the only funds not currently paying a distribution.
Click to expand...

Not too lonely:

"Today the Directors of City Pacific have announced that the City Pacific First Mortgage Fund (Fund) has been deemed non-liquid and that the payment of future distributions will be dependent upon the level and timing of loan repayments by borrowers to the Fund. The City Pacific First Mortgage Fund will not be paying distributions for the months of September or October. As a result of this the Income Fund will not be able to pay distributions for the months of September or October and the payment of future distributions by the Income Fund will be dependent upon the City Pacific First Mortgage Fund paying distributions."

Sound familiar? JH could almost have worded our 28 Oct investor update the same way.

When the average PIF investor, who has not got a clue, get their 28 Oct Update in the mail and find out their won't be any 1.5c distribution & sus out the Dec 1.5c is unlikely - #$%^>*<&!! They will do most of the talkin for us!

Regardless, if the money in asset sales fell through and is not their to be paid, it would appear that JH has decided to cope the flack, instead of jeopardize our already hard pressed fund any further. Under this painful circumstance, I would prefer that, to WC fire selling or taking loans to make it happen simply to save face.
 
Re: Octaviar MFS Premium Income Fund PIF

breaker1 said:
Not too lonely:

"Today the Directors of City Pacific have announced that the City Pacific First Mortgage Fund (Fund) has been deemed non-liquid and that the payment of future distributions will be dependent upon the level and timing of loan repayments by borrowers to the Fund. The City Pacific First Mortgage Fund will not be paying distributions for the months of September or October. As a result of this the Income Fund will not be able to pay distributions for the months of September or October and the payment of future distributions by the Income Fund will be dependent upon the City Pacific First Mortgage Fund paying distributions."

Sound familiar? JH could almost have worded our 28 Oct investor update the same way.

When the average PIF investor, who has not got a clue, get their 28 Oct Update in the mail and find out their won't be any 1.5c distribution & sus out the Dec 1.5c is unlikely - #$%^>*<&!! They will do most of the talkin for us!

Regardless, if the money in asset sales fell through and is not their to be paid, it would appear that JH has decided to cope the flack, instead of jeopardize our already hard pressed fund any further. Under this painful circumstance, I would prefer that, to WC fire selling or taking loans to make it happen simply to save face.
Click to expand...

Posts 3360 and 3369 still apply.
 
Re: Octaviar MFS Premium Income Fund PIF

Hi,

As most of you know Wellington Capital and Jenny Hutson are proving they've taken over where Octaviar left off.

Malcolm Turnbull is talking like he would want to clean up the reputation of Investment banks and lending institutions.

Possibly he may set in motion something that wont let future investors to be treated the same way that JH and wellington are treating us

I urge investors to email Mr Turnbull with your complaints
Malcolm.Turnbull.MP@aph.gov.au

Cheers
 
Re: Octaviar MFS Premium Income Fund PIF

great dame said:
Can some body out there who knows something tell us investors this If WC cant pay a div in Dec Can WC put the fund into a con trolled wind down if they wish Like the old MFS managers wanted to do Before WC took over /////////
Click to expand...
Section 26 Winding up of scheme of the constitution answers your question. Have a look at it here: http://www.nsxa.com.au/ftp/news/021720781.PDF as the constitution on the newpif website is the wrong one!
The constitution says the RE must comply with section 601NC(2) of the Corp Act before winding up which enables members to put this to a vote. Also note 22.2.1 which enables members to direct the RE to wind up the scheme.
 
Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
Section 26 Winding up of scheme of the constitution answers your question. Have a look at it here: http://www.nsxa.com.au/ftp/news/021720781.PDF as the constitution on the newpif website is the wrong one!
The constitution says the RE must comply with section 601NC(2) of the Corp Act before winding up which enables members to put this to a vote. Also note 22.2.1 which enables members to direct the RE to wind up the scheme.
Click to expand...
Thanks Dora for that You sure are a great asset to the Forum / Dane //
 
Re: Octaviar MFS Premium Income Fund PIF

I know WC cant make a payment when there is no cash But what bugs me is this JH would have know this when she asked for an yes vote at the last GC meeting No body can prove me wrong on this point / Dane //
 
Re: Octaviar MFS Premium Income Fund PIF

A unit holder called WC on Friday 28 Oct 2008 to ask about the cash payment which was due and was told:
“It wasn't going to be paid because they had only just realised that they had to give nsx at least 2 weeks notice of any distributions to be paid. so it will probably be paid early november.
Can you believe it - I thought I had heard all their BS stories, but no here's another one.”

It doesn’t surprise me that WC didn’t know about the NSX requirements after what GD posted (#3308) but surely if that was the reason and if they intend to pay early November there would have been an x div date on the NSX last week.
 
Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
A unit holder called WC on Friday 28 Oct 2008 to ask about the cash payment which was due and was told:
“It wasn't going to be paid because they had only just realised that they had to give nsx at least 2 weeks notice of any distributions to be paid. so it will probably be paid early november.
Can you believe it - I thought I had heard all their BS stories, but no here's another one.”

It doesn’t surprise me that WC didn’t know about the NSX requirements after what GD posted (#3308) but surely if that was the reason and if they intend to pay early November there would have been an x div date on the NSX last week.
Click to expand...

WC is an advisor to NSX. The below is what an adviser does.
http://www.nsxa.com.au/whatisa_NominatedAdviser.asp
Go figure.
 
Re: Octaviar MFS Premium Income Fund PIF

great dame said:
I know WC cant make a payment when there is no cash But what bugs me is this JH would have know this when she asked for an yes vote at the last GC meeting No body can prove me wrong on this point / Dane //
Click to expand...

Dane, think back to March this year. I am sure many readers of this forum, had budgeted and promised to pay bills in the knowledge that they would be receiving their dividend from MFS around the 10th of the month!!!!
 
Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
Dane, think back to March this year. I am sure many readers of this forum, had budgeted and promised to pay bills in the knowledge that they would be receiving their dividend from MFS around the 10th of the month!!!!
Click to expand...
Yes thats true But that is not the point I am making Investers voted yes at that meeting being told we would get a payment at the end of Oct WC were saying we would get one But WC would have known then we were not getting one Nobody can prove me wrong on this one PS they were called payments with MFS in those days not dividence You can only call them dividends when they are listed on the exchange & are a public company // That should give you a clue why i am right / Dane ///
 
Re: Octaviar MFS Premium Income Fund PIF

Bleating like sheep here on the forum day after day as to what a bunch of BS artists all and sundry are who is remotely connected to WC is not going to alter the fact that due to a GLOBAL ECONOMIC MELTDOWN, every single person in some way will be affected in some way!!!! On a daily basis there are reports of more hardship to come. The following snippets are from an interview with the PM in todays AGE:::::::"You will see slower growth and you will see higher unemployment. It's important to level with people about the challenges we now face, the threats we now face. They are real ”” I don't wish to pretend otherwise."
In his strongest comments yet, Mr Rudd said Australia was facing a global recession that was getting "worse and worse and worse".His comments follow news that both the US and British economies are shrinking ”” despite end-of-week rallies in the American and European sharemarkets. Japan has also unveiled a $US277 billion stimulus package, with Prime Minister Taro Aso calling the crisis a "once-in-a-century event".


"When you look at the data in the US, the UK and elsewhere, you see the warnings from the International Monetary Fund, this unfolding global economic recession is going to make it tougher and tougher and tougher for Australia."
PRIME MINISTER Kevin Rudd has warned it would be grossly irresponsible of the Government not to spend the remaining budget surplus to shield Australia from the "unfolding global economic recession".

But he concedes this might not be enough to protect the nation from higher unemployment and slower economic growth as the international crisis unfolds.

"It will be tough, ugly and hard,"

You will see slower growth and you will see higher unemployment. It's important to level with people about the challenges we now face, the threats we now face. They are real ”” I don't wish to pretend otherwise."In his strongest comments yet, Mr Rudd said Australia was facing a global recession that was getting "worse and worse and worse".

"When you look at the data in the US, the UK and elsewhere, you see the warnings from the International Monetary Fund, this unfolding global economic recession is going to make it tougher and tougher and tougher for Australia.":::::::: Have a look at what is going on outside of the PIF instead of wallowing in self pity, holding JH personally responsible for circumstances that are outside of her control. Every single unit holder will be bitterly disapointed at not receiving anticipated ditributions, but I will be happy just to see the remaining assetts not deteriorate further, or worst case scenario, the PIF placed in voluntary administration. Especially now some are actually estimating the current unit value at 15cents. Take out the costs involved in winding up the fund and other liabilities and you don't need to be a Rhodes scholar to work out what would be left. By all means hassle the butt off JH over wrong constitutions and other misdemeanors until she gets it right, but it will not change the fact that this fund and many others will struggle for survival, no matter who is at the helm or what colour jacket they wear. If JH manages to keep the PIF as a going concern, I will give her my crown and pedestal!!!! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

My fears are growing that WC staff may be totally overwhelmed by this current situation. WC is a pretty small outfit, hardly large enough to cope with a crisis of this magnitude. Extreme fatigue will surely set in soon, so I hope that they are getting some external assistance providing clear-headed advice. Hopping mad as I am, I suspect that this is the wrong time to be slamming WC non-stop with our cudgels. To continue our 24/24 running critiques (myself included) may be ultimately self-defeating for us. It's up to the PIF board to take control of the situation and - from today - demonstrate their so-far concealed talents. There is a limit to how much pressure any administration can take on its own. Our fortunes are dependent on WC being able to maintain internal operational harmony. What's going to happen tomorrow when they can expect thousands of phone calls? Perhaps the board members can help man the hotline. And, as well, there are court battles WC are having to cope with! Exhausting.
 
Re: Octaviar MFS Premium Income Fund PIF

I disagree with some of the above posts The pressure should be keep on WC as strong as we can give it to them Its my money Your money they are playing with As someone said many years ago you got to keep the ba........ honest If the kitchen get to hot Show them where the door is No one twisted there arm to take on this job & tell us all untruths About getting our money back in 3 to 5 years Selling on the exchange & getting about 45 cents a share & saying you will get a payment end of Oct Just look back at my past posts about 3 months ago I got abused for saying these things Some of you sort i was some sort of a joke Well i tell you i may be dumb but i am no stupid ///Dane //
 
Re: Octaviar MFS Premium Income Fund PIF

communique said:
Other threads discuss "capitulation" basically where everyone just throws in the towel and gives up taking a loss. I am very wary of your comments Deano because I honestly believe that nothing would be easier for our RE if everyone just threw in the towel and took 15 c on NSX. Wow what a windfall to have all those pesky unitholders eliminated for peanuts and without ever having to give a "capital distribution". I would love to know the origins and game plan of the bidders offering to buy on NSX.

Note to self, remember parents rule # 10.
Don't trust real estate agents and lawyers. I have added financial advisors to my list.:cautious:
Click to expand...
You dont trust real estate and LAWYERS your words you dont trust LAWYERS That means you dont trust your great leader JH Who is a lawyer Yes i must agree with you on that one Cheers / Dane ///
 

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