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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

Boats have internet access these days Splitpin, get with it!!! Eating fresh fish and not havng to resort to dining on 'BASA' which dominated not only restaurant menus but fishing co-op shelves in NSW and QLD ensures me a healthy disposition. I do however, and always have suffered seasickness, but my love for the ocean makes this a minor issue compared to the bigger picture out there. If it makes you feel better slagging me off, go for it. Your support group seems to have diminished. Fortunately, after studying finance for ten years, I learned not to put all my eggs in the one basket and it has payed off, also I am young enough to still earn an honest living. However, I feel for those that rely on the pension, supplemented with a bit extra from what they thought was a secure investment, and I will continue to support them in any way I can. I don't think you have as much support from the forum as you think, but if it helps your ego to pay me out publicly, go well. I am well looked after with a private bank thanks, which is a subsiduary of one of the BIG FOUR, so I have the govt backing. I am now starting to think that it is not diarreaha you are suffering, but constipation!!
You were far more congenial when you were recruiting for the PIFI. I hope you are not resorting to trying to humiliate me on a public forum because you failed to convince me to join the PIFI? Anyway Splitpin, at the end of the day, we are all victims of the current economy status. Stirring up discontent and making enemies is not going to help unit holders so perhaps you would be better rewarded by 'Goin Fishing'!!! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

I refer back to a very earlty post from Burnt Splitpin just to refresh your memory and so you can get your facts straight (eat more good Aussie fish, does wonders for the memory and the bowell):::Hi Gazzan, I represent my father, who like many of the investors is quite elderly (& computer illiterate), which is why I am so angry about the way this fund has been managed & operated. Elderly people don't ask that many questions and are easily fobbed off and treated like idiots. They've had there savings stolen from them at a time in their lives when they need it most.

Sorry for those that didn't like my story, thought everyone could relate to the scenario. You know - misplaced faith & trust winning out against facts & logic.
 
Re: Octaviar MFS Premium Income Fund PIF


Hi Splitpin

I'm a semi-retiree (what ever that means).
Worked 2; now 3 days a week.
In my mid-seventies.
I'm a PIF unit holder.
I'm not an Octaviar share holder.
I'm not an advisor.
You're right... I'm not a lawyer.
I have degrees & diplomas in IT, Management, and Music.

I'm happy with the vote of the majority of unit holders to go forward with JH/WC.

I badly needed that 3 cent distribution before Xmas, but understand why it could not be delivered.

Perhaps I'm a nong for putting my faith in JH and believing what she tells us... time will tell.

I'm not really interested in what other people on this forum are or aren't. It doesn't bother me that Burnt may or may not be a very major unit holder or how you deduced that by a phone call to WC.

Cheers
Rance :hide:
 
Re: Octaviar MFS Premium Income Fund PIF

Good on ya Rance, give it to them mate. Don't take any rubbish from these jokers. You voted with your head, these people are peeved at what has happened and want to take it out on JH, they want to cut their noses to spite their sour faces!

You are a very smart cool dude and hope I am as with it as you are in my mid seventies. Hope to catch up with you one day so we can share a beer and a cheeseburger, who knows if JH does well we can upgrade to a Big Mac soon bro.

Hang tough and keep the faith
 
Re: Octaviar MFS Premium Income Fund PIF

Seamisty, I think some people on here have been eating too much carp with very high mercury levels and my God does it show, very angry and not making much sense.

<Insert a line from a cheesy Jim Carey movie here>
 
Re: Octaviar MFS Premium Income Fund PIF

Dear Seamisty & Rance,

Just to set you straight in the ridiculous assumptions you make, I am in fact a unit holder, as is my father who has quite a substantial unit holding.

I stand by my theory that JH in her high cost promotional campaign, preyed on the elderly investors, making full use of their vulnerability and the fact that they give away their trust very easily (oldest trick in the book). It paid off for her.

I am totally with you Rance. I couldn't give a rats a..... about what other people on the forum are or aren't, although I do object to the paid financial advisors who post on here totally for their own (& WC's) purposes of self preservation. I couldn't care less about people who continually boast about being well educated, or more informed, or more influential, or more affluent, or more deserving. Money does not buy credibility.

Seamisty, you are correct. Every person on this planet is currently a victim of global economic conditions. However, to continue to promote this as the reasoning behind PIF's predicament is blatantly aiding and abetting WC's current tactic of taking attention off their own actions and responsibilities, and this in no way shows support for struggling unit holders.

Cheers !
 
Re: Octaviar MFS Premium Income Fund PIF



Yo D-man, sup dude?? Chill'n wit da ho's in yo crib?? yeeehhh bro....chillax !
(insert cheesy "cool" talk)
 
Re: Octaviar MFS Premium Income Fund PIF

You make it sound like all these elderly people are dumb and docile, maybe they were just not offered anything else, by anyone else and thought that the PIFI type of alternative, well just wasn't an alternative.

I am not elderly, neither are many substantial holders in the fund, far from it. Anyways I am repeating what has already been said here. Take it that some here made the best of a bad deal, we have given the vote for WC to make a go of it. JH is not stupid, she knows for a fact that there are some heavy hitting investors here that have the financial muscle to take her down should she not deliver given time. Example: a superannuation fund and several individual investors that make up a large stake of the fund that will demand results down the track, and they are not old and fragile either.
 
Re: Octaviar MFS Premium Income Fund PIF

Hi Rance,

Sorry mate, one more question. You say you understand why the 3c distribution cannot be made before xmas. I thought WC were still working on achieving it ?!??

Apart from this point though, I'm still confused as to how it is understandable.
Up until days before the end of October, WC was still promising a payment, so what possible reason could be understandable that would still leave them with any sort of credibility as "managers" of this Fund ??

This sort of behaviour is pretty much unheard of from reputable corporate management.
 
Re: Octaviar MFS Premium Income Fund PIF


..........fairly simple mate, - expected money don't come in - expected money don't go out!!!

Incidently Burnt - at what age do you define as "Old" ? ............ and who (or should that be whom) are the "paid advisors"?
 
Re: Octaviar MFS Premium Income Fund PIF


Burnt, you're right! I'm being pessimistic.

"Wellington continues to work closely with each borrower to facilitate the repayment of their finance facilities in this difficult financial market."


Rance
 
Re: Octaviar MFS Premium Income Fund PIF

Hello all

Refered to this forum by a friend. Read some recent postings. Lots of fishing going on! Are you guys for real?? Or just letting off steam? I'm hear to learn.

Cold Ghost
 
Re: Octaviar MFS Premium Income Fund PIF

Cold Ghost said:
Hello all

Refered to this forum by a friend. Read some recent postings. Lots of fishing going on! Are you guys for real?? Or just letting off steam? I'm hear to learn.

Cold Ghost
Click to expand...
I think a lot of the recent posting has resorted to joking because they've got nothing new to add, and this IS an outlet. It's resulted in lots of pointless slanging matches also.

At the same time, there's been some decent objective discussion along the way.

So, what's your position with the case in point CG?
 
Re: Octaviar MFS Premium Income Fund PIF


Rance

Do you really believe that the great majority of retirees who invested
in the fund for deperately needed income to supplement their pension can so easily write of their investment and irreplaceble capital in the above scenario and live on " THE OCCASSIONAL DISTRIBUTION"
 
Re: Octaviar MFS Premium Income Fund PIF


Jadel
I am speaking for myself not the "great majority of retirees". I don't know how they are thinking. Do you? Perhaps you could also tell me of your plans to reverse the effects of the recent majority vote favouring Wellington as the RE. That revelation might change the dynamics of the present stalled debate which is going round in circles sawing sawdust.

Rance
 
Re: Octaviar MFS Premium Income Fund PIF

Rance

You are indeed in a very fortunate position It appears you only need the dividends for “THE OCCASSIONAL HAMBURGHER”

If you are not fully cognisant of the devastating effects the loss of regular dividend payments and access to irreplaceable capital saved over a lifetime will have on the MAJORITY OF INVESTOR LIVES 95% WHO ARE OVER THE AGE OF 65

I would respectfully suggest that you reed some of the recent posts
on this Forum

In regard to what can be done Rance you can either accept the situation carte blanche or try to plan an alternative strategy
 
Re: Octaviar MFS Premium Income Fund PIF

This thread is at its most useful when a contributor can pass on some reliable information. The last Wellington bulletin is now twelve days old. Had anybody got any later info? This increasingly depressing situation just seems to drag on forever. And what about the ballot for three AG reps? We need them elected now. I believe that WC should be communicating a lot better with investors - will there be a Dec. 24 distribution? It will soon be 12 months since we were locked out. Is there any news on the ASIC front?
 
Re: Octaviar MFS Premium Income Fund PIF

A few unit holders have been investigating alternative strategies since the first day WC became involved with the PIF as they decided that they did not like JH and did not want her on board full stop, and to the best of my knowledge that is as far as they have got. Meanwhile, another 15 previous healthy funds have frozen redemptions on products that weren't in the dire state our PIF was in when WC took control. Is JH to blame for this also? What about Allco and ABC learning, do you think they didn't investigate all other avenues before going into VA? The global financial crisis has smashed a $40 billion hole in the budget, look at the bigger picture Jadel.For gods sake be thankfull we have something left at all for WC to work with, JH said all along that her intentions were to stabilize the Fund. You might be happy for the PIF to be sold down in the current economy and further dilute our remaining assetts for the sake of a distribution, but there are many unitholders that are just content to recieve a bit extra in their pensions in the hope of preserving their remaining unit value in the hope of an economic turn around and sensible management practises. Who knows, we may still yet receive some sort of payment before Xmas depending on certain loan settlements being resolved which are outside of WC's control. Commercial property sales are down 53% so far this year on the Gold Coast and if you and a few others had of had their way, some of our assetts would be sitting there in the queue with them. What sort of a distribution would we have got then? If and when you ever come up with a better scheme that will deliver a better outcome for unitholders and be unanimously voted in for, then point the finger at JH and say what a bad job she did. Until then, lets hope things do not get any worse. Seamisty
 
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