Wellington Capital PIF/Octaviar (MFS) PIF

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

Well Seamisty, you have stolen my thunder! I was about to say to Jadel and other anti-JH contributors that I have not yet seen a coherent alternative plan from them. To quote Shakespeare, it's all been "piss and wind" and any female will tell you that just ain't good enough! So over to you guys, let's see your alternative plan to improve unit holders situation.

Rance

 

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

Oh, and brush your your Shakespeare!

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Brilliantly said Seamisty, nothing to add to that!!!

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

ORIGINALLY POSTED BY RANCE ... MEANWHILE, THE OCCASIONAL DISTRIBUTION WOULD HELP ME WITH BUYING THE HAMBURGERS...


RANCE FORTUNATELY YOU DO NOT NEED TO BE SHAKESPEARE TO MAKE A POINT

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Fish, hamburgers, shakes..boy I'm getting hungry, must be dinner time.

Eat all your vegetables and drink all your milk so you can grow big and strong, and then maybe aunty Jenny will give us all a treat come Xmas.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

You're a good little Wellington Soldier Seamisty, reinforcing the tactic of keeping attention focused on global economic conditions, and even trying to brainwash people into believing they are lucky !!! Every time you post these comments, I will post mine highlighting the deception / mismangement of WC.

Yes, most Funds have frozen redemptions (but are still paying distributions) because people paniced and wanted to put their money in banks. This was not the case with PIF. Our fund was not permitted to release money because of default on the bank loan (taken out by the Fund for the benefit of MFS).
Yes, there is a credit squeeze, particularly in over-priced, over-valued property developments - the type that MFS liked to invest in.

On 15th Oct. (& even later) JH promised unit holders that the Oct. distribution would take place. Less than 2 weeks later she announced that they would not be paid. JH is either a liar or an extremely bad financial manager.

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.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

If unit holders had of been able to vote for a managed orderly wind down of the Fund, and voted for it, we probably wouldn't be receiving distribution payments now. (nothing different to our current situation).
But we would at least know that the assets of the Fund would be sold down over 3 to 5 years at the best prices achievable so as to return as much of our capital to us over this time frame.

Right now unit holders have no idea if they will ever receive a distribution or if they will ever see more that 10 - 15% of their capital again. I don't call that a great plan, especially when there is no honest communication with investors, and no transparency.

By the way "you guys", it is not up to any individual or any group of unit holders to come up with a detailed plan to manage the Fund - that is the job of the Fund Manager. If the Managers plan is not working out for unit holders, what do you think should happen ??
Also, Rance keep your "piss & wind" to yourself please mate (gross!!)

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Until I am offered a better option I will continue to support WC Burnt. Yes our fund was originally frozen when the 200 Million Dollar Loan , taken out by the former MFS board defaulted, which has since been reduced by a staggering $190.5 million!!!!! I really don't care if you are so bitter and the only scapegoat you can find to blame and verbally beat up is JH.(and anyone who is pro WC) We also don't know what the outcome would have been if WC did not step foward, you would like to think that there would have been a better result simply because you don't like the current situation. You can cry on here all you like if it makes you feel better, it will not change anything. Seamisty

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

ORIGINALLY POSTED BY RANCE .. MEANWHILE, THE OCCASIONAL DISTRIBUTION WOULD HELP ME WITH BUYING THE HAMBURGERS...


I think all PIF AG members should now be made aware of their new Machiavellian strategy

Immediately change your will and bequeath all PIF investments in the Premium income fund to your next of kin

. Then you will have to have to learn to use the OCCASIONAL DIVIDEND for Hamburghers ,preferably BIG MAC over the next 3 to 5 years . The cholesterol deposits will of course be the death of us all well before then so no need to worry about seeing any return of our capital after that period.

hhhmmm let me think now I aint leaving my hard earned to the daughter and her fat boyfriend to squander so its got to go to the RSPCA .drat

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty, you are entitled to support WC if you believe their plan is going to provide the best outcome for you. Just as I am entitled to critise them when I feel that their actions deserve criticism or when I believe their plan is not going to provide the best outcome for other investors.

But as I said, if you continue to try and shift focus onto general economic conditions in an attempt to hide WC's inept skills in communication and management, I will continue to highlight their deficiencies. The $200mil bank loan had to be repaid or the bank would appoint receivers. Whoever took over management of the Fund had to repay this debt. I do not see this as a great accomplishment for WC (the way they like to portray it).

I am at a loss as to why you have always maintained the stance that the battle going on here is between unit holders. I am not bitter at all (as though I have lost some kind of battle with WC supporters as you might try to insinuate). I feel extremely saddened by events that have left all unit holders in a situation that I'm sure the majority did not expect. And no, it doesn't make me cry, it makes me want to encourage people to look at facts and face the truth.

My intention is not to beat up anyone, but of course I would be looking to JH and Wellington as the ones to blame for unit holders not getting what they expected. JH was the one making all the promises - it's only logical !!

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

By the way "you guys", it is not up to any individual or any group of unit holders to come up with a detailed plan to manage the Fund - that is the job of the Fund Manager. If the Managers plan is not working out for unit holders, what do you think should happen ??

I'd like some opinions on an answer to this question. If WC's plan for the Fund does not work out the way Unit Holders expected, what should happen.

I'll leave you with something to think about. At the Wellington meeting held on 18th Sept., in front of 600 odd investors, JH made a committment to unit holders that if unit holders were not happy with Wellingtons management of the Fund and they felt that WC was incompetant in the management role, WC would step down and waive the 2% exit fee.

 

[like2ski]

Re: Octaviar MFS Premium Income Fund PIF

I'd like some opinions on an answer to this question. If WC's plan for the Fund does not work out the way Unit Holders expected, what should happen.

I'll leave you with something to think about. At the Wellington meeting held on 18th Sept., in front of 600 odd investors, JH made a committment to unit holders that if unit holders were not happy with Wellingtons management of the Fund and they felt that WC was incompetant in the management role, WC would step down and waive the 2% exit fee.

Hi Burnt,
I believe that we, the unit holders should "unite" and hold her to her promise.
in fact if we truly believe in her mismanagement we should insist/enforce the matter.
However, it will be very hard (almost impossible) to get her to conceed/admit to her incompetence in managing the Fund, listing on the NSX etc.

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

I'd like some opinions on an answer to this question. If WC's plan for the Fund does not work out the way Unit Holders expected, what should happen.

I'll leave you with something to think about. At the Wellington meeting held on 18th Sept., in front of 600 odd investors, JH made a committment to unit holders that if unit holders were not happy with Wellingtons management of the Fund and they felt that WC was incompetant in the management role, WC would step down and waive the 2% exit fee.

Burnt I must toss in my 2 cents worth JH sure said that i heard her But thats just cheap talk It is not down on paper & signed by JH I never believed her for a minute But she sure got all the old folk hocked in / Dane ///

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

I'd like some opinions on an answer to this question. If WC's plan for the Fund does not work out the way Unit Holders expected, what should happen.

I'll leave you with something to think about. At the Wellington meeting held on 18th Sept., in front of 600 odd investors, JH made a committment to unit holders that if unit holders were not happy with Wellingtons management of the Fund and they felt that WC was incompetant in the management role, WC would step down and waive the 2% exit fee.

Hi Burnt again JH also said at the Brisbane meeting Investors who want to sell out of the fund could get about 40 to 45 cents a unit on the NSX Then went on to say unit holder who stay in the fund can expect to get a Dollar back in 3 to 5 years Plus she added a 3 cents payment B4 Xmas I did not believe any of this crap at all & said so on this Forum at the time I said you might get about 15 cents a unit And maybe get your Dollar back in about 25 years I got really bagged for saying these things Well its all true now An old saying Never believe anything you hear & only half of what you read / Dane ///

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Perpetual reopens income/mortgage funds
9/11/2008 2:38:01 PM
Fund manager Perpetual Ltd has re-opened applications for its income and mortgage funds at the request of a number of clients.

The fund manager was forced to suspend applications and introduce a quarterly redemption facility after a rush of redemptions following the federal government's decision to guarantee bank deposits.

Perpetual group executive Richard Brandweiner said the company was re-opening applications to the funds at the request of a number of clients.

"The recent sharp reductions in the RBA cash rate and falling term deposit rates make high grade mortgage funds very attractive," Mr Brandweiner said in a statement.
Perpetual has re-opened applications for its Monthly Income Fund, Wholesale Monthly Income Fund and Private Investor Mortgage Fund, which have combined assets of $1.7 billion under management.

"We understand the current situation has been confusing for some investors," Mr Brandweiner said.

"As a leading fund manager, we need (to) restore the deserved confidence in these funds, which have proven to be a very secure option for investors for over 40 years."

Perpetual was one of a number of non-bank investment institutions forced to freeze some $12 billion of investor funds in the aftermath of the bank deposits guarantee.


................... might indirectly help PIF

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Perpetual reopens income/mortgage funds
9/11/2008 2:38:01 PM
Fund manager Perpetual Ltd has re-opened applications for its income and mortgage funds at the request of a number of clients.
..............
"As a leading fund manager, we need (to) restore the deserved confidence in these funds,
................... might indirectly help PIF

Dear John


I think what has happened to our fund and other trusts has changed the public's perception of funds / trusts forever.

The exposure of excesses of the managers etc. is almost non stop in the media.

Weekend Australian yesterday on Gordon Fell and other articles in the businesss section is very interesting reading.

All these articles just shows how bad and mad our managers had / have become.

I think the days of managed funds as we know them are over.


Regards


Splitpin

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Burnt I must toss in my 2 cents worth JH sure said that i heard her But thats just cheap talk It is not down on paper & signed by JH I never believed her for a minute But she sure got all the old folk hocked in / Dane ///

HI GD,

JH's talk might be cheap, but she made this statement in front of an audience of hundreds of unit holders. There were some of us calling out asking her to put it in writing, of course we were ignored, but none the less it is not a statement that she can retract and I am certain that she can be held to it when there were 600 or more witnesses (& particularly as it was recorded).

Thanks for your comments Like2ski. I believe the way the statement was made, JH inferred that if it was the unit holders' decision that WC has been inept and incompetant in their management of the Fund, then they would step down and waive the exit fee.

This is something that we need to keep in our minds in the months to come.
Unit holders should never feel powerless.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Financial crisis leads to lower deeming rates for pensioners::::November 09, 2008 07:47pm::::
The Federal government is set to lower the social security income test deeming rates as a result of the global financial crisis.

The deeming rate will change from four to three per cent for the first $41,000 of a single pensioner's financial investments and the first $68,200 for couples.

It will shift from six to five per cent for the balance of financial investments.

"This is to reflect the recent reduction in interest rates and the impact the global financial crisis is having on returns on pensioners' investments,'' Community Services Minister Jenny Macklin said in a statement.

"The Rudd government's decision acknowledges that many pensioners and social security recipients who also rely on own-source income have been adversely affected by the global financial crisis.''

Deeming rates are used to assess income from financial investments for social security pensions and allowance purposes.

They assume that financial investments are earning a certain rate of income.

Payments affected by the deeming rules include means tested pensions, such as the age pension, the disability support pension and carer payment, along with income support allowances and supplements such as the parenting payment and Newstart, Ms Macklin said.

The changes will come into effect from November 17.

Last week, the government announced Centrelink had updated the value of pensioners' listed securities and managed investments in the wake of the financial crisis.

 

[Wolfgang]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty, you are entitled to support WC if you believe their plan is going to provide the best outcome for you. Just as I am entitled to critise them when I feel that their actions deserve criticism or when I believe their plan is not going to provide the best outcome for other investors.

Burnt

I am part of other investors You do not speak for me, the vote went to JH and I will support her.

Wolfgang

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

.... An old saying Never believe anything you hear & only half of what you read / Dane ///

Like Anthony Klan who in the Australian reported that the first PIF sale was for $35,000. The trade was for $900. Slightly different.

That article remains uncorrected online courtesy of the Australian. Backed by the reputation of the Wall Street Journal (http://www.theaustralian.news.com.au/business/story/0,28124,24537986-643,00.html)

And no correction within cooee of that webpage.

I'm learning GD. Sadly, I'm learning.