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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

Good morning.
I have a few questions regarding the action being instigated by FMI against KPMG / MFS Premium Income Fund and would appreciate any advice.

1. Are the actions by IMF independent and in addition to all claims being made or likely to be made by Wellington.

2. If the claims being made by IMF against MFS are successful would there be sufficient funds available from MFS to pay the settlement. I understand their Professional Indemnity Insurer would pay any successful claim against KPMG.

3. Will any money recovered from KPMG / MFS Premium Income Fund affect any current or future claims made by Wellington.

4. If the claim is successful will the net asset backing of a unit in the Fund remains at
44 cents per unit.

5. Will other fund members not entering into a litigation funding agreement with IMF benefit from any successful claim.

6. What would be the maximum fee IMF would be entitled to taking in to account costs and the Project Management Fees? Would anyone have an estimate of costs?
In the info from IMF it states the following:
If any proceedings are brought and are successfully resolved, IMF will receive a return of the costs it has paid, a Project Management Fee based on those costs and between 25% and 35% of the recovery proceeds for your claim, depending upon the time it takes to achieve the recovery.

7. What is approximately the amount of the claim being made against KPMG / MFS Premium Income Fund and the separate amounts if possible.

8. Would any settlement to unit holders be return of capital or income?

I realize that these questions may not be easy to answer and should I direct them to either or both IMF or Wellington.

Thank you in advance.
 
Re: Octaviar MFS Premium Income Fund PIF

Hi Duped,

Is there any way to download the updated IMF package without ordering another information pack from IMF? It seems such a waste of paper! I've gone on to the IMF website but don't see an option to actually just do a download of the documents. Pardon my ignorance... :banghead:

Thanks.
 
Re: Octaviar MFS Premium Income Fund PIF

This statement is in the pack I received;
7. Please return the material referred to in paragraph 4 above. lf possible, could you please scan and email the documents to tmclernon@imf.com.au and post the original documents to the address below:
IMF (Australia) Ltd
PO Box 25106
St George's Terrace
PERTH WA 683I
Please ensure you include details of all your purchases and redemptions of units in the Fund and the number of units you still hold (if any).
Click to expand...

I would have thought that the unredeemed units were the more relevant considering that the redeemed units were redeemed in full.

Cookie,

They email it to you.
 
Re: Octaviar MFS Premium Income Fund PIF

You're right Calliope. Have just reread the covering email. But the agreement form doesn't include that page 2 with the boxeds 4 and 5 anymore.

Shall phone for clarification when I get the time.
 
Re: Octaviar MFS Premium Income Fund PIF

This is what I think the future will be:- (hope I am wrong!)

1. It will take over 2 years for the Class Action to be finalised. Because
the longer it takes the more fees IMF & Carneys get.

2. The judge will probably order KMPG to pay a few million from there
liability insurance.

3. The few million(a piddly amount), will be given to Wellington Fund.

4. Wellington will then mayble decide to pay the 3c distribution, which
I reckon will be at the end of 2011.

5. Wellington will then be left with all the shonky properties or developments
that are not finished or in mortgagee possession.

6. Mean while all the PIF investors will be no better off.


Just shows you that, if you give money to someone in Australia, you most
likely will never get it back, unless you go to court many times.

I am all for the class action, as we have to do something, and hope my
scenerio is wrong.


Regards
Lawry1Dog
 
Re: Octaviar MFS Premium Income Fund PIF

Lousy attitude lawryIdog. We need positive attitudes. It's crazy to put such crap into peoples' minds.
 
Re: Octaviar MFS Premium Income Fund PIF

Duped said:
You're right Calliope. Have just reread the covering email. But the agreement form doesn't include that page 2 with the boxeds 4 and 5 anymore.

Shall phone for clarification when I get the time.
Click to expand...

In answer to my email query from IMF I received this reply;

There is no longer a need for you to provide any trade details as we have received those from Wellington.
Click to expand...
 
Re: Octaviar MFS Premium Income Fund PIF

Just letting you know that I posted my paperwork to IMF last Friday via snail mail and received an email receipt for it this afternoon. A nice example of efficiency.
 
Re: Octaviar MFS Premium Income Fund PIF

To DEXTER and lawry 1 dog re #86 now #3911

Please refer to "Outline of Proceedings" from Carneys Lawyers, dated 24 April
page 2 under "Amount of damages".
It is pointless to speculate on the eventual outcome in the event it will be reached.
For now, that is what is on the table and IMF seems to agree.
With best wishes,
Simgrund
 
Re: Octaviar MFS Premium Income Fund PIF

As I see it the action being run by Carneys for the AG and hopefully to be funded by IMF - if in investment dollar terms sufficient investors sign up to make it worth their while - is against KPMG & others, who contributed to get us into this mess.
IMO the action has nothing to do with return of Capital, distributions etc.etc. That is an issue between Investors & Wellington and hopefully Jenny will perform as she indicated she would when she took over PIF.
IMO anything realised on behalf of those that join the class action is separate from any returns that may be received from Wellington and/or the sale units on the NSX.
 
Re: Octaviar MFS Premium Income Fund PIF

IMO anything realised on behalf of those that join the class action is separate from any returns that may be received from Wellington and/or the sale units on the NSX.[/QUOTE]

.............That's how I read it BH - as far as I can see we have nothing to lose, and possibly a lot to gain by supporting the Class Action.

If we have got it wrong, perhaps somebody more knowledgeable can enlighten us.
 
Re: Octaviar MFS Premium Income Fund PIF

reasonable said:
Have just downloaded and can only see 3 August. Where does it quote 30th August?
Click to expand...

Hello reasonable,
Below is the response from IMF Mr. McLernon to my request for extension verification.
It is definitely ON!
Cheers, simgrund

----- Original Message -----
From: Tim McLernon ( IMF )
To: ... name... (simgrund)
Sent: Monday, July 27, 2009 10:36 AM
Subject: RE: IMF class action; extension date 30 August 2009
Simon,
We will try and let as many people know regarding the extension and new date.
Tim
 
Re: Octaviar MFS Premium Income Fund PIF

reasonable said:
Have just downloaded and can only see 3 August. Where does it quote 30th August?
Click to expand...

Reasonable. It was in the covering email. I didn't check the actual docs in the pack delivered to my inbox yesterday.

I appreciate you all here that have been advised by IMF that the deadline was the 30th but I'm going to give precendence to anything in writing from IMF. Sorry, once bitten. And I'm not going to risk even the slightest chance of missing out on being in this class action.
 
Re: Octaviar MFS Premium Income Fund PIF

Below is the reply to me from IMF re deadline.

Robert,
I have just emailed you the full information pack.
We have extended the deadline to return Funding agreements to the 30 August.

Regards

Tim McLernon
 
Re: Octaviar MFS Premium Income Fund PIF

What I thought of future, looks flawed, but at least we should know what
the future might entail, so we can plan ahead.

My new scenerio is:-

1. The class action has no bearing on Wellington at all. They have to
still work towards getting the NSX unit price back to $1.00.

2. As far as I know you can get your money out via the NSX, but Wellington
will also one day provide us with distributions. Hoping this will happen
sooner than later.


3. I still contend that it will take over 2 years for the Class Action to be
finalised. Because the longer it takes the more fees IMF & Carneys get.
Of course I am hoping that it will be finished by next year.

4. The judge will probably order KMPG and others to pay many millions back to
unit holders in a evenly distributed manner.


Just wondering if there is a guarantee of getting some money, can we go to a
bank now and borrow against these coming funds?

Just a thought.


Regards
Kalvin1Dog
 
Re: Octaviar MFS Premium Income Fund PIF

Octaviar Judgements out tomorrow!!!!

COMMERCIAL LIST
RE: OCTAVIAR LIMITED
Justice Philip McMurdo
Banco Court
Floor 2 9:45 AM
(Judgment)
RE: OCTAVIAR ADMINISTRATION PTY LTD
Justice Philip McMurdo
Banco Court
Floor 2 9:45 AM
(Judgment)
FORTRESS CREDIT CORPORATION (AUSTRALIA) II PTY LIMITED -V- OCTAVIAR LIMITED & others
Justice Philip McMurdo
Banco Court
Floor 2 9:45 AM
(Judgment)
 
Re: Octaviar MFS Premium Income Fund PIF

Will any of these judgements assist or financially reward unit holders in PIF
 

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