Wellington Capital PIF/Octaviar (MFS) PIF

[wally3218]

Re: Octaviar MFS Premuim Income Fund PIF

Well done breaker1 for starting this thread. It's about time the investors were taken seriously and informed properly phone calls and emails are allways get the reply we will inform you later.
Surely someone can sort out whats going on and make sure were getting looked after.
I thought there was suspose to be a regulator or watchdog that checks up on these investment companies. There needs to be more questions asked maybe thru the newspapers or thru a current affairs program that might just get others involved.

I still beleive that we won't get all our money back and the only reason that this company hasn't gone into receivership is that the big investors are looking after themselves by creating positions on the board so that they will at least get paid for doing nothing.

I'm still waiting to hear more about the class action against IMF for continuous disclosure breaches by IMF by the two law firms Maurice Blackburn and Slater & Gordon maybe if more imvestors phone these firms up we might get some action taken so we can get answers.

 

[selciper]

Re: Octaviar MFS Premuim Income Fund PIF

The situation of pensioner-investors is apparently quite serious in some cases. More than likely, many of them don't have use of the internet and are completely in the dark - except for the infrequent press report and useless newsletters. Working out the financial position of the fund and its future "wealth" would be a ten minute job for PIF. So, by their studied silence, they are leaving themselves open to the actions of savvy investors who contribute to this blog. Patience is wearing thin.

 

[wally3218]

Re: Octaviar MFS Premuim Income Fund PIF

The situation of pensioner-investors is apparently quite serious in some cases. More than likely, many of them don't have use of the internet and are completely in the dark - except for the infrequent press report and useless newsletters. Working out the financial position of the fund and its future "wealth" would be a ten minute job for PIF. So, by their studied silence, they are leaving themselves open to the actions of savvy investors who contribute to this blog. Patience is wearing thin.

Pensioners who have invested in this fund are not getting there monthly payments and have no access to their money and centrelink says they cant have access to any extra pension because the company hasnt folded yet and that the money they have invested is still deemed by centrelink.
They should have access to more govt pension as it will be 360 days before they get anything.

 

[wally3218]

Re: Octaviar MFS Premuim Income Fund PIF

It's not looking very good have just read this from http://www.businessspectator.com.au

Octaviar has been served with a notice by Public Trustee of Queensland (PTQ), representing investors in listed notes of the company, that a default had occurred and demanding repayment of $351.5 million, including interest, by June 5.

Octaviar Ltd, the fund manager formerly known as MFS, says National Australia Bank Ltd's (NAB) statutory demand for the repayment of $40 million remains unsatisfied

Octaviar also said Challenger Managed Investments Ltd, which was managing bonds issued by the company with a face value of $100 million, had commenced legal action

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

breaker1 hi, I am a PIF holder and tried to e-mail you but it bounced.I spoke with ASIC yesterday and am not confident we will get much help in the near future there. I live in WA so I have to do everything by phone or e-mail which I don't mind, it is just very time consuming. I have also lodged a written letter of complaint with the the ASX. A few of us had funds accepted after Dec31st 2007 and our argument is that MFS was already in default with the RBOS at this stage but did not disclose it to investors. We have asked ASIC to make a ruling on the failure to disclose angle but I won't hold my breath waiting on action from them. I have tried contacting Jenny Hutson and Guy Hutchings. I do not like dealing with anyone at OCV anymore. I am sick of their BS. I agree something needs to be done. Regards Seamisty

Seamisty
Thanks for your comments
Sorry your email bounced - it's a new email, so try again later, having your email on record with others, may come in handy later if any action group comes into being - I have sent myself emails, also got test emails from my ISP provider and a couple of emails from investors - they came through OK - perhaps a WA link problem? Once again, my email is: breaker1@aapt.net.au

Re: Lack of disclosure by OCV/MFS PIF of the RBOS default of $184M (that's a lot of money) - is certainly something to ram home. Please see a snippet of my letter (via my local member) to the appropriate minister for ASIC(you'll see your not alone):
Nick Sherry - Senator for Tasmania
Minister for Superannuation and Corporate Law
Parliament House
Suite M1 46
Parliament House
Canberra ACT 2600
Tel02) 6277 7410
Fax02) 6273 4116
Email:Email Nick
Electorate Office
23 Stewart Street
Devonport, TAS, 7310
Tel03) 6424 8241
Fax03) 6424 8555
Postal Address:
PO Box 858
Devonport, TAS, 7310

"Can the minister advise if MFS PIF or it’s parent MFS LTD, can be held liable to investors for not advising us of the outstanding loan default of $184 million to The Royal Bank of Scotland possibly as early as August, 2007, which is when I was reconsidering re-investing in MFS and I did re-invest because no such outstanding loan was advised by MFS? (The law requires there to be continuous disclosure of material information.)".


I have not received a reply as yet (sent approx 30/03/08). Nevertheless, I encourage investors to send their concerns and requests to Nick Sherry via their Local Members

Seamisty, you said you spoke to ASIC yesterday, can I ask if you can give any details of the conversation that you feel comfortable mentioning on here?

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

Pensioners who have invested in this fund are not getting there monthly payments and have no access to their money and centrelink says they cant have access to any extra pension because the company hasnt folded yet and that the money they have invested is still deemed by centrelink.
They should have access to more govt pension as it will be 360 days before they get anything.

Please see a snippet of my letter to the appropriate minister Nick Sherry on behalf of my father, who is a pensioner and also a PIF investor: "Would the minister responsible for Centrelink please look into this extraordinarily, harsh, Centrelink decision with the view of changing it to something much more humane – in fact I would ask that the loss of MFS income be deducted from my dad's recorded Centrelink income, because he is not getting it and that the $-------- not be counted as an asset because it is frozen and NOT available for its normal redemption date for him?

Centrelink glibly saying that they still see locked up, frozen, non paying investor assets as still tangible is outrageously bureaucratic and not humane, particularly if counting it as still somehow being tangible as income producing, is farcical. If by some miracle, dad's MFS interest, income recommences, surely it can be and only should be, recalculated then by Centrelink.
The minister would be aware that many of the 11,000 MFS PIF investors would be retired pensioners. I don’t just want the minister to verify if my complaint is correct, I am urging the minister, to force Centrelink into a change of its internal decision or existing policy on the matter. Some urgency is required, as people have to pay their bills and essentials".

Now, you may be wondering why Nick Sherry is the appropriate minister - it is because he is the minister responsible for ASIC and it is ASIC who advises Centrelink how to respond to investment and income matters and centrelink simply follows ASIC's recommendation.


I strongly recommend fellow PIF, WPIF, etc. investors send their concerns to Nick Sherry via their local member - remember you can now send your concerns/requests via email to you local member. The more sent the more likely a favourable response. My local MP actually is expecting them.
See this link for contact details of your local member: http://www.alp.org.au/people/index....state=&keywords=Sherry&image2.x=28&image2.y=9

Wally, thanks for your encouragement! Much appreciated. I appreciate your contibutions. It is very important that we all carrry the load now, that will be the key!

 

[wally3218]

Re: Octaviar MFS Premuim Income Fund PIF

I have just emailed this and believe the more people who know and are asked about this the better for everyone.

To Senator Hon. Joe Ludwig Minister for Human Services

Could the senator please advise me or look into this unfair action about the age pension on behalf of my mother who is a age pensioner.

How it can use the deeming rates to calculate income for pension benefit where money in these investments are frozen and access to this money is unavailable this seems very harsh.

The money is in Octaviar Ltd, Formerly known as MFS, Premium Income Fund ARSN 090 687 577 this fund and others in this group have been deferment of payment of redemptions for 360 days and no access available for withdrawal of these funds.

Centrelink says it has been told by the government that even thou this money invested and is not bringing in any income it still has to be used for their deeming calculations. Surely once this money is frozen there should be compassionate grounds to be able to increase their pension especially in these hard times.

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

Wally,
Brilliant mate, good on you!

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

Dear Investors,
Things are barreling along at a fast pace and it's hard to keep up. The following article is somewhat exaggerated to me, but I post it anyway in my duty to keep you informed - every article helps us get the bigger picture.

Octaviar close to collapse
Michael West
May 27, 2008 - 6:07PM

Gold Coast financial engineer Octaviar, or MFS as it was known, is a hair's breadth from collapse with its major noteholder Challenger Managed Investments and the Public Trustee of Queensland demanding immediate repayment.

Both the Trustee and Challenger served legal notices on the embattled Octaviar.

If the courts rule in their favour, it will be the end of the road for Octaviar, which counts most of its value in the Octaviar Premium Income Fund.

Challenger, with $100 million - at face value - in bonds that mature in November 2011, is claiming that Octaviar is in default and is suing for immediate recovery of its money. A trial date of July 21 has been set.
Meanwhile, the Public Trustee of Queensland, who acts for investors in Octaviar's listed notes - whose face value is $349 million - has also served a notice claiming a default. Until now, the Trustee had been negotiating with Challenger on behalf of Octaviar. That it has now claimed a default suggests something must have gone wrong between the Trustee and Octaviar.

Octaviar would appear to have a reasonable case as the notes are unsecured and are not due for repayment until 2011. The claim by Challenger, and presumably the Queensland Public Trustee, is that the sale of Octaviar's interest in hospitality group, Stella, constitutes a default as this was the sale of a major stake in a key asset.

Challenger and other Octaviar investors are understood to be unhappy that the Responsible Entity (RE) of Octaviar's most valuable asset, the Octaviar Premium Income Fund, has been delivered to an associate (Jenny Hutson?? of Wellington Capital /b1) of the recently appointed chief executive Chris Scott.

Washington Capital is the RE for OPIF and it is also Scott's financial advisor.

Meanwhile, Octaviar also faces a demand for payment from National Australia Bank, which has asked for payment of a $40 million guarantee which NAB had provided to Living and Leisure Australia Group.

Even if Octaviar were to bat off Challenger and the Queensland Public Trustee in court in July its future would be uncertain."

mwest@fairfax.com.au
Some may want to contact the above jounalist Michael West for more insight - email immediately above. Let us know if you got any info?

Keep a stiff upper lip, keep going forward in getting further disclosure from the PIF and doing good for fellow investors. It would seem obvious to say that the outcome of Challenger suing OCTAVIAR LTD, would have a strong bearing on Octaviar Ltd and the PIF surviving in its present form.

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

UPDATE 2
If you look at Octaviar's website: http://www.octaviar.com.au/managed-funds/investorupdates.html and scroll down to Octaviar Premium income fund, "monthly update - February 2008" you will find the following $ figures:
Gross Assets: $890.1 million
Loan owed to third party bank: $184 million (no doubt RBOS)
Number of units on issue: 755.2 million
then do simple maths:
$890.10 assets
minus - 184.00 debit
balance $ 706.1 asets tangible left
then divide $706.10 by 755.2 (the number of investor units held) you get
93.4cents in the dollar return to investors at current stated balance

Now if these figures are genuine and the PIF is not hiding other debts and not inflating assets, then our return in the $, IF, I repeat IF, all assets are finally realised 100% as shown on this February update, then things are not as bleak as they seem.

These figures make one hope that OCTAVIAR LTD and its PIF sister don't collapse in the mean time!

It would appear that the PIF has brought down it's debt to the Royal Bank of Scotland from $184 mill, then to $100Mill and now to $64 mill. That's encouraging news!!! But where did this $120 mill paid off so recently come from? Is it the sale of physical assets or more than likely, returns from developers paying back loans to the PIF. Please don't tell me they have taken out another loan somewhere else [another bank] to acheive this.

It would appear that management is working hard to stabilise the PIF and that the PIF's main goal at present being, getting rid of the RBOS debt, so that it can be free of RBOS (supposed contracted) default existing controls over the fund. This speedy ejection of RBOS may force the PIF to seek recapitalisation from another bank to do it, but hopefully the new recapitalisation will be for no more than $64mill and without any default control clauses. It is believable that the PIF could get a $64 mill loan from another bank, if assets as stated are real. This could mean that interest may start to be paid to investors again possibly before the end of the year and possibly at a lower rate than we investors previously had.

It is even possible that management of the PIF are getting wind of resentment and investor anger and may try and hold a general meeting of investors within 2 months, underline MAY hold a meeting. It is possible that at such a meeting PIF management may use this as an occasion to be more transparent about it's balance sheet, if not done so in an information letter beforehand. It may even try to justify to investors at any such meeting, it's tranfer of management rights to Jenny Hutson's, Wellington Capital. It has been suggested that ASIC is looking favourably at the deal. Nevertheless, as this is from an unrepresentative (non PIF) source, we should believe it when we see it, in the mean time we as a investors should still plow towards our existing action group goals.

If we look at Wellington Capital being a company of $200MILL in assets and the add to it OCV PIF latest claim of assets, this would make Wellington worth 200+706= 906 million ($906,000,000 - nearly a billion $ company on paper anyway) which would make it a big player in the market. However, this would be conditional on PIF investors staying with the PIF fund. So how do you get the PIF investors to accept Jenny as the new boss and stay on? My guess is that as in OCV Pacific (NZ), you stratagise in a way investors can't refuse. For example - if you leave you only get minimal cents back in the dollar, the longer you stay (2 or more years) the more you will get back in the dollar (maximize return). Does that make sense?

Now keep in mind, all this makes for interesting strategising as long as the whole OCTAVIAR/MFS pack of cards does not collapse from other pressures in the mean time (current law suits, pressuring circling creditors who want their money now, failing US dollar, sub-prime credit squeeze, etc,etc)

I must say, I am looking forward to the Octaviar Premium income fund, "monthly update - March 2008" when it comes out shortly, to see if it's still adding up the way it's been presented as above by sources.

What thinks ye fellow brother and sister investors - any comments?

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

As mentioned in my previous post UPDATE2 the vultures are circling and we as PIF investors don't want MFS LTD (share side) to collapse and drag the PIF down with it.

"The creditors' game of bluff with Octaviar is well under way. But make no mistake, the shareholders are still going to get little or nothing in the end.

The creditors will take what they can and the vultures like Packer will buy the cheap pickings that remain in the satellites [PIF?? /breaker1]. The shareholders are the last in line." - Herald

See fullstory on: http://business.smh.com.au/ah-its-the-old-help-me-to-help-you-line-20080527-2iqw.html

Could it be that Chris Scott is trying to shift OCV LTD's last real asset, the PIF, to Wellinton Capital before the circling vultures get their hands on it, before they can pick it up for "cheap pickings" - so that he can live again there with his budy Jenny if all else fails? Is Chris moving his most valuable asset out of harms way to save it, so that he can head their later? Or is Jenny the one getting cheap pickings? Getting very complicated folks - it would be playing out like an entertaining television soapie if we didn't have our money there!!!

Also see: NATIONAL Australia Bank may move to appoint an administrator to teetering Gold Coast property financier Octaviar if $40 million is not received by the close of business today.See URL: http://www.news.com.au/heraldsun/story/0,21985,23769015-664,00.html

Also see: OCTAVIAR'S chances of staging a Lazarus-like recovery appear increasing remote, after the stricken Gold Coast financial group revealed it had been ordered to repay a $349 million debt by Thursday next week. - Herald
See URL: http://business.smh.com.au/octaviar-pushed-closer-to-the-edge-20080527-2iqu.html

Guy Hutchings and Chris Scott - if you're gonna do anything to save the PIF - do it NOW!!

 

[seamisty]

Re: Octaviar MFS Premuim Income Fund PIF

Good morning breaker1 and other PIF holders,The following article is in todays Herald Sun .I think the next few days will be very interesting, cheers Seamisty::NATIONAL Australia Bank may move to appoint an administrator to teetering Gold Coast property financier Octaviar if $40 million is not received by the close of business today.

Last month, Octaviar told the ASX it may collapse because it owes $838 million to six of its biggest unsecured creditors.

Other creditors of the company, formerly MFS, are also lining up, with the James Packer-backed Challenger group launching legal action to recover $100 million and the Public Trustee of Queensland demanding $350 million.

Octaviar's best chance of avoiding administration appears to lie with another part of Mr Packer's empire, Hong Kong-based fund Arctic Capital.

Arctic Capital is negotiating to purchase $63 million of debt from another former MFS company, Living and Leisure Australia.

A $40 million tranche of that debt was guaranteed by MFS, sparking the latest crisis.

NAB spokesman Brandon Phillips said that if LLA repaid its debt, the bank would have no need to pursue Octaviar for the guarantee.

It is believed Octaviar has more than $200 million in cash, meaning it could easily pay the bank, but has not obtained the agreement of other creditors needed to make the payment.

NAB served Octaviar with a statutory demand for the $40 million on May 7, but Octaviar only told the stock exchange of the notice yesterday.

Under corporate law, if a creditor's statutory demand is not paid by a company - or set aside by a court - within 21 days, the creditor can launch legal action to have the company put into administration.

The 21-day period expires today.

Mr Phillips would not rule wind-up action in or out: "We'll keep thinking about our options and take appropriate steps once we see the outcome."

The Living and Leisure Australia recapitalisation proposal has a strict debt repayment timetable.

As part of the deal, LLA told the ASX it "must provide satisfactory evidence to NAB that it has a signed credit approved offer for a lending facility . . . sufficient to repay NAB's debt in full" by this Friday, and pay the debt in full by Friday, June 13.

Representatives of LLA and Arctic Capital declined to comment.

Octaviar is poised for a NSW Supreme Court showdown with Challenger on July 21.

Challenger has taken action on behalf of its $1.65 billion Challenger High Yield Fund, which owns $100 million worth of unlisted floating rate notes - a form of debt - issued by Octaviar.

Challenger spokeswoman Lynn Anderson said: "(Challenger subsidiary) CIML is seeking to enforce the rights of the loan agreement on behalf of unit holders in the Challenger High Yield Fund."

She declined to comment on the reasons for the action, but it is believed Challenger will allege the sale of 65 per cent of Octaviar's tourism arm, Stella, in February, means the debt is due and payable.

Challenger is believed to argue that the sale was a "trigger event" because the information memorandum sent out by the then-MFS said the notes were guaranteed by MFS and its subsidiaries, including Stella.

The Public Trustee of Queensland, which represents investors in listed Octaviar notes, joined the claim rush on Friday, serving the company with a notice of event of default.

Acting Public Trustee Patrick Wedge did not explain the nature of the default in a statement issued yesterday.

"As trustee for the note holders, this office is acting consistent with our duties under the trust deed," Mr Wedge said.

"This office will take all necessary steps to protect the interests of the note holders."

He said the company has until next Thursday to respond to the notice.

Octaviar stock is not trading on the exchange, but Living and Leisure stock recently relisted on the back of Arctic Capital's proposal.

The ASX is investigating why Octaviar took so long to disclose the NAB's demand to the market.

ASX spokesman Matthew Gibbs said the fact the Living and Leisure debt was guaranteed by Octaviar was one reason "why we'll take a close look at it."

An Australian Securities and Investments Commission spokeswoman declined to comment.

Octaviar company secretary David Anderson could not be reached.

 

[Javier]

Re: Octaviar MFS Premuim Income Fund PIF

Wellington Capital actually have $600 mil in funds under management both in wholesale and retail funds, so add our $750 mil, and Jenny Hutson becomes a major player and she has publicly stated she wanted to be a listed company within 5 years of starting her own merchant bank business. She is VERY ambitious, this ambition is hopefully a positive energy that may help our cause!!

 

[breaker1]

Re: Octaviar MFS Premuim Income Fund PIF

Wellington Capital actually have $600 mil in funds under management both in wholesale and retail funds, so add our $750 mil, and Jenny Hutson becomes a major player and she has publicly stated she wanted to be a listed company within 5 years of starting her own merchant bank business. She is VERY ambitious, this ambition is hopefully a positive energy that may help our cause!!

Javiar,
Sorry, I could not be sure if Wellington had $600Mill or $200Mill - I could not check her web-site because its down for maintenance and I could not find the original article that touted the funds assets, so I decided to pick the conservative amount of $200mill.

Following are details of Wellington Capital & Jenny Hutson from websites - not my opinions, just for some background:
Jenny Hutson named Queensland Businesswoman of the Year
Tuesday 20 March 2007
Queensland’s business women of the year have celebrated their achievements in front of some 300 people at a gala event held at Brisbane’s Tivoli Theatre.

Wellington Capital’s Jenny Hutson has been named Queensland Businesswoman of the Year at qbr’s second Women in Business Awards.

The lawyer and S8 chair has had an outstanding 12 months, founding merchant bank Wellington Capital in early 2006 and increasing its revenue to over $8 million in that time.

Jenny also won the Professional Services Category.

Tourism, Fair Trading, Wine Industry Development and Women Minister Margaret Keech congratulated all the nominees, finalists and winners for their outstanding contribution to Queensland.

Catagory winner in: Professional Services (Jenny Hutson, Wellington Capital)

Jenny Hutson BCom/LLB
Jenny Hutson is the Managing Director and founder of Wellington Capital Limited, a merchant bank. Jenny also chairs Wellington Funds Management Trust. She was previously a partner for 10 years in the corporate division of McCullough Robertson Lawyers. Jenny was recently awarded Queensland Business Woman of the Year 2007, Australian Institute of Management Owner/Manager of the Year 2007 and the Australian Business Awards winner for Enterprise in Finance 2007. Jenny is a Director of the Mental Health Foundation of Australia Ltd, and a Director of Big River Timbers. She is a member of the Companies Committees of the Law Council of Australia, the Queensland Law Society, the National Advisory Board for ‘Year of the Surf Lifesaver' and the Royal Children's Hospital Foundation. Jenny holds a Bachelor of Commerce and Laws from the University of Queensland, is a Fellow, Emmanuel College, University of Queensland and is a Solicitor of the Supreme Court of Queensland.


For a picture of Jenny Hutson see link: http://www.qbr.com.au/wib/images/pics/L10.jpg
another pic see: http://www.workingwonders.com.au/go/learn-more/about-us/board-and-committees/

Company details
c/- Wellington Capital Limited , Level 3 , 307 Queen Street , BRISBANE , QLD, AUSTRALIA, 4000
Tel: (07) 3221 3211 Fax: (07) 3220 0093

Date first listed: 12/07/2005
Company Secretary: Ms Mary-Anne Greaves
Industry: Real Estate
Activities: Investment and merchant bank trading in money, securities and the futures market - focus is on organising longer-term finance for clients, advising on mergers and takeovers, through to project financing and management, all with an emphasis on property
Directors and Executives:
Ms Jenny Hutson (Chairman)
Mr Robert Pitt (Managing Director)
Mr Christopher Scott (Director)
Mr David Burke (Director)
Mr Peter Fahey (Director)

Hutson has a staff of approx. 17 people - if OCT PIF went into her control, she no doubt would have to pick up extra staff (possibly even ex PIF staff previously made redundant)

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

My letter of concern about MFS PIF has gone via my local MP to Senator Ludwig (Human Services) to Jenny Macklin (Family and Community Services) to Treasury, then to Nick Sherry (Super and Corporate Law) and yes, then to ASIC. Needs to come back to my local MP, then back to me for the full circuit. Off course by then, the whole MFS box and dice will have collapsed, now wouldn't it.

Well at least a lot of big wigs are getting a good read about Michael King, ASIC, MFS PIF, the Royal Bank of Scotland, Fortress, Centrelink, etc.

I think I actually asked for Government assistance for the PIF and it's investors - now that probably got a laugh, but hey.... ye have not because ye ask not!

 

[wally3218]

Re: Octaviar MFS Premium Income Fund PIF

Just reading the newspaper this morning all about Alan Bonds return to the rich list after being bankrupt and jailed, and his memory returning.
Just doesnt seem to be any justice when your rich and can hide the money trail and investors go broke.
I imagine that all the directors of MFS will be glad to know when and if they become bankrupt that they still can return like Alan Bond.

 

[Towbar]

Re: Octaviar MFS Premium Income Fund PIF

Towbar,
my wife & i are investors with the pif, we contacted guy hutchings regarding financial hardship & received a phone call back from a john mortimer ex southport office telling us that there was no hope of receiving our matured investment(31/3/08)until 360 days was up.We are pensioners receiving reduced pension due to our assets with octaviar,& centrelink are not interested until octaviar go down.we agree there must be more contact with octaviar sooner rather than later

 

[wally3218]

Re: Octaviar MFS Premium Income Fund PIF

Towbar,
my wife & i are investors with the pif, we contacted guy hutchings regarding financial hardship & received a phone call back from a john mortimer ex southport office telling us that there was no hope of receiving our matured investment(31/3/08)until 360 days was up.We are pensioners receiving reduced pension due to our assets with octaviar,& centrelink are not interested until octaviar go down.we agree there must be more contact with octaviar sooner rather than later

You should write a letter/email or go and see your local member of parliament.
The more people that complain the more chance that we all will get someone to help or at least look into this terrible situation.
There are a lot of people hurting because of what MFS have done and not many of them know that there are others in same boat.

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Just reading the newspaper this morning all about Alan Bonds return to the rich list after being bankrupt and jailed, and his memory returning.
Just doesnt seem to be any justice when your rich and can hide the money trail and investors go broke.
I imagine that all the directors of MFS will be glad to know when and if they become bankrupt that they still can return like Alan Bond.

Shonky Michael King

Notable absences from this year's rich list are MFS founders Michael King and Phil Adams who last year were worth a combined $370 million.

Their fortune has been marked down to zero, with Mr King earlier this month conceding he was facing certain bankruptcy following the collapse of the MFS empire -- which at its height was worth more than $3 billion.

He has sold most of his stable of polo horses and is now hiring out his polo field to users where it used to be free. King recons he has a million the one chance of not going bankrupt.

One thing I will tell you now about Michael King the MFS founder - he had a record with ASIC of running a former shonky business, but ASIC only left this record on their ASIC website for 6 months. I am very angry with this - if when i was doing my internet search of ASIC before investing with the PIF and seen this part of Kings history, I most definitly would not have invested in MFS. ASIC needs a kick up the pants for not leaving such important info on record for at least 10 years.

See pic of King in action before he fell of his perch: http://www.news.com.au/couriermail/story/0,23739,23625980-3102,00.html

 

[Javier]

Re: Octaviar MFS Premium Income Fund PIF

Investor update for March 2008 is up on the Octaviar website today..our dollar value as at 31 Mar has gone down to 92.8c, wonder how much that really is today, or more importantly what it will be when there will be enough "liquidity" to pay out redemptions? I hate to think!!!