Wellington Capital PIF/Octaviar (MFS) PIF

Re: Octaviar MFS Premium Income Fund PIF

What about PIF investors Michael?? Don't you feel you owe something to those that contributed 'indirectly' to the original purchase of those properties, some who are left totally financially ruined due to alledged misapproppriation of their funds by yourself and some of your loyal employees? Do you ever wonder how those folk are surviving the aftermath of those alledged actions? The truth would do for starters. Seamisty



Business Gold Coast

http://www.goldcoast.com.au/article/2010/01/09/177051_gold-coast-business.html






Land sale helps King chip away at $127m debt
Nick Nichols, business editor | January 9th, 2010

MFS co-founder Michael King has taken a big step towards meeting his commitments to margin lenders after part of his polo property Elysian Fields was sold yesterday afternoon.

The 113ha grazing property near Canungra found a buyer following a fruitless auction more than a year ago.

The contract settled yesterday afternoon and neither the purchaser nor the sale price has been disclosed.

It is understood to be a local buyer.

The property went to auction in December 2008 and was passed in at $950,000 after failing to reach the reserve.

There were hopes at the time that it could fetch up to $2 million, but that was thwarted by a soft property market.

All proceeds from the sale will go to meet Mr King's commitment to margin lenders under a two-year agreement struck in August.

Both Mr King and his former business partner Phil Adams were left with a combined personal debt of $127 million after the collapse of MFS in January 2008.

Mr King yesterday described the sale as 'another step forward' in his bid to meet his obligations to creditors.

Under the personal insolvency agreement, financiers also will receive all proceeds from the sale of the adjacent Elysian Fields polo complex, which was developed by Mr King almost a decade ago.


Elysian Fields, Mr King's last remaining asset, is seeking a buyer at $20 million.

A $20 million deal for thoroughbred racing complex Wadham Park, located next door, fell through late last year after Queensland Racing pulled out of the contract.

Re: Octaviar MFS Premium Income Fund PIF

Seamisty, thanks for the update on Kings' property sale. Do we have any stake in the proceeds. Also, whatever happened to Blue Boy? I noticed that there was some advice given on the forum about fund managers creating a forum etc for investors in Managed Funds. That would no doubt work but I have better advice for potential investors.........DON'T INVEST. USE THE BANK. Has anybody been able to contact the IAC members. I am very interested to see how this all unfolds. The way I see it we send our concerns that are not serious enough for the Complaints Officer to the RE (JH) who will vet them, prepare an answer and give it to the IAC to reply. What is the time frame for such turnaround of information? a new name for the IAC perhaps could be CLAYTONS. CHEERS AND BEST WISHES TO ALL FOR THE NEW yEAR.

Re: Octaviar MFS Premium Income Fund PIF

IAC could also stand for::


Invisible Advisory Committee

Inactive Advisory Committee

Inaccessible Advisory Committe

Investor Appeasment Committee

Investor Apathetic Committee

Invented Applicants Committee

Ignore All Complaints

Invalidly Approved Committee
Yes, sure could have some fun with the initials IAC!!!. Any other suggestions? :jump: seamisty

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

IAC could also stand for::


Invisible Advisory Committee

Inactive Advisory Committee

Inaccessible Advisory Committe

Investor Appeasment Committee

Investor Apathetic Committee

Invented Applicants Committee

Ignore All Complaints

Invalidly Approved Committee
Yes, sure could have some fun with the initials IAC!!!. Any other suggestions? :jump: seamisty

Click to expand...

I wonder, did you complain to ASIC?

I made three complaints about our ICC (your IAC).

http://www.moneymagik.com/complaints.php

The FMF's committee was set up by the manager.


If you think I'm trying to stir up unit holder complaints to ASIC, then you're right !!!

Re: Octaviar MFS Premium Income Fund PIF

Seamisty I like your style, they all are relevant, well done. I did make a complaint to ASIC re the RE not allowing unit holders to have a scutineer to check on voting, the refusal point blank by the RE to provide the voting results when requested. ASIC indicated to me that the appointment of an Investor Advisory Committee was not a statutory requirement and therefore they have no power to force the RE to reveal the details sought. It is therefore my view, who wants the IAC anyway, I sure as hell do not.

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

IAC could also stand for::


Invisible Advisory Committee

Inactive Advisory Committee

Inaccessible Advisory Committe

Investor Appeasment Committee

Investor Apathetic Committee

Invented Applicants Committee

Ignore All Complaints

Invalidly Approved Committee
Yes, sure could have some fun with the initials IAC!!!. Any other suggestions? :jump: seamisty

Click to expand...

How about "Inevitably against communications"?

Re: Octaviar MFS Premium Income Fund PIF

It's significant that we investors paid for the unsatisfactory IAC electoral process - printing and mailout etc. Imagine being told before casting a vote that the results would not include the release of any figures after the ballot! In my opinion the numbers (evidence) belong to us and not to WC to withhold.

Re: Octaviar MFS Premium Income Fund PIF

mellifuous said:

I wonder, did you complain to ASIC?

I made three complaints about our ICC (your IAC).

http://www.moneymagik.com/complaints.php

The FMF's committee was set up by the manager.


If you think I'm trying to stir up unit holder complaints to ASIC, then you're right !!!

Click to expand...

ASIC has had so many complaints regarding WC and their handling of PIF related issues I strongly suspect that is why the complaints dept for our fund has been upgraded!!!! I also think that between OCV/MFS and WC related complaints from the Action Groups and individual investors is why Asic intervened. Investors instigating a class action themselves probablly helped as well. The few diehard posters on this forum dribbling the same old rhetoric have a lot of support from many other PIF investors off the forum, contrary to what WC would have others believe. Also we have found ASIC to be helpful and supportive on several fund related issues, more so since they have the documented evidence to support many of our original complaints, albeit at times we consider their actions a bit slow. So yes mellifuous, our complaints are many and not just directed to WC and ASIC. I do think the media could be more supportive from an investors perspective, but perhaps they think the fund managers, RE's etc weild more power and have more influence than us mere mortals!!! Seamisty

Re: Octaviar MFS Premium Income Fund PIF

selciper said:

It's significant that we investors paid for the unsatisfactory IAC electoral process - printing and mailout etc. Imagine being told before casting a vote that the results would not include the release of any figures after the ballot! In my opinion the numbers (evidence) belong to us and not to WC to withhold.

Click to expand...

It did take OCV/MFS emplyees over a year to get their paper work in order relating to certain fund related figures selciper!!! Cheers, Seamisty

Re: Octaviar MFS Premium Income Fund PIF

Seamisty - By way of anecdote: an elderly person I know who can't handle computers too well, visits his daughter twice a week to read this forum. He tells me that it relieves his anxiety to know that there is fellow-investor anger, which he shares in abundance. I bet WC are still avid readers of this space. (WC, we know you're reading us. It's part of your morning drill.)

Re: Octaviar MFS Premium Income Fund PIF

selciper said:

Seamisty - I bet WC are still avid readers of this space. (WC, we know you're reading us. It's part of your morning drill.)

Click to expand...

I hope they are reading this I'm another one that regular reads this forum on my elderly mother behalf to keep her informed.
If it was'nt for this forum many of us would still be in the dark as WC do'nt tell us anything thats currently happening.
Keep up the good work guys and gals lets hope 2010 brings us closer to a better output for investors.

Re: Octaviar MFS Premium Income Fund PIF

wally3218 said:

I hope they are reading this I'm another one that regular reads this forum on my elderly mother behalf to keep her informed.
If it was'nt for this forum many of us would still be in the dark as WC do'nt tell us anything thats currently happening.
Keep up the good work guys and gals lets hope 2010 brings us closer to a better output for investors.

Click to expand...

Hi Wally,

Glad to see your still reading this forum. I met you and your mother at the
meeting in March....hope things improve for us in 2010

A member from another forum made a astute remark....
"..Importantly ALL unitholders have the right to communicate directly with the managers, it is the managers that have control of OUR monies not the....."(Investor Committee)

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

ASIC has had so many complaints regarding WC and their handling of PIF related issues I strongly suspect that is why the complaints dept for our fund has been upgraded!!!! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, I do think the media could be more supportive (bolding added) from an investors perspective, but perhaps they think the fund managers, RE's etc weild more power and have more influence than us mere mortals!!! Seamisty

Click to expand...

Looks like all this chipping away finally produces. Though we are still waiting for response from Nick NICHOLS of Business Gold Coast.

Re: Octaviar MFS Premium Income Fund PIF

Perhaps we will see our investor update today? Media article from TheAustralian today. Cheers, Seamisty

Watchdog eyes going-concern statements as a big issue
Matt Chambers From: The Australian January 11, 2010 12:00AM
THE nation's corporate watchdog is warning companies it will target going-concern statements related to debt refinancing and the value of asset writedowns, of which it expects more, in the coming reporting season.

In a review of 350 June 2009 full-year accounts, the Australian Securities and Investments Commission claims some companies were unrealistic about growth and discount rates and others failed to show how they determined fair values of assets, particularly investment properties.

ASIC commissioner Michael Dwyer said the review highlighted a number of areas where companies and auditors needed to pay greater attention.

"Despite signs of improvement in the Australian economy, we encourage companies and their auditors to continue to focus on issues such as going concern, asset impairment and fair value determination," Mr Dwyer said.

The five main areas the watchdog said it would focus on were the same as those it said it would home in on six months ago: going concern, asset impairment, fair value of assets, off balance sheet exposures and financial instrument disclosures.


No one from ASIC was available yesterday to comment on the review of last year's accounts.

According to ASIC, going-concern assumptions remained a big issue.

Since companies such as OZ Minerals struggled to refinance last year, ASIC warned directors to be mindful of their prospects even when refinancing was needed outside the 12-month period.

"Where the ability of a listed entity to continue as a going concern is subject to refinancing, the entity must keep the market informed about the status of finance negotiations,"ASIC said.

In the past financial year, writedowns were 11 per cent of the total value of indefinite life intangible assets, which include things like trademarks and goodwill, up from 6 per cent in the previous December half and up 1 per cent in the previous financial year.

According to ASIC, directors need to focus on asset values in their December 2009 accounts, after the review showed unrealistically optimistic discount and growth rates, and flawed discounted cashflow calculations.

It found investment property writedowns were 12 per cent of the properties' carrying value, compared with 6 per cent in the six months to December 2008.

"ASIC is contacting some entities to better understand the basis for the extent of their writedowns," the watchdog said.

"Some entities carrying investment properties at fair value failed to appropriately disclose the methods and significant assumptions applied in determining the fair values."

Re: Octaviar MFS Premium Income Fund PIF

charles36 said:

Seamisty, thanks for the update on Kings' property sale. Do we have any stake in the proceeds. Also, whatever happened to Blue Boy? I noticed that there was some advice given on the forum about fund managers creating a forum etc for investors in Managed Funds. That would no doubt work but I have better advice for potential investors.........DON'T INVEST. USE THE BANK. Has anybody been able to contact the IAC members. I am very interested to see how this all unfolds. The way I see it we send our concerns that are not serious enough for the Complaints Officer to the RE (JH) who will vet them, prepare an answer and give it to the IAC to reply. What is the time frame for such turnaround of information? a new name for the IAC perhaps could be CLAYTONS. CHEERS AND BEST WISHES TO ALL FOR THE NEW yEAR.

Click to expand...

I am still alive and well Charles and,contrary to what I was told by WC that there are only a few 'diehards' that communicate on this forum,there is a strong following from the silent ones that prefer to look and listen and learn from the opinions expressed so well by others and whom I suspect gain some comfort in knowing that they are not alone and I am one of those.
WC's lame statement that they did not bother to read this forum,in my opinion is poppycock as is most of their rhetoric concerning our fund and as you know from my previous post their was a flurry of activity from the silent numbers that proved there are more of us out there than they would want to believe, it is a pity that we have to bite the hand that is supposed to be feeding us.
Best wishes,
Blueboy1

Re: Octaviar MFS Premium Income Fund PIF

Blueboy1 said:

I am still alive and well Charles and,contrary to what I was told by WC that there are only a few 'diehards' that communicate on this forum,there is a strong following from the silent ones that prefer to look and listen and learn from the opinions expressed so well by others and whom I suspect gain some comfort in knowing that they are not alone and I am one of those.
WC's lame statement that they did not bother to read this forum,in my opinion is poppycock as is most of their rhetoric concerning our fund and as you know from my previous post their was a flurry of activity from the silent numbers that proved there are more of us out there than they would want to believe, it is a pity that we have to bite the hand that is supposed to be feeding us.
Best wishes,
Blueboy1

Click to expand...

I read this thread at least twice a day-it is the only place I get a wide source of information from very informed and helpful members. I wish I could get get this info for other UPFs that I am involved with. When you were told by WC that there were only a few diehards that in my opinion is just not accurate. If you have $1.00 or millions invested you need regular and accurate advice.
Enjoy the day

Re: Octaviar MFS Premium Income Fund PIF

In early March 2008, JH was asked to comment on the collapse of MFS. ( Ezxercerpts from 7.30 Report transcript.)

JENNY HUTSON: With people whose lives have truly been destroyed in a financial sense by the plight of MFS, is something that is just extraordinary. This is about ordinary Australians, who believed what they read, who put trust and faith in the board and there's an enormous human cost.

JENNY HUTSON, WELLINGTON CAPITAL: It is about bringing the general on the field of battle, who in this instance, is Andrew Peacock to account.

When Andrew took over as chair, the company was worth in excess of $2 billion. It last traded at less than $500 million. So, less than 25 per cent of that value. And corporate Australia has always been about accountability, as has political Australia.

http://www.abc.net.au/7.30/content/2007/s2186788.htm

Re: Octaviar MFS Premium Income Fund PIF

Excerpts...sorry about the previous typo.

Re: Octaviar MFS Premium Income Fund PIF

Selciper, I do not know if I read you right but was JH referring to herself as a General. If so the war is well and truly over for us.; I cannot recall one positive strategy or promise that has been completed. JH is not interested in the small amount of so called troublemakers apparently but she will one day be surprised to learn that many of us have many skills and have the ability to see through BS when confronted with it. I know of many people who do not post on the forum but are regular readers and it might interest JH to know that there is a groundswell of unfavourable opinions being expressed concerning the management of OUR fund.

Re: Octaviar MFS Premium Income Fund PIF

Hi All, Just to let you know I lodged the following complaint with C Snow at WC this morning on behalf of myself and other Action Group members. I will post my response if and when received. Cheers, Seamisty

Hi Caroline,
I would like to make a formal complaint regarding the late PIF investor update which was due to be released at the end of Dec 2009 as promised by Wellington Capital.

I would also like to know the voting results of the IAC and why approximately six months after the election there has been no report from the IAC committee to unitholders, or will the results and report be included in the overdue update? If not, then I would like this issue lodged as an official complaint also.

Was the 11% voting power of the PIF wholesale fund exercised by WC in the IAC election process? I was distinctly told by WC hotline staff that WC definitely would not be using these votes but would like this clarified by yourself regardless. Has any of the IAC elected representatives provided a contact email to communicate with other investors? If so please provide me with them.