Wellington Capital PIF/Octaviar (MFS) PIF

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Charles36,
Hi. In 2008, JH was prone to the use of militaristic metaphors. I assume the "Wellington" in WC is in honour of the venerable Duke of Wellington. Hence the image of battlefields and generals being used to describe deadly economic combat. In that context, we are mere soldier ants. The March 09 video in which JH speaks to young people lacked any reference to military tactics. Rafting and other risky sports might now slip into the vocabulary of the talented team, like "The parachute hasn't opened yet." Nevertheless, it may be that new, unwelcome fronts will open up in 2010. Wars aren't ended all that easily.

 

[simgrund]

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.

Thank you Seamisty,
This is a good start to the year with this clear statement of our rights to have WC fulfil the commitments dating back to the national forums.

 

[seamisty]

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.

Charles36 one would have to seriously question "What management of of the Wellington Capital Premium Income Fund?" WC cannot even deliver an investor update on time!! JH shut the office for two and a half weeks holidays over Xmas and New Year and still fails to provide us with promised communication on return!!!!!! No wonder the JH fan club petered out, we all feel like total fools! ( Busy ones though)

Looking at the http://www.wellcap.com.au/ site it does not appear to be a hive of activity. One compulsary RG46 Disclosure notice in October 2009 the previous announcement almost 12 months prior in 2008 when JH got control of the PIF.

Wellington Merchant bank does not appear to be a thriving expanding concern as I am sure any activity would be duly announced.

Extracted from the site::
'Our growth has been fuelled by strong, long standing relationships which have been built on trust, a commitment to delivering commercial advice and focusing on helping clients achieve their long term corporate and growth aspirations. Wellington Capital has significant contacts within leading financial institutions and across the property and funds management sectors':::

What growth? Sure doesn't appear to have helped PIF investors.

:luigi: Seamisty

 

[Towbar]

Re: Octaviar MFS Premium Income Fund PIF

Hi I was one of those investors who invested money into MFS as late Nov 2007.only to have it frozen in 2008! Then we gave WC the thumbs up to run the fund,expecting at least some info on how the fund is going,but we hear nothing. We do follow this forum avidly,its the only scource of info available,
Thankyou Seamisty & others for all your work,& a happier New year to you all:

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi I was one of those investors who invested money into MFS as late Nov 2007.only to have it frozen in 2008! Then we gave WC the thumbs up to run the fund,expecting at least some info on how the fund is going,but we hear nothing. We do follow this forum avidly,its the only scource of info available,
Thankyou Seamisty & others for all your work,& a happier New year to you all:

Thanks towbar and others, we will continue to plug away and hopefully make a difference by sheer numbers alone. It is easy for WC to ignore one investor as opposed to a data base of hundreds, even though I'm not so sure JH gives a **** either way, as demonstrated time and time again by failing to communicate with openess and transparancey regularly with PIF investors as was promised. (not to mention performance or lack of!!) I would hate to put the 2007 Qld business woman of the year to the test of a vote for support in 2010!! Stay tuned, we know we are not a minority group and we thank you all for your on going support. Seamisty (on behalf of myself and the PIF Action Group)

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Well fellow PIF investors, it is quite obvious we are not a priority to JH of WELLINGTON CAPITAL who is our current RESPONSIBLE ENTITY!!! JENNIFER JOAN HUTSON has failed once again to deliver on her committment to Premium Income Fund Investors. So much for ' Tears and
applause
am ¡d fund
rescue b ¡d' I am not going to leave this battlefield
until I am victorious.';;;At what cost to investors JENNY??? And more to the point, WHAT RESULT??? For crying out loud, we are fed up with empty promises and hefty bills at our expense. Deliver or bow out, we have been duped!!! Liquidation was never an option for many but we are wallowing in limbo while you deny us communication because you appear to have nothing to offer to support your trumped up qualifications. If I personally had someone working for me who appeared to be so incompetant you would be long gone, as in sacked!! Fortunately for you, it is not up to me alone. Thanks, I feel better now, and as WC do not monitor this thread, we can expect no WC repurcussions LOL LOL LOL !!! AS always, my own opinion, Seamisty

 

[Investor262]

Re: Octaviar MFS Premium Income Fund PIF

thanks seamisty and all the others for a magnificent effort so far! have been following the thread for a long time now. Can someeone explain in simple terms - i have signed up with IMF (and they will get 30% of any success i believe) Is Carneys IMF's solicitor? Where does the class action fit into all of this? Should we stay signed up with IMF?

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

thanks seamisty and all the others for a magnificent effort so far! have been following the thread for a long time now. Can someeone explain in simple terms - i have signed up with IMF (and they will get 30% of any success i believe) Is Carneys IMF's solicitor? Where does the class action fit into all of this? Should we stay signed up with IMF?

Yes Investor262, Carney Lawyers are doing the legal work for IMF who are litigation funders responsible for all costs involved with the class action win or lose. By not participating in the class action, ie 'opting out' means in the event that money is recovered, only those who remain 'signed up' with IMF will benefit financially after IMF take their 25-30%. Cheers, Seamisty


Disclaimer: This information is not legal advice and should not be relied upon in place of legal advice. The Action Group believes this information to be accurate and complete but accepts no liability for any inaccuracy or omissions

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

I'm not holding my breath for the December Update. I'm guessing WC is waiting for some cash to come in from the Wollongong 'sale' so they can make a positive announcement of a 'distribution' to counter the negative news that we lost another $20M thanks to St George underselling us out of getting anything out of our Sheraton Mirage junk 'loan'.

I'm guessing that WC feel the negative feedback from a late Update is nothing compared to the negative impact of an update full of predominantly bad news.

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

From Aust Fin Review:
Retiree group fumes over frozen assets
PUBLISHED : 08 Jan 2010 01:51:09 PRINT EDITION: 04 DEC 2009
The Association of Independent Retirees has written to the federal government and regulators raising concerns about the treatment of investors in frozen property funds....

Anyone know what they are proposing?

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Congratulations to the AG committees for their tireless work which is resulting in the latest huge increase in membership!

It's truly puzzling when an enterprise allows its corporate image to trashed and never makes a robust response. Very strange indeed.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Congratulations to the AG committees for their tireless work which is resulting in the latest huge increase in membership!

It's truly puzzling when an enterprise allows its corporate image to trashed and never makes a robust response. Very strange indeed.

WC don't know their reputation is being 'trashed' on here selciper, it is beneath their dignity to follow a thread that posts nothing but regurgitated rhetoric from a few disgruntled diehards!!! But yes you are correct, the numbers of disatisfied PIF Action Group investors is rapidly increasing and JH has only herself to blame. Her lack of empathy will perhaps ultimately be her undoing. Seamisty

 

[Investor262]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty, you have confirmed my thoughts. I also cannot understand why WC and JH cannot provide more frequent info. Any ball park guesses as to when IMF may achieve anything....many months? many years?
cheers, investor 262

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Marcom,

This link might assist you.

http://news.theage.com.au/breaking-...lock-frozen-mortgage-funds-20091224-leen.html

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty, you have confirmed my thoughts. I also cannot understand why WC and JH cannot provide more frequent info. Any ball park guesses as to when IMF may achieve anything....many months? many years?
cheers, investor 262

No one can predict how long the CA will take before seeing results Investor262, however with the evidence and action being instigated by ASIC, I can only see this as complimenting our case. I wouldn't expect anything for at least a year or longer but would love to be proved wrong. Historically this type of litigation takes time. Be interesting to see how many other 'dodgy deals' are uncovered from all the investigation. Seamisty

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

HUSTON...We have a problem! Or was that HUTSON ...we have a problem!

The problem is the Bond Street Custodians case. I have not bothered to follow up on this because of the lack of WC updates on the issue over the past 15 months and the minimal description of the case progress given by WC in only 3 further updates.

But when I loaded the Federal Court file number into the court portal https://www.comcourts.gov.au ( you will need to register and load the file NSD1628/2008 into bookmarked files) and looked at the directions, a whole new perspective emerged.

In terms of the case itself I found the following:

• There have been 14 Federal Court appearances over the 15 months
• There is a further directions hearing set for 10 February 2010
• There have been 12 orders made
• On 27-Feb-2009 a Defence and Cross-Claim against Bond Street Custodians was lodged by Wellington Investment Management Limited
• Bond Street Custodians are represented by Henry Davis York
• WIM is represented by Mc Cullough Roberson
• The Judge is Perram J who is also doing the class action

I have abstracted the main Directions in the attached Word file.

I have some serious reservations about the conduct of this case:

* If you thought that $3 Million was steep for last years legal fees just what will this legal saga cost us investors this year.

* The disputed amount of redemptions is $16.254M - we have lost more than that on one Raptis loan alone!

* Why are all investors required to fund this ridiculous legal folly! This is a Wholesale Fund matter and WC have held this amount out from the NSX listing.

* Why the lack of disclosure re the conduct of the case - don't draw attention to the fees charged by McCR.

* The parties are considering whether to participate in a mediation and, if so, to take place no later than 15 December 2009. What are the mediation terms.

* If the $16.254M has to be paid where will the money come from and will Bond Street investors be paid at full or discounted rate?

The effect on our fund if this is paid is obvious - no distribution for a very long time!!!

Please read the attached file for the detail of what has been happening.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Marcom, JH may not be getting management fees, but her husbands cohorts at McCullough Robertsons will be cleaning up big time at our expense. As usual any information regarding our fund has to be sourced by investors themselves.

The NSX contacted WC today regarding a PIF update and was told they hope to have it out next week.

Cheers, Seamisty

 

[DepressedDad]

Re: Octaviar MFS Premium Income Fund PIF

I'm feeling this whole fiasco is coming to a head by the minute not the month. Am I reading this right in that WC & JH supposedly don't read this forum because its only a few angry people? So the 'Business Woman of the year' couldn't get a damn about what HER investors are thinking? That sounds good business practice. No wonder she won. Even if just one investor wanted to say something on here, a GOOD business woman would be very eager to listen. (Even if they are a tad angry that they trusted professionals with THEIR money and not only did they whittle it down to nothing but unforgivably they THEN refused to build a business plan to rebuild losses and even more unforgivably refused to show any respect to investors by telling them anything that's going on.)

So a 'few' angry people read this forum? What an arrogant insult to democracy. And indication of what a lousy businesswoman JH is , if she admits she couldn't care less about her investor's opinions.

I suggest they certainly read it, for purely selfish reasons as they NEED to know what's brewing (and there's plenty) so they can stay their little 'avoidance of the issues' dance ahead. And as it becomes plainly apparent by the minute there is not just a few lunatics using this forum as shamefully the ONLY source of information, but a significant number. And hey JH & WC we're not lunatics, but yes we are angry & frustrated at being treated like foolish nobodies.

Too much time has passed with no business plans & for keeping us in the dark. There's plenty of clever people on here, who will somehow (and soon) find ways to stop the 'dancing' & replace these immoral clowns with genuine people who really do have the skills to re-build, to communicate, to have the skills to be voted 'Business Person of the Year'. People who walk the walk not talk the talk. Although even some TALK would be nice right now JH & WC!!!!!

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

“Wellington Capital has a reputation for high standards of client service, innovation and devising successful commercial solutions to complex issues.”

The above is a sentence from the WC website mission statement. The rest can be read on the attached link. The same link contains a Who’s Who of the WC board/managemnt structure, including CVs (left sidebar).

http://www.newpif.com.au/overview.html

 

[DepressedDad]

Re: Octaviar MFS Premium Income Fund PIF

IAC:

Incredibly All-Exaggerated CV