....I have revalued my holding to ZERO.. .
Duped, if you didn't want me to take it as a criticism then you shouldn't have written it.
Well, just for the record, there's something about stupidity and ignorance that I find repugnant and puts me off side too.
I've really said all I wanted to say (in a helpful way) - if members here can't see that they've been diddled and in a terrible position then that is a matter purely for themselves.
I'm sure there are many who would prefer to live in fantasy land rather than face the truths of why the fund really became listed.
The outcome for your fund has no bearing on my fortunes in life. I didn't come here for conflict, but rather to be helpful.
Your PIF has given some members of the FMF (including myself) a lot of insight into what not to do. Thanks.
The only difference being k.smith, they did not lend the money to themselves then alledgedly create false documents to cover those losses. The difference between honest and alledged dishonest management. We copped a double whammy which is starting to look like a triple hit!! Their losses/impairments are nothing compared to those of the PIF. PIF losses cannot be compared to most other frozen funds as it is becoming blatantly obvious that had our Fund been as secure as we were led to believe and did not have to repay loans from existing assets to cover money alledgedly illegally borrowed against it for other alledged related party Octaviar outstanding debts it would have still possibly been a going concern albeit at a lesser rate of return. We know we have been robbed, it is just the extent of the corruption surrounding our current situation which needs to be proved and I believe at long last the regulatory bodies and others are on the right track to expose those responsible. It is not a case of PIF investors not intervening or doing anything proactive, it is more a case of all the relevant complaints that have been lodged from everyone involved/connected being processed and acted on accordingly. And yes, I am as dissapointed as most that it has taken so long and no support was given from many in a position of power to intervene earlier when support was lobbied!! No one is more disgusted than me that after nearly two years of writing letters and lodging complaints our situation has worsened. Any positive results/outcomes for our fund will be as a direct result from complaints made from individual PIF investors initially , not from other bodies or parliamentary enquiries on our behalf. My own complaints, letters, emails, ph calls etc would be in excess of 1,000 and I probablly have only achieved the status of a serial pest in many circumstances. So what, I know there others (such as yourself that has worked just as hard) that have done the same and will continue to make noise. ( I was once an investor in Colonial first state and was not happy with the overall performance and net results so cashed out, shame I was not aware of the alledged fraud surrounding the PIF!!!) Sorry for the essay, cheers, Seamistyhttp://www.smh.com.au/business/colonial-to-shut-852m-mortgage-fund-20100216-o7me.html
".....Colonial First State has told investors it plans to shut down its $852 million mortgage fund after it was hit with rising lending losses.
The Commonwealth Bank-backed Colonial First State chief executive Brian Bissaker said terminating the Colonial First State Mortage Income Fund was in the best interests of investors as a whole. He said this would allow all investors to receive regular payments from the proceeds of the fund's assets....."
so Colonial First State is not listing their fund, nor is it adopting a Variable Unit Price...
their chief executive believes it is in ALL its investors best interests to shut up shop after it was hit with "rising lending losses"...
Many users of this forum will remember that we were removed by the moderators of the ASF because of bickering and insulting behaviour. This was a great disappointment to many unit holders of the PIF because little information flows from Wellington Capital. I spent considerable time persuading the moderators to let the PIF unit holders back on the forum and indicated that the forum would be conducted in a true and friendly spirit. I urge everyone to ensure that this is the way entries are placed on the ASF. I feel sure if we are removed we will not be allowed back on. Kind regards to all. CHARLES36 PIFAG ORGANISOR.
Hear hear! This site is extremely valuable. And if extreme comments are made, a writer can be personally sued...Many users of this forum will remember that we were removed by the moderators of the ASF because of bickering and insulting behaviour. This was a great disappointment to many unit holders of the PIF because little information flows from Wellington Capital. I spent considerable time persuading the moderators to let the PIF unit holders back on the forum and indicated that the forum would be conducted in a true and friendly spirit. I urge everyone to ensure that this is the way entries are placed on the ASF. I feel sure if we are removed we will not be allowed back on. Kind regards to all. CHARLES36 PIFAG ORGANISOR.
Hear hear! This site is extremely valuable. And if extreme comments are made, a writer can be personally sued...
Mel,Good morning Selciper,
Do you think extreme comments have been made? If so, what topic do they relate to?
You are right that we have to be careful about what we say, but the law is not so narrow that we should fear comment on important issues.
If this site to not used to discuss important issues, then what is the valuable purpose of the site?
By the way, ASIC's eComplaint is now back online - maybe it was down for maintenance.
Thanks.
Many users of this forum will remember that we were removed by the moderators of the ASF because of bickering and insulting behaviour. This was a great disappointment to many unit holders of the PIF because little information flows from Wellington Capital. I spent considerable time persuading the moderators to let the PIF unit holders back on the forum and indicated that the forum would be conducted in a true and friendly spirit. I urge everyone to ensure that this is the way entries are placed on the ASF. I feel sure if we are removed we will not be allowed back on. Kind regards to all. CHARLES36 PIFAG ORGANISOR.
Good morning mellifuous, as you are aware PIF investors regard this thread as an extremely important PIF related information source and do not wish to jeopardize its existance. As a possible solution to not risk losing it through complaints made to moderators (which has happened previously) perhaps you could use the Funds cooperation group thread to pursue your issues as it does not have the following of this one and can afford the risk of being shut down. Apart from the fact the issues you keep raising are well known to PIF investors and have already been appropriately reported to all relevant authorities. We are starting to see results from those actions and with the growing discontent of PIF investors of the current Fund management we know we will need this thread for future solidarity. Please respect that concern. Thanks, Seamisty (PIF AG representative)
Quote mellifuous'There has been no posting that has been made that would cause the thread to be closed, and in any event you could just start up in yahoo or elsewhere. It's also worth nothing that the moderators of this forum would delete any postings they don't like - that is their pejorative.'
We don't want to start up elsewhere, we are quite happy here. Is it because you are not a unit holder and have nothing to lose that you don't care if we lose this thread? That is a very selfish attitude from someone who says they are only trying to help. You have two threads you started yourself, are they so boring that you have to constantly try and get a rise out of PIF unit holders?
Unitholders know our current situation is not ideal or what we expected but that is not what we voted for. We also have had the guts to admit that we have made an unintentional mistake and do not need to be told time and time again what could have or should have been done at a time when unsophisticated investors supported what they considered to be the best option available to them at the time. That option did not eventuate but it IS NOT OUR FAULT!! We are exploring all possible avenues to better our situation. We are now more aware of our rights through much research and professional advice. You are only aggravating a bad situation and causing unnecessary angst. Please leave us alone and put your efforts into your own fellow FMF unitholders, it may be more appreciated. Thanks, Seamisty
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