Wellington Capital PIF/Octaviar (MFS) PIF

Thank you Selciper,
I am fully with you about the EGM: What is the argument against it? Can somebody answer this question??
It could be the only action that JH and her team might take seriously because they will see that we are determined to get some change happening.
What is stopping the inverstors from calling a meeting?

Infinity

infinity said:

Thank you Selciper,
I am fully with you about the EGM: What is the argument against it? Can somebody answer this question??
It could be the only action that JH and her team might take seriously because they will see that we are determined to get some change happening.
What is stopping the inverstors from calling a meeting?

Infinity

Click to expand...

Good day infinity,

Explanatory Memorandum (WIML), dated 18/09/08, provides on page 14
the info regarding quorum provisions for holding EGM's and other meetings.
Provided for non-inflamatory purposes. 1st of April is looming!!!

Regards,

Could be an interesting read:

From Business Day 25 March - Mark Hawthorne

"Tales from the trough

YOU have to give business scribe Adam Schwab his due - he doesn't pick soft targets, and has ruffled some rather wealthy corporate feathers. Schwab's book, Pigs at the Trough: Lessons from Australia's Decade of Corporate Greed, was launched last night. It probes the millions of dollars made by Sol Trujillo, Eddy Groves, David Coe, Gordon Fell, Mark Rowsthorn and Village Roadshow's Kirby family. It details the collapses of Babcock & Brown, MFS, Allco and Timbercorp. A few legal types are running an eye over it. Let's hope, for Schwab's sake, it sells well." [emphasis added]

Duped said:

Could be an interesting read:
From Business Day 25 March - Mark Hawthorne
"Tales from the trough
YOU have to give business scribe Adam Schwab his due - he doesn't pick soft targets, and has ruffled some rather wealthy corporate feathers. Schwab's book, Pigs at the Trough: Lessons from Australia's Decade of Corporate Greed, was launched last night. It probes the millions of dollars made by Sol Trujillo, Eddy Groves, David Coe, Gordon Fell, Mark Rowsthorn and Village Roadshow's Kirby family. It details the collapses of Babcock & Brown, MFS, Allco and Timbercorp. A few legal types are running an eye over it. Let's hope, for Schwab's sake, it sells well." [emphasis added]

Click to expand...

Yes; reminds me so much of the "Among the Barbarians" by Paul Sheehan more than a decade ago.
That was a commentary on political frenzy around "political correctness" issues on multiculturalism and the like.
While the corporate frenzy went on unabated till GFC brakes were applied.
Much too late for many.
Mr.Schwabb's attention was needed before, not after.

Another good article to digest. Interesting comments on ASIC.

http://www.investordaily.com/cps/rde/xchg/id/style/8842.htm?rdeCOQ=SID-0A3D9633-A43F9950

Regards,

I see Octaviar on the commercial court list for today. Not sure what the 'application' is for. Cheers, Seamisty

SUPREME AND DISTRICT COURTS BRISBANE

LAW LIST

Wednesday 31 March 2010

OCTAVIAR LIMITED (FORMERLY MFS LIMITED)
Justice Philip McMurdo
Court 9
Floor 2 4.00PM
(Application)

seamisty said:

I see Octaviar on the commercial court list for today. Not sure what the 'application' is for. Cheers, Seamisty

SUPREME AND DISTRICT COURTS BRISBANE

LAW LIST

Wednesday 31 March 2010

OCTAVIAR LIMITED (FORMERLY MFS LIMITED)
Justice Philip McMurdo
Court 9
Floor 2 4.00PM
(Application)

Click to expand...

Seamisty, you beat me to this one. I'd say it is either Fortress trying to frustrate the inevitable handing back the money or it is the Liquidator seeking a court decision on some aspect of the process.

All very quiet on the forum, not much to report and WC are conspicuous by their absence, along with any Wollongong or other asset sale updates in any way shape or form .

An extra snippet of info added to Bentleys http://www.bentleys.com.au/our_services/business___corporate_recovery_and_insolvency/creditor_info_

'April 2010

The first tranche of public examinations for the liquidation of Octaviar Administration Pty Ltd will commence on 12 April 2010 at 11.00am in Sydney'


Maybe anyone remotely connected are busy packing their bags?

Cheers, Seamisty

http://news.smh.com.au/breaking-new...-acquiring-10-more-centres-20100401-rg93.html

Early Learning acquiring 10 more centres April 1, 2010 - 11:54AM

This seems like an appropyiate time to contemplate a saying or two.

""A good name is more desirable than great riches; to be esteemed is better than silver or gold" (Proverbs 22:1)

Early Coast childcare adds to portfolio

Nick Nichols, business editor GC Bulletin | April 1st, 2010

Early Learning Centres chairman Jenny Hutson

GOLD Coast-based childcare operator Early Learning Services has added to its portfolio, snaring 10 properties in four states for $8.1 million.

The acquisition is the first following ELS's $40 million merger with Payce Childcare last week and brings the total number of childcare centres under its control to 108.

The acquisition of these 10 centres would provide ELS the opportunity to increase the geographic diversity of the group and leverage the expertise of the head office team in a way that is earnings per share accretive,'' said new ELS chairman Jenny Hutson.

`This acquisition is the first step in implementing a well planned expansion strategy.''

ELS has signed a binding heads of agreement to buy six centres in South Australia, two in Victoria and one each in NSW and Queensland.

While in still waters, this revisiting of sister (closed) thread may still be of relevant read to us today.
Regards,

18th-July-2008, 11:27 PM #284
mfsperth

mfsperth's Avatar

Join Date: Jul 2008
Posts: 29

Default Re: MFS - MFS PIF
Some rights of members of the PIF:

1.
CORPORATIONS ACT 2001 - SECT 247A
Order for inspection of books of company or registered managed investment scheme

(1) On application by a member of a company or registered managed investment scheme, the Court may make an order:

(a) authorising the applicant to inspect books of the company or scheme; or

(b) authorising another person (whether a member or not) to inspect books of the company or scheme on the applicant's behalf.

The Court may only make the order if it is satisfied that the applicant is acting in good faith and that the inspection is to be made for a proper purpose.

(2) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.

(3) A person who:

(a) is granted leave under section 237; or

(b) applies for leave under that section; or

(c) is eligible to apply for leave under that section;

may apply to the Court for an order under this section.

(4) On application, the Court may make an order authorising:

(a) the applicant to inspect books of the company; or

(b) another person to inspect books of the company on the applicant's behalf.

(5) The Court may make the order only if it is satisfied that:

(a) the applicant is acting in good faith; and

(b) the inspection is to be made for a purpose connected with:

(i) applying for leave under section 237; or

(ii) bringing or intervening in proceedings with leave under that section.

(6) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.

2.
CORPORATIONS ACT 2001 - SECT 601JD
Duties of members

(1) A member of a scheme's compliance committee must:

(a) act honestly; and

(b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

(c) not make use of information acquired through being a member of the committee in order to:

(i) gain an improper advantage for the member or another person; or

(ii) cause detriment to the members of the scheme; and

(d) not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

(2) A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

3.
Civil liability of responsible entity to members

(1) A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.

(2) An action under subsection (1) must be begun within 6 years after the cause of action arises.

(3) This section does not affect any liability that a person has under other provisions of this Act or under other laws.

Anyone here a BRW online subscriber? And care to transcribe?

http://www.brw.com.au/p/sections/fyi/ceo_Zi6d9Ourjw7yUtN0g6gzzM

There has been some activity on the currently adjourned ASIC case against MFS Directors as reported on the Brisbane Supreme Court site - http://www.courts.qld.gov.au/esearc...eNumber=12122/09&Court=Supreme&Location=BRISB

30 18/03/2010 Notice of Change of Solicitors OCTAVIAR Respondent
31 08/04/2010 Further Particulars Applicant
32 08/04/2010 Further Particulars Applicant
33 08/04/2010 Further Particulars Applicant
34 08/04/2010 Further Particulars Applicant

Not sure what these further particulars are - perhaps we will learn more from the Liquidators public examinations starting Monday in Sydney Supreme Court.

Monday 12 April 2010 Industrial Relation Commission, Sydney
Senior Deputy Registrar A Musgrave
Court 3.2 IRC Sydney 11:00 AM
Examination
1 In the matter of WILLIAM JOHN FLETCHER AS
LIQUIDATOR OF OCTAVIAR ADMINISTRATION PTY
LTD (IN LIQUIDATION)
2009/00291718

Here's an old article I just came across from Crikey.com which made for very interesting reading about related party transactions and deals done. Hopefully some of this will come out in the "Inquisition"??

Monday, 19 May 2008
Plus ca change: Conflicts continue at Octaviar
by Adam Schwab
http://www.crikey.com.au/2008/05/19/plus-ca-change-conflicts-continue-at-octaviar/

Also 2 links to other articles:

MFS fighting a mutiny
Anthony Marx From: Herald Sun March 08, 2008 12:00AM
http://www.heraldsun.com.au/business/mfs-fighting-a-mutiny/story-e6frfh4f-1111115742954


Octaviar sells its stake in MFS offshoot
Ben Butler From: Herald Sun May 16, 2008 12:00AM
http://www.heraldsun.com.au/business/no-mates-rates-says-fund-buyer/story-e6frfh4f-1111116351614

Duped # 5412 mentioned a BRW article. For those who didn’t click on the link, the story headline provided reads “Jenny Hutson, founder and managing director, Wellington Capital talks about success, capitalism and philanthropy.”

selciper said:

Duped # 5412 mentioned a BRW article. For those who didn’t click on the link, the story headline provided reads “Jenny Hutson, founder and managing director, Wellington Capital talks about success, capitalism and philanthropy.”

Click to expand...

I tried to find it at our local library but they don't have the magazine. The archive service they subscribe to hasn't posted it yet but it should be available in a couple of weeks or so. Perhaps a library in a larger city than Port Macquarie might have it???

http://www.smh.com.au/business/time-drags-on-a-renovators-delight-20100411-s0v3.html

PUBLIC GRILLING

ABC Learning is not the only corporate collapse to go under the microscope today. A public grilling begins this morning into Octaviar, the corporate disaster better known as MFS.



But it is not clear whether the examination in the NSW Supreme Court will clear up what's behind the rather tricky relationship between the creditors of the failed financial engineer and Deloitte, the former corporate undertakers for both Octaviar Ltd and Octaviar Administration Pty Ltd.

The courts removed the liquidators, led by a Deloitte partner, John Greig, from their post in September due to a potential conflict of interest.

But in December the committee of inspection for the two companies voted against paying the liquidators from Deloitte $350,900 (plus GST) owed for the final five months of their appointment. Documents lodged with the corporate plod show six committee members voted against it and three abstained.

Deloitte would not comment, nor would Octaviar's current liquidators from Bentleys.

The same committee was, however, happy to approve payments of more than $910,000 for Bentleys' team - covering pay from their appointment last September until this coming June 30 - so it does not look like these creditors were counting their pennies too closely.

Meanwhile, those hoping to catch a glimpse this week of former Liberal leader Andrew Peacock are likely to be disappointed. The liquidators do not plan to call the ex-MFS chairman in for a public roasting.

Not so fortunate is his former Liberal Party colleague Larry Anthony, the ex-Howard government minister and ABC director who will be fronting the public examination this week.

http://www.smh.com.au/business/abc-...e-court-over-whos-to-blame-20100411-s0vc.html


Extracted from article:::::

'Octaviar's chief operating officer, David Kennedy, will kick off proceedings for Octaviar's public examinations today, followed by the former company secretary, Kim Kercher.

There will be a two-week break before the former chief executive Craig White is examined.'::::::


Thanks to the posters doing their best to keep PIF investors informed, we all appreciate that this forum is the most comprehensive source of Fund related news, even though there are times when information is hard to come by. Lets hope the furure court proceedings will provide us with answers to many questions and or comfirmation to much of our long drawn out speculations of which the proof can be used for further legal actions which should ultimately benefit PIF investors.

Cheers, Seamisty