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Wellington Capital PIF/Octaviar (MFS) PIF

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Wonders of transparency!!!
Still at a loss to be pro or anti.
A simple note from WC giving us comparative rates from Computershare and Armstrong registries would avoid all this bile and angst. May be there are substantial savings in this family arrangement.
Is it ASIC'S concern to intervene in this related party maze?
 
I am attempting to get access to the PIF action group data base .
i want to be able to send emails to all parties.
I want to be able contact by email all or as many as possible unit holders as possible.
Lets start by saying all will be revelled shortly .
But here is a little gossip to get those who are angry , white HOT .
McCraken Country Club is for sale by the receiver , we may think this is yet another dud loan made by MFS . The borrower thinks otherwise , he was drawn to 38m of a 50m facility when they ran out of money , he is bringing a large claim against PIF . He made it through discovery and is claim is still on foot .
jenny H and Wellington in legal documents in this case have said that they are indemnified out of the fund for any costs, damages and losses. Well the plaintiff claims that Jenny H has been very negligent yet she expects to use your money to solve a problem . owe and the best for last ....he has a $160,000,000 damages claim against PIF ...the generous chap has said he will settle for about 80m .
Unit holders must get out of wellington and fast , that's one of four claims from lenders
there is a solution , i need all email addresses
thanks
 
by the way , a claim ...any claim that may effect the fund should have been announced on the NSX .....go check .....not a word ...that is a big mistake .
it is an obligation for wellington to keep the market properly informed
 
jim Byrnes said:
by the way , a claim ...any claim that may effect the fund should have been announced on the NSX .....go check .....not a word ...that is a big mistake .
it is an obligation for wellington to keep the market properly informed
Click to expand...

Hi Jim Byrnes, I have sent you a private message. These are serious allegations and need to be verified. The only fast way out of Wellington Capital is via the NSX for less than 7 cents per unit so that option is unacceptable to most. Contact to Action Group members can be done re the AG themselves if it is neccesary so will need more details/evidence. Regards, Seamisty
 
http://www.adelaidenow.com.au/news/...ale-at-a-cool-8m/story-e6frea83-1225843996398

VICTOR Harbor's golf course and 62-room hotel complex, the McCracken Country Club, is on the market for $8 million.

Country Club Hotels & Resorts chief executive Andrew Bullock said investors were moving on to new projects after building up the site over the past 10 years.

"Now is the right time. We think the signs of recovery in the hotel sector have been pretty sizeable . . . (and) South Australian tourism has been fairly resilient," he said.

"The property is fairly unique, though.

" We think the buyers will be out there regardless of the environment.

"But there is an enormous flow-on to the community, not only through salaries and wages but through purchasing and local distributors of fruit and vegetables.

"Whoever buys the property will still require (our) 70 staff and they will still need goods and services."

Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
The sale includes the par-72 golf course and 62-room hotel complex, with convention centre built in 2005, and 14 lakes. Victor Harbor chief executive Graeme Maxwell said the sale was significant as the resort was not only one of the area's biggest employers but was also a big supporter of the community.

He believed it had been performing well "so an incoming operator is likely to want that to continue.


Guess I could always ph Andrew Bullock? Seamisty
 
i think that there is an offer in the wind for PIF investors .
i think its a substantial increase on the current level
they want to get rid of PIF and finish all the projects not sell them for fire sale prices .
that Woollongong deal slaughtered 30m in upside
 
Court freezes MFS payment KATE LAHEY
April 27, 2010
A COURT has frozen a controversial $20 million payment made by the former liquidator of collapsed investment group MFS to Fortress Credit Corporation.

Deloitte - which was later removed from its role as liquidator - made the payment more than a year ago. The Queensland Supreme Court has now ruled the payment should be frozen until after a High Court decision on related issues.

Examinations into MFS's collapse resume in the New South Wales Supreme Court today. Lawyers for liquidator Kate Barnet, of Bentleys Corporate Recovery, which took over from Deloitte in September 2009, will be looking for more evidence of when MFS (later known as Octaviar) became insolvent



Article continues
http://www.smh.com.au/business/court-freezes-mfs-payment-20100426-tnd4.html
 
http://www.smh.com.au/business/court-freezes-20m-payment-by-former-mfs-liquidator-20100426-tn9e.html

Extracted from above Article:

The liquidator also plans to examine external advisers to MFS: Mark Korda of KordaMentha, a KPMG partner, Mitch Craig, and Philip Hoser, a former partner at Freehills.

Earlier this month the court heard that in early 2008 KordaMentha assured MFS executives the group was solvent. Mr Craig signed the MFS 2007 annual report.

In the Queensland Supreme Court on Thursday, Justice Philip McMurdo ordered that $20 million paid to Fortress Credit Corporation be frozen until the High Court rules on a matter between Fortress and the Public Trustee of Queensland.
 
I think you may be referring to this resort JByrnes?::

The Resort opened in March 2008 and has
operated successfully during its first year of
business. The Resort was the winner of the
2008 Victorian Tourism Awards for the Best
New Tourism Development.
The Fund intends to continue to operate this
business in order to build upon the ultimate
asset value of the Resort.
The security property also encompasses a residential
development surrounding the golf course.
The Fund will facilitate completion of this development and
realise the resultant lots as soon as possible in order to maximise
the Fund’s return from this loan.:::

However yes, if there is a claim against the PIF I agree we should have been notified re the NSX.

Seamisty
 
my details on the property are limited as i have not taken a great interest in the actual property. Its the mechanics of the transaction that have had my interest.
As for the 20m freeze , great , i wonder how much finally makes its way to the PIF investors
is the liquidator funded
by who
whats the funding agreement
whats the liquidator got on the clock
if the return is more that 5 million out of 20m i would be surprised .

its time to stop the feeding frenzy
no one is adding value , just ripping funds out

but hope is on the way !!
 
Not sure if you are aware JByrnes but PIF investors already have a class action underway with Carney Lawyers and IMF litigation Funders.

Seamisty
 
i know all about class actions and litigation funding .
i am part of the ALF Group Pty ltd
that in turn owns Australian Litigation Funders , ALF General Liquidator Funding co and Australian Corporate restructuring services to name a few .
Check again the IMF funded action is in infant stages and there is no real claim yet
 
I'm confused This company?
Executive Summary: Tuesday 13 April, 2010
By Matt O'Sullivan | smh.com.au | 13 April



Big Jim Byrnes sure has a way with words. When his company, Australian Litigation Funders Pty Ltd, became a corporate casualty last year, the colourful Bellevue Hill businessman didn't want its ''good name'' sullied by corporate failure.

So what should the bankrupt and banned company director do? Well Big Jim changed the company's name to include that of his nemesis, Ian Lazar (formerly known as Ian Rogut).

So now when the company appears in lists of corporate carcasses, it comes up as ''Lazar Bummer Finance Pty Ltd'' (even though Lazar has nothing to do with the company).

Big Jim wouldn't explain to CBD yesterday why the company's name had been changed. But he could have been a tad miffed at Lazar, who came out on top in a court case early last year when they came head-to-head over the winding up of Big Jim's litigation funding company.

Numerous colourful emails surfaced in the Federal Court case, including one in which Big Jim demanded a portion of loans be repaid to a client. ''Do it or watch how I huff and puff and blow your house down,'' he wrote in one email.

In another he wrote: ''I don't like bullies … there is only one way to deal with them and that's to let them no [sic] were [sic] they stand and deal them numerous decisive blows up front.''

But the bottom line was that the case ended up becoming a bit of a bummer for Big Jim.
 

Chortle chortle. Mr Nigel Benjamin Elias has 4 of the top 20 holdings. Why???? Why not amalgamate? All those extra copies of docs that need to be produced and mailed. What a waste. Or ... hmmm ... how is Armstrong Registry Services remunerated? Flat fee or does the number of holdeings come into the calculation? My confidence in the integrity of the entire finance industry couldn't be lower. (Down along side our unit price. 6.9c to buy. How depressing.) Am I unfairly sceptical?
 
Duped - I share your feelings, but I sense that sometime in the future somebody will come an almighty cropper as a result of having being too clever by half.
 
Aaaah. That's moving in the right direction. Bid just went up for 250,000 at 9c.
 
I see the PO Box no discrepancy has been rectified and there is now just one PO Box, 897. I bet WC are SOOOOO GLAD they DO MONITOR this thread, once you sift through the same old regurgitated rhetoric, there is some VERY interesting snippets posted from time to time. Perhaps don't be in such a rush to post things at weeks end WC?:dance:Seamisty
 
i am confussed by your response .
please tell me your not one of the mindless people who accept without question what a gossip coloum writes . If so i am clearly talking to the wrong person .

Australian litigation funding pty ltd Extracted from ASIC's database at AEST 16:10:14 on 27/04/2010
Name AUSTRALIAN LITIGATION FUNDERS PTY LTD
ACN 137 007 553

ABN 80 137 007 553

Type Australian Proprietary Company, Limited By Shares
Registration Date 08/05/2009
Next Review Date 08/05/2010
Status Registered
Locality of Registered Office Sydney NSW 2000
Jurisdiction Australian Securities & Investments Commission

this company is a wholly owned subsiduary of the ALF group pty ltd who in turn are owned by ALF Group Singapore Pte Ltd who are half owned by a swiss public company listed on the Franfurt stock exchange , 35% owned by a Hong Kong finance company and 15% owned by my family company.

we had an old company years ago that ceased trading in 08 after a guy didnt pay 500k , we changed it to his name and liquidated it out of spite , and the federal court matter ....on appeal it was settled and they paid us 25% of what was owed (4m) so we got 1m after spliting the funds paying lawyers , nothing that great .....dont be fooled
 
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