Wellington Capital PIF/Octaviar (MFS) PIF

MFS boss needed 'creative brain' to help with list KATE LAHEY
May 14, 2010 http://www.smh.com.au/business/mfs-boss-needed-creative-brain-to-help-with-list-20100513-v1r3.html

A grovel before investors glove up SCOTT ROCHFORT
May 14, 2010 http://www.smh.com.au/business/a-grovel-before-investors-glove-up-20100513-v1qs.html

The former MFS Limited chief financial officer David Anderson was keen to clear up any confusion yesterday over his interest in a remnant of the fallen Gold Coast financial group, MFS Alternative Asset Limited - the same entity that has Anderson as its sole director and is about to resurface as a key shareholder in the upcoming listing of the Sydney asset manager Aurora Limited.

Offering details on his interest in MFS Alternative Asset Limited, which is expected to emerge with a $1.3 million, or 6 per cent, stake in Aurora, Anderson referred to evidence he provided to public examinations this week when he said he originally invested $500,000 in AAL.

He declined to comment further yesterday on suggestions he had since upped his stake. It is believed he purchased MFS's 33 per cent stake in AAL (originally worth $3 million) for $1 in July 2008.

The outfit has managed to settle all of its debts with its former lenders Suncorp, Lift Capital and

St George. The only question mark is whether the $20-odd million debt to its former parent remains forgiven

An interesting read here though slightly off topic. I have passed comment on more than one occasion that had ASIC intervened on PIF investors behalf and investigated the very same matters currently coming to light from the Bentleys public examinations, our Fund WOULD NOT BE IN THE DIRE FINANCIAL SITUATION it currently stands at!!!!!! It has lost further hundreds of millions of $$$$ since the collapse of MFS/OCV and ASIC was made aware of the problem well over two years ago!!

ASIC blocked litigation ADELE FERGUSON AND ERIC JOHNSTON
May 14, 2010 http://www.smh.com.au/business/asic-blocked-litigation-20100513-v1qp.html


'THE corporate watchdog blocked efforts by a litigation fund to mount a landmark class action aimed at seeking the return of up to $5 billion in penalty and late fees from banks'

'Weeks earlier it refused to order five banks, including each of the big four, to hand over product disclosure statements necessary for the case relating to credit cards and savings accounts, despite allegations this might have breached the Corporations Act.'




Another example of poor regulatory governance?


Seamisty

And yet further evidence of Wellington Capitals business expertise. This is nothing short of disgusting WC!! Will this media article be posted on the newpif website and included in our once again overdue investor update??

Glamour Kooralbyn Valley resort 'left to rot'
Sarah Vogler From: The Courier-Mail May 14, 2010 12:01AM http://www.couriermail.com.au/prope...sort-left-to-rot/story-e6frequ6-1225866307228

'IN its heyday it was a five-star resort where families holidayed alongside the wealthy.

Now the Kooralbyn Hotel Resort, in the Gold Coast Hinterland, is semi-deserted, patrolled by security guards and surrounded by high fencing warning the public to "keep out" .

Kooralbyn Valley residents claim the buildings are falling apart and the 1500m air strip is now used by locals to walk their pets.

They say squatters have been seen making use of the crumbling facilities and that one building, near the tennis courts, was set alight and burnt out.'

'The hotel is in the hands of liquidators PA Lucas and Co and Brisbane-based Wellington Capital is first mortgagee. Both groups could not be contacted yesterday'


Left to ROT!!! And if this isn't bad enough, I was recently told that the overseer/manager of Kooralbyn resort is none other than Phillip Wibaux. That would be the same Phillip Wibaux, external compliance committee member of the PIF.

You think thats not bad enough?? What possible explanation could Wellington Capital come up with to justify the presence at the same resort of an $80,000 luxury four wheel drive courtesy vehicle, removed months ago, under instruction of WC from another of our PIF assets in Victoria???? I think we need another public examination into what happened to the PIF assets after the MFS meltdown. Why did Anthony Stanton resign??? Hmmnnn.


Seamisty

AMONG the emails the MFS chief financial officer David Anderson received in January 2008 was a request to help his colleagues justify what had happened to $147.5 million from the Premium Income Fund the year before. It said: ''Need your creative brain.''


These Directors must believe they were playing an evening game of Monopoly with our money.

They seem to have completely fotgotten this was real money and peoples lives they have totally desroyed when they lose.

I think this fellow may just landed himself on the, ‘Go to Jail Square

"The hotel (Kooralbyn) is in the hands of liquidators PA Lucas and Co and Brisbane-based Wellington Capital is first mortgagee. Both groups could not be contacted yesterday." (Courier Mail.)

Surely WC can't keep up this policy of apparent public indifference for much longer. Do they have a duty of care where PIF assets are concerned? What does the IAC have to say about this latest failure?

selciper said:

"The hotel (Kooralbyn) is in the hands of liquidators PA Lucas and Co and Brisbane-based Wellington Capital is first mortgagee. Both groups could not be contacted yesterday." (Courier Mail.)

Surely WC can't keep up this policy of apparent public indifference for much longer. Do they have a duty of care where PIF assets are concerned? What does the IAC have to say about this latest failure?

Click to expand...

Kooralbyn is not exactly a good advertisement of glowing achievement for the WC subsidiary offering financial advisory services to the real estate sector. It appears WC cannot even manage their own backyard. Seamisty

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=58191580

Wellington Capital Limited, Advisory Arm
Company Overview
Wellington Capital Limited, Advisory Arm provides financial advisory services to the real estate sector. It offers growth strategy, capital raisings, restructuring, and mergers and acquisitions advisory services. The firm is headquartered in Brisbane, Australia with an additional office Sydney, Australia. Wellington Capital Limited, Advisory Arm operates as a subsidiary of Wellington Capital Limited.

Wellington Capital Limited Advisory Arm does not have any Key Executives recorded.

According to Bloomberg Businessweek, as dug up by Seamisty: "Wellington Capital Limited, Advisory Arm does not have any Key Executives recorded."

A talented team surely deserve to have their names recorded.

Class Action news::20-May-2010 9:30 Directions Justice Perram Court Room 21A

http://www.couriermail.com.au/prope...t-left-to-rot/comments-e6frequ6-1225866307228

some very interesting comments from locals (and others) about the Courier Mail article on Kooralbyn.

JohnH said:

http://www.couriermail.com.au/prope...t-left-to-rot/comments-e6frequ6-1225866307228

some very interesting comments from locals (and others) about the Courier Mail article on Kooralbyn.

Click to expand...

I just typed out a very comprehensive copy of my comment which was the first one posted and rejected this morning JohnH and the bloody power went out (for the 8th time tonight!!) and I lost it!! So basically it was something to do with this was once a valuable PIF asset before Wellington Capital stepped in with their expertise and something about the 'triumph of high achievement from the person in the arena'.

Nothing but the truth. I have often wondered why the Brisbane Courier Mail is light on in the news dept regarding anything MFS/OCV/WC related. I have also noticed that the corporate business reporter is named James McCullough, prob just a coincidence? Any way thanks Sarah Vogler for the update!!

Seamisty

MFS chief quizzed on US loans KATE LAHEY
May 15, 2010

The court also heard yesterday that after Mr King quit, Craig White had been the chief executive for about six hours when he realised there was no cash and believed Fortress was the only likely source of more.

He had emailed Mr Anderson asking: ''What you got in tin, how much we owe margins?''

Mr Anderson replied: ''Forget it, only $3.5 million at most in total.''

Mr White replied: ''I got to [get] cash from somewhere and fast. Fortress is my only solution.''

Meanwhile, Korda Mentha was called in to advise the MFS board. Mr Anderson told the court yesterday it declared MFS solvent, and no one at that stage considered calling in administrators



Full Story

http://www.smh.com.au/business/mfs-chief-quizzed-on-us-loans-20100514-v4g2.html

SERIES of questionable transactions undermined Gold Coast finance and tourism group Octaviar in the months leading up to its 2008 collapse, a Sydney court heard this week.

Courier Mail


http://www.couriermail.com.au/busin...nked-to-collapse/story-e6freqmx-1225866973552

Hi All, Sorry to keep :horse: but can any PIF investors actually confirm the existance of Alana Woodford and if they voted for her? My investigations are coming up as 'non existant' which I know has to be incorrect so would appreciate some input here. I am also conducting further investigations into the voting strength by PIF investors of the IAC nominees. I have a rough count for most but am still at a loss regarding actual figures for the elected reps as to how they aquired the majority vote, UNLESS Wellington Capital used the voting power of the PIF wholesale Fund of which WC continue to decline revealing that specific information.
The reason I keep pursuing this is because I am compiling a data base of WC issues that could well end up resulting in the need for a thorough investigation into the current management of the PIF.

I have been assured by Bentleys that the transaction details agreed upon by MFS/OCV of the Wellington Capital aquisition of the PIF is on the agenda in the public examinations. All those who signed off on the deal ::1) Freehills2) Korda Mentha3) Minter Ellison4) McCullough Robertson5) Jenny Hutson (all lawyers apart from Korda Mentha)

Not forgetting the 6 OCV directors at that time who also signed off on the deal. Who were they now?? Chris Scott, David Burke, Craig Chapman, Hiscock, Manka and White?? I could be mistaken (privledge!!)Hmnnn, Jenny Hutson was also advisor to Chris Scott during this period, yep thats right, taking all calls and acting as go between for all interested parties doing due dilligence on the PIF and others wishing to communicate with Chris Scott. The internet is not only a valuable source of information, but also a bloody fantastic source of back up evidence!!

Its a shame Wellington Capital do not monitor this thread (sic) because if they did they would be a tad more concerned or are they? David Burke?? Whats he got to do with WC?? Is he on the WC payroll or another good 'mate'? If so, in what capacity? My data base is very broad and expanding daily. I also detect a growing increase of interested parties nibbling at opportunities to take advantage of possible investor discontent to offer their services to replace Wellington Capital as a alternative Responsible Entity. I thank you for your interest but PIF investors are no longer the complacent bunch of trusting individuals ready to put trust into other offers after having been proved wrong in supporting other promises which never eventuated. Vultures and 'carpetbaggers' not willing to put their 'money where their mouth is' will be treated the same as those that put their 'mouth there without the money'. With contempt !!!( privledge)This story is just beginning to unfold, it could well be the base of another Erin Brockovich type saga.
More to come and I am concerned at the lack of forum support while at the same time I can appreciate PIF apathy because some investigations have to remain confidentail. Please rest assured that I know it appears nothing is being done but there are still a few diehards that will continue to push this to the max!! (if there is anywhere I can submit my hourly rate please let me know??!!!?)
If no satisfactory outcome is achieved at least I will know it was not for lack of trying.

Seamisty

Duped said:

Thanks selciper. My lay guess is I'll get something. Not 35c but way more than the 9c some are getting out at.

Like - who's going to give us our $40m for the Kooralbyn Hotel Resort (850 acres) when the Gold Coast Sheraton sold for only $60m (Reported as needing $20m of renovations). Or give us our $40m for The Forest Resort (Novotel. Creswick VIC).

I don't know about Creswick but land in the GC hinterland doesn't seem to be that expensive. Realestate.com has a 50acre property in Kooralbyn for $750K (Property No. 7272029). And the pics Jones Lang LaSalle have on the listing are hardly inspiring: the hotel is hidden behind trees and the grass looks dry. (http://www.latestproperty.com.au/ma...ue/archived/1/section/For Sale/page/5/id/107/) Compare those pics to (http://www.kooralbyn.com/resort/resort.htm) I'm assuming there's only one 100 room hotel in Kooralbyn.

I hope I'm wrong and just being a pessimist. Maybe we're getting good returns again from those 'assets'. I don't know. Either way, is this fund an efficient structure, once the whole mess is sorted out, for holding $100-$200m in assets for 10K investors? I don't know. Anyone?

Click to expand...

See my posting #5367 above

Any chance we can get Jones Lang Lasalle on the hook for loss of value of our Kooralbyn investment?

http://www.latestproperty.com.au/ma...ue/archived/1/section/For Sale/page/5/id/107/

Seamisty,

Heartening to read your latest post. The fact that the IAC voting figures have never been announced is simply amazing. Thanks for maintaining a watching brief on the subject.

The news that Bentleys will include the Wellington acquisition of PIF in their public examinations should be music to our ears. There no doubt be indignant responses when the questioning gets tough.

With the Bentleys hearings, the CA and the ASIC action, we are surely (slowly but surely) approaching a point where we'll be seeing answers to the many questions contributors to this forum have been asking.

"PIF" is now a misnomer. It certainly isn't
"premium" nor does it distribute any income. If it weren't for all the good work done by the AG and yourself, we'd have no sense of future possibilities.

I recently made an enquiry to the Dubai Financial Services Authority re Agilis Global (Phil Adams) and was informed 'Agilis Global Holdings (Dubai) Limited is no longer registered as operating within the DIFC.' Date of Withdrawal: 18 January 2010 Seamisty

Australian Financial Review
13 May 2010

'CFO clueless on $100m repayment'

"[David Anderson] said MFS director Craig White told him the $100 million would be coming from MFS's New Zealand based Premium Income Fund (PIF)"

Well what does that say about the quality of AFR reporting?

Who's clueless then: Anderson or the AFR? Sloppy work.

"When shown a copy of an email which contained a draft document dated January 2008, and then a signed copy of the document dated October 1, 2007, and asked if he was aware of documents being backdated at MFS, Mr Anderson replied: "No."

He paused and then asked to hear the question again.

Adam Bell, SC, repeated: "Were you aware while you were employed at MFS of documents being backdated some time in 2008."

Mr Anderson replied: "I don't recall being aware of documents being backdated, but I recall allegations of documents being backdated some time in 2008.""

ROFL!!!!!! Am I reading this correctly. "I don't recall being aware ..." That's just one step away from saying the laughable 'I don't recall recalling ...'

Oh and how hard can it be for Anderson to "recall allegations of documents being backdated some time in 2008" considering that's what ASIC is alleging in the statement of claim for the legal action ASIC started against Anderson and others in late 2009. Duh!

This standard response of saying 'I don't recall' is getting tedious and totally incredulous.

Duped said:

Australian Financial Review
13 May 2010

'CFO clueless on $100m repayment'----------------

This standard response of saying 'I don't recall' is getting tedious and totally incredulous.

Click to expand...

Well embedded by Allan Bond as I recall; and this one is back in business somewhere.
Hopefully ASIC will employ newly acquired robust powers
to overcome these "bumps" in its recovery actions on behalf of PIF.

Duped

I think it’s a ,'No-Brainer' that the, “ Very Creative Brain” of the Chief financial Officer Is working overtime to explain how he was totally unaware the unprecedented draw down of 200 million RBOS loan from PIF a purportedly.’low risk income Fund’ can be lawfully transmogrified overnight to pay out Fortress and other expenses.

PIN is in a Trading halt and There has just been a Takeover bid announced by AHP Australian Premier Finance Holdings Limited FPO I have never heard of them off to do some research!!
http://www.nsxa.com.au/ftp/news/021722759.PDF

http://www.nsxa.com.au/ftp/news/021722760.PDF
Seamisty