Wellington Capital PIF/Octaviar (MFS) PIF

[seamisty]

I suggest that everyone should copy this and email it to Wellington.----------- I just have!!!!!

If you don't have an email address handy, use Caroline Snow [csnow@wellcap.com.au]

Thanks JohnH. I am so upset and disgusted with every one remotely connected with this fund I can only say "You are all a bunch of gutless cowards until proven otherwise". If there is one single solitary person involved with the PIF that has a conscience, here is your opportunity to right the wrong you were a party to, inadvertantly or otherwise. I have tried on several occassions to personally contact individuals previously connected to this fund. I can only conclude that by their reluctance to return calls, demonstrates a guilty conscience or total lack of empathy from the likes of certain individuals who targeted 'personal high net wealth investors' and who were guaranteed personal 'healthy individual bonuses' by convincing certain individuals that MFS/OCV was 'powering ahead'. Yeah, right, why should you all be able to function normally, sleep at night and live a 'normal life' when there are thousands or innocent victims who (most) continue to suffer as a direct consequence to the individual actions of many? You have had ample opportunity to right those wrongs, if you haven't, then face the consequences. I am so angry with your complacency I will never give up until all my questions are answered.

Seamisty

 

[Blueboy1]

I suggest that everyone should copy this and email it to Wellington.----------- I just have!!!!!

If you don't have an email address handy, use Caroline Snow [csnow@wellcap.com.au]

This is heart rending
I agree John H........I just have too

 

[charles36]

SEAMISTY, I admire your tenacity and dedication. I wish you all the best when trying to extract answers to your latest communication with WC. I have tried to elicit sensible replies on many occasions, I even reduced my questions to one line, with tick the box yes/no but have not had any success. I often wonder about the fund and how it reached such a parlous state but when I read the answers to the my questions I completely understand. CHARLES36 PIFAG ORGANISER.

 

[selciper]

I suggest that everyone should copy this and email it to Wellington.----------- I just have!!!!!

If you don't have an email address handy, use Caroline Snow [csnow@wellcap.com.au]

A very good idea, JohnH. We are all being swept towards the rocks. All that appears left to do is to put to WC our feelings in writing about their "performance." The trouble is that our predicaments don't count, so the chances of our emails being swiftly deleted is considerable. But let's all do it!

 

[JohnH]

A very good idea, JohnH. We are all being swept towards the rocks. All that appears left to do is to put to WC our feelings in writing about their "performance." The trouble is that our predicaments don't count, so the chances of our emails being swiftly deleted is considerable. But let's all do it!

From: csnow@wellcap.com.au [mailto:csnow@wellcap.com.au]
Sent: 25 May 2010 7:52 AM
To: undisclosed-recipients:
Subject: Delivery/Disposition Notification
Importance: High


"Your message

To: csnow@wellcap.com.au

was read on 05/25/10 at 07:52"

There is somebody there!!!!

 

[Duped]

CA update from Carney's just out.

We all MUST observe the confidential nature of these communications. DON'T PUBLISH IT HERE! Or anywhere for that matter.

 

[Duped]

Isn't our Yepoon asset in this category? Middle of a mining region isn't it?

http://www.theaustralian.com.au/bus...-of-developments/story-e6frg9gx-1225865720750

Maybe someone like Mantra would be interested buying us out. Most of PIF's assets are hotels/resorts or property in holiday destinations like Mackay, Maroochydore and the Gold Coast.

 

[Duped]

I think this may also apply to the ASIC action against MFS IM on behalf of PIF investors:

http://www.smh.com.au/business/westpoint-case-tests-watchdogs-authority-20100519-vfae.html

Wow, a constitutional challenge. Same grounds as in the The Castle isn't it? I can hear Charles 'Bud' Tingwell quoting S50(xxxi):

" The Parliament shall, subject to this Constitution, have power to make laws for the peace, order, and good government of the Commonwealth with respect to the acquisition of property on just terms ..."

 

[selciper]

The excellent Time Line is a must-read for those wishing to be well informed on PIF matters.

Out of interest, I Googled “PIF board.”
I thought that it had recently been expanded, but judging by this site it still numbers only three decision makers.

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

 

[seamisty]

I thought the following results from a survey conducted in relation to the current bank class action quite apt. Seamisty

http://www.smh.com.au/business/inve...d-settle-actions-over-fees-20100526-we96.html

Extracted from article::A stunning 90 per cent of investors thought ASIC should be doing more to help customers and retail shareholders.

Another 83 per cent thought the class actions were the result of the regulator not doing its job properly in regulating companies.

Seventy-three per cent condemned ASIC's attempt to block some of the class actions and an even higher proportion agreed that class actions are the only way retail investors can seek justice.

Given that three-quarters of investors also thought that such class actions were likely to spread to other industries, such as telecommunications and utilities, it seems likely that we have not seen the last of them.

 

[JohnH]

http://www.goldcoast.com.au/article/2010/05/28/222015_gold-coast-business.html

........ burnt my tongue on my breakfast coffee!!!!!!!!!!

 

[selciper]

SMH (today) story about ASIC and Storm.
Extract:

“Liquidators have dispatched a 77-page report to the Australian Securities and Investments Commission under a requirement to report any person who ''may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the company''.

But the regulator has been sitting on the confidential report since early last December, with little public sign its 17-month investigation into the collapse of the financial planner is making progress.”

http://www.smh.com.au/business/founder-may-face-criminal-charges-20100527-whtl.html?autostart=1

 

[seamisty]

http://www.nsxa.com.au/ftp/news/021722786.PDF

 

[seamisty]

http://www.goldcoast.com.au/article/2010/05/28/222015_gold-coast-business.html

........ burnt my tongue on my breakfast coffee!!!!!!!!!!

I see the red coat is back in commission JohnH.
http://www.earlylearningservices.co...001/2010_05_27 New Dividend Policy_lodged.pdf
27 May 2010
New Dividend Policy
Early Learning Services Limited (ASX:ELY) has today announced its new dividend policy.
Dividends are expected to be payable to shareholders quarterly. Whilst the actual level of dividends paid is
at the discretion of the Board, it is the Directors’ current intention that Early Learning Services Limited will
pay dividends equivalent to 50% of the Company’s net profit after tax. Dividends will be franked where
possible.
Chairperson Jenny Hutson said ‘the Company is performing well. Early Learning Services Limited has free
cashflow that will enable a dividend return to shareholders to be paid from the business cashflow. The
proposal is to pay 50% of net profit after tax per annum in dividends. Dividends will be paid quarterly, and
are anticipated to commence in the second half of this calendar year.’ENDS
Jenny Hutson
Chairperson


I hope ELY investors fare better here than we did and history doesn't repeat itself!! Seamisty

 

[seamisty]

http://www.nsxa.com.au/ftp/news/021722786.PDF

Hi All. It is my understanding that now ALF PIF Finance Ltd have lodged the required documentation with ASIC regarding the proposed PIF takeover, the next procedure requires WC to respond outlining why the takeover should NOT proceed.

I would imagine WC will be hard pressed trying to establish strong reasons to substantiate why PIF investors would be better off under current management.

This document has to be submitted to ASIC who are in possession of all PIF related documentation due to current legal actions being undertaken in the Supreme Court, including numerous PIF related complaints submitted from individual investors, building/property developers, action groups, PTQ etc since WC have been in control of the Fund.

While I personally find the takeover offer severely lacking, I look forward to what WC has to say in their defence. This is ASIC they are dealing with, maybe we will get some of the long awaited for honesty and transparency as to just how this Fund intends to achieve their original projections. Who will WC blame as to their total lack of performance to date? After all, due diligence was conducted prior to the PIF acquisition, well before the Explanatory Memorandum was compiled, offering imminent ongoing distributions commencing in Oct 2009, buybacks, return to full unit value in 3-5 years etc.

Seamisty

 

[charles36]

I agree Seamisty, I cannot wait to read the response, not that I would support the takeover offer anyway but it will test our RE. We may get an insight into the future of our fund, if there is one. I will be looking particularly for the Wollongong Hotel deal and how that will unfold as well as other matters. Not long to wait.

 

[selciper]

I found this SMH Nov. 2009 CBD article interesting in light of the recent Timeline post. Worth rereading.

http://www.businessday.com.au/business/how-michael-kings-dream-turned-to-dust-20091106-i2b9.html

 

[Duped]

Was this partly how PIF paid off RBOS:

http://www.goldcoast.com.au/article/2010/05/26/221455_gold-coast-business.html

If so then I'd be sated to know that RBOS took a big haircut. Live by the sword, die by the sword.

Never forget what St George/Westpac did to us on the GC Sheraton.

 

[atlas1950]

I, like many others have been caught up with this awful mess.

But can we really blame Westpac for looking after there interests.

Please remember they held first mortgage on the Sheraton Mirage property.

We only held a second mortgage.

As sad as I am to say, they had every right, as holders of the first mortgage,to get all of the money.

We can't blame them, but we should be jumping up and down on the MFS board who allowed us to be holders of a second mortgage.

I was always told that they could only lend our money on first mortgage security, so please tell me why we were there on a second mortgage basis.

Good luck to us all, and am looking forward to the next six months and the progression of our class action.

Michael

 

[Dexter]

Can someone "please explain" how we can expect a worthwhile settlement from our Class Action when, as quoted recently in the Financial Review, any claims against "auditors and other professionals" are capped at $75m?

This case was also against KPMG.

Regards, Dexter.