Welcome back selciper!! Duped I don't think Great Dane posted under another name, I was told that he was not well and sold all his units a long time ago. I think Jadel was in contact with him? I bet if he checks this forum at all he will be saying "I told you so!!!!!" SeamistyI'm just testinh my computer/
Great Dame and other Cassandras were right in 2008. A majority of us chose to accept the undertakings made at “tears of joy” roadshows. After all, it seemed inconceivable at the time that not one cent would have come our way by mid-2010. You wonder whether words like credibility and respect have any value nowadays.
Duped again. Doh!
Duoed -
Never again! We must all be on guard to prevent things getting even worse. I notice that our share price has now returned to 8 cents after recently hitting the dizzying heights of 9.2. We seem to be marooned on a skipperless ship without power or maps, floating slowly to nowhere. We have to wait until various hearings resume. In the meantime, none of us is getting younger; I fear that legal fine points might be argued fpr years to come before we see any payments. And we'll wait and wait. It's hard not to be gloomy, but I suppose that there could be unexpected twists that might one day change the outlook to "fairly positive." We certainly deserve a favourable twist or two.
I heard Wellington Capital is looking to call an EGM to vote that the MYF (Maximum Yield Fund)not be wound up for another 2 years due to current litigation consequences??? Not sure why these proceedings would have a detrimental impact on the legitimate MYF investors and ponder what benefit WC would receive (from current experience) by prolonging the winding up of this Fund? Please enlighten me? Any legitimate MYF current debenture holders care to comment? I believe there is only approx 9 original investors holding less than 2 million legitimate MYF units outside of the 85 million bogus units that WC continue to manage?? I heard WC even distributed MYF income\distributions to the nonexistent 85 million Class A bogus MYF units to the detriment of the original unit/debenture holders? ...
I imagine the EGM is only for MYF investors or their proxies? My guess is that WC doesn't want to lose the gravy train of MYF management fees, so by getting the majority vote to change the constitution by special resolution (again) to extend the end date of the MYF trust for another two years the 'snouts will be able to stay in the trough'!!! I wonder if Wellington Capital is drawing management fees for the non existant 85 million units and still using the voting power associated with them? PIF could well be dragged into this saga as well!!Why would WC call an EGM? The RE hasn't sought our vote for any of the other decision it has made regarding PIF assets. Maybe WC just wants to put us in the firing line of potential lawsuits from MYF investors or clients.
If WC does call an EGM, can we get motions added to the agenda. I'm sure WC will time everything to make it very difficult.
Bearing in mind selciper, that article in the Gold Coast Bulletin by Nick Nichols on the 21st Nov 2009 followed this one published on the 20th Nov 2009 http://www.goldcoast.com.au/article/2009/11/20/160381_gold-coast-business.html Nick Nicholls was contacted and provided with information relating to the auction otherwise PIF investors would never have known that Wellington Capital had previously rejected an offer of $40.5 million AT AUCTION, not AFTER AUCTION as quoted in defense on the 21st Nov. "Although the City Beach hotel-apartment project had found a $40.5 million buyer after auction earlier this year" "This ($38 million deal) represents the best value we can find in the market"Seamisty provided, on May19, this link to the GCB story related to the ALF bid. The always helpful Nick Nicholls broached another subject or two with Hutson. As there was such a kerfuffle at the time over ALF, I found a second reading of this piece interesting enough.
http://www.goldcoast.com.au/article/2009/11/21/160905_gold-coast-business.html
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