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Wellington Capital PIF/Octaviar (MFS) PIF

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selciper said:
Today's SMH headline "MFS adviser had benefit of inside knowledge" is certainly a sign that many questions we have been asking for ages will soon be heard on a public scale.
Click to expand...
What happened to the supposedly 25 other interested parties who got nowhere close to doing due dilligence? Not forgetting some of those intereted parties were dealing with MS Hutson in her capacity as advisor to Chris Scott. Ms Hutson could well find herself in a spot of bother here!!.

Remember this article::

http://www.crikey.com.au/2008/05/19/plus-ca-change-conflicts-continue-at-octaviar/
Hutson also told the AFR that “no one got anywhere near doing due diligence [and that] the majority of the [Octaviar] board at the time this decision was made has the benefit of considering each of the alternatives that were put forward.” The fact that no other parties completed due diligence doesn’t exactly shore up the governance aspect. Octaviar shareholders may legitimately question why no other parties conducted due diligence: Was it because Octaviar’s fund managements business is such a mess that no one else would touch it, or did no one else get a look in?

Seamisty
 
'Front or Flop?' Or both Duped? Front for the enneagram? Is that why
KOORALBYN ASSET MANAGEMENT PTY LTD was formed by David Burke and our external compliance officer Phillip Wibaux? Is Kooralbyn earmarked for another enneagram retreat? Is a previous closely connected enneagram benefactor deliberately letting Kooralbyn Resort be run down, barely advertise it so it creates little interest then Kooralbyn Asset management aquire it from the PIF for a pittance?

Seamisty
 
I wonder what todays public examination outcome was with PTQ and David Anderson? Examinations will resume on the 3rd of August and continue through until October with the focus on Barry Cronin,Guy Hutchings, Nigel Fitzgerald,Greg White, Michael King, Rolf Klecklenburg and Paul Manka.
Depending on the outcomes from the hearings there will be approx an extra 10-15 people called to be examined in Dec.

Seamisty
 
Seamisty, It will be interesting to see who will be among those called to the hearing in December.

YouTube has videos about enneagram - the philosophical group being discussed.
(We are told in one that the shown esoteric circle represents zero. I guess PIF investors know a good deal about zeros.)
 
I have researched the whole enneagram crap until the cows come home selciper. It's a crock of **** and in my opinion has alarming parallels with scientology. Sure didn't do WELLINGTON CAPITAL much good with all that personality profiling expertise on tap, especially with so many staff connected to same. Not exactly a success story in this instance, is that why the connection has been so cleverly concealed? I have been told previously that JH does not respond to negative publicity. Well not much positive to brag about these days either, in fact one wonders just how successful the new empire, G8 education will fare once all the MFS/OCV/wc/PIF details are in the public arena. As Duped indicated previously, bring it on PTQ!! Maybe I can provide them with some extra ammo/info?

Seamisty
 
It’s fair to say that disciples of cults or certain philosophical systems are unfortunately disposed to seeing themselves in a superior light compared to (ignorant) non- adherents. As a rule, if things go wrong, they consider it the fault of others and not of anybody within their trusted circle.
 
selciper I wonder if we were the only ones who were previously oblivious to the Wellington Capital/Jenny Hutson/David Burke /enneagram connection? Lets not forget that David Burke (very close friend of jenny hutson, Wellington Capital) was also part of the Octaviar board coup along with Chris Scott and Craig Chapman. Everyone was focussed on the Chris Scott/JH connection. All part of the plan maybe???Were we part of of a cleverly pre arranged Snow job?? Certainly looking that way.



Wellington Capital's managing director, Jenny Hutson, who joined the Octaviar board last week as part of Mr Scott's coup, said she expected the final purchase price - judging by the current performance of the business - to be "north of $20 million".http://www.smh.com.au/business/scot...ith-new-chief-and-new-deal-20080508-2cb7.html

I imagine the PTQ are very interested in the reference by Deloittes to possible preference payments made by Octaviar and what exactly north (or south ) of $20million WC did or did not pay for 'saving the PIF from imminent liquidation'!!!
I notice there was nothing reported in the media on yesterdays PTQ findings.

Seamisty
 
I went along to the Icon Apartments Open for Inspection in Port Macquarie on Saturday to see how sales are progressing. (This time I could use the lift whereas in past visits I had to climb the stairs.) There are 24 apartments and 2 x townhouses in the complex. Ten apartments & 1 x townhouse have been sold and the other townhouse is under contract. Included in that 11 x apartments/townhouse sold is one of the penthouses that the developer "bought" for himself which would have been at a verrrrrrryyyyyyy good price, I would think.

Still to be sold is 1 x terrace apt @ $595,000; 1 x apt @ $695,000; 2 x apts @ $725,000; 5 x apts @ $825,000; and 5 x penthouses @ $1.2M. The 14 still to be sold plus the townhouse under contract total $13,265,000 (asking price).

The apartments sold (assuming sold for asking price, which isn't realistic) is a total of $7,790,000. (I have no idea what kind of prices they are actually getting for those sold.)

I wonder what kind of deal JHutson did with the developer? Does any money come in to the fund as apartments are sold...or when all are sold as with the Wollongong Hotel? We'll probably never know.... Of course, ALF PIF is promising to use the proceeds from the Wollongong Hotel and the Icon Apartments to pay towards the preference shares unit holder receive when they get sucked in by ALF PIF. It could be a very long time before proceeds from those sales come in and some waiting to get their 15 cents per preference share may not live long enough to receive their money...a tragic situation.

Cookie1
 
Thanks Cookie. The business expertise/performance demonstrated to date from Wellington Capital (ie what was promised and never delivered) could well mean that even if there has been income from Icon sales filtering into the PIF it has probablly been used to prop up the remaining assets and of course cover Wellington Capital operating expenses.

One such resort property, I believe which previously was operating at a profit prior to WC taking charge and is due for mediation with WC has gone so far backwards under WC it is now costing us money to keep it operating as a going concern!! Any wonder when even the same resorts luxury courtesy vehicle is removed by David Burke under instruction from WC and relocated to Qld and as I understand, the PIF is footing the bill for related expenses. Not to mention that staff from the same resort, greens keepers, were asked to go and fix 'skylights' at another Vic property!!!! (Does the PIF have any other assets in Vic??) This is from the same property David Burke (PIF) flew trades people to Victoria from Qld to complete work AND delivered them on site in a LIMOSINE!!(I understand he was also distributing printed 'enneagram' related material' at the same resort!!! ( I wonder if Print Mail Logistics are provide the printing service??)Apart from being a very close friend of Jenny Hutson I still do not know exactly in what capacity David Burke is involved officially in OUR Fund?? I do however believe that WC is a 'generous benefactor' to David Burke's enneagram group/factor.

Seamisty
 
A bit more reading for those following 'THE ENNEAGRAM FACTOR' :band

http://www.enneagram.com.au/newsletter/Insight0207v4.pdf
(editor Rachel Weeks)

Of particular interest is that cute little church at Andelaine (David Burkes enneagram retreat) on page 1. Also the close associations of our external compliance officer Phillip Wibaux, Rachel Weeks (previously at McCullough Robertsons) who appears to be our new legal advisor and a substantial shareholder in G8 education and David Burke. Rachel Weeks is also the 2010 international enneagram conference chair where David Burke will be speaking and has co written/recorded enneagram related articles/cd's etc with David Burke(eg Transforming Organizations Using the Enneagram: A Law Firm Case Study). Rachel weeks also co wrote ‘Listed property trusts and management
entrenchment: is takeover regulation
alone the answer?’ Australian Journal of
Corporate Law, LexisNexisButterworths,
Sydney, 16:1, 1-37, 2003 with Jenny Hutson (and Paul von Nesson)

All very cosy.

Seamisty
 
Wasn't there another post from Michael Pakula? Where did it go? Or am I dreaming?

I recall the post mentioned something about PIF being a mortgage fund and not a property fund. My response: we know. But for many many compaines most of the value of their assets are the contracts they hold. (Like Banks. Brand gets clients in the door. Contracts keep the money flowing in. Most real estate property isn't freehold anyway. The land most people think they own is really just a lease between themselves and the crown or the state legislature. (I.e. a contract. That people 'trust' will be renewed. If not then how are you going to take that brick veneer home with you.) And even freehold is subject to compulsory acquisition isn't it? It's use is certainly restricted by Council zoning laws, thereby reducing its value. Am I wrong?)

Anyway, if the borrowers could have got out of the contracts with PIF so easily, wouldn't they have done so by now? Courts respect contracts. So the powers within those contracts are not easy to lose. Look at what's happening with the PTQ v Fortress stoush that's now in the High Court. IMLO the Court Of Appeal gave the contract (Fortress' registered security) preference over the legislative intent.

As for due diligence of PIF's contracts? I.e. what are the strengths and weaknesses of the PIF's contracts? Well, that's the next question.

I also recalled the post mentioned it being unlikely a white knight will turn up with a bagful of cash. I don't know about anyone else here but I never expected any such thing. But lets get things straight.

WE, the PIF investors, put our bagfuls of cash into the pot, i.e. at risk.

But WC and ALF have put NO, ZERO, ZIP, NADA, NICHTS, NYET of their own cash in the pot.

Not even, say, 5% of the value of the fund. Not even 1% (i.e. $2.64m)

Well, at least ALF is chucking in $1600. What did WC stump up? From memory WC didn't need to put its hand in its own pocket at all because MFS/OCV under Scott chucked a fat wad of cash WC's way. And the PTQ isn't too happy about that transaction.

I'm not expecting bagfuls of cash. But ZERO cash.

Well, that's something different entirely.

And we're supposed to be grateful about a 3c or 5c per unit return of OUR OWN cash.

Please. Lets keep it real. Are we going to do some business or what? Where's the cash for finishing/managing these 'assets' going to come from. Share dilution? Bank loans? Or will ALF do what WC did and borrow from secret lenders at 20%/25% rates? I don't recall seeing anything in the bid document about this. Anyone? Has a bank underwritten the offer? Has any one?

SHOW ME THE MONEY
 
seamisty said:
... in my opinion has alarming parallels with scientology. ... I have been told previously that JH does not respond to negative publicity.
Click to expand...

Yep. Attack the attacker. Typical behaviour from aggressive expansionist 'faiths'.

I will NEVER forget Nick Xenophon's courage last year when he called Scientology into question. All such upstanding independents will get my senate vote in three weeks.
 
Another day. Nothing ever seems to get better where the PIF is concerned. My feeling is that nothing can change unless the small PIF board has to front up to some very tough questions at an EGM. The small bunker-minded board have been allowed to remain remote from investors for far too long. The board must appear in an auditorium asap. But beware! The chosen EGM venue could be a remote, refurbished Gothic Church...
 
SUPREME COURT OF QUEENSLAND
LAW LIST

Tuesday 27 July 2010


APPLICATIONS TO COURT

10:0AM– The list of applications will be called over in COURT 5 FLOOR 1 for allocation to a Judge and an order of hearing will be indicated for contested matters. Practitioners should be prepared to deal with adjournment and consent orders immediately before the callover of contested matters.


OPI PACIFIC FINANCE LIMITED -V- WELLINGTON CAPITAL LIMITED

10:00 AM

It's actually listed twice. seamisty
 
Its actually got me stuffed how these not for profit enneagramians can be so involved in so many different enterprises and operate efficiently or are they simply tentacles from the same core body?


About us
Ingenius Communications Pty Ltd is a management consultancy firm specialising in individual and organisational development.

Based in Brisbane, Ingenius provides leading edge analysis, advice and intervention for individual and organisational transformation.

Specialising in the clinical assessment of Personality Type, our consultants use this key piece of information to inform tailored human resource interventions and business strategies that will transform individuals, teams, businesses and large organisations alike.

Our insights and advice are based on propriety research and development tools that have been developed, tested and successfully applied by our expert consultants for over two decades.



Ingenius Communications

• Clinically assesses Personality Type

• Measures individual and group performance

• Conducts tailored cultural reviews for teams and organisations

• Provides recruitment, retention and restructuring advice

• Devises and manages organisational change strategies

• Conducts team building, self awareness and communications workshops

• Develops political and media strategies

• Coaches staff in personal and professional development

• Provides counselling services

• Provides executive coaching, advice and support

• Provides conflict management and mediation services



Ingenius Communications has 20 years experience in working with

individuals, teams and businesses of all sizes, including Australia’s leading

ASX 200, legal, banking and government organisations.

About us
Ingenius Communications Pty Ltd is a management consultancy firm specialising in individual and organisational development.

Based in Brisbane, Ingenius provides leading edge analysis, advice and intervention for individual and organisational transformation.

Specialising in the clinical assessment of Personality Type, our consultants use this key piece of information to inform tailored human resource interventions and business strategies that will transform individuals, teams, businesses and large organisations alike.

Our insights and advice are based on propriety research and development tools that have been developed, tested and successfully applied by our expert consultants for over two decades.



Ingenius Communications

• Clinically assesses Personality Type

• Measures individual and group performance

• Conducts tailored cultural reviews for teams and organisations

• Provides recruitment, retention and restructuring advice

• Devises and manages organisational change strategies

• Conducts team building, self awareness and communications workshops

• Develops political and media strategies

• Coaches staff in personal and professional development

• Provides counselling services

• Provides executive coaching, advice and support

• Provides conflict management and mediation services



Ingenius Communications has 20 years experience in working with

individuals, teams and businesses of all sizes, including Australia’s leading

ASX 200, legal, banking and government organisations.

http://t16.twg.com.au/index.php?page=testimonials

Our Team
David Burke M.Ed., B. Econ.
David Burke is the founder and Executive Director of Ingenius Communications Pty Ltd and has changed the way personality analysis is used to drive performance, retention and team building in Australian business.
Over the last twenty years, David has supervised and led a number of large-scale, high-level cultural reviews of significant commercial operations, resulting in the production of substantial reports with wide-ranging human resource and organisational development interventions.
David is a well-respected international expert on the Enneagram personality system and lectures on the topic throughout Australia, the USA and Europe. He has written two books, An Introduction to the Enneagram and Transforming Organisations.

Katrina Stevens M.Ed., Dip Fin. Planning.
Katrina Stevens brings to Ingenius Communications two decades of leading edge research about personality type and its impact on individual performance and in organisations. Katrina lectures on the Enneagram personality system throughout Australia and internationally and is the Director Studies at the Australian Institute for Enneagram Studies where she supervises its teacher training program.

Her focus upon individual coaching and executive support has its foundation in extensive experience in finance, education and training.

Jane Buxton B. Psych.
Jane Buxton is a Communications Consultant with Ingenius Communications Pty Ltd. She is a coach and facilitator to organisations and businesses throughout Australia. She also works with teams in strategic and human resource planning.
Jane has a Bachelor Degree in Psychology and certifications in Coaching, Neuro-Linguistic Programming and Eriksonian Hypnosis. She is accredited with the International Enneagram Association as an Enneagram teacher and is a member of the faculty of the Australian Institute for Enneagram Studies.


A few names easily recognisable there?

All connected to WC???

Do these people actully have time to work at WC? selciper, hopefully some one will appoint a forensic accountant at some point in time. (maybe the PTQ? ASIC? well I am sure someone will eventually!!)
Also the ph no is relevant::0732187304

For all of those who have contacted me who feel out of your depth commenting on the jenneagram oops, I mean enneagram connection, thanks for your off forum support. I will be posting more regarding jennerous, oops, generous enneagram jennefactors, sorry, benefactors. Well, seems my keyboard is on auto pilot and has a will of its own!! More to come!! (don't give up and any further info greatly appreciated!!)

Seamisty
 
I forgot to add that with connections like that, (is there any connection to the WC staff 'bonding sessions'? Tax deductions?) how come Wellington Capital's performance is so pathetically inadequate?? Hardly a recommendation, the opposite I am sure?

Stay tuned, Seamisty
 
From Wikipedia:

"Gurdjieff claimed that people cannot perceive reality in their current state because they do not possess consciousness but rather live in a state of a hypnotic "waking sleep"." - Waking sleep eh! Pretty accurate description of PIF under WC

"A primary criticism of Gurdjieff's work points out that it attaches no value to almost everything that comprises the life of an average man." - Ahhhh. So that explains why our share price is where it is Seriously though, wouldn't this then automatically disqualify any followers of Gurdijeff from acting in our interests? I.e. we investors are 'average man'. So how could you be a follower if you're acting in the interests of an average man?

"Gurdjieff has been interpreted by some, Ouspensky among others, to have had a total disregard for the value of mainstream religion, philanthropic work and the value of doing right or wrong in general." - Again, automatic disqualification?
 
Thanks, Seamisty and other regulars for your dedicated research.

SO, the Enneagram cult appears to be deeply involved in our crumbling PIF, no doubt with their own best interests at heart.
In Seamisty's posting "The Enneagram - a Warning", the following seems very significant: " It is claimed that the Enneagram gives a new understanding of one's self and one's relationship with others - all on the basis of feelings and emotions - whilst avoiding the examination of conscience and any acknowledgement of sin or personal guilt."

Who do we know who appears to adopt these "teachings"???

One imagines a typical conversation:

"C'mon, Enneagrammers, gather round. It's feeding time."
"Er - what about the ten thousand?"
"The who?"
"You know. The investors."
"Oh, them. Don't worry about them. I've got a special relationship with them!"

Or maybe:

"How do you plead?"
"Not guilty m'lud. I've committed no sin, and as far as I know my conscience is clear."

A matter of some concern, I feel. Regards to all.
 
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