Wellington Capital PIF/Octaviar (MFS) PIF

[DepressedDad]

it seams to me that you may very well be her dad with your withering and fawning comments about me , you obviously didnt read my post very well,and grasp the content or the substance of the writings, for somebody who has just joined the group please dont cast aspertions about me without reading all of my posts,i HAVE never as your wonderful seamisty has, ever agreed to the removal of clauses from our constitution, this is fact, look at all previous posts, i never wanted JH as our RE at all, i had tried to get enough people to understand that we could have stood alone hiring our own RE because at the time we were still very liquid ,as i said in the previous post i am not i repeat not attacking anybody via this forum, but if you think i am going to sit and take such non constructive ramblings from somebody who obviously hasnt done their home work and is not able to simply understand the gravity of our situation, my answer to you is get a life.

You say in your post you are not attacking anyone in this forum, and then you repeat it, assuming us all to be stupid, in a post which is SOLELY a personal attack. Or is 'insult' a work you understand better. You insult selciper by belittling the Chinese, you insult sea misty by ridiculously suggesting she always has to have the last word, and now rude unfounded accusations about me. Reads like an attack to me! What else is in the post except a personal attack & a helping of 'I told you so'? I have read all the posts, yours included & I DO grasp the content & substance of your writings. (Not rocket science) I 'joined' this group back years ago. I only got a log in name in Dec 09 to be able to post because there was a request to stand up & be counted. I am not NEW to this group and I certainly DO understand the gravity of the situation. I have a challenge for you. Since you've been in the group soooo looong & you're sooo knowledgeable let's see if your posts can from now on include just your wisdom & research & no insults.

 

[simgrund]

To Mary Lynch;
Please check your message box; an innocent enquiry.

And to Flatback and Depressed Dad with posts #6019 #6020 respectively.
Please stay the course towards Class Action. We believe unanimously that these are our posts where the final goals will be kicked in our favour.
The amended Statement of Claim is due for filing this coming week.
This forum is the only means to provide an almost complete picture of ALL developments, however unpalatable some may be.
Please bear in mind 2 previous occasions where this thread was suspended.
Dare I say, that this may be the last word spoken in anger?
With warmest regards,

 

[flatback]

To Mary Lynch;
Please check your message box; an innocent enquiry.

And to Flatback and Depressed Dad with posts #6019 #6020 respectively.
Please stay the course towards Class Action. We believe unanimously that these are our posts where the final goals will be kicked in our favour.
The amended Statement of Claim is due for filing this coming week.
This forum is the only means to provide an almost complete picture of ALL developments, however unpalatable some may be.
Please bear in mind 2 previous occasions where this thread was suspended.
Dare I say, that this may be the last word spoken in anger?
With warmest regards,

Sorry Simgrund, i should have been more specific, my responce to Sel was an opinion, and i would never try to shoot down Seamisty as she is far more dilligent and gives good inteligent research reports, which in general are well accepted from all, as for other less informed posters which have just appeared i will say bye for now as my opinion is in your veiw of no value, thats fine, the sky wont fall down, and if a few more of us decide to stop posting because of this kind of responce there is a good chance there will only be six or so of you talking to each other, see you and i hope we are sucessfull with our case.

 

[Blueboy1]

From the following link:http://www.theage.com.au/business/examination-switches-to-former-mfs-director-20100801-111im.html

Examination switches to former MFS director
COLIN KRUGER
August 2, 2010

THE public examination of the collapse of the Gold Coast financier MFS continues this morning. A former non-executive director, Barry Cronin, is due to appear before the Supreme Court to help explain what went wrong at the company which collapsed in September 2008 with external debts totalling $2.5 billion.

Counsel acting for MFS liquidators, led by Kate Barnett from Bentleys Corporate Recovery, have said the company, now known as Octaviar, may have been insolvent well before its collapse.

To date, the examination has heard how documents were backdated, hundreds of millions of dollars moved between different companies in the group, and how dividends were paid out of non-existent profits.
Advertisement: Story continues below

But these were not the only issues to raise eyebrows.

Last month the court was told how in March 2008, Louise Edwards, the head of corporate advisory at MFS, recommended that the board pay Grant Samuel $9.5 million rather than the $5.2 million it was contractually obliged to pay.

The corporate adviser had been involved in the sale of a majority stake in the MFS travel business Stella - a role that it was meant to share with another firm - and the board ultimately recommended the $9.5 million payment at a board meeting in March 2008.

The MFS chief financial officer, David Anderson, was asked at the examination if Ms Edwards established a business relationship later that year with the Grant Samuel advisers involved in the sale.

''I understand that Louise was, or is now, involved in … an advisory business. And I have understood that Grant Samuel may play some role in it itself,'' he told the court.

When asked if this had been disclosed when the increased fee was discussed, Mr Anderson said he understood the business relationship was entered into after she left MFS.

Unlike the previous leg of the examination, which focused exclusively on Mr Anderson, Mr Cronin will be joined this week by MFS's internal auditor, Nigel Fitzgerald, and the former chief of MFS Investment Management, Guy Hutchings.

MFS Investment Management was the subsidiary which acted as responsible entity for the $780 million Premium Income Fund. The fund was allegedly milked to shore up MFS in the period before its collapse.

It was sold to Wellington Capital - the income fund's current responsible entity - not long after Wellington Capital was appointed to act as an adviser to the MFS board.

Blueboy1

 

[seamisty]

From the following link:http://www.theage.com.au/business/examination-switches-to-former-mfs-director-20100801-111im.html

Examination switches to former MFS director
COLIN KRUGER
August 2, 2010

THE public examination of the collapse of the Gold Coast financier MFS continues this morning. A former non-executive director, Barry Cronin, is due to appear before the Supreme Court to help explain what went wrong at the company which collapsed in September 2008 with external debts totalling $2.5 billion.

Counsel acting for MFS liquidators, led by Kate Barnett from Bentleys Corporate Recovery, have said the company, now known as Octaviar, may have been insolvent well before its collapse.

To date, the examination has heard how documents were backdated, hundreds of millions of dollars moved between different companies in the group, and how dividends were paid out of non-existent profits.
Advertisement: Story continues below

But these were not the only issues to raise eyebrows.

Last month the court was told how in March 2008, Louise Edwards, the head of corporate advisory at MFS, recommended that the board pay Grant Samuel $9.5 million rather than the $5.2 million it was contractually obliged to pay.

The corporate adviser had been involved in the sale of a majority stake in the MFS travel business Stella - a role that it was meant to share with another firm - and the board ultimately recommended the $9.5 million payment at a board meeting in March 2008.

The MFS chief financial officer, David Anderson, was asked at the examination if Ms Edwards established a business relationship later that year with the Grant Samuel advisers involved in the sale.

''I understand that Louise was, or is now, involved in … an advisory business. And I have understood that Grant Samuel may play some role in it itself,'' he told the court.

When asked if this had been disclosed when the increased fee was discussed, Mr Anderson said he understood the business relationship was entered into after she left MFS.

Unlike the previous leg of the examination, which focused exclusively on Mr Anderson, Mr Cronin will be joined this week by MFS's internal auditor, Nigel Fitzgerald, and the former chief of MFS Investment Management, Guy Hutchings.

MFS Investment Management was the subsidiary which acted as responsible entity for the $780 million Premium Income Fund. The fund was allegedly milked to shore up MFS in the period before its collapse.

It was sold to Wellington Capital - the income fund's current responsible entity - not long after Wellington Capital was appointed to act as an adviser to the MFS board.

Blueboy1

Its all coming together!!! I think this previous article is extremely relevant to the last post::

All doubts are banished SCOTT ROCHFORT
July 13, 2010
SIGNATURES

While some HFA shareholders may hope the rebranding will erase the nasty memories from its past association with its former shareholder MFS Limited, one former listed HFA satellite still has some clear links with the collapsed Gold Coast financial services firm.

HFA Accelerator Plus, which recently changed its name to Signature Capital Investments, is chaired by John Morrison. He helped advise MFS in his role as a consultant at Grant Samuel. By sheer coincidence, Morrison indirectly owns a stake in another corporate advisory firm, Kaleb Partners, founded in 2008 by the former MFS legal counsel Louise Edwards. By another remarkable coincidence, Edwards is the company secretary of the now named Signature.

The former MFS director Paul Manka also remains a director at Signature. But there is another coincidence: some of Edwards's private business ventures at one point shared the same office space as some of the private ventures of the former MFS chief executive and founder, Michael King.:::http://www.theage.com.au/business/all-dou
bts-are-banished-20100712-107yb.html


Extra info:
HFA Accelerator Plus Ltd was headed by founder and Managing Director
Spencer Young.(July 2004 to February 2007) HFA was wholly owned by MFS before it was floated and spun off in 2006. (http://www.theage.com.au/news/fulld...ork-for-66m-man/2006/04/17/1145126052240.html )
Spencer Young was a non executive director of:MFS LIMITED,
MFS DIVERSIFIED TRUST and MFS DIVERSIFIED GROUP

Louise Edwards and Jenny Hutson were both dealing with parties interested in the Premium Income Fund management rights. One prospective entity was told by Louise Edwards his group was 'one of 25 interested parties' who also was dealing with Jenny Hutson in her capacity as advisor to Chris Scott/OCV.

From a previous MFS power point presentation (http://media.wotnews.com.au/asxann/00750313.pdf) it states Louise edwards is also a solicitor of the Supreme Court of Queensland and the High
Court of Australia.


Seamisty

 

[Blueboy1]

Its all coming together!!! I think this previous article is extremely relevant to the last post::

All doubts are banished SCOTT ROCHFORT
July 13, 2010
SIGNATURES

While some HFA shareholders may hope the rebranding will erase the nasty memories from its past association with its former shareholder MFS Limited, one former listed HFA satellite still has some clear links with the collapsed Gold Coast financial services firm.

HFA Accelerator Plus, which recently changed its name to Signature Capital Investments, is chaired by John Morrison. He helped advise MFS in his role as a consultant at Grant Samuel. By sheer coincidence, Morrison indirectly owns a stake in another corporate advisory firm, Kaleb Partners, founded in 2008 by the former MFS legal counsel Louise Edwards. By another remarkable coincidence, Edwards is the company secretary of the now named Signature.

The former MFS director Paul Manka also remains a director at Signature. But there is another coincidence: some of Edwards's private business ventures at one point shared the same office space as some of the private ventures of the former MFS chief executive and founder, Michael King.:::http://www.theage.com.au/business/all-dou
bts-are-banished-20100712-107yb.html


Extra info:
HFA Accelerator Plus Ltd was headed by founder and Managing Director
Spencer Young.(July 2004 to February 2007) HFA was wholly owned by MFS before it was floated and spun off in 2006. (http://www.theage.com.au/news/fulld...ork-for-66m-man/2006/04/17/1145126052240.html )
Spencer Young was a non executive director of:MFS LIMITED,
MFS DIVERSIFIED TRUST and MFS DIVERSIFIED GROUP

Louise Edwards and Jenny Hutson were both dealing with parties interested in the Premium Income Fund management rights. One prospective entity was told by Louise Edwards his group was 'one of 25 interested parties' who also was dealing with Jenny Hutson in her capacity as advisor to Chris Scott/OCV.

From a previous MFS power point presentation (http://media.wotnews.com.au/asxann/00750313.pdf) it states Louise edwards is also a solicitor of the Supreme Court of Queensland and the High
Court of Australia.


Seamisty

"Inc...stuous".....(the game the whole family can play) comes to mind
Blueboy1

 

[selciper]

A presidential thought for the days to come:

"When written in Chinese, the word "crisis" is composed of two characters. One represents danger and the other represents opportunity."
John F. Kennedy

 

[seamisty]

I hope you all chewed your breakfast well because I imagine the following article will make every existing investor in the PIF that was misled by Jenny Hutson want to http://www.goldcoast.com.au/article/2010/08/03/244345_gold-coast-business.html
Seamisty

 

[gardie]

Good morning

What happened to the interest in Sunkids child care centres MFS acquired.

Was this sold or is this something waiting to be snapped up by guess who ?

 

[seamisty]

Good morning

What happened to the interest in Sunkids child care centres MFS acquired.

Was this sold or is this something waiting to be snapped up by guess who ?

Hello Gardie, you read my mind!! Surely Bently's would be very astute in any further dealings relating to the realisation of the remaining Octaviar assets in view of past performances from others.

According to Bentleys website they have: 'Protected and proceeded to realise the “Sunkids” group of child care centres and related property interests;'

Can't see any more 'one dollar David deals' passing scrutiny too easily!!

Seamisty

 

[Duped]

I hope you all chewed your breakfast well because I imagine the following article will make every existing investor in the PIF that was misled by Jenny Hutson want to http://www.goldcoast.com.au/article/2010/08/03/244345_gold-coast-business.html
Seamisty

"A hustle here and a hustle there."

As Kristy Fraser-Kirk said yesterday: "I just wanted to be treated with respect." I hear ya.

But that certainly doesn't fit in with G I Gurdjieff's philosophy, the man who introduced enneagram, according to wikipedia: "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."

Nor with ASIC's inactivity. We have to police the legislation for them while corporate Australia runs wild. What an ethics backwater we live in. Enough to drive Kim Kercher to tears?

 

[Blueboy1]

In part from the following link:http://www.theage.com.au/business/you-just-gotta-have-a-way-with-words-20100803-115em.html
You just gotta have a way with words
SCOTT ROCHFORT
August 4, 2010

Fire engine, meet bus ... Jim Byrnes isn’t happy with Jenny Hutson’s jacket. I

FASHION ADVICE

The subsidiary of the shell of the former lingerie company bidding for the former MFS-managed Premium Income Fund is looking to give its stalled takeover offer fresh momentum. The ALF Group (aka Can Can Lingerie) subsidiary ALF PIF is preparing a mailout to Premium Income Fund unit holders later this week, where it is expected to highlight the shortfalls of the fund's current manager, Jenny Hutson, of Wellington Capital.

''She has more broken promises than any politician I have ever heard of,'' explained an adviser to the ALF subsidiary, the banned company director Jim Byrnes.

Byrnes has claimed Hutson has been too conflicted in her position at the fund. Aside from criticising Hutson for highlighting his colourful past rather than the bid itself, Byrnes also offered some advice to his rival. ''I'm a big bloke but I wear dark suits,'' he said, saying the red leather jacket often worn by Hutson was not a good look.

''I don't want to look like I'm the size of a bus,'' he explained. ''She looks like a fire engine. I certainly think she is going to gobble up all the unit holder funds.''

A BAD REP

While acting as an adviser on the scrip takeover bid, Byrnes told CBD he now spends half his time overseas as the Europe and American chief executive of ALF Group.

''I virtually have nothing to do with Australia at the moment,'' explained Byrnes, who said he was due to jet out of the country for two months today.

Byrnes also said he was appealing a recent decision made against him in the NSW Supreme Court. The judge said a proposed deed of company arrangement over a collapsed car-importing firm that favoured Byrnes was an ''affront to commercial morality''.

Justice George Palmer in his judgment last month said the company behind the proposed deed was a front for Byrnes who, he said, ''has a notorious reputation as a standover man and associate of major criminals''.

''I do not have to determine whether or not Mr Byrnes's reputation is deserved. I merely state the fact that Mr Byrnes has a reputation of which no judge in this state could be unaware,'' Justice Palmer said.

Yesterday Byrnes told CBD that he was not only appealing the decision but had also made a judicial complaint against Justice Palmer.

''Just because he's a judge, it doesn't mean he cannot be made accountable for making ridiculous comments,'' Byrnes said.

Blueboy1

 

[seamisty]

http://www.smh.com.au/business/you-just-gotta-have-a-way-with-words-20100803-115em.html

FASHION ADVICE

The subsidiary of the shell of the former lingerie company bidding for the former MFS-managed Premium Income Fund is looking to give its stalled takeover offer fresh momentum. The ALF Group (aka Can Can Lingerie) subsidiary ALF PIF is preparing a mailout to Premium Income Fund unit holders later this week, where it is expected to highlight the shortfalls of the fund's current manager, Jenny Hutson, of Wellington Capital.

''She has more broken promises than any politician I have ever heard of,'' explained an adviser to the ALF subsidiary, the banned company director Jim Byrnes.

Byrnes has claimed Hutson has been too conflicted in her position at the fund. Aside from criticising Hutson for highlighting his colourful past rather than the bid itself, Byrnes also offered some advice to his rival. ''I'm a big bloke but I wear dark suits,'' he said, saying the red leather jacket often worn by Hutson was not a good look.

''I don't want to look like I'm the size of a bus,'' he explained. ''She looks like a fire engine. I certainly think she is going to gobble up all the unit holder funds.''

A BAD REP

While acting as an adviser on the scrip takeover bid, Byrnes told CBD he now spends half his time overseas as the Europe and American chief executive of ALF Group.

''I virtually have nothing to do with Australia at the moment,'' explained Byrnes, who said he was due to jet out of the country for two months today.

Byrnes also said he was appealing a recent decision made against him in the NSW Supreme Court. The judge said a proposed deed of company arrangement over a collapsed car-importing firm that favoured Byrnes was an ''affront to commercial morality''.

Justice George Palmer in his judgment last month said the company behind the proposed deed was a front for Byrnes who, he said, ''has a notorious reputation as a standover man and associate of major criminals''.

''I do not have to determine whether or not Mr Byrnes's reputation is deserved. I merely state the fact that Mr Byrnes has a reputation of which no judge in this state could be unaware,'' Justice Palmer said.

Yesterday Byrnes told CBD that he was not only appealing the decision but had also made a judicial complaint against Justice Palmer.

''Just because he's a judge, it doesn't mean he cannot be made accountable for making ridiculous comments,'' Byrnes said.

 

[seamisty]

Sorry about the dual post!! I can't find anything in the media about the public examinations so far this week. Are there any Sydney PIF investors attending at all?Cheers, Seamisty

 

[selciper]

At least Scott Rochfort is providing a little light relief during serious times. And I doubt that his sharp reporting skill is providing any comfort to WC - unlike the Gold Coast Bulletin's genial style.

 

[seamisty]

The ALF Group (aka Can Can Lingerie) subsidiary ALF PIF is preparing a mailout to Premium Income Fund unit holders later this week, where it is expected to highlight the shortfalls of the fund's current manager, Jenny Hutson, of Wellington Capital.

''She has more broken promises than any politician I have ever heard of,'' explained an adviser to the ALF subsidiary, the banned company director Jim Byrnes.

Byrnes has claimed Hutson has been too conflicted in her position at the fund. Aside from criticising Hutson for highlighting his colourful past rather than the bid itself, Byrnes also offered some advice to his rival. ''I'm a big bloke but I wear dark suits,'' he said, saying the red leather jacket often worn by Hutson was not a good look.

''I don't want to look like I'm the size of a bus,'' he explained. ''She looks like a fire engine. I certainly think she is going to gobble up all the unit holder funds.''http://www.smh.com.au/business/you-just-gotta-have-a-way-with-words-20100803-115em.html

Well Mr Byrnes, I don't think you will get many PIF investors who will disagree with your sentiment regarding Jenny Hutson of Wellington Capital (and also associated with G8 education GEM, Armstrong Registry Services and Print Mail Logistics). In the eyes of many PIF holders Jenny Hutson of WC is an absolute failure who has the audacity to parade herself out there promoting G8 education while she all but ignores the fact that she personally committed an undertaking to approx 10,400 investors in the Wellington Capital Premium Income Fund of an ongoing distribution and the rebuilding of unit value etc etc in exchange for their vote as opposed to liquidation which in hindsight would have delivered more than twice the value of PIF units currently trading on the NSX. If nothing else ALF PIF will do many PIF holders a big favour by highlighting the shortfalls of WELLINGTON CAPITAL and JENNY HUTSON while we all live in hope of a genuine offer of a alternative responsible entity. At least this way we may get a mention in the media because we could do with all the help we can get to highlight our predicament. Thanks, Seamisty

 

[seamisty]

http://www.smh.com.au/business/mfs-...l-signing-money-transfers-20100804-11flt.html

 

[Jadel]

This is unbelievable, PIF investors capital misappropriated ,in addition to the 200 million taken out illegally to repay RBOS

How on Earth would WC as RE not be aware that these funds had been illegally withdrawn from our fund to pay our the OCV dividend.???

 

[Duped]

This is unbelievable, PIF investors capital misappropriated ,in addition to the 200 million taken out illegally to repay RBOS

How on Earth would WC as RE not be aware that these funds had been illegally withdrawn from our fund to pay our the OCV dividend.???

I'm pretty sure the misappropriated capital is from the 200m borrowed from RBOS. The cash went from RBOS to PIF to MFS and then most went to Fortress. But 10s of millions of our cash from RBOS also went to the other victims of King/Peacock and Co. over in NZ: the mum & dad investors in OPI Pacific Finance.

As for WC not being aware? How do we know that Dwellington Captial weren't aware? Cheers Jadel.

 

[Jadel]

Hi Duped

Perhaps the journalist is confused . This does not appear to me to be money from the RBOS loan if it was paid to OCV in October 2007.


28 Nov 2007 - The RE drew down $150 million from the RBoS facility.
30 Nov 2007 - Perpetual electronically transferred $130 million from the PIF's Commonwealth Operating Account to MFS Admins Commonwealth bank account at the written directions of Howard and Corolis.
30 Nov 2007 - MFS Admin paid $103 million from its Bank account to Fortress. The funds were transferred by electronic funds transfer by MFS Administration Pty Ltd to Fortress account with the NAB. It was later authorised by Anderson.
13 Dec 2007 - The RE of the PIF drew down $15 million from the RBoS facility.
18 Dec 2007 - The RE of the PIF drew down $25 million from the RBoS facility.
21 Dec 2007 - The RE of the PIF drew down $10 million from the RBoS facility.
27 Dec 2007 - Perpetual electronically transferred $17.5 million from the PIF's Commonwealth Operating Account to Pacific Finance's bank account at the written direction of Hutchings and Kennedy dated 27 Dec 2007. ASIC allege this payment was used to make an OPI Debenture and Notes payment due at 11am on 28 Dec 2007