True to form, ASIC top brass will peruse the Adele Ferguson SMH article with disdain and commit the piece to the waste paper basket. And all ASIC officers will be reminded that "no comment" is to be observed as the only two words ever to be spoken to the media and investors.
Wellington Capital PIF/Octaviar (MFS) PIF
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Todays GC Bulletin-
US funds manager Morgan Stanley has set its sights on the remnants of City Pacific's crumbled empire with a cash offer to unitholders in the mortgage fund once controlled by the failed financier.
The 26c-a-unit offer for up to 49 per cent of the frozen Pacific First Mortgage Fund is seen as an opportunistic raid on assets that have more upside potential than down, and well below the most recent valuation of 47c a unit.
The fund's current manager, Balmain Trilogy (BT), has neither recommended nor rejected the offer, emphasising it was well under current asset valuations.
But BT's joint chief executive Andrew Griffin conceded the latest offer gave another exit option to unitholders who had been unable to redeem their investment for more than two years.
Full article at http://www.goldcoast.com.au/article/2010/08/25/250155_gold-coast-business.html
US funds manager Morgan Stanley has set its sights on the remnants of City Pacific's crumbled empire with a cash offer to unitholders in the mortgage fund once controlled by the failed financier.
The 26c-a-unit offer for up to 49 per cent of the frozen Pacific First Mortgage Fund is seen as an opportunistic raid on assets that have more upside potential than down, and well below the most recent valuation of 47c a unit.
The fund's current manager, Balmain Trilogy (BT), has neither recommended nor rejected the offer, emphasising it was well under current asset valuations.
But BT's joint chief executive Andrew Griffin conceded the latest offer gave another exit option to unitholders who had been unable to redeem their investment for more than two years.
Full article at http://www.goldcoast.com.au/article/2010/08/25/250155_gold-coast-business.html
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And one particular paragraph of that report we must heed atmost attention to is:
"Those who accept the Morgan Stanley offer also will give up their rights to any legal recoveries by BT from parties involved in the collapse of City Pacific, which some have suggested could be as high as 10c a unit."
Regards,
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Some interesting trivia which keeps the wheels on the bus going round and round!!
This is an old media article I uncovered from September 30, 1992 while doing some research.
The untouchables: corporate criminals http://www.greenleft.org.au/node/2964
A quote from Anthony G Hartnell, (A FORMER chairman of the Australian Securities Commission who I just happened to be researching jumped out at me): 'ASC's Hartnell takes comfort in his philosophy that "regulatory laws are not written primarily with a view to their being enforced; their prime objectives are as political statements." '!!!
Anthony G Hartnell is ex Chairman of G8 Education (along with former Queensland Premier Rob Borbidge), a role now filled by Jenny Hutson of Wellington Capital.
Anthony Hartnell is the founding partner of Atanaskovic Hartnell Lawyers who has recently been joined by BARRISTER Tim Castle, the former head of ASIC’s 18-month investigation into the $3 billion collapse of Storm Financial.
Atanaskovic Hartnell has elevated James Wheeldon to be an M&A and commercial partner at the law firm. James Wheeldon was formerly Australian Securities & Investments Commission policy adviser. James is the son of the Whitlam government minister John Wheeldon.
Anthony Hartnell was a non-executive director of Trinity property group.
The departure of Hartnell, who has been on the board since 2006, comes as Brisbane lawyer Chris Morton becomes managing director and McCullough Robertson partner, Brett Heading, chairman of the board. (http://www.thenewlawyer.com.au/article/Hartnells-top-man-steps-down-from-property-board/495574.aspx)
http://www.brisbanetimes.com.au/national/hartnell-tries-to-cut-tax-deal-20090405-9tb5.html
April 6, 2009
A FORMER chairman of the Australian Securities Commission, Tony Hartnell, has extended an olive branch to the Tax Office, a move that could lead to an out-of court settlement for his long-running stoush over a $772,466 tax deduction.
The gesture comes at the eleventh hour as the Tax Office puts together evidence to support a stronger case against him, in which it will allege his horse-breeding ventures were a sham.
Anthony Hartnell was once a character witness for jailed businessman Rodney Adler.
Seamisty
This is an old media article I uncovered from September 30, 1992 while doing some research.
The untouchables: corporate criminals http://www.greenleft.org.au/node/2964
A quote from Anthony G Hartnell, (A FORMER chairman of the Australian Securities Commission who I just happened to be researching jumped out at me): 'ASC's Hartnell takes comfort in his philosophy that "regulatory laws are not written primarily with a view to their being enforced; their prime objectives are as political statements." '!!!
Anthony G Hartnell is ex Chairman of G8 Education (along with former Queensland Premier Rob Borbidge), a role now filled by Jenny Hutson of Wellington Capital.
Anthony Hartnell is the founding partner of Atanaskovic Hartnell Lawyers who has recently been joined by BARRISTER Tim Castle, the former head of ASIC’s 18-month investigation into the $3 billion collapse of Storm Financial.
Atanaskovic Hartnell has elevated James Wheeldon to be an M&A and commercial partner at the law firm. James Wheeldon was formerly Australian Securities & Investments Commission policy adviser. James is the son of the Whitlam government minister John Wheeldon.
Anthony Hartnell was a non-executive director of Trinity property group.
The departure of Hartnell, who has been on the board since 2006, comes as Brisbane lawyer Chris Morton becomes managing director and McCullough Robertson partner, Brett Heading, chairman of the board. (http://www.thenewlawyer.com.au/article/Hartnells-top-man-steps-down-from-property-board/495574.aspx)
http://www.brisbanetimes.com.au/national/hartnell-tries-to-cut-tax-deal-20090405-9tb5.html
April 6, 2009
A FORMER chairman of the Australian Securities Commission, Tony Hartnell, has extended an olive branch to the Tax Office, a move that could lead to an out-of court settlement for his long-running stoush over a $772,466 tax deduction.
The gesture comes at the eleventh hour as the Tax Office puts together evidence to support a stronger case against him, in which it will allege his horse-breeding ventures were a sham.
Anthony Hartnell was once a character witness for jailed businessman Rodney Adler.
Seamisty
A question for all interested PIF investors:: If one of the PIF assets is sold to a 'not for profit' registered entity, is the RE of PIF entitled to include GST over and above the purchase price?
Surely we have someone qualified to answer this question amongst PIF investors?
Thanks, Seamisty.
Surely we have someone qualified to answer this question amongst PIF investors?
Thanks, Seamisty.
Don't take it as Gospel Seamisty, but I believe that GST if applicable would be charged, and the onus would be on the registered entity to reclaim the GST on their BAS.
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Sounds about right to me. Perhaps the policy statement was: creating the Financial Advisor industry is primary; the financial interests of their clients is secondary. Which I guess is why ASIC/Cth didn't put a fiduciary duty into place. Duh.
And the cost (from ASIC 's fancy lookin' 08-09 annual report): $295m spread over 1700 staff.
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_Annual_Report_08-09_full.pdf/$file/ASIC_Annual_Report_08-09_full.pdf
I guess I can take heart knowing how many jobs (from my taxes and losses) I've personally created. Round and round, round and round.
UK writer writer, Harold S Geneen, wrote “In business, words are words; explanations are explanations, promises are promises, but only performance is reality.” Long suffering PIF investors know all about the stark reality of WC’s 2008 promises. We remember the now revealed hollowness of those words - all delivered at the time with so much conviction.
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An excerpt from this article that ASIC should read with magnified diligence:
"-------------He continued 'I expect that the level of home repossessions will increase over the next 24 months. We have many young homeowners out there who used the First Home Owners Grant to purchase on record low interest rates at maximum LVRs. I would be surprised if many of them are not having trouble servicing their mortgages.'"
Yet another vulture without a shred of compassion.
Regards,
Duped that article is of extreme interest!!! :::Mortgagee Services Company sold to Queensland Investor
Tagma Property Consultants, Australia’s longest running fixed fee property presentation company, has been sold to Queensland entrepreneur George Callianiotis.
Mr Callianiotis recently gained prominence within the mortgagee and insolvency space by completing and selling over $100 million worth of projects for the former MFS/Octaviar Premium Income Fund. Anthony Stanton, former General Manager of the Premium Income Fund has been appointed to manage Tagma.
Tagma is a strategic investment for Mr Callianiotis. The company assists mortgagees to sell security properties, managing the process from repossession through to settlement for a fixed fee.
He continued 'I expect that the level of home repossessions will increase over the next 24 months. We have many young homeowners out there who used the First Home Owners Grant to purchase on record low interest rates at maximum LVRs. I would be surprised if many of them are not having trouble servicing their mortgages.'
:::
We never did find out if Solly Stanton was related to Anthony Stanton did we? That would be the same Stanton and Callianiotis who Wellington Capital firesaled one of our most valuable assets, Wollongong Hotel, where PIF investors are still waiting for the $38million which was ' REAPED' by Jenny Hutson!!!
PIF Reaps $38 Million From City Beach Property Development, Wollongong ::
THE Premium Income Fund has reaped $38 million from the sale of a partially completed hotel property and apartment complex south of Sydney.
Harbour Street Property Developments, controlled by Queensland developer George Callianiotis and Rockhampton retailer Solly Stanton, have reportedly agreed to purchase the City Beach property, south of Wollongong, which includes 168 hotel rooms, 75 apartments and 10 penthouses.
Other PIF properties include the Koralbyn Resort and Hotel in Queeensland, and a 144-room resort in Creswick near Ballarat in Victoria, according to the AFR.
It also owns a prominent property on Main Beach in the Gold Coast once controlled by developer Jim Raptis.
PIF spokeswoman Jenny Hutson said “there is nothing in the portfolio that we are not happy to sell at the right price.”
This will need some further investigating!! Seamisty
Whatever happened to ALF? Wasn’t there supposed to be a list of WC broken promises to be posted out? Regarding broken promises, I still wonder why the notion of calling for an EGM is so lacking in support. There are probably very good reasons which have escaped me, so perhaps someone could point them out. Perhaps it’s part of a strategy not to call one. In my view,*until Hutson is called upon to face an auditorium filled with PIF investors we will continue to await meaningful information until the cows come home. Surely we have a list of powerful questions a mile long to ask at an EGM. What are the arguments against such a meeting?
By the way, aren't we due an update from WC in August? The month is almost gone and no sign of any year-end numbers or platitudes of why things are going so badly.
Surely there is a requirement by the NSX for listed entities to provide year-end financial reports?
Selciper, I don't know of any reason for not calling an EGM except for perhaps cost...how much would it cost? who pays? location - where would it be held? We would want the maximum number of unit holders possible in attendance.
Cookie1
Surely there is a requirement by the NSX for listed entities to provide year-end financial reports?
Selciper, I don't know of any reason for not calling an EGM except for perhaps cost...how much would it cost? who pays? location - where would it be held? We would want the maximum number of unit holders possible in attendance.
Cookie1
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Last week I received their Offer; second time.
Seems the same as the first mailing as the $1,600 "working capital" hasn't changed.
Have others received second helpings?
Regards, .
Cookie 1,
Of course the points you raise regarding an EGM are important. As for the costs involved - well, millions of ours have been tossed overboard anyway, so by my reckoning the sum involved in holding a meeting would be small by comparison. The conclusions drawn at such a gathering might put a stop to the recklessness.
Naturally, we would all like such a meeting to be conveniently situated close to our own residences. I imagine Brisbane would finish up being selected as the venue.
Unless WC are challenged by a few hundred investors to their faces, this tragic saga may well continue for years to come. In my opinion we are letting WC off the hook by not calling for a meeting.
The problem with update releases is symptomatic of the prevailing malaise.
Nothing can beat eyeball to eyeball exchanges.
Simgrund -
Thanks for the latest on ALF. Certainly nothing from them in my letter box.
Of course the points you raise regarding an EGM are important. As for the costs involved - well, millions of ours have been tossed overboard anyway, so by my reckoning the sum involved in holding a meeting would be small by comparison. The conclusions drawn at such a gathering might put a stop to the recklessness.
Naturally, we would all like such a meeting to be conveniently situated close to our own residences. I imagine Brisbane would finish up being selected as the venue.
Unless WC are challenged by a few hundred investors to their faces, this tragic saga may well continue for years to come. In my opinion we are letting WC off the hook by not calling for a meeting.
The problem with update releases is symptomatic of the prevailing malaise.
Nothing can beat eyeball to eyeball exchanges.
Simgrund -
Thanks for the latest on ALF. Certainly nothing from them in my letter box.
From "thebull.com.au"
http://www.thebull.com.au/articles/a/13847-octaviar's-king-to-face-liquidator.html
"OCTAVIAR'S KING TO FACE LIQUIDATOR
29.08.2010 05:52 PM
The co-founder of failed property group Octaviar Ltd is listed to appear in the NSW Supreme Court this week as the liquidator continues her examination into the collapse of the Gold Coast-based company.
Michael King is listed to be examined in the NSW Supreme Court on Monday, Tuesday and Wednesday this week, while former director Rolf Krecklenberg is scheduled to appear on Thursday and Friday.
Octaviar, which was previously known as MFS, collapsed in 2008 and owes about $2 billion to creditors.
It was founded by Mr King and Phil Adams.
Liquidator Kate Barnet from Bentleys Corporate Recovery is trying to determine when the company became insolvent, with the focus on about $1 billion in inter-company transactions.
So far in the public examination, the court has heard allegations of documents being backdated, of borrowed funds being used to pay dividends, and of transactions involving millions of dollars being made without proper processes being followed.
Mr Adams, who in 2007 was in Dubai setting up MFS's operations in the United Arab Emirates, appeared before the court in June. His evidence was his first public comment since the company went under.
He said he received no indication while in Dubai from co-founder Mr King that MFS in Australia was starting to suffer financial problems.
Mr King still lives in Dubai.
Bentleys has recovered about $145 million since being appointed liquidator in September 2009.
In November 2009, the Australian Securities and Investments Commission started civil proceedings in the Supreme Court of Queensland against four former officers and one manager of MSF Investment Management Ltd, a wholly owned subsidiary of MFS.
The charges relate to alleged breaches of the Corporations Act concerning $147.5 million, including the creation and use of false documents."
At last Michael King will have his day in court that he was so looking forward to...as are the rest of us investors.
http://www.thebull.com.au/articles/a/13847-octaviar's-king-to-face-liquidator.html
"OCTAVIAR'S KING TO FACE LIQUIDATOR
29.08.2010 05:52 PM
The co-founder of failed property group Octaviar Ltd is listed to appear in the NSW Supreme Court this week as the liquidator continues her examination into the collapse of the Gold Coast-based company.
Michael King is listed to be examined in the NSW Supreme Court on Monday, Tuesday and Wednesday this week, while former director Rolf Krecklenberg is scheduled to appear on Thursday and Friday.
Octaviar, which was previously known as MFS, collapsed in 2008 and owes about $2 billion to creditors.
It was founded by Mr King and Phil Adams.
Liquidator Kate Barnet from Bentleys Corporate Recovery is trying to determine when the company became insolvent, with the focus on about $1 billion in inter-company transactions.
So far in the public examination, the court has heard allegations of documents being backdated, of borrowed funds being used to pay dividends, and of transactions involving millions of dollars being made without proper processes being followed.
Mr Adams, who in 2007 was in Dubai setting up MFS's operations in the United Arab Emirates, appeared before the court in June. His evidence was his first public comment since the company went under.
He said he received no indication while in Dubai from co-founder Mr King that MFS in Australia was starting to suffer financial problems.
Mr King still lives in Dubai.
Bentleys has recovered about $145 million since being appointed liquidator in September 2009.
In November 2009, the Australian Securities and Investments Commission started civil proceedings in the Supreme Court of Queensland against four former officers and one manager of MSF Investment Management Ltd, a wholly owned subsidiary of MFS.
The charges relate to alleged breaches of the Corporations Act concerning $147.5 million, including the creation and use of false documents."
At last Michael King will have his day in court that he was so looking forward to...as are the rest of us investors.
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I agree selciper. I've thought about it. But what will it likely achieve. WC is fearless and clever. What did all those promises at the last EGM get us? I expect the same will happen again. WC could just blame the GFC and make a batch of new promises which they can then delay and gradually diminish.
I'm guessing there are loads of investors who believe WC are doing a great job. What a perfect opportunity an EGM would be for WC to play us off against each other? What's stopping WC from saying to the faithful that the negativity of the (traitorist separatist) unit holders is not helping the low share price? WC could even further entrench its position with the faithful.
In my lay opinion I expect the only benefit we'll ever get from an EGM: if it is called to vote to remove WC and/or wrap the fund up. But I suspect that it's more difficult to wrap up a mortgage fund than a property fund?
