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Wellington Capital PIF/Octaviar (MFS) PIF

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breaker1 said:
I have advised most of our members about the ASIC Survey - another group gmail email to go tomorrow.

Any PIF Investors not already in the PIF Action Group and interested in enquiring about membership - please email me on:
pifactiongroup@gmail.com
Click to expand...
Thanks for your efforts in collating the latest PIF AG update Breaker I hope PIF investors take the time to do the ASIC survey. Seamisty
 
Bond Street Custodians Limited – Federal Court Proceedings
Bond Street Custodians Limited has filed an amended Statement of Claim in these proceedings.
The original Statement of Claim filed on 21 October 2008 sought compensation exceeding $16.254 million
in relation to a redemption request for 16.254 million units in the Wholesale Premium Income Fund which
was lodged on 21 January 2008, shortly prior to the suspension of redemptions.
The amended Statement of Claim reduces the compensation sought to approximately $465,000 plus interest.
This matter continues to be set down for hearing commencing 13 December 2010.
Further updates will be provided as the matter progresses.


http://www.nsxa.com.au/ftp/news/021723277.PDF
 
Great to read in Breaker's latest report to AG members that committees are working hard on many fronts on behalf of us. They certainly deserve our gratitude for all their voluntary efforts.
 

Hmph - what does this mean? - if payment actually eventuates 29/10, the narration 'dividend' conjours up thoughts tt ATO will take some of it from those of us tt are taxpayers.
For four years before the meltdown we rolled our distributions [power of compounding!!!!] paying tax on monies we never saw, and are unlikely to ever see again.
 
NSX Release: 1 October 2010

http://www.nsxa.com.au/announcements_list.asp?nsxcode=PIN

"Bond Street Custodians Limited – Federal Court Proceedings

Bond Street Custodians Limited has filed an amended Statement of Claim in these proceedings.

The original Statement of Claim filed on 21 October 2008 sought compensation exceeding $16.254 million in relation to a redemption request for 16.254 million units in the Wholesale Premium Income Fund which was lodged on 21 January 2008, shortly prior to the suspension of redemptions.

The amended Statement of Claim reduces the compensation sought to approximately $465,000 plus interest.

This matter continues to be set down for hearing commencing 13 December 2010.

Further updates will be provided as the matter progresses."

Some good news for PIF Unitholders...depending on what the interest is based on...$16.254 million for almost 3 years??? or what???

Cookie1
 

Hi. I'm still trying to understand the annual report. I thought I was getting on top of the lingo. But the 'final dividend' is listed as 100% Franked. I don't know how this works for trusts. Anyone?

Is PIF a 'Question 13' trust or a 'Question 11' trust? See
http://www.ato.gov.au/individuals/content.asp?doc=/content/00216570.htm
and
http://www.ato.gov.au/individuals/content.asp?doc=/content/00217540.htm

My understanding of imputation for company dividends is that the company has already paid 30% tax. If your marginal rate is 0% or 15% you'll get a credit from the ATO. If your marginal rate is 37% or 45% you'll pay 7% or 15%, respectively, of the 1c to the tax office.

But the ATO's explanation takes some trawling to understand. E.g. for a Q13 trust "You cannot claim a share of a franking credit through a trust .... the trust has an overall loss for the income year" That will likely be us.
 

My concern seamisty is if something has gone wrong with a clean $38M payment by "Harbour" to WC/PIF will they be able to pay the $43? Is the $43 amount just to make it sound good?
 
seamisty said:
Thanks for your efforts in collating the latest PIF AG update Breaker I hope PIF investors take the time to do the ASIC survey. Seamisty
Click to expand...


Thanks - i've noted a few errors in it - carrying that virus going around and not picking up details too well - brother tells me the virus lasts about 3 weeks

Good to have you back on deck Seamisty!
 

Oh yeah Cookie that IS VERY good news - we have been quiet about it pending the courts acceptance of the case, but seriously very concerned.
 
Seamisty

Hopefull Mt King and others in MFS, will eventually be comfortably ensconced with others of their kind In one of the, ‘Big Houses’ , we have here in Brisbane .
 
Big thanks again to breaker1 and the team for this welcome update.
We expect 1c payment on 29th October and Alf's PIF offer expires a day before that, though it may be extended.
I wonder if there is a relationship in the proximity of these 2 dates,
Regards,
 
You can file this under the heading TOO LITTLE TOO LATE!

ASIC sharpens focus on REs

* By Mike Taylor on 1 October 2010 Money Management
http://www.moneymanagement.com.au/news/asic-sharpens-focus-on-res

"The Australian Securities and Investments Commission (ASIC) has proposed tightening up on the responsible entity (RE) arrangements around managed investment schemes (MIS).

The regulator has issued a consultation paper in which it sought industry feedback on restricting guarantees and indemnities granted to responsible entities, requiring the REs to create rolling 12-month cash flow projections, increasing the net tangible asset capital requirements for the REs and specifying the net tangible asset liquidity requirements for REs.

Development of the ASIC consultation paper comes in the wake of the collapse of a number of agricultural investment schemes and recent judicial decisions, which have suggested inherent conflicts of interests with respect to the control of the schemes and the control of the ME...."

There are a couple of interesting comments at the end of the article.

MARCOM
 
http://www.smh.com.au/business/to-tick-or-tick-off-that-is-the-question-20101003-162t8.html

The Australian Securities and Investments Commission would like more feedback on its corporate grime-fighting skills.

In a recent survey on itself, the corporate regulator, which stepped in for a period to ban the short selling of financial stocks such as Macquarie Group, asked whether it "did a good job of responding to the global financial crisis".

The general formula was for people to agree or disagree on certain statements. "ASIC has enforced timely and accurate market disclosure by listed entities," was one of those statements, which left it up to the Australian Securities Exchange last week to issue itself a de facto speeding ticket on its share price fluctuations.

"ASIC concentrates too much on high-profile cases," was another of the statements: the regulator lost several high-profile cases during the year.

And then there was: "ASIC staff have been knowledgeable and professional."

ASIC then asks what it should have a greater focus on. Some of the novel ideas included "assisting retail investors and consumers" and "protecting retail investors and consumers".

MULTIPLE CHOICE

There are rumours that ASIC, which has already carried out a crackdown on ill-founded rumours in financial markets, is planning to release a second survey.

This time round there will be multiple choice questions, which are rumoured to include:

Which film star does the chairman of ASIC, Tony D'Aloisio, most resemble? (A) Denzel Washington; (B) Danny DeVito; (C) Jason "George" Alexander; (D) Joe Pesci.

What do the initials ASIC stand for? (A) Air and Space Inter-operability Council; (B) Australian Securities and Investments Commission; (C) Australian Seafood Industry Council; (D) Australian Society of Incense and Candlemakers.

What tools could ASIC make use of to improve its abilities? (A) a clairvoyant; (B) a calculator; (C) an extra Tony D'Aloisio; (D) a new corporate logo.

What tune could ASIC use as its new theme song? (A) Inner Circle's Bad Boys; (B) Glenn Frey's The Heat Is On; (C) Bon Jovi's Living On A Prayer; (D) U2's I Still Haven't Found What I'm Looking For.
 
marcom said:
You can file this under the heading TOO LITTLE TOO LATE!
Click to expand...

LOL! Looks like ASIC are breaking out the paintbrushes to start the whitewash.

Meanwhile their website continues to promote financial advisors. And the ASIC staff have their nest eggs safely tucked away in their defined benefit superannuation.


More watered down piecemeal regulation for the smart money to use as a facade to trick us? Creating the 'perception' of a safe finance market. And guess who will send their lobbyists deep into battle during the consultation process?
 
Why would ASIC need any law in relation to MFS when its clear the RE and the RE's owner put their hand in your cookie jar for about $140 million plus.

It seems like they are waiting for the undertakers to finish examing the body and report back while ignoring or not moving on these transactions.

There is a place for certain types of funds but mortgage funds lending for development has no place here as an investment for mums and dads investors looking for a safe investment.

Good developers get money from banks and second tier developers use funds like PIF ususally adding in some mezzanine funding as they have no equity and banks wont touch them.

When you are funding developments which by there nature need ongoing drawdowns how do you supply the money. From more and more investors, from loan repayments (to bad if project doesnt run on time) or borrowing from a bank like an overdraft (we saw want RBOS did to PIF).

These type of mortgage funds are doomed to fail when ever the market turns down and investors want their money back or money stops flowing in. ASIC need to look at this type of product.

WC talk about rebuilding value but also moving back to investment ratio's or lending money on about 40% of the funds (down from current 60%)

How do you rebuild value lending money out and earning interest but no capital growth ?

What is most scary is WC wanting to move back into the lending market again once current loans are repaid or assets realised. It will be back to the same type of borrowers. Remember what JH said about Raptis being a great bloke. May be nice as hell but still cost PIF money.

Better to give the money back and let investors make their own choices as to if this is approriate or too high risk.
 
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