Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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ASIC certainly seems to be a front to soften us up to make us open our wallets.

But this unlisted mortgage/property fund (i.e. PIF) debacle is nothing compared to the collosal WTF that Aussies are going to spit when the behemoth of a financial product experiment that the Commonwealth is peddling - compulsory superannuation - vapourises into a spray of broken promises.

We've learnt nothing from the squatter and selector debacle.

The Commonwealth of Australia's governing structure looks on paper like a copy of the UK. And it is. A copy. Not like the original.

There may still be the odd lawyer that understands what I'm talking about but for the most of them, their heads are down, busily billing away in 6 minute chunks.

Go the State of Queensland and its representative the PTQ. Go you good thing.
 
http://www.smh.com.au/opinion/asic-finally-moves-on-mortgage-funds-20101006-167w\
v.html

''...ASIC in the consultation paper noted how it engaged with the managers of
unlisted mortgage funds between October and November 2008 to ''assist them to implement the benchmark disclosure in line with ASIC's implementation
timetable''.....''


Below are some details of the level of participation in ASICs consultation paper
back then...

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_138.pdf/$file/REP_138.pdf


"...as part of our feedback, we wrote to 107 responsible entities......

"....we received 30 written responses......"

"....number of responsible entities visited 14
.....percentage of total responsible entity population 13%
.....number of mortgage schemes those responsible entities represent...59%
.....Percentage of total number of schemes 31%
.....Assets managed by responsible entities visited.....$29billion
.....Percentage of total assets under management of all responsible entities of
mortgage schemes 74%
.....Written submissions from various sources........30......"


''..30 written submissions.."??? Wonder if any of them were from investors, or were they all from "..the industry.."?? While being totally disillusioned by ASIC inaction over so many issues raised in both the PIF and the PFMF funds, I intend making a written submission, and elaborating on every single grievance I can think of. I do not know whether the world will change by my actions, but I know that doing nothing will achieve nothing.

http://www.moneymanagement.com.au/news/fund-manager-conflicts-left-untouched

''....Kalman said weaknesses in the model had been exposed during the financial crisis, and that issues surrounding the structure must be examined now “before the next boom starts and the before the current problems are forgotten....''
 
sorry,

having trouble posting the link to my last post..should be...

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_138.pdf/$file/REP_138.pdf

for some reason, it doesn't seem to work..
 
I was wondering if anyone can tell me how JH's progress is going in regards to whats happening with Wellington and the PIF stolen funds..what with "chasing it down to the ends of the earth for the long suffering investors" blurb that we all swallowed.

has she let it all go?
 
I wonder why Wellington Capital have decided to 'disable' the 6 part video/youtube link of Jenny Hutson recording the performance/act of her life at the Melbourne PIF investor information forum?



http://www.newpif.com.au/investorupdates.html
'A recording of the Melbourne forum held on 8 July 2008 has been uploaded to YouTube. The forum recording is split into 6 sections. Please use the links below to view each section.'

Part 1 of 6.
Part 2 of 6.
Part 3 of 6.
Part 4 of 6.
Part 5 of 6.
Part 6 of 6.

The explanation I received was that all the relevant information was reproduced on the Questions and Answers update July 2008, posted on the newpif site Aug 1, 2008. When I asked why the above information was still on the newpif website I was told by a WC employee that he assumed that WC were in the process of removing that as well. Doesn't make sense to me unless Ms Hutson is reluctant for all and sundry to be able to view her pledging PIF investors cash payments of 3 cents commencing in October 2008 in exchange for their sopport/vote. Still waiting, waiting waiting for the 3 cents Jenny. Or is there something else on that DVD that Ms Hutson would prefer not to be viewed by others. Any clues? I can't find my copy at present.

Seamisty
 
As a YouTube subscriber, I find the placing of the Melbourne Wellington roadshow video an improbable inclusion within the site's vast library. Why on earth did Wellington put it up on YouTube? Anyway, seamisty, I hope you find your copy - it may one day be a valuable collector's item!
 
selciper said:
As a YouTube subscriber, I find the placing of the Melbourne Wellington roadshow video an improbable inclusion within the site's vast library. Why on earth did Wellington put it up on YouTube? Anyway, seamisty, I hope you find your copy - it may one day be a valuable collector's item!
Click to expand...

You made my day, selciper.
I still have in my possesion a "platinum member card' from MFS, a women's golf tournament invitation paraphernalia (Sydney Rose Bay links?) and some other sentimentalia that I would be prepared to part with for the right offer.
Not interested in a swap for this U tube Red Blur.
Regards,
 
Seamisty, though the 8/7/08 forum DVD may have been removed, "THE HOT GIRLS IN PRISON! episode 1" DVD is still running.
Regards,
 
Mortgage fund closing the gap October 9th, 2010

WPS Capital's frozen flagship fund has just outstripped its larger Gold Coast rivals by making a 25 per cent capital repayment to investors.

In a sign that the mortgage investment market may be thawing, WPS also has launched a new vehicle that it said addressed the crippling problems faced by the sector in the past two years.

The Wright Patton Shakespeare No. 2 Mortgage Fund, which once had more than $49 million under management, has made a $6.185 million capital repayment to its 800 unitholders.

It now has just $17.6 million to pay unitholders through the settlement of house and land subdivision in Ipswich and Sydney and expects a near 100c in the dollar payout by May next year.
Full story::http://www.goldcoast.com.au/article/2010/10/09/261865_gold-coast-business.html

Darned if I don't recall the 2007 business woman of the year Jenny Hutson, our PIF fund manager making the statement "We were the first into this (financial) crisis, and we will be the first out of it"

Looks like you missed the boat Jenny!! (or should that be sinking ship?)

Seamisty
 
Anyone interested in red leather jackets? I have located a reliable supplier and can take orders. Imagine if we ever get an EGM, we could all show up wearing bright new red jackets - what a hoot!
 
This is worth following::

Great Southern investors launch class action
Posted Sat Oct 9, 2010 7:44am AEDT

Investors in the failed agricultural investment scheme manager, Great Southern Group, have launched a class action against the Bendigo and Adelaide Bank which lent them money.

The bank took up the loans which were initially taken out with the Great Southern Group before it was placed in receivership in May 2009.

The 280 investors involved owe a total of around $14 million.

Law firm DC Legal has launched the class action in the Federal Court.

Solicitor Bruce Dennis says it wants all of these loans wiped off the books.

"The bank bought the loans from the Great Southern Group and our contention is that they bought the loans with all the problems inherent with the loans," he said.

Mr Dennis says the investors would not have taken out the loans if they had been provided with more information.

"The investors were misled as to the returns that they could expect," he said.



http://www.abc.net.au/news/stories/2010/10/09/3033785.htm?section=justin
 
The (US) Stanford Encyclopedia includes this definition of the verb to lie:

To lie: to make an assertion that is believed to be false to some audience with the intention to deceive the audience about the content of that assertion.
 
Almost cried laughing when I read this by the RBA's Adam Cagliarini, Christopher Kent and Glenn Stevens (Yep. The Governor of our Reserve Bank.) in

"50 years of monetary policy: what have we learned?"
"3.5 Financial stability is difficult to maintain – the 1980s, 1990s
and 2000s
...
... The attempt to control financial systems through extensive regulation had its own problems. Apart from potential dead-weight losses associated with regulation, there was the associated decline in financial dynamism in the regulated sector [like Banks] and a consequent incentive for growth of the unregulated sector [like MFS/Octaviar]. Domestically, non-bank financial institutions [like MFS/Octaviar] tended to become bigger; internationally, the euro markets became larger. The unregulated sector, in some cases, became large enough to pose significant risks to the total system, and in any event the regulated sector [like Banks] could not easily sit by and see growth opportunities go to unregulated competitors [like MFS/Octaviar]. That is why, in Australia at least, banks were one of the very few industries to volunteer for deregulation; in contrast, in most industries, regulation (at least of that era) typically favoured the incumbents and regulatory reform had to be achieved against their wishes." [emphasis added]

http://www.rba.gov.au/publications/confs/2010/cagliarini-kent-stevens.pdf

So like our PIF's cash was USED to bid up prices of all that commercial property, your precious APRA institutions, deregulated, will follow their lead and use RBA cash, depositors cash and all those default super funds' cash to bid up .... house prices.

Looks like Wayne Swan's favoured APRA regulated Bank depositors and creditors could be just as bad as us greedy PIF investors. How's that head lock Wayne Swan? Banks won't ease up? Beginning to hurt?

The little experimenting with financial products like our PIF by your Commonwealth along with the POOR POLICING has emboldened them and their hired gun lawyers, 'insolvency experts' etc.

You still have time to send them a message before they overun you?

Or is smashing people like us greedy PIF investors going to be the only part of your policy response?
 
SEAMISTY posted 6293 re the Bendigo Bank and the Adelaide Bank. It is noted that the Bank has issued a media release dated 8.10.10 "Nothing new in DC Legal's Great Southern statement of claim."

"The bank today said there was "nothing" new in a statement of claim it lodged in the Federal Court by Sydney law firm DC Legal on behalf of investors in the Great Southern managed investment schemes (MIS).

The claim document itself is hopelessly inadequate, but to the extent that we can make any sense of it at all, it covers the same ground as a separate class action filed in the Victorian Supreme Court by another law firm, the bank's managing director, Mike Hirst, said.

Mr. Hirst said Bendigo and Adelaide Bank had always acted within the letter of the law relating to loans it provided to investors in Great Southern MIS.

He said the bank's share price and credit rating had been negatively affected by allegations relating to the portfolio of loans to Great Southern investors and, as a result, the bank is determined to ensure its rights are protected.

We now look forward to demonstrating through the courts what we have always argued - specifically that these loans are legitimate and are required to be re-paid by these investors, Mr. Hirst said.

The bank has applied to have the claim struck out and is awaiting imminent judgment on the matter.

"As we have in that case, we will vigorously defend this action filed by DC Legal and will also seek to have it struck out at the earliest opportunity."

Mr Hirst described a DC Legal media release announcing the legal action as "nothing more than an attempt to attract more plaintiffs to its class action."

The bank would write to DC Legal asking it to correct misleading statements made in its media release.

"The firm claims to be acting on behalf of 2000 investors when in fact there are just 230 of its clients that have Great Southern loans with the bank.

"And contrary to DC Legal's claims, most of the managed investment schemes are ongoing under new management with the prospect of producing returns for grower investors."

"Bendigo and Adelaide Bank continues to work with all relevant parties to protect grower investor interests in the schemes."

Investors in Great Southern MIS are typically high net worth individuals who have been advised by their accountant or financial planner to invest in the schemes, and have received significant tax benefits already from their investment."

Just to let fellow Posters know, I have no investment with the Bendigo or Adelaide Bank but I came across this article and I thought I should post the Bank's point of view for anybody that is following the developments as suggested by SEAMISTY.

Cheers to all, Charles36.
 
charles36 said:
....
Investors in Great Southern MIS are typically high net worth individuals who have been advised by their accountant or financial planner to invest in the schemes, and have received significant tax benefits already from their investment."...
Click to expand...
[emphasis added]

And there they are again. ASIC's pushers.
 

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