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Wellington Capital PIF/Octaviar (MFS) PIF

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Just a thought for the day (while waiting for Godot)..

"Rather fail with honor than succeed by fraud."

Sophocles
 
marcom said:
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!
Click to expand...

assuming any of us can afford "new" red jackets. see you at the op shop?
 
ASIC under fire over 'excesssive' investigations: report

Published 8:31 AM, 13 Oct 2010 Business Spectator

http://www.businessspectator.com.au...estigations-rep-pd20101013-A6SJX?OpenDocument

"The Australian Securities and Investments Commission (ASIC) has come under scrutiny after it was revealed the corporate watchdog used its coercive powers 18,625 times during investigations over the past three years, The Australian Financial Review reports.

Liberal senator David Bushby said the figures, which he asked ASIC to provide during a Senate hearing in June and were released yesterday, raised questions about the commission's use of coercive investigative powers, such as forcing companies and individuals to produce information, answer all questions and "give all reasonable assistance", the newspaper said.

Failure to comply with ASIC's investigations is a criminal offence..."

And what is there to show for the use of these powers - where are the timely prosecutions and efforts to recover investors money!!!

Marcom
 
I had to call on my ISP for assistance recently when my email system developed a fault. It was a serious glitch and took a full day to rectify. After it was fixed, I received a questionnaire asking me to respond. There were half a dozen questions asking me to rate the ISP’s service. I gave the company a full 10. A similar request from WC would elicit, from me, a maximum of 1.

Is that too generous?.
 
You're a real softy Selciper......... shouldn't you move the decimal point to the other side?
 
Liquidator hearings to begin again on Monday; see SMH Business Calendar below; I've only shown Monday's schedule. Click on http://www.smh.com.au/business/business-calendar-oct1822-20101015-16n69.html?skin=text-only for the full week's schedule. David Anderson to be re-examined first up; should be interesting.... Hearings are scheduled for each day of the week.

SMH | Text-only index]

Business calendar Oct.18-22

Date: October 15 2010

MONDAY, October 18
Sydney - Australian Bureau of Statistics (ABS) sales of new motor vehicles for September
Sydney - Public Examination into the collapse of MFS/Octaviar resumes until Friday October 22. Adam Bell, SC, acting for Octaviar liquidator Kate Barnet of Bentleys Corporate Recovery, will re-examine former Octaviar/MFS Director David Anderson on Monday and Tuesday.
Sydney - Biotech Capital Ltd extraordinary general meeting
Sydney - Hydromet Corporation Ltd annual general meeting
Sydney - Launch of Deloitte Quarterly CFO survey
Adelaide - Djerriwarrh Investments Ltd annual general meeting
Perth - Golden State Resources Ltd general meeting
Melbourne - India Equities Fund Ltd extraordinary general meeting
Melbourne - Wentworth Holdings Ltd annual general meeting
 
Blueboy1 said:
http://www.couriermail.com.au/money...premium-income-fund/story-e6freqox-1225939828

Wellington Capital to fend off hostile takeover by Premium Income Fund

Good to see Anthony Marx is on the case
Blueboy1
Click to expand...
http://www.couriermail.com.au/money...mium-income-fund/story-e6freqox-1225939828971

Wellington Capital to fend off hostile takeover by Premium Income Fund
by Anthony Marx From: The Courier-Mail October 18, 2010 12:00AM

BRISBANE merchant bank Wellington Capital appears certain to fend off a hostile takeover bid for control of its deeply troubled Premium Income Fund.

The bidders, whose low-ball offer to investors closes at the end of this month, did themselves no favours by freely acknowledging their consultancy relationship with businessman Jim Byrnes.

A former bankrupt associate of disgraced executive Alan Bond, Byrnes is now banned from serving as a company director because of his ties to four failed entities which crashed with $6 million in debts.

Yet, however ham-fisted the overture from ALF PIF Finance, it highlighted legitimate criticisms of Wellington's two-year oversight of the fund, originally operated by now-failed Gold Coast tourism and finance group MFS (Octaviar).

Full article link above
 
Blueboy1 said:
http://www.couriermail.com.au/money...premium-income-fund/story-e6freqox-1225939828

Wellington Capital to fend off hostile takeover by Premium Income Fund

Good to see Anthony Marx is on the case
Blueboy1
Click to expand...

At last! A comprehensive coverage of our plight. And who says this forum - which is mentioned - is not useful. The chatter around WC's water cooler this morning must be strangely muted. Especially because of observations such as "Hutson has also rejected allegations that Wellington took control of the Premium Income Fund for no real consideration from MFS/Octaviar, a matter now under scrutiny by liquidators." And the public hearing resumes today.
 
I am not a PIN holder or qualified in financial or legal fields...

It appears that many perticipants at many levels have been adversley impacted... I am disappointed that the building Industry and many excellent projects with good long term prospects ...are at the centre of everyones loss.

ie excellent buildings, in a great country with a great future and no-one can solve the frozen funds ,repayment of borrowings,completeion of projects or find a way forward to keep the fund alive... which seems the only way you avoid painful litigation and slow liquidation of your good assets.
Thankgod we are not in a war zone...or are we?

I read this article and thought it might have some similar problems and show some avenues being taken by others..

http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10680818

Your fund and situation is unique and you have unique participants...

to say the least but some-one must appreciate the value of your holdings, if only they were not under so many clouds?

Cheers
 
Lawyer questions ASIC role in Storm collapse
http://www.abc.net.au/news/stories/2010/10/18/3040948.htm

More than 150 people have attended a public meeting in Townsville in north Queensland to discuss the collapse of the former investment firm, Storm Financial, in 2008.

Sydney law firm Levitt Robinson conducted yesterday's meeting.

The company filed a class action in July against the Commonwealth Bank on behalf of Storm Financial investors, many of whom lost their life savings when Storm collapsed almost two years ago.

Solicitor Stewart Levitt says the meeting focused on compensation and the role of the Australian Securities and Investments Commission (ASIC).

"A lot of the mischief that occurred to investors was disclosed in the prospectus that was issued by Storm but that prospectus was cleared with ASIC," he said.

"ASIC has a responsibility to look at its own processes. The real question is who's investigating the investigator?ASIC would not comment on the allegation but next month will consider starting legal action if an acceptable compensation package for Storm investors has not been reached.




A question I have pondered and commented on many times, just WHO IS RESPONSIBLE for ASIC's lack of or tardy intervention where failure to act results in further financial impairment to investors?
Seamisty
 
Good points Seamisty,
But I imagine a picture of very connected players/problems..
that relied on each other to keep going.
Matters apparently unrelated get sorted and that shines light on others, perhaps?
I think that asic collects the data to sort ... but cant judge it, the courts do that...and while they do their sorting...you have to do your own sorting...even bad practice and unusual bids must reveal something and help sort out what was happening and if thats the way to keep doing things,imo.

Off subject.....
What did Storm specificly invest in?
Was there a problem with their holdings of shares or whatever....
that they wouldnt or couldnt, calculate? or communicate margin calls? I might be on the wrong path asking this, but it might be of some consequence and no-one is considering it...

If strange or bad things happen with your investment why not ask about the 'investment' itself ?....
not just the 'process'...ie stormification and margin lending...? which of course held major potential for loss, too.
 
Blueboy1 said:
http://www.couriermail.com.au/money...premium-income-fund/story-e6freqox-1225939828

Wellington Capital to fend off hostile takeover by Premium Income Fund

Good to see Anthony Marx is on the case
Blueboy1
Click to expand...


From the article:
" "Unhappy borrowers don't want to pay their debts when they are due. It's sadly that simple," she said."

For all you new readers directed to this forum from the Courier Mail article:

Higher valuations = less sales = more fees to Wellington.

It's sadly that simple.

From the article:
"When that happens, Wellington is likely to earn over $1.6 million a year.Hutson said it was costing Wellington about $1.5 million a year to operate as the fund's responsible entity."

What does "costing Wellington" really mean? Out of pocket? Or loss of profit due to Hutson being distracted by trying to meet her commitments to us?

Anyone reading that article is in danger of immediately assuming it's the prior. Making Hutson look like a saint. It's sadly, NOT that simple.
 
"6. The net result of this expansion of credit is asset bubbles. When the asset bubbles pop, the debts remain, impoverishing the over-indebted holders of the busted assets. "

Hi Jadel,
I have just skimmed your link...and picked up on the above point.
It should be read in a carbon trading context....then the public might understand why so many dont want to create this as the next bubble... a big one.
The GFC has exposed so much....and a carbon price has been sponsored by the financial elite....etc etc.

I will read the complete link when I have more time.
The GFC made it possible to see whats wrong with our systems..


The French and others are protesting in the streets ...
I bet there are a few aussies that would like to do the same...

No good winging..
What should we do?
Keep chatting and learning?
 
How can this be costing Wellington anything when every expense of the fund including staff costs is recoverable and is recovered.

Surely this is a misquote because Jennifer would not be moaning about her missed profits or telling porkies here would she ?

Also article refers to ongoing law suits from borrowers which was alluded to by big Jim. Where is the disclosure to NSX on this matter as they sound like large numbers being claimed in damages.

I am aware of other mortgage funds who have done deals with borrowers to work through project as the developer threatened action as they suffered losses as the fund is the one who went broke and could not continue drawdowns. Not the borrowers fault by the implosion of the fund.
 

Hi gardie. Costs paid by our fund could be on top of that. About $4 million for 2009/2010 financial year.

Or come to think of it now, alternatively, Wellington is invoicing the Fund. Whereby the $1.5m is part of that $4mil. Remember that the Fund itself doesn't employ any staff.
 
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