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Wellington Capital PIF/Octaviar (MFS) PIF

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Here is an excerpt from SMH article by Paul McGeough. about "horse bolted" that would be good analogy with ASIC's lightning reflexes:

"Even before the September 11 attacks, Awlaqi was investigated by the FBI - but he came up clean. After the attacks, he was taken in for questioning four more times but in 2002 he left the US for Yemen. After months of pressure from authorities around the world,
it was only this week that YouTube agreed to remove some of Awlaqi's sermons from its content. [bolding added]

AP off to USA and not a word to Darlinghurst examinations ???
Why, while on his watch as Chairman, putrid third parties siphoned our funds?
Hope this travesty will not be allowed to pass.
What powers can be invoked to drag him back in not too distant future?
Regards
 
I have followed up on the Refco case in US and I am learning a little about the "round trip loans" used by them.
I dont have the expertise or info to find comparisons..
but it was worth reading paragraph 1 The Refco Fraud..to start to appreciate the accounting complexities,imo.because I certainly dont follow much of it...can you?

http://caselaw.findlaw.com/us-2nd-circuit/1499141.html


I am also puzzled when I read an article like this one below.


http://news.smh.com.au/breaking-news-business/mfs-spent-investor-millions-20101020-16u23.html


"MFS told investors the equity raising was to fund previously announced acquisitions of Sunkids and Sunleisure businesses, barrister Dominic O'Sullivan told the court.

But according to the company's general ledger and operating accounts, those payments were never made, Mr O'Sullivan said.

Former chief financial officer David Anderson said he could not recall any payments being made to Sunkids or Sunleisure.

"I can't see in the documents you have shown me of any payments made to Sunleisure or Sunkids," Mr Anderson said."continues...

How can a layman like myself hope to understand all this accounting?
The examination was to continue with the Auditor..

Bentleys and others certainly have a huge task and I wish them well.
 
LTD, this is a simple case of raising funds with a false prospectus. An act which should land all the Directors in gaol - as it did with Rodney "the Rocket" Adler.

It also demonstrates that MFS was insolvent as early as the beginning of 2007, and most of the transactions undertaken since then are voidable - including sale of the PIF RE to JH.
 
Thanks Marcom,
It also shows me that those who have the expertise must know so much... like ...round trip loans..etc.etc. and the experts/professionals here are pushing on with the CA.
I think that public sentiment comes from loss but not neccessarily from great understanding and thats why I threw in a random case to look at. It just highlights the complexity,unexpected outcomes, a medias interpretation and a need to protect the innocent whatever side of the fence they are on.

I'll get off this unrelated case and stop sharing my lines of unskilled thoughts.


Thanks Marcom, you keep everyone up to date with actual progress.
 

lTD, this case is far from unrelated as it involves KPMG global, part of which is involved in our CA action here.
A pity that it is still a continuing case as it seems from your link.
Hope Carneys will keep track of it to see if any KPMG perspiration could be useful here.
Breaker1, would it help to bring this case to Carneys attention via our liason team?
http://caselaw.findlaw.com/us-2nd-circuit/1499141.html
Thanks and regards,
 
selciper said:
An old French proverb says, "The tulip is, among flowers, what the peacock is among birds. A tulip lacks scent, a peacock has an unpleasant voice. The one takes pride in its garb, the other in its tail."
Click to expand...

That's Gold selciper.

Seamisty. "Wellington Capital Botoxique Investment Bank" Loving it.


That one quote speaks volumes doesn't it. Selective disclosure? And gambling compared to the US' self acclaimed strict moral codes?

Anyone who hasn't seen it yet I strongly recommen you view Stephen Mayne's interview with Peacock. A scary revelation of Peacock's ..... attitude? 'MFS Fiasco' March 28, 2008

http://video.maynereport.com/
 
I received confirmation in the post today from Wellington of the paltry sum paid into my bank account recently. It doesn't indicate that it's a return of capital or anything else about it other than the payment rate is 1 (cents per unit). Accompanying the confirmation notice is a glossy little flyer about the Chifley Wollongong City Beach hotel; I assume copies went out to all 10,000+ unit holders. I thought it might have been for a discounted rate for PIF unit holders but, no, it's just offering the "Spoilt Bratz Package" or a Spoilt Rotten Package" until 18/12/10.

I wonder who paid for the flyers??? It better not have been the PIF!
 
Sorry the link given above comes up as requiring you to login...which is not how I viewed it ....so I will post a link to the ASIC site called" Consultation Paper 140: Responsible entities: Financial requirements."

which the previous link relates to.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp140%20Sept%202010.pdf/$file/cp140%20Sept%202010.pdf
 
This is an interesting read:ASIC guidance on related party transactions and independent expert reports
http://www.lexology.com/library/detail.aspx?g=f23f2412-cb2d-4aec-83c7-00deb9066a2b

I have never been comfortable with Wellington Capital owning Armstrong registry services which replaced Chess and now handles all PIF registration work (with no consultation with unitholders) and Wellington Capital being a substantial holder in Print Mail Logistics which prints most of PIF related updates etc. It would be nice to know how much PIF is being billed by Wellington Capital for these services. Seamisty
 
Hi Seamisty,
We must be tracking in the same direction as I found the related party link
also..and found the asic consultation paper 142 here

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp142.pdf/$file/cp142.pdf

They have been working on things...and ask for further input by Dec.
Re registery services...my personal view...
I wasnt real impressed with the tallys allowed re shareholdings considering the MFS share register must have been a real mess due to margin loans etc before important votes... so perhaps WC were looking for something better...not worse as you suggest? Just a thought.
 
Just re read your last post Seamisty...
Was it Chess or another?...that was replaced.
 
LTD said:
Just re read your last post Seamisty...
Was it Chess or another?...that was replaced.
Click to expand...

Have just checked: On 23 April 2010 Wellington announced a change of registry from Computershare to Armstrong Registry Services.
 
Just some trivia. I read today that a A380 super-jumbo costs $330 million to purchase. In its day, MFS PIF was supposedly worth more than two of the aircraft.
 
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