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Wellington Capital PIF/Octaviar (MFS) PIF

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I know how tough it's been for a lot of our PIF investors, but I agree with Simon that maybe, just maybe, we may be turning the corner and getting thru the past three very difficult years.

Once we get our second one cent distribution, it will be to WC best interest to pay us the third one cent distribution, so that commissions for her will then kick in.

All of this, plus all other actions that are coming hopefully to fruition sooner or later, let us try to keep a positive and logical mind about all our issues.

Good on you Simon for trying to instill a positive spin on our situation. Whether it turns out this way, we can only hope. I know we have a lot of good people working on all our behalf, so let us keep the faith and hope for some positive news in the future.

Michael
 

This is too disturbing to contemplate.
Can our genuine AG PIF request from new Solicitors a brief legal opinion whether that is possible without investor's voting rights being used to decide?
After all, there was such an explosion of decibels from WC control room to
REJECT! REJECT! REJECT!
So there is a precedent acknowlegement that certain decisions can be made only by Investors.

And I mentioned this a year or so ago.
Assurances must be sought and made now, that ANY recoveries for PIF be put by the adjudicating court into escrow for the direct distribution to investors.
I believe there would be many of us who would entrust WC to realise her promises of fund restoration from those funds left shrinking under JH control.
Any recoveries must not be placed into that shrinking pot.
Roll on April the First!

Regards,
 
Hi all, I have just viewed some spectacular aerial photo shots of Kooralbyn Golf resort on 7 news detailing how the resort was previously considered a serious option to be used as a detention centre to house asylum seekers!! Seamisty
 
It appears the PIF 'sugar plum fairy' has more on her plate other than PIF issues. Is this why WC is trying to regain popularity amongst the disenchanted PIF investors who possibly foot the bill for WC office expenditure?

'Cherie Hearts International Pte Ltd has commenced legal proceedings in Singapore seeking to set aside the
receivership of its company and the exercise by G8 Education of its rights under security documentation. A
one day special hearing will occur on either the 14th or 15th of April 2011 to determine the outcome.'
 
Five-star option for asylum seekers

One of the five swimming pools at Kooralbyn Resort. Source: Supplied

A RUN-down former five-star golf resort was considered to help cope with the asylum seeker accommodation crisis.

Kooralbyn Hotel Resort, in the Gold Coast hinterland, was inspected by immigration officials last May after liquidators called the Federal Government.

Documents released to Seven News after a Freedom of Information court battle show the department said it "could easily be converted to dormitory accommodation and used for single men or unaccompanied minors".

The 100-room hotel has been mothballed since July 2008 but in the 1990s was a playground for the wealthy. It has a small airfield and could be made ready for asylum seekers within four weeks.

Seven News also revealed Puckapunyal army base in Victoria was the No.1 choice to house asylum seekers but the Department of Defence blocked the idea.


The Department of Immigration said 900 men could be put into barrack-style accommodation in 100 decommissioned three-bedroom houses on the base and it was "the most desirable location because it can accommodate large numbers of clients at short notice".

In light of the recent riots on Christmas Island, the documents show the department warned last May that because every bed was occupied it could not manage behaviour and other issues.

A spokesman for Immigration Minister Chris Bowen said the Government had been truthful about the pressure on detention accommodation and had opened and expanded other centres.

"As part of prudent contingency planning ... the options ... were considered and rejected by the Government for a variety of reasons," he said.
 

A great RUN-down
 
Don't you all just love the Wellington Capital promised transparency??? Read all about it in the public domain!! Eyes are wide open WC. If you want respect I think it is too late. Another promised 1 cent of return of our own capital at this late stage after a further write down in unit value is hardly going to earn WC a vote of confidence. You have sponged off the PIF for too long in my opinion to think we are greatfull for the scraps tossed to us at our own expense. Seamisty
 
Childcare firm acts as deal goes sour

http://www.couriermail.com.au/ipad/...s-deal-goes-sour/story-fn6ck2gb-1226031635727


CHILDCARE operator G8 is facing a legal challenge in Singapore after the souring of its first international deal.

G8, chaired by Jenny Hutson, last week had receivers KordaMenthaNeo appointed to Cherie Hearts International, a holding company that had sold almost 70 Singapore centres to the Gold Coast-based childcare operator in a $16 million deal.

G8, which plans to run 200 centres, has said the dispute involved an inability of the sellers to satisfy certain conditions, such as transferring licences.

The sellers were then not in a position to repay roughly $2 million owed to G8, the company said.

Yesterday, G8 said Cherie Hearts International had launched proceedings for mid-April to set aside the receivership and G8's rights related to the sale, affecting ownership of 13 centres.

"G8 Education remains confident of its legal position and will continue operating its Cherie Hearts centres," G8 said yesterday.

Cherie Hearts International chairman Sam Yap confirmed the action to The Courier-Mail. In a statement, he argued the original terms included G8 providing a loan for Cherie Hearts to buy additional centres, to be offset against the final purchase price, and said: "G8's claims that we are in default to them are wrong."

Singapore media also reported six former staff of Cherie Hearts were sacked via text message. G8 said it had hired 22 staff, none of whom were dismissed.
 
Hi all,

Just noticed someone bought 300,000 shares on the NSX at 0.11 each.

Also a new announcement on the NSX website.

Good luck to us all.

Michael
 
Thanks Breaker and Seamisty for the info regarding the constitution: 601GC (1) (b) by the responsible entity if the responsible entity reasonably considers the change will not adversely affect members' rights.

I can't say I like that clause, especially as we seem to be seated at a modern version of the Mad Hatter's Tea Party.
 
HAHA selciper!! After the sudden influx of PIF NSX announcements and the total lack of positive posts in response to them would be a concern to Wellington Capital I would think??? PIF members rights? Oh, thats us? When exactly did WC contact HWL Ebsworth re the Class Action?

Quote WC http://www.nsxa.com.au/ftp/news/021723839.PDF
'Documents that may be relevant are held by Bentleys Corporate Recovery, liquidators of the former MFS
companies.'

Well to the best of my knowledge, it was Deloittes who held the documents in question required to assist the applicants when WC was first approached for assistance to cooperate in the Class Action, not Bentleys. And correct me if I am wrong, but didn't WC oppose the appointment of Bentleys? Seamisty
 
http://www.goldcoast.com.au/article/2011/04/02/304631_gold-coast-business.html

Kooralbyn aims for tourists not refugees
Nick Nichols, business editor | April 2nd, 2011

HOLIDAYMAKERS, not asylum seekers, could soon be making their way back to the Kooralbyn Valley Resort as a Gold Coast businessman edges closer to securing the property from receivers.

A TV news report on Thursday revealing a Federal Government plan to establish a detention camp for refugees on the sprawling resort property has been labelled as "old news" by receiver Jenny Hutson, of Wellington Capital.

That proposal was dead in the water, rejected by the Government last year, she said.
The prospective purchaser, revealed by the Bulletin this week to be Murray Bailey, a low-profile businessman developing waste-to-energy power plants, has been undertaking extensive due diligence on Kooralbyn.

He plans to restore the property -- which many locals say has become a slum under three years of receivership -- to its former glory.

A spokesman for Mr Bailey yesterday said he was reluctant to trumpet the plans for Kooralbyn until a purchase deal was sealed.

"It's very much on track (and) we're confident," he said.

Scenic Rim Deputy Mayor Dave Cockburn yesterday confirmed the council was working closely with the prospective buyer and Wellington Capital to protect the interests of the Kooralbyn community.

Ms Hutson, who controls the property through former MFS investment vehicle the Premium Income Fund, said while her priority was to recover funds for investors in the fund, it was important to offer "optimal value for the valley".

"The party that we're talking to at the moment will deliver that," she said. "If the transaction we are looking at goes ahead, the plan is to turn it back into a five-star resort and to do the development around the golf course."


Kooralbyn has approval for 423 housing lots, including some that are medium density.

For more on this story, see Page 12 of today's Gold Coast Bulletin.
 
Interesting to see Kooralbyn described as dilapitated, run down and a slum in the media when we have just this week had Wellington Capital announce on the NSX that WC has
'has prepared the property for sale'!!! Is that why our assets have been so hard to move? Seamisty
 

Seamisty, seems you flushed J.H. out of hiding with your comment about migrants living it up in the Hinterland - good for you!
 
I don't believe JH has mentioned anything about this law suit against the Premium Income Fund on the NSX nor in Investor Updates. In the NSX release about Sales Strategies the Forest Resort is mentioned but no mention of legal action of $168 million against the fund. There are certainly huge holes in information we unit holders are being drip fed by WC. What else haven't we been told?

"Family in fight to save resort dream
Nick McKenzie, Eric Johnston
April 2, 2011

Sticking together are, from left, Marcus Walsh, Rebecca Ebbels, Jim Walsh, Joan Walsh, Justin Walsh and Melissa Boak. The resort is in the background. Photo: Simon O'Dwyer

EACH day, Jim and Joan Walsh walk out their front door and see their biggest dream, their biggest failure - and the biggest fight of their lives.

The Walshes are not typical property developers. They sank all they had financially and emotionally into what they called ''their child'' - the Forest Resort development, boasting a 144-room hotel and an upmarket golf course surrounded by houses. Now, every time they go outside and look around, their resolve to fight hardens. Which is helpful, because the Walshes have picked one hell of a battle."

Click on link below for full story...and what a story!

http://www.watoday.com.au/victoria/family-in-fight-to-save-resort-dream-20110402-1cskj.html
 
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